-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Rh5m1mUQ7OGZaevI+0aYoK5XS7tchlDtStrvdUcynEJOzraNsquFvKrlwVwrLKlO hs74wFFw6AW7kqqYyjSOjw== 0001275287-06-006267.txt : 20061128 0001275287-06-006267.hdr.sgml : 20061128 20061128164552 ACCESSION NUMBER: 0001275287-06-006267 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20061128 FILED AS OF DATE: 20061128 DATE AS OF CHANGE: 20061128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Macro Bank Inc. CENTRAL INDEX KEY: 0001347426 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL BANKS, NEC [6029] IRS NUMBER: 000000000 STATE OF INCORPORATION: C1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32827 FILM NUMBER: 061242627 BUSINESS ADDRESS: STREET 1: SARMIENTO 447 CITY: BUENOS AIRES STATE: C1 ZIP: 1041 BUSINESS PHONE: 54-11-5222-6500 MAIL ADDRESS: STREET 1: SARMIENTO 447 CITY: BUENOS AIRES STATE: C1 ZIP: 1041 FORMER COMPANY: FORMER CONFORMED NAME: Macro Bansud Bank Inc. DATE OF NAME CHANGE: 20051220 6-K 1 mb8102.txt FORM 6-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------- FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 November 28, 2006 ---------- Commission File Number: 333-130901 ---------- MACRO BANK INC. (Exact name of registrant as specified in its Charter) ---------- Sarmiento 447 Buenos Aires C1 1041 Tel: 54 11 5222 6500 (Address of registrant's principal executive offices) ---------- Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F [X] Form 40-F [ ] Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes [ ] No [X] Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes [ ] No [X] Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes [ ] No [X] If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A ================================================================================ INTRODUCTION Attached is furnished six month and nine month information for Banco Macro S.A. ("Banco Macro"). References to "we," "our," "us" or "the bank" mean Banco Macro S.A. and its consolidated subsidiaries, excluding our newly acquired subsidiary Nuevo Banco Bisel S.A. ("Nuevo Banco Bisel"). NINE MONTHS ENDED SEPTEMBER 30, 2006 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2005 The disclosure includes consolidated comparisons and, in some cases, also standalone comparisons of Banco Macro without consolidating Banco del Tucuman S.A. ("Banco del Tucuman") and Nuevo Banco Bisel in order to permit period-to-period comparisons, considering that Banco del Tucuman was acquired in May 2006 and Nuevo Banco Bisel was acquired in August 2006. The following table sets forth certain components of our income statement for the nine-month periods ended September 30, 2005 and 2006:
NINE MONTHS ENDED SEPTEMBER 30, --------------------------------------------- AMOUNTS IN ACCORDANCE WITH CENTRAL BANK RULES 2005 2006 2006 - ---------------------------------------------- ------------- ------------- ------------- Consolidated (including Banco del Tucuman and Banco Macro Nuevo Consolidated stand-alone Banco Bisel) ------------- ------------- ------------- (in thousands of pesos) (unaudited) Financial income ............................. 532,002 722,428 790,214 Financial expenses ........................... (227,518) (249,818) (268,684) ------------- ------------- ------------- Gross intermediation margin .................. 304,484 472,610 521,530 Provision for loan losses .................... (57,040) (38,326) (42,386) Service charge income ....................... 217,632 283,302 309,931 Service charge expenses ...................... (42,376) (61,161) (65,173) Administrative expenses ...................... (315,112) (399,066) (442,324) Net other income ............................. 91,161 66,473 44,029 ------------- ------------- ------------- Income before income tax ..................... 198,749 323,832 325,607 Income tax ................................... (11,429) (46,570) (46,570) ------------- ------------- ------------- Net Income ................................... 187,320 277,262 279,037 Loss on Minority Interests in Subsidiaries ... (15) (24) (1,799) ------------- ------------- ------------- Consolidated Income .......................... 187,305 277,238 277,238 ============= ============= =============
FINANCIAL INCOME Our financial income on a stand-alone basis increased 36%, or Ps.190 million, during the nine-month period ended September 30, 2006 as compared to the corresponding period ended in 2005. When Banco del Tucuman and Nuevo Banco Bisel are consolidated, our financial income increased 49%, or Ps.258 million, during the nine-month period ended September 30, 2006 as compared to the corresponding period ended in 2005. The components of our financial income during the nine-month periods ended September 30, 2006 and 2005 were as follows:
NINE MONTHS ENDED SEPTEMBER 30, --------------------------------------------- 2005 2006 2006 ------------- ------------- ------------- Consolidated (including Banco del Tucuman and Banco Macro Nuevo Consolidated stand-alone Banco Bisel) ------------- ------------- ------------- (in thousands of pesos) (unaudited) Interest on cash and due from banks ........................... 5,481 8,319 8,396 Interest on loans to the financial sector ..................... 4,305 8,943 10,467 Interest on overdrafts ........................................ 39,015 69,128 76,930 Interest on mortgage loans .................................... 20,013 31,806 33,279 Interest on pledged loans (1) ................................. 18,499 29,285 30,516 Interest on credit card loans ................................. 13,520 19,578 20,713 Interest on documents (2) ..................................... 22,136 30,710 35,081 Interest on other loans (3) ................................... 85,283 154,802 171,494 Interest on other receivables from financial intermediation ... 11,026 10,418 10,910 Net income from government and private securities ............. 92,515 200,804 226,479 Net gain from options ......................................... 0 649 649 Indexation by benchmark stabilization coefficient CER (4) ..... 155,582 59,884 62,752 Indexation by salary variation coefficient (C.V.S.) ........... 968 1,170 1,172 Income from guaranteed loans - Decree 1,387/01 (5) ............ 21,933 19,729 20,947 Other (6) ..................................................... 41,726 77,203 80,429 ------------- ------------- ------------- Total financial income ........................................ 532,002 722,428 790,214 ============= ============= =============
- ---------- (1) Includes primarily secured car loans. (2) Includes factoring, check cashing advances and loans with promissory notes. (3) Includes interest primarily on commercial loans not classified under prior headings. (4) Includes CER accrued for all assets subject to adjustment by CER. (5) Includes loans to the Argentine government that were issued in exchange for federal and provincial government bonds. (6) Principally foreign exchange gains from our net asset position in U.S. dollars. The increase in our financial income reflected primarily increases in income from government and private securities and interest on loans. Also in this period we had a one-time gain of Ps.8 million, relating to our sale of an interest in the Puerto Madero Siete trust. Income from government and private securities increased on a stand-alone basis 117%, or Ps.108 million, with an important growth in gains from LEBACs/NOBACs (90%, or Ps.93 million, greater than the same period in 2005). On a consolidated basis, income from government and private securities increased 145%, or Ps.134 million. Interest on loans increased on a stand-alone basis 70%, or Ps.142 million, during the nine months ended September 30, 2006 as compared to the corresponding period ended in 2005 due to a higher volume of loans. Interest on loans attributable to Banco del Tucuman and Nuevo Banco Bisel was Ps.34 million, so that on a consolidated basis, interest on loans increased 87%, or Ps.175 million, as compared the same period in 2005. We experienced high rates of organic growth as loans to the private sector increased 127% as of September 30, 2006 as compared to the level as of September 30, 2005. The main drivers of this income growth have been medium-term structured loans for our corporate customers recorded in "Other Loans," which grew 101% as compared to the corresponding period in 2005, followed by overdrafts which grew 97%. Indexation by CER fell 60%, or Ps.93 million, on a consolidated basis during the nine months ended September 30, 2006 as compared to the corresponding period in 2005, mainly due to the fact that secured bonds have been marked to market since January 2006 and the decreasing volume of loans and bonds subject to CER adjustment (guaranteed loans and secured bonds). Additionally, inflation for the nine-months ended September 30, 2006 was lower than the same period in 2005. On a stand-alone basis, our other income increased 85%, or Ps.35 million, during the nine months ended September 30, 2006 as compared to the corresponding period ended in 2005. On a consolidated basis, our other income increased 93%, or Ps.39 million, during the nine months ended September 30, 2006 as compared to the corresponding period ended in 2005. This increase is principally due to foreign exchange differences arising from our long position in U.S. dollars and the higher volume of foreign exchange trading and income from leasing activity. FINANCIAL EXPENSES On a stand-alone basis, our financial expenses increased 10%, or Ps.22 million, during the nine months ended September 30, 2006 as compared to the corresponding period ended in 2005. The composition of financial expenses changed substantially, due to a sharp increase in interest rates and a decrease in indexation by CER. On a consolidated basis, our financial expenses increased 18%, or Ps.41 million, during the nine months ended September 30, 2006 as compared to the corresponding period ended in 2005. The components of our financial expenses during the nine-month periods ended September 30, 2006 and 2005 were as follows:
NINE MONTHS ENDED SEPTEMBER 30, --------------------------------------------- 2005 2006 2006 ------------- ------------- ------------- Consolidated (including Banco del Tucuman and Banco Macro Nuevo Consolidated stand-alone Banco Bisel) ------------- ------------- ------------- (in thousands of pesos) (unaudited) Interest on checking accounts ................................. 1,964 4,456 4,815 Interest on savings accounts .................................. 3,080 4,429 4,709 Interest on certificates of deposit ........................... 73,017 145,246 155,758 Interest on financing from the financial sector ............... 593 512 512 Interest on other liabilities from financial intermediation (1) ........................................... 11,088 10,983 11,008 Other interest (2) ............................................ 9,562 9,491 10,322 Net loss from options ......................................... 659 0 0 Indexation by CER (3) ......................................... 92,837 39,042 42,272 Other (4) ..................................................... 34,718 35,659 39,288 ------------- ------------- ------------- Total financial expenses ...................................... 227,518 249,818 268,684 ============= ============= =============
- ---------- (1) Includes lines of credit from other banks, repurchase agreements and liquidity assistance from the Central Bank. (2) Includes subordinated corporate bonds issued by us. (3) Includes CER accrued for all the liabilities subject to adjustment by CER. (4) Includes deposits in the form of government securities and CEDROs. On a stand-alone basis, interest on deposits increased 97%, or Ps.76 million, as compared to the corresponding period of 2005 and on a consolidated basis, increased 112%, or Ps.87 million. The increase was primarily as a result of two factors: (1) interest rates on certificates of deposit that increased from 5% as of September 30, 2005 to above 8% as of September 30, 2006, in line with the increase in interest rates in the financial system as a whole in accordance with the monetary policy of the Central Bank and (2) increasing of deposits, which grew 51% on a consolidated basis from 2005 to 2006. On a stand-alone basis, indexation by CER decreased 58%, or Ps.54 million, during the nine months ended September 30, 2006 as compared to the corresponding period in 2005, mainly as a result of the decrease in our of deposits adjusted by CER, which fell 74% as compared to the level as of September 30, 2005. On a consolidated basis, indexation by CER decreased 54%, or Ps.51 million, during the nine months ended September 30, 2006 as compared to the corresponding period in 2005. PROVISION FOR LOAN LOSSES On a stand-alone basis, provisions for loan losses decreased 33%, or Ps.19 million, for the nine months ended September 30, 2006 as compared to the corresponding period in 2005. The ongoing growth of the economy and the improvements of debtor profiles resulted in us adopting lower provisions. On a consolidated basis, provisions for loan losses decreased 26%, or Ps.15 million, for the nine months ended September 30, 2006 as compared to the corresponding period in 2005. SERVICE CHARGE INCOME The following table provides a breakdown of our service charge income by category for the nine months ended September 30, 2006 and 2005:
NINE MONTHS ENDED SEPTEMBER 30, --------------------------------------------- 2005 2006 2006 ------------- ------------- ------------- Consolidated (including Banco del Tucuman and Banco Macro Nuevo Consolidated stand-alone Banco Bisel) ------------- ------------- ------------- (in thousands of pesos) (unaudited) Related to lending transactions ............................... 13,660 20,745 21,689 Related to deposits ........................................... 144,101 180,499 201,922 Other fees .................................................... 9,572 15,280 15,618 Other (1) ..................................................... 50,299 66,778 70,702 ------------- ------------- ------------- Total service charge income ................................... 217,632 283,302 309,931 ============= ============= =============
- ---------- (1) Primarily credit card and debit card fees. On a stand-alone basis, service charge income increased 30%, or Ps.66 million, during the nine months ended September 30, 2006 as compared to the corresponding period in 2005, mainly due to an increase in the volume of our operations. On a consolidated basis, service charge income increased 42%, or Ps.92 million, during the nine months ended September 30, 2006 as compared to the corresponding period in 2005. The main drivers of the increase were a 40% increase in commissions related to deposits, a 63% increase in other fees, a 38% increase in debit and credit card fees and a 59% increase in other credit-related fees. SERVICE CHARGE EXPENSES
NINE MONTHS ENDED SEPTEMBER 30, --------------------------------------------- 2005 2006 2006 ------------- ------------- ------------- Consolidated (including Banco del Tucuman and Banco Macro Nuevo Consolidated stand-alone Banco Bisel) ------------- ------------- ------------- (in thousands of pesos) (unaudited) Fees .......................................................... 22,064 30,768 32,369 Other ......................................................... 20,312 30,393 32,804 ------------- ------------- ------------- Total service charge expenses ................................. 42,376 61,161 65,173 ============= ============= =============
On a stand-alone basis, service charge expenses increased 44%, or Ps.19 million, during the nine months ended September 30, 2006 as compared to the corresponding period in 2005, also due to an increase in the volume of our operations. On a consolidated basis expenses increased 54% or Ps.23 million. The primary component of service charge expense is credit and debit card processing fees (which increased 48%) and other service fees (which increased 62%). Commissions accounted for 80% and 79% of our service charge expenses for the periods ended September 30, 2006 and 2005, respectively, while taxes accounted for the remainder. ADMINISTRATIVE EXPENSES
NINE MONTHS ENDED SEPTEMBER 30, --------------------------------------------- 2005 2006 2006 ------------- ------------- ------------- Consolidated (including Banco del Tucuman and Banco Macro Nuevo Consolidated stand-alone Banco Bisel) ------------- ------------- ------------- (in thousands of pesos) (unaudited) Personnel expenses ............................................ 179,528 234,535 264,380 Directors' and statutory auditors' fees ....................... 12,249 10,754 11,320 Other professional fees ....................................... 16,961 27,468 28,151 Advertising and publicity ..................................... 14,054 20,786 21,924 Taxes ......................................................... 4,598 4,589 5,813 Other administrative expenses (1) ............................. 77,116 88,531 97,791 Other ......................................................... 10,606 12,403 12,945 ------------- ------------- ------------- Total administrative expenses ................................. 315,112 399,066 442,324 ============= ============= =============
- ---------- (1) Depreciation, amortization and other general expenses. On a consolidated basis, our administrative expenses increased 40%, or Ps.127 million, during the nine months ended September 30, 2006 as compared to the corresponding period in 2005 and this increase primarily reflects our increased personnel expenses. The 47% increase in personnel expenses is attributed to salary adjustments and the increase in the number of employees as a result of the recent integration of Banco Empresario de Tucuman, Banco del Tucuman, and Nuevo Banco Bisel. Our other administrative expenses increased 27% mainly due to the increased number of branches associated with the integration of Banco Empresario de Tucuman, Banco del Tucuman and Nuevo Banco Bisel. NET OTHER INCOME On a consolidated basis, our net other income decreased 52%, or Ps.47 million, as a result of two main factors: a decrease in other income of Ps.17 million (during the nine months ended September 30, 2005, we had a Ps.20 million non-recurring gain by Nuevo Banco Suquia relating to the reversal of a provision of a loan to the city of Cordoba) and an increase in other expenses of Ps.30 million (during the nine months ended September 30, 2006, we had a non-recurring loss of Ps.13 million related to our offering of American Depositary Shares ("ADS")). INCOME TAX During the nine months ended September 30, 2006, we accrued income tax of Ps.47 million, compared to the Ps.11 million recorded as of September 30, 2005, an increase of 307%. Based on Decree (1,035/06) dated August 14, 2006, which stated that pesification and CER-adjustments on guaranteed loans should be treated on an accrual basis, and considering that during the prior year the computable net operating loss was used, the Bank and its subsidiaries included a higher income tax provision in the third quarter of 2006. SIX MONTHS ENDED JUNE 30, 2006 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2005 The following table sets forth certain components of our income statement for the six-month periods ended June 30, 2005 and 2006:
SIX MONTHS ENDED JUNE 30, ------------------------------ AMOUNTS IN ACCORDANCE WITH CENTRAL BANK RULES 2005 2006 - ---------------------------------------------------------------- ------------- ------------- (in thousands of pesos) (unaudited) Financial income ............................................... 338,221 472,309 Financial expenses ............................................. (155,988) (162,203) ------------- ------------- Gross intermediation margin .................................... 182,233 310,106 Provision for loan losses ...................................... (34,479) (21,950) Service charge income .......................................... 140,536 186,983 Service charge expenses ........................................ (27,874) (39,415) Administrative expenses ........................................ (205,019) (273,636) Net other income ............................................... 67,146 28,861 ------------- ------------- Income before income tax ....................................... 122,543 190,949 Income tax ..................................................... (649) (19,120) Net Income ..................................................... 121,894 171,829 ------------- ------------- Loss on Minority Interests in Subsidiaries ..................... (8) (299) ------------- ------------- Consolidated Income ............................................ 121,886 171,530 ============= =============
FINANCIAL INCOME Our financial income increased 40% during the six-month period ended June 30, 2006 as compared to the corresponding period ended in 2005. The components of our financial income during the six-month periods ended June 30, 2006 and 2005 were as follows:
SIX MONTHS ENDED JUNE 30, ------------------------------ 2005 2006 ------------- ------------- (in thousands of pesos) (unaudited) Interest on cash and due from banks ............................ 3,356 4,700 Interest on loans to the financial sector ...................... 2,767 6,927 Interest on overdrafts ......................................... 25,023 39,959 Interest on mortgage loans ..................................... 12,544 20,366 Interest on pledged loans(1) ................................... 11,789 19,005 Interest on credit card loans .................................. 8,204 12,221 Interest on documents(2) ....................................... 14,412 19,664 Interest on other loans(3) ..................................... 55,068 101,774 Interest on other receivables from financial intermediation .... 6,955 6,719 Net income from government and private securities .............. 49,123 127,158 Net loss from options .......................................... - 97 Indexation by benchmark stabilization coefficient CER(4) ....... 106,043 47,875 Indexation by salary variation coefficient (C.V.S.) ............ 590 743 Income from guaranteed loans - Decree 1,387/01(5) .............. 15,612 13,144 Other(6) ....................................................... 26,735 51,957 ------------- ------------- Total financial income ......................................... 338,221 472,309 ============= =============
- ---------- (1) Includes primarily secured car loans. (2) Includes factoring, check cashing advances and loans with promissory notes. (3) Includes interest primarily on commercial loans not classified under prior headings. (4) Includes CER accrued for all assets subject to adjustment by CER. (5) Includes loans to the Argentine government that were issued in exchange for federal and provincial government bonds. (6) Principally foreign exchange gains from our net asset position in U.S. dollars. The increase in our financial income reflected primarily increases in income from government and private securities and interest on loans. Income from government and private securities increased 159%, with an improvement in returns of LEBACs/NOBACs (246% greater than the same period in 2005) associated with securities portfolio growth and the higher interest rates of these securities. Interest on loans increased 69% during the six months ended June 30, 2006 as compared to the corresponding period ended in 2005 due to a higher volume of loans to the private sector. We experienced high rates of organic growth as loans to the private sector increased 74% as of June 30, 2006 as compared to the level as of June 30, 2005. The main drivers of this income growth have been medium-term structured loans for our corporate customers recorded in "Other," which grew 85% as compared to the corresponding period in 2005, followed by mortgage loans, pledged loans and overdrafts which grew 62%, 61% and 60%, respectively. Indexation by CER fell 55% during the six months ended June 30, 2006 as compared to the corresponding period in 2005, mainly due to the fact that secured bonds have been marked to market since January 2006 and the decreasing number of loans subject to CER adjustment (guaranteed loans). Additionally, inflation for the period ended June 30, 2006 was lower than the same period in 2005. Our other income increased 94% during the six months ended June 30, 2006 as compared to the corresponding period ended in 2005, principally due to foreign exchange differences arising from our long position in U.S. dollars and the higher volume of foreign exchange trading and income from leasing activity, which grew 152% as compared to the six months ended June 30, 2005. FINANCIAL EXPENSES Our financial expenses remained relatively stable during the six months ended June 30, 2006 as compared to the corresponding period ended in 2005, increasing only 4%. The components of our financial expenses during the six-month periods ended June 30, 2006 and 2005 were as follows:
SIX MONTHS ENDED JUNE 30, ------------------------------ 2005 2006 ------------- ------------- (in thousands of pesos) (unaudited) Interest on checking accounts .................................. 1,284 2,167 Interest on savings accounts ................................... 1,949 3,033 Interest on certificates of deposit ............................ 44,428 85,440 Interest on financing from the financial sector ................ 273 143 Interest on other liabilities from financial intermediation(1) . 8,265 6,921 Other interest(2) .............................................. 6,586 6,044 Net income from options ........................................ 374 0 Indexation by CER(3) ........................................... 67,044 33,354 Other(4) ....................................................... 25,785 25,101 ------------- ------------- Total financial expenses ....................................... 155,988 162,203 ============= =============
- ---------- (1) Includes lines of credit from other banks, repurchase agreements and liquidity assistance from the Central Bank. (2) Includes subordinated corporate bonds issued by us. (3) Includes CER accrued for all the liabilities subject to adjustment by CER. (4) Includes deposits in the form of government securities and CEDROs. Interest on deposits increased 90% as compared to the corresponding period of 2005 primarily as a result of two factors: (1) interest rates on certificates of deposit that increased from 4.5% as of June 30, 2005 to above 7% as of June 30, 2006, in line with the increase in interest rates in the financial system as a whole and (2) increasing volume of deposits, which grew 26% from 2005 to 2006. Indexation by CER decreased 50% during the six months ended June 30, 2006 as compared to the corresponding period in 2005, mainly as a result of the decrease in our volume of deposits adjusted by CER, which fell 62% as compared to the level as of June 30, 2005 (excluding Banco del Tucuman). PROVISION FOR LOAN LOSSES Provisions for loan losses decreased 36% for the six months ended June 30, 2006 as compared to the corresponding period in 2005. The ongoing growth of the economy and the improvements of debtor profiles resulted in us adopting lower provisions. SERVICE CHARGE INCOME The following table provides a breakdown of our service charge income by category for the six months ended June 30, 2006 and 2005:
SIX MONTHS ENDED JUNE 30, ------------------------------ 2005 2006 ------------- ------------- (in thousands of pesos) (unaudited) Related to lending transactions ................................ 8,218 13,486 Related to deposits ............................................ 93,484 121,142 Other fees ..................................................... 6,340 8,058 Other(1) ....................................................... 32,494 44,297 ------------- ------------- Total service charge income .................................... 140,536 186,983 ============= =============
- ---------- (1) Primarily credit card and debit card fees. Service charge income increased 33% during the six months ended June 30, 2006 as compared to the corresponding period in 2005, mainly due to an increase in the volume of our operations. The main drivers of the increase were a 29% increase in debit and credit card fees and a 64% increase in other credit-related fees. SERVICE CHARGE EXPENSES
SIX MONTHS ENDED JUNE 30, ------------------------------ 2005 2006 ------------- ------------- (in thousands of pesos) (unaudited) Fees ........................................................... 14,553 19,997 Other .......................................................... 13,321 19,418 ------------- ------------- Total service charge expenses .................................. 27,874 39,415 ============= =============
Service charge expenses increased 41% during the six months ended June 30, 2006 as compared to the corresponding period in 2005, also due to an increase in the volume of our operations. The primary component of service charge expense is credit and debit card processing fees and other service fees. ADMINISTRATIVE EXPENSES
SIX MONTHS ENDED JUNE 30, ------------------------------ 2005 2006 ------------- ------------- (in thousands of pesos) (unaudited) Personnel expenses ............................................. 116,553 161,392 Directors' and statutory auditors' fees ........................ 10,627 8,818 Other professional fees ........................................ 10,046 18,030 Advertising and publicity ...................................... 6,852 12,698 Taxes .......................................................... 3,707 3,958 Other administrative expenses(1) ............................... 50,694 60,112 Other .......................................................... 6,540 8,628 ------------- ------------- Total administrative expenses .................................. 205,019 273,636 ============= =============
- ---------- (1) Depreciation, amortization and other general expenses. Our administrative expenses increased 33% during the six months ended June 30, 2006 as compared to the corresponding period in 2005 and this increase primarily reflects our increased personnel expenses. This increase in personnel expenses is attributed to salary adjustments and the increase in the number of employees as a result of the recent integration of Banco Empresario de Tucuman and Banco del Tucuman. Advertising and publicity expenses also increased 85% as a result of an aggressive strategy to expand our market share and the launch of the new Banco Macro brand. Our other professional fees increased 79% due to the public listing on the NYSE of our Class B shares in the form of ADSs. Our other administrative expenses increased 19% mainly due to the increased number of branches associated with the integration of Banco Empresario de Tucuman and Banco del Tucuman. NET OTHER INCOME Our net other income decreased 57% (Ps.38 million) as a result of two main factors: (1) during the six months ended June 30, 2005 we had a non-recurring gain of Ps.20 million (Nuevo Banco Suquia had a gain of Ps.20 million on the reversal of a provision in respect of an exchange for secured bonds from the city of Cordoba) and (2) during the six months ended June 30, 2006 we had a non-recurring loss of Ps.13 million related to our offering of ADSs. INCOME TAX During the six months ended June 30, 2006, we accrued income tax of Ps.19 million, compared to the Ps.0.6 million recorded as of June 30, 2005. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized. Date: November 28, 2006 MACRO BANK INC. By: /s/ Luis Cerolini ----------------- Name: Luis Cerolini Title: Attorney-in-fact -----END PRIVACY-ENHANCED MESSAGE-----