*Banco Macro (BMA): 1Q25 Results* See report here: https://tinyurl.com/AdcapBMA1Q25Results *Banco Macro (BMA US; Not Rated) delivered a soft 1Q25, slightly below expectations,* with net income of ARS 45.7 billion—down 59% q/q and 82% y/y—driving a *ROE of 3.8% and ROA of 1.2%.* Results were weighed down by lower trading income, government securities and a significant loss from inflation adjustments (ARS 267.1 billion) as quarterly inflation rose to 8.9%. Despite this, net interest income remained resilient at ARS 579.2 billion (+2% q/q), though NIM compressed to 23.2% due to lower yields on sovereign assets. *Loan growth stood out, rising 22% q/q and 97% y/y,* pushing the loans-to-deposits ratio to 79.6%, while asset quality remained solid with NPLs at 1.44%. *Deposits grew 5% q/q and 23% y/y,* continuing to outperform the system, and liquidity remained strong with a 68% liquid-assets-to-deposits ratio. Operationally, efficiency improved modestly as expenses fell 10% y/y, bringing the cost-to-income ratio down to 38.2%. *On the call, management reaffirmed solid capitalization (CET1 of 28–29%) and updated 2025 guidance: targeting 60% loan growth, 45% deposit growth, and an ROE of 8–10%.* Macro remains well-capitalized to pursue organic growth or M&A, with the flexibility to return excess capital through dividends by 1Q26 if no acquisition materializes.