November 10, 2016
Political transitions and economic downturns in Argentina can mean bad news for banks’ balance sheets. But not Banco Macro’s.
The bank, which has posted double-digit profit growth every quarter since 2010, continued its uninterrupted streak of 58 consecutive profitable quarters through June 30 this year. In the 12 months to the end of June, Macro’s net profit increased 119%. In at the second quarter, the bank’s return on equity stood at 36.7%, compared to 31.1% during the same period last year.
As investor sentiment towards Argentina has shifted since President Mauricio Macri won office last year, Macro’s share price on the New York Stock Exchange has nearly doubled, to $80. And this year
Investors have flocked to the lender’s shares as it maintained an extended run of profit growth while the political backdrop shifted course