Banco Macro S.A. (BMA): Business Model Canvas [Dec-2025 Updated]

You're looking to understand how Banco Macro S.A. (BMA) is navigating Argentina's unique volatility, and honestly, their Business Model Canvas tells a story of massive physical scale meeting digital evolution. After two decades analyzing banks, what stands out is their commitment to an unmatched footprint-serving 6.29 million retail clients across 469 branches-while maintaining a fortress balance sheet with Ps. 3.30 trillion in excess capital as of Q3 2025. This isn't just a bank; it's a national financial utility built on high-touch service and deep provincial reach, even as they push aggressive lending growth to Ps. 10.12 trillion. Dive below to see exactly how their key activities and revenue streams are structured to support this high-volume, high-touch model.

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

You're looking at the structure that supports Banco Macro S.A.'s operations, and the partnerships are key to its reach and specialized services. Here are the hard numbers on those relationships as of late 2025.

The core of Banco Macro S.A.'s structure involves wholly-owned strategic subsidiaries that handle specialized financial activities. As of June 30, 2025, the ownership structure for these key entities was:

The stake in Fintech SGR, which facilitates credit access for small and medium-sized enterprises through guarantees, is exactly 25% as of June 30, 2025. Related to this, the balance sheet item Loans and other financing involving Fondo de Riesgo Fintech SGR and Alianza SGR stood at Ps. 5,180,907 thousand as of June 30, 2025.

For the agricultural sector focus, Macro Agro SAU, which handles grain brokerage, distributed cash dividends amounting to 710,000 (not restated) on May 5, 2025, which Banco Macro S.A. received on May 5, 2025.

Regarding digital payments, Banco Macro S.A. is partnered within the ecosystem that includes MODO, viüMi, and supports Apple Pay/Google Pay integrations. The bank serves 2.6 million digital customers as of 2Q25.

The Central Bank of Argentina is the essential regulatory partner. Banco Macro S.A. began reporting results applying Hyperinflation Accounting, in accordance with IFRS IAS 29 as established by the Central Bank, starting from 1Q20. As of 3Q25, the Bank's Liquid Assets reached 67% of its total deposits.

• Total Financing as of 3Q25: Ps. 10.12 trillion.
• Total Deposits as of 3Q25: Ps. 11.81 trillion.
• Non-Performing to Total Financing Ratio as of 3Q25: 3.19%.
• Excess Capital as of 3Q25: Ps. 3.30 trillion.

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

You're looking at the core engine of Banco Macro S.A. (BMA) as of the third quarter of 2025, which is the latest snapshot we have. The key activities center on aggressively growing the loan book while managing a significant, though pressured, securities portfolio, all while maintaining a strong deposit base.

Financial intermediation and deposit gathering remain central. Banco Macro S.A. saw its Total Deposits reach Ps. 11.81 trillion as of 3Q25, marking an 11% year-over-year gain and a 5% quarter-over-quarter increase. Private sector deposits specifically grew by 6% quarter-over-quarter. It's interesting to note the currency mix shift: while peso deposits fell by 1% in the quarter, USD deposits were up 3%. This activity secured a market share over private sector deposits totaling 7.4% as of September 2025.

The bank pursued aggressive lending growth, which is a core activity. Total Financing for Banco Macro S.A. stood at Ps. 10.12 trillion in 3Q25. This represents a substantial 69% increase year-over-year, though only a 3% increase quarter-over-quarter. This growth wasn't uniform; USD financing grew by 10% in 3Q25, while peso financing actually decreased by 2%. Private sector loans specifically saw a 67% increase year-over-year.

Managing a large portfolio of government securities is another critical function, though its income contribution faced headwinds. Income from government and private securities saw a significant drop, decreasing 52% or ARS 292.8 billion compared to the same period last year. Quarter-on-quarter, this income was down 24% or ARS 85.4 billion. To be fair, this result is explained 97% by income from government and private securities held at amortized cost.

Serving as a financial agent for provincial governments is a specialized, long-term activity. The agreement with the Salta Provincial Government is currently effective through February 28, 2026. For the Jujuy Provincial Government, the agreement extends through September 30, 2034. The bank also holds deposits for the Misiones Provincial Government.

Digital transformation and platform development, including entities like Argenpay SAU, is an ongoing key activity to serve its customer base of 6.29 million retail customers and over 219,235 corporate customers as of 3Q25.

Here is a quick look at the scale of these core balance sheet activities as of September 30, 2025:

These activities support the bank's operational structure, which includes:

• Maintaining 469 branches as of 3Q25.
• Employing 8,811 personnel as of 3Q25.
• Serving customers across 23 of the 24 Provinces in Argentina.
• Maintaining a Non-Performing Loan Ratio of 30.2%.
• Achieving a Coverage Ratio of 120.87%.

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

You're looking at the core assets that let Banco Macro S.A. operate and compete across Argentina. These aren't just line items; they are the physical and financial foundations supporting their business model, especially given the economic environment we're seeing in late 2025.

The financial strength is immediately apparent in their capital position. Banco Macro S.A. maintained a strong solvency ratio as of the third quarter of 2025, reporting an excess capital of Ps. 3.30 trillion. This level of capital adequacy signals a well-cushioned institution capable of absorbing shocks.

Their physical footprint is a significant differentiator, particularly outside the main metropolitan areas. Banco Macro S.A. supports its operations with an extensive physical network. As of 3Q25, this network comprised 469 branches spread across 23 provinces. This reach is crucial for serving their broad client base.

Speaking of clients, the scale of their customer base is a key resource for deposit gathering and loan origination. Banco Macro S.A. serves a large customer base of 6.29 million retail clients as of the end of the third quarter of 2025. This massive retail presence, focused on low and mid-income individuals and SMEs, contrasts with some competitors' more corporate orientations.

Liquidity management remains tight, but robust. The bank reported high liquidity, with liquid assets covering 67% of total deposits in 3Q25. This ratio provides a solid buffer, even as the bank navigates fluctuating market conditions.

Underpinning all of this is the human capital. The massive operational footprint is supported by 8,811 employees as of the third quarter of 2025. That's a lot of people making the system run.

Here's a quick look at these core quantifiable resources as reported for 3Q25:

To be fair, while the branch count is high, some reports noted a slight reduction in the network compared to earlier in the year, which might reflect efficiency drives. Still, the sheer scale of the physical presence across 23 provinces is hard to replicate quickly.

The key tangible and intangible assets supporting Banco Macro S.A.'s operations include:

• Strong solvency indicated by 29.9% Capital Adequacy Ratio (CAR) - Basel III.
• A substantial employee base of 8,811 supporting nationwide service delivery.
• A large funding base, with Total Deposits reaching Ps. 11.81 trillion in 3Q25.
• A significant loan book, with Total Financing at Ps. 10.12 trillion in 3Q25.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.