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

May 23, 2022

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

1Q22 Earnings Release

Banco Macro Announces Results for the First Quarter of 2022

Buenos Aires, Argentina, May 23, 2022 – Banco Macro S.A. (NYSE: BMA; BYMA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the first quarter ended March 31, 2022 (“1Q22”). 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 2021 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through March 31, 2022.

Summary

●The Bank’s net income totaled Ps.6 billion in 1Q22. This result was 51% lower than the result posted in 4Q21 but 77% higher than the result registered in 1Q21. In 1Q22, the annualized return on average equity (“ROAE”) and the annualized return on average assets (“ROAA”) were 9% and 2.2%, respectively. Total comprehensive income was Ps.5.4 billion, 56% lower than in 4Q21 but 26% higher than a year ago.

● In 1Q22 Operating Income (after G&A and personnel expenses) totaled Ps.36.6 billion, 41% or Ps.10.6 billion higher than in 4Q21 and 24% or Ps.7.2 billion higher than the same period of last year.

● In 1Q22, Banco Macro’s financing to the private sector decreased 8% or Ps.33.3 billion quarter over quarter (“QoQ”) totaling Ps.371.8 billion and decreased 8% or Ps.30.5 billion year over year (“YoY”).

● In 1Q22, Banco Macro’s total deposits decreased 1% or Ps.5.9 billion QoQ, totaling Ps.677.5billion and representing 79% of the Bank’s total liabilities. Private sector deposits decreased 3% or Ps.19.2 billion QoQ.

● Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.236.6 billion, 38.5% regulatory capital ratio – Basel III and 33.7% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 93% of its total deposits in 1Q22.

● In 1Q22, the Bank’s non-performing to total financing ratio was 1.64% and the coverage ratio reached 163.2%.

1Q22 Earnings Release Conference Call

		IR Contacts in Buenos Aires:
Tuesday, May 24, 2022
Time: 11:00 a.m. Eastern Time | 12:00 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 05/24/2022 through 06/07/2022	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

1Q22 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

1Q22 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 2021 have been restated in accordance with said Communication in order to make a comparison possible.

Results

Earnings per outstanding share were Ps.9.4 in 1Q22, 51% lower than in 4Q21 and 77% higher than the result posted a year ago.

EARNINGS PER SHARE	MACRO Consolidated					Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21	2Q21	3Q21	4Q21	1Q22		QoQ		YoY
Net income -Parent Company- (M $)	3,393	6,455	9,408	12,226	6,008		-51	%	77	%
Average # of shares outstanding (M)	639	639	639	639	639		0	%	0	%
Average #of treasury stocks (shares repurchased)	0	0	0	-	-		-		-100	%
Book value per avg. Outstanding share ($)	413	399	414	433	442		2	%	7	%
Shares Outstanding (M)	639	639	639	639	639		0	%	0	%
Earnings per avg.  outstanding share ($)	5.31	10.10	14.72	19.13	9.40		-51	%	77	%
EOP FX (Pesos per USD)	91.9850	95.7267	98.7350	102.7500	110.9783		8	%	21	%
Book value per avg. issued ADS (USD)	44.90	41.68	41.93	42.14	39.83		-5	%	-11	%
Earnings per avg. outstanding ADS (USD)	0.58	1.06	1.49	1.86	0.85		-55	%	47	%

Banco Macro’s 1Q22 net income of Ps.6 billion was 51% or Ps.6.2 billion lower than the previous quarter but 77% or Ps.2.6 million higher YoY. This result represented an annualized ROAE and ROAA of 9% and 2.2% respectively.

Net operating income (before G&A and personnel expenses) was Ps.64.2 billion in 1Q22, 11% or Ps.6.5 billion higher compared to 4Q21 due to higher income from financial instruments at fair value through P&L, higher fx gains and lower loan loss provisions. On a yearly basis Net operating income increased 11% or Ps.6.4 billion.

In 1Q22 Provision for loan losses totaled Ps.745 million, decreasing Ps.1.5 billion compared to the previous quarter. It should be noted that in the previous quarter of last year loan loss provisions were explained by additional provisions made by the Bank based on estimations of the adverse macroeconomic impact of a no deal between the Argentine Government and the I.M.F. On a yearly basis, Provision for loan losses increased Ps.741 million.

Operating income (after G&A and personnel expenses) was Ps.36.5 billion in 1Q22, 41% or Ps.10.6 billion higher than in 4Q21 and 24% or Ps.7.2 billion higher than a year ago.

It is important to emphasize that this result was obtained with a leverage of only 4x assets to equity ratio.

4

1Q22 Earnings Release

INCOME STATEMENT	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21		2Q21		3Q21		4Q21		1Q22		QoQ			YoY
Net Interest Income		36,960		35,623		38,053		41,413		41,911		1	%		13	%
Net fee income		9,195		9,456		10,010		10,168		10,216		0	%		11	%
Net Interest Income + Net Fee Income		46,155		45,079		48,063		51,581		52,127		1	%		13	%
Net Income from financial instruments at fair value through P&L		7,075		7,383		4,422		4,112		6,448		57	%		-9	%
Income from assets at amortized cost		92		86		0		105		0		-100	%		-100	%
Differences in quoted prices of gold and foreign currency		1,887		894		757		1,857		3,085		66	%		63	%
Other operating income		2,558		1,970		2,256		2,303		3,262		42	%		28	%
Provision for loan losses		4		297		271		2,278		745		-67	%		18525	%
Net Operating Income		57,763		55,116		55,227		57,679		64,177		11	%		11	%
Employee benefits		11,257		11,737		11,543		11,289		9,811		-13	%		-13	%
Administrative expenses		5,296		5,434		5,747		6,844		5,514		-19	%		4	%
Depreciation and impairment of assets		1,998		2,005		2,120		2,148		2,192		2	%		10	%
Other operating expenses		9,859		8,761		9,647		11,424		10,123		-11	%		3	%
Operating Income		29,353		27,179		26,170		25,974		36,537		41	%		24	%
Result from associates & joint ventures		36		27		-2		41		-36		-			-
Result from net monetary postion		-22,402		-18,952		-16,395		-17,617		-28,917		64	%		29	%
Result before taxes from continuing operations		6,987		8,254		9,773		8,398		7,584		-10	%		9	%
Income tax		3,594		1,799		365		-3,828		1,576		-141	%		-56	%
Net income from continuing operations		3,393		6,455		9,408		12,226		6,008		-51	%		77	%
				-		-
Net Income of the period		3,393		6,455		9,408		12,226		6,008		-51	%		77	%
Net income of the period attributable to parent company		3,393		6,454		9,408		12,226		6,020		-51	%		77	%
Net income of the period attributable to minority interest		-		1.00		-		-		-12		-			-
Other Comprehensive Income		912		299		71		80		-597		-			-
Foreign currency translation differences in financial statements conversion		-150		-279		-236		-224		-258		-			-
Profits or losses from financial assets measured at fair value  through other comprehensive income (FVOCI)  (IFRS 9(4.1.2)(a)		1,062		578		307		304		-339		-212	%		-132	%
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		4,305		6,754		9,479		12,306		5,411		-56	%		26	%
Total Comprehensive Income attributable to parent Company		4,305		6,753		9,479		12,306		5,423		-56	%		26	%
Total Comprehensive Income attributable to non-controlling interests		-		1		-		-		-12		-			-

The Bank’s 1Q22 net interest income totaled Ps.41.9 billion, 1% or Ps.498 million higher than in 4Q21 and 13% or Ps.5 billion higher YoY.

In 1Q22 interest income totaled Ps.68.8 billion, 4% or Ps.2.8 billion higher than in 4Q21 and 2% or Ps. 1.1 billion lower than in 1Q21.

Income from interest on loans and other financing totaled Ps.33.8 billion, 1% or Ps.494 million lower compared to the previous quarter, due to a 4% decrease in the average volume of private sector loans which was partially compensated by a 202 b.p increase in the average lending rates. On a yearly basis Income from interest on loans decreased 2% or Ps.798 million.

In 1Q22 income from government and private securities increased 16% or Ps.4.8 billion QoQ and increased 8% or Ps.2.5 billion compared with the same period of last year. This result is explained 95% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 5% is explained by income from sovereign bonds in pesos at amortized cost.

5

1Q22 Earnings Release

In 1Q22, income from Repos totaled Ps.432 million, 78% or Ps.1.5 billion higher than the previous quarter and 87% or Ps.2.8 billion lower than a year ago.

In 1Q22 FX income totaled Ps.3.1 billion, 66% or Ps.1.2 billion higher than the previous quarter and 63% or Ps.1.2 billion higher than a year ago, due to the Bank’s long dollar position, an 8% depreciation in the quarter of the Argentine peso against the US dollar and higher Fx.

FX INCOME	MACRO Consolidated						Variation
In MILLION $ (Measuring Unit Current at EOP)	3Q20		2Q21		3Q21		QoQ			YoY
(1) Differences in quoted prices of  gold and foreign currency		3,103		1,857		3,085		66	%		-1	%
Translation of FX assets and liabilities to Pesos		2,791		1,670		2,835		70	%		2	%
Income from foreign currency exchange		311		187		250		34	%		-20	%
(2) Net Income from financial assets and liabilities at fair value through P&L		-		-		-		-			-
Income from investment in derivative financing instruments		-		-		-		-			-
(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency		3,103		1,857		3,085		66	%		-1	%

INTEREST INCOME	MACRO Consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)		1Q21	2Q21	3Q21	4Q21	1Q22		QoQ		YoY
Interest on Cash and due from Banks		4	4	4	3	3		0	%	-25	%
Interest from government securities		31,904	27,542	29,077	29,691	34,553		16	%	8	%
Interest from private securities		160	91	56	45	25		-44	%	-84	%
Interest on loans and other financing
To the financial sector		261	185	178	161	92		-43	%	-65	%
To the public non financial sector		716	570	460	361	276		-24	%	-61	%
Interest on overdrafts		2,632	2,035	2,319	2,384	2,534		6	%	-4	%
Interest on documents		2,147	2,292	2,962	3,479	3,051		-12	%	42	%
Interest on mortgages loans		4,737	4,747	3,836	4,419	4,675		6	%	-1	%
Interest on pledged loans		172	203	327	532	518		-3	%	201	%
Interest on personal loans		14,341	13,836	13,574	14,123	13,803		-2	%	-4	%
Interest on credit cards loans		4,211	4,026	4,111	4,749	5,081		7	%	21	%
Interest on financial leases		34	22	-1	43	46		7	%	35	%
Interest on other loans		5,382	4,408	4,117	4,078	3,759		-8	%	-30	%
Interest on Repos
From the BCRA		3,223	1,878	2,796	1,950	397		-80	%	-88	%
Other financial institutions		22	22	7	10	35		250	%	59	%
Total Interest income		69,946	61,861	63,823	66,028	68,848		4	%	-2	%
Income from Interest on loans		34,633	32,324	31,883	34,329	33,835		-1	%	-2	%

The Bank’s 1Q22 interest expense totaled Ps.26.9 billion, increasing 9% or Ps.2.3 billion compared to the previous quarter and 18% or Ps.6 billion lower compared to 1Q21.

In 1Q22, interest on deposits represented 96% of the Bank’s total interest expense, increasing 10% or Ps.2.3 billion QoQ, due to a 217 b.p. increase in the average rate paid on deposits while the average volume of deposits from the private sector increased 1%. On a yearly basis, interest on deposits decreased 18% or Ps.5.5 billion.

6

1Q22 Earnings Release

INTEREST EXPENSE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21		2Q21		3Q21		4Q21		1Q22		QoQ			YoY
Deposits
Interest on checking accounts		1,127		110		125		165		431		161	%		-62	%
Interest on saving accounts		358		392		332		353		393		11	%		10	%
Interest on time deposits		29,763		24,414		24,101		23,002		24,951		8	%		-16	%
Interest on other financing from BCRA and financial inst.		68		61		30		24		45		88	%		-34	%
Repos
Other financial institutions		85		94		94		70		217		210	%		155	%
Interest on corporate bonds		546		185		141		128		112		-13	%		-79	%
Interest on subordinated bonds		1,031		977		938		821		726		-12	%		-30	%
Interest on other financial liabilities		8		5		9		52		62		19	%		675	%
Total financial expense		32,986		26,238		25,770		24,615		26,937		9	%		-18	%
Expenses from interest on deposits		31,248		24,916		24,558		23,520		25,775		10	%		-18	%

In 1Q22, the Bank’s net interest margin (including FX) was 22.8%, higher than the 21.2% posted in 4Q21 and the 17.4% posted in 1Q21.

In 1Q22 Net Interest Margin (excluding FX) was 21.2%, higher than the 20.3% posted in 4Q21 and the 16.5% posted in 1Q21.

In 1Q22 Net Interest Margin (Pesos) was 23.6%, higher than the 22.9% posted in 4Q21 and the 19.1% posted in 1Q21; meanwhile Net Interest Margin (USD) was 4.1%, lower than the 4.1% posted in 4Q21 and the 2.2% registered in 1Q21.

ASSETS & LIABILITIES PERFORMANCE (AR$)	MACRO Consolidated
In MILLION $	1Q21								2Q21								3Q21								4Q21								1Q22
(Measuring Unit Current at EOP) Yields & rates in annualized nominal %	AVERAGE BALANCE		REAL INT RATE			NOMINAL INT RATE			AVERAGE BALANCE		REAL INT RATE			NOMINAL INT RATE			AVERAGE BALANCE		REAL INT RATE			NOMINAL INT RATE			AVERAGE BALANCE		REAL INT RATE			NOMINAL INT RATE			AVERAGE BALANCE		REAL INT RATE			NOMINAL INT RATE
Interest-earning assets
Loans & Other Financing
Public Sector		5,769		-1.5	%		50.3	%		4,724		3.1	%		48.4	%		3,994		6.5	%		45.7	%		3,379		1.3	%		42.4	%		2,490		-12.2	%		45.0	%
Financial Sector		3,084		-12.0	%		34.2	%		2,260		-7.7	%		32.8	%		1,976		-0.8	%		35.7	%		1,952		-5.6	%		32.7	%		1,112		-19.1	%		33.6	%
Private Sector		373,253		-11.8	%		34.6	%		340,865		-6.3	%		34.9	%		344,581		-2.2	%		33.8	%		368,496		-4.4	%		34.3	%		356,259		-17.5	%		36.2	%
Other debt securities
Central Bank Securities (Leliqs)		211,571		-9.9	%		37.5	%		176,201		-4.5	%		37.5	%		165,071		0.5	%		37.5	%		157,794		-2.1	%		37.6	%		191,189		-15.1	%		40.3	%
Government & Private Securities		140,151		-10.8	%		36.1	%		128,332		-6.3	%		34.8	%		159,462		-2.4	%		33.6	%		142,715		0.3	%		40.9	%		145,142		-13.2	%		43.3	%
Repos		36,358		-10.7	%		36.2	%		21,074		-5.4	%		36.2	%		30,611		-0.4	%		36.3	%		21,493		-3.1	%		36.2	%		5,081		-18.6	%		34.5	%
Total interest-earning assets		770,186		-10.9	%		35.9	%		673,456		-5.7	%		35.7	%		705,695		-1.5	%		34.8	%		695,829		-2.9	%		36.5	%		701,273		-16.0	%		38.8	%
Fin. Assets through P&L and equity inv.		66,881		-6.3	%		42.9	%		70,751		-1.4	%		41.9	%		46,588		0.6	%		37.7	%		36,030		3.4	%		45.3	%		37,598		0.6	%		37.7	%
Other Non interest-earning assets		91,844								80,116								84,123								83,280								85,213
Total Non interest-earning assets		158,725								150,867								130,711								119,310								122,811
Total Average Assets		928,911								824,323								836,406								815,139								824,084
Interest-bearing liabilities
Deposits
Public Sector		57,243		-14.9	%		29.8	%		34,634		-11.1	%		28.0	%		27,547		-6.4	%		28.1	%		23,084		-9.1	%		27.7	%		24,933		-21.4	%		29.8	%
Private Sector		432,103		-17.9	%		25.3	%		365,298		-13.4	%		24.7	%		373,763		-9.4	%		24.0	%		367,415		-12.0	%		23.6	%		376,645		-23.8	%		25.8	%
BCRA and other financial institutions		1,045		-16.9	%		26.8	%		945		-12.2	%		26.3	%		486		-7.3	%		26.9	%		360		26.8	%		78.2	%		563		6.3	%		75.6	%
Corporate bonds		7,875		-16.0	%		28.1	%		3,874		-17.2	%		19.2	%		3,077		-13.6	%		18.2	%		3,639		-18.9	%		14.0	%		3,212		-30.9	%		14.1	%
Repos		1,104		-14.0	%		31.2	%		1,252		-9.6	%		30.1	%		1,518		-8.9	%		24.6	%		958		-8.2	%		29.0	%		2,801		-20.4	%		31.4	%
Total int.-bearing liabilities		499,370		-17.5	%		25.9	%		406,003		-13.2	%		24.9	%		406,391		-9.2	%		24.2	%		395,456		-11.8	%		23.9	%		408,154		-23.7	%		26.0	%
Total non int.-bearing liabilities		263,324								256,679								259,357								268,304								254,095
Total Average Liabilities		762,694								662,682								665,748								663,760								662,249
Assets Performance				68,091								59,951								61,858								63,994								67,087
Liabilities Performance				31,894								25,225								24,803								23,776								26,200
Net Interest Income				36,197								34,726								37,055								40,218								40,887
Total interest-earning assets				770,186								673,456								705,695								695,829								701,273
Net Interest Margin (NIM)				19.1	%							20.7	%							21.1	%							22.9	%							23.6	%

7

1Q22 Earnings Release

ASSETS & LIABILITIES PERFORMANCE USD	MACRO Consolidated
In MILLION $	1Q21								2Q21								3Q21								4Q21								1Q22
(Measuring Unit Current at EOP) Yields & rates in annualized nominal %	AVERAGE BALANCE		REAL INT RATE			NOMINAL INT RATE			AVERAGE BALANCE		REAL INT RATE			NOMINAL INT RATE			AVERAGE BALANCE		REAL INT RATE			NOMINAL INT RATE			AVERAGE BALANCE		REAL INT RATE			NOMINAL INT RATE			AVERAGE BALANCE		REAL INT RATE			NOMINAL INT RATE
Interest-earning assets
Cash and Deposits in Banks		91,289		-9.7	%		0.0	%		68,241		-19.2	%		0.0	%		64,480		-17.8	%	��	0.0	%		57,861		-17.3	%		0.0	%		48,622		-19.8	%		0.0	%
Loans & Other Financing
Financial Sector		36		0.5	%		11.3	%		10		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%
Private Sector		37,482		8.1	%		19.7	%		33,194		-0.8	%		22.7	%		26,623		5.7	%		28.6	%		22,256		11.3	%		34.6	%		17,148		12.1	%		39.8	%
Other debt securities
Government & Private Securities		8,775		-8.5	%		1.3	%		5,119		-17.5	%		2.1	%		10,038		-16.4	%		1.7	%		34,362		-16.5	%		1.0	%		34,721		-19.1	%		0.9	%
Total interest-earning assets		137,582		-4.7	%		5.5	%		106,564		-13.4	%		7.2	%		101,141		-11.5	%		7.7	%		114,479		-11.6	%		7.0	%		100,491		-14.1	%		7.1	%
Non interest-earning assets		173,749								173,966								180,268								175,625								171,048
Total Average Assets		311,331								280,530								281,409								290,104								271,539
Interest-bearing liabilities
Deposits
Public Sector		2,255		-9.3	%		0.4	%		3,522		-19.1	%		0.1	%		3,422		-17.7	%		0.1	%		5,020		-17.3	%		0.1	%		5,631		-19.7	%		0.1	%
Private Sector		87,478		-9.5	%		0.2	%		81,798		-19.0	%		0.2	%		78,996		-17.7	%		0.1	%		70,505		-17.3	%		0.1	%		63,902		-19.7	%		0.1	%
BCRA and other financial institutions		598		-5.4	%		4.7	%		828		-17.7	%		1.9	%		647		-14.8	%		3.7	%		474		-13.9	%		4.2	%		292		-17.5	%		2.8	%
Subordinated bonds		58,787		-3.3	%		7.1	%		55,464		-13.4	%		7.1	%		52,744		-12.0	%		7.1	%		49,397		-11.9	%		6.6	%		46,400		-14.7	%		6.3	%
Total int.-bearing liabilities		149,118		-7.0	%		3.0	%		141,612		-16.8	%		2.9	%		135,809		-15.5	%		2.8	%		125,396		-15.1	%		2.7	%		116,225		-17.7	%		2.6	%
Total non int.-bearing liabilities		71,867								49,362								60,414								51,350								45,787
Total Average liabilities		220,985								190,974								196,223								176,746								162,012
Assets Performance				1,855								1,910								1,965								2,034								1,761
Liabilities Performance				1,092								1,013								967								839								737
Net Interest Income				763								897								998								1,195								1,024
Total interest-earning assets				137,582								106,564								101,141								114,479								100,491
Net Interest Margin (NIM)				2.2	%							3.4	%							4.0	%							4.1	%							4.1	%

In 1Q22 Banco Macro’s net fee income totaled Ps.10.2 billion, Ps.48 million higher than in 4Q21 and 11% or Ps.1 billion higher than the same period of last year.

In the quarter, fee income totaled Ps.11.3 billion, Ps.38 million lower than in 4Q21. ATM transaction fees and credit related fees stand out with a 6% and 18% decrease respectively, which was partially offset by a 3% increase in fees charged on deposit accounts. On a yearly basis, fee income increased 11% or Ps.1.1 billion.

In the quarter, total fee expense decreased 8% or Ps.87 million. On a yearly basis, fee expenses increased 14% or Ps.126 million.

NET FEE INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21		2Q21		3Q21		4Q21		1Q22		QoQ			YoY
Fees charged on deposit accounts		3,807		4,170		4,325		4,189		4,312		3	%		13	%
Credit card fees		1,869		1,766		1,966		2,045		2,073		1	%		11	%
Corporate services fees		1,071		1,100		1,267		1,352		1,425		5	%		33	%
ATM transactions fees		1,015		936		1,022		1,039		975		-6	%		-4	%
Insurance fees		669		655		641		687		653		-5	%		-2	%
Debit card fees		663		658		711		766		752		-2	%		13	%
Financial agent fees (Provinces)		546		610		608		631		582		-8	%		7	%
Credit related fees		229		265		235		288		237		-18	%		3	%
Mutual funds & securities fees		200		181		249		250		214		-14	%		7	%
AFIP & Collection services		42		45		49		49		36		-27	%		-14	%
ANSES fees		15		17		14		15		14		-7	%		-7	%
Total fee income		10,126		10,403		11,087		11,311		11,273		0	%		11	%
Total fee expense		931		946		1,077		1,144		1,057		-8	%		14	%
Net fee income		9,195		9,457		10,010		10,167		10,216		0	%		11	%

In 1Q22 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.6.4 billion gain, 57% or Ps.2.3 billion higher than the previous quarter. This increase is mostly related to higher income from investments in equity instruments. On a yearly basis Net income from financial assets and liabilities at fair value through profit or loss decreased 9% or Ps.627 million.

8

  1Q22 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)	1Q21		2Q21		3Q21		4Q21		1Q22		QoQ			YoY
Profit or loss from government securities		6,255		6,765		3,425		3,187		1,402		-56	%		-78	%
Profit or loss from private securities		252		620		624		-52		154		-396	%		-39	%
Profit or loss from investment in derivative financing instruments		0		0		0		0		0		-			-
Profit or loss from other financial assets		-4		-5		-1		-2		65		-			-
Profit or loss from investment in equity instruments		618		-27		-64		680		3,821		-			-
Profit or loss from the sale of financial assets at fair value		-46		37		530		309		1,006		226	%		-
Income from financial assets at fair value through profit or loss		7,075		7,390		4,514		4,122		6,448		4	%		55	%
Profit or loss from derivative financing instruments		0		-7		-92		-10		0		-			-
Income from financial liabilities at fair value through profit or loss		0		-7		-92		-10		0		-			-
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS		7,075		7,383		4,422		4,112		6,448		57	%		-9	%

In the quarter Other Operating Income totaled Ps.3.3 billion, 42% or Ps.959 million higher than in 1Q21. On a yearly basis Other Operating Income increased 28% or Ps.704 million.

OTHER OPERATING INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21		2Q21		3Q21		4Q21		1Q22		QoQ			YoY
Credit and debit cards		80		92		113		164		182		11	%		128	%
Lease of safe deposit boxes		320		343		350		345		344		0	%		8	%
Other service related fees		652		697		990		840		818		-3	%		25	%
Other adjustments and interest from other receivables		418		580		354		347		376		8	%		-10	%
Initial recognition of loans		5		-5		0		0		427		-			-
Sale of property, plant and equipment		3		0		0		3		0		-			-
Others		1,080		263		449		559		1,102		97	%		2	%
Other Operating Income		2,558		1,970		2,256		2,303		3,262		42	%		28	%

In 1Q22 Banco Macro was able to reduce expenses in real terms given that administrative expenses plus employee benefits totaled Ps.15.3 billion, decreasing 15% or Ps.2.8 billion compared to the previous quarter, personnel expenses decreased 13% while administrative expenses decreased 19%. On a yearly basis administrative expenses plus employee benefits decreased 7% or Ps.1.2 billion.

Employee benefits decreased 13% or Ps.1.5 billion QoQ with lower remunerations and social security contributions. On a yearly basis Employee benefits decreased 13% or Ps.1.4 billion.

In 1Q22 administrative expenses decreased 19% or Ps.1.3 billion, due to lower Director fees and lower other administrative expenses.

In 1Q22, the efficiency ratio reached 29.6%, improving from the 37.4 % posted in 4Q21 and the 35.7% posted a year ago. In 1Q22 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) decreased 14%, 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 9% compared to 4Q21.

9

  1Q22 Earnings Release

PERSONNEL& ADMINISTRATIVE EXPENSES	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21			2Q21			3Q21			4Q21			1Q22			QoQ			YoY
Employee benefits		11,257			11,737			11,543			11,289			9,811			-13	%		-13	%
Remunerations		8,115			8,499			8,084			7,825			6,670			-15	%		-18	%
Social Security Contributions		1,827			1,948			1,866			1,864			1,538			-17	%		-16	%
Compensation and bonuses		1,072			1,032			1,270			1,163			1,225			5	%		14	%
Employee services		243			258			323			437			378			-14	%		56	%
Administrative Expenses		5,296			5,434			5,747			6,844			5,514			-19	%		4	%
Taxes		840			837			863			860			863			0	%		3	%
Maintenance, conservation fees		903			925			990			1,033			890			-14	%		-1	%
Directors& statutory auditors fees		163			142			155			447			276			-38	%		69	%
Security services		584			582			599			601			572			-5	%		-2	%
Electricity& Communications		618			603			578			560			545			-3	%		-12	%
Other professional fees		394			540			468			575			509			-11	%		29	%
Rental agreements		48			27			27			34			28			-18	%		-42	%
Advertising& publicity		90			238			281			405			254			-37	%		182	%
Personnel allowances		45			57			63			115			67			-42	%		49	%
Stationary& Office Supplies		31			35			38			42			38			-10	%		23	%
Insurance		71			77			94			74			66			-11	%		-7	%
Hired administrative services		25			33			39			48			38			-			52	%
Other		1,484			1,338			1,552			2,050			1,368			-33	%		-8	%
Total Administrative Expenses		16,553			17,171			17,290			18,133			15,325			-15	%		-7	%
Total Employees		8,459			8,318			8,167			8,005			7,982
Branches		463			464			464			466			466
Efficiency ratio		35.7	%		38.4	%		38.8	%		37.4	%		29.6	%
Accumulated efficiency ratio		35.7	%		37.0	%		37.6	%		37.5	%		29.6	%

In 1Q22, Other Operating Expenses totaled Ps.10.1 billion, decreasing 11% or Ps.1.3 billion QoQ, due to lower initial loan recognition expenses (Ps.930 million) and lower other operating expenses (12% or Ps.510 million). On a yearly basis Other Operating Expenses increased 3% or Ps.264 million.

OTHER OPERATING EXPENSES	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21		2Q21		3Q21		4Q21		1Q22		QoQ			YoY
Turnover Tax		5,423		5,053		5,135		5,360		5,551		4	%		2	%
Other provision charges		618		252		428		586		428		-27	%		-31	%
Deposit Guarantee Fund Contributions		349		291		287		282		275		-2	%		-21	%
Donations		1		2		9		23		125		443	%		12400	%
Insurance claims		17		20		25		43		54		26	%		218	%
Initial loan recognition		0		84		150		930		0		100	%		-
Others		3,451		3,059		3,613		4,200		3,690		-12	%		7	%
Other Operating Expenses		9,859		8,761		9,647		11,424		10,123		-11	%		3	%

In 1Q22 the result from the net monetary position totaled a Ps.28.9 billion loss, 64% or Ps.11.3 billion higher than the loss posted in 4Q21. Higher inflation was observed during the quarter (586 b.p. above 4Q21 level, up from 10.21% to 16.07%).

OPERATING RESULT	MACRO consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21		2Q21		3Q21		4Q21		1Q22		QoQ			YoY
Operating Result (exc. Loss from net monetary position)		29,353		27,179		26,170		25,974		36,537		41	%		24	%
Result from net monetary position (i.e. inflation adjustment)		-22,402		-18,952		-16,395		-17,617		-28,917		64	%		29	%
Operating Result (Inc. Loss from net monetary position)		6,951		8,227		9,775		8,357		7,620		-9	%		10	%

In 1Q22 Banco Macro's effective income tax rate was 21%. For more information please see note 20 to our Financial Statements.

10

  1Q22 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.371.8 billion, decreasing 8% or Ps.33.3 billion QoQ and decreasing 8% or Ps.30.5 billion YoY.

Within Commercial loans Documents and Others stand out with a 20% or Ps.9 billion decrease and 29% or Ps.11.7 billion decrease respectively.

Meanwhile within Consumer lending Personal loans decreased 3% or Ps.3.8 billion while Credit Card loans decreased 2% or Ps.2 billion.

Within private sector financing, peso financing decreased 8% or Ps.32.2 billion, while US dollar financing decreased 13% or USD 23 million.

As of 1Q22, Banco Macro´s market share over private sector loans was 7%.

FINANCING TO THE PRIVATE SECTOR	MACRO Consilidated															Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21			2Q21			3Q21			4Q21			1Q22			QoQ			YoY
Overdrafts		22,511			21,813			24,946			27,004			26,217			-3	%		16	%
Discounted documents		41,581			38,020			47,770			46,034			37,040			-20	%		-11	%
Mortgage loans		21,886			20,472			22,587			25,553			21,906			-14	%		0	%
Pledged loans		5,147			5,320			7,756			8,504			7,457			-12	%		45	%
Personal loans		116,063			109,541			108,380			108,659			104,878			-3	%		-10	%
Credit Card loans		101,577			97,956			100,930			110,223			108,258			-2	%		7	%
Others		55,881			42,682			40,569			40,855			29,133			-29	%		-48	%
Interest		34,010			35,050			34,894			35,809			34,788			-3	%		2	%
Total loan portfolio		398,656			370,854			387,832			402,641			369,677			-8	%		-7	%
Total loans in Pesos		362,400			345,057			363,526			385,501			353,605			-8	%		-2	%
Total loans in USD		36,256			25,797			24,306			17,140			16,072			-6	%		-56	%
Financial trusts		456			587			445			616			667			8	%		46	%
Leasing		193			224			234			555			538			-3	%		179	%
Others		2,998			2,655			2,785			1,278			874			-32	%		-71	%
Total other financing		3,647			3,466			3,464			2,449			2,079			-15	%		-43	%
Total other financing in Pesos		1,964			1,889			2,035			1,754			1,482			-16	%		-25	%
Total other financing in USD		1,683			1,577			1,429			695			597			-14	%		-65	%
Total financing to the private sector		402,303			374,320			391,296			405,090			371,756			-8	%		-8	%
EOP FX (Pesos per USD)		91.9850			95.7267			98.7350			102.7500			110.9783			8	%		21	%
USD financing / Financing to the private sector		9	%		7	%		7	%		4	%		4	%

11

  1Q22 Earnings Release

Public Sector Assets

In 1Q22, the Bank’s public sector assets (excluding LELIQs) to total assets ratio was 22.1%, higher than the 18.1% registered in the previous quarter, and the 16.9% posted in 1Q21.

In 1Q22, a 37% or Ps.57.6 billion increase in Leliqs and a 21% or Ps.43.8 billion incrase in Other Government Securities stand out.

PUBLIC SECTOR ASSETS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21			2Q21			3Q21			4Q21			1Q22			QoQ			YoY
Leliqs		189,015			171,250			166,787			154,339			211,908			37	%		12	%
Other		195,862			233,363			198,889			206,645			250,455			21	%		28	%
Government securities		384,877			404,613			365,676			360,984			462,363			28	%		20	%
Provincial loans		4,867			4,838			3,168			2,477			1,820			-27	%		-63	%
Loans		4,867			4,838			3,168			2,477			1,820			-27	%		-63	%
Purchase of government bonds		257			240			224			209			0			-100	%		-100	%
Other receivables		257			240			224			209			0			-100	%		-100	%
TOTAL PUBLIC SECTOR ASSETS		390,001			409,691			369,068			363,670			464,183			28	%		19	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)		200,986			238,441			202,281			209,331			252,275			21	%		26	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS		16.9	%		21.0	%		17.6	%		18.1	%		22.1	%

Funding

Deposits

Banco Macro’s deposit base totaled Ps.677.5 billion in 1Q22, decreasing 1% or Ps.5.9 billion QoQ and a 4% or Ps.71.7 billion decrease YoY and representing 79% of the Bank’s total liabilities.

On a quarterly basis, private sector deposits decreased 3% or Ps.19.2 billion while public sector deposits increased 20% or Ps.13.4 billion.

The decrease in private sector deposits was led by demand deposits, which decreased 10% or Ps.33.6 billion, while time deposits increased 6% or Ps.15.9 billion QoQ.

Within private sector deposits, peso deposits increased 1% or Ps.4.3 billion, while US dollar deposits decreased 16% or USD 173 million.

As of 1Q22, Banco Macro´s market share over private sector deposits was 5.6%.

12

  1Q22 Earnings Release

DEPOSITS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21			2Q21			3Q21			4Q21			1Q22			QoQ			YoY
Public sector		85,869			72,141			68,987			65,466			78,854			20	%		-8	%
Financial sector		1,076			1,006			1,061			1,116			1,034			-7	%		-4	%
Private sector		622,337			615,077			623,479			616,895			597,657			-3	%		-4	%
Checking accounts		107,853			108,986			125,994			117,078			109,227			-7	%		1	%
Savings accounts		190,670			201,545			187,651			213,510			187,732			-12	%		-2	%
Time deposits		309,505			287,540			293,951			270,962			286,855			6	%		-7	%
Other		14,309			17,006			15,883			15,345			13,843			-10	%		-3	%
Total		709,282			688,224			693,527			683,477			677,545			-1	%		-4	%
Pesos		580,730			565,248			564,887			571,350			575,643			1	%		-1	%
Foreign Currency (Pesos)		128,552			122,976			128,640			112,127			101,902			-9	%		-21	%
EOP FX (Pesos per USD)		91.9850			95.7267			98.7350			102.7500			110.9783			8	%		21	%
Foreign Currency (USD)		1,398			1,285			1,303			1,091			918			-16	%		-34	%
USD Deposits / Total Deposits		18	%		18	%		19	%		16	%		15	%

Banco Macro’s transactional deposits represent approximately 49% of its total deposit base as of 1Q22. These accounts are low cost and are not sensitive to interest rate increases.

Other sources of funds

In 1Q22, the total amount of other sources of funds increased 1% or Ps.3.9 billion compared to 4Q21. On a yearly basis other sources of funds increased Ps.933 million. In 1Q22 Shareholder’s Equity increased 2% or Ps.5.4 billion as a consequence of the Ps.5.4 billion total comprehensive income of the quarter; also in the quarter subordinated corporate bonds decreased 6% or Ps.2.7 billion.

OTHER SOURCES OF FUNDS	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21		2Q21		3Q21		4Q21		1Q22		QoQ			YoY
Central Bank of Argentina		31		34		28		25		22		-12	%		-29	%
Banks and international institutions		807		792		653		319		161		-50	%		-80	%
Financing received from Argentine financial institutions		944		165		80		164		1,826		1013	%		93	%
Subordinated corporate bonds		59,172		54,650		52,498		48,719		46,028		-6	%		-22	%
Corporate bonds		7,839		3,399		3,247		3,471		3,096		-11	%		-61	%
Shareholders' equity		263,735		255,119		264,600		276,906		282,328		2	%		7	%
Total other source of funds		332,528		314,159		321,106		329,604		333,461		1	%		0	%

13

  1Q22 Earnings Release

Liquid Assets

In 1Q22, the Bank’s liquid assets amounted to Ps.630.7 billion, showing a 2% or Ps.15.3 billion increase QoQ, and a 5% or Ps.32.5 billion decrease on a yearly basis.

In 1Q22, Leliqs and Other government securities increased 30% and 21% respectively and were partially offset by a 12% decrease in Cash and a 133% decrease in Net Repos.

In 1Q22 Banco Macro’s liquid assets to total deposits ratio reached 93%.

LIQUID ASSETS	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21		2Q21		3Q21		4Q21		1Q22		QoQ		YoY
Cash	238,112		200,557		212,358		200,026		175,531		-12	%	-26	%
Guarantees for compensating chambers	18,539		17,010		18,727		18,020		16,000		-11	%	-14	%
Call	1,706		0		0		0		0		-		-100	%
Leliq own portfolio	189,015		171,250		166,787		154,339		200,611		30	%	6	%
Net Repos	19,993		17,861		26,379		36,453		-11,854		-133	%	-159	%
Other government & private securities	195,862		233,363		198,889		206,645		250,455		21	%	28	%
Total	663,227		640,041		623,140		615,483		630,743		2	%	-5	%
Liquid assets to total deposits	94	%	93	%	90	%	90	%	93	%

Solvency

Banco Macro continued showing high solvency levels in 1Q22 with an integrated capital (RPC) of Ps.300.2 billion over a total capital requirement of Ps.63.6 billion. Banco Macro’s excess capital in 1Q22 was 372% or Ps.236.6 billion.

The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 38.5% in 1Q22; TIER1 Ratio stood at 33.7%.

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

MINIMUM CAPITAL REQUIREMENT	MACRO Consolidated										Change
In MILLION $	1Q21		2Q21		3Q21		4Q21		1Q22		QoQ		YoY
Credit risk requirement	29,047		29,413		34,030		36,726		40,488		10	%	39	%
Market risk requirement	1,538		1,559		1,631		3,585		3,886		8	%	153	%
Operational risk requirement	12,934		14,252		15,691		17,438		19,206		10	%	48	%
Total capital requirements	43,519		45,224		51,352		57,749		63,581		10	%	46	%
Ordinary Capital Level 1 (COn1)	171,410		182,409		203,858		233,700		279,447		20	%	63	%
Deductible concepts Level 1 (COn1)	-9,889		-11,194		-12,411		-14,585		-16,866		16	%	71	%
Capital Level 2 (COn2)	39,442		40,987		42,565		36,401		37,615		3	%	-5	%
Integrated capital - RPC (i)	200,964		212,202		234,012		255,516		300,196		17	%	49	%
Excess capital	157,445		166,978		182,660		197,767		236,615		20	%	50	%
Risk-weighted assets - RWA (ii)	533,407		554,596		629,505		708,490		780,016		10	%	46	%
Regulatory Capital ratio [(i)/(ii)]	37.7	%	38.3	%	37.2	%	36.1	%	38.5	%
Ratio TIER 1 [Capital Level 1/RWA]	30.3	%	30.9	%	30.4	%	30.9	%	33.7	%

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

14

  1Q22 Earnings Release

Asset Quality

In 1Q22, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 1.64%, deteriorating from the 1.3% registered in 4Q21, and above the 0.92% posted in 1Q21.

Consumer portfolio non-performing loans decreased 5b.p. (down to 1.35% from 1.40%) while Commercial portfolio non-performing loans increased 177b.p. in 1Q22 (up to 2.77% from 0.99%) mainly due to a specific commercial SME client which showed signs of credit deterioration.

The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) reached to 163.17% in 1Q22. Write-offs over total loans totaled 0.15%.

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)	1Q21		2Q21		3Q21		4Q21		1Q22		QoQ		YoY
Commercial portfolio	117,745		102,234		105,748		101,154		81,125		-20	%	-31	%
Non-performing	1,174		1,139		599		1,006		2,244		123	%	91	%
Consumer portfolio	312,849		296,985		306,410		324,020		304,435		-6	%	-3	%
Non-performing	2,784		5,575		6,273		4,523		4,099		-9	%	47	%
Total portfolio	430,594		399,219		412,158		425,174		385,560		-9	%	-10	%
Non-performing	3,958		6,714		6,872		5,529		6,342		15	%	60	%
Commercial non-perfoming ratio	1.00	%	1.11	%	0.57	%	0.99	%	2.77	%
Consumer non-perfoming ratio	0.89	%	1.88	%	2.05	%	1.40	%	1.35	%
Total non-performing/ Total portfolio	0.92	%	1.68	%	1.67	%	1.30	%	1.64	%
Total allowances	15,350		14,295		12,088		11,590		10,349		-11	%	-33	%
Coverage ratio w/allowances	387.82	%	212.91	%	175.90	%	209.61	%	163.17	%
Write Offs	198		154		1,435		665		566		-15	%	186	%
Write Offs/ Total portfolio	0.05	%	0.04	%	0.35	%	0.16	%	0.15	%

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

  1Q22 Earnings Release

CER Exposure and Foreign Currency Position

CER EXPOSURE	MACRO Consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21		2Q21	3Q21	4Q21	1Q22	QoQ		YoY
CER adjustable ASSETS
Government Securities	110,572		138,281	95,800	113,679	166,869	47	%	51	%
		��
Loans (*)	32,053		31,881	31,109	30,377	28,436	-6	%	-11	%
Private sector loans	11,169		9,989	8,964	8,118	6,874	-15	%	-38	%
Mortgage loans (UVA adjusted)	20,872		21,880	22,129	22,245	21,540	-3	%	3	%
Other loans	12		12	16	14	22	57	%	83	%
Total CER adjustable assets	142,625		170,162	126,909	144,056	195,305	36	%	37	%
CER adjustable LIABILITIES
Deposits (*)	5,612		11,289	10,811	8,981	10,300	15	%	84	%
UVA Unemployment fund	1,420		1,647	1,811	1,861	1,921	3	%	35	%
Total CER adjustable liabilities	7,032		12,936	12,622	10,842	12,221	13	%	74	%
NET CER EXPOSURE	135,593		157,226	114,287	133,214	183,084	37	%	35	%

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

FOREIGN CURRENCY POSITION	MACRO Consolidated					Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21	2Q21	3Q21	4Q21	1Q22	QoQ		YoY
Cash and deposits in Banks	181,847	157,311	156,464	141,639	130,774	-8	%	-28	%
Cash	12,285	11,575	14,911	10,309	17,676	71	%	44	%
Central Bank of Argentina	85,776	83,279	80,909	85,990	66,161	-23	%	-23	%
Other financial institutions local and abroad	83,777	62,449	60,636	45,332	46,874	3	%	-44	%
Others	9	8	8	8	63	688	%	600	%
Net Income from financial instruments at fair value through P&L	59	1,074	1,185	1,432	2,153	50	%	3549	%
Other financial assets	8,766	7,635	7,355	6,952	8,604	24	%	-2	%
Loans and other financing	37,928	27,331	25,693	17,799	16,633	-7	%	-56	%
Other financial institutions	37	0	0	0	0	0	%	-100	%
Non financial private sector& foreign residents	37,892	27,331	25,693	17,799	16,633	-7	%	-56	%
Other debt securities	6,105	7,839	15,011	39,314	33,653	-14	%	451	%
Guarantees received	2,802	2,703	2,668	2,666	2,493	-6	%	-11	%
Investment in equity instruments	19	20	18	82	66	-20	%	247	%
Total Assets	237,526	203,913	208,394	209,884	194,376	-7	%	-18	%
Deposits	128,552	122,976	128,640	112,127	101,902	-9	%	-21	%
Non financial public sector	6,343	7,468	7,297	8,910	7,689	-14	%	21	%
Financial sector	983	922	935	883	877	-1	%	-11	%
Non financial private sector& foreign residents	121,226	114,586	120,408	102,334	93,336	-9	%	-23	%
Financial liabiities at fair value through P&L	0	0	0	147	461	214	%	-
Other liabilities from financial intermediation	28,626	9,838	10,834	7,553	7,089	-6	%	-75	%
Financing from the Central Bank and other fin. Inst	937	853	656	321	161	-50	%	-83	%
Subordinated corporate bonds	59,172	54,650	52,498	48,719	46,028	-6	%	-22	%
Other non financial liabilities	40	30	30	47	27	-43	%	-33	%
Total Liabilities	217,327	188,347	192,658	168,914	155,668	-8	%	-28	%
NET FX POSITION (Pesos)	20,199	15,566	15,736	40,970	38,708	-6	%	92	%
EOP FX (Pesos per USD)	91.9850	95.7267	98.7350	102.7500	110.9783	8	%	21	%
NET FX POSITION (USD)	220	163	159	399	349	-13	%	59	%

16

  1Q22 Earnings Release

Relevant and Recent Events

· On April 29th 2022 TheShareholders’ Meetingresolved to distribute as dividend to the shareholders in cash and/or in kind, in the latter case valued at market price, the amount of AR$ 14,187,872,701.21, which represents AR$ 22.18 per share, subject to prior authorization from the Banco Central de la República Argentina (“BCRA”), and delegated to the Board the powers to determine the date of the effective availability thereof to the shareholders, currency, terms and other payment terms and conditions of such dividend.

The above stated amount is subject to a 7% withholding under section 97 of the Income Tax Law as revised in 2019. Pursuant to the provisions of Communique “A” 6939 issued by the BCRA on March 19th 2020, as amended, to the date hereof there are dividends in the amount of AR$ 26,580,415,370.12 still pending distribution, representing an aggregate of AR$ 41.57 per share, the distribution of which was approved by the Shareholders’ Meetings held on April 20th and October 21st 2020 and on April 30th 2021 as well.

Please note that on December 16th 2021, the BCRA, through its Communique “A” 7421, established that as of January 1st 2022 and up to December 31st 2022, financial entities shall be able to distribute profits of up to 20% of the amount they would have been allowed to distribute under the rules on “Distribution of Income” issued by such entity. We inform that such Communique further provides that financial entities authorized by the BCRA to distribute profits, must do it in 12 monthly equal and consecutive installments.

Therefore, in compliance with the above stated Communique “A” 7421, Banco Macro S.A. shall request the BCRA authorization for the partial distribution of dividends as approved by the Shareholders’ Meetings mentioned above, for an aggregate amount of AR$ 19,751,444,343.74, representing AR$ $30.89 per share and 20% of the total distributable income.

On May 12th the Superintendencia de Entidades Financieras y Cambiarias of the Central Bank of the Republic of Argentina informed us that it has decided to authorize Banco Macro S.A. to distribute profits in cash and/or in kind (securities) for an aggregate amount of AR $19,751,444,343.74, which distribution shall be carried out in 12 monthly equal and consecutive instalments.

· Interest Payment Class A Subordinated Notes. In May 2022, the Bank paid semiannual interest on Class A subordinated notes in the amount of USD 13,286,000.

· Interest and Principal Payment Class B Peso denominated Notes. In May 2022, the Bank paid semiannual interest on Class B Peso denominated notes in the amount of Ps.252,804,212 and principal in the amount of Ps.2,889,191,000.

· Class E Dollar Denominated Notes Issuance. On May 2^nd the Bank issued Series E dollar denominated, non-subordinated, on-convertible notes in the amount of USD 17,000,000 with an interest rate of 1.45%, quarterly interest payment and final maturity May 2024.

· PRISMA Medios de Pago S.A. In April 2022 and within the scope of the Divestment Plan undertaken by Prisma Medios de Pago S.A. (“Prisma”) and its shareholders at that time with the Argentine Antitrust Commission (Comisión Nacional de Defensa de la Competencia or CNDC), that the Bank completed the transfer of all remaining shares the Bank held in Prisma in favor of AI ZENITH (Netherlands) B.V. (a company related to Advent International Global Private Equity), representing 4.4941% of Prima’s capital stock.

The price of such shares is 33,017,761.20 US Dollars and shall be paid as follows: (a) 30% in Argentine Pesos at UVA plus a nominal annual rate of 15% and (ii) 70% in US Dollars at a nominal annual rate of 10% for a 6-year period. In addition to what was previously informed on January 22nd 2019, that within the scope of the above mentioned transaction, the parties have agreed that part of the balance of the price fixed for the sale of 51% of the capital stock and votes of Prisma shall be paid in two installments, extending the payment term to the years 2026 and 2027.

17

  1Q22 Earnings Release

Regulatory Changes

· Monetary policy rate, time deposits, extension of Productive Investment Credit Lines for SMEs. In March 2022 through Communication “A” 7474, the Central Bank of Argentina increased the nominal annual rate of 28-day LELIQs by 200 basis points from 42.5% to 44.5%. It also increased the minimum interest rates for time deposits. As of March 23, 2022, minimum applicable rates will were established: for time deposits under $10 million: 97.75% (43.5% nominal annual rate), all others: 93.26% (41.5% nominal annual rate). In terms of productive investment credit lines for SMEs, for credits granted as of March 23, 2022, maximum interest rates were increased: from 30% to 35% the nominal annual rate applicable to investment projects and from 41% to 43% the nominal annual rate applicable to financing to working capital y discounted instruments. Lastly, as of April 2022, interest rates for credit card financing (up to $200,000) were increased to 51%.

· Productive Investment Credit Lines for SMEs In March 2022 through Communication “A” 7475 The BCRA extended until September 30, 2022, the Productive Investment Credit Lines for SMEs. It includes, as of April 1, 2022, the “2022 Quota”, with the same terms and conditions, as the 2021/2022 quota, and applies for Group “A” institutions and those which are not in such group but work as financial agents for sovereign, provincial or municipal governments.

· Interest rates. In May 2022 through Communication “A” 7512 2022, the BCRA modified the applicable percentages for the determination of minimum time deposit rates as follows: time deposits (individuals) that do not exceed the amount of $10 million: 97.96%, deposits not included in the previous item: 93.96% of the monetary policy rate. Additionally, it increases to 47.50% the nominal annual fixed rate applicable to working capital financing and discounted instruments related to Productive Investment Credit Lines for SMEs. Lastly, as of June 2022, interest rates for credit card financing (up to $200,000) increased from 51% to 53%. On the same date, it increased the monetary policy rate from 47.00% to 49.00%

18

  1Q22 Earnings Release

QUARTERLY BALANCE SHEET	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21		2Q21		3Q21		4Q21		1Q22		QoQ			YoY
ASSETS
Cash and deposits in Banks		238,112		200,557		212,358		200,026		175,531		-12	%		-26	%
Cash		36,683		29,877		31,927		30,903		32,105		4	%		-12	%
Central Bank of Argentina		117,627		108,217		119,758		123,778		96,476		-22	%		-18	%
Other local& foreign entities		83,793		62,454		60,666		45,337		46,886		3	%		-44	%
Other		9		9		7		8		64		700	%		611	%
Debt securities at fair value through profit& loss		59,532		86,593		27,173		37,614		32,244		-14	%		-46	%
Derivatives		-		5		1		2		-		-100	%		-
Repo Transactions		19,993		18,246		28,694		36,453		0		-100	%		-100	%
Other financial assets		27,092		21,529		27,412		40,787		24,945		-39	%		-8	%
Loans& other receivables		411,080		381,006		396,454		408,985		373,888		-9	%		-9	%
Non Financial Public Sector		5,103		5,108		3,425		2,758		2,090		-24	%		-59	%
Financial Sector		4,130		2,165		2,178		1,753		709		-60	%		-83	%
Non Financial private sector and foreign		401,847		373,733		390,851		404,474		371,089		-8	%		-8	%
Other debt securities		329,770		324,502		352,845		331,936		422,907		27	%		28	%
Financial assets in guarantee		21,314		20,190		24,115		20,851		32,048		54	%		50	%
Income tax assets		0		0		0		631		197
Investments in equity instruments		3,190		2,917		2,668		2,530		476		-81	%		-85	%
Investments in other companies (subsidiaries and joint ventures)		383		537		503		568		652		15	%		70	%
Property, plant and equipment		60,284		60,632		61,596		61,369		60,912		-1	%		1	%
Intangible assets		9,024		9,293		9,649		9,755		9,718		0	%		8	%
Deferred income tax assets		87		98		43		55		42		-24	%		-52	%
Other non financial assets		3,982		3,537		2,823		2,705		3,326		23	%		-16	%
Non-current assets held for sale		3,953		3,948		3,828		3,762		3,748		0	%		-5	%
TOTAL ASSETS		1,187,796		1,133,590		1,150,162		1,158,029		1,140,634		-2	%		-4	%
LIABILITIES
Deposits		709,282		688,224		693,527		683,477		677,545		-1	%		-4	%
Non Financial Public Sector		85,869		72,141		68,987		65,466		78,854		20	%		-8	%
Financial Sector		1,076		1,006		1,061		1,116		1,034		-7	%		-4	%
Non Financial private sector and foreign		622,337		615,077		623,479		616,895		597,657		-3	%		-4	%
Liabilities at fair value through profit& loss		-		16.00		2,840.00		1,889.00		461		-			-
Derivatives		-		2		3		3		7		-			0	%
Repo Transactions		-		385		2,316		-		11,854		-			-86	%
Other financial liabilities		77,360		56,429		59,622		78,852		59,738		-24	%		-23	%
Financing received from Central Bank and Other Financial Institutions		1,783		991		761		508		2,008		295	%		13	%
Issued Corporate Bonds		7,839		3,399		3,247		3,471		3,096		-11	%		-61	%
Current income tax liabilities		7,337		2,216		3,112		408		554		36	%		-92	%
Subordinated corporate bonds		59,172		54,650		52,498		48,719		46,028		-6	%		-22	%
Provisions		2,159		1,347		1,753		1,905		2,002		5	%		-7	%
Deferred income tax liabilities		12,556		12,661		9,993		6,607		7,560		14	%		-40	%
Other non financial liabilities		46,570		58,148		55,887		55,240		47,421		-14	%		2	%
TOTAL LIABILITIES		924,058		878,468		885,559		881,079		858,274		-3	%		-7	%
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		97,975		97,975		97,975		97,975		97,975		0	%		0	%
Reserves		192,396		141,403		141,403		141,403		141,403		0	%		-27	%
Retained earnings		-45,978		-10,354		-10,354		-10,354		21,127		-			-
Other accumulated comprehensive income		2,880		3,179		3,252		3,332		2,734		-18	%		-5	%
Net income for the period / fiscal year		3,393		9,847		19,255		31,481		6,020		-81	%		77	%
Shareholders' Equity attributable to parent company		263,735		255,119		264,600		276,906		282,328		2	%		7	%
Shareholders' Equity attributable to non controlling interest		3		3		3		44		32		-27	%		967	%
TOTAL SHAREHOLDERS' EQUITY		263,738		255,122		264,603		276,950		282,360		2	%		7	%

19

  1Q22 Earnings Release

INCOME STATEMENT	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q21		2Q21		3Q21		4Q21		1Q22		QoQ			YoY
Interest Income		69,946		61,861		63,823		66,028		68,848		4	%		-2	%
Interest Expense		32,986		26,238		25,770		24,615		26,937		9	%		-18	%
Net Interest Income		36,960		35,623		38,053		41,413		41,911		1	%		13	%
Fee income		10,126		10,403		11,087		11,311		11,273		0	%		11	%
Fee expense		931		946		1,077		1,144		1,057		-8	%		14	%
Net Fee Income		9,195		9,456		10,010		10,168		10,216		0	%		11	%
Subtotal (Net Interest Income + Net Fee Income)		46,155		45,079		48,063		51,581		52,127		1	%		13	%
Net Income from financial instruments  at Fair Value Through Profit & Loss		7,075		7,383		4,422		4,112		6,448		57	%		-9	%
Result from assets at amortised cost		92		86		-		105		-		-100	%		-100	%
Difference in quoted prices of gold and foreign currency		1,887		894		757		1,857		3,085		66	%		63	%
Other operating income		2,558		1,970		2,256		2,303		3,262		42	%		28	%
Provision for loan losses		4		297		271		2,278		745		-67	%		18525	%
Net Operating Income		57,763		55,116		55,227		57,679		64,177		11	%		11	%
Personnel expenses		11,257		11,737		11,543		11,289		9,811		-13	%		-13	%
Administrative expenses		5,296		5,434		5,747		6,844		5,514		-19	%		4	%
Depreciation and impairment of assets		1,998		2,005		2,120		2,148		2,192		2	%		10	%
Other operating expenses		9,859		8,761		9,647		11,424		10,123		-11	%		3	%
Operating Income		29,353		27,179		26,170		25,974		36,537		41	%		24	%
Income from associates and joint ventures		36		27		-2		41		-36		-			-
Result from net monetary position		-22,402		-18,952		-16,395		-17,617		-28,917		-			-
Net Income before income tax on cont. operations		6,987		8,254		9,773		8,398		7,584		-10	%		9	%
Income tax on continuing operations		3,594		1,799		365		-3,828		1,576		-141	%		-56	%
Net Income from continuing operations		3,393		6,455		9,408		12,226		6,008		-51	%		77	%
Net Income for the period		3,393		6,455		9,408		12,226		6,008		-51	%		77	%
Net Income of the period attributable to parent company		3,393		6,454		9,408		12,226		6,020		-51	%		77	%
Net income of the period attributable to non-controlling interests		-		1		-		-		-12		-			-
Other Comprehensive Income		912		299		71		80		-597		-846	%		-165	%
Foreign currency translation differences in financial statements conversion		-150		-279		-236		-224		-258		-			-
Profits or losses from financial assets measured at fair value  through other comprehensive income (FVOCI)  (IFRS 9(4.1.2)(a)		1,062		578		307		304		-339		-212	%		-132	%
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		4,305		6,754		9,479		12,306		5,411		-56	%		26	%
Total Comprehensive Income attributable to parent Company		4,305		6,753		9,479		12,306		5,423		-56	%		26	%
Total Comprehensive Income attributable to non-controlling interests		-		1		-		-		-12		-			-

20

  1Q22 Earnings Release

QUARTERLY ANNUALIZED RATIOS	MACRO Consolidated
	1Q21			2Q21			3Q21			4Q21			1Q22
Profitability & performance
Net interest margin		17.4	%		18.8	%		19.1	%		21.2	%		22.8	%
Net interest margin adjusted (exc. FX)		16.5	%		18.3	%		18.7	%		20.3	%		21.2	%
Net fee income ratio		11.5	%		12.2	%		13.7	%		12.6	%		12.9	%
Efficiency ratio		35.7	%		38.4	%		38.8	%		37.4	%		29.6	%
Net fee income as % of A&G Expenses		32.2	%		31.7	%		35.3	%		33.7	%		43.7	%
Return on average assets		1.1	%		2.3	%		3.3	%		4.4	%		2.2	%
Return on average equity		5.4	%		10.3	%		14.6	%		18.3	%		9.0	%
Liquidity
Loans as a percentage of total deposits		58.0	%		55.4	%		57.2	%		59.8	%		55.2	%
Liquid assets as a percentage of total deposits		94.0	%		93.0	%		90.0	%		90.0	%		93.0	%
Capital
Total equity as a percentage of total assets		22.2	%		22.5	%		23.0	%		23.9	%		24.8	%
Regulatory capital as % of APR		37.7	%		38.3	%		37.2	%		36.1	%		38.5	%
Asset Quality
Allowances over total loans		3.7	%		3.8	%		3.0	%		2.8	%		2.8	%
Non-performing financing as a percentage of total financing		0.9	%		1.7	%		1.7	%		1.3	%		1.6	%
Coverage ratio w/allowances		387.8	%		212.9	%		175.9	%		209.6	%		163.2	%
Cost of Risk		0.0	%		0.3	%		0.3	%		2.3	%		0.8	%

ACCUMULATED ANNUALIZED RATIOS	MACRO Consolidated
	1Q21			2Q21			3Q21			4Q21			1Q22
Profitability & performance
Net interest margin		17.4	%		18.0	%		18.4	%		19.1	%		22.8	%
Net interest margin adjusted (exc. FX)		16.5	%		17.4	%		17.8	%		18.4	%		21.2	%
Net fee income ratio		11.5	%		11.8	%		12.4	%		12.5	%		12.9	%
Efficiency ratio		35.7	%		37.0	%		37.6	%		37.5	%		29.6	%
Net fee income as % of A&G Expenses		32.2	%		32.0	%		33.1	%		33.2	%		43.7	%
Return on average assets		1.1	%		1.7	%		2.2	%		2.8	%		2.2	%
Return on average equity		5.4	%		7.8	%		10.1	%		12.2	%		9.0	%
Liquidity
Loans as a percentage of total deposits		58.0	%		55.4	%		57.2	%		59.8	%		55.2	%
Liquid assets as a percentage of total deposits		94.0	%		93.0	%		90.0	%		90.0	%		93.0	%
Capital
Total equity as a percentage of total assets		22.2	%		22.5	%		23.0	%		23.9	%		24.8	%
Regulatory capital as % of APR		37.7	%		38.3	%		37.2	%		36.1	%		38.5	%
Asset Quality
Allowances over total loans		3.7	%		3.8	%		3.0	%		2.8	%		2.8	%
Non-performing financing as a percentage of total financing		0.9	%		1.7	%		1.7	%		1.3	%		1.6	%
Coverage ratio w/allowances		387.8	%		212.9	%		175.9	%		209.6	%		163.2	%
Cost of Risk		0.0	%		0.2	%		0.2	%		0.7	%		0.8	%

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: May 23, 2022

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