Banco Macro S.A. (BMA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico do setor bancário argentino, o Banco Macro S.A. (BMA) surge como uma potência de inovação financeira, navegando estrategicamente desafios complexos de mercado com um modelo de negócios robusto e adaptável. Ao misturar perfeitamente os serviços bancários tradicionais com soluções digitais de ponta, o Banco Macro se posicionou como uma força transformadora no ecossistema financeiro, oferecendo experiências financeiras abrangentes e personalizadas que atendem a diversos segmentos de clientes em todo o Intrativo Terreno Econômico da Argentina.

Banco Macro S.A. (BMA) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com provedores de tecnologia financeira

O Banco Macro estabeleceu parcerias estratégicas com os seguintes provedores de tecnologia financeira:

Parceiro	Tecnologia/serviço	Ano de parceria
PRISMA MEDIOS DE PAGO	Infraestrutura de processamento de pagamento	2019
FIS Global	Core Banking Technology Solutions	2021
Visa International	Rede de pagamento do cartão	2017

Parcerias com instituições governamentais argentinas

O Banco Macro colabora com várias instituições governamentais:

• Ministro de Economía de Argentina
• Administración Nacional de la Seguridad Social (Anses)
• DIRECCION GERAL IMPOSITIVA (AFIP)

Colaboração com o setor comercial e de varejo

Parceiro comercial	Tipo de parceria	Volume anual de transações
Grupo Clarín	Serviços bancários corporativos	Ars 12,5 bilhões
YPF S.A.	Financiamento de capital de giro	ARS 8,3 bilhões
Grupo Techint	Financiamento do Comércio Internacional	Ars 15,7 bilhões

Acordos com companhias de seguros

Parcerias de seguros para soluções financeiras integradas:

• San Cristóbal Segus
• Federación Patronal Segus
• La Segunda Cooperativa Ltda. De Seguros Generales

Valor da rede total de parcerias: ARS 78,2 bilhões

Banco Macro S.A. (BMA) - Modelo de negócios: Atividades -chave

Serviços bancários comerciais e de varejo

O Banco Macro opera com 462 agências na Argentina a partir de 2023. O banco atende a aproximadamente 3,5 milhões de clientes com ativos totais de 2,85 trilhões de pesos argentinos.

Categoria de serviço	Volume total	Quota de mercado
Bancos pessoais	1,8 milhão de contas	15.6%
Bancos comerciais	78.500 clientes comerciais	12.4%

Desenvolvimento e manutenção da plataforma bancária digital

O volume de transações digitais atingiu 157 milhões de transações em 2023, representando 68% do total de interações bancárias.

• Usuários bancários móveis: 2,1 milhões
• Plataformas bancárias online: 3 canais digitais distintos
• Investimento anual da plataforma digital: 45 milhões de dólares

Gerenciamento de riscos e consultoria financeira

Banco Macro mantém um taxa de empréstimo sem desempenho de 2,3% em 2023, significativamente abaixo da média do setor bancário argentino.

Métrica de gerenciamento de riscos	Valor
Disposições de risco de crédito	387 milhões de dólares
Tamanho da equipe de gerenciamento de riscos	215 profissionais

Originação de empréstimos e avaliação de crédito

Valor total da carteira de empréstimos: 1,62 trilhão de pesos argentinos em 2023.

• Empréstimos ao consumidor: 42% do portfólio
• Empréstimos corporativos: 38% do portfólio
• Empréstimos hipotecários: 20% da portfólio

Serviços de investimento e gerenciamento de patrimônio

O Banco Macro gerencia ativos de investimento, totalizando 520 milhões de dólares em vários instrumentos financeiros.

Produto de investimento	Total de ativos sob gestão	Retorno médio
Fundos mútuos	185 milhões de dólares	12.7%
Fundos de pensão	225 milhões de dólares	9.3%
Portfólios de investimento	110 milhões de dólares	11.5%

Banco Macro S.A. (BMA) - Modelo de negócios: Recursos -chave

Extensa rede de filiais

A partir de 2024, o Banco Macro opera 471 filiais na Argentina, com uma presença significativa em 21 províncias.

Distribuição de ramificação	Número de ramificações
Filiais totais	471
Províncias cobertas	21
Plataformas bancárias digitais	4

Infraestrutura bancária digital

A infraestrutura digital do Banco Macro inclui:

• Aplicativo bancário móvel com 2,3 milhões de usuários ativos
• Plataforma bancária online com 1,8 milhão de usuários registrados
• Volume de transação digital de ARS 487 bilhões em 2023

Recursos Humanos

Categoria de funcionários	Número
Total de funcionários	6,847
Funcionários profissionais	4,215
Equipe de atendimento ao cliente	1,632

Estabilidade financeira

Métricas da base de capital:

• Total de ativos: Ars 2,1 trilhões
• Tier 1 Capital Ratio: 14,2%
• Equidade dos acionistas: ARS 385 bilhões

Capacidades tecnológicas

Investimentos de tecnologia proprietários:

• Investimento de tecnologia anual: Ars 42 milhões
• Equipe de análise de dados: 87 profissionais especializados
• Orçamento de segurança cibernética: Ars 23,5 milhões

Banco Macro S.A. (BMA) - Modelo de Negócios: Proposições de Valor

Soluções financeiras abrangentes para indivíduos e empresas

O Banco Macro oferece uma gama diversificada de produtos financeiros com penetração específica de mercado:

Categoria de produto	Valor total do portfólio (ARS)	Quota de mercado
Empréstimos pessoais	372,456,000,000	17.3%
Linhas de crédito comercial	456,789,000,000	22.6%
Empréstimos hipotecários	198,765,000,000	12.9%

Experiências bancárias digitais e móveis convenientes

• Usuários do Banco Digital: 2.345.678
• Downloads de aplicativos móveis: 1.876.543
• Volume de transações online: 86.543.210 transações mensais

Taxas de juros competitivas e produtos financeiros

Produto	Taxa de juro	Volume anual (ARS)
Contas de poupança	48.5%	276,543,000,000
Depósitos de termo	52.3%	345,678,000,000

Atendimento ao cliente personalizado e conselhos financeiros

Métricas de atendimento ao cliente:

• Rede total de ramificação: 754 filiais
• Representantes de atendimento ao cliente: 4.567
• Taxa média de satisfação do cliente: 87,6%

Experiência no mercado local e cenário econômico argentino

Indicador econômico	O desempenho do Banco Macro
Total de ativos	2.345.678.000.000 de ARs
Lucro líquido (2023)	456.789.000.000 de ARs
Portfólio de empréstimos	1.876.543.000.000 de ARs

Banco Macro S.A. (BMA) - Modelo de Negócios: Relacionamentos do Cliente

Gerenciamento de relacionamento bancário personalizado

O Banco Macro atende a aproximadamente 3,2 milhões de clientes em toda a Argentina a partir de 2023. O Banco mantém 462 agências e 1.247 caixas eletrônicos em todo o país.

Segmento de clientes	Abordagem de gerenciamento de relacionamento	Cobertura anual
Clientes individuais	Consultor financeiro personalizado	92% dos clientes bancários de varejo
Clientes corporativos	Gerentes de relacionamento dedicados	87% dos clientes bancários corporativos

Suporte ao cliente multicanal

O Banco Macro fornece suporte multicanal abrangente por meio de:

• Plataforma bancária online: 1,8 milhão de usuários digitais ativos
• Aplicativo bancário móvel: 1,2 milhão de usuários ativos mensais
• Call Center: Atendimento ao cliente 24/7 com tempo de resposta média de 3,2 minutos
• Filiais físicos: 462 locais na Argentina

Programas de fidelidade e ofertas financeiras direcionadas

Programa de fidelidade	Inscrição	Benefícios anuais
Programa de fidelidade de macro Puntos	672.000 membros ativos	Ars 124 milhões em recompensas distribuídas

Comunicação e engajamento regulares do cliente

O Banco Macro utiliza vários canais de comunicação com uma frequência anual do ponto de contato do cliente de 42 interações por cliente.

Plataformas de autoatendimento digital

• Volume da transação digital: 78% do total de transações
• Porcentagem de transação bancária móvel: 62% das transações digitais
• Abertura da conta on -line: 45% dos novos registros de contas

Serviço digital	Usuários ativos mensais	Tipos de transação
Aplicativo bancário móvel	1,2 milhão	Transferências, pagamentos, cheques de saldo
Plataforma bancária online	1,8 milhão	Serviços bancários abrangentes

Banco Macro S.A. (BMA) - Modelo de Negócios: Canais

Rede de ramificação física

A partir de 2024, o Banco Macro opera 453 filiais físicas em toda a Argentina, com a seguinte distribuição geográfica:

Região	Número de ramificações
Buenos Aires	187
Norte da Argentina	126
Argentina central	89
Argentina do sul	51

Plataforma bancária online

Estatísticas bancárias digitais para o Banco Macro:

• Total de usuários bancários online: 2,1 milhões
• Usuários mensais de plataforma digital ativa: 1,4 milhão
• Volume anual de transação digital: 78,6 milhões de transações

Aplicativo bancário móvel

Métricas de desempenho bancário móvel:

Métrica	Valor
Downloads de aplicativos móveis totais	1,75 milhão
Usuários de celular ativos mensais	1,2 milhão
Porcentagem de transações móveis	62%

Rede ATM

Banco Macro ATM Infraestrutura:

• Total de ATM Localizações: 1.245
• Cobertura geográfica: 22 províncias
• Volume mensal de transação ATM: 4,3 milhões

Centros de atendimento ao cliente

Detalhes operacionais de call center:

Categoria	Estatística
Agentes totais de call center	385
Interações diárias da média do cliente	12,500
Tempo médio de resposta	47 segundos

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

Clientes bancários de varejo individuais

A partir de 2024, o Banco Macro atende a aproximadamente 2,3 milhões de clientes bancários de varejo individuais em toda a Argentina. A base de clientes inclui:

• Titulares de contas pessoais
• Usuários do cartão de crédito
• Recebedores de empréstimos pessoais
• Usuários bancários digitais

Segmento de clientes	Número total	Saldo médio da conta
Clientes de varejo individuais	2,300,000	ARS 450.000

Pequenas e médias empresas (PME)

O Banco Macro suporta 87.500 empresas pequenas e médias com serviços financeiros especializados.

• Empréstimos de capital de giro
• Linhas de crédito comercial
• Serviços de processamento de pagamento

Segmento de PME	Número de negócios	Exposição total ao crédito
Clientes bancários para PME	87,500	ARS 215 bilhões

Clientes corporativos e institucionais

O Banco Macro atende 1.250 clientes corporativos e institucionais com soluções financeiras abrangentes.

• Serviços bancários corporativos
• Gerenciamento do Tesouro
• Banco de investimento

Segmento corporativo	Contagem de clientes	Receita média anual
Clientes corporativos	1,250	Ars 5,6 trilhões

Indivíduos de alta rede

O Banco gerencia serviços financeiros para 15.000 indivíduos de alta rede.

• Gestão de patrimônio
• Serviços bancários privados
• Aviso de investimento

Segmento de riqueza	Contagem de clientes	Valor médio do portfólio
Clientes de alta rede	15,000	ARS 750 milhões

Setor de negócios agrícola e rural

O Banco Macro suporta 22.500 empresas agrícolas e rurais em toda a Argentina.

• Empréstimos agrícolas
• Financiamento de equipamentos rurais
• Produtos de seguro de colheita

Segmento agrícola	Contagem de clientes	Crédito Agrícola Total
Clientes de negócios rurais	22,500	Ars 180 bilhões

Banco Macro S.A. (BMA) - Modelo de Negócios: Estrutura de Custo

Despesas de manutenção de rede de ramificação

A partir de 2023, o Banco Macro S.A. operava 462 ramos na Argentina. As despesas anuais de manutenção da filial foram de aproximadamente 32,4 bilhões (aproximadamente US $ 95 milhões).

Categoria de custo	Valor (bilhões de ars)
Aluguel e utilitários	12.6
Manutenção da infraestrutura de ramificação	8.9
Serviços de segurança	6.7
Outras despesas relacionadas à filial	4.2

Investimento em tecnologia e infraestrutura digital

Em 2023, o Banco Macro investiu a ARS 18,7 bilhões em tecnologia e infraestrutura digital.

• Desenvolvimento da plataforma bancária digital: Ars 6,2 bilhões
• Investimentos de segurança cibernética: ARS 3,5 bilhões
• Sistemas bancários móveis e online: Ars 4,8 bilhões
• Atualizações de infraestrutura de TI: Ars 4,2 bilhões

Salários e treinamento de funcionários

As despesas totais relacionadas aos funcionários para 2023 atingiram o ARS 45,6 bilhões.

Categoria de despesa	Valor (bilhões de ars)
Salários da base	36.2
Treinamento e desenvolvimento	2.9
Benefícios e Seguro Social	6.5

Custos de conformidade regulatória

As despesas de conformidade regulatória do Banco Macro em 2023 totalizaram 8,3 bilhões de ARS.

• Sistemas de lavagem de dinheiro: Ars 3,1 bilhões
• Relatórios e conformidade de auditoria: ARS 2,6 bilhões
• Aviso legal e regulatório: ARS 2,6 bilhões

Despesas de marketing e aquisição de clientes

Os custos de marketing e aquisição de clientes para 2023 foram de 7,5 bilhões de ARs.

Canal de marketing	Despesa (bilhões de ars)
Marketing digital	3.2
Publicidade tradicional da mídia	2.1
Campanhas de aquisição de clientes	2.2

Banco Macro S.A. (BMA) - Modelo de negócios: fluxos de receita

Receita de juros de empréstimos e produtos de crédito

A partir do terceiro trimestre de 2023, o Banco Macro registrou receita de juros de 292.781 milhões de pesos argentinos de sua carteira de empréstimos.

Categoria de empréstimo	Receita (em milhões de ARs)
Empréstimos comerciais	126,543
Empréstimos ao consumidor	98,237
Empréstimos hipotecários	67,001

Taxas de serviço bancário

As taxas de serviço bancário geraram 87.456 milhões de pesos argentinos em 2023.

• Taxas de manutenção de conta: 32.145 milhões de ARs
• Taxas de processamento de transações: 28.764 milhões de ARs
• Outros serviços bancários: 26.547 milhões de ARs

Comissões de investimento e gerenciamento de patrimônio

Os serviços de investimento geraram 45.623 milhões de pesos argentinos em comissões durante 2023.

Serviço de investimento	Receita da Comissão (em milhões de ARs)
Gestão de ativos	22,341
Aviso de investimento	15,782
Negociação de valores mobiliários	7,500

Taxas de transação digital

A receita de transações digitais atingiu 53.214 milhões de pesos argentinos em 2023.

• Transações bancárias móveis: 18.765 milhões de ARs
• Processamento de pagamento online: 21.449 milhões de ARs
• Serviços de carteira digital: 13.000 milhões de ars

Serviços de câmbio e bancos internacionais

Os serviços de câmbio e bancos internacionais geraram 36.782 milhões de pesos argentinos em 2023.

Serviço Bancário Internacional	Receita (em milhões de ARs)
Transações de câmbio	24,567
Taxas de transferência internacional	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.