Banco Macro S.A. (BMA): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la banque argentine, Banco Macro S.A. (BMA) apparaît comme une centrale d'innovation financière, naviguant stratégiquement sur les défis du marché avec un modèle commercial robuste et adaptable. En mélangeant de manière transparente les services bancaires traditionnels avec des solutions numériques de pointe, Banco Macro s'est positionné comme une force transformatrice dans l'écosystème financier, offrant des expériences financières complètes et personnalisées qui s'adressent à divers segments de clients sur le terrain économique complexe de l'Argentine.

Banco Macro S.A. (BMA) - Modèle commercial: partenariats clés

Alliances stratégiques avec les fournisseurs de technologies financières

Banco Macro a établi des partenariats stratégiques avec les fournisseurs de technologies financières suivantes:

Partenaire	Technologie / service	Année de partenariat
Prisma Medios de Pago	Infrastructure de traitement des paiements	2019
FIS Global	Core Banking Technology Solutions	2021
Visa International	Réseau de paiement de la carte	2017

Partenariats avec des institutions gouvernementales argentines

Banco Macro collabore avec plusieurs institutions gouvernementales:

• Ministre de Economía de Argentine
• Administración Nacional de la Seguridad Social (ANSES)
• Dirección General Impitiva (AFIP)

Collaboration avec le secteur commercial et commercial

Partenaire commercial	Type de partenariat	Volume de transaction annuel
Grupo Clarín	Services bancaires d'entreprise	ARS 12,5 milliards
YPF S.A.	Financement du fonds de roulement	ARS 8,3 milliards
Groupe TechInt	Financement du commerce international	ARS 15,7 milliards

Accords avec les compagnies d'assurance

Partenariats d'assurance pour les solutions financières intégrées:

• San Cristóbal Seguros
• Federación Patronal Seguros
• La Segunda Cooperativa Ltda. de Seguros générales

Valeur totale du réseau de partenariat: ARS 78,2 milliards

Banco Macro S.A. (BMA) - Modèle d'entreprise: activités clés

Services de vente au détail et commerciaux

Banco Macro opère avec 462 succursales à travers l'Argentine en 2023. La banque dessert environ 3,5 millions de clients avec un actif total de 2,85 billions de pesos argentins.

Catégorie de service	Volume total	Part de marché
Banque personnelle	1,8 million de comptes	15.6%
Banque commerciale	78 500 clients commerciaux	12.4%

Développement et maintenance de la plate-forme bancaire numérique

Le volume des transactions numériques a atteint 157 millions de transactions en 2023, ce qui représente 68% du total des interactions bancaires.

• Utilisateurs des banques mobiles: 2,1 millions
• Plateformes bancaires en ligne: 3 canaux numériques distincts
• Investissement annuel de plate-forme numérique: 45 millions USD

Gestion des risques et avis financier

Banco Macro maintient un Ratio de prêt non performant de 2,3% En 2023, nettement inférieur à la moyenne du secteur bancaire argentin.

Métrique de gestion des risques	Valeur
Dispositions de risque de crédit	387 millions USD
Taille de l'équipe de gestion des risques	215 professionnels

Évaluation de l'origine du prêt et du crédit

Valeur du portefeuille de prêts total: 1,62 billion de pesos argentins en 2023.

• Prêts à la consommation: 42% du portefeuille
• Prêts d'entreprise: 38% du portefeuille
• Prêts hypothécaires: 20% du portefeuille

Services d'investissement et de gestion de la patrimoine

Banco Macro gère les actifs d'investissement totalisant 520 millions USD sur divers instruments financiers.

Produit d'investissement	Total des actifs sous gestion	Rendement moyen
Fonds communs de placement	185 millions USD	12.7%
Fonds de pension	225 millions USD	9.3%
Portefeuilles d'investissement	110 millions USD	11.5%

Banco Macro S.A. (BMA) - Modèle d'entreprise: Ressources clés

Réseau de succursale étendue

En 2024, Banco Macro exploite 471 branches à travers l'Argentine, avec une présence significative dans 21 provinces.

Répartition des succursales	Nombre de branches
Total des succursales	471
Provinces couvertes	21
Plateformes bancaires numériques	4

Infrastructure bancaire numérique

L'infrastructure numérique de Banco Macro comprend:

• Application des banques mobiles avec 2,3 millions d'utilisateurs actifs
• Plateforme bancaire en ligne avec 1,8 million d'utilisateurs enregistrés
• Volume de transaction numérique de 487 milliards d'ARS en 2023

Ressources humaines

Catégorie des employés	Nombre
Total des employés	6,847
Personnel professionnel	4,215
Équipe de service à la clientèle	1,632

Stabilité financière

Métriques de base de capital:

• Total des actifs: ARS 2,1 billions
• Ratio de capital de niveau 1: 14,2%
• Équité des actionnaires: ARS 385 milliards

Capacités technologiques

Investissements technologiques propriétaires:

• Investissement technologique annuel: 42 millions ARS
• Équipe d'analyse des données: 87 professionnels spécialisés
• Budget de cybersécurité: ARS 23,5 millions

Banco Macro S.A. (BMA) - Modèle d'entreprise: propositions de valeur

Solutions financières complètes pour les particuliers et les entreprises

Banco Macro propose une gamme diversifiée de produits financiers avec une pénétration spécifique du marché:

Catégorie de produits	Valeur totale du portefeuille (ARS)	Part de marché
Prêts personnels	372,456,000,000	17.3%
Lignes de crédit commerciales	456,789,000,000	22.6%
Prêts hypothécaires	198,765,000,000	12.9%

Expériences de banque numérique et mobile pratique

• Utilisateurs bancaires numériques: 2 345 678
• Téléchargements d'applications mobiles: 1 876 543
• Volume de transactions en ligne: 86 543 210 Transactions mensuelles

Taux d'intérêt concurrentiels et produits financiers

Produit	Taux d'intérêt	Volume annuel (ARS)
Comptes d'épargne	48.5%	276,543,000,000
Dépôts à durée déterminée	52.3%	345,678,000,000

Service client personnalisé et conseils financiers

Métriques du service client:

• Réseau total de succursales: 754 succursales
• Représentants du service à la clientèle: 4 567
• Taux de satisfaction du client moyen: 87,6%

Expertise du marché local et paysage économique argentin

Indicateur économique	La performance de Banco Macro
Actif total	2 345 678 000 000 ARS
Revenu net (2023)	456 789 000 000 ARS
Portefeuille de prêts	1 876 543 000 000 ARS

Banco Macro S.A. (BMA) - Modèle d'entreprise: relations clients

Gestion des relations bancaires personnalisées

Banco Macro dessert environ 3,2 millions de clients à travers l'Argentine en 2023. La banque maintient 462 succursales et 1 247 guichets automatiques à l'échelle nationale.

Segment de clientèle	Approche de gestion des relations	Couverture annuelle
Clients individuels	Conseil financier personnalisé	92% des clients bancaires de détail
Clients des entreprises	Gestionnaires de relations dédiées	87% des clients de la banque d'entreprise

Support client multicanal

Banco Macro fournit un support multicanal complet à travers:

• Plateforme bancaire en ligne: 1,8 million d'utilisateurs numériques actifs
• Application bancaire mobile: 1,2 million d'utilisateurs actifs mensuels
• Centre d'appel: Service client 24/7 avec un temps de réponse moyen de 3,2 minutes
• Branches physiques: 462 emplacements à travers l'Argentine

Programmes de fidélité et offres financières ciblées

Programme de fidélité	Inscription	Avantages annuels
Programme de fidélité des Puntos macro	672 000 membres actifs	ARS 124 millions en récompenses distribuées

Communication et engagement des clients réguliers

Banco Macro utilise plusieurs canaux de communication avec une fréquence annuelle de point de contact client de 42 interactions par client.

Plates-formes de libre-service numériques

• Volume des transactions numériques: 78% du total des transactions
• Pourcentage de transactions bancaires mobiles: 62% des transactions numériques
• Ouverture du compte en ligne: 45% des inscriptions de nouveaux comptes

Service numérique	Utilisateurs actifs mensuels	Types de transactions
Application bancaire mobile	1,2 million	Transferts, paiements, chèques de solde
Plateforme bancaire en ligne	1,8 million	Services bancaires complets

Banco Macro S.A. (BMA) - Modèle d'entreprise: canaux

Réseau de succursale physique

En 2024, Banco Macro exploite 453 branches physiques à travers l'Argentine, avec la distribution géographique suivante:

Région	Nombre de branches
Buenos Aires	187
Northern d'Argentine	126
Central Argentine	89
Southern Argentine	51

Plateforme bancaire en ligne

Statistiques de la banque numérique pour la macro de Banco:

• Utilisateurs bancaires en ligne totaux: 2,1 millions
• Utilisateurs mensuels de la plate-forme numérique active: 1,4 million
• Volume annuel des transactions numériques: 78,6 millions de transactions

Application bancaire mobile

Métriques de performance des banques mobiles:

Métrique	Valeur
Téléchargements totaux d'applications mobiles	1,75 million
Utilisateurs mobiles actifs mensuels	1,2 million
Pourcentage de transaction mobile	62%

Réseau ATM

Banco Macro ATM Infrastructure:

• Emplacements totaux ATM: 1 245
• Couverture géographique: 22 provinces
• Volume mensuel des transactions ATM: 4,3 millions

Centres d'appels de service client

Détails opérationnels du centre d'appels:

Catégorie	Statistique
Agents du centre d'appel total	385
Interactions moyennes du client quotidien	12,500
Temps de réponse moyen	47 secondes

Banco Macro S.A. (BMA) - Modèle d'entreprise: segments de clientèle

Clients bancaires de détail individuels

En 2024, Banco Macro dessert environ 2,3 millions de clients de banque de détail individuels à travers l'Argentine. La clientèle comprend:

• Titulaires de compte personnel
• Utilisateurs de la carte de crédit
• Bénéficiaires de prêts personnels
• Utilisateurs de la banque numérique

Segment de clientèle	Nombre total	Solde moyen du compte
Clients de vente au détail individuels	2,300,000	ARS 450 000

Petites et moyennes entreprises (PME)

Banco Macro prend en charge 87 500 petites et moyennes entreprises avec des services financiers spécialisés.

• Prêts de fonds de roulement
• Lignes de crédit commerciales
• Services de traitement des paiements

Segment PME	Nombre d'entreprises	Exposition totale au crédit
Clients bancaires PME	87,500	ARS 215 milliards

Clients d'entreprise et institutionnels

Banco Macro dessert 1 250 clients d'entreprise et institutionnels avec des solutions financières complètes.

• Services bancaires d'entreprise
• Gestion de la trésorerie
• Banque d'investissement

Segment de l'entreprise	Compte de clientèle	Revenus annuels moyens
Clients des entreprises	1,250	ARS 5,6 billions

Individus à haute nette

La banque gère les services financiers pour 15 000 personnes à haute teneur en naissance.

• Gestion de la richesse
• Services bancaires privés
• Avis d'investissement

Segment de richesse	Compte de clientèle	Valeur de portefeuille moyenne
Clients à haute teneur	15,000	ARS 750 millions

Secteur des entreprises agricoles et rurales

Banco Macro soutient 22 500 entreprises agricoles et rurales de l'Argentine.

• Prêts agricoles
• Financement de l'équipement rural
• Produits d'assurance-récolte

Segment agricole	Compte de clientèle	Crédit agricole total
Clients commerciaux ruraux	22,500	ARS 180 milliards

Banco Macro S.A. (BMA) - Modèle d'entreprise: Structure des coûts

Frais de maintenance du réseau de succursales

En 2023, Banco Macro S.A. a exploité 462 succursales à travers l'Argentine. Les dépenses annuelles de maintenance des succursales étaient d'environ 32,4 milliards de MA (environ 95 millions USD).

Catégorie de coûts	Montant (ARS milliards)
Loyer et services publics	12.6
Maintenance des infrastructures de succursale	8.9
Services de sécurité	6.7
Autres dépenses liées aux succursales	4.2

Investissement technologique et infrastructure numérique

En 2023, Banco Macro a investi des ARS de 18,7 milliards d'infrastructures technologiques et numériques.

• Développement de la plate-forme bancaire numérique: ARS 6,2 milliards
• Investissements en cybersécurité: ARS 3,5 milliards
• Systèmes bancaires mobiles et en ligne: 4,8 milliards AR
• Mises à niveau des infrastructures informatiques: ARS 4,2 milliards

Salaires et formation des employés

Le total des dépenses liées aux employés pour 2023 a atteint 45,6 milliards d'atriés ARS.

Catégorie de dépenses	Montant (ARS milliards)
Salaires de base	36.2
Formation et développement	2.9
Avantages et sécurité sociale	6.5

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire de Banco Macro en 2023 s'élevaient à 8,3 milliards d'ARS.

• Systèmes anti-blanchiment d'argent: ARS 3,1 milliards
• Représentation et conformité à l'audit: ARS 2,6 milliards
• Conseil juridique et réglementaire: ARS 2,6 milliards

Frais de marketing et d'acquisition des clients

Les coûts de marketing et d'acquisition des clients pour 2023 étaient de 7,5 milliards de MA.

Canal de marketing	Dépenses (ARS milliards)
Marketing numérique	3.2
Publicité médiatique traditionnelle	2.1
Campagnes d'acquisition de clients	2.2

Banco Macro S.A. (BMA) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts et des produits de crédit

Au troisième trimestre 2023, Banco Macro a déclaré des revenus d'intérêts de 292 781 millions de pesos argentins de son portefeuille de prêts.

Catégorie de prêt	Revenus (en millions AR)
Prêts commerciaux	126,543
Prêts à la consommation	98,237
Prêts hypothécaires	67,001

Frais de service bancaire

Les frais de service bancaire ont généré 87 456 millions de pesos argentins en 2023.

• Frais de maintenance du compte: 32 145 millions ARS
• Frais de traitement des transactions: 28 764 millions ARS
• Autres services bancaires: 26 547 millions ARS

Commissions d'investissement et de gestion de la patrimoine

Les services d'investissement ont généré 45 623 millions de pesos argentins en commissions en 2023.

Service d'investissement	Revenus de la Commission (en millions ARS)
Gestion des actifs	22,341
Avis d'investissement	15,782
Trading en valeurs mobilières	7,500

Frais de transaction numérique

Les revenus des transactions numériques ont atteint 53 214 millions de pesos argentins en 2023.

• Transactions bancaires mobiles: 18 765 millions ARS
• Traitement des paiements en ligne: 21 449 millions ARS
• Services de portefeuille numérique: 13 000 millions d'ARS

Services bancaires de change et internationaux

Les services bancaires de change et internationaux ont généré 36 782 millions de pesos argentins en 2023.

Service bancaire international	Revenus (en millions AR)
Transactions de change	24,567
Frais de transfert internationaux	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.