Shares of Banco Macro SA ($BMA) plunged 5.09% in intraday trading on Thursday, following the release of the company's disappointing first-quarter earnings report and 2024 financial statements.
The Argentine bank reported a significant drop in its Q1 earnings per share (EPS), which fell to $0.65 from $7.90 in the same period last year. This substantial decline of nearly 92% in EPS likely spooked investors, leading to the sharp sell-off in the stock. Additionally, the company reported net interest income of $549.20 million for the quarter.
The release of Banco Macro's 2024 financial statements earlier in the day may have also contributed to the negative sentiment. While specific details from the annual report were not immediately available, the combination of weak quarterly results and potentially underwhelming full-year performance appears to have shaken investor confidence in the bank's near-term prospects.
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