Banco Macro SA (BMA) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to the Banco Macro's Third Quarter 2024 Earnings Conference Call. We would like to inform you that the third quarter 2024 press release is available to download at the Investor Relations website of Banco Macro at www.macro.com.ar/relaciones-inversores/.

早安，女士們先生們，感謝您的等待。此時此刻，我們歡迎大家參加宏觀銀行 2024 年第三季財報電話會議。我們謹通知您，2024 年第三季新聞稿可在 Banco Macro 投資者關係網站 www.macro.com.ar/relaciones-inversores/ 下載。

Also, this event is being recorded and all participants will be in listen-only mode during the company's presentation. After the company's remarks are completed, there will be a question and-answer session. At that time, further instructions will be given. (Operator Instructions)

此外，該活動正在錄製中，所有參與者在公司演示期間都將處於僅收聽模式。公司發言結束後，將進行問答環節。屆時，將作出進一步指示。（操作員說明）

It is now my pleasure to introduce our speakers. Joining us from Argentina are Mr. Jorge Scarinci and Chief Financial Officer; as well as Mr. Nicolas Torres, IR.

現在我很高興介紹我們的演講者。來自阿根廷的財務長 Jorge Scarinci 先生也加入了我們的行列；以及 Nicolas Torres 先生（IR）。

Now, I will turn the conference over to Mr. Nicolás Torres. You may begin your conference.

現在，我將會議交給尼可拉斯‧托雷斯先生。您可以開始您的會議了。

Thanks, Wyatt. Good morning, and welcome to Banco Macro's third quarter 2024 conference call. Any comments we may make today may include forward-looking statements, which are subject to various conditions, and these are outlined in our 20-F, which was filed to the SEC, and it's available at our website. Third quarter 2024 press release was distributed last Wednesday and it's available at our website. All figures are in Argentine pesos and have been restated in terms of the measuring unit current at the end of the reporting period.

謝謝，懷亞特。早上好，歡迎參加 Banco Macro 2024 年第三季電話會議。我們今天可能發表的任何評論都可能包括前瞻性陳述，這些陳述受到各種條件的約束，這些內容在我們向 SEC 提交的 20-F 中進行了概述，並且可以在我們的網站上找到。2024 年第三季新聞稿於上週三發布，可在我們的網站上取得。所有數字均以阿根廷比索為單位，並已按報告期末現行計量單位重新表述。

As of 2020, the bank began reporting results applying hyperinflation accounting in accordance with IFRS IAS 29 as established by the Central Bank. For ease of comparison, figures of previous quarters have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through September 30, 2024.

自 2020 年起，該銀行開始根據中央銀行製定的 IFRS IAS 29 報告應用惡性通貨膨脹會計的結果。為了便於比較，前幾季的數據已應用 IAS 29 進行了重述，以反映截至 2024 年 9 月 30 日每個期間通膨調整的累積影響。

I will now briefly comment on bank's third quarter 2024 financial results. In the third quarter of 2024, Banco Macro's net income totalled ARS91.3 billion. This result was 293% or ARS68.1 billion higher than in the third quarter of 2023. As of the third quarter of 2024, the accumulated annualized return on average equity and the accumulated annualized return on average assets were 6.8% and 2.1%, respectively.

我現在簡要地評論一下銀行2024年第三季的財務表現。2024年第三季度，Banco Macro的淨利總計913億澳元。這一結果比 2023 年第三季成長了 293%，即 681 億阿根廷比索。截至2024年第三季度，累計年化平均股本報酬率及累計年化平均資產報酬率分別為6.8%及2.1%。

In the third quarter of 2024, operating income before general, administrative and personnel expenses totalled ARS829.2 billion, 61% or ARS313 billion higher than in the second quarter of 2024 and 25% or ARS272.3 billion lower than the same period of last year. Net operating income before general administrative and personnel expenses in the third quarter of 2024 was ARS403.7 billion, increasing 263% or ARS299.6 billion when compared to the previous quarter and 44% or ARS322.5 billion lower on a yearly basis.

2024年第三季度，不計一般、行政及人事費用的營業收入總計8292億ARS，比2024年第二季度增加61%，即3130億ARS，比去年同期減少25%，即2723億ARS年。2024 年第三季不計一般管理和人事費用的淨營業收入為 4,037 億澳元，比上一季增長 263%，即 2,996 億澳元，年減 44%，即 3,225 億澳元。

Banco Macro's third quarter 2024 net income totalled ARS91.3 billion recovering from the loss posted in the previous quarter and 293% or ARS68.1 billion higher than in the third quarter of 2023. This result is mainly due to higher net interest income and a lower loss related to the net monetary position as inflation eased during the quarter.

Banco Macro 2024 年第三季淨利總計 913 億澳元，從上一季的虧損中恢復過來，比 2023 年第三季成長 293%，即 681 億澳元。這一結果主要是由於本季通膨放緩，淨利息收入增加以及與淨貨幣部位相關的損失減少。

It is important to notice that during the quarter, as it is probably known, Banco Macro exercised about half of some put options that help on certain inflation-adjusted securities, leading to a ARS50 billion loss related to the exercise offset put options. It is also worth mentioning that the banks continues to hold put options on the remaining position of those bonds.

值得注意的是，眾所周知，Banco Macro 在本季度行使了大約一半的看跌期權，這些看跌期權有助於某些經通膨調整的證券，導致與行使抵消看跌期權相關的 500 億阿根廷比索損失。另外值得一提的是，銀行繼續持有這些債券剩餘部位的賣權。

In the third quarter of 2024, provision for loan losses totalled ARS23 billion, 24% or ARS4.5 billion higher than in the second quarter of 2024. On a yearly basis, provision for loan losses increased 53% or ARS7.9 billion. In the quarter, net interest income totalled ARS569.1 billion, 167% or ARS356.1 billion higher than in the second quarter of 2024 and 63% or ARS220.9 billion higher year-on-year. Interest income increased 23% when interest expenses decreased 40%.

2024 年第三季度，貸款損失撥備總額為 230 億澳元，比 2024 年第二季成長 24%，即 45 億澳元。按年計算，貸款損失撥備增加了 53%，即 79 億阿根廷比索。本季淨利息收入總計 5,691 億澳元，較 2024 年第二季成長 167%，即 3,561 億澳元，年增 63%，即 2,209 億澳元。當利息支出減少 40% 時，利息收入增加 23%。

In the third quarter of 2024, interest income totalled ARS857.6 billion, 23% or ARS160.4 billion higher than in the second quarter of 2024. And 35% of ARS458.4 billion lower than in the third quarter of 2023. Income from interest on loans and other financing totalled ARS400.4 billion, 13% or ARS56.9 billion lower compared with the previous quarter mainly due to a 15.4-percentage-points decrease in the average lending rate, which was partially offset by a 20% increase in the average volume of private sector loans.

2024年第三季度，利息收入總計8,576億澳元，較2024年第二季成長23%，即1,604億澳元。4,584 億澳元比 2023 年第三季減少了 35%。貸款利息和其他融資收入總計 4,004 億阿根廷比索，比上一季下降 13%，即 569 億阿根廷比索，主要是由於平均貸款利率下降 15.4 個百分點，但部分被貸款利率下降 20 個百分點所抵銷。部門貸款平均金額成長百分比。

On a yearly basis, income from interest and loans decreased 28% or ARS161.1 billion. In the third quarter of 2024, interest on loans represented 47% of total interest income. In the third quarter of 2024, income from government and private securities increased 143% or ARS253 billion quarter-on-quarter and decreased 33% or ARS210.1 billion compared with the same period of last year.

利息和貸款收入年減 28%，即 1,611 億阿根廷比索。2024年第三季度，貸款利息佔總利息收入的47%。2024年第三季度，來自政府和私人證券的營收季增143%，即2,530億ARS，與去年同期相比下降33%，即2,101億ARS。

In the third quarter of 2024, income from repos totalled ARS18.6 million, 66% or ARS36 million lower than the previous quarter and 84% or ARS97.5 billion lower than a year ago. In the third quarter of 2024, FX income totalled ARS16.3 billion gain, 43% or ARS12.5 billion lower than the previous quarter and 98% for ARS719.4 billion lower than a year ago.

2024 年第三季度，回購收入總計 1,860 萬ARS，比上一季減少 66%，即 3,600 萬ARS，比去年同期減少 84%，即 975 億ARS。2024 年第三季度，外匯收入總計增加 163 億ARS，比上一季減少 43%，即 125 億ARS，比去年同期減少 98%，即 7194 億ARS。

FX income gain was due to the 6.5% RGP peso depreciation against the US dollar and the bank's loan dollar position during the quarter. In the third quarter of 2024, interest expense totalled ARS288.4 billion increasing 40% or ARS195.7 billion compared to the previous quarter and 71% or ARS689.4 billion lower compared to the third quarter of 2023.

外匯收入成長歸因於本季 RGP 比索兌美元貶值 6.5% 以及銀行的美元貸款部位。2024 年第三季度，利息支出總額為 2,884 億澳元，較上一季增加 40%，即 1,957 億澳元，比 2023 年第三季減少 71%，即 6,894 億澳元。

Within interest expenses, interest on deposits decreased 41% or ARS191.3 million quarter-on quarter due to a 4.4-percentage-point decrease in the average rate paid on deposits, while the average volume of deposits from the private sector decreased 11%. On a yearly basis, interest on deposits decreased 71% or ARS682.4 billion. In the third quarter of 2024, the bank's net interest margin, including FX was 31.5%, higher than the 20% posted in the second quarter of 2024, but lower than the 60% posted in the third quarter of 2023.

在利息支出中，由於存款平均利率下降4.4個百分點，存款利息較上月下降41%，即1.913億阿根廷比索，而私部門平均存款額下降11%。存款利息較去年同期下降 71%，即 6,824 億阿根廷比索。2024年第三季度，該銀行的淨利差（包括外匯）為31.5%，高於2024年第二季的20%，但低於2023年第三季的60%。

In the third quarter of 2024, Banco Macro's net fee income totalled ARS117.8 billion, 8% or ARS9.2 billion higher than in the second quarter of 2024. And 7% or ARS8.1 billion higher than the same period of last year.

2024年第三季度，Banco Macro的淨手續費收入總計1,178億ARS，比2024年第二季度增長8%，即92億ARS。比去年同期成長 7%，即 81 億阿根廷比索。

In the third quarter of 2024, net income from financial assets and liabilities at fair value to profit and loss totalled ARS103.6 billion gain, decreasing 24% or ARS32.3 billion in the quarter. The gain was mainly due to a 4% decrease in income from government securities and a 58% decrease in income from private securities.

2024 年第三季度，以公允價值計入損益的金融資產和負債的淨利潤總計為 1,036 億ARS，減少 24%，即 323 億ARS。收益主要由於政府證券收入下降 4% 和私人證券收入下降 58%。

In the quarter, other operating income totalled ARS45 billion, 7% or ARS3.3 billion lower than in the second quarter of 2024. On a yearly basis, other operating income increased 29% or ARS10.1 billion. In the third quarter of 2024, Banco Macro's administrative expenses plus employee benefits totalled ARS251.9 billion, 11% of ARS24.9 billion higher than the previous quarter due to higher employee benefits, which increased 6% and a 22% increase in administrative expenses.

本季其他營業收入總計 450 億澳元，比 2024 年第二季減少 7%，即 33 億澳元。其他營業收入較去年同期成長 29%，即 101 億阿根廷比索。2024年第三季度，Banco Macro的管理費用加上員工福利總計2519億澳元，比上一季的249億澳元增長11%，原因是員工福利增加6%，管理費用增長22% 。

On a yearly basis, administrative expenses price employee benefits increased 23% or ARS47.4 billion. As of the third quarter of 2024, the efficiency ratio reached 25.5% deteriorating from the 22.2% posted in the second quarter of 2024 and 23% posted one year ago. In the third quarter of 2024, expenses increased 10%, while net interest income plus net income plus other operating income increased 68% compared to the second quarter of 2024.

以每年計算，員工福利的管理費用增加了 23%，即 474 億澳元。截至 2024 年第三季度，效率達到 25.5%，較 2024 年第二季的 22.2% 和一年前的 23% 有所下降。2024年第三季度，費用成長10%，而淨利息收入加上淨利加上其他營業收入與2024年第二季相比成長68%。

In the third quarter of 2024, the results from the net monetary position totalled ARS283.9 billion loss, 45% or ARS234.8 billion lower than the lowest posted in the second quarter of 2024 and 57% or ARS383.3 billion lower than the loss posted a year ago. This result is a consequence of lower inflation observed during the quarter. Inflation is 12.1% from 18.6% in the second quarter of 2024. In the third quarter of 2024, Macro's effective tax rate was 24.4% lower than the 60.5% versus in the third quarter of 2023. Further information is provided in note 21 to our financial statements.

2024 年第三季度，淨貨幣部位總計虧損2,839 億ARS，比2024 年第二季的最低值低45%，即2,348 億ARS，比2024 年第二季的最低值低57%，即3,833 億ARS 。這一結果是本季通膨較低的結果。通貨膨脹率從 2024 年第二季的 18.6% 升至 12.1%。2024年第三季度，Macro的有效稅率比2023年第三季的60.5%低24.4%。我們的財務報表附註 21 提供了更多資訊。

In terms of loan growth, the bank's total financing reached ARS4.55 trillion, increasing 17% or ARS657.9 billion quarter-on-quarter and 28% or ARS988 billion higher year-on-year. Within commercial loans, overdraft stand out with a 46% or ARS212.5 billion increase, while documents decreased 12% or ARS83.5 billion. Within consumer lending, personal loans increased 43% to ARS235.5 billion, while credit card loans increased 25% to ARS227.1 billion. Peso financing increased 19% or ARS616.7 billion, while US dollar financing decreased $6 million.

從貸款成長來看，該行融資總額達到4.55兆澳元，季增17%，即6,579億澳元，年增28%，即9,880億澳元。在商業貸款中，透支最為突出，增加了 46%，即 2,125 億ARS，而文件減少了 12%，即 835 億ARS。在消費貸款中，個人貸款成長 43%，達到 2,355 億ARS，信用卡貸款成長 25%，達到 2,271 億ARS。比索融資增加 19%，即 6,167 億阿根廷比索，而美元融資減少 600 萬美元。

It is important to mention that Banco Macro market share over private sector loans as of September 2024 reached 9.2%. On the funding side, total deposits increased 7% to ARS516 billion quarter-on-quarter totalling ARS8.1 trillion and increased 30% or ARS1.8 trillion year-on-year. Private sector deposits increased 6% or ARS401.7 billion quarter-on-quarter, while private sector deposits increased 12% or ARS104.6 billion quarter-on-quarter. The increase in private sector deposits was led by demand deposits, which increased 28% or ARS999.7 billion, driven by the Tax Amnesty. While time deposits decreased 32% or ARS829.5 billion quarter-on-quarter.

值得一提的是，截至 2024 年 9 月，宏觀銀行在私部門貸款的市佔率達到 9.2%。資金方面，存款總額較上季成長7%至5,160億澳元，總計8.1兆澳元，較去年同期成長30%，即1.8兆澳元。私部門存款較上季成長 6%，即 4,017 億澳元；私部門存款較上季成長 12%，即 1,046 億澳元。私部門存款的成長主要由活期存款帶動，在稅收特赦的推動下，活期存款增加了 28%，即 9,997 億阿根廷比索。而定期存款則較上季減少 32%，即 8,295 億澳元。

Within private sector deposits, peso deposits decreased 15% or ARS941.7 billion, while US dollar deposits increased 87% or $1.4 billion. As of September 2024, Banco Macro's transactional accounts represented approximately 62% of total deposits. Banco Macro's market share over private sector deposits as of September 2024 totalled 7.4%.

在私部門存款中，比索存款減少 15%，即 9,417 億阿根廷比索，而美元存款則增加 87%，即 14 億美元。截至 2024 年 9 月，Banco Macro 的交易帳戶約佔總存款的 62%。截至 2024 年 9 月，Banco Macro 在私部門存款的市佔率總計為 7.4%。

In terms of asset quality, Banco Macro's nonperforming total financial ratio reached 1.15% and the coverage ratio measured as total allowances under expected credit losses over nonperforming loans under Central Bank rules reached 177.6%. Consumer portfolio at nonperforming loans improved 12 basis points, down to 1.4% from 1.52% during this quarter, while commercial portfolio nonperforming loans improved 6 basis points in the third quarter 2024.

從資產品質來看，宏觀銀行不良總財務比率達到1.15%，央行規定的預期信用損失撥備總額與不良貸款撥備覆蓋率達177.6%。消費者不良貸款組合改善了 12 個基點，從本季的 1.52% 降至 1.4%，而商業組合不良貸款在 2024 年第三季改善了 6 個基點。

In terms of capitalization, Banco Macro accounted an excess capital of ARS2.53 trillion, which represented a capital adequacy ratio of 32.8% and a Tier 1 ratio of 31.3%. The bank's aim, is to make the best use of this excess capital. The Bank's liquidity remained more than appropriate. Liquid assets total deposit ratio reached 91%.

從資本規模來看，Banco Macro的超額資本為2.53兆阿根廷比索，資本充足率為32.8%，一級資本充足率為31.3%。該銀行的目標是充分利用這些過剩資本。央行流動性仍處於適度適度。流動資產佔總存款比例達91%。

Overall, we have accounted for another positive quarter. We continue to show that solid financial position, asset quality remain under control and closely monitored. We keep on working to improve more efficiency standards, and we keep a well optimized deposit base.

總體而言，我們又迎來了一個正面的季度。我們繼續表明，財務狀況穩健，資產品質仍然受到控制和密切監控。我們不斷努力提高效率標準，並維持優化的存款基礎。

At this time, we would like to take questions you may have.

目前，我們想回答您可能有的問題。

(Operator Instructions) Brian Flores, Citibank.

（操作員指令）Brian Flores，花旗銀行。

Hi, team. Good afternoon. Thank you very much for the opportunity to ask questions. I have maybe one that is divided in two parts. So the first one, is if you have any updates on the prospect for loan growth in this year, we have seen some of your peers in the country maybe accelerating 2024 on different dynamics, right. You have maybe the same demand and the same appetite, but also better inflation dynamics helping you in the denominator.

大家好。午安.非常感謝您給我提問的機會。我可能有一個分成兩部分的。因此，第一個問題是，如果您對今年的貸款成長前景有任何更新，我們已經看到該國的一些同行可能會在不同的動態下加速 2024 年的成長，對吧。你們可能有相同的需求和相同的胃口，但更好的通膨動態可以幫助你們獲得分母。

So just wanted to understand if you have any changes in the guidance for 2024, 2025 loan growth and also for ROE in both '24 and '25. And then if I may, and because I think it's linked, if you could also update us into how should we think in terms of capital consumption, to fuel this growth that we're discussing, right? Thank you.

因此，我只是想了解 2024 年、2025 年貸款成長以及 24 年和 25 年 ROE 的指導是否有任何變化。然後，如果可以的話，因為我認為這是相關的，如果您也可以告訴我們我們應該如何思考資本消耗，以推動我們正在討論的成長，對吧？謝謝。

Hi, Brian, good morning. This is Jorge Scarinci answering. Thanks for your questions. The first one, in terms of loan growth, yes, since May of this year, I would say that we started to see more loan demand coming. And of course, in the recent months, as a consequence of a declining inflation, and some stability in the effects, we are seeing loan demand pushing harder.

嗨，布萊恩，早安。這是豪爾赫·斯卡林奇的回答。感謝您的提問。第一個，就貸款成長而言，是的，自今年五月以來，我想說我們開始看到更多的貸款需求到來。當然，近幾個月來，由於通膨下降以及影響的穩定，我們看到貸款需求更加強勁。

So we think, we are going to finish 2024, with a positive or a real positive rate of growth. This is going to be between 25% and 35% in 2024. And I would say that it's going to be in the area of 40% positive real rate of growth in 2025. So that is what we are seeing in terms of loan growth, that this is positive. And I would say that we are going to see also GDP growth according to local economies grow in next year in real terms between 5% to 6%.

因此，我們認為，到 2024 年，我們將實現正成長率或真正的正成長率。到 2024 年，這一比例將在 25% 至 35% 之間。我想說，到 2025 年，實際成長率將達到 40%。這就是我們在貸款成長方面看到的情況，這是積極的。我想說，明年我們還將看到當地經濟的 GDP 實際成長在 5% 到 6% 之間。

In terms of your second question, in terms of ROE forecast this year, I would say as a consequence of a negative second quarter, we should be delivering in the area of 10% positive ROE this year and next year. We should be more in the low to mid tenth, I would say for next year. So that is guidance for the moment for 2024, 2025.

關於你的第二個問題，就今年的 ROE 預測而言，我想說，由於第二季的負成長，我們今年和明年的 ROE 應該達到 10% 的正值。我想說，明年我們應該更多地處於前十分之一的位置。這就是 2024 年、2025 年的當前指引。

According to capital consumption, third question I mean, we have the highest excess capital among [RG] banks. Honestly continue with these aggressive loan growth that we are forecasting for 2024, 2025 and if we move forward to 2026, we could be able to continue growing at high rates, without any needs of additional capital here. So in that sense, we feel pretty comfortable there, Brian.

根據資本消耗，我的第三個問題是，我們在[RG]銀行中擁有最高的過剩資本。老實說，繼續我們預測 2024 年、2025 年的積極貸款增長，如果我們前進到 2026 年，我們可以繼續高速增長，而無需任何額外資本。所以從這個意義上說，我們在那裡感覺很舒服，布萊恩。

Super clear, Jorge, thank you very much.

非常清楚，豪爾赫，非常感謝你。

You're welcome.

不客氣。

Ernesto Gabilondo, Bank of America.

埃內斯托·加比隆多，美國銀行。

Thank you. Hi, good morning, Jorge, and Nicolas. Thanks for taking my call. A couple of questions from my side. The first one is on your position on securities linked to inflation and to the dollar. Well, first I would like to hear, what would be your assumptions for inflation and FX for next year? And how should we think about, your securities position linked to inflation and FX next year? I don't know, maybe you can tell us what is your current position to total assets today, and how should we think about next year?

謝謝。嗨，早上好，豪爾赫和尼古拉斯。感謝您接聽我的電話。我這邊有幾個問題。第一個是您對與通貨膨脹和美元相關的證券的頭寸。好吧，首先我想聽聽，您對明年的通膨和外匯的假設是什麼？我們該如何考慮明年與通膨和外匯相關的證券部位？我不知道，也許您可以告訴我們您目前的資產佔今天的總資產是多少，明年我們應該如何考慮？

And then, my second question is on your NII growth expectations plus securities, plus FX. So considering the shift of the asset mix and growing the loan book again, how should we think about the evolution of the NII growth, as well as financial results and FX? It could give you an idea of what will play in terms of the profitability next year? Thank you.

然後，我的第二個問題是關於您的 NII 成長預期以及證券和外匯。因此，考慮到資產結構的轉變和貸款帳簿的再次成長，我們應該如何看待NII成長以及財務表現和外匯的演變？它可以讓您了解明年的獲利能力將如何發揮？謝謝。

Hi Ernesto, how are you? On the question on securities or bonds, I think there is a pretty clear table in the press release, where we're stating there our position in bonds, open in the different level of accountancy that we can take them, or have them. As of today, we have a long position in bonds tied to inflation, and we do not have any bonds linked to the evolution of the FX. Honestly for next year, according to local economies, there is some wide range between inflation expectations.

嗨，埃內斯托，你好嗎？關於證券或債券的問題，我認為新聞稿中有一個非常明確的表格，我們在其中聲明了我們在債券中的立場，在我們可以採取或擁有的不同會計級別中開放。截至今天，我們持有與通膨相關的債券多頭頭寸，我們沒有任何與外匯演變相關的債券。老實說，根據當地經濟數據，明年的通膨預期有較大差異。

It goes from 25% to 40% inflation expectations for next year, and a depreciation of the peso. That is in the area of again, also economists, they have a range that goes between 15% to 25% depreciation of the FX for next year.

明年的通膨預期從 25% 升至 40%，比索貶值。經濟學家也認為，明年外匯貶值幅度為 15% 至 25%。

In terms of a second question, honestly Ernesto is not very easy to answer. Because it is very dynamic and we think that the net interest income, is going to continue growing. Of course, we are switching little-by-little or quarter-by-quarter from securities into loan growth. However, this is very tough to forecast the combination between or how that shift would result.

關於第二個問題，老實說埃內斯託不太容易回答。因為它非常有活力，我們認為淨利息收入將繼續增長。當然，我們正在逐步或逐季度地從證券成長轉向貸款成長。然而，很難預測兩者之間的組合或如何導致這種轉變。

Adding also the FX evolution. You know that we have a slightly positive, or we are slightly positive assets on FX there. So my feeling is, if you have to give you an answer here, next year we should be seeing NII growing also between 30% and 35% in real terms. That is the answer I can give you right now. Of course, we could be fine tuning this in the coming quarters.

也加入了 FX 的演變。你知道我們在外匯方面有稍微積極的資產，或者我們有稍微積極的資產。所以我的感覺是，如果你必須在這裡給你一個答案，明年我們應該會看到 NII 的實際成長也在 30% 到 35% 之間。這就是我現在可以給你的答案。當然，我們可能會在未來幾季對此進行微調。

No, super helpful, Jorge. And just another question related to asset quality, so considering that you will be expanding again the loan book, how should we think about the NPL ratio, and the cost of risk for next year?

不，非常有幫助，豪爾赫。還有一個與資產品質相關的問題，考慮到你將再次擴大貸款規模，我們應該如何考慮明年的不良貸款率和風險成本？

Well, I mean asset quality, I think it's quite under control, not only in Banco Macro, but also in the average of the system. I think that we are going to see some slight deterioration going forward. But next year, by December next year, we should have a NPL ratio for sure, below 2%, if that is the question.

嗯，我的意思是資產質量，我認為它完全受到控制，不僅在宏觀銀行，而且在系統的平均水平上。我認為我們未來會看到一些輕微的惡化。但明年，到明年 12 月，我們的不良貸款率肯定會低於 2%（如果這是個問題的話）。

Perfect, perfect. Thank you very much, Jorge.

完美，完美。非常感謝你，豪爾赫。

Welcome Ernesto.

歡迎埃內斯托。

Nicolas Riva, Bank of America.

尼可拉斯·里瓦，美國銀行。

Thanks very much Jorge and Nico for taking my questions. Jorge, I have a question. If you have any plans to raise debt in international market? I mean, we have seen one of your large peers recently, raise about $300 million in international market of senior debt. You also have the maturity of your 2026 Tier 2 bond. Any plans at all really to tap international market for either senior, or subordinated debt? Thanks.

非常感謝豪爾赫和尼科回答我的問題。豪爾赫，我有一個問題。您是否有計劃在國際市場上籌集債務？我的意思是，我們最近看到你們的一位大型同行在國際優先債務市場籌集了約 3 億美元。您的 2026 年二級債券也已到期。有沒有真正計劃進軍國際市場購買優先或次級債務？謝謝。

Hi Nicolas. No, honestly we do not have any plans to raise new debt in the international markets. The 2025 Tier 2 bond is due by the end of 2026. Sorry of 2026. So no, for the moment, we do not have any plans on going into the market on debt.

嗨尼古拉斯。不，老實說，我們沒有任何計劃在國際市場上籌集新債務。2025 年二級債券將於 2026 年底到期。對不起2026年。所以，目前我們沒有任何以債務方式進入市場的計畫。

Thanks very much, Jorge.

非常感謝，豪爾赫。

Welcome.

歡迎。

(Operator Instructions) Yuri Fernandes, JPMorgan.

（操作員指示）尤里·費爾南德斯，摩根大通。

Hi Jorge, I have a question here on your USD deposits. I know this quarter you had the [Banco] and maybe this will continue for the fourth Q. I think it was open until November, the beginning of November. So a lot of inflows of dollars. But when we look to the loans in dollars, they are not growing at the same pace. And your LDR, it is a good problem, right? Your LDR it's very low. How to deploy this money?

您好，Jorge，我有一個關於您的美元存款的問題。我知道這個季度你們有 [Banco]，也許這會持續到第四季度。所以大量的美元流入。但當我們觀察美元貸款時，它們並沒有以相同的速度成長。還有你的LDR，這是個好問題，對吧？你的LDR很低。這筆錢如何運用？

What to do with those dollar deposits? How those deposits impact your margin? So just trying to understand this excess of US dollar deposits you have, and how you are planning to work with this? Thank you.

這些美元存款該怎麼辦？這些存款如何影響您的保證金？那麼，只是想了解您擁有的超額美元存款，以及您打算如何處理它？謝謝。

Hi, Yuri. Yes, this [Banco] has a stronger effect in the fourth quarter. And of course, we are going to have numbers there by February next year. But to give you some ideas, yes, we not only Macro, but also other peers receive many deposits in US dollar cash. We saw some pickup in loan demand in US dollars in the fourth quarter. But take into consideration that in this Banco, if you were depositing below $100,000, you can or you could withdraw those dollars without paying any tax in the following month.

嗨，尤里。是的，這個[Banco]在第四季有更強的效果。當然，我們將在明年二月之前獲得相關數據。但給你一些想法，是的，我們不僅Macro，而且其他同行也收到很多美元現金存款。我們看到第四季美元貸款需求回升。但請考慮到，在這家銀行，如果您的存款低於 100,000 美元，您可以在下個月提取這些美元而無需繳納任何稅款。

So just to give an idea, almost half of the deposits that we receive under the figure of Banco were below $100,000. So therefore we have to be careful in terms of the liquidity because half of those deposits could be withdrawn in the next month or so. But we saw some pickup in loan demand in US dollars in the fourth quarter.

舉個例子，我們收到的銀行存款幾乎有一半低於 10 萬美元。因此，我們必須在流動性方面保持謹慎，因為一半的存款可能會在下個月左右提取。但我們看到第四季美元貸款需求回升。

No, super clear. And just a final one on this topic. I see a big decrease in margins for you and all the other large banks. You have the breakdown of margins in both pesos and dollars, right? And when we go to the dollar margin, this used to be a mid-teens like a 15% to 20% NIM. It is now running at 4%, 5%. Basically you are charging 5%, 6%, 7% on the asset side, and you are paying like 2% on the liabilities. Just trying to understand what is driving this compression in margins, Jorge, is competition is all the bank's lending at very low rates on the asset side.

不，超清晰。這只是關於這個主題的最後一篇。我看到你們和所有其他大型銀行的利潤率大幅下降。您有比索和美元的利潤明細，對嗎？當我們談到美元利潤時，這曾經是一個十幾歲左右的淨利差，例如 15% 到 20%。現在的運轉速度是 4%、5%。基本上，你在資產方面收取 5%、6%、7% 的費用，而在負債方面則支付 2% 左右的費用。豪爾赫，我想弄清楚是什麼推動了利潤率的壓縮，競爭就是銀行在資產方面以非常低的利率發放的所有貸款。

Like what explained the margin compression, and what is the outlook for your margins in USD? Trying to understand if this can be a tailwind for. Because like we are in the, I don't know, the worst point of the margins in dollars. This is becoming a bigger portion of your liability. So trying to understand if this can be a tailwind for the next quarters? Thank you.

例如如何解釋利潤率壓縮，以及你們的美元利潤率前景如何？試著了解這是否可以成為一個順風車。因為我不知道，我們正處於美元利潤的最差點。這正在成為你責任的更大一部分。那麼想了解這是否會成為下幾季的推手？謝謝。

Yes, basically competition is driving this compression in margins. It's only that most of our peers, are in the same trend. I think that even though the dollar book is, let's say only 15% to 17% of our total book. But yes, I think we are reaching the bottom part of the margins. I think that in the coming quarters we're going to see stable US dollar margins and maybe some pickup in the second half of 2025. But I'm not seeing margins in US dollars keeping on going downwards. But it's basically competition, yes.

是的，基本上競爭正在推動利潤率的壓縮。只是我們大多數同行，都處於同樣的趨勢。我認為，儘管美元帳簿只占我們總帳簿的 15% 到 17%。但是，是的，我認為我們已經達到了邊緣的底部。我認為，在未來幾個季度，我們將看到穩定的美元利潤率，並且可能在 2025 年下半年回升。但我認為美元利潤率不會繼續下降。但這基本上是競爭，是的。

No, perfect. Thank you very much, Jorge.

不，完美。非常感謝你，豪爾赫。

Welcome Yuri.

歡迎尤里。

There are no more questions at this time. And thus, this concludes the question-and-answer session. I will now turn over to Mr. Nicolas Torres, for the final considerations.

目前沒有更多問題。至此，問答環節結束。我現在請尼可拉斯·托雷斯先生進行最後考慮。

Thank you all, for your interest in Banco Macro. We appreciate your time, and look forward to speaking with you again. Good day.

感謝大家對 Banco Macro 的關注。我們感謝您的寶貴時間，並期待再次與您交談。再會。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。