This is a bank I should have bought way earlier than now. It happens I analyse it correctly and take the required time now. The capital is insanely high, the NIM is crazy good and the loan quality stays acceptable. Furthermore, this bank had more than a stress test in 2002, Argentina defaulted on its debt, and yet it returned to profitability just after... After all, when you are well managed, it seems the country default is just a bump on the road. This bank seems able to survive anything short of a country default and even in this case, it seems to have high odds of surviving and growing with some fire-sale of competitors' assets. I am gonna hoard it tomorrow.
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http://www.macro.com.ar/dnl/infoFinanciera/bm_presentation_1208.pdf
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