Shares of Banco Macro SA (BMA) tumbled 5.09% in intraday trading on Thursday, following the release of the company's disappointing first-quarter earnings report. The Argentine bank's stock price decline comes as investors react to a significant year-over-year drop in earnings per share (EPS).

According to the Q1 financial results, Banco Macro reported an EPS of $0.65, marking a substantial decrease from $7.90 in the same quarter last year. This represents a staggering 91.8% decline in earnings per share. The bank also disclosed its net interest income for the quarter, which came in at $549.20 million. These figures fell short of market expectations, prompting a sell-off in the stock.

The dramatic decline in EPS could be attributed to various factors, including challenging economic conditions in Argentina, potential increases in loan loss provisions, or a decrease in the bank's core business performance. Investors and analysts will likely scrutinize the full earnings report for more details on the factors contributing to this significant earnings drop. As Banco Macro navigates these headwinds, market participants will be closely watching for any guidance or strategic initiatives the bank may announce to address the apparent deterioration in its financial performance.