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

November 24, 2021

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

 

  3Q21 Earnings Release

Banco Macro Announces Results for the Third Quarter of 2021

Buenos Aires, Argentina, November 24, 2021 – Banco Macro S.A. (NYSE: BMA; BYMA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the third quarter ended September 30, 2021 (“3Q21”). All figures are in Argentine pesos (Ps.) and have been restated in terms of the measuring unit current at the end of the reporting period. As of 1Q20, the Bank began reporting results applying Hyperinflation Accounting, in accordance with IFRS IAS 29 as established by the Central Bank. For ease of comparison, figures of previous quarters of 2020 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through September 30, 2021.

Summary

• The Bank’s net income totaled Ps.7.4 billion in 3Q21. This result was 46% higher than the result posted in 2Q21 and similar to the one registered in 2Q20. In 3Q21, the accumulated annualized return on average equity (“ROAE”) and the annualized return on average assets (“ROAA”) were 10% and 2.2%, respectively. Total comprehensive income was Ps.7.4 billion, 40% higher than in 2Q21 and 13% lower than a year ago.

• In 3Q21, Banco Macro’s financing to the private sector increased 5% or Ps.13.3 billion quarter over quarter (“QoQ”) totaling Ps.305.9 billion and decreased 14% or Ps.48.2. billion year over year (“YoY”). Within commercial lending Overdrafts and Others stand out with a 14% and 26% increase respectively; meanwhile within consumer lending pledged loans and credit card loans stand out with a 46% and 3% increase respectively.

• In 3Q21, Banco Macro’s total deposits increased 1% or Ps.4.1 billion QoQ, totaling Ps.542.1 billion and representing 78% of the Bank’s total liabilities. Private sector deposits increased 1% or Ps.6.6 billion QoQ.

• Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.183 billion, 37.2% regulatory capital ratio – Basel III and 30.4% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 90% of its total deposits in 3Q21.

• In 3Q21, the Bank’s non-performing to total financing ratio was 1.67% and the coverage ratio reached 175.9%.

3Q21 Earnings Release Conference Call
			IR Contacts in Buenos Aires:
Monday, November 29, 2021
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:			Nicolás A. Torres
(011) 3984 5677			Investor Relations
Participants Dial In (Toll Free):	Webcast Replay:	click here
+1 (844) 450 3847			Phone: (54 11) 5222 6682
Participants International Dial In:	Available from 11/29/2021 through 12/13/2021		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

  3Q21 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

  3Q21 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.”). As of January 2020 the Bank started reporting with the application of (i) Expected losses of IFRS 9 “Financial Instruments” and (ii) IAS 29 “Financial Reporting in Hyperinflationary Economies”. Data and figures shown in this Earnings Release may differ from the ones shown in the 20-F annual report. As of fiscal year 2021, the monetary result accrued by items of a monetary nature measured at fair value with changes in Other Comprehensive Income (OCI), is recorded in the Result form the Net Monetary Position integrating the Net Result of the period in accordance with Communication “A” 7211 of the Central Bank of Argentina. Previous quarters of 2020 have been restated in accordance with said Communication in order to make a comparison possible.

Results

Earnings per outstanding share were Ps.11.5 in 3Q21, 46% higher than in 2Q21 and slightly lower than the result posted a year ago.

EARNINGS PER SHARE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q20		4Q20		1Q21		2Q21		3Q21		QoQ			YoY
Net income -Parent Company- (M $)		7,370		4,349		2,651		5,046		7,355		46	%		0	%
Average # of shares outstanding (M)		639		639		639		639		639		0	%		0	%
Average #of treasury stocks (shares repurchased) (M)		0		0		0		-		-		-			-100	%
Book value per avg. Outstanding share ($)		320		317		323		312		324		4	%		1	%
Shares Outstanding (M)		639		639		639		639		639		0	%		0	%
Earnings per avg.  outstanding share ($)		11.52		6.81		4.15		7.90		11.50		46	%		0	%
EOP FX (Pesos per USD)		76.1750		84.1450		91.9850		95.7267		98.7350		3	%		30	%
Book value per avg. issued ADS (USD)		42.01		37.67		35.11		32.59		32.82		1	%		-22	%
Earnings per avg. outstanding ADS (USD)		1.51		0.81		0.45		0.82		1.16		41	%		-23	%

Banco Macro’s 3Q21 net income of Ps.7.4 billion was 46% or Ps.2.3 billion higher than the previous quarter and Ps.15 million lower YoY. This result represented an annualized ROAE and ROAA of 14.6% and 3.3% respectively. Total comprehensive income was Ps.7.4 billion, 40% or Ps.2.1 billion higher than in 2Q21 and 13% or Ps.1.1 billion lower than the same period of last year.

Net operating income (before G&A and personnel expenses) was Ps.43.2 billion in 3Q21, Ps.87 million higher compared to 2Q21. On a yearly basis Net operating income decreased 5% or Ps.2.3 billion due to lower net interest income and lower net fee income.

In 3Q21 Provision for loan losses totaled Ps.212 million, decreasing 9% or Ps.20 million compared with the previous quarter. It should be noted that in previous quarters of last year loan loss provisions were explained by additional provisions made by the Bank based on estimations of the macroeconomic impact of the current Covid-19 pandemic. On a yearly basis Provision for loan losses were 92% or Ps.2.5 billion lower.

Operating income (after G&A and personnel expenses) was Ps.20.5 billion in 3Q21, 4% or Ps.790 million lower than in 2Q21 and 8% or Ps.1.8 billion lower than a year ago.

It is important to emphasize that this result was obtained with a leverage of only 4.3x assets to equity ratio.

4

  3Q21 Earnings Release

INCOME STATEMENT	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q20		4Q20		1Q21		2Q21		3Q21		QoQ			YoY
Net Interest Income		32,261		29,816		28,893		27,848		29,747		7	%		-8	%
Net fee income		8,037		7,752		7,188		7,392		7,825		6	%		-3	%
Net Interest Income + Net Fee Income		40,298		37,568		36,081		35,240		37,572		7	%		-7	%
Net Income from financial instruments  at fair value through P&L		4,116		4,496		5,530		5,772		3,457		-40	%		-16	%
Income from assets at amortized cost		94		172		72		67		0		-100	%		-100	%
Differences in quoted prices of gold and foreign currency		1,841		1,742		1,474		699		592		-15	%		-68	%
Other operating income		1,801		1,906		1,999		1,540		1,764		15	%		-2	%
Provision for loan losses		2,668		2,957		3		232		212		-9	%		-92	%
Net Operating Income		45,482		42,927		45,153		43,086		43,173		0	%		-5	%
Employee benefits		9,452		9,390		8,800		9,174		9,024		-2	%		-5	%
Administrative expenses		5,184		5,337		4,140		4,247		4,493		6	%		-13	%
Depreciation and impairment of assets		1,548		1,524		1,561		1,568		1,657		6	%		7	%
Other operating expenses		6,994		6,832		7,706		6,850		7,542		10	%		8	%
Operating Income		22,304		19,844		22,946		21,247		20,457		-4	%		-8	%
Result from associates & joint ventures		23		-81		27		21		-1		-			-
Result from net monetary postion		-10,133		-14,570		-17,512		-14,816		-12,816		-13	%		26	%
Result before taxes from continuing operations		12,194		5,193		5,461		6,452		7,640		18	%		-37	%
Income tax		4,824		844		2,810		1,406		285		-80	%		-94	%
Net income from continuing operations		7,370		4,349		2,651		5,046		7,355		46	%		0	%
				-		-
Net Income of the period		7,370		4,349		2,651		5,046		7,355		46	%		0	%
Net income of the period attributable  to parent company		7,370		4,349		2,651		5,046		7,355		46	%		0	%
Net income of the period attributable  to minority interest		-		-		-		-		-		-			-
Other Comprehensive Income		1,164		-162		712		233		58		-75	%		-95	%
Foreign currency translation differences in financial statements conversion		79		-30		-117		-219		-184		-			-
Profits or losses from financial assets measured at fair value  through other comprehensive income (FVOCI)  (IFRS 9(4.1.2)(a)		1,085		-132		829		452		242		-46	%		-78	%
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		8,534		4,187		3,363		5,279		7,413		40	%		-13	%
Total Comprehensive Income attributable to parent Company		8,534		4,187		3,363		5,279		7,413		40	%		-13	%
Total Comprehensive Income attributable to non-controlling interests		-		-		-		-		-		-			-

The Bank’s 3Q21 net interest income totaled Ps.29.7 billion, 7% or Ps.1.9 billion higher than in 2Q21 and 8% or Ps.2.5 billion lower YoY as a result of different regulations adopted that set caps on lending rates and floors on deposit rates.

In 3Q21 interest income totaled Ps.49.9 billion, 3% or Ps.1.5 billion higher than in 2Q21 and 11% or Ps. 6.2 billion lower than in 3Q20.

Income from interest on loans and other financing totaled Ps.24.9 billion, 1% or Ps.347 million lower compared with the previous quarter, due to a 1% decrease in the average volume of loans and a 9 b.p decrease in the average lending rates. On a yearly basis Income from interest on loans decreased 8% or Ps.2.2 billion.

In 3Q21 income from government and private securities increased 5% or Ps.1.2 billion QoQ (due to higher income from Government securities partially offset by lower income from private securities) and decreased 12% or Ps.3 billion compared with the same period of last year. This result is explained 94% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 6% is explained by income from sovereign bonds in pesos at amortized cost.

5

  3Q21 Earnings Release

In 3Q21 income from Repos totaled Ps.2.2 billion, 48% or Ps.706 million higher than the previous quarter and 32% or Ps.1 billion lower than a year ago.

In 3Q21 FX income totaled Ps.592 million, 15% or Ps.107 million lower than the previous quarter and 68% or Ps.1.2 billion lower than a year ago, due to a lower rate of depreciation of the Argentine peso.

FX INCOME	MACRO Consolidated				Variation
In MILLION $ (Measuring Unit Current at EOP)
(1)Differences in quoted prices of gold and foreign currency		1,840	699	592		-15	%	-68	%
Translation of FX assets and liabilities to Pesos		1,144	628	459		-27	%	-60	%
Income from foreign currency exchange		696	71	133		86	%	-81	%
(2)Net Income from financial assets and liabilities at fair value through P&L		2	0	0		-		-100	%
Income from investment in derivative financing instruments		2	-	-		-		-100	%
(1)+(2)Total Result from Differences in quoted prices of gold and foreign currency		1,842	699	592		-15	%	-68	%

INTEREST INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q20		4Q20		1Q21		2Q21		3Q21		QoQ			YoY
Interest on Cash and due from Banks		44		3		3		3		3		0	%		-93	%
Interest from government securities		25,359		26,468		24,935		21,525		22,726		6	%		-10	%
Interest from private securities		402		221		125		71		44		-38	%		-89	%
Interest on loans and other financing
To the financial sector		300		241		204		145		139		-4	%		-54	%
To the public non financial sector		885		675		560		446		360		-19	%		-59	%
Interest on overdrafts		2,092		1,881		2,057		1,590		1,813		14	%		-13	%
Interest on documents		1,215		1,602		1,678		1,792		2,315		29	%		91	%
Interest on mortgages loans		2,366		3,136		3,703		3,711		2,999		-19	%		27	%
Interest on pledged loans		161		148		134		159		256		61	%		59	%
Interest on personal loans		10,911		10,899		11,211		10,816		10,611		-2	%		-3	%
Interest on credit cards loans		3,820		3,469		3,292		3,147		3,214		2	%		-16	%
Interest on financial leases		7		13		26		17		0		-100	%		-100	%
Interest on other loans		5,322		4,794		4,216		3,452		3,221		-7	%		-39	%
Interest on Repos
From the BCRA		3,194		3,392		2,519		1,468		2,186		49	%		-32	%
Other financial institutions		15		42		17		17		5		-71	%		-67	%
Total Interest income		56,093		56,984		54,680		48,359		49,892		3	%		-11	%
Income from Interest on loans		27,079		26,858		27,081		25,275		24,928		-1	%		-8	%

The Bank’s 3Q21 interest expense totaled Ps.20.1 billion, decreasing 2% or Ps.366 million compared to the previous quarter and 15% or Ps.3.7 billion lower compared to 3Q20.

In 3Q21, interest on deposits represented 95% of the Bank’s total interest expense, decreasing 1% or Ps.279 million QoQ, due to a 23 b.p. decrease in the average rate paid on deposits while the average volume of deposits from the private sector remained unchanged. On a yearly basis, interest on deposits decreased 14% or Ps.3.2 billion.

6

  3Q21 Earnings Release

INTEREST EXPENSE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q20		4Q20		1Q21		2Q21		3Q21		QoQ			YoY
Deposits
Interest on checking accounts		645		1,670		881		86		98		14	%		-85	%
Interest on saving accounts		190		252		280		306		260		-15	%		37	%
Interest on time deposits		21,579		23,725		23,267		19,086		18,841		-1	%		-13	%
Interest on other financing from BCRA and financial inst.		27		49		52		47		22		-53	%		-19	%
Repos
Other financial institutions		3		119		66		73		74		1	%		2367	%
Interest on corporate bonds		530		508		427		145		110		-24	%		-79	%
Interest on subordinated bonds		842		832		806		763		733		-4	%		-13	%
Interest on other financial liabilities		16		13		8		5		7		40	%		-56	%
Total financial expense		23,832		27,168		25,787		20,511		20,145		-2	%		-15	%
Expenses from interest on deposits		22,414		25,647		24,428		19,478		19,199		-1	%		-14	%

In 3Q21, the Bank’s net interest margin (including FX) was 19.1%, higher than the 18.8% posted in 2Q21 and the 17.1% posted in 2Q20.

In 3Q21 Net Interest Margin (excluding FX) was 18.8%, higher than the 18.4% posted in 2Q21 and the 16.2% posted in 3Q20.

In 3Q21 Net Interest Margin (Pesos) was 20.8%, higher than the 20.7% posted in 2Q21 and the 18.6% posted in 3Q20; meanwhile Net Interest Margin (USD) was 3.9%, higher than the 3.4% posted in 2Q21 and the 1.8% registered in 3Q20.

ASSETS & LIABILITIES PERFORMANCE (AR$)	MACRO Consolidated
In MILLION $	3Q20					4Q20					1Q21					2Q21					3Q21
(Measuring Unit Current at EOP)	AVERAGE	REAL INT		NOMINAL		AVERAGE	REAL INT		NOMINAL		AVERAGE	REAL INT		NOMINAL		AVERAGE	REAL INT		NOMINAL		AVERAGE	REAL INT		NOMINAL
Yields & rates in annualized nominal %	BALANCE	RATE		INT RATE		BALANCE	RATE		INT RATE		BALANCE	RATE		INT RATE		BALANCE	RATE		INT RATE		BALANCE	RATE		INT RATE
Interest-earning assets
Loans& Other Financing
Public Sector	7,662	11.9	%	46.0	%	5,654	1.7	%	47.5	%	4,510	-1.4	%	50.4	%	3,693	3.1	%	48.4	%	3,122	6.5	%	45.7	%
Financial Sector	2,938	7.7	%	40.5	%	2,564	-5.4	%	37.2	%	2,411	-12.0	%	34.3	%	1,767	-7.7	%	32.9	%	1,544	-0.8	%	35.7	%
Private Sector	307,415	0.9	%	31.6	%	306,677	-9.1	%	31.8	%	291,785	-11.8	%	34.6	%	266,466	-6.3	%	34.9	%	269,371	-2.2	%	33.8	%
Other debt securities
Central Bank Securities (Leliqs)	185,586	5.4	%	37.5	%	164,886	-5.5	%	37.1	%	165,392	-9.9	%	37.5	%	137,742	-4.5	%	37.5	%	129,042	0.5	%	37.5	%
Government& Private Securities	110,046	-0.6	%	29.7	%	137,328	-8.5	%	32.7	%	109,561	-10.8	%	36.1	%	100,322	-6.3	%	34.8	%	124,657	-2.4	%	33.6	%
Repos	66,679	-8.7	%	19.1	%	40,620	-7.9	%	33.6	%	28,422	-10.7	%	36.2	%	16,474	-5.4	%	36.2	%	23,930	-0.4	%	36.3	%
Total interest-earning assets	680,326	1.1	%	31.9	%	657,729	-7.9	%	33.6	%	602,081	-10.9	%	35.9	%	526,464	-5.7	%	35.7	%	551,666	-1.5	%	34.8	%
Fin. Assets through P&L and equity inv.	24,901	27.1	%	65.8	%	45,219	-3.8	%	39.6	%	52,283	-6.3	%	42.9	%	55,309	-1.4	%	41.9	%	36,419	0.6	%	37.7	%
Other Non interest-earning assets	81,573					78,884					71,798					62,629					65,762
Total Non interest-earning assets	106,474					124,103					124,081					117,938					102,181
Total Average Assets	786,800					781,832					726,162					644,402					653,847
Interest-bearing liabilities
Deposits
Public Sector	79,499	-4.3	%	24.8	%	76,726	-12.0	%	27.6	%	44,749	-14.9	%	29.8	%	27,075	-11.1	%	28.0	%	21,534	-6.3	%	28.2	%
Private Sector	341,897	-7.9	%	20.2	%	341,348	-14.8	%	23.6	%	337,790	-17.9	%	25.3	%	285,566	-13.4	%	24.7	%	292,183	-9.4	%	24.0	%
BCRA and other financial institutions	622	1.6	%	32.6	%	749	-7.3	%	34.5	%	817	-14.2	%	30.8	%	739	-10.2	%	29.3	%	380	-2.5	%	33.4	%
Corporate bonds	7,568	-2.0	%	27.9	%	6,879	-10.8	%	29.4	%	6,156	-16.0	%	28.1	%	3,029	-17.2	%	19.2	%	2,405	-13.7	%	18.1	%
Repos	75	-11.2	%	15.9	%	1,557	-10.1	%	30.4	%	863	-14.1	%	31.0	%	979	-9.7	%	29.9	%	1,187	-8.9	%	24.7	%
Total int.-bearing liabilities	429,661	-7.1	%	21.2	%	427,259	-14.2	%	24.5	%	390,375	-17.5	%	25.9	%	317,388	-13.2	%	24.9	%	317,689	-9.2	%	24.2	%
Total non int.-bearing liabilities	226,621					228,577					205,849					200,655					202,748
Total Average Liabilities	656,282					655,836					596,224					518,043					520,437
Assets Performance		54,582					55,515					53,231					46,866					48,357
Liabilities Performance		22,859					26,282					24,941					19,725					19,397
Net Interest Income		31,723					29,233					28,290					27,141					28,960
Total interest-earning assets		680,326					657,729					602,081					526,464					551,666
Net Interest Margin (NIM)		18.6	%				17.7	%				19.1	%				20.7	%				20.8	%

7

  3Q21 Earnings Release

ASSETS & LIABILITIES PERFORMANCE USD	MACRO Consolidated
In MILLION $	3Q20					4Q20					1Q21					2Q21					3Q21
(Measuring Unit Current at EOP)	AVERAGE	REAL INT		NOMINAL		AVERAGE	REAL INT		NOMINAL		AVERAGE	REAL INT		NOMINAL		AVERAGE	REAL INT		NOMINAL		AVERAGE	REAL INT		NOMINAL
Yields & rates in annualized nominal %	BALANCE	RATE		INT RATE		BALANCE	RATE		INT RATE		BALANCE	RATE		INT RATE		BALANCE	RATE		INT RATE		BALANCE	RATE		INT RATE
Interest-earning assets
Cash and Deposits in Banks	68,002	1.7	%	0.3	%	69,555	-2.4	%	0.0	%	71,364	-9.7	%	0.0	%	53,346	-19.2	%	0.0	%	50,406	-17.8	%	0.0	%
Loans & Other Financing
Financial Sector	85	6.2	%	4.7	%	36	8.5	%	11.1	%	28	0.0	%	0.0	%	8	0.0	%	0.0	%	0	0.0	%	0.0	%
Private Sector	37,931	16.8	%	15.2	%	33,171	14.8	%	17.6	%	29,301	8.1	%	19.7	%	25,949	-0.8	%	22.7	%	20,812	5.7	%	28.6	%
Other debt securities
Government & Private Securities	6,988	2.5	%	1.1	%	8,170	0.0	%	0.0	%	6,860	-8.5	%	1.3	%	4,001	-17.5	%	2.1	%	7,847	-16.4	%	1.7	%
Total interest-earning assets	113,006	6.8	%	5.3	%	110,932	2.8	%	5.3	%	107,553	-4.7	%	5.5	%	83,304	-13.4	%	7.2	%	79,065	-11.5	%	7.7	%
Non interest-earning assets	141,847					128,863					135,826					135,996					140,922
Total Average Assets	254,853					239,795					243,379					219,300					219,987
Interest-bearing liabilities
Deposits
Public Sector	1,184	2.1	%	0.7	%	1,126	-2.0	%	0.4	%	1,763	-9.5	%	0.2	%	2,753	-19.1	%	0.1	%	2,675	-17.7	%	0.1	%
Private Sector	76,763	2.1	%	0.7	%	65,248	-2.1	%	0.3	%	68,385	-9.5	%	0.2	%	63,944	-19.0	%	0.2	%	61,754	-17.7	%	0.1	%
BCRA and other financial institutions	779	6.6	%	5.1	%	772	2.1	%	4.6	%	467	-5.8	%	4.3	%	647	-17.7	%	1.9	%	505	-15.3	%	3.1	%
Subordinated bonds	46,975	8.6	%	7.1	%	46,368	4.6	%	7.1	%	45,956	-3.3	%	7.1	%	43,358	-13.4	%	7.1	%	41,232	-12.0	%	7.1	%
Total int.-bearing liabilities	125,701	4.6	%	3.1	%	113,514	0.7	%	3.1	%	116,571	-7.0	%	3.0	%	110,702	-16.8	%	2.9	%	106,166	-15.5	%	2.8	%
Total non int.-bearing liabilities	59,790					55,666					56,181					38,588					47,228
Total Average liabilities	185,491					169,180					172,752					149,290					153,394
Assets Performance		1,511					1,469					1,449					1,493					1,535
Liabilities Performance		991					898					853					791					755
Net Interest Income		520					571					596					702					780
Total interest-earning assets		113,006					110,932					107,553					83,304					79,065
Net Interest Margin (NIM)		1.8	%				2.0	%				2.2	%				3.4	%				3.9	%

In 3Q21 Banco Macro’s net fee income totaled Ps.7.8 billion, 6% or Ps.433 million higher than in 2Q21 and 3% or Ps.212 million lower than the same period of last year.

In the quarter, fee income totaled Ps.8.7 billion, 7% or Ps.534 million higher than in 2Q21.Credit card fees, corporate services fees and fees charged on deposits accounts stand out with an 11%, 15% and 4% increase respectively. On a yearly basis, fee income decreased 1% or Ps.82 million.

In the quarter, total fee expense increased 14% or Ps.101 million. On a yearly basis, fee expenses increased 18% or Ps.130 million.

NET FEE INCOME	MACRO Consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)		3Q20	4Q20	1Q21	2Q21	3Q21	QoQ		YoY
Fees charged on deposit accounts		3,389	3,032	2,976	3,259	3,381	4	%	0	%
Credit card fees		1,755	1,814	1,461	1,380	1,537	11	%	-12	%
Corporate services fees		841	845	837	860	991	15	%	18	%
ATM transactions fees		781	773	794	732	799	9	%	2	%
Insurance fees		549	561	523	512	501	-2	%	-9	%
Debit card fees		532	566	518	515	555	8	%	4	%
Financial agent fees (Provinces)		425	462	427	477	476	0	%	12	%
Credit related fees		199	187	179	208	183	-12	%	-8	%
Mutual funds & securities fees		229	203	156	142	195	37	%	-15	%
AFIP & Collection services		31	30	32	35	38	9	%	23	%
ANSES fees		18	15	12	13	11	-15	%	-39	%
Total fee income		8,749	8,488	7,915	8,133	8,667	7	%	-1	%
Total fee expense		712	736	727	741	842	14	%	18	%
Net fee income		8,037	7,752	7,188	7,392	7,825	6	%	-3	%

In 3Q21 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.3.5 billion gain, 40% or Ps.2.3 billion lower than the previous quarter. This decrease is mostly related to lower income from Government and private securities (50% or Ps.2.6 billion lower than in the previous quarter).

On a yearly basis Net income from financial assets and liabilities at fair value through profit or loss decreased 16% or Ps.659 million.

8

  3Q21 Earnings Release

NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS	MACRO Consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)		3Q20	4Q20	1Q21	2Q21	3Q21		QoQ		YoY
Profit or loss from government securities		3,951	4,242	4,901	5,289	2,666		-50	%	-33	%
Profit or loss from private securities		417	185	197	484	487		1	%	17	%
Profit or loss from investment in derivative financing instruments		2	8	0	0	0		0	%	-100	%
Profit or loss from other financial assets		-5	0	-15	-3	11		-		-
Profit or loss from investment in equity instruments		-163	-60	483	-21	-50		-		-
Profit or loss from the sale of financial assets at fair value		-86	121	-36	29	414		1328	%	-
Income from financial assets at fair value through profit or loss		4,116	4,496	5,530	5,778	3,528		4	%	55	%
Profit or loss from derivative financing instruments		0	0	0	-6	-71		-		-
Income from financial liabilities at fair value through profit or loss		0	0	0	-6	-71		-		-
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS		4,116	4,496	5,530	5,772	3,457		-40	%	-16	%

In the quarter Other Operating Income totaled Ps.1.8 billion, 15% or Ps.224 million lower than in 2Q21. On a yearly basis Other Operating Income decreased 2% or Ps.37 million.

OTHER OPERATING INCOME	MACRO Consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)		3Q20	4Q20	1Q21	2Q21	3Q21		QoQ		YoY
Credit and debit cards		43	55	63	72	88		22	%	105	%
Lease of safe deposit boxes		296	269	250	268	274		2	%	-7	%
Other service related fees		664	468	509	545	774		42	%	17	%
Other adjustments and interest from other receivables		286	315	327	453	277		-39	%	-3	%
Initial recognition of loans		-18	-11	4	-4	0		-		-
Sale of property, plant and equipment		8	2	2	0	0		-		-
Others		522	808	844	206	351		70	%	-33	%
Other Operating Income		1,801	1,906	1,999	1,540	1,764		15	%	-2	%

In 3Q21 Banco Macro’s administrative expenses plus employee benefits totaled Ps.13.5 billion, 1% or Ps.96 million higher than the previous quarter, due to higher administrative expenses (+6%) which were offset by lower personnel expenses(-2%). On a yearly basis administrative expenses plus employee benefits decreased 8% or Ps.1.1 billion.

Employee benefits decreased 2% or Ps.150 million QoQ. On a yearly basis Employee benefits decreased 5% or Ps.428 million.

In 3Q21 administrative expenses increased 6% or Ps.246 million, due to higher maintenance and conservation fees and higher Other administrative expenses, with a 7% and 16% increase respectively.

As of 3Q21, the accumulated efficiency ratio reached 37.6%, deteriorating from the 37 % posted in 2Q21 and the 34.7% posted a year ago. As of 3Q21 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) decreased 6% or Ps.1 billion, 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)) decreased 11% or Ps. 5 billion compared to 3Q20.

9

  3Q21 Earnings Release

PERSONNEL & ADMINISTRATIVE EXPENSES	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	3Q20			4Q20			1Q21			2Q21			3Q21			QoQ			YoY
Employee benefits		9,452			9,390			8,800			9,174			9,024			-2	%		-5	%
Remunerations		7,038			6,772			6,344			6,644			6,320			-5	%		-10	%
Social Security Contributions		1,562			1,559			1,428			1,523			1,459			-4	%		-7	%
Compensation and bonuses		628			847			838			806			992			23	%		58	%
Employee services		224			212			190			201			253			26	%		13	%
Administrative Expenses		5,184			5,337			4,140			4,247			4,493			6	%		-13	%
Taxes		617			660			656			654			674			3	%		9	%
Maintenance, conservation fees		774			881			706			723			774			7	%		0	%
Directors & statutory auditors fees		402			827			127			111			121			9	%		-70	%
Security services		472			465			457			455			469			3	%		-1	%
Electricity & Communications		520			499			483			472			452			-4	%		-13	%
Other professional fees		313			291			308			422			366			-13	%		17	%
Rental agreements		15			25			38			21			21			0	%		40	%
Advertising & publicity		114			242			70			186			220			18	%		93	%
Personnel allowances		37			45			35			45			49			9	%		32	%
Stationary & Office Supplies		32			29			24			28			30			7	%		-6	%
Insurance		65			62			55			60			74			23	%		14	%
Hired administrative services		3			0			3			2			2			-			-33	%
Other		1,820			1,311			1,178			1,068			1,241			16	%		-32	%
Total Administrative Expenses		14,636			14,727			12,940			13,421			13,517			1	%		-8	%
Total Employees		8,651			8,561			8,459			8,318			8,167
Branches		463			463			463			464			464
Efficiency ratio		36.8	%		38.8	%		35.7	%		38.4	%		38.8	%
Accumulated efficiency ratio		34.7	%		35.7	%		35.7	%		37.0	%		37.6	%

In 3Q21, Other Operating Expenses totaled Ps.7.5 billion, increasing 10% or Ps.692 million QoQ, due to higher provision charges (70% or Ps.137 million) and higher other operating expenses (18% or Ps.431 million). On a yearly basis Other Operating Expenses increased 8% or Ps.548 million.

OTHER OPERATING EXPENSES	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q20		4Q20		1Q21		2Q21		3Q21		QoQ			YoY
Turnover Tax		3,801		3,565		4,239		3,950		4,014		2	%		6	%
Other provision charges		399		296		483		197		334		70	%		-16	%
Deposit Guarantee Fund Contributions		281		288		273		227		225		-1	%		-20	%
Donations		1		6		1		1		7		600	%		600	%
Insurance claims		19		15		13		15		19		27	%		0	%
Initial loan recognition		0		66		0		65		117		100	%		-
Others		2,493		2,596		2,697		2,395		2,826		18	%		13	%
Other Operating Expenses		6,994		6,832		7,706		6,850		7,542		10	%		8	%

In 3Q21 the result from the net monetary position totaled a Ps.12.8 billion loss, 13% or Ps.2 billion lower than the loss posted in 2Q21. On a yearly basis the loss related to the net monetary position increased 26% or Ps.2.7 billion. This is the third quarter in which the result from net monetary position is shown pursuant to Communication “A” 7211 of the Central Bank of Argentina in which the inflation adjustment on our Leliqs and other government securities holdings is included (previously shown in Net Income from financial instruments at fair value through P&L). Previous quarters of 2020 have been restated in accordance with Communication “A” 7211 in order to make a comparison possible. Also lower inflation was observed during the quarter (167 b.p. below 2Q21 level, down from 10.95% to 9.28%).

10

  3Q21 Earnings Release

OPERATING RESULT	MACRO consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)		3Q20	4Q20	1Q21	2Q21	3Q21		QoQ		YoY
Operating Result (exc. Loss from net monetary position)		22,304	19,844	22,946	21,247	20,457		-4	%	-8	%
Result from net monetary position (i.e. inflation adjustment)		-10,133	-14,570	-17,512	-14,816	-12,816		-13	%	26	%
Operating Result (Inc. Loss from net monetary position)		12,171	5,274	5,434	6,431	7,641		19	%	-37	%

In 3Q21 Banco Macro's effective income tax rate was 3.7%, lower than the 21.8% effective tax rate of 2Q21 and the 39.6% registered one year ago. For more information please see note 19 to our Financial Statements.

Financial Assets

Private sector financing

The volume of “core” financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.305.9 billion, increasing 5% or Ps.13.3 billion QoQ and decreasing 14% or Ps.48.2 billion YoY as a consequence of the economic recession that affected Argentina during 2020 and the effects of the ongoing Covid-19 pandemic.

Commercial loans increased 10% or Ps.8.4 billion, among which Overdrafts and Documents stand out with a 14% and 26% increase respectively.

Consumer lending increased 3% or Ps.5 billion. Credit card loans increased 3% while pledged loans increased 46%.

Within private sector financing, peso financing increased 5% or Ps.14.6 billion, while US dollar financing decreased 9% or USD 20 million.

As of 3Q21, Banco Macro´s market share over private sector loans was 7.3%.

11

  3Q21 Earnings Release

FINANCING TO THE PRIVATE SECTOR	MACRO Consilidated											Change
In MILLION $ (Measuring Unit Current at EOP)		3Q20		4Q20		1Q21		2Q21		3Q21			QoQ		YoY
Overdrafts		26,208		23,386		17,598		17,052		19,501			14	%	-26	%
Discounted documents		32,569		35,845		32,506		29,722		37,344			26	%	15	%
Mortgage loans		20,815		18,466		17,109		16,004		17,657			10	%	-15	%
Pledged loans		5,516		4,463		4,024		4,159		6,063			46	%	10	%
Personal loans		92,413		91,892		90,730		85,632		84,725			-1	%	-8	%
Credit Card loans		80,227		87,484		79,406		76,576		78,900			3	%	-2	%
Others		67,239		53,977		43,685		33,366		31,713			-5	%	-53	%
Interest		26,469		27,064		26,586		27,400		27,278			0	%	3	%
Total loan portfolio		351,456		342,577		311,644		289,911		303,181			5	%	-14	%
Total loans in Pesos		317,288		312,085		283,302		269,745		284,180			5	%	-10	%
Total loans in USD		34,168		30,492		28,342		20,166		19,001			-6	%	-44	%
Financial trusts		555		779		356		459		348			-24	%	-37	%
Leasing		204		162		151		175		183			5	%	-10	%
Others		1,895		2,243		2,344		2,075		2,177			5	%	15	%
Total other financing		2,654		3,184		2,851		2,709		2,708			0	%	2	%
Total other financing in Pesos		1,218		1,771		1,536		1,476		1,591			8	%	31	%
Total other financing in USD		1,436		1,413		1,315		1,233		1,117			-9	%	-22	%
Total financing to the private sector		354,110		345,761		314,495		292,620		305,889			5	%	-14	%
EOP FX (Pesos per USD)		76.1750		84.1450		91.9850		95.7267		98.7350			3	%	30	%
USD financing / Financing to the private sector		10	%	9	%	9	%	7	%	7	%

Public Sector Assets

In 3Q21, the Bank’s public sector assets (excluding LELIQs) to total assets ratio was 17.6%, lower than the 21% registered in the previous quarter, and the 17.7% posted in 3Q20.

In 3Q21, a 15% or Ps.27 billion decrease in Other Government securities and a 3% or Ps.3.5 billion decrease in Leliqs stand out. Since 2Q20 the Bank decided to invest in CER adjustable and Badlar bonds.

PUBLIC SECTOR ASSETS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	3Q20			4Q20			1Q21			2Q21			3Q21			QoQ			YoY
Leliqs		192,776			176,232			147,760			133,872			130,383			-3	%		-32	%
Other		191,261			179,389			153,112			182,428			155,478			-15	%		-19	%
Government securities		384,037			355,621			300,872			316,300			285,861			-10	%		-26	%
Provincial loans		5,930			4,716			3,805			3,782			2,477			-35	%		-58	%
Loans		5,930			4,716			3,805			3,782			2,477			-35	%		-58	%
Purchase of government bonds		212			210			201			188			175			-7	%		-17	%
Other receivables		212			210			201			188			175			-7	%		-17	%
TOTAL PUBLIC SECTOR ASSETS		390,179			360,547			304,878			320,270			288,513			-10	%		-26	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)		87,772			180,635			168,658			143,771			170,565			19	%		94	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS		17.7	%		17.5	%		16.9	%		21.0	%		17.6	%

12

  3Q21 Earnings Release

Funding

Deposits

Banco Macro’s deposit base totaled Ps.542.2 billion in 3Q21, increasing 1% or Ps.4.1 billion QoQ and a 28% or Ps.209.1 billion decrease YoY and representing 78% of the Bank’s total liabilities.

On a quarterly basis, public sector deposits decreased 4% or Ps.2.5 billion while private sector deposits increased 1% or Ps.6.6 billion.

The increase in private sector deposits was led by time deposits, which decreased 1% or Ps.2.4 billion, while time deposits increased 2% or Ps.5 billion QoQ.

Within private sector deposits, peso deposits decreased Ps.238 million, while US dollar deposits increased 1% or USD 14 million.

As of 3Q21, Banco Macro´s market share over private sector deposits was 5.7%.

DEPOSITS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	3Q20			4Q20			1Q21			2Q21			3Q21			QoQ			YoY
Public sector		161,064			100,754			67,127			56,395			53,930			-4	%		-67	%
Financial sector		672			954			841			786			830			6	%		24	%
Private sector		589,504			567,662			486,503			480,828			487,394			1	%		-17	%
Checking accounts		109,332			89,572			84,312			85,198			98,494			16	%		-10	%
Savings accounts		164,290			189,760			149,054			157,554			146,693			-7	%		-11	%
Time deposits		303,688			277,980			241,951			224,780			229,792			2	%		-24	%
Other		12,194			10,350			11,186			13,296			12,415			-7	%		2	%
Total		751,240			669,370			554,471			538,009			542,154			1	%		-28	%
Pesos		631,157			563,775			453,977			441,875			441,592			0	%		-30	%
Foreign Currency (Pesos)		120,083			105,595			100,494			96,134			100,562			5	%		-16	%
EOP FX (Pesos per USD)		76.1750			84.1450			91.9850			95.7267			98.7350			3	%		30	%
Foreign Currency (USD)		1,576			1,255			1,093			1,004			1,019			1	%		-35	%
USD Deposits / Total Deposits		16	%		16	%		18	%		18	%		19	%

Banco Macro’s transactional deposits represent approximately 51% of its total deposit base as of 3Q21. These accounts are low cost and are not sensitive to interest rate increases.

Other sources of funds

In 3Q21, the total amount of other sources of funds increased 2% or Ps.5.4 billion compared to 2Q21. On a yearly basis other sources of funds decreased 4% or Ps.10 billion. In 3Q21 Shareholder’s Equity increased 4% or Ps.7.4 billion as a consequence of the Ps.7.4 billion total comprehensive income of the quarter; also in the quarter subordinated corporate bonds decreased 4% or Ps.1.7 billion.

OTHER SOURCES OF FUNDS	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q20		4Q20		1Q21		2Q21		3Q21		QoQ			YoY
Central Bank of Argentina		30		27		24		26		22		-15	%		-27	%
Banks and international institutions		613		486		631		619		510		-18	%		-17	%
Financing received from Argentine financial institutions		406		744		738		129		63		-51	%		-84	%
Subordinated corporate bonds		48,074		46,977		46,257		42,722		41,040		-4	%		-15	%
Corporate bonds		7,652		6,748		6,128		2,657		2,538		-4	%		-67	%
Shareholders' equity		204,193		202,806		206,171		199,435		206,847		4	%		1	%
Total other source of funds		260,968		257,788		259,949		245,588		251,020		2	%		-4	%

13

  3Q21 Earnings Release

Liquid Assets

In 3Q21, the Bank’s liquid assets amounted to Ps.487.1 billion, showing a 3% or Ps.13.2 billion decrease QoQ, and a 26% or Ps.168.3 billion decrease on a yearly basis.

In 3Q21, Other government securities decreased 15% or Ps.27 billion, which was partially offset by a 6% increase in Cash.

In 3Q21 Banco Macro’s liquid assets to total deposits ratio reached 90%.

LIQUID ASSETS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	3Q20			4Q20			1Q21			2Q21			3Q21			QoQ			YoY
Cash		172,191			178,001			186,140			156,782			166,008			6	%		-4	%
Guarantees for compensating chambers		16,664			16,491			14,493			13,298			14,640			10	%		-12	%
Call		229			68			1,334			0			0			-			-100	%
Leliq own portfolio		192,776			176,232			147,760			133,872			130,383			-3	%		-32	%
Net Repos		82,290			53,144			15,629			13,962			20,621			48	%		-75	%
Other government & private securities		191,261			179,389			153,112			182,428			155,478			-15	%		-19	%
Total		655,411			603,325			518,468			500,342			487,130			-3	%		-26	%
Liquid assets to total deposits		87	%		90	%		94	%		93	%		90	%

Solvency

Banco Macro continued showing high solvency levels in 3Q21 with an integrated capital (RPC) of Ps.234 billion over a total capital requirement of Ps.51.4 billion. Banco Macro’s excess capital in 3Q21 was 356% or Ps.182.7 billion. Since the beginning of 2020 and due to inflation adjustments Equity has increased significantly leading to higher solvency levels (shown under Ordinary Capital Level 1).

The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 37.2% in 3Q21; TIER1 Ratio stood at 30.4%.

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

MINIMUM CAPITAL REQUIREMENT	MACRO Consolidated															Change
In MILLION $	3Q20			4Q20			1Q21			2Q21			3Q21			QoQ			YoY
Credit risk requirement		23,972			28,025			29,047			29,413			34,030			16	%		42	%
Market risk requirement		1,172			1,556			1,538			1,559			1,631			5	%		39	%
Operational risk requirement		10,604			11,777			12,934			14,252			15,691			10	%		48	%
Total capital requirements		35,749			41,358			43,519			45,224			51,352			14	%		44	%
Ordinary Capital Level 1 (COn1)		131,531			146,350			171,410			182,409			203,858			12	%		55	%
Deductible concepts Level 1 (COn1)		-11,768			-9,150			-9,889			-11,194			-12,411			11	%		5	%
Capital Level 2 (COn2)		32,854			36,248			39,442			40,987			42,565			4	%		30	%
Integrated capital - RPC (i)		152,618			173,449			200,964			212,202			234,012			10	%		53	%
Excess capital		116,869			132,091			157,445			166,978			182,660			9	%		56	%
Risk-weighted assets - RWA (ii)		438,129			506,766			533,407			554,596			629,505			14	%		44	%
Regulatory Capital ratio [(i)/(ii)]		34.8	%		34.2	%		37.7	%		38.3	%		37.2	%
Ratio TIER 1 [Capital Level 1/RWA]		27.3	%		27.1	%		30.3	%		30.9	%		30.4	%

RWA - (ii): Risk Weighted Assets, considering total capital requirements.

(²) Figures are inflaiton adjusted. Expressed in Pesos current at EOP

14

  3Q21 Earnings Release

Asset Quality

In 3Q21, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 1.67%, down from 1.68% in 2Q21, and above the 1.14% posted in 3Q20.

Consumer portfolio non-performing loans increased 17b.p. (up to 2.05% from 1.88%) while Commercial portfolio non-performing loans decreased 55b.p. in 3Q21 (down to 0.57% from 1.11%) mainly due to the write off of three commercial loans.

During 2020 Consumer portfolio non-performing loans ratio were positively impacted by measures adopted by the Central Bank of Argentina in the current Covid19 pandemic context, particularly the 60 day grace period that was added to debtor classification before a loan was considered as non performing and the possibility to refinance outstanding credit card balances. These measures were in place until March 31^st, 2021.

In March 2021 through Communication “A” 7245, the Central Bank established a gradual transition in the definition of debtors for clients who chose to postpone the payment of installments. Financial entities must increase the grace period to classify their debtors in levels 1, 2 and 3, both for the commercial portfolio and for the consumer or housing portfolio, according to the following schedule: i) Until March 31, 2021, in 60 days, ii) Until May 31, 2021, in 30 days, and iii) As of June 1, 21, financial entities must classify their debtors according to the general debtor classification.

The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) reached to 179.9% in 2Q21. Write-offs over total loans totaled 0.35%.

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

ASSET QUALITY	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	3Q20			4Q20			1Q21			2Q21			3Q21			QoQ			YoY
Commercial portfolio		115,931			104,709			92,045			79,920			82,667			3	%		-29	%
Non-performing		1,800			944			918			890			469			-47	%		-74	%
Consumer portfolio		264,844			265,632			244,566			232,163			239,532			3	%		-10	%
Non-performing		2,541			1,929			2,176			4,359			4,904			12	%		93	%
Total portfolio		380,775			370,340			336,610			312,083			322,199			3	%		-15	%
Non-performing		4,341			2,874			3,094			5,249			5,372			2	%		24	%
Commercial non-perfoming ratio		1.55	%		0.90	%		1.00	%		1.11	%		0.57	%
Consumer non-perfoming ratio		0.96	%		0.73	%		0.89	%		1.88	%		2.05	%
Total non-performing/ Total portfolio		1.14	%		0.78	%		0.92	%		1.68	%		1.67	%
Total allowances		13,151			13,772			12,002			11,173			9,450			-15	%		-28	%
Coverage ratio w/allowances		302.94	%		479.18	%		387.91	%		212.87	%		175.90	%
Write Offs		962			1,360			155			120			1,121			835	%		17	%
Write Offs/ Total portfolio		0.25	%		0.37	%		0.05	%		0.04	%		0.35	%

Expected Credit Losses (E.C.L) (I.F.R.S.9)

The Bank records an allowance for expected credit losses for all loans and other debt financial assets not held at fair value through profit or loss, together with loan commitments and financial guarantee contracts, in this section all referred to as ‘financial instruments’. Equity instruments are not subject to impairment under IFRS 9. The ECL allowance is based on the credit losses expected to arise over the life of the asset (the lifetime expected credit loss), unless there has been no significant increase in credit risk since origination, in which case, the allowance is based on the 12 months expected credit loss.(For further information please see our 2020 20-F)

15

  3Q21 Earnings Release

CER Exposure and Foreign Currency Position

CER EXPOSURE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q20		4Q20		1Q21		2Q21		3Q21		QoQ			YoY
CER adjustable ASSETS
Government Securities		67,406		70,117		86,438		108,099		74,890		-31	%		11	%
Loans (*)		26,312		25,535		25,057		24,923		24,319		-2	%		-8	%
Private sector loans		10,588		9,605		8,731		7,809		7,007		-10	%		-34	%
Mortgage loans (UVA adjusted)		15,718		15,920		16,316		17,105		17,299		1	%		10	%
Other loans		6		10		10		9		13		44	%		117	%
Total CER adjustable assets		93,718		95,652		111,495		133,022		99,209		-25	%		6	%
CER adjustable LIABILITIES
Deposits (*)		1,456		1,889		4,387		8,825		8,451		-4	%		480	%
UVA Unemployment fund		1,058		1,061		1,110		1,287		1,416		10	%		34	%
Total CER adjustable liabilities		2,514		2,950		5,497		10,112		9,867		-2	%		292	%
NET CER EXPOSURE		91,204		92,702		105,998		122,910		89,342		-27	%		-2	%

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

FOREIGN CURRENCY POSITION	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q20		4Q20		1Q21		2Q21		3Q21		QoQ			YoY
Cash and deposits in Banks		140,808		144,793		142,156		122,976		122,313		-1	%		-13	%
Cash		11,768		13,429		9,604		9,049		11,656		29	%		-1	%
Central Bank of Argentina		88,771		56,664		67,054		65,102		63,249		-3	%		-29	%
Other financial institutions local and abroad		40,263		74,693		65,491		48,818		47,401		-3	%		18	%
Others		7		7		7		7		7		0	%		0	%
Net Income from financial instruments at fair value through P&L		6		8		46		840		926		10	%		15333	%
Other financial assets		6,966		6,817		6,852		5,969		5,750		-4	%		-17	%
Loans and other financing		35,626		31,899		29,650		21,365		20,085		-6	%		-44	%
Other financial institutions		60		29		29		0		0		0	%		-100	%
Non financial private sector & foreign residents		35,566		31,870		29,621		21,365		20,085		-6	%		-44	%
Other debt securities		6,905		8,067		4,773		6,128		11,734		91	%		70	%
Guarantees received		2,404		2,496		2,190		2,113		2,085		-1	%		-13	%
Investment in equity instruments		13		16		15		15		16		7	%		23	%
Total Assets		192,728		194,095		185,682		159,406		162,909		2	%		-15	%
Deposits		120,083		105,595		100,494		96,134		100,562		5	%		-16	%
Non financial public sector		3,867		5,750		4,958		5,838		5,704		-2	%		48	%
Financial sector		600		786		768		721		731		1	%		22	%
Non financial private sector & foreign residents		115,616		99,059		94,767		89,576		94,127		5	%		-19	%
Other liabilities from financial intermediation		8,673		25,267		22,378		7,691		8,470		10	%		-2	%
Financing from the Central Bank and other fin. Inst		823		643		732		667		513		-23	%		-38	%
Subordinated corporate bonds		48,074		46,977		46,257		42,722		41,040		-4	%		-15	%
Other non financial liabilities		85		28		31		24		23		-4	%		-73	%
Total Liabilities		177,739		178,511		169,892		147,238		150,608		2	%		-15	%
NET FX POSITION (Pesos)		14,989		15,584		15,790		12,168		12,301		1	%		-18	%
EOP FX (Pesos per USD)		76.1750		84.1450		91.9850		95.7267		98.7350		3	%		30	%
NET FX POSITION (USD)		197		185		172		127		125		-2	%		-37	%

16

  3Q21 Earnings Release

Relevant and Recent Events

· Prisma Medios de Pago S.A. On October 1st 2021, within the scope of the Disvestment Plan undertaken by Prisma Medios de Pago S.A. (“Prisma”) and its class B shareholders with the Argentine Antitrust Commission (Comisión Nacional de Defensa de la Competencia or CNDC), Prisma and its other class B shareholders, have sent the relevant exercise notice for their option to sell and therefore started the process to sell the remaining 49% of the capital stock and votes of Prisma represented by 97,157,290 common book-entry class B shares of par value $1 each and entitled to one vote per share in favor of AI ZENITH (Netherlands) B.V. (a company related to Advent International Global Private Equity).

The price of such shares shall be determined in the coming weeks pursuant to the calculation proceeding the parties shall agree upon. The shares owned by the Bank represent 4.4991% of Prisma’s capital stock.

· FINTECH-FINOVA. In October 2021, the Bank acquired 49.9939% of the Class B shares held by the protector partners of “Fintech SGR” and therefore currently holds 24.99% of the capital stock and votes of such company.

In addition, the Bank has decided to purchase shares representing 50% of the capital stock and votes of “Finova S.A.”. The main purpose of Finova S.A. is to develop and market the website www.facturbo.com.ar, a digital solution that allows customers to negotiate credit instruments issued and accepted by large companies in favor of SMEs (small and medium-sized companies).

· Interest Payment Class A Subordinated Notes. In November 2021, the Bank paid semiannual interest on Class A subordinated notes in the amount of USD 13,500,000. On the reset date (November 4^th, 2021) the Bank decided not to exercise the call option that it had, therefore the reset rate was set at 6.643% as a consequence of the benchmark rate plus 546.3 basis points as established in the pricing supplement.

· Interest Payment Class B Peso denominated Notes. In November 2021, the Bank paid semiannual interest on Class B Peso denominated notes in the amount of Ps.252,804,212.

· Covid-19: In early March 2020, the World Health Organization recognized Coronavirus (Covid-19) as a pandemic that is severely affecting almost all countries around the world. The spread of this disease globally has forced the authorities to take drastic health and financial measures to contain and mitigate its effects on health and economic activity. Particularly in the Argentine Republic, on March 19, 2020, through Decree No. 297/2020, the Government established the “social, preventive and compulsory isolation” measure until March 31, 2020, which was then extended until June 7, 2020. Along with health protection rules, tax and financial measures were taken to mitigate the impact on the economy associated with the pandemic, including public direct financial assistance measures for part of the population, the establishment of financial and fiscal facilities for both individuals and companies. As regards measures related to the Entity’s business, the BCRA established maturities extensions, froze the mortgage loan installments and encouraged banks to lend to companies at reduced rates. In addition, the distribution of dividends of the finance institutions was suspended until December 31, 2021. In addition, in the mandatory quarantine context, the BCRA ruled that financial institutions would not be able to open their branches for public service during that period and should continue to provide services to users remotely. They could also trade with each other and their clients in the exchange market remotely. During quarantine, remote trading of stock exchanges and capital markets authorized by the CNV, the custodians and capital market agents registered with the CNV was admitted. In view of the extension of mandatory quarantine, the BCRA then decided that financial institutions would open their branches from Friday, April 3, 2020 for public attention through previous appointments obtained by the Bank’s website. The Bank is developing its activities under the conditions detailed above, giving priority to the compliance of social isolation measures by its employees, with the primary objective of taking care of the public health and well-being of all its stakeholders (employees, suppliers, customers, among others). To this end, it has put in place contingency procedures and has enabled its staff to carry out their tasks remotely. From a commercial point of view, it has emphasized maintaining a close relationship with its customers, trying to respond to their needs at this difficult time, sustaining all virtual channels of care to ensure operability and good response to requirements, monitoring compliance with their business obligations and monitoring the active portfolio in order to detect possible delays in collection and set new conditions for them. Considering the size of the abovementioned situation, the Bank’s Management estimates that this situation could have an impact on its operations and the financial situation and the results of the Bank, which are under analysis, and will ultimately; depend on the extent an duration of the health emergency and the success of the measures taken.

17

  3Q21 Earnings Release

Regulatory Changes

· Inflation Adjustment (Other Comprehensive Income) In January 2021 through Communication “A” 7221 with starting in fiscal year 2021, the monetary result accrued with respect to items of a monetary nature that are measured at fair value with changes in Other Comprehensive Income (OCI), must be recorded in results for the period/fiscal year. Consequently, the unallocated results must be adjusted and recorded in the account "Adjustments to results from previous years" at the beginning of fiscal year 2021, in order to incorporate the accumulated monetary results of the aforementioned items as of that date that will be recorded in OCI. All the comparative information for the next periods/fiscal years must consider this change in the exposure criteria.

· Net Global position in Foreign Currency. On November 4, 2021, the Central Bank of Argentina, through Communication “A” 7395, established that financial entities must not increase their spot net global position in foreign currency. This position cannot exceed the spot position as of November 4, 2021, or the monthly average of diary balances of October 2021, whichever is lower.

18

  3Q21 Earnings Release

QUARTERLY BALANCE SHEET	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q20		4Q20		1Q21		2Q21		3Q21		QoQ			YoY
ASSETS
Cash and deposits in Banks		172,191		178,001		186,140		156,782		166,008		6	%		-4	%
Cash		30,725		34,818		28,677		23,356		24,958		7	%		-19	%
Central Bank of Argentina		101,190		68,472		91,953		84,597		93,619		11	%		-7	%
Other local & foreign entities		40,269		74,703		65,504		48,823		47,425		-3	%		18	%
Other		7		8		6		6		6		0	%		-14	%
Debt securities at fair value through profit & loss		25,229		75,303		46,538		67,692		21,242		-69	%		-16	%
Derivatives		21		10		-		4		1		-75	%		-95	%
Repo Transactions		82,290		53,991		15,629		14,263		22,431		57	%		-73	%
Other financial assets		23,737		25,866		21,179		16,830		21,429		27	%		-10	%
Loans & other receivables		362,391		352,429		321,356		297,846		309,922		4	%		-14	%
Non Financial Public Sector		6,113		4,951		3,989		3,993		2,678		-33	%		-56	%
Financial Sector		2,723		2,496		3,228		1,692		1,703		1	%		-37	%
Non Financial private sector and foreign		353,555		344,982		314,139		292,161		305,541		5	%		-14	%
Other debt securities		366,309		286,411		257,793		253,675		275,831		9	%		-25	%
Financial assets in guarantee		18,645		19,575		16,662		15,783		18,852		19	%		1	%
Investments in equity instruments		2,480		2,278		2,494		2,281		2,085		-9	%		-16	%
Investments in other companies (subsidiaries and joint ventures)		277		279		299		420		393		-6	%		42	%
Property, plant and equipment		47,113		47,072		47,126		47,398		48,152		2	%		2	%
Intangible assets		6,757		6,990		7,054		7,264		7,543		4	%		12	%
Deferred income tax assets		108		87		68		77		34		-56	%		-69	%
Other non financial assets		3,168		3,056		3,114		2,765		2,206		-20	%		-30	%
Non-current assets held for sale		3,426		3,093		3,091		3,086		2,992		-3	%		-13	%
TOTAL ASSETS		939,290		1,019,504		964,874		849,668		810,893		-5	%		-14	%
LIABILITIES
Deposits		751,240		669,370		554,471		538,009		542,154		1	%		-28	%
Non Financial Public Sector		161,064		100,754		67,127		56,395		53,930		-4	%		-67	%
Financial Sector		672		954		841		786		830		6	%		24	%
Non Financial private sector and foreign		589,504		567,662		486,503		480,828		487,394		1	%		-17	%
Liabilities at fair value through profit & loss		-		-		-		13.00		2,220		-			-
Derivatives		1		-		-		2		2		-			0	%
Repo Transactions		-		847		-		301		1,810		-			-86	%
Other financial liabilities		43,661		67,405		60,475		44,112		46,609		6	%		7	%
Financing received from Central Bank and Other Financial Institutions		1,049		1,259		1,393		775		595		-23	%		-43	%
Issued Corporate Bonds		7,652		6,748		6,128		2,657		2,538		-4	%		-67	%
Current income tax liabilities		15,188		7,047		5,735		1,732		2,433		40	%		-84	%
Subordinated corporate bonds		48,074		46,977		46,257		42,722		41,040		-4	%		-15	%
Provisions		2,478		1,787		1,687		1,053		1,370		30	%		-45	%
Deferred income tax liabilities		3,864		8,616		9,816		9,898		7,812		-21	%		102	%
Other non financial liabilities		36,740		41,576		36,406		45,454		43,689		-4	%		19	%
TOTAL LIABILITIES		909,947		851,632		722,368		686,728		692,272		1	%		-24	%
SHAREHOLDERS' EQUITY
Capital Stock		639		639		639		639		639		0	%		0	%
Issued Shares premium		12,430		12,430		12,430		12,430		12,430		0	%		0	%
Adjustment to Shareholders' Equity		73,738		73,738		73,738		73,738		73,738		0	%		0	%
Reserves		155,974		150,402		150,402		110,540		110,540		0	%		-29	%
Retained earnings		-69,317		-69,317		-35,943		-8,094		-8,094		-			-
Other accumulated comprehensive income		1,702		1,540		2,253		2,484		2,542		2	%		49	%
Net income for the period / fiscal year		29,027		33,374		2,652		7,698		15,052		96	%		-48	%
Shareholders' Equity attributable to parent company		204,193		202,806		206,171		199,435		206,847		4	%		1	%
Shareholders' Equity attributable to non controlling interest		2		3		4		3		2		-33	%		0	%
TOTAL SHAREHOLDERS' EQUITY		204,195		202,809		206,175		199,438		206,849		4	%		1	%

19

  3Q21 Earnings Release

INCOME STATEMENT	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q20		4Q20		1Q21		2Q21		3Q21		QoQ			YoY
Interest Income		56,093		56,984		54,680		48,359		49,892		3	%		-11	%
Interest Expense		23,832		27,168		25,787		20,511		20,145		-2	%		-15	%
Net Interest Income		40,298		37,568		36,081		35,240		37,572		7	%		-7	%
Fee income		8,749		8,488		7,915		8,133		8,667		7	%		-1	%
Fee expense		712		736		727		741		842		14	%		18	%
Net Fee Income		8,037		7,752		7,188		7,392		7,825		6	%		-3	%
Subtotal (Net Interest Income + Net Fee Income)		40,298		37,568		36,081		35,240		37,572		7	%		-7	%
Net Income from financial instruments at Fair Value Through Profit& Loss		4,116		4,496		5,530		5,772		3,457		-40	%		-16	%
Result from assets at amortised cost		94		172		72		67		-		-100	%		-100	%
Difference in quoted prices of gold and foreign currency		1,841		1,742		1,474		699		592		-15	%		-68	%
Other operating income		1,801		1,906		1,999		1,540		1,764		15	%		-2	%
Provision for loan losses		2,668		2,957		3		232		212		-9	%		-92	%
Net Operating Income		45,482		42,927		45,153		43,086		43,173		0	%		-5	%
Personnel expenses		9,452		9,390		8,800		9,174		9,024		-2	%		-5	%
Administrative expenses		5,184		5,337		4,140		4,247		4,493		6	%		-13	%
Depreciation and impairment of assets		1,548		1,524		1,561		1,568		1,657		6	%		7	%
Other operating expenses		6,994		6,832		7,706		6,850		7,542		10	%		8	%
Operating Income		22,304		19,844		22,946		21,247		20,457		-4	%		-8	%
Income from associates and joint ventures		23		-81		27		21		-1		-			-
Result from net monetary position		-10,133		-14,570		-17,512		-14,816		-12,816		-			-
Net Income before income tax on cont. operations		12,194		5,193		5,461		6,452		7,640		18	%		-37	%
Income tax on continuing operations		4,824		844		2,810		1,406		285		-80	%		-94	%
Net Income from continuing operations		7,370		4,349		2,651		5,046		7,355		46	%		0	%
Net Income for the period		7,370		4,349		2,651		5,046		7,355		46	%		0	%
Net Income of the period attributable to parent company		7,370		4,349		2,651		5,046		7,355		46	%		0	%
Net income of the period attributable to non-controlling interests		-		-		-		-		-		-			-
Other Comprehensive Income		1,164		-162		712		233		58		-75	%		-95	%
Foreign currency translation differences in financial statements conversion		79		-30		-117		-219		-184		-			-
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI)(IFRS 9(4.1.2)(a)		1,085		-132		829		452		242		-46	%		-78	%
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		8,534		4,187		3,363		5,279		7,413		40	%		-13	%
Total Comprehensive Income attributable to parent Company		8,534		4,187		3,363		5,279		7,413		40	%		-13	%
Total Comprehensive Income attributable to non-controlling interests		-		-		-		-		-		-			-

20

  3Q21 Earnings Release

QUARTERLY ANNUALIZED RATIOS	MACRO Consolidated
	3Q20			4Q20			1Q21			2Q21			3Q21
Profitability & performance
Net interest margin		17.1	%		16.3	%		17.4	%		18.8	%		19.1	%
Net interest margin adjusted (exc. FX)		16.2	%		15.4	%		16.6	%		18.4	%		18.8	%
Net fee income ratio		13.1	%		13.9	%		11.5	%		12.2	%		13.7	%
Efficiency ratio		36.8	%		38.8	%		35.7	%		38.4	%		38.8	%
Net fee income as % of A&G Expenses		35.6	%		35.7	%		32.2	%		31.7	%		35.3	%
Return on average assets		2.8	%		1.7	%		1.1	%		2.3	%		3.3	%
Return on average equity		14.7	%		8.8	%		5.4	%		10.3	%		14.6	%
Liquidity
Loans as a percentage of total deposits		48.2	%		52.7	%		58.0	%		55.4	%		57.2	%
Liquid assets as a percentage of total deposits		87.0	%		90.0	%		94.0	%		93.0	%		90.0	%
Capital
Total equity as a percentage of total assets		18.3	%		19.2	%		22.2	%		22.5	%		23.0	%
Regulatory capital as % of APR		34.8	%		34.2	%		37.7	%		38.3	%		37.2	%
Asset Quality
Allowances over total loans		2.9	%		3.5	%		3.7	%		3.8	%		2.9	%
Non-performing financing as a percentage of total financing		1.1	%		0.8	%		0.9	%		1.7	%		1.7	%
Coverage ratio w/allowances		303.0	%		479.3	%		387.8	%		212.9	%		175.9	%
Cost of Risk		3.0	%		3.4	%		0.0	%		0.3	%		0.3	%

ACCUMULATED ANNUALIZED RATIOS	MACRO Consolidated
	3Q20			4Q20			1Q21			2Q21			3Q21
Profitability & performance
Net interest margin		20.3	%		19.2	%		17.4	%		18.1	%		18.4	%
Net interest margin adjusted (exc. FX)		19.5	%		18.4	%		16.6	%		17.4	%		17.8	%
Net fee income ratio		12.2	%		12.6	%		11.5	%		11.8	%		12.4	%
Efficiency ratio		34.7	%		35.7	%		35.7	%		37.0	%		37.6	%
Net fee income as % of A&G Expenses		35.1	%		35.3	%		32.2	%		32.0	%		33.1	%
Return on average assets		4.1	%		3.5	%		1.1	%		1.7	%		2.2	%
Return on average equity		19.5	%		16.8	%		5.4	%		7.8	%		10.1	%
Liquidity
Loans as a percentage of total deposits		48.2	%		52.7	%		58.0	%		55.4	%		57.2	%
Liquid assets as a percentage of total deposits		87.0	%		90.0	%		94.0	%		93.0	%		90.0	%
Capital
Total equity as a percentage of total assets		18.3	%		19.2	%		22.2	%		22.5	%		23.0	%
Regulatory capital as % of APR		34.8	%		34.2	%		37.7	%		38.3	%		37.2	%
Asset Quality
Allowances over total loans		2.9	%		3.5	%		3.7	%		3.8	%		2.9	%
Non-performing financing as a percentage of total financing		1.1	%		0.8	%		0.9	%		1.7	%		1.7	%
Coverage ratio w/allowances		303.0	%		479.3	%		387.8	%		212.9	%		175.9	%
Cost of Risk		2.9	%		3.0	%		0.0	%		0.2	%		0.2	%

21

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: November 24, 2021

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