Banco Macro (BMA) 6-K Current report (foreign)

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

February 19, 2020

Commission File Number: 001-32827

MACRO BANK INC.

(Translation of registrant’s name into English)

Avenida Eduardo Madero 1182

Ciudad Autónoma de Buenos Aires C1106 ACY

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 of 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

 

  4Q19 Earnings Release

Banco Macro Announces Results for the Fourth Quarter of 2019

Buenos Aires, Argentina, February 19, 2020 – Banco Macro S.A. (NYSE: BMA; BCBA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the fourth quarter ended December 31, 2019 (“4Q19”). All figures are in Argentine pesos (Ps.)

Summary

• The Bank’s net income totaled Ps.13.3 billion in 4Q19. This result was 1% higher than the result posted in 3Q19 and 153% higher than in 4Q18. In 4Q19, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 59% and 10.4%, respectively. In FY2019 Net Income totaled Ps.40.8 billion increasing 159% or Ps.25 billion compared with FY2018.

• In 4Q19, Banco Macro’s financing to the private sector grew 10% or Ps.18.7 billion quarter over quarter (“QoQ”) totaling Ps.211.6 billion and increased 22% or Ps.38.6 billion year over year (“YoY”). In the quarter, growth was driven by commercial loans, among which Overdrafts and Others stand out; with a 32% and a 52% increase respectively QoQ. Meanwhile within consumer loans, credit card loans increased 27% QoQ.

• In 4Q19, Banco Macro’s total deposits increased 1% or Ps.3.7 billion QoQ, totaling Ps.262.9 billion and representing 78% of the Bank’s total liabilities. Private sector deposits increased 3% or Ps.6.4 billion QoQ.

• Banco Macro continued showing a strong solvency ratio, with excess capital of Ps.69 billion, 27.3% regulatory capital ratio – Basel III and 20% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 59% of its total deposits in 4Q19.

• As of 4Q19, the efficiency ratio reached 32.3%, improving from the 37.9% posted in 4Q18.

• In 4Q19, the Bank’s non-performing to total financing ratio was 2.07% and the coverage ratio reached 123.08%.

4Q19 Earnings Release Conference Call		IR Contacts in Buenos Aires:
Thursday, February 20, 2020 Time: 11:00 a.m. Eastern Time | 1:00 p.m. Buenos Aires Time		Jorge Scarinci Chief Financial Officer
To participate, please dial:
Argentina Toll Free:	Webcast Replay:click here	Nicolás A. Torres
(011) 3984 5677		Investor Relations
Participants Dial In (Toll Free):	Available from 02/20/2020 through
+1 (844) 450 3847	03/05/2020	Phone: (54 11) 5222 6682
Participants International Dial In:		E-mail: investorelations@macro.com. ar
+1 (412) 317 6370
Conference ID: Banco Macro		Visit our website at:
Webcast:click here		www.macro.com.ar/relaciones-inversores

2

  4Q19 Earnings Release

Disclaimer

This press release includes forward-looking statements. We have based these forward-looking statements largely on our current beliefs, expectations and projections about future events and financial trends affecting our business. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements, including, among other things: inflation; changes in interest rates and the cost of deposits; government regulation; adverse legal or regulatory disputes or proceedings; credit and other risks of lending, such as increases in defaults by borrowers; fluctuations and declines in the value of Argentine public debt; competition in banking and financial services; deterioration in regional and national business and economic conditions in Argentina; and fluctuations in the exchange rate of the peso.

The words “believe,” “may,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar words are intended to identify forward-looking statements. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to update publicly or to revise any forward-looking statements after we distribute this press release because of new information, future events or other factors. In light of the risks and uncertainties described above, the forward-looking events and circumstances discussed in this press release might not occur and are not guarantees of future performance.

This report is a summary analysis of Banco Macro's financial condition and results of operations as of and for the period indicated. For a correct interpretation, this report must be read in conjunction with all other material periodically filed with the Comisión Nacional de Valores (www.cnv.gob.ar), the Securities and Exchange Commission (www.sec.gov), Bolsas y mercados Argentinos (www.byma.com.ar) and the New York Stock Exchange (www.nyse.com). In addition, the Central Bank (www.bcra.gov.ar) may publish information related to Banco Macro as of a date subsequent to the last date for which the Bank has published information.

Readers of this report must note that this is a translation made from an original version written and expressed in Spanish. Consequently, any matters of interpretation should be referred to the original version in Spanish.

3

  4Q19 Earnings Release

This Earnings Release has been prepared in accordance with the accounting framework established by the Central Bank of Argentina (“BCRA”), based on International Financial Reporting Standards (“I.F.R.S.”) and the resolutions adopted by the International Accouting Standards Board (“I.A.S.B”) and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (“F.A.C.P.E.”) with the exception of (i) Expected losses of IFRS 9 “Financial Instruments” and (ii) IAS 29 “Financial Reporting in Hyperinflationary Economies” both temporarily excluded by the Central Bank of Argentina from the applicable accounting framework for Financial Institutions. Data and figures shown in this Earnings Release may differ from the ones shown in the 20-F annual report which shows the impact of the application of I.F.R.S 9 and IAS 29.

Results

Earnings per outstanding share were Ps.20.76 in 4Q19, 1% higher than 3Q19 and 155% higher than the result posted a year ago. On a yearly basis Net Income increased 153% while Earnings per Share increased 155%, given that the average amount of shares outstanding decreased in 3Q18, 4Q18 and 1Q19 due to the Share buyback program.

In FY2019 Earnings per share were Ps.63.85 and increased 168% compared to FY2018

EARNINGS PER SHARE	MACRO Consolidated								Change
In MILLION $		4Q18	1Q19	2Q19	3Q19	4Q19	2018	2019		QoQ		YoY
Net income -Parent Company- (M $)		5,243	7,343	7,033	13,158	13,266	15,729	40,800		1	%	153	%
Average # of shares outstanding (M)		643	639	639	639	639	661	639		0	%	-1	%
Average #of treasury stocks (shares repurchased) (M)		26	30	30	14	-	9	0		-100	%	-100	%
Book value per avg. Outstanding share ($)		82	93	94	117	141	82	141		21	%	72	%
Shares Outstanding (M)		641	639	639	639	639	641	639		0	%	0	%
Earnings per avg.  outstanding share ($)		8.15	11.49	11.01	20.59	20.76	23.79	63.85		1	%	155	%
EOP FX (Pesos per USD)		37.8083	43.3533	42.4483	57.5583	59.8950	37.8083	59.8950		4	%	58	%
Book value per avg. issued ADS (USD)		18.62	22.16	21.41	22.14	23.54	18.62	23.54		6	%	26	%
Earnings per avg. outstanding ADS (USD)		1.41	2.16	2.65	2.59	3.47	7.82	10.87		34	%	145	%

Banco Macro’s 4Q19 net income of Ps.13.3 billion was 1% or Ps.106 million higher than the previous quarter and 153% or Ps.8 billion higher YoY. This result represented an accumulated ROAE and ROAA of 59% and 10.4% respectively.

In FY2019 Net income totaled Ps.40.8 billion, 159% higher than the result posted in FY2018.

4

4Q19 Earnings Release  

INCOME STATEMENT RECURRING	MACRO Consolidated										Change
In MILLION $	4Q18 (¹)		1Q19(²)		2Q19(³)		3Q19(4)		4Q19(5)		QoQ			YoY
Net Interest Income		12,288		12,931		16,785		20,057		22,715		13	%		85	%
Net fee income		3,259		3,310		3,391		3,753		4,125		10	%		27	%
Subtotal (Net Interest Income + Net Fee Income)		15,547		16,241		20,176		23,810		26,840		13	%		73	%
Net Income from financial instruments at fair value through P&L		364		605		133		659		1,106		68	%		204	%
Income from assets at amortized cost		1		-17		0		-1		54		-			5300	%
Differences in quoted prices of gold and foreign currency		729		-167		333		1,497		1,281		-14	%		76	%
Other operating income		413		736		817		1,071		926		-14	%		124	%
Provision for loan losses		836		800		848		824		1,033		25	%		24	%
Net Operating Income		16,218		16,598		20,611		26,212		29,174		11	%		80	%
Employee benefits		3,124		3,133		4,007		4,308		4,979		16	%		59	%
Administrative expenses		2,105		2,096		2,301		2,903		3,294		13	%		56	%
Depreciation and impairment of assets		215		290		317		366		397		8	%		85	%
Other operating expenses		2,916		3,104		2,886		4,382		6,631		51	%		127	%
Operating Income		7,858		7,975		11,100		14,253		13,873		-3	%		77	%
Result from associates & joint ventures		33		26		23		17		25		47	%		-24	%
Result before taxes from continuing operations		7,891		8,001		11,123		14,270		13,898		-3	%		76	%
Income tax		2,440		2,307		3,319		-1,263		3,192		-			31	%
Net income from continuing operations		5,451		5,694		7,804		15,533		10,706		-31	%		96	%
Recurring Net Income of the period		5,451		5,694		7,804		15,533		10,706		-31	%		96	%
Non recurring income/loss of the period		-208		1,649		-772		-2,374		2,559		-208	%		-1330	%
Net Income (Recurring + Non Recurring)		5,243		7,343		7,032		13,159		13,265		1	%		153	%

(¹) Excluding provisions for class actions, deferred tax

(²) Excluding Prisma & Molinos Cañuelas

(³) Excluding results related to social security contributions (Employee benefits & Other Operating income), sale of real estate (Other Operating income), Prisma dividends (Result from associates & joint ventures) and Income tax

(⁴) Excluding IFRS adjustment on Government Securities, Severance Pay and provisions for class actions

(⁵) Excluding the reverse of IFRS adjustment on Governement Securities, higher loan loss provisions and adjustments on TC21

Net operating income (before G&A and personnel expenses) was Ps.29.7 billion in 4Q19, increasing 13% or Ps.3.5 billion compared to 3Q19 and 83% or Ps.13.5 billion compared to the previous year.

In FY2019 Net Operating income (before G&A and personnel expenses) totaled Ps.95.8 billion, 89% higher than the previous year.

Operating income (after G&A and personnel expenses) was Ps.16.4 billion in 4Q19, 38% or Ps.4.5 billion higher than in 3Q19 and 117% or Ps.8.9 billion higher than a year ago.

In FY2019 Operating Income (after G&A and personnel expenses) of Ps.48.1 billion was 114% higher than in FY2018.

It is important to emphasize that this result was obtained with a leverage of 4.8x assets to equity ratio.

5

4Q19 Earnings Release  

INCOME STATEMENT	MACRO Consolidated								Change
In MILLION $		4Q18	1Q19	2Q19	3Q19	4Q19	2018	2019		QoQ		YoY
Net Interest Income		12,288	12,931	16,785	20,057	22,715	39,646	72,488		13	%	85	%
Net fee income		3,124	3,309	3,389	3,751	4,125	11,162	14,574		10	%	32	%
Subtotal (Net Interest Income + Net Fee Income)		15,412	16,240	20,176	23,810	26,840	50,808	87,062		13	%	74	%
Net Income from financial instruments  at fair value through P&L		364	1,974	133	659	2,580	1,066	5,346		292	%	609	%
Income from assets at amortized cost		1	-17	0	-1	54	-5	36		-		5300	%
Differences in quoted prices of gold and foreign currency		729	-51	333	1,497	1,281	-1,376	3,060		-14	%	76	%
Other operating income		413	3,114	983	1,071	926	2,945	6,099		-14	%	124	%
Provision for loan losses		836	2,154	848	824	1,991	2,706	5,818		142	%	138	%
Net Operating Income		16,218	19,108	20,776	26,211	29,690	50,604	95,785		13	%	83	%
Employee benefits		3,124	3,134	4,917	4,430	4,979	10,308	17,460		12	%	59	%
Administrative expenses		2,105	2,095	2,300	2,902	3,294	6,826	10,591		14	%	56	%
Depreciation and impairment of assets		215	290	317	366	397	737	1,370		8	%	85	%
Other operating expenses		3,213	3,104	3,949	6,634	4,588	10,303	18,275		-31	%	43	%
Operating Income		7,561	10,484	9,293	11,879	16,432	22,430	48,088		38	%	117	%
Result from associates & joint ventures		33	26	613	17	25	265	681		47	%	-24	%
Result before taxes from continuing operations		7,594	10,510	9,906	11,896	16,457	22,695	48,769		38	%	117	%
Income tax		2,351	3,166	2,874	-1,263	3,192	6,965	7,969		-		-
Net income from continuing operations		5,243	7,344	7,032	13,159	13,265	15,730	40,800		1	%	153	%
Net Income of the period		5,243	7,344	7,032	13,159	13,265	15,730	40,800		1	%	153	%
Net income of the period attributable to parent company		5,243	7,343	7,033	13,158	13,266	15,729	40,800		1	%	153	%
Net income of the period attributable to minority interest		0	1	-1	1	-1	1	0		-		-

The Bank’s 4Q19 net interest income totaled Ps.22.7 billion, 13% or Ps.2.7 billion higher than in 3Q19 and 85% or Ps.10.4 billion higher YoY.

In FY2019 net interest income totaled Ps.72.5 billion, 83% higher than in FY2018.

In 4Q19 interest income totaled Ps.32.8 billion, 8% or Ps.2.8 billion higher than in 3Q19 and 38% or Ps.9 billion higher than in 4Q18.

Income from interest on loans and other financing totaled Ps.22.1 billion, 38% or Ps.6.1 billion higher compared with the previous quarter. On a yearly basis Income from interest on loans increased 42% or Ps.6.6 billion.

In FY2019 Income from interest on loans and other financing totaled Ps.67.5 billion, 42% higher than in FY2018.

In 4Q19 income from government and private securities decreased 49% or Ps.9.5 billion QoQ (due to a 67% reduction in the average Leliq position and a 235b.p. reduction in the Leliq rate) and increased 25% or Ps.2 billion compared with the same period of last year. This result is explained 56% by income from government and private securities through other comprehensive income (Central Bank Notes) and the remaining 44% is explained by income of government and private securities at amortized cost.

In FY2019 income from government and private securities totaled Ps.53.8 billion, 245% higher than in FY2018.

In 4Q19 income from Repos totaled Ps.709 million, Ps.702 higher than the previous quarter and Ps.381 million higher than a year ago.

In 4Q19 Differences in foreign currency totaled a Ps.1.3 billion gain, due to the 4% argentine peso depreciation against the US dollar and the Bank’s long spot dollar position during the quarter and FX trading results (Ps.1 billion). It should be noted that if income from investment in derivative financing instruments is added then differences in quoted prices of gold and foreign currency in 4Q19 resulted in a Ps.1.5 billion gain.

In FY2019 Income from Differences in quoted prices of gold and foreign currency totaled a Ps.3.1 billion gain (with income from foreign currency exchange standing out) compared to a Ps.1.4 billion loss in FY2018.

6

4Q19 Earnings Release  

DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY	MACRO Consolidated								Variation
In MILLION $		4Q18	1Q19	2Q19	3Q19	4Q19	2018	2019		QoQ		YoY
(1) Differences in quoted prices of  gold and foreign currency		729	-51	333	1,496	1,281	-1,377	3,060		-14	%	76	%
Translation of FX assets and liabilities to Pesos		354	-481	-129	332	282	-2,721	5		-15	%	-20	%
Income from foreign currency exchange		375	430	462	1,164	999	1,343	3,055		-14	%	166	%
(2) Net Income from financial assets and liabilities at fair value through P&L		-22	301	-12	735	224	213	1248		-70	%	-
Income from investment in derivative financing instruments		-22	301	-12	735	224	213	1,248		-70	%	-
(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency		707	250	321	2,231	1,505	-1,165	4,308		-33	%	113	%

INTEREST INCOME	MACRO Consolidated								Change
In MILLION$		4Q18	1Q19	2Q19	3Q19	4Q19	2018	2019		QoQ		YoY
Interest on Cash and due from Banks		15	31	35	86	66	25	218		-23	%	340	%
Interest from government securities		7,898	9,515	14,951	19,026	8,933	17,510	52,425		-53	%	13	%
Interest from private securities		2	1	0	379	957	176	1,337		153	%	47750	%
Interest on loans and other financing
To the financial sector		546	494	355	375	411	1,229	1,635		10	%	-25	%
Interest on overdrafts		2,442	1,872	1,739	3,351	6,970	5,632	13,932		108	%	185	%
Interest on documents		1,089	1,201	1,086	961	1,262	3,329	4,510		31	%	16	%
Interest on mortgages loans		1,795	1,310	1,673	1,471	2,233	4,260	6,687		52	%	24	%
Interest on pledged loans		148	129	124	129	126	582	508		-2	%	-15	%
Interest on personal loans		5,676	5,785	6,005	6,162	6,418	20,719	24,370		4	%	13	%
Interest on credit cards loans		2,371	2,567	2,677	2,589	2,886	7,060	10,719		11	%	22	%
Interest on financial leases		57	44	43	28	29	164	144		4	%	-49	%
Interest on other loans		1,447	1,124	1,029	1,018	1,813	4,474	4,984		78	%	25	%
Interest on Repos
From the BCRA		0	9	0	0	389	23	398		0	%	0	%
Other financial institutions		328	313	1,617	7	320	395	2,257		4471	%	-2	%
Total Interest income		23,814	24,395	31,334	35,582	32,813	65,578	124,124		-8	%	38	%
Income from Interest on loans		15,571	14,526	14,731	16,084	22,148	47,452	67,489		38	%	42	%

The Bank’s 4Q19 interest expense totaled Ps.10.1 billion, decreasing 35% (Ps.5.4 billion) compared to the previous quarter and 12% (Ps.1.4 billion) compared to 4Q18.

In 4Q19, interest on deposits represented 93% of the Bank’s total interest expense, decreasing 34% or Ps.4.8 billion QoQ. This decrease can be traced to a 2,138 b.p. decline in the BADLAR rate and an 18% decrease in the average volume of time deposits. On a yearly basis, interest on deposits decreased 12% or Ps.1.3 billion (due to a 588 b.p. reduction in the BADLAR rate)

In 4Q19, interest on corporate bonds decreased 75% or Ps.587 million due to lower interest rates in the case of Series “C” notes and the cancelation of repurchased Series “B” notes.

In FY2019 interest expense totaled Ps.51.6 billion and was 99% higher than in FY2018.

7

  4Q19 Earnings Release

INTEREST EXPENSE	MACRO Consolidated								Change
In MILLION $		4Q18	1Q19	2Q19	3Q19	4Q19	2018	2019		QoQ		YoY
Deposits
Interest on checking accounts		491	118	52	105	27	633	302		-74	%	-95	%
Interest on saving accounts		140	97	153	113	181	349	544		60	%	29	%
Interest on time deposits		10,013	10,372	13,368	13,969	9,168	22,247	46,877		-34	%	-8	%
Interest on other financing from BCRA and financial inst.		45	43	62	62	17	128	184		-73	%	-62	%
Repos
Other financial institutions		64	71	107	54	27	185	259		-50	%	-58	%
Interest on corporate bonds		478	452	470	787	200	1,507	1,909		-75	%	-58	%
Interest on subordinated bonds		267	280	311	386	430	832	1,407		11	%	61	%
Interest on other financial liabilities		28	31	26	49	48	51	154		-2	%	71	%
Total financial expense		11,526	11,464	14,549	15,525	10,098	25,932	51,636		-35	%	-12	%
Expenses from interest on deposits		10,644	10,587	13,573	14,187	9,376	23,229	47,723		-34	%	-12	%

As of 4Q19, the Bank’s net interest margin (including FX) was 21.1%, higher than the 19.1% posted in 3Q19 and the 14.9% in 4Q18.

As of 4Q19 Net Interest Margin (excluding FX) was 20.3%, higher than the 18.5% posted in 3Q19 and the 15.4% in 4Q18. This result shows the Bank’s ability to defend its margin.

In 4Q19 Net Interest Margin (Pesos) was 35.9%, higher than the 28.3% posted in 3Q19 and the 22.3% in 4Q18; meanwhile Net Interest Margin (USD) was 2.1%, higher than the 0.6% posted in 3Q19 and the 0.5% in 4Q18.

ASSETS & LIABILITIES PERFORMANCE (AR$)	MACRO Consolidated
In MILLON $	4Q18			1Q19			2Q19			3Q19			4Q19
Yields & rates in annualized nominal %	AVERAGE BALANCE	INT		AVERAGE BALANCE	INT		AVERAGE BALANCE	INT		AVERAGE BALANCE	INT		AVERAGE BALANCE	INT
Interest-earning assets
Cash and Deposits in Banks	31,969	0.0	%	32,270	0.0	%	34,030	0.0	%	24,551	0.0	%	32,758	0.0	%
Goverment & Securities at fair value through P&L	1,355	35.1	%	1,715	14.9	%	1,438	9.5	%	2,375	-23.4	%	2,379	325.7	%
Loans & Other Financing
Public Sector	2,069	69.8	%	1,401	57.0	%	952	49.7	%	1,533	66.8	%	3,265	66.0	%
Financial Sector	4,247	50.3	%	4,736	41.7	%	3,143	44.4	%	2,974	49.5	%	2,927	55.0	%
Private Sector	123,050	45.2	%	122,286	43.5	%	116,892	46.0	%	124,450	46.4	%	160,933	49.4	%
Other debt securities	52,738	60.0	%	71,886	54.1	%	92,118	64.9	%	112,092	68.7	%	52,400	74.7	%
Other interest-earning assets	8,752	23.9	%	10,259	72.7	%	16,603	43.0	%	9,614	2.8	%	16,280	27.5	%
Total interest-earning assets	224,180	41.7	%	244,553	41.9	%	265,176	46.3	%	277,589	49.3	%	270,942	49.7	%
Non interest-earning assets	13,107			14,266			20,860			15,991			18,268
Total Average Assets	237,287			258,819			286,036			293,580			289,210
Interest-bearing liabilities
Deposits
Public Sector	14,323	35.5	%	16,375	33.0	%	16,069	34.8	%	12,752	34.8	%	11,246	26.5	%
Financial Sector	0	0.0	%	0	0.0	%	0	0.0	%	0	0.0	%	0	0.0	%
Private Sector	112,920	32.0	%	122,198	29.7	%	137,077	34.4	%	146,717	34.2	%	119,869	27.9	%
BCRA and other financial institutions	492	36.3	%	898	19.4	%	513	47.7	%	510	46.7	%	238	25.0	%
Corporate bonds	6,359	29.8	%	6,189	29.6	%	6,161	30.6	%	6,083	51.3	%	5,568	14.3	%
Subordinated bonds	0	0.0	%	0	0.0	%	0	0.0	%	0	0.0	%	0	0.0	%
Other interest-bearing liabilities	453	56.1	%	723	40.4	%	1,133	38.6	%	366	46.7	%	526	31.7	%
Total int.-bearing liabilities	134,547	32.4	%	146,383	30.1	%	160,953	34.4	%	166,428	35.0	%	137,447	27.3	%
Total non int.-bearing liab. & equity	46,582			52,988			60,779			61,607			73,282
Total Average Liabilities & Equity	181,129			199,371			221,732			228,035			210,729
Assets Performance		23,554			25,293			30,590			34,497			33,946
Liabilities Performance		10,980			10,857			13,808			14,692			9,448
Net Interest Income		12,574			14,436			16,782			19,805			24,498
Total interest-earning assets		224,180			244,553			265,176			277,589			270,942
Net Interest Margin (NIM)		22.3	%		23.9	%		25.4	%		28.3	%		35.9	%

8

4Q19 Earnings Release 

ASSETS & LIABILITIES PERFORMANCE (USD)	MACRO Consolidated
In MILLON $	4Q18			1Q19			2Q19			3Q19			4Q19
Yields & rates in annualized nominal %	AVERAGE BALANCE	INT		AVERAGE BALANCE	INT		AVERAGE BALANCE	INT		AVERAGE BALANCE	INT		AVERAGE BALANCE	INT
Interest-earning assets
Cash and Deposits in Banks	36,428	0.2	%	41,863	0.3	%	51,749	0.3	%	61,991	0.6	%	60,103	0.4	%
Goverment & Securities at fair value through P&L	342	-9.3	%	209	34.9	%	279	8.6	%	284	18.2	%	255	24.9	%
Loans & Other Financing
Financial Sector	489	6.5	%	486	7.5	%	489	9.0	%	292	10.9	%	301	11.9	%
Private Sector	43,259	5.8	%	47,627	6.1	%	55,590	6.0	%	59,228	6.1	%	40,255	11.2	%
Other debt securities	86	9.2	%	31	13.1	%	0	0.0	%	0	0.0	%	1,644	0.0	%
Other interest-earning assets	2,162	0.2	%	2,943	-0.1	%	3,084	-0.1	%	3,357	-0.2	%	5,059	-0.1	%
Total interest-earning assets	82,766	3.1	%	93,159	3.4	%	111,191	3.2	%	125,152	3.2	%	107,617	4.5	%
Non interest-earning assets	3,231			2,724			93			3,960			0
Total Average Assets	85,997			95,883			111,284			129,112			107,617
Interest-bearing liabilities
Deposits
Public Sector	534	0.0	%	873	0.0	%	1,517	0.0	%	1,818	0.0	%	1,570	0.0	%
Private Sector	53,499	1.9	%	60,155	2.0	%	71,749	2.3	%	76,150	2.1	%	53,667	1.4	%
BCRA and other financial institutions	2,455	4.5	%	2,468	4.9	%	2,117	4.7	%	2,612	5.2	%	2,629	5.6	%
Subordinated bonds	15,024	7.1	%	15,868	7.2	%	17,821	7.0	%	20,564	7.4	%	24,120	7.1	%
Other interest-bearing liabilities	1	0.0	%	9	0.0	%	1	0.0	%	1	0.0	%	0	0.0	%
Total int.-bearing liabilities	71,513	3.0	%	79,373	3.1	%	93,205	3.2	%	101,145	3.3	%	81,986	3.2	%
Total non int.-bearing liab.	16,873			16,378			19,027			23,812			20,378
Total Average Liabilities	88,386			95,751			112,232			124,957			102,364
Assets Performance		645			775			887			1,010			1,223
Liabilities Performance		547			606			741			832			651
Net Interest Income		98			169			146			178			572
Total interest-earning assets		82,766			93,159			111,191			125,152			107,617
Net Interest Margin (NIM)		0.5	%		0.7	%		0.5	%		0.6	%		2.1	%

In 4Q19 Banco Macro’s net fee income totaled Ps.4.1 billion, 10% or Ps.374 million higher than in 3Q19 and 32% or Ps.1 billion higher than the same period of last year.

In FY2019 net fee income of 14.6billion increased 31% compared to FY2018.

In the quarter, fee income totaled Ps.4.6 billion, 10% or Ps.422 million higher than in 3Q19. Fees charged on deposit accounts, credit card fees and ATM transaction fees stand out; with a 9%, 12% and 50% increase respectively QoQ. On a yearly basis, fee income increased 36% or Ps.1.2 billion.

In the quarter, total fee expenses increased 12% or Ps.48 million. On a yearly basis, fee expenses increased 100% or Ps.218 million.

NET FEE INCOME	MACRO Consolidated								Change
In MILLION $		4Q18	1Q19	2Q19	3Q19	4Q19	2018	2019		QoQ		YoY
Fees charged on deposit accounts		1,435	1,522	1,445	1,590	1,738	5,314	6,295		9	%	21	%
Credit card fees		700	757	727	883	989	2,853	3,356		12	%	41	%
Corporate services fees		336	332	404	496	529	1,039	1,761		7	%	57	%
ATM transactions fees		52	158	180	232	349	52	919		50	%	571	%
Insurance fees		179	225	233	230	264	719	952		15	%	47	%
Financial agent fees (Provinces)		229	172	209	217	230	619	828		6	%	0	%
Debit card fees		200	181	192	229	206	572	808		-10	%	3	%
Credit related fees		138	147	147	172	155	540	621		-10	%	12	%
Mutual funds & securities fees		16	21	94	51	62	84	228		22	%	288	%
AFIP & Collection services		44	27	28	30	27	93	112		-10	%	-39	%
ANSES fees		12	8	9	8	11	33	36		38	%	-8	%
Total fee income		3,341	3,550	3,668	4,138	4,560	11,918	15,916		10	%	36	%
Total fee expense		217	241	279	387	435	756	1,342		12	%	100	%
Net fee income		3,124	3,309	3,389	3,751	4,125	11,162	14,574		10	%	32	%

In 4Q19 Net Income from financial assets and liabilities at fair value through profit or loss totaled Ps.2.6 billion, increasing 292% or Ps.1.9 billion compared to 3Q19. Profit from government securities stands out with a Ps.2.4 billion increase related to the mark to market of TC21 Government Bond.

In FY2019 Net Income from financial assets and liabilities at fair value through profit or loss totaled Ps.5.3 billion, 402% higher than in FY2018.

9

4Q19 Earnings Release 

NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS	MACRO Consolidated								Change
In MILLION $		4Q18	1Q19	2Q19	3Q19	4Q19	2018	2019		QoQ		YoY
Profit or loss from government securities		165	165	39	-328	2,022	474	1,898		-		1125	%
Profit or loss from private securities		168	149	145	136	266	285	696		96	%	58	%
Profit or loss from investment in derivative financing instruments		-22	301	-12	735	224	213	1,248		-70	%	-
Profit or loss from other financial assets		65	51	49	12	51	171	163		325	%	-22	%
Profit or loss from investment in equity instruments		4	1,401	9	0	24	46	1,434		-		500	%
Profit or loss from the sale of financial assets at fair value		-16	-91	-97	102	-7	-123	-93		-		-
Income from financial assets at fair value through profit or loss		364	1,976	133	657	2,580	1,066	5,346		293	%	610	%
Profit or loss from derivative financing instruments		0	-2	0	2	0	0	0		-100	%	0	%
Income from financial liabilities at fair value through profit or loss		0	-2	0	2	0	2	0		-100	%	0	%
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS		364	1,974	133	659	2,580	1,066	5,346		292	%	610	%

In the quarter Other Operating Income totaled Ps.926 million, 9% or Ps.147 million lower than in 3Q19. On a yearly basis Other Operating Income increased 69% or Ps.378 million.

In FY2019 Other Operating Income totaled Ps.6.1 billion, 117% higher than in FY2018.

OTHER OPERATING INCOME	MACRO Consolidated								Change
IN MILLION $		4Q18	1Q19	2Q19	3Q19	4Q19	2018	2019		QoQ		YoY
Credit and debit cards		2	37	56	44	41	2	178		-7	%	1950	%
Lease of safe deposit boxes		62	72	80	91	111	220	354		22	%	79	%
Other service related fees		220	258	171	321	261	885	1,011		-19	%	19	%
Sale of real estate and other non-financial assets		24	4	165	0	38	161	207		-		58	%
Other adjustments and interest from other receivables		69	133	168	165	183	222	649		11	%	165	%
Initial recognition of loans		-51	28	42	-8	34	53	96		-		-
Sale of property, plant and equipment		36	2	3	5	-10	39	0		-		-
Others		186	2,582	299	455	268	1,235	3,604		-41	%	44	%
Other Operating Income		548	3,116	984	1,073	926	2,817	6,099		-14	%	69	%

In 4Q19 Banco Macro’s administrative expenses plus employee benefits totaled Ps.8.3 billion, 13% or Ps.941 million higher than the previous quarter. On a yearly basis administrative expenses plus employee benefits increased 58% or Ps.3 billion, due to higher expenses related to employee benefits (salary increases and severance pay) and maintenance and conservation fees.

In FY2019 administrative expenses plus employee benefits increased 64% compared with FY2018.

Employee benefits increased 12% or Ps.549 million QoQ (the main drivers for the increase were higher salaries and higher social security contributions (Ps.605 million), related to the last leg of the salary increases agreed with the Union). On a yearly basis Employee benefits increased 59% or Ps.1.9 billion.

As of 4Q19, the accumulated efficiency ratio reached 32.3%, improving from the 33.2% posted in 3Q19. In 4Q19 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) increased 13%, while income (net interest income + net fee income + differences in quoted prices of gold and foreign currency + other operating income + net income from financial assets at fair value through profit or loss – (Turnover Tax + Insurance on deposits)) increased 17% compared to 3Q19.

In FY2019 the accumulated efficiency ratio reached 32.3% improving from the 37.9% posted in FY2018.

10

4Q19 Earnings Release 

PERSONNEL & ADMINISTRATIVE EXPENSES	MACRO Consolidated																			Change
In MILLION $	4Q18			1Q19			2Q19			3Q19			4Q19			2018		2019		QoQ			YoY
Employee benefits		3,124			3,134			4,917			4,430			4,979			10,308		17,460		12	%		59	%
Remunerations		2,350			2,299			3,004			3,155			3,612			7,781		12,070		14	%		54	%
Social Security Contributions		453			476			1,555			672			820			1,516		3,523		22	%		81	%
Compensation and bonuses		235			278			276			491			415			752		1,460		-15	%		77	%
Employee services		86			81			82			112			132			259		407		18	%		53	%
Administrative Expenses		2,105			2,095			2,300			2,902			3,294			6,826		10,591		14	%		56	%
Taxes		236			266			300			322			354			901		1,242		10	%		50	%
Maintenance, conservation fees		293			280			316			335			496			910		1,427		48	%		69	%
Directors & statutory auditors fees		233			323			290			555			567			717		1,735		2	%		143	%
Security services		195			212			220			253			288			710		973		14	%		48	%
Electricity & Communications		201			208			235			242			289			593		974		19	%		44	%
Other professional fees		191			164			199			219			254			565		836		16	%		33	%
Rental agreements		105			53			48			38			41			330		180		8	%		-61	%
Advertising & publicity		146			51			92			103			155			315		401		50	%		6	%
Personnel allowances		32			33			40			43			47			116		163		9	%		47	%
Stationary & Office Supplies		16			18			19			27			20			55		84		-26	%		25	%
Insurance		24			21			25			24			30			60		100		25	%		25	%
Hired administrative services		5			4			4			-5			1			19		4		-120	%		-80	%
Other		428			462			512			746			752			1,535		2,472		1	%		76	%
Total Administrative Expenses		5,229			5,229			7,217			7,332			8,273			17,134		28,051		13	%		58	%
Total Employees		9,096			9,028			8,978			8,893			8,768
Branches		473			471			464			462			463
Efficiency ratio		39.1	%		35.8	%		28.6	%		38.3	%		31.4	%
Accumulated efficiency ratio		37.6	%		37.9	%		28.6	%		33.5	%		32.3	%

In 4Q19, Other Operating Expenses totaled Ps.4.6 billion, decreasing 31% or Ps.2 billion QoQ. Turnover Tax and Others stand out with a 24% (Ps.500 million) increase and a 63% (Ps.2.5 billion) decrease respectively QoQ. It should be noted that in this quarter no loss related to the reprofiling of short term debt is registered (as it was the case in 3Q19). On a yearly basis Other Operating Expenses increased 43% or Ps. 1.4 billion.

In FY2019 Other Operating Expenses totaled Ps.18.3 billion, 77% higher than in FY2018.

OTHER OPERATING EXPENSES	MACRO Consolidated														Change
MILLION $	4Q18		1Q19		2Q19		3Q19		4Q19		2018		2019		QoQ			YoY
Turnover Tax		1,749		1,855		1,831		2,115		2,615		5,814		8,416		24	%		50	%
Other provision charges		527		185		236		471		300		1,104		1,192		-36	%		-43	%
Deposit Guarantee Fund Contributions		91		104		118		135		111		305		468		-18	%		22	%
Donations		18		35		37		36		136		86		244		278	%		656	%
Insurance claims		17		11		10		13		15		55		49		15	%		-12	%
Others		811		914		1,717		3,864		1,411		2,939		7,906		-63	%		74	%
Other Operating Expenses		3,213		3,104		3,949		6,634		4,588		10,303		18,275		-31	%		43	%

In FY2019 Banco Macro's effective income tax rate was 16.3%, lower than the 30.6% effective tax rate of FY2018. During FY2019 and in accordance with applicable Income Tax Law and regulations and the evolution of Consumer Price Index the Bank decided to adjust income tax by inflation.

11

4Q19 Earnings Release 

Financial Assets

Private sector financing

The volume of “core” financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.211.6 billion, increasing 10% or Ps.18.7 billion QoQ and 22% or Ps.38.6 billion YoY.

Within commercial loans, growth was driven by Overdrafts and Others; with a 32% or Ps.9 billion and a 52% or Ps. 5.3 billion increase QoQ respectively.

The main growth in consumer lending was driven by credit card loans which grew 27% or Ps.9 billion QoQ.

In FY2019 Overdrafts, Others and Credit Card loans stand out with 120%, 43% and 123% increases respectively.

As of 4Q19, Banco Macro´s market share over private sector loans was 8.1%.

FINANCING TO THE PRIVATE SECTOR	MACRO Consolidated															Change
In MILLION $	4Q18			1Q19			2Q19			3Q19			4Q19			QoQ			YoY
Overdrafts		16,897			11,132			15,832			28,131			37,138			32	%		120	%
Discounted documents		24,218			26,250			21,380			21,669			19,657			-9	%		-19	%
Mortgages loans		12,667			12,733			12,172			12,944			12,739			-2	%		1	%
Pledged loans		4,333			4,325			3,934			4,507			4,007			-11	%		-8	%
Personal loans		56,413			57,095			56,459			56,200			55,588			-1	%		-1	%
Credit Card loans		29,567			29,515			29,676			33,108			42,157			27	%		43	%
Others		19,717			23,393			24,766			23,633			21,819			-8	%		11	%
Interest		6,900			7,366			8,518			10,136			15,418			52	%		123	%
Total loan portfolio		170,712			171,809			172,737			190,328			208,523			10	%		22	%
Total loans in Pesos		125,374			117,783			119,172			136,488			170,920			25	%		36	%
Total loans in USD		45,338			54,026			53,565			53,840			37,603			-30	%		-17	%
Financial trusts		1,384			1,373			985			1,371			1,937			41	%		40	%
Leasing		446			386			335			292			230			-21	%		-48	%
Others		367			434			650			840			860			2	%		134	%
Total other financing		2,197			2,193			1,970			2,503			3,027			21	%		38	%
Total other financing in Pesos		1,787			1,578			1,017			1,500			1,997			33	%		12	%
Total other financing in USD		410			615			953			1,003			1,030			3	%		151	%
Total financing to the private sector		172,909			174,002			174,707			192,831			211,550			10	%		22	%
EOP FX (Pesos per USD)		37.8083			43.3533			42.4483			57.5583			59.8950			4	%		58	%
USD financing / Financing to the private sector		26	%		31	%		31	%		28	%		18	%

12

4Q19 Earnings Release 

Public Sector Assets

In 4Q19, the Bank’s public sector assets (excluding LELIQs) to total assets ratio was 6.5%, higher than the 4.9% registered in the previous quarter, and higher than the 3.5% posted in 4Q18.

In 4Q19, a Ps.6 billion increase in Provincial loans stands out; also in 4Q19 a 10% or Ps.2 billion increase in Other government securities was experienced. Banco Macro’s strategy during the quarter was to reduce Leliq exposure (an 18% reduction was registered during the quarter) while allocating excess liquidity in loans and other financial instruments.

PUBLIC SECTOR ASSETS	MACRO Consolidated															Change
In MILLION $	4Q18			1Q19			2Q19			3Q19			4Q19			QoQ			YoY
Leliqs		55,070			98,918			85,344			55,918			45,932			-18	%		-17	%
Other		10,333			10,901			10,630			19,346			21,320			10	%		106	%
Government securities		65,403			109,819			95,974			75,264			67,252			-11	%		3	%
Provincial loans		1,685			1,197			976			340			6,310			1756	%		274	%
Loans		1,685			1,197			976			340			6,310			1756	%		274	%
Purchase of government bonds		75			-			-			-			114			-			52	%
Other receivables		75			-			-			-			114			-			52	%
TOTAL PUBLIC SECTOR ASSETS		67,163			111,016			96,950			75,604			73,676			-3	%		10	%
TOTAL PUBLIC SECTOR LIABILITIES		0			0			0			0			0			0	%		0	%
Net exposure		67,163			111,016			96,950			75,604			73,676			-3	%		10	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)		12,093			12,098			11,606			19,686			27,744			41	%		129	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS		3.5	%		3.1	%		2.9	%		4.9	%		6.5	%

Funding

Deposits

Banco Macro’s deposit base totaled Ps.262.9 billion in 4Q19, increasing 1% or Ps.3.7 billion QoQ and increasing 10% or Ps.24.9 billion YoY and representing 78% of the Bank’s total liabilities.

On a quarterly basis, private sector deposits increased 3% or Ps.6.4 billion, while public sector deposits decreased 14% or Ps.2.8 billion.

The increase in private sector deposits was led by demand deposits, which increased 17% or Ps.18.5 billion, while time deposits decreased 11% or Ps.13.2 billion QoQ.

Within private sector deposits, peso deposits increased 2% or Ps.4.3 billion, while US dollar deposits decreased 6% or USD84 million.

As of 4Q19, Banco Macro´s market share over private sector deposits was 6.2%.

13

  4Q19 Earnings Release

DEPOSITS	MACRO Consolidated															Change
In MILLION $	4Q18			1Q19			2Q19			3Q19			4Q19			QoQ			YoY
Public sector		19,312			28,153			23,479			20,348			17,560			-14	%		-9	%
Financial sector		148			211			244			293			314			7	%		112	%
Private sector		218,497			244,247			260,534			238,558			244,991			3	%		12	%
Checking accounts		24,438			24,514			29,171			35,118			40,124			14	%		64	%
Savings accounts		68,696			66,673			78,759			77,195			90,728			18	%		32	%
Time deposits		121,102			148,833			147,711			119,279			106,068			-11	%		-12	%
Other		4,261			4,227			4,893			6,966			8,071			16	%		89	%
Total		237,957			272,611			284,257			259,199			262,865			1	%		10	%
Pesos		166,599			187,633			191,751			178,842			183,183			2	%		10	%
Foreign Currency (Pesos)		71,358			84,978			92,507			80,357			79,682			-1	%		12	%
EOP FX (Pesos per USD)		37.8083			43.3533			42.4483			57.5583			59.8950			4	%		58	%
Foreign Currency (USD)		1,887			1,960			2,179			1,396			1,330			-5	%		-30	%
USD Deposits / Total Deposits		30	%		31	%		33	%		31	%		30	%

Banco Macro’s transactional deposits represent approximately 54% of its total deposit base as of 4Q19. These accounts are low cost and are not sensitive to interest rate increases.

Other sources of funds

In 4Q19, the total amount of other sources of funds increased 11% or Ps.12.4 billion compared to 3Q19. In 4Q19 Shareholder’s Equity increased 18% or Ps.13.4 billion due to the positive result registered in the quarter.

OTHER SOURCES OF FUNDS	MACRO Consolidated										Change
In MILLION $	4Q18		1Q19		2Q19		3Q19		4Q19		QoQ			YoY
Central Bank of Argentina		24		20		24		31		27		-13	%		13	%
Banks and international institutions		2,568		2,345		1,743		2,660		1,838		-31	%		-28	%
Financing received from Argentine financial institutions		406		745		430		652		380		-42	%		-6	%
Subordinated corporate bonds		15,288		17,836		17,192		23,726		24,312		2	%		59	%
Corporate bonds		6,377		6,314		6,193		6,008		5,525		-8	%		-13	%
Shareholders' equity		54,636		62,087		62,735		76,374		89,806		18	%		64	%
Total other source of funds		79,299		89,345		88,317		109,451		121,888		11	%		54	%

14

  4Q19 Earnings Release

Liquid Assets

In 4Q19, the Bank’s liquid assets amounted to Ps.154.2 billion, showing a 3% or Ps.4.6 billion decrease QoQ, and a 13% or Ps.18.2 billion increase on a yearly basis.

In 4Q19, LELIQs own portfolio decreased 16% or Ps.9 billion, in line with the strategy adopted by the Bank to reduce its exposure to Central Bank Notes.

In 4Q19 Banco Macro’s liquid assets to total deposits ratio reached 59%.

LIQUID ASSETS	MACRO Consolidated															Change
In MILLION  $	4Q18			1Q19			2Q19			3Q19			4Q19			QoQ			YoY
Cash		74,766			75,309			96,427			96,609			100,680			4	%		35	%
Guarantees for compensating chambers		5,720			5,735			5,992			7,102			7,439			5	%		30	%
Call		405			178			990			150			100			-33	%		-75	%
Leliq own portfolio		55,070			98,918			85,344			54,898			45,932			-16	%		-17	%
Total		135,961			180,140			188,753			158,759			154,151			-3	%		13	%
Liquid assets to total deposits		57.1	%		66.1	%		66.4	%		61.0	%		59.0	%

Solvency

Banco Macro continued showing high solvency levels in 4Q19 with an integrated capital (RPC) of Ps.98.6 billion over a total capital requirement of Ps.29.6 billion. Banco Macro’s excess capital in 4Q19 was 233% or Ps.69 billion.

The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 27.3% in 4Q19; TIER1 Ratio stands at 20%.

The Bank’s aim is to make the best use of this excess capital.

MINIMUM CAPITAL REQUIREMENT	MACRO Consolidated															Change
In MILLION $	4Q18			1Q19			2Q19			3Q19			4Q19			QoQ			YoY
Credit risk requirement		15,609			16,329			16,641			19,343			21,404			11	%		37	%
Market risk requirement		212			284			421			778			591			-24	%		179	%
Operational risk requirement		4,616			5,189			5,959			6,627			7,563			14	%		64	%
Total capital requirements		20,437			21,802			23,021			26,748			29,558			11	%		45	%
Ordinary Capital Level 1 (COn1)		52,285			58,520			59,406			69,629			83,090			19	%		59	%
Deductible concepts Level 1 (COn1)		-3,047			-3,708			-4,160			-7,807			-10,637			36	%		249	%
Capital Level 2 (COn2)		16,875			19,092			18,740			24,972			26,113			33	%		38	%
Integrated capital - RPC (i)		66,113			73,903			73,986			86,793			98,566			14	%		49	%
Excess capital		45,676			52,101			50,965			60,045			69,009			15	%		51	%
Risk-weighted assets - RWA (ii)		249,781			266,581			281,700			327,312			361,678			10	%		45	%
Regulatory Capital ratio [(i)/(ii)]		26.5	%		27.7	%		26.3	%		26.5	%		27.3	%
Ratio TIER 1 [Capital Level 1/RWA]		19.7	%		20.6	%		19.6	%		18.9	%		20.0	%
RWA - (ii): Risk Weighted Assets, considering total capital requirements.

15

  4Q19 Earnings Release

Asset Quality

In 4Q19, Banco Macro’s non-performing to total financing ratio reached a level of 2.07%, up from 1.9% in 3Q19, and higher than the 1.91% posted in 4Q18.

Consumer portfolio non-performing loans improved 32b.p. while Commercial portfolio non-performing loans worsened 87b.p.(related to specific commercial clients among which Vicentin S.A stands out) in 4Q19.

The coverage ratio reached 123.08% in 4Q19. Write-offs over total loans totaled 0.27%.

The Bank is committed to continue working in this area to maintain excellent asset quality standards.

ASSET QUALITY	MACRO Consolidated															Change
In MILLION $	4Q18			1Q19			2Q19			3Q19			4Q19			QoQ			YoY
Commercial portfolio		71,202			68,794			72,524			88,833			104,123			17	%		46	%
Non-performing		917			618			575			414			1,390			236	%		52	%
Consumer portfolio		113,538			114,936			112,938			116,576			127,469			9	%		12	%
Non-performing		2,617			3,111			3,363			3,490			3,410			-2	%		30	%
Total portfolio		184,740			183,730			185,462			205,409			231,592			13	%		25	%
Non-performing		3,534			3,729			3,938			3,904			4,800			23	%		36	%
Commercial non-perfoming ratio		1.29	%		0.90	%		0.79	%		0.47	%		1.34	%
Consumer non-perfoming ratio		2.30	%		2.71	%		2.98	%		2.99	%		2.68	%
Total non-performing/ Total portfolio		1.91	%		2.03	%		2.12	%		1.90	%		2.07	%
Total allowances		4,161			4,446			4,573			4,847			5,909			22	%		42	%
Coverage ratio w/allowances		117.74	%		119.23	%		116.14	%		124.16	%		123.08	%
Write Offs		556			967			649			830			616			-26	%		11	%
Write Offs/ Total portfolio		0.30	%		0.53	%		0.35	%		0.40	%		0.27	%

16

  4Q19 Earnings Release

CER Exposure and Foreign Currency Position

CER EXPOSURE	MACRO Consolidated						Change
In MILLION $		4Q18	1Q19	2Q19	3Q19	4Q19		QoQ		YoY
CER adjustable ASSETS
Private sector loans(*)		9,801	10,625	11,776	12,916	14,542		13	%	48	%
Government Securities		77	80	49	1,595	3,923		146	%	4995	%
Total CER adjustable assets		9,878	10,705	11,825	14,511	18,465		27	%	87	%
CER adjustable LIABILITIES
Deposits(*)		929	348	273	199	223		12	%	-76	%
UVA Unemployment fund		267	335	458	530	557		5	%	109	%
Total CER adjustable liabilities		1,196	683	731	729	780		7	%	-35	%
NET CER EXPOSURE		8,682	10,022	11,094	13,782	17,685		28	%	104	%

 (*) Includes Loans &Time Deposits CER adjustable (UVAs)  

FOREIGN CURRENCY POSITION	MACRO Consolidated										Change
In MILLION $	4Q18		1Q19		2Q19		3Q19		4Q19		QoQ			YoY
Cash and deposits in Banks		42,745		46,286		57,164		55,629		70,955		28	%		66	%
Cash		3,287		3,031		3,367		9,746		10,917		12	%		232	%
Central Bank of Argentina		25,617		33,803		36,741		19,732		34,065		73	%		33	%
Other financial institutions local and abroad		13,385		9,450		17,053		26,147		25,969		-1	%		94	%
Others		456		2		3		4		4		0	%		-99	%
Net Income from financial instruments at fair value through P&L		388		298		380		237		247		4	%		-36	%
Derivatives		3		1		0		0		0		0	%		-100	%
Other financial assets		1,547		1,724		1,771		2,639		2,600		-1	%		68	%
Loans and other financing		46,040		54,891		54,591		54,793		38,984		-29	%		-15	%
Other financial institutions		480		513		453		193		602		212	%		25	%
Non financial private sector & foreign residents		45,560		54,378		54,138		54,600		38,382		-30	%		-16	%
Other debt securities		1,217		1,313		3,143		1,487		866		-42	%		-29	%
Guarantees received		929		1,756		1,241		1,713		2,892		69	%		211	%
Investment in equity instruments		6		7		7		10		11		10	%		83	%
Investment in associates and joint ventures		0		1		0		-1		0		-			-
Total Assets		92,875		106,277		118,297		116,507		116,555		0	%		25	%
Deposits		71,358		84,978		92,507		80,358		79,682		-1	%		12	%
Non financial public sector		2,295		2,102		2,807		2,772		3,990		44	%		74	%
Financial sector		100		167		163		220		230		5	%		130	%
Non financial private sector & foreign residents		68,963		82,709		89,537		77,366		75,462		-2	%		9	%
Derivatives		0		0		1		0		0		-100	%		-100	%
Other liabilities from financial intermediation		2,619		3,749		3,457		4,947		5,248		6	%		100	%
Non-subordinated corporate bonds		2,599		2,541		1,924		2,872		2,046		-29	%		-21	%
Subordinated corporate bonds		15,288		17,836		17,192		23,726		24,312		2	%		59	%
Other liabilities		35		43		43		61		24		-61	%		-31	%
Total Liabilities		91,899		109,147		115,124		111,964		111,312		-1	%		21	%
NET FX POSITION (Pesos)		976		-2,870		3,173		4,543		5,243		15	%		437	%
EOP FX (Pesos per USD)		37.8083		43.3533		42.4483		57.5583		59.8950		4	%		58	%
NET FX POSITION (USD)		25.8		-66.2		74.7		78.9		87.5		11	%		239	%

17

  4Q19 Earnings Release

Relevant and Recent Events

· BYMA Corporate Governance Trading Panel. In December 2019 Banco Macro was included in BYMA’s special stock trading panel known as Corporate Governance Panel in which it was invited to join. BYMA’s Corporate Governance Panel is a market segment formed by companies who adhere to good corporate governance and transparency practices that are additional to the standard regulatory requirements set forth by the Argentine legislation and commit to the periodic monitoring thereof. Corporate Governance Panel standards are aimed at improving the disclosure of information to investors when it comes to exercising their rights or investing, strengthening the visibility of the Company and making it more attractive for international investors.

· Repurchase of Class C Peso denominated Notes.During 4Q19 the Bank repurchased Class C Peso denominated notes in the aggregate amount of Ps.44,000,000.

· Repurchase of Class B peso denominated notes.During 4Q19, the Bank repurchased an aggregate amount of Ps.48,271,000 of Class B peso denominated notes.

· Interest Payment Class C Peso denominated Notes.In January 2020, the Bank paid quarterly interest on Class C Peso denominated notes in the amount of Ps.422,061,230.88.

· Class C peso denominated notes cancellation. In February 2020, the Bank cancelled class C peso denominated notes in the aggregate amount of Ps.794,500,000; reducing the total outstanding amount to Ps.2,413,000.

Regulatory Changes

· Inflation Adjustment.In February 2019, through Communication “A” 6651 the Central Bank of Argentina (BCRA) established that financial institutions should restate financial statements in accordance with IAS 29 starting from January 1^st, 2020. As of the date of this report the Bank has quantified the effects of the application of Expected losses of IFRS 9 “Financial Instruments” and IAS 29 “Financial Reporting in Hyperinflationary Economies”. As of December 31, 2019 equity would be approximately Ps.104.7 billion, and net income for the twelve months ended December 31, 2019 would be ~Ps.18.789 billion.

· Income Tax. Inflation Adjustment. Fiscal Reform Law 27,430 as amended by Law 27,468 established the terms and conditions for inflation adjustments for tax purposes for fiscal years starting from January 2018. The following table sets forth reconciliation between the income tax charge and the amount payable resulting of the application of the income tax rate.

Ps. '000	FY2019			FY2018
Income before Income tax		48,769,109			22,694,533
Statutory Income Tax rate		30	%		30	%
Income tax		14,630,733			6,808,360
Differences in Income Tax (Inflation Adj)		-6,662,034			156,395
Total Income Tax		7,968,699			6,964,755

                In FY2019 Banco Macro's effective income tax rate was 16.3%, lower than the 30.6% effective tax rate of FY2018.

18

  4Q19 Earnings Release

· Limits to LELIQs Daily Auction.In January 2020 through Communication “C” 85996 the Central Bank of Argentina (BCRA) established that financial institutions cannot auction LELIQs in an amount higher than: any available balance (above minimum reserve requirements) deposited at the BCRA checking account, plus REPOS with the BCRA, plus the amount of LELIQs maturing on any given day.

· Loan Loss Provisions. In December 2019 through Communication “A” 6851 the Central Bank of Argentina (BCRA) established that effective January 2020:

o Financial Institutions will continue to inform Minimum loan loss provisions as established by the Central Bank of Argentina, notwithstanding the regulatory framework established by the adoption of I.F.R.S

o Financial Institutions should reduce from their integrated capital (RPC) the difference between the minimum regulatory loan loss provision as established by the Central Bank of Argentina in Minimum Loan Loss Provisions and the one calculated in accordance with I.F.R.S.9 Expected Losses.

o Loans classified as category 6 (irrecoverable according to Central Bank’s rules) will be absorbed by category 5 (Irrecoverable) and will be provisioned as loans without preferred guarantees.

· Minimum Cash Reserve Requirements.In January 2020 the Central Bank of Argentina through Communication “A” 6858 established that as of February 1^st, 2020:

o For financial institutions included in Group A: reserve requirements will be reduced in an amount equal up to a 30% of the peso financing given to SMEs at a maximum fixed interest rate of 40%. This reduction cannot be higher than 2% of reserve requirements.

· UVA Time Deposits. In January 2020 through communication “A” 6871 the Central Bank of Argentina (BCRA) established the creation of UVA (CER) peso denominated time deposits. These deposits will have a minimum maturity period of 90 days, but can be withdrawn early (30 days). The minimum interest rate can’t be below 1%. In the case of withdrawal early withdrawal, the resulting rate would be 70% of the average of the last five business days shortest LELIQ at the time of incorporation

19

  4Q19 Earnings Release

QUARTERLY BALANCE SHEET	MACRO Consolidated										Change
IN MILLIONS $	4Q18		1Q19		2Q19		3Q19		4Q19		QoQ			YoY
ASSETS
Cash and deposits in Banks		74,766		75,309		96,427		96,609		100,680		0	%		40	%
Cash		10,697		8,770		9,247		15,478		19,512		67	%		75	%
Central Bank of Argentina		50,211		57,079		70,116		54,967		55,158		-22	%		9	%
Other local & foreign entities		13,402		9,456		17,062		26,160		26,007		53	%		178	%
Other		456		4		2		4		3		100	%		-99	%
Debt securities at fair value through profit & loss		2,635		2,964		1,980		1,496		5,675		-24	%		-15	%
Derivatives		17		42		17		56		51		229	%		-21	%
Repo Transactions		-		-		-		-		1,088		0	%		0	%
Other financial assets		3,000		3,170		4,100		4,080		4,549		0	%		23	%
Loans & other receivables		178,875		177,717		178,851		194,354		220,005		9	%		12	%
Non Financial Public Sector		1,776		1,304		1,105		471		6,451		-57	%		-76	%
Financial Sector		5,574		3,784		4,024		2,423		3,941		-40	%		-48	%
Non Financial private sector and foreign		171,525		172,629		173,722		191,460		209,613		10	%		14	%
Other debt securities		64,585		109,048		97,381		76,570		64,534		-21	%		70	%
Financial assets in guarantee		6,756		7,300		7,157		10,710		10,673		50	%		72	%
Investments in equity instruments		52		1,504		1,510		1,512		1,536		0	%		2808	%
Investments in other companies (subsidiaries and joint ventures)		109		124		124		135		146		9	%		59	%
Property, plant and equipment		9,003		9,849		10,112		10,691		11,002		6	%		35	%
Intangible assets		1,401		1,548		1,869		2,049		2,123		10	%		79	%
Deferred income tax assets		47		60		77		2,776		4,939		3505	%		4770	%
Other non financial assets		833		1,078		986		1,178		670		19	%		-47	%
Non-current assets held for sale		804		583		441		441		739		0	%		247	%
TOTAL ASSETS		342,883		390,296		401,032		402,657		428,410		0	%		29	%
LIABILITIES
Deposits		237,954		272,611		284,259		259,202		262,865		-9	%		22	%
Non Financial Public Sector		19,354		28,192		23,565		20,438		17,560		-13	%		2	%
Financial Sector		148		211		244		293		314		20	%		95	%
Non Financial private sector and foreign		218,452		244,208		260,450		238,471		244,991		-8	%		24	%
Liabilities at fair value through profit & loss		-		-		-		-		-		0	%		0	%
Derivatives		1		111		11		147		769		1236	%		-31	%
Repo Transactions		165		-		278		2,167		1,003		679	%		100	%
Other financial liabilities		15,319		16,622		14,833		16,711		22,170		13	%		31	%
Financing received from Central Bank and Other Financial Institutions		2,998		3,111		2,198		3,345		2,246		52	%		3	%
Issued Corporate Bonds		6,377		6,314		6,193		6,008		5,525		-3	%		-8	%
Current income tax liabilities		2,947		4,567		4,149		4,508		8,136		9	%		114	%
Subordinated corporate bonds		15,288		17,836		17,192		23,726		24,312		38	%		41	%
Provisions		1,046		970		1,026		1,329		1,456		30	%		67	%
Deferred income tax liabilities		275		404		475		1		2		-100	%		-99	%
Other non financial liabilities		5,875		5,662		7,682		9,137		10,119		19	%		82	%
TOTAL LIABILITIES		288,245		328,208		338,296		326,281		338,603		-4	%		25	%
SHAREHOLDERS' EQUITY
Capital Stock		670		670		670		639		639		-5	%		-5	%
Issued Shares premium		12,429		12,428		12,428		12,428		12,430		0	%		0	%
Adjustment to Shareholders' Equity		5		5		5		5		5		0	%		0	%
Reserves		21,996		21,996		34,807		34,837		34,837		0	%		50	%
Retained earnings		3,265		18,994		-211		-211		-211		-			-
Other accumulated comprehensive income		543		649		658		1,141		1,306		73	%		39	%
Net income for the period / fiscal year		15,729		7,343		14,376		27,534		40,800		92	%		163	%
Shareholders' Equity attributable to parent company		54,636		62,085		62,733		76,373		89,806		22	%		50	%
Shareholders' Equity attributable to non controlling interest		1		-		1		1		1		0	%		0	%
TOTAL SHAREHOLDERS' EQUITY		54,637		62,087		62,736		76,375		89,807		22	%		50	%

20

  4Q19 Earnings Release

ANNUAL BALANCE SHEET	MACRO Consolidated				Change
IN MILLIONS $	2018		2019		FY19/FY18
ASSETS
Cash and deposits in Banks		74,766		100,680		0	%
Cash		10,697		19,512		67	%
Central Bank of Argentina		50,211		55,158		-22	%
Other local & foreign entities		13,402		26,007		53	%
Other		456		3		100	%
Debt securities at fair value through profit & loss		2,635		5,675		-24	%
Derivatives		17		51		229	%
Repo Transactions		-		1,088		0	%
Other financial assets		3,000		4,549		0	%
Loans & other receivables		178,875		220,005		9	%
Non Financial Public Sector		1,776		6,451		-57	%
Financial Sector		5,574		3,941		-40	%
Non Financial private sector and foreign		171,525		209,613		10	%
Other debt securities		64,585		64,534		-21	%
Financial assets in guarantee		6,756		10,673		50	%
Investments in equity instruments		52		1,536		0	%
Investments in other companies (subsidiaries and joint ventures)		109		146		9	%
Property, plant and equipment		9,003		11,002		6	%
Intangible assets		1,401		2,123		10	%
Deferred income tax assets		47		4,939		3505	%
Other non financial assets		833		670		19	%
Non-current assets held for sale		804		739		0	%
TOTAL ASSETS		342,883		428,410		0	%
LIABILITIES
Deposits		237,954		262,865		-9	%
Non Financial Public Sector		19,354		17,560		-13	%
Financial Sector		148		314		20	%
Non Financial private sector and foreign		218,452		244,991		-8	%
Liabilities at fair value through profit & loss		-		-		0	%
Derivatives		1		769		1236	%
Repo Transactions		165		1,003		679	%
Other financial liabilities		15,319		22,170		13	%
Financing received from Central Bank and Other Financial Institutions		2,998		2,246		52	%
Issued Corporate Bonds		6,377		5,525		-3	%
Current income tax liabilities		2,947		8,136		9	%
Subordinated corporate bonds		15,288		24,312		38	%
Provisions		1,046		1,456		30	%
Deferred income tax liabilities		275		2		-100	%
Other non financial liabilities		5,875		10,119		19	%
TOTAL LIABILITIES		288,245		338,603		-4	%
SHAREHOLDERS' EQUITY
Capital Stock		670		639		-5	%
Issued Shares premium		12,429		12,430		0	%
Adjustment to Shareholders' Equity		5		5		0	%
Reserves		21,996		34,837		0	%
Retained earnings		3,265		-211		-
Other accumulated comprehensive income		543		1,306		73	%
Net income for the period / fiscal year		15,729		40,800		92	%
Shareholders' Equity attributable to parent company		54,636		89,806		22	%
Shareholders' Equity attributable to non controlling interest		1		1		0	%
TOTAL SHAREHOLDERS' EQUITY		54,637		89,807		22	%

21

  4Q19 Earnings Release

INCOME STATEMENT	MACRO Consolidated										Change
IN MILLION $	4Q18		1Q19		2Q19		3Q19		4Q19		QoQ			YoY
Interest Income		23,814		24,395		31,334		35,582		32,813		-8	%		38	%
Interest Expense		11,526		11,464		14,549		15,525		10,098		-35	%		-12	%
Net Interest Income		12,288		12,931		16,785		20,057		22,715		13	%		85	%
Fee income		3,341		3,550		3,668		4,138		4,560		10	%		36	%
Fee expense		217		241		279		387		435		12	%		100	%
Net Fee Income		3,124		3,309		3,389		3,751		4,125		10	%		32	%
Subtotal (Net Interest Income + Net Fee Income)		15,412		16,240		20,174		23,808		26,840		13	%		74	%
Net Income from financial instruments  at Fair Value Through Profit & Loss		364		1,974		133		659		2,580		292	%		609	%
Result from assets at amortised cost		1		-17		-		-1		54		-			5300	%
Difference in quoted prices of gold and foreign currency		729		-51		333		1,497		1,281		-14	%		76	%
Other operating income		548		3,116		984		1,073		926		-14	%		69	%
Provision for loan losses		836		2,154		848		825		1,991		141	%		138	%
Net Operating Income		16,218		19,108		20,776		26,211		29,690		13	%		83	%
Personnel expenses		3,124		3,134		4,917		4,430		4,979		12	%		59	%
Administrative expenses		2,105		2,095		2,300		2,902		3,294		14	%		56	%
Depreciation and impairment of assets		215		290		317		366		397		8	%		85	%
Other operating expense		3,213		3,104		3,949		6,634		4,588		-31	%		43	%
Operating Income		7,561		10,484		9,293		11,879		16,432		38	%		117	%
Income from associates and joint ventures		33		26		613		17		25		47	%		-24	%
Net Income before income tax on cont. operations		7,594		10,510		9,906		11,896		16,457		38	%		117	%
Income tax on continuing operations		2,351		3,166		2,874		-1,263		3,192		-			36	%
Net Income from continuing operations		5,243		7,344		7,032		13,159		13,265		1	%		153	%
Net Income for the period		5,243		7,344		7,032		13,159		13,265		1	%		153	%
Net Income of the period attributable to parent company		5,243		7,343		7,033		13,158		13,266		1	%		153	%
Net income of the period attributable to non-controlling interests		-		1		-1		1		-1		-			-
Other Comprehensive Income		-276		106		10		481		166		-65	%		-160	%
Foreign currency translation differences in financial statements conversion		-119		211		-35		533		74		-86	%		-162	%
Profits or losses from financial assets measured at fair value  through other comprehensive income (FVOCI)  (IFRS 9(4.1.2)(a)		-157		-105		45		-52		92		-			-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		4,967		7,450		7,042		13,640		13,431		-2	%		170	%
Total Comprehensive Income attributable to parent Company		4,967		7,449		7,043		13,638		13,432		-2	%		170	%
Total Comprehensive Income attributable to non-controlling interests		-		1		-1		1		-1		-			-

22

  4Q19 Earnings Release

ANNUAL INCOME STATEMENT	MACRO Consolidated				Change
IN MILLION $	2018		2019		FY19/FY18
Interest Income		65,578		124,124		89	%
Interest Expense		25,932		51,636		99	%
Net Interest Income		39,646		72,488		83	%
Fee income		11,918		15,916		34	%
Fee expense		756		1,342		78	%
Net Fee Income		11,162		14,574		31	%
Subtotal (Net Interest Income + Net Fee Income)		50,808		87,062		71	%
Net Income from financial instruments at Fair Value Through Profit & Loss		1,066		5,346		402	%
Result from assets at amortised cost		-5		36		-
Difference in quoted prices of gold and foreign currency		-1,376		3,060		-322	%
Other operating income		2,817		6,099		117	%
Provision for loan losses		2,706		5,818		115	%
Net Operating Income		50,604		95,785		89	%
Personnel expenses		10,308		17,460		69	%
Administrative expenses		6,826		10,591		55	%
Depreciation and impairment of assets		737		1,370		86	%
Other operating expense		10,303		18,275		77	%
Operating Income		22,430		48,088		114	%
Income from associates and joint ventures		265		681		157	%
Net Income before income tax on cont. operations		22,695		48,769		115	%
Income tax on continuing operations		6,965		7,969		-
Net Income from continuing operations		15,730		40,800		159	%
Net Income for the period		15,730		40,800		159	%
Net Income of the period attributable to parent company		15,729		40,800		159	%
Net income of the period attributable to non-controlling interests		1		-		-
Other Comprehensive Income		339		763		125	%
Foreign currency translation differences in financial statements conversion		733		783		7	%
Profits or losses from financial assets measured at fair value  through other comprehensive income (FVOCI)  (IFRS 9(4.1.2)(a)		-		-		-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		16,069		41,563		159	%
Total Comprehensive Income attributable to parent Company		16,068		41,562		159	%
Total Comprehensive Income attributable to non-controlling interests		1		-		-

23

  4Q19 Earnings Release

QUARTERLY ANNUALIZED RATIOS	MACRO Consolidated
	4Q18			1Q19			2Q19			3Q19			4Q19
Profitability & performance
Net interest margin		16.9	%		17.2	%		18.0	%		21.2	%		27.6	%
Net interest margin adjusted (exc. FX)		16.0	%		17.3	%		17.7	%		19.7	%		26.3	%
Net fee income ratio		12.0	%		23.1	%		12.3	%		10.4	%		8.0	%
Efficiency ratio		35.8	%		28.6	%		38.3	%		31.1	%		30.0	%
Net fee income as % of A&G Expenses		33.7	%		80.9	%		32.2	%		33.4	%		26.8	%
Return on average assets		6.4	%		8.4	%		7.1	%		12.4	%		13.3	%
Return on average equity		38.8	%		50.0	%		44.4	%		74.9	%		62.9	%
Liquidity
Loans as a percentage of total deposits		75.2	%		65.2	%		62.9	%		75.0	%		83.7	%
Liquid assets as a percentage of total deposits		57.1	%		66.1	%		66.0	%		61.0	%		59.0	%
Capital
Total equity as a percentage of total assets		15.9	%		15.9	%		15.6	%		19.0	%		21.0	%
Regulatory capital as % of APR		26.5	%		27.7	%		26.3	%		26.5	%		27.3	%
Asset Quality
Allowances over total loans		2.3	%		2.4	%		2.5	%		2.4	%		2.6	%
Non-performing financing as a percentage of total financing		1.9	%		2.0	%		2.1	%		1.9	%		2.1	%
Coverage ratio w/allowances		117.7	%		119.2	%		116.1	%		124.2	%		123.1	%
Cost of Risk		1.9	%		4.9	%		1.9	%		1.7	%		3.8	%

ACCUMULATED ANNUALIZED RATIOS	MACRO Consolidated
	4Q18			1Q19			2Q19			3Q19			4Q19
Profitability & performance
Net interest margin		14.9	%		17.2	%		17.6	%		19.1	%		21.1	%
Net interest margin adjusted (exc. FX)		15.4	%		17.3	%		17.5	%		18.5	%		20.3	%
Net fee income ratio		16.7	%		23.1	%		17.7	%		14.8	%		12.7	%
Efficiency ratio		37.9	%		28.6	%		33.5	%		32.5	%		31.7	%
Net fee income as % of A&G Expenses		44.0	%		80.9	%		52.8	%		45.6	%		40.1	%
Return on average assets		5.8	%		8.4	%		7.7	%		9.4	%		10.4	%
Return on average equity		30.7	%		50.0	%		47.0	%		57.3	%		59.0	%
Liquidity
Loans as a percentage of total deposits		121.1	%		65.2	%		62.9	%		75.0	%		83.7	%
Liquid assets as a percentage of total deposits		57.1	%		66.1	%		66.0	%		61.0	%		59.0	%
Capital
Total equity as a percentage of total assets		15.9	%		15.9	%		15.6	%		19.0	%		21.0	%
Regulatory capital as % of APR		26.5	%		27.7	%		26.3	%		26.5	%		27.3	%
Asset Quality
Allowances over total loans		2.3	%		2.4	%		2.5	%		2.4	%		2.6	%
Non-performing financing as a percentage of total financing		1.9	%		2.0	%		2.1	%		1.9	%		2.1	%
Coverage ratio w/allowances		117.7	%		119.2	%		116.1	%		124.2	%		123.1	%
Cost of Risk		1.7	%		4.9	%		3.4	%		2.8	%		3.1	%

24

  4Q19 Earnings Release

ACCUMULATED ANNUAL RATIOS	MACRO Consolidated
	2018			2019
Profitability & performance
Net interest margin		14.9	%		21.1	%
Net interest margin adjusted (exc. FX)		15.4	%		20.3	%
Net fee income ratio		16.7	%		12.7	%
Efficiency ratio		37.9	%		31.7	%
Net fee income as % of A&G Expenses		44.0	%		40.1	%
Return on average assets		5.8	%		10.4	%
Return on average equity		30.7	%		59.0	%
Liquidity
Loans as a percentage of total deposits		75.2	%		83.7	%
Liquid assets as a percentage of total deposits		57.1	%		59.0	%
Capital
Total equity as a percentage of total assets		15.9	%		21.0	%
Regulatory capital as % of APR		26.5	%		27.3	%
Asset Quality
Allowances over total loans		2.3	%		2.6	%
Non-performing financing as a percentage of total financing		1.9	%		2.1	%
Coverage ratio w/allowances		117.7	%		123.1	%
Cost of Risk		1.7	%		3.1	%

25

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: February 19, 2020

MACRO BANK INC.
By:	/s/ Jorge Francisco Scarinci
Name: Jorge Francisco Scarinci
Title: Chief Financial Officer