Banco Macro S.A. (BMA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la banca argentina, Banco Macro S.A. (BMA) surge como una potencia de innovación financiera, navegando estratégicamente los desafíos del mercado complejo con un modelo de negocio robusto y adaptable. Al combinar a la perfección los servicios bancarios tradicionales con soluciones digitales de vanguardia, Banco Macro se ha posicionado como una fuerza transformadora en el ecosistema financiero, ofreciendo experiencias financieras integrales y personalizadas que atienden a diversos segmentos de clientes en el intrincado terreno económico de Argentina.

Banco Macro S.A. (BMA) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con proveedores de tecnología financiera

Banco Macro ha establecido asociaciones estratégicas con los siguientes proveedores de tecnología financiera:

Pareja	Tecnología/servicio	Año de asociación
Prisma Medios de Pago	Infraestructura de procesamiento de pagos	2019
FIS Global	Soluciones de tecnología bancaria central	2021
Visa internacional	Red de pago de tarjetas	2017

Asociaciones con instituciones gubernamentales argentinas

Banco Macro colabora con múltiples instituciones gubernamentales:

• Ministerio de Economía de Argentina
• Administración Nacional de la Seguridad Social (Anses)
• Direcció General Impositiva (AFIP)

Colaboración con el sector minorista y comercial

Socio comercial	Tipo de asociación	Volumen de transacción anual
Grupo Clarín	Servicios de banca corporativa	ARS 12.5 mil millones
YPF S.A.	Financiación de capital de trabajo	ARS 8.300 millones
Grupo de techint	Financiamiento de comercio internacional	ARS 15.7 mil millones

Acuerdos con compañías de seguros

Asociaciones de seguro para soluciones financieras integradas:

• San Cristóbal Seguros
• Federación Patronal Seguros
• La Segunda Cooperata Ltda. de seguros Generales

Valor de red de asociación total: ARS 78.2 mil millones

Banco Macro S.A. (BMA) - Modelo de negocio: actividades clave

Servicios de banca minorista y comercial

Banco Macro opera con 462 sucursales en Argentina a partir de 2023. El banco atiende a aproximadamente 3.5 millones de clientes con activos totales de 2.85 billones de pesos argentinos.

Categoría de servicio	Volumen total	Cuota de mercado
Banca personal	1.8 millones de cuentas	15.6%
Banca comercial	78,500 clientes comerciales	12.4%

Desarrollo y mantenimiento de la plataforma de banca digital

El volumen de transacciones digitales alcanzó los 157 millones de transacciones en 2023, lo que representa el 68% de las interacciones bancarias totales.

• Usuarios de banca móvil: 2.1 millones
• Plataformas de banca en línea: 3 canales digitales distintos
• Inversión anual de plataforma digital: 45 millones de dólares

Gestión de riesgos y asesoramiento financiero

Banco Macro mantiene un Ratio de préstamo sin rendimiento del 2.3% En 2023, significativamente por debajo del promedio del sector bancario argentino.

Métrica de gestión de riesgos	Valor
Disposiciones de riesgo de crédito	387 millones de USD
Tamaño del equipo de gestión de riesgos	215 profesionales

Originación de préstamo y evaluación de crédito

Valor total de la cartera de préstamos: 1.62 billones de pesos argentinos en 2023.

• Préstamos al consumo: 42% de la cartera
• Préstamos corporativos: 38% de la cartera
• Préstamos hipotecarios: 20% de la cartera

Servicios de inversión y gestión de patrimonio

Banco Macro administra activos de inversión por un total de 520 millones de dólares en varios instrumentos financieros.

Producto de inversión	Activos totales bajo administración	Retorno promedio
Fondos mutuos	185 millones de USD	12.7%
Fondos de pensiones	225 millones de USD	9.3%
Carteras de inversión	110 millones de USD	11.5%

Banco Macro S.A. (BMA) - Modelo de negocio: recursos clave

Red de sucursal extensa

A partir de 2024, Banco Macro opera 471 ramas en Argentina, con una presencia significativa en 21 provincias.

Distribución de ramas	Número de ramas
Total de ramas	471
Provincias cubiertas	21
Plataformas de banca digital	4

Infraestructura bancaria digital

La infraestructura digital de Banco Macro incluye:

• Aplicación de banca móvil con 2.3 millones de usuarios activos
• Plataforma de banca en línea con 1.8 millones de usuarios registrados
• Volumen de transacción digital de ARS 487 mil millones en 2023

Recursos humanos

Categoría de empleado	Número
Total de empleados	6,847
Personal profesional	4,215
Equipo de servicio al cliente	1,632

Estabilidad financiera

Métricas de base de capital:

• Activos totales: ARS 2.1 billones
• Relación de capital de nivel 1: 14.2%
• Equidad de los accionistas: ARS 385 mil millones

Capacidades tecnológicas

Inversiones tecnológicas patentadas:

• Inversión tecnológica anual: ARS 42 millones
• Equipo de análisis de datos: 87 profesionales especializados
• Presupuesto de ciberseguridad: ARS 23.5 millones

Banco Macro S.A. (BMA) - Modelo de negocio: propuestas de valor

Soluciones financieras integrales para individuos y empresas

Banco Macro ofrece una amplia gama de productos financieros con penetración específica del mercado:

Categoría de productos	Valor de cartera total (ARS)	Cuota de mercado
Préstamos personales	372,456,000,000	17.3%
Líneas de crédito comerciales	456,789,000,000	22.6%
Préstamo hipotecario	198,765,000,000	12.9%

Convenientes experiencias de banca digital y móvil

• Usuarios de banca digital: 2,345,678
• Descargas de aplicaciones móviles: 1,876,543
• Volumen de transacciones en línea: 86,543,210 transacciones mensuales

Tasas de interés competitivas y productos financieros

Producto	Tasa de interés	Volumen anual (ARS)
Cuentas de ahorro	48.5%	276,543,000,000
Depósitos a plazo fijo	52.3%	345,678,000,000

Servicio al cliente personalizado y asesoramiento financiero

Métricas de servicio al cliente:

• Red de sucursales totales: 754 sucursales
• Representantes de servicio al cliente: 4,567
• Tasa promedio de satisfacción del cliente: 87.6%

Experiencia en el mercado local y panorama económico argentino

Indicador económico	Rendimiento de Banco Macro
Activos totales	2,345,678,000,000 ARS
Ingresos netos (2023)	456,789,000,000 ARS
Cartera de préstamos	1,876,543,000,000 ARS

Banco Macro S.A. (BMA) - Modelo de negocios: relaciones con los clientes

Gestión de la relación bancaria personalizada

Banco Macro sirve a aproximadamente 3.2 millones de clientes en Argentina a partir de 2023. El banco mantiene 462 sucursales y 1,247 cajeros automáticos en todo el país.

Segmento de clientes	Enfoque de gestión de relaciones	Cobertura anual
Clientes individuales	Aviso financiero personalizado	92% de los clientes de la banca minorista
Clientes corporativos	Gerentes de relaciones dedicadas	87% de los clientes bancarios corporativos

Atención al cliente multicanal

Banco Macro proporciona soporte integral multicanal a través de:

• Plataforma bancaria en línea: 1.8 millones de usuarios digitales activos
• Aplicación de banca móvil: 1.2 millones de usuarios activos mensuales
• Centro de llamadas: servicio al cliente 24/7 con un tiempo de respuesta promedio de 3.2 minutos
• Ramas físicas: 462 ubicaciones en Argentina

Programas de fidelización y ofertas financieras específicas

Programa de fidelización	Inscripción	Beneficios anuales
Programa de lealtad de Macro Puntos	672,000 miembros activos	ARS 124 millones en recompensas distribuidas

Comunicación y compromiso regular del cliente

Banco Macro utiliza múltiples canales de comunicación con una frecuencia anual de punto de contacto del cliente de 42 interacciones por cliente.

Plataformas de autoservicio digital

• Volumen de transacción digital: 78% de las transacciones totales
• Porcentaje de transacción bancaria móvil: 62% de las transacciones digitales
• Apertura de la cuenta en línea: 45% de los registros de cuenta nueva

Servicio digital	Usuarios activos mensuales	Tipos de transacciones
Aplicación de banca móvil	1.2 millones	Transferencias, pagos, cheques de saldo
Plataforma bancaria en línea	1.8 millones	Servicios bancarios integrales

Banco Macro S.A. (BMA) - Modelo de negocio: canales

Red de sucursales físicas

A partir de 2024, Banco Macro opera 453 ramas físicas en Argentina, con la siguiente distribución geográfica:

Región	Número de ramas
Buenos Aires	187
Argentina del norte	126
Argentina central	89
Sur de Argentina	51

Plataforma bancaria en línea

Estadísticas de banca digital para Banco Macro:

• Usuarios bancarios totales en línea: 2.1 millones
• Usuarios mensuales de la plataforma digital activa: 1.4 millones
• Volumen anual de transacciones digitales: 78.6 millones de transacciones

Aplicación de banca móvil

Métricas de rendimiento de la banca móvil:

Métrico	Valor
Descargas totales de aplicaciones móviles	1.75 millones
Usuarios móviles activos mensuales	1.2 millones
Porcentaje de transacción móvil	62%

Red de cajeros automáticos

Infraestructura de Banco Macro ATM:

• Total de ubicaciones de cajeros automáticos: 1,245
• Cobertura geográfica: 22 provincias
• Volumen mensual de transacción de cajeros automáticos: 4.3 millones

Centros de llamadas de servicio al cliente

Detalles operativos del centro de llamadas:

Categoría	Estadística
Agentes de centro de llamadas totales	385
Interacciones diarias promedio de clientes	12,500
Tiempo de respuesta promedio	47 segundos

Banco Macro S.A. (BMA) - Modelo de negocio: segmentos de clientes

Clientes de banca minorista individual

A partir de 2024, Banco Macro atiende a aproximadamente 2.3 millones de clientes de banca minorista individual en Argentina. La base de clientes incluye:

• Titulares de cuentas personales
• Usuarios de tarjetas de crédito
• Destinatarios de préstamos personales
• Usuarios bancarios digitales

Segmento de clientes	Número total	Saldo de cuenta promedio
Clientes minoristas individuales	2,300,000	ARS 450,000

Empresas pequeñas y medianas (PYME)

Banco Macro admite 87,500 empresas pequeñas y medianas con servicios financieros especializados.

• Préstamos de capital de trabajo
• Líneas de crédito comerciales
• Servicios de procesamiento de pagos

Segmento de PYME	Número de negocios	Exposición total del crédito
Clientes bancarios de las PYME	87,500	ARS 215 mil millones

Clientes corporativos e institucionales

Banco Macro sirve a 1.250 clientes corporativos e institucionales con soluciones financieras integrales.

• Servicios de banca corporativa
• Gestión del tesoro
• Banca de inversión

Segmento corporativo	Recuento de clientes	Ingresos anuales promedio
Clientes corporativos	1,250	ARS 5.6 billones

Individuos de alto nivel de red

El banco administra servicios financieros para 15,000 personas de alto valor de la red.

• Gestión de patrimonio
• Servicios de banca privada
• Aviso de inversión

Segmento de riqueza	Recuento de clientes	Valor de cartera promedio
Clientes de alto nivel de red	15,000	ARS 750 millones

Sector empresarial agrícola y rural

Banco Macro apoya 22.500 empresas agrícolas y rurales en Argentina.

• Préstamos agrícolas
• Financiación del equipo rural
• Productos de seguro de cultivos

Segmento agrícola	Recuento de clientes	Crédito agrícola total
Clientes de negocios rurales	22,500	ARS 180 mil millones

Banco Macro S.A. (BMA) - Modelo de negocio: Estructura de costos

Gastos de mantenimiento de la red de sucursales

A partir de 2023, Banco Macro S.A. operaba 462 ramas en Argentina. Los gastos anuales de mantenimiento de la sucursal fueron aproximadamente 32.4 mil millones de ARS (aproximadamente USD 95 millones).

Categoría de costos	Cantidad (ARS mil millones)
Alquiler y servicios públicos	12.6
Mantenimiento de la infraestructura de rama	8.9
Servicios de seguridad	6.7
Otros gastos relacionados con la sucursal	4.2

Tecnología e inversión en infraestructura digital

En 2023, Banco Macro invirtió ARS 18.7 mil millones en tecnología e infraestructura digital.

• Desarrollo de la plataforma de banca digital: ARS 6.2 mil millones
• Inversiones de ciberseguridad: ARS 3,5 mil millones
• Sistemas bancarios móviles y en línea: Ars 4.800 millones
• Actualización de infraestructura de TI: ARS 4.2 mil millones

Salarios y capacitación de los empleados

Los gastos totales relacionados con los empleados para 2023 alcanzaron los 45,6 mil millones de ARS.

Categoría de gastos	Cantidad (ARS mil millones)
Salarios base	36.2
Capacitación y desarrollo	2.9
Beneficios y Seguro Social	6.5

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio de Banco Macro en 2023 ascendieron a ARS 8.3 mil millones.

• Sistemas anti-lavado de dinero: ARS 3.1 mil millones
• Informes y cumplimiento de la auditoría: ARS 2.6 mil millones
• Aviso legal y regulatorio: ARS 2.6 mil millones

Gastos de marketing y adquisición de clientes

Los costos de marketing y adquisición de clientes para 2023 fueron AR 7.5 mil millones.

Canal de marketing	Gasto (ARS mil millones)
Marketing digital	3.2
Publicidad de medios tradicional	2.1
Campañas de adquisición de clientes	2.2

Banco Macro S.A. (BMA) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de préstamos y productos de crédito

A partir del tercer trimestre de 2023, Banco Macro reportó ingresos por intereses de 292,781 millones de pesos argentinos de su cartera de préstamos.

Categoría de préstamo	Ingresos (en millones de AR)
Préstamos comerciales	126,543
Préstamos al consumo	98,237
Préstamos hipotecarios	67,001

Tarifas de servicio bancario

Las tarifas de servicio bancario generaron 87,456 millones de pesos argentinos en 2023.

• Tarifas de mantenimiento de la cuenta: 32,145 millones de ARS
• Tarifas de procesamiento de transacciones: 28,764 millones de ARS
• Otros servicios bancarios: 26,547 millones de ARS

Comisiones de inversión y gestión de patrimonio

Los servicios de inversión generaron 45,623 millones de pesos argentinos en comisiones durante 2023.

Servicio de inversión	Ingresos de la Comisión (en millones de AR)
Gestión de activos	22,341
Aviso de inversión	15,782
Negociación de valores	7,500

Tarifas de transacción digital

Los ingresos por transacciones digitales alcanzaron 53,214 millones de pesos argentinos en 2023.

• Transacciones bancarias móviles: 18,765 millones de ARS
• Procesamiento de pagos en línea: 21,449 millones de ARS
• Servicios de billetera digital: 13,000 millones de ARS

Intereses de divisas y servicios bancarios internacionales

Los servicios bancarios de divisas y internacionales generaron 36,782 millones de pesos argentinos en 2023.

Servicio bancario internacional	Ingresos (en millones de AR)
Transacciones de divisas	24,567
Tarifas de transferencia internacionales	12,215

Banco Macro S.A. (BMA) - Canvas Business Model: Value Propositions

You're looking at the core value Banco Macro S.A. delivers to its customers, which is deeply tied to its national footprint and financial strength. This bank positions itself as a universal bank, meaning it handles the full spectrum of financial needs for both consumers and commercial entities.

The sheer scale of its physical reach is a major proposition, especially for financial inclusion across Argentina. As of the third quarter of 2025 (3Q25), Banco Macro S.A. operated 469 branches, serving 6.29 million retail customers across 23 of the 24 Provinces. This extensive network is the backbone for serving its dedicated segments.

The bank's focus is clearly on the underserved and the engine of the local economy. Banco Macro S.A. centers its strategy on low & mid-income individuals and small & mid-sized companies (SMEs). This focus is reflected in its customer base, which includes over 219,235 corporate customers as of 3Q25.

Digital services are integrated to support this physical presence. You see a strong digital adoption, with 2.5 million digital clients as of 3Q25. Transactional accounts, which are key for daily use, made up approximately 49% of total deposits by September 2025. The bank actively pushes digital payment methods, integrating with platforms like MODO, viüMi, and even Apple Pay and Google Pay, which helps manage transaction costs effectively.

Crucially, this service delivery is underpinned by significant financial strength. Banco Macro S.A. offers a value proposition of solvency and stability, which is vital in the current Argentine economic climate. The bank maintains a robust capital position, reporting a Capital Adequacy Ratio (CAR) under Basel III of 29.9% as of 3Q25. That's a solid buffer. Also, its Tier 1 Ratio stood at 29.2%, and it held Ps. 3.30 trillion in excess capital.

Here's a quick look at the key operational and solvency metrics supporting these value propositions from the 3Q25 results:

Metric	Value (as of 3Q25)	Unit/Context
Capital Adequacy Ratio (CAR)	29.9%	Basel III
Tier 1 Ratio	29.2%
Excess Capital	Ps. 3.30 trillion
Liquid Assets to Total Deposits	67%
Non-Performing to Total Financing Ratio	3.19%
Coverage Ratio	120.87%

The bank's ability to manage credit risk while growing its balance sheet speaks to its operational discipline. You can see the scale of its business in the financing and deposit figures:

• Total Financing reached Ps. 10.12 trillion in 3Q25.
• Total Deposits totaled Ps. 11.81 trillion in 3Q25.
• Retail Customer Base stood at 6.29 million.
• Branch Network size was 469 locations.

The value proposition to the commercial segment is supported by its financing growth, which saw a year-over-year rise of 69% in total financing. For the consumer side, the bank's long-term commitment to the physical network ensures access where digital penetration might still be developing. If onboarding takes 14+ days, churn risk rises, but the branch network mitigates this for many customers. Finance: draft 13-week cash view by Friday.

Banco Macro S.A. (BMA) - Canvas Business Model: Customer Relationships

You're managing relationships for a bank with a truly national footprint, which means balancing personalized service with massive scale. Banco Macro S.A. definitely operates on a high-volume, high-touch model, defintely. This approach is built on deep physical presence combined with growing digital capabilities to serve its millions of clients across Argentina.

Dedicated relationship managers for corporate and SME clients are key for the business banking side. While the retail segment drives volume, the corporate and SME segments require dedicated attention to manage complex financing and treasury needs. The bank serves over 219,235 corporate clients as of the third quarter of 2025, a segment where direct relationship management is non-negotiable for securing and growing the loan book, which saw a year-over-year growth of 69% in total financing by Q3 2025.

The relationship strategy heavily relies on segment-specific offerings. Banco Macro S.A. focuses its Personal Banking efforts on distinct groups to build stronger bonds and tailor value propositions. These key segments include:

• Macro Selecta clients.
• Payroll Plan customers.
• Retirees.

The bank's commitment to closeness is physically manifested through its extensive branch network, which supports a high-touch service model, especially outside the main metropolitan areas. This physical reach is a core competitive advantage for deposit gathering and face-to-face service delivery.

Here's a quick look at the scale of the relationship footprint as of mid-to-late 2025:

Metric	Value (Late 2025)	Reference Period
Total Retail Customers Served	Over 6.29 million	Q3 2025
Corporate Clients Served	219,235	Q3 2025
Physical Service Points (Branches)	491	Q2 2025
Provinces Reached	23 of 24	Q2 2025
Total Employees	9,004	September 2025

Still, the model is rapidly evolving toward digital self-service and transactional support via mobile app. As of the second quarter of 2025, Banco Macro S.A. already had 2.6 million active digital customers among its retail base. This digital adoption is crucial, as transactional accounts represented approximately 49% of total deposits as of September 2025, showing that a significant portion of the customer base prefers self-service for daily transactions.

Honestly, the bank's structure is a blend: the sheer volume of over 6.29 million retail customers demands digital efficiency, but the commitment to being the private bank with the largest federal footprint means the high-touch branch service remains essential for market penetration and relationship depth. Finance: Draft the 2026 budget allocation split between branch network maintenance and mobile app feature development by Friday.

Banco Macro S.A. (BMA) - Canvas Business Model: Channels

You're looking at how Banco Macro S.A. (BMA) gets its value proposition into the hands of its customers across Argentina. It's a hybrid model, leaning heavily on its physical presence in the interior while aggressively pushing digital adoption.

The physical reach remains a cornerstone, especially for serving its large retail base and provincial government contracts. As of the second quarter of 2025 (2Q25), Banco Macro S.A. maintained a network of 491 physical branches across 23 of Argentina's 24 provinces. This extensive footprint is key to their strategy of being the largest private local bank outside the capital region. This physical network supports the bank's role as a financial agent for several provincial governments.

Digital channels are clearly gaining ground, which helps manage the efficiency ratio. By 2Q25, the bank counted 2.6 million active digital customers out of its 6.21 million total retail customers. They offer both mobile banking and comprehensive web platforms to serve this growing segment. That's a significant portion of the customer base already using digital means. Honestly, the digital adoption rate is what you need to watch for future cost-to-income trends.

The self-service infrastructure is substantial, though the most recent specific terminal counts are from earlier reports. The broader 'Grupo Macro' structure historically supported a network including approximately 1,772 Automated Teller Machines (ATMs) and 957 self-service terminals. This physical infrastructure complements the branch network for basic transactions.

For the corporate and institutional segments, the channel shifts to direct engagement. Banco Macro S.A. deploys dedicated corporate and institutional sales teams to manage relationships with its over 212,183 corporate customers as of 2Q25. This high-touch approach is necessary for complex services like cash management, foreign trade financing, and trust services.

A unique channel component involves direct public sector integration. Banco Macro S.A. acts as the exclusive financial agent for 4 provincial governments, a relationship that facilitates government-citizen interactions for payments and revenue collection. For instance, the agreement with the Jujuy Provincial Government is effective through September 30, 2034. This government business is a stable, high-volume channel for deposits and transactions.

Here's a quick look at the scale of these key channels as of the latest reporting periods:

Channel Component	Metric	Latest Reported Number (Argentine Pesos/Units)
Physical Network	Service Points (Branches) as of 2Q25	491
Digital Reach	Active Digital Customers as of 2Q25	2.6 million
Self-Service Network	ATMs (Grupo Macro context)	1,772
Self-Service Network	Self-Service Terminals (TAS) (Grupo Macro context)	957
Corporate Sales	Corporate Customers as of 2Q25	over 212,183
Public Sector Integration	Provinces as Exclusive Financial Agent	4

The bank also supports its channels with specific customer bases it targets through these access points:

• Retail Customers Served (Total as of 2Q25): 6.21 million
• Focus Segments via Channels: Low & Mid-Income Individuals
• Focus Segments via Channels: Small & Mid-Sized Companies (SMEs)
• Digital Services Offered: Internet and mobile banking

Finance: draft a sensitivity analysis on digital customer conversion rate vs. branch closure impact by next Tuesday.

Banco Macro S.A. (BMA) - Canvas Business Model: Customer Segments

You're looking at the core of Banco Macro S.A.'s strategy, which is deeply rooted in serving the Argentine interior and its key economic drivers. The bank explicitly states its focus is on low & mid-income individuals and small & mid-sized companies. This focus is reflected in the sheer volume of their retail base.

The retail segment is the bedrock of Banco Macro S.A.'s operations. As of the third quarter of 2025 (3Q25), the bank served over 6.29 million retail customers across 23 of Argentina's 24 provinces. This massive base is the primary source of their funding, with retail segment deposits accounting for 37% of the total deposit portfolio as of 2Q25. Within the lending side, consumer loans, which directly serve this segment, represented 75% of private sector loans in 2Q25. You should note that while the overall retail base is large, the digital penetration shows a slight dip, with 2.5 million digital customers reported in 3Q25, down from 2.6 million in 2Q25.

For small and medium-sized enterprises (SMEs) and regional companies, Banco Macro S.A. is a key partner, fitting its mandate to serve regional economies. The corporate customer count stood at 219,235 as of 3Q25. This segment captures a significant portion of the bank's lending, making up 24% of private sector loans in 2Q25. The bank's extensive physical footprint, with 469 branches as of 3Q25, is a critical enabler for servicing these businesses outside of major metropolitan areas.

Public sector entities and provincial governments form another distinct segment. Banco Macro S.A. acts as the sole official financial agent in four key provinces: Misiones, Salta, Jujuy, and Tucumán. Furthermore, the bank provides services to four provincial governments in total. This relationship is important for stability, though the bank has been reducing its exposure; the allocation of public sector assets on its balance sheet was halved, representing 24.8% of total assets at the end of 2Q25.

High-net-worth individuals are served through the specialized Macro Selecta segment. While specific client numbers for this premium tier aren't broken out in the latest public filings, its existence signals a strategy to capture wealth management and higher-margin services from affluent clients within their existing geographic footprint. The bank's overall deposit base is substantial, totaling Ps.11.81 trillion in 3Q25.

Retirees and beneficiaries of social security payments are implicitly a core part of the low/mid-income retail focus and the government-related business. Their consistent flow of government-related deposits contributes to the 12% share of deposits sourced from government sources reported in 2Q25. This group relies heavily on the bank's extensive physical network for access to their funds.

Here's a quick look at the scale of the primary customer groups based on the latest available figures:

Customer Segment Group	Metric	Amount (as of 3Q25 or latest)
Retail Customers (Individuals/Entrepreneurs)	Total Customers	6.29 million
Retail Customers (Individuals/Entrepreneurs)	Digital Customers	2.5 million
Corporate Customers (SMEs and larger)	Total Customers	219,235
Corporate Loans (Private Sector)	Percentage of Total Private Sector Loans	24%
Consumer Loans (Retail Focus)	Percentage of Total Private Sector Loans	75%
Total Deposits	Amount (Argentine Pesos)	Ps.11.81 trillion
Physical Network Reach	Number of Branches	469

The bank's strategy hinges on this broad reach. If onboarding takes 14+ days, churn risk rises, especially for the lower-income retail base that needs quick access. The concentration of consumer lending at 75% of private loans shows where the immediate revenue engine is.

• Focus on low & mid-income individuals is the core retail strategy.
• SMEs are served via a corporate book making up 24% of private loans.
• Sole financial agent status in 4 provinces solidifies public sector ties.
• Retail deposits are a major funding source at 37% of total deposits (2Q25).
• The bank operates in 23 of 24 Argentine provinces.

Banco Macro S.A. (BMA) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Banco Macro S.A.'s operational performance as of late 2025. The cost side of the equation is definitely under pressure, especially with the high-inflation environment in Argentina.

The single largest component of funding costs is the price paid for customer money. In the third quarter of 2025, interest expense on deposits was a massive driver, making up 94% of the bank's total interest expense, which itself totaled Ps. 528.4 billion for the quarter.

General operating costs are also significant, reflecting the scale of the physical footprint. Administrative expenses, which include general overhead and personnel costs, are a key focus area. For Q3 2025, administrative expenses alone were reported at Ps. 331.5 billion, which was 4% higher than the previous quarter. To manage this, Banco Macro S.A. is operating with a network of 469 branches and 8,811 employees as of 3Q25, serving 6.29 million retail customers. Employee benefits, a major part of personnel costs, increased 8% year-on-year in Q3 2025.

Credit risk provisioning has spiked dramatically, signaling deteriorating asset quality. The provision for loan losses in Q3 2025 totaled Ps. 156.8 billion, which represents a staggering increase of 424% year-over-year. This is a direct hit to profitability, even as the loan book grew aggressively. The non-performing to total financing ratio reached 3.19% in 3Q25.

Cost control effectiveness is measured by the Efficiency Ratio, which shows how much it costs to generate one unit of revenue. For the accumulated third quarter of 2025, the Efficiency Ratio reached 39.1%, which is a deterioration from the 35.9% posted in the second quarter of 2025, clearly showing cost pressure outpacing revenue growth in the period.

Here's a quick look at some of the key cost and efficiency metrics from the Q3 2025 results:

Cost/Efficiency Metric	Amount/Ratio	Period/Comparison
Total Interest Expense	Ps. 528.4 billion	Q3 2025
Interest Expense on Deposits (as % of Total Interest Expense)	94%	Q3 2025
Administrative Expenses	Ps. 331.5 billion	Q3 2025
Provision for Loan Losses (YoY Change)	Up 424%	Q3 2025 vs Q3 2024
Accumulated Efficiency Ratio	39.1%	Q3 2025
Physical Branch Network Size	469 branches	3Q25

You'll want to watch the trend in general and administrative expenses closely, especially since personnel costs are indexed to inflation. The deterioration in the Efficiency Ratio from 35.9% in Q2 2025 to 39.1% in Q3 2025 is a defintely sign that expense growth is running hot.

The main cost drivers you need to track are:

• Interest expense on deposits, which is the dominant funding cost.
• General and administrative costs, driven by wage pressures.
• The absolute level of provision for loan losses, tied to asset quality.

Banco Macro S.A. (BMA) - Canvas Business Model: Revenue Streams

You're looking at the core ways Banco Macro S.A. brings in money as of late 2025. It's a mix of traditional lending income, fees for services, and returns on its investment portfolio, all while navigating a tough, high-inflation Argentine economic backdrop.

The primary driver remains the interest earned from its lending book, though the net interest margin has seen pressure. Fee income, while substantial, showed a slight sequential dip in the third quarter of 2025.

Here's a quick look at the key components for the third quarter of 2025 (3Q25) in Argentine Pesos (ARS), restated for inflation:

Revenue Stream Component	3Q25 Amount (ARS/Ps.)	Quarter-over-Quarter Change
Net Interest Income	Ps. 686.2 billion	7% lower than Q2 2025
Interest on Loans and Other Financing	Ps. 930.3 billion	18% higher than Q2 2025
Net Fee Income	Ps. 177.3 billion	7% lower than Q2 2025
Income from Financial Assets at Fair Value (P&L)	Ps. 19.5 billion gain	Decreasing 84% compared to Q2 2025
Foreign Exchange (FX) Income	(Ps. 13.8 billion) loss	ARS 37.5 billion lower than Q2 2025

Net Interest Income from loans and other financing totaled Ps. 686.2 billion in the third quarter of 2025, which was 7% lower than the second quarter of 2025. This was driven by an increase in interest expense, even as interest income rose.

Specifically, Interest on loans totaled Ps. 930.3 billion in Q3 2025, showing an 18% increase compared to the previous quarter. This growth was attributed to an 11% increase in the average volume of private sector loans and a 111 basis point increase in the average lending rate.

Net Fee Income (credit cards, corporate services) of Ps. 177.3 billion in Q3 2025 was reported, representing a 7% decrease from the second quarter of 2025. This sequential decline was influenced by several factors:

• Credit card fees decreased by 22% or Ps. 14.2 billion.
• Credit-related fees decreased by 27% or Ps. 3.1 billion.
• Corporate services fees provided a partial offset with a 7% or Ps. 1.8 billion increase.

Income from government securities and financial assets at fair value contributed to the results, though with volatility. Net income from financial assets and liabilities at fair value to profit or loss was a Ps. 19.5 billion gain in 3Q25, a sharp drop of 84% or Ps. 101 billion compared to Q2 2025. This decrease was mainly explained by lower income from government securities.

Foreign exchange (FX) income and other operating income presented a mixed picture. For the third quarter of 2025, Banco Macro posted an FX income of a Ps. 13.8 billion loss. This loss was largely due to the bank's short dollar position following the Argentine peso depreciation. Still, this was partially offset by higher other operating income in the quarter.

You should keep an eye on the composition of the interest income, as interest on loans represented 77% of total interest income in 3Q25. Finance: draft the impact of the Ps. 13.8 billion FX loss on the Net Interest Margin for the next quarter by Tuesday.