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

August 24, 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 o No x

 

2Q22 Earnings Release

Banco Macro Announces Results for the Second Quarter of 2022

Buenos Aires, Argentina, August 24, 2022 – Banco Macro S.A. (NYSE: BMA; BYMA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the second quarter ended June 30, 2022 (“2Q22”). 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 June 30, 2022.

Summary

• The Bank’s net income totaled Ps.4.1 billion in 2Q22. This result was 41% lower than the Ps.7 billion posted in 1Q22 and 45% lower than the result registered in 2Q21. As of 2Q22, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 7.1% and 1.7%, respectively.

• In 2Q22 Net Operating Income (before G&A and personnel expenses) totaled Ps.81.3 billion, 8% or Ps.6 billion higher than in 1Q22 and 26% or Ps.16.6 billion higher than the same period of last year.

• In 2Q22 Operating Income (after G&A and personnel expenses) totaled Ps.44.5 billion, 4% or Ps.1.6 billion higher than in 1Q22 and 39% or Ps.12.6 billion higher than the same period of last year.

• In 2Q22, Banco Macro’s financing to the private sector increased 2% or Ps.9.9 billion quarter over quarter (“QoQ”) totaling Ps.446 billion and increased 2% or Ps.6.9 billion year over year (“YoY”).

• In 2Q22, Banco Macro’s total deposits increased 8% or Ps.63.4 billion QoQ, totaling Ps.858.2 billion and representing 83% of the Bank’s total liabilities. Private sector deposits increased 10% or Ps.72.1 billion YoY.

• Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.284.3 billion, 40.5% regulatory capital ratio – Basel III and 35.9% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 90% of its total deposits in 2Q22.

• In 2Q22, the Bank’s non-performing to total financing ratio was 1.25% and the coverage ratio reached 159.71%.

2Q22 Earnings Release Conference Call		IR Contacts in Buenos Aires:
Thursday, August 25, 2022		Jorge Scarinci
Time: 11:00 a.m. Eastern Time | 12:00 p.m. Buenos Aires Time		Chief Financial Officer
To participate, please dial:
Argentina Toll Free:		Nicolás A. Torres
(011) 3984 5677		Investor Relations
Participants Dial In (Toll Free):
+1 (844) 450 3847	Webcast Replay: click here	Phone: (54 11) 5222 6682
Participants International Dial In:		E-mail: investorelations@macro.com.ar
+1 (412) 317 6370	Available from 08/25/2022 through 09/08/2022
Conference ID: Banco Macro		Visit our website at:
Webcast: click here		www.macro.com.ar/relaciones-inversores

2 

2Q22 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 

2Q22 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.6.5 in 2Q22, 41% lower than in 1Q22 and 45% lower than the result posted a year ago.

EARNINGS PER SHARE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q21		3Q21		4Q21		1Q22		2Q22		QoQ			YoY
Net income -Parent Company- (M $)		7,572		11,035		14,341		7,047		4,145		-41	%		-45	%
Average # of shares outstanding (M)		639		639		639		639		639		0	%		0	%
Average #of treasury stocks (shares repurchased) (M)		0		0		0		-		-		-			-100	%
Book value per avg. Outstanding share ($)		468		486		508		518		531		3	%		13	%
Shares Outstanding (M)		639		639		639		639		639		0	%		0	%
Earnings per avg.  outstanding share ($)		11.85		17.27		22.44		11.03		6.50		-41	%		-45	%
EOP FX (Pesos per USD)		95.7267		98.7350		102.7500		110.9783		125.2150		13	%		31	%
Book value per avg. issued ADS (USD)		48.89		49.22		49.44		46.68		42.41		-9	%		-13	%
Earnings per avg. outstanding ADS (USD)		1.24		1.75		2.18		0.99		0.52		-48	%		-58	%

Banco Macro’s 2Q22 net income of Ps.4.1 billion was 41% or Ps.2.9 billion lower than the previous quarter and 45% or Ps.3.4 billion lower YoY. This result represented an accumulated annualized ROAE and ROAA of 7.1% and 1.7% respectively.

Net operating income (before G&A and personnel expenses) was Ps.81.3 billion in 2Q22, 8% or Ps.6 billion higher compared to 1Q22 due to higher net interest income as well as 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 26% or Ps.16.6 billion.

In 2Q22 Provision for loan losses totaled Ps.772 million, decreasing 12% or Ps.102 million compared to the previous quarter. On a yearly basis, Provision for loan losses increased 122% or Ps.424 million.

Operating income (after G&A and personnel expenses) was Ps.44.5 billion in 2Q22, 4% or Ps.1.6 billion higher than in 1Q22 and 39% or Ps.12.6 billion higher than a year ago.

It is important to emphasize that this result was obtained with a leverage of only 4.1x assets to equity ratio.

4 

2Q22 Earnings Release

INCOME STATEMENT	MACRO Consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)	2Q21		3Q21	4Q21	1Q22	2Q22	QoQ		YoY
Net Interest Income	41,787		44,637	48,578	49,163	53,118	8	%	27	%
Net fee income	11,092		11,742	11,927	11,983	11,934	0	%	8	%
Net Interest Income + Net Fee Income	52,879		56,379	60,505	61,146	65,052	6	%	23	%
Net Income from financial instruments at fair value through P&L	8,661		5,187	4,823	7,564	7,744	2	%	-11	%
Income from assets at amortized cost	100		0	123	0	0	0	%	-100	%
Differences in quoted prices of gold and foreign currency	1,049		888	2,178	3,620	5,379	49	%	413	%
Other operating income	2,311		2,646	2,701	3,826	3,880	1	%	68	%
Provision for loan losses	348		318	2,672	874	772	-12	%	122	%
Net Operating Income	64,652		64,782	67,658	75,282	81,283	8	%	26	%
Employee benefits	13,766		13,540	13,244	11,509	15,149	32	%	10	%
Administrative expenses	6,373		6,741	8,028	6,468	6,826	6	%	7	%
Depreciation and impairment of assets	2,352	��	2,487	2,520	2,571	2,642	3	%	12	%
Other operating expenses	10,279		11,317	13,398	11,876	12,212	3	%	19	%
Operating Income	31,882		30,697	30,468	42,858	44,454	4	%	39	%
Result from associates & joint ventures	31		-2	48	-42	-40	-		-
Result from net monetary postion	-22,231		-19,232	-20,665	-33,921	-38,197	13	%	72	%
Result before taxes from continuing operations	9,682		11,463	9,851	8,895	6,217	-30	%	-36	%
Income tax	2,110		428	-4,490	1,848	2,072	12	%	-2	%
Net income from continuing operations	7,572		11,035	14,341	7,047	4,145	-41	%	-45	%
			-	-
Net Income of the period	7,572		11,035	14,341	7,047	4,145	-41	%	-45	%
Net income of the period attributable to parent company	7,572		11,035	14,341	7,061	4,148	-41	%	-45	%
Net income of the period attributable to minority interest	-		-	-	-14	-3	-		-
Other Comprehensive Income	349		85	94	-701	-3,144	-		-
Foreign currency translation differences in financial statements conversion	-328		-277	-262	-303	-155	-		-
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a)	677		362	356	-398	-2,989	651	%	-542	%
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	7,920		11,120	14,435	6,346	1,001	-84	%	-87	%
Total Comprehensive Income attributable to parent Company	7,920		11,120	14,435	6,360	1,004	-84	%	-87	%
Total Comprehensive Income attributable to non-controlling interests	-		-	-	-14	-3	-		-

The Bank’s 2Q22 net interest income totaled Ps.53.1 billion, 8% or Ps.4 billion higher than in 1Q22 and 27% or Ps.11.3 billion higher YoY.

In 2Q22 interest income totaled Ps.96 billion, 19% or Ps.15.3 billion higher than in 1Q22 and 32% or Ps. 23.5 billion higher than in 2Q21.

Income from interest on loans and other financing totaled Ps.41.7 billion, 5% or Ps.2 billion higher compared to the previous quarter, due to a 350 b.p increase in the average lending rates. On a yearly basis, Income from interest on loans increased 10% or Ps.3.7 billion.

In 2Q22 income from government and private securities increased 32% or Ps.13.1 billion QoQ and increased 66% or Ps.21.3 billion compared with the same period of last year. This result is explained 60% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 40% is explained by income from sovereign bonds in pesos at amortized cost.

5 

2Q22 Earnings Release

In 2Q22, income from Repos totaled Ps.699 million, 38% or Ps.192 million higher than the previous quarter and 69% or Ps.1.6 billion lower than a year ago.

In 2Q22 FX income totaled Ps.5.4 billion, 49% or Ps.1.8 billion higher than the previous quarter and Ps.4.3 billion higher than a year ago, due to the Bank’s long dollar position, and a 13% depreciation in the quarter of the Argentine peso against the US dollar.

FX INCOME	MACRO Consolidated			Variation
In MILLION $ (Measuring Unit Current at EOP)	2Q21	1Q22	2Q22	QoQ		YoY
(1) Differences in quoted prices of gold and foreign currency	1,049	3,619	5,379	49	%	413	%
Translation of FX assets and liabilities to Pesos	942	3,326	5,231	57	%	455	%
Income from foreign currency exchange	107	293	148	-49	%	39	%
(2) Net Income from financial assets and liabilities at fair value through P&L	-	-	7	-		-
Income from investment in derivative financing instruments	-	-	7.00	-		-
(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency	1,049	3,619	5,386	49	%	413	%

INTEREST INCOME	MACRO Consolidated					Change
In MILLION $ (Measuring Unit Current at EOP)	2Q21	3Q21	4Q21	1Q22	2Q22	QoQ		YoY
Interest on Cash and due from Banks	5	4	4	3	16	433	%	220	%
Interest from government securities	32,307	34,108	34,829	40,532	53,648	32	%	66	%
Interest from private securities	107	66	53	29	22	-24	%	-79	%
Interest on loans and other financing
To the financial sector	217	208	189	108	78	-28	%	-64	%
To the public non financial sector	669	540	423	324	257	-21	%	-62	%
Interest on overdrafts	2,387	2,721	2,796	2,972	3,849	30	%	61	%
Interest on documents	2,689	3,474	4,081	3,579	3,712	4	%	38	%
Interest on mortgages loans	5,568	4,500	5,184	5,483	7,026	28	%	26	%
Interest on pledged loans	239	384	624	608	548	-10	%	129	%
Interest on personal loans	16,230	15,922	16,566	16,192	15,844	-2	%	-2	%
Interest on credit cards loans	4,723	4,823	5,571	5,960	6,396	7	%	35	%
Interest on financial leases	26	0	51	54	46	-15	%	77	%
Interest on other loans	5,170	4,828	4,783	4,409	3,905	-11	%	-24	%
Interest on Repos
From the BCRA	2,202	3,280	2,287	466	576	24	%	-74	%
Other financial institutions	26	8	11	41	123	200	%	373	%
Total Interest income	72,565	74,866	77,452	80,760	96,046	19	%	32	%
Income from Interest on loans	37,918	37,400	40,268	39,689	41,661	5	%	10	%

The Bank’s 2Q22 interest expense totaled Ps.42.9 billion, increasing 36% or Ps.11.3 billion compared to the previous quarter and 39% or Ps.12.2 billion higher compared to 2Q21.

In 2Q22, interest on deposits represented 95% of the Bank’s total interest expense, increasing 35% or Ps.10.7 billion QoQ, due to a 650 b.p. increase in the average rate paid on deposits while the average volume of deposits from the private sector increased 5%. On a yearly basis, interest on deposits increased 40% or Ps.11.7 billion.

6 

2Q22 Earnings Release

INTEREST EXPENSE	MACRO Consolidated					Change
In MILLION $ (Measuring Unit Current at EOP)	2Q21	3Q21	4Q21	1Q22	2Q22	QoQ		YoY
Deposits
Interest on checking accounts	129	147	193	505	1,323	162	%	926	%
Interest on saving accounts	460	390	415	461	672	46	%	46	%
Interest on time deposits	28,639	28,271	26,982	29,268	38,919	33	%	36	%
Interest on other financing from BCRA and financial inst.	71	35	28	52	72	38	%	1	%
Repos
Other financial institutions	110	110	82	255	319	25	%	190	%
Interest on corporate bonds	217	165	151	131	50	-62	%	-77	%
Interest on subordinated bonds	1,146	1,100	963	852	807	-5	%	-30	%
Interest on other financial liabilities	6	11	60	73	766	949	%	12667	%
Total financial expense	30,778	30,229	28,874	31,597	42,928	36	%	39	%
Expenses from interest on deposits	29,228	28,808	27,590	30,234	40,914	35	%	40	%

In 2Q22, the Bank’s net interest margin (including FX) was 24.5%, higher than the 22.8% posted in 1Q22 and the 18.8% posted in 2Q21.

In 2Q22, Net Interest Margin (excluding FX) was 22.2%, higher than the 21.2% posted in 1Q22 and the 18.3% posted in 2Q21.

In 2Q22 Net Interest Margin (Pesos) was 24.8%, higher than the 23.6% posted in 1Q22 and the 20.7% posted in 2Q21; meanwhile Net Interest Margin (USD) was 3.5%, lower than the 4.1% posted in 1Q22 and higher than the 3.4% registered in 2Q21.

ASSETS & LIABILITIES PERFORMANCE (AR$)	MACRO Consolidated
In MILLION $	2Q21					3Q21					4Q21					1Q22					2Q22
(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	5,541	3.1	%	48.4	%	4,685	6.5	%	45.7	%	3,964	1.3	%	42.3	%	2,921	-12.2	%	45.0	%	2,303	-14.5	%	44.8	%
Financial Sector	2,651	-7.7	%	32.8	%	2,318	-0.9	%	35.6	%	2,290	-5.6	%	32.7	%	1,304	-19.1	%	33.6	%	900	-20.7	%	34.3	%
Private Sector	399,841	-6.3	%	34.9	%	404,200	-2.2	%	33.8	%	432,253	-4.4	%	34.3	%	417,899	-17.5	%	36.2	%	399,773	-17.5	%	39.7	%
Other debt securities
Central Bank Securities (Leliqs)	206,687	-4.5	%	37.5	%	193,632	0.5	%	37.5	%	185,095	-2.1	%	37.6	%	224,268	-15.1	%	40.3	%	261,635	-10.7	%	51.2	%
Government & Private Securities	150,536	-6.3	%	34.8	%	187,052	-2.4	%	33.6	%	167,408	0.3	%	40.9	%	170,254	-13.2	%	43.3	%	171,202	-13.0	%	47.4	%
Repos	24,720	-5.4	%	36.2	%	35,907	-0.4	%	36.3	%	25,212	-3.1	%	36.2	%	5,960	-18.6	%	34.5	%	7,422	-18.7	%	37.8	%
Total interest-earning assets	789,976	-5.7	%	35.7	%	827,794	-1.5	%	34.8	%	816,222	-2.9	%	36.5	%	822,606	-16.0	%	38.8	%	843,235	-14.5	%	44.8	%
Fin. Assets through P&L and equity inv.	82,992	-1.4	%	41.9	%	54,648	0.6	%	37.7	%	42,263	3.4	%	45.3	%	44,103	2.7	%	69.6	%	53,856	-6.9	%	57.7	%
Other Non interest-earning assets	93,978					98,679					97,690					99,957					94,115
Total Non interest-earning assets	176,970					153,327					139,953					144,060					147,971
Total Average Assets	966,946					981,121					956,175					966,666					991,206
Interest-bearing liabilities
Deposits
Public Sector	40,626	-11.1	%	28.0	%	32,313	-6.4	%	28.1	%	27,078	-9.1	%	27.7	%	29,247	-21.4	%	29.8	%	43,481	-20.9	%	34.0	%
Private Sector	428,502	-13.4	%	24.7	%	438,431	-9.4	%	24.0	%	430,985	-12.0	%	23.6	%	441,812	-23.8	%	25.8	%	462,735	-21.9	%	32.3	%
BCRA and other financial institutions	1,109	-12.5	%	26.0	%	570	-8.1	%	25.8	%	422	-11.5	%	24.4	%	660	-20.1	%	32.0	%	760	-18.5	%	38.0	%
Corporate bonds	4,544	-17.2	%	19.2	%	3,609	-13.7	%	18.1	%	4,269	-18.9	%	14.0	%	3,768	-30.9	%	14.1	%	1,418	-32.6	%	14.1	%
Repos	1,469	-9.7	%	30.0	%	1,781	-9.0	%	24.5	%	1,124	-8.3	%	28.9	%	3,286	-20.4	%	31.5	%	3,667	-20.4	%	34.9	%
Other financial liabilities	0	0		0		996	-0.26		0.012		2989	-0.236		0.074		2971	-0.336		0.097		3484	0.103		0.868
Total int.-bearing liabilities	476,250	-13.2	%	24.9	%	477,700	-9.2	%	24.2	%	466,867	-12.0	%	23.7	%	481,744	-23.8	%	25.9	%	515,545	-21.6	%	32.8	%
Total non int.-bearing liabilities	301,090					304,231					314,726					298,058					281,875
Total Average Liabilities	777,340					781,931					781,593					779,802					797,420
Assets Performance		70,324					72,562					75,065					78,695					94,214
Liabilities Performance		29,589					29,096					27,890					30,733					42,099
Net Interest Income		40,735					43,466					47,175					47,962					52,115
Total interest-earning assets		789,976					827,794					816,222					822,606					843,235
Net Interest Margin (NIM)		20.7	%				20.8	%				22.9	%				23.6	%				24.8	%

7 

2Q22 Earnings Release

ASSETS & LIABILITIES PERFORMANCE USD	MACRO Consolidated
In MILLION $	2Q21								3Q21								4Q21								1Q22								2Q22
(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		80,048		-19.2	%		0.0	%		75,636		-17.8	%		0.0	%		67,872		-17.3	%		0.0	%		57,035		-19.8	%		0.0	%		55,428		-10.5	%		0.1	%
Loans & Other Financing
Financial Sector		12		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%		34		0.0	%		11.8	%
Private Sector		38,937		-0.8	%		22.7	%		31,229		5.7	%		28.6	%		26,107		11.3	%		34.6	%		20,115		12.1	%		39.8	%		19,821		21.1	%		35.5	%
Other debt securities
Government & Private Securities		6,005		-17.5	%		2.1	%		11,775		-16.4	%		1.7	%		40,307		-16.5	%		1.0	%		40,728		-19.1	%		0.9	%		40,026		-10.1	%		0.6	%
Total interest-earning assets		125,002		-13.4	%		7.2	%		118,640		-11.5	%		7.7	%		134,286		-11.5	%		7.1	%		117,878		-14.1	%		7.1	%		115,309		-4.9	%		6.4	%
Non interest-earning assets		204,066								211,458								206,012								200,643								196,451
Total Average Assets		329,068								330,098								340,298								318,521								311,760
Interest-bearing liabilities
Deposits
Public Sector		4,131		-19.0	%		0.2	%		4,014		-17.7	%		0.1	%		5,889		-17.3	%		0.1	%		6,605		-19.7	%		0.1	%		4,072		-10.5	%		0.1	%
Private Sector		95,951		-19.0	%		0.2	%		92,664		-17.7	%		0.1	%		82,704		-17.3	%		0.1	%		74,958		-19.8	%		0.0	%		70,934		-10.5	%		0.1	%
BCRA and other financial institutions		971		-17.5	%		2.1	%		759		-15.3	%		3.1	%		556		-13.8	%		4.3	%		343		-17.9	%		2.4	%		544		-2.7	%		8.8	%
Issued corporate bonds		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%		1,304		0.0	%		0.0	%
Subordinated bonds		65,060		-13.4	%		7.1	%		61,870		-12.0	%		7.1	%		57,944		-11.9	%		6.6	%		54,428		-14.7	%		6.3	%		50,643		-4.9	%		6.4	%
Total int.-bearing liabilities		166,113		-16.8	%		2.9	%		159,307		-15.5	%		2.8	%		147,093		-15.1	%		2.7	%		136,334		-17.7	%		2.6	%		127,497		-8.3	%		2.6	%
Total non int.-bearing liabilities		57,903								70,867								60,235								53,709								53,907
Total Average liabilities		224,016								230,174								207,328								190,043								181,404
Assets Performance				2,241								2,304								2,387								2,065								1,832
Liabilities Performance				1,189								1,133								984								864								829
Net Interest Income				1,052								1,171								1,403								1,201								1,003
Total interest-earning assets				125,002								118,640								134,286								117,878								115,309
Net Interest Margin (NIM)				3.4	%							3.9	%							4.1	%							4.1	%							3.5	%

In 2Q22 Banco Macro’s net fee income totaled Ps.11.9 billion, Ps.49 million lower than in 1Q22 but 8% or Ps.842 million higher than the same period of last year.

In the quarter, fee income totaled Ps.13.2 billion, Ps.14 million higher than in 1Q22. Corporate services fees, Financial agent fees and credit related fees stand out with a 6% (Ps.97 million), 11% (Ps.77 million) and 19% (Ps.54 million) increase respectively, which were partially offset by a 3% decrease in fees charged on deposit accounts and a 2% decrease in credit card fees. On a yearly basis, fee income increased 8% or Ps.1 billion.

In the quarter, total fee expense increased 5% or Ps.63 million. On a yearly basis, fee expenses increased 17% or Ps.192 million.

NET FEE INCOME	MACRO Consolidated								Change
In MILLION $ (Measuring Unit Current at EOP)		2Q21	3Q21	4Q21	1Q22	2Q22	QoQ			YoY
Fees charged on deposit accounts		4,892	5,076	4,914	5,058	4,924	-3	%		1	%
Credit card fees		2,071	2,306	2,398	2,432	2,376	-2	%		15	%
Corporate services fees		1,291	1,485	1,586	1,672	1,769	6	%		37	%
ATM transactions fees		1,097	1,198	1,217	1,144	1,167	2	%		6	%
Insurance fees		769	752	806	766	788	3	%		2	%
Debit card fees		772	833	899	882	856	-3	%		11	%
Financial agent fees (Provinces)		716	714	740	682	759	11	%		6	%
Credit related fees		312	274	338	278	332	19	%		6	%
Mutual funds & securities fees		212	292	294	251	206	-18	%		-3	%
AFIP & Collection services		52	58	58	42	43	2	%		-17	%
ANSES fees		19	17	18	16	17	6	%		-11	%
Total fee income		12,203	13,005	13,268	13,223	13,237	0	%		8	%
Total fee expense		1,111	1,263	1,341	1,240	1,303	5	%		17	%
Net fee income		11,092	11,742	11,927	11,983	11,934	0	%		8	%

In 2Q22 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.7.4 billion gain, 2% or Ps.180 million higher than the previous quarter. This increase is mostly related to higher income from government securities, which increased 76% or Ps.1.3 billion which was partially offset by an 88% or Ps.1 billion decrease in profit from sale of financial assets at fair value. On a yearly basis Net income from financial assets and liabilities at fair value through profit or loss decreased 11% or Ps.917 million.

8 

2Q22 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)		2Q21	3Q21	4Q21	1Q22	2Q22		QoQ		YoY
Profit or loss from government securities		7,936	4,018	3,738	1,645	2,895		76	%	-64	%
Profit or loss from private securities		727	731	-62	181	4,081		2155	%	461	%
Profit or loss from investment in derivative financing instruments		0	0	0	0	7		-		-
Profit or loss from other financial assets		-5	-2	-1	76	349		359	%	-
Profit or loss from investment in equity instruments		-31	-75	798	4,482	265		-94	%	-
Profit or loss from the sale of financial assets at fair value		43	622	362	1,180	147		-88	%	242	%
Income from financial assets at fair value through profit or loss		8,670	5,294	4,835	7,564	7,744		2	%	-11	%
Profit or loss from derivative financing instruments		-9	-107	-12	0	0		-		-
Income from financial liabilities at fair value through profit or loss		-9	-107	-12	0	0		-		-
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS		8,661	5,187	4,823	7,564	7,744		2	%	-11	%

In the quarter Other Operating Income totaled Ps.3.9 billion, 1% or Ps.54 million higher than in 1Q22. On a yearly basis Other Operating Income increased 68% or Ps.1.6 billion.

OTHER OPERATING INCOME	MACRO Consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)		2Q21	3Q21	4Q21	1Q22	2Q22		QoQ		YoY
Credit and debit cards		108	132	192	213	228		7	%	111	%
Lease of safe deposit boxes		403	411	405	404	380		-6	%	-6	%
Other service related fees		818	1,161	985	960	902		-6	%	10	%
Other adjustments and interest from other receivables		680	416	407	441	687		56	%	1	%
Initial recognition of loans		-5	0	0	500	-418		-		-
Sale of property, plant and equipment		0	0	3	0	0		-		-
Others		307	526	656	1,293	2,098		62	%	583	%
Other Operating Income		2,311	2,646	2,701	3,826	3,880		1	%	68	%

In 2Q22 Banco Macro’s administrative expenses plus employee benefits totaled Ps.22 billion, increasing 22% or Ps.4 billion compared to the previous quarter, personnel expenses increased 32% while administrative expenses increased 6%. On a yearly basis administrative expenses plus employee benefits increased 9% or Ps.1.8 billion.

Employee benefits increased 32% or Ps.3.6 billion QoQ with higher remunerations and social security contributions due to salary increases agreed with the unions. On a yearly basis Employee benefits increased 10% or Ps.1.4 billion.

In 2Q22, administrative expenses increased 6% or Ps.358 million, due to higher advertising and publicity fees (88% increase) and higher Taxes (13% increase).

As of 2Q22, the efficiency ratio reached 31.3%, deteriorating from the 29.6 % posted in 1Q22 but better than the 37% posted a year ago. In 2Q22 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) increased 20%, 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 7% compared to 1Q22.

9 

2Q22 Earnings Release

PERSONNEL & ADMINISTRATIVE EXPENSES	MACRO Consolidated											Change
In MILLION $ (Measuring Unit Current at EOP)		2Q21		3Q21		4Q21		1Q22		2Q22			QoQ		YoY
Employee benefits		13,766		13,540		13,244		11,509		15,149			32	%	10	%
Remunerations		9,969		9,483		9,180		7,824		10,631			36	%	7	%
Social Security Contributions		2,285		2,189		2,187		1,804		2,502			39	%	9	%
Compensation and bonuses		1,210		1,489		1,364		1,437		1,496			4	%	24	%
Employee services		302		379		513		444		520			17	%	72	%
Administrative Expenses		6,373		6,741		8,028		6,468		6,826			6	%	7	%
Taxes		982		1,012		1,009		1,012		1,146			13	%	17	%
Maintenance, conservation fees		1,085		1,161		1,211		1,044		1,071			3	%	-1	%
Directors & statutory auditors fees		167		182		525		324		221			-32	%	32	%
Security services		683		703		705		671		647			-4	%	-5	%
Electricity & Communications		708		678		657		639		599			-6	%	-15	%
Other professional fees		634		549		674		597		612			3	%	-3	%
Rental agreements		31		31		40		33		33			0	%	6	%
Advertising & publicity		279		330		475		298		560			88	%	101	%
Personnel allowances		67		74		135		78		105			35	%	57	%
Stationary & Office Supplies		42		45		49		45		47			4	%	12	%
Insurance		90		111		86		78		69			-12	%	-23	%
Hired administrative services		39		45		56		45		41			-		5	%
Other		1,566		1,820		2,406		1,604		1,675			4	%	7	%
Total Administrative Expenses		20,139		20,281		21,272		17,977		21,975			22	%	9	%
Total Employees		8,318		8,167		8,005		7,982		7,925
Branches		464		464		466		466		466
Efficiency ratio		38.4	%	38.8	%	37.4	%	29.6	%	32.8	%
Accumulated efficiency ratio		37.0	%	37.6	%	37.5	%	29.6	%	31.3	%

In 2Q22, Other Operating Expenses totaled Ps.12.2 billion, increasing 3% or Ps.336 million QoQ, due to higher Turnover tax and other operating expenses (2% and 8% increases respectively). On a yearly basis Other Operating Expenses increased 19% or Ps.1.9 billion.

OTHER OPERATING EXPENSES	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q21		3Q21		4Q21		1Q22		2Q22		QoQ			YoY
Turnover Tax		5,927		6,023		6,287		6,511		6,632		2	%		12	%
Other provision charges		295		502		688		502		529		5	%		79	%
Deposit Guarantee Fund Contributions		341		337		331		322		323		0	%		-5	%
Donations		2		10		27		147		13		-91	%		550	%
Insurance claims		23		29		51		63		58		-8	%		152	%
Initial loan recognition		98		176		1,091		0		0		100	%		-
Others		3,593		4,240		4,923		4,331		4,657		8	%		30	%
Other Operating Expenses		10,279		11,317		13,398		11,876		12,212		3	%		19	%

In 2Q22 the result from the net monetary position totaled a Ps.38.2 billion loss, 13% or Ps.4.3 billion higher than the loss posted in 1Q22 and 72% or Ps.16 billion higher than the loss registered in 2Q21. Higher inflation was observed during the quarter (123 b.p. above 1Q22 level, up from 16.07% to 17.3%).

OPERATING RESULT	MACRO consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q21		3Q21		4Q21		1Q22		2Q22		QoQ			YoY
Operating Result (exc. Loss from net monetary position)		31,882		30,697		30,468		42,858		44,454		4	%		39	%
Result from net monetary position (i.e. inflation adjustment)		-22,231		-19,232		-20,665		-33,921		-38,197		13	%		72	%
Operating Result (Inc. Loss from net monetary position)		9,651		11,465		9,803		8,937		6,257		-30	%		-35	%

In 2Q22 Banco Macro's effective income tax rate was 33%. For more information please see note 20 to our Financial Statements.

10 

2Q22 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.446 billion, increasing 2% or Ps.9.9 billion QoQ and 2% or Ps.6.9 billion YoY.

Within Commercial loans Overdrafts, Documents and Others stand out with a 29% or Ps.8.9 billion increase, 10% or Ps.4.5 billion increase and a 16% or Ps.5.5 billion increase respectively.

Meanwhile within Consumer lending Credit card loans increased 5% or Ps.6.2 billion while Personal loans decreased 6% or Ps.6.3 billion.

Within private sector financing, peso financing increased 1% or Ps.4.9 billion, while US dollar financing increased 12% or USD 21 million.

As of 2Q22, Banco Macro´s market share over private sector loans was 7.2%.

FINANCING TO THE PRIVATE SECTOR	MACRO Consilidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q21		3Q21		4Q21		1Q22		2Q22		QoQ		YoY
Overdrafts	25,587		29,262		31,676		30,753		39,663		29	%	55	%
Discounted documents	44,598		56,035		53,998		43,448		47,926		10	%	7	%
Mortgage loans	24,014		26,495		29,974		25,697		20,545		-20	%	-14	%
Pledged loans	6,240		9,098		9,975		8,747		8,094		-7	%	30	%
Personal loans	128,494		127,132		127,460		123,024		115,707		-6	%	-10	%
Credit Card loans	114,905		118,392		129,294		126,988		133,151		5	%	16	%
Others	50,069		47,591		47,925		34,174		39,717		16	%	-21	%
Interest	41,114		40,931		42,004		40,807		39,382		-3	%	-4	%
Total loan portfolio	435,021		454,936		472,306		433,638		444,185		2	%	2	%
Total loans in Pesos	404,761		426,425		452,200		414,785		420,233		1	%	4	%
Total loans in USD	30,260		28,511		20,106		18,853		23,952		27	%	-21	%
Financial trusts	688		522		723		783		454		-42	%	-34	%
Leasing	262		274		651		631		637		1	%	143	%
Others	3,114		3,266		1,499		1,025		738		-28	%	-76	%
Total other financing	4,064		4,062		2,873		2,439		1,829		-25	%	-55	%
Total other financing in Pesos	2,214		2,385		2,058		1,738		1,150		-34	%	-48	%
Total other financing in USD	1,850		1,677		815		701		679		-3	%	-63	%
Total financing to the private sector	439,085		458,998		475,179		436,077		446,014		2	%	2	%
EOP FX (Pesos per USD)	95.7267		98.7350		102.7500		110.9783		125.2150		13	%	31	%
USD financing / Financing to the private sector	7	%	7	%	4	%	4	%	6	%

11

2Q22 Earnings Release

Public Sector Assets

In 2Q22, the Bank’s public sector assets (excluding LELIQs and Central Bank Notes) to total assets ratio was 19%, lower than the 22.1% registered in the previous quarter, and the 21% posted in 2Q21.

In 2Q22, a 13% or Ps.32.6 billion increase in Leliqs and a 12% or Ps.35.4 billion decrease in Other Government Securities stand out.

PUBLIC SECTOR ASSETS	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q21		3Q21		4Q21		1Q22		2Q22		QoQ		YoY
Central Bank Notes	-		-		-		-		21,614
Leliqs	200,880		195,644		181,042		248,573		281,201		13	%	40	%
Other	273,740		233,301		242,399		293,789		258,439		-12	%	-6	%
Government securities	474,620		428,945		423,441		542,362		561,254		3	%	18	%
Provincial loans	5,675		3,716		2,905		2,135		2,891		35	%	-49	%
Loans	5,675		3,716		2,905		2,135		2,891		35	%	-49	%
Purchase of government bonds	282		263		245		0		0		-		-100	%
Other receivables	282		263		245		0		0		-		-100	%
TOTAL PUBLIC SECTOR ASSETS	480,577		432,924		426,591		544,497		564,145		4	%	17	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)	279,697		237,280		245,549		295,924		261,330		-12	%	-7	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS	21.0	%	17.6	%	18.1	%	22.1	%	19.0	%

Funding

Deposits

Banco Macro’s deposit base totaled Ps.858.2 billion in 2Q22, increasing 8% or Ps.63.4 billion QoQ and a 6% or Ps.50.9 billion increase YoY and representing 83% of the Bank’s total liabilities.

On a quarterly basis, private sector deposits increased 10% or Ps.72.1 billion while public sector deposits decreased 9% or Ps.8.7 billion.

The increase in private sector deposits was led by time deposits, which increased 15% or Ps.49.8 billion, while demand deposits increased 6% or Ps.20.7 billion QoQ.

Within private sector deposits, peso deposits increased 9% or Ps.62.5 billion, while US dollar deposits decreased 11% or USD 115 million.

As of 2Q22, Banco Macro´s market share over private sector deposits was 5.9%.

12

2Q22 Earnings Release

DEPOSITS	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q21		3Q21		4Q21		1Q22		2Q22		QoQ		YoY
Public sector	84,622		80,924		76,793		92,498		83,778		-9	%	-1	%
Financial sector	1,180		1,245		1,309		1,213		1,223		1	%	4	%
Private sector	721,499		731,352		723,630		701,062		773,150		10	%	7	%
Checking accounts	127,843		147,793		137,335		128,126		133,077		4	%	4	%
Savings accounts	236,416		220,118		250,452		220,214		235,991		7	%	0	%
Time deposits	337,290		344,810		317,844		336,487		386,257		15	%	15	%
Other	19,950		18,631		17,999		16,235		17,825		10	%	-11	%
Total	807,301		813,521		801,732		794,773		858,151		8	%	6	%
Pesos	663,048		662,624		670,205		675,240		737,712		9	%	11	%
Foreign Currency (Pesos)	144,253		150,897		131,527		119,533		120,439		1	%	-17	%
EOP FX (Pesos per USD)	95.7267		98.7350		102.7500		110.9783		125.2150		13	%	31	%
Foreign Currency (USD)	1,507		1,528		1,280		1,077		962		-11	%	-36	%
USD Deposits / Total Deposits	18	%	19	%	16	%	15	%	14	%

Banco Macro’s transactional deposits represent approximately 48% of its total deposit base as of 2Q22. These accounts are low cost and are not sensitive to interest rate increases.

Other sources of funds

In 2Q22, the total amount of other sources of funds increased 1% or Ps.3.5 billion compared to 1Q22. On a yearly basis other sources of funds increased 7% or Ps.26.1 billion. In 2Q22 Shareholder’s Equity increased 2% or Ps.8.1 billion as a consequence of the Ps.31.8 billion increase in reserves and the Ps.24.6 decrease in retained earnings, which were partially offset by a Ps.3 billion decrease in subordinated corporate bonds. Also in the quarter non-subordinated corporate bonds decreased 48% or Ps.1.7 billion.

OTHER SOURCES OF FUNDS	MACRO Consolidated					Change
In MILLION $ (Measuring Unit Current at EOP)	2Q21	3Q21	4Q21	1Q22	2Q22	QoQ		YoY
Central Bank of Argentina	40	33	29	26	33	27	%	-18	%
Banks and international institutions	930	766	374	188	1,925	924	%	107	%
Financing received from Argentine financial institutions	193	94	193	2,141	419	-80	%	117	%
Subordinated corporate bonds	64,106	61,581	57,149	53,992	51,032	-5	%	-20	%
Corporate bonds	3,987	3,809	4,072	3,632	1,905	-48	%	-52	%
Shareholders' equity	299,260	310,381	324,816	331,176	339,320	2	%	13	%
Total other source of funds	368,516	376,664	386,633	391,155	394,634	1	%	7	%

13

2Q22 Earnings Release

Liquid Assets

In 2Q22, the Bank’s liquid assets amounted to Ps.769.4 billion, showing a 4% or Ps.29.5 billion increase QoQ, and a 2% or Ps.18.6 billion increase on a yearly basis.

In 2Q22, Leliqs increased 19% or Ps.45.9 billion, Net Repos turned positive and totaled Ps.31 billion and were partially offset by a 12% decrease in Cash and a 12% decrease in Other government securities.

In 2Q22 Banco Macro’s liquid assets to total deposits ratio reached 90%.

LIQUID ASSETS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	2Q21			3Q21			4Q21			1Q22			2Q22			QoQ			YoY
Cash		235,257			249,101			234,634			205,901			181,701			-12	%		-23	%
Guarantees for compensating chambers		19,953			21,967			21,138			18,768			17,078			-9	%		-14	%
Leliq own portfolio		200,880			195,644			181,042			235,321			281,201			19	%		40	%
Net Repos		20,951			30,943			42,760			-13,905			30,956			-323	%		48	%
Other government & private securities		273,740			233,301			242,399			293,789			258,439			-12	%		-6	%
Total		750,781			730,956			721,973			739,874			769,375			4	%		2	%
Liquid assets to total deposits		93	%		90	%		90	%		93	%		90	%

Solvency

Banco Macro continued showing high solvency levels in 2Q22 with an integrated capital (RPC) of Ps.355.9 billion over a total capital requirement of Ps.71.7 billion. Banco Macro’s excess capital in 2Q22 was 397% or Ps.284.3 billion.

The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 40.5% in 2Q22; TIER1 Ratio stood at 35.9%.

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

MINIMUM CAPITAL REQUIREMENT	MACRO Consolidated															Change
In MILLION $	2Q21			3Q21			4Q21			1Q22			2Q22			QoQ			YoY
Credit risk requirement		29,413			34,030			36,726			40,488			45,204			12	%		54	%
Market risk requirement		1,559			1,631			3,585			3,886			4,643			19	%		198	%
Operational risk requirement		14,252			15,691			17,438			19,206			21,817			14	%		53	%
Total capital requirements		45,224			51,352			57,749			63,581			71,664			13	%		58	%
Ordinary Capital Level 1 (COn1)		182,409			203,858			233,700			279,447			336,826			21	%		85	%
Deductible concepts Level 1 (COn1)		-11,194			-12,411			-14,585			-16,866			-21,154			25	%		89	%
Capital Level 2 (COn2)		40,987			42,565			36,401			37,615			40,243			7	%		-2	%
Integrated capital - RPC (i)		212,202			234,012			255,516			300,196			355,914			19	%		68	%
Excess capital		166,978			182,660			197,767			236,615			284,250			20	%		70	%
Risk-weighted assets - RWA (ii)		554,596			629,505			708,490			780,016			879,341			13	%		59	%
Regulatory Capital ratio [(i)/(ii)]		38.3	%		37.2	%		36.1	%		38.5	%		40.5	%
Ratio TIER 1 [Capital Level 1/RWA]		30.9	%		30.4	%		30.9	%		33.7	%		35.9	%

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

14 

2Q22 Earnings Release

Asset Quality

In 2Q22, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 1.25%, improving from the 1.64% registered in 1Q22, and below the 1.68% posted in 2Q21.

Consumer portfolio non-performing loans decreased 11b.p. (down to 1.24% from 1.35%) while Commercial portfolio non-performing loans decreased 149b.p. in 2Q22 (down to 1.28% from 2.76%) mainly due to the normalization of a specific commercial SME client which showed signs of credit deterioration in the previous.

The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) reached to 159.71% in 2Q22. Write-offs over total loans totaled 0.12%.

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)	2Q21			3Q21			4Q21			1Q22			2Q22			QoQ			YoY
Commercial portfolio		119,923			124,044			118,657			95,162			97,750			3	%		-18	%
Non-performing		1,336			703			1,180			2,631			1,248			-53	%		-7	%
Consumer portfolio		348,369			359,426			380,081			357,108			367,383			3	%		5	%
Non-performing		6,540			7,358			5,306			4,808			4,564			-5	%		-30	%
Total portfolio		468,292			483,470			498,737			452,270			465,133			3	%		-1	%
Non-performing		7,876			8,061			6,485			7,439			5,812			-22	%		-26	%
Commercial non-perfoming ratio		1.11	%		0.57	%		0.99	%		2.76	%		1.28	%
Consumer non-perfoming ratio		1.88	%		2.05	%		1.40	%		1.35	%		1.24	%
Total non-performing/ Total portfolio		1.68	%		1.67	%		1.30	%		1.64	%		1.25	%
Total allowances		16,769			14,179			13,593			12,138			9,282			-24	%		-45	%
Coverage ratio w/allowances		212.91	%		175.90	%		209.61	%		163.17	%		159.71	%
Write Offs		180			1,683			781			664			551			-17	%		206	%
Write Offs/ Total portfolio		0.04	%		0.35	%		0.16	%		0.15	%		0.12	%

 

15 

2Q22 Earnings Release

CER Exposure and Foreign Currency Position

CER EXPOSURE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q21		3Q21		4Q21		1Q22		2Q22		QoQ			YoY
CER adjustable ASSETS
Government Securities		162,207		112,375		133,347		195,741		186,797		-5	%		15	%
Loans (*)		37,398		36,491		35,633		33,356		33,085		-1	%		-12	%
Private sector loans		11,718		10,515		9,522		8,064		7,006		-13	%		-40	%
Mortgage loans (UVA adjusted)		25,666		25,957		26,094		25,267		26,055		3	%		2	%
Other loans		14		19		17		25		24		-4	%		71	%
Total CER adjustable assets		199,605		148,866		168,980		229,097		219,882		-4	%		10	%
CER adjustable LIABILITIES
Deposits (*)		13,242		12,681		10,535		12,082		16,240		34	%		23	%
UVA Unemployment fund		1,932		2,125		2,183		2,253		2,582		15	%		34	%
Total CER adjustable liabilities		15,174		14,806		12,718		14,335		18,822		31	%		24	%
NET CER EXPOSURE		184,431		134,060		156,262		214,762		201,060		-6	%		9	%

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

FOREIGN CURRENCY POSITION	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q21		3Q21		4Q21		1Q22		2Q22		QoQ			YoY
Cash and deposits in Banks		184,529		183,535		166,146		153,401		148,836		-3	%		-19	%
Cash		13,578		17,491		12,093		20,734		13,721		-34	%		1	%
Central Bank of Argentina		97,688		94,908		100,868		77,608		80,258		3	%		-18	%
Other financial institutions local and abroad		73,254		71,127		53,176		54,985		54,758		0	%		-25	%
Others		9		9		9		74		99		34	%		1000	%
Net Income from financial instruments at fair value through P&L		1,260		1,390		1,680		2,526		4,879		93	%		287	%
Other financial assets		8,956		8,627		8,155		10,093		9,836		-3	%		10	%
Loans and other financing		32,059		30,138		20,879		19,510		24,590		26	%		-23	%
Non financial private sector & foreign residents		32,059		30,138		20,879		19,510		24,590		26	%		-23	%
Other debt securities		9,196		17,608		46,116		39,475		39,330		0	%		328	%
Guarantees received		3,171		3,129		3,127		2,924		2,640		-10	%		-17	%
Investment in equity instruments		23		24		95		78		72		-8	%		213	%
Total Assets		239,194		244,451		246,198		228,007		230,183		1	%		-4	%
Deposits		144,253		150,897		131,527		119,533		120,439		1	%		-17	%
Non financial public sector		8,760		8,559		10,452		9,020		5,084		-44	%		-42	%
Financial sector		1,081		1,097		1,036		1,028		989		-4	%		-9	%
Non financial private sector & foreign residents		134,412		141,241		120,039		109,485		114,366		4	%		-15	%
Financial liabiities at fair value through P&L		0		0		172		541		537		-1	%		-
Other liabilities from financial intermediation		11,540		12,709		8,860		8,316		9,347		12	%		-19	%
Financing from the Central Bank and other fin. Inst		1,000		770		377		188		1,930		927	%		93	%
Issued corporate bonds		0		0		0		0		1,905
Subordinated corporate bonds		64,106		61,581		57,149		53,992		51,032		-5	%		-20	%
Other non financial liabilities		36		35		54		31		61		97	%		69	%
Total Liabilities		220,935		225,992		198,139		182,601		185,251		1	%		-16	%
NET FX POSITION (Pesos)		18,259		18,459		48,059		45,406		44,932		-1	%		146	%
EOP FX (Pesos per USD)		95.7267		98.7350		102.7500		110.9783		125.2150		13	%		31	%
NET FX POSITION (USD)		191		187		468		409		359		-12	%		88	%

16 

2Q22 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.

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.

As of this date the Bank has paid

· On June 7, 2022 a cash dividend in the amount of Ps.9,875,722,171.88 (installments 1 through 6)

· On July 6, 2022 a cash dividend in the amount of Ps.1.645.953.695,31 (installment 7)

· On August 2, 2022 a cash dividend in the amount of Ps.1.645.953.695,31 (installment 8)

· Interest Payment Class E Dollar denominated Notes. In August 2022, the Bank paid quarterly interest on Class E dollar denominated notes in the amount of USD 62,131.5.

· Government Securities Exchange. On August 5, 2022 the Ministry of Economy launched a voluntary exchange that enabled LECER, LEPASE, LEDES and BONCER bondholders (with maturities in the next 90 days) to exchange their holdings for dual bonds (Dollar link and CER) with different maturities (June, July and September 2023). The following dual (Dollar link and CER) bonds were offered: (Dual bond with maturity in June 2023, Dual bond with maturity in July 2023, Dual bond, with maturity September 2023)

Regulatory Changes

· Monetary policy rate. In June 2022 through Communication “A” 7527 the Central Bank of Argentina modified the applicable percentage over Leliq rates for the determination of minimum time deposit rates: individuals which do not exceed the amount Ps.10 million: 101.92% (53% nominal annual), for all other depositors: 96.15% (50% nominal annual) effective as of June 21, 2022. Monetary policy rate (28 day Leliq) was established at 52% (300bp increase)

· Productive Investment Credit Lines for SMEs. In June 2022, the Central Bank of Argentina decided to increase maximum interest rates: from 35% to 42% for investment project financing and from 43% to 52.50% for working capital financing.

· Credit Cards. Interest rates. In June 2022, the Central Bank of Argentina decided to increase rates on credit cards financing (up to Ps.200,000) to 57%.

· Minimum reserve requirements. In June 2022 through Communication “A” 7536 the Central Bank of Argentina decreased the reserve requirement rate over time deposits (from 32% to 25% points on a residual term of up to 29 days, and from 22% to 14% for up to 59 days). It also revoked the reduction related to the location of branches and distance deposits. It enables non- Group A financial institutions to integrate the requirement with Bonte 27 bonds (except for sight deposits and unencumbered balances, which only apply for Group A institutions). It allows to integrate sight deposits with LELIQs (Group A: 4 percentage points, rest: 10 percentage points). It removes non-credit linked deductions: financial inclusion (TCUME, Echeq, ATM operability), ATM withdrawals continues to be considered until December 31, 2022. Removal of deduction top over financial inclusion loans (3% of concepts subject to requirement). It removes special requirement rates for Group C institutions.

17

2Q22 Earnings Release

· Minimum reserve requirement. Government Securities. In July 2022 through Communication “A” 7545 the Central Bank of Argentina established that the minimum duration of public securities required for reserve requirement is to be reduced from 120 to 90 days.

· Put option on Government Securities. In July 2022, through Communication “A” 7544 the Central Bank of Argentina announced that it will be enabled to organize public biddings of put options over Treasury bonds issued as of July 2022 (and which mature before December 31, 2023). Contracts can be exercised any time until its maturity, which will be 15 days prior to the maturity of the collateral. Also, the Central Bank will continue to participate in the secondary market to reduce volatility of Treasury instruments, and for debt instruments issued as of July 2022, with bid positions with prices similar to primary market value and a maximum spread of 2%.

· Interest rate corridor. On July 14, 2022 the Central Bank of Argentina decided to establish an interest rate corridor composed by the short term Treasury Note rate, the monetary policy rate represented by the 28-day Leliq and the 1-day Repo rate. The Central Bank Repo rate will be the lower limit and the Treasury note rate, the upper limit.

· Issuance of Internal Argentine Republic Central Bank Notes in USD. In July 2022, through Communication “A” 7557 the Central Bank of Argentina decided to issue Internal Argentine Republic Central Bank Notes in USD with Argentine peso settlement at the Com. “A” 3500 FX rate (LEDIV) at zero rate. Financial institutions with deposit portfolios at floating rates linked to the wholesale U.S. Dollar FX, will be able to bid in the primary market. The maximum position will be determined by the amount of deposits. At subscribers’ request, the BCRA will recall the LEDIVs as of 48 hours from its issuance, enabling the bidder to request an anticipated call of part or the total position before their maturity.

· Minimum time deposit rate. Productive investment financing to SMEs. Minimum reserve requirement. Credit card rate financing. On July 28, 2022 through Communication “A” 7561 the Central Bank of Argentina raised the applicable percentages over Leliq rates for the determination of minimum time deposit rates time deposits made by individuals which do not exceed the amount of $10 million: 101.67% (61% nominal annual), deposits not included in the previous item: 90% (54% nominal annual), available for time deposits granted as of July 29, 2022. Regarding Productive Investment Credit Lines for SMEs, for financing granted as of July 29, 2022, maximum rates were increased: from 42% to 50% to investment project financing, and from 52.50% to 58% for working capital and discounted instruments financing. Reserve requirement deduction for these financings is now 40.00%.

Lastly, as of August 2022, interest rates for credit card financing (up to $200,000) rises from 57% to 62%.On the same date, it increased the monetary policy rate 28-day Leliq from 52% to 60%.

· Minimum time deposit rate. Productive investment financing to SMEs. Minimum reserve requirement. Credit card rate financing. On August 12 through Communication “A” 7577 the Central Bank of Argentina raised the applicable percentages over Leliq rates for the determination of minimum time deposit rates ftime deposits made by individuals which do not exceed the amount of $10 million: 100% (69.50% nominal annual), deposits not included in the previous item: 87.70% (61% nominal annual), available for time deposits granted as of August 29, 2022.

Regarding Productive Investment Credit Lines for SMEs, for financing granted as of August 29, 2022, maximum rates were increased: from 50% to 59%to investment project financing, and from 58% to 69% for working capital and discounted instruments financing. Reserve requirement deduction for these financings is now 40.00%. Lastly, as of September 2022, interest rates for credit card financing (up to $200,000) rises from 62% to 71.50%.On the same date, it increased the monetary policy rate (28-day Leliq) from 60% to 69.50%

18

2Q22 Earnings Release

QUARTERLY BALANCE SHEET	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q21		3Q21		4Q21		1Q22		2Q22		QoQ			YoY
ASSETS
Cash and deposits in Banks		235,257		249,101		234,634		205,901		181,701		-12	%		-23	%
Cash		35,046		37,451		36,250		37,660		29,020		-23	%		-17	%
Central Bank of Argentina		126,941		140,478		145,194		113,168		97,812		-14	%		-23	%
Other local & foreign entities		73,260		71,162		53,182		54,999		54,769		0	%		-25	%
Other		10		10		8		74		100		35	%		900	%
Debt securities at fair value through profit & loss		101,575		31,875		44,122		37,822		98,378		160	%		-3	%
Derivatives		6		1		2		0		10		-			-
Repo Transactions		21,402		33,659		42,760		0		31,299		-			46	%
Other financial assets		25,253		32,155		47,844		29,261		28,051		-4	%		11	%
Loans & other receivables		446,928		465,049		479,747		438,578		449,535		2	%		1	%
Non Financial Public Sector		5,992		4,018		3,235		2,452		3,242		32	%		-46	%
Financial Sector		2,539		2,555		2,056		832		733		-12	%		-71	%
Non Financial private sector and foreign		438,397		458,476		474,456		435,294		445,560		2	%		2	%
Other debt securities		380,648		413,894		389,367		496,079		470,264		-5	%		24	%
Financial assets in guarantee		23,683		28,288		24,459		37,593		20,466		-46	%		-14	%
Income tax assets		0		0		740		231		1,272
Investments in equity instruments		3,422		3,129		2,967		559		585		5	%		-83	%
Investments in other companies (subsidiaries and joint ventures)		630		590		666		765		688		-10	%		9	%
Property, plant and equipment		71,123		72,254		71,987		71,451		71,362		0	%		0	%
Intangible assets		10,901		11,318		11,443		11,399		12,083		6	%		11	%
Deferred income tax assets		115		51		65		50		99		98	%		-14	%
Other non financial assets		4,150		3,309		3,175		3,901		5,932		52	%		43	%
Non-current assets held for sale		4,631		4,490		4,413		4,396		4,392		0	%		-5	%
TOTAL ASSETS		1,329,724		1,349,163		1,358,391		1,337,986		1,376,117		3	%		3	%
LIABILITIES
Deposits		807,301		813,521		801,732		794,773		858,151		8	%		6	%
Non Financial Public Sector		84,622		80,924		76,793		92,498		83,778		-9	%		-1	%
Financial Sector		1,180		1,245		1,309		1,213		1,223		1	%		4	%
Non Financial private sector and foreign		721,499		731,352		723,630		701,062		773,150		10	%		7	%
Liabilities at fair value through profit & loss		19		3,331		2,216		541		540		0	%		2742	%
Derivatives		3		4		3		9		1		-			0	%
Repo Transactions		452		2,716		-		13,905		343		-			-86	%
Other financial liabilities		66,192		69,938		92,495		70,074		71,631		2	%		8	%
Financing received from Central Bank and Other Financial Institutions		1,163		893		596		2,356		2,377		1	%		104	%
Issued Corporate Bonds		3,987		3,809		4,072		3,632		1,905		-48	%		-52	%
Current income tax liabilities		2,599		3,650		478		650		641		-1	%		-75	%
Subordinated corporate bonds		64,106		61,581		57,149		53,992		51,032		-5	%		-20	%
Provisions		1,580		2,056		2,235		2,348		2,345		0	%		48	%
Deferred income tax liabilities		14,852		11,723		7,750		8,868		9,562		8	%		-36	%
Other non financial liabilities		68,206		65,556		64,797		55,624		38,234		-31	%		-44	%
TOTAL LIABILITIES		1,030,460		1,038,778		1,033,523		1,006,772		1,036,762		3	%		1	%
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		117,188		117,188		117,188		117,188		117,188		0	%		0	%
Reserves		165,869		165,869		165,869		165,869		197,696		19	%		19	%
Retained earnings		-12,145		-12,145		-12,145		24,783		95		-			-
Other accumulated comprehensive income		3,728		3,814		3,907		3,206		63		-98	%		-98	%
Net income for the period / fiscal year		11,551		22,586		36,928		7,061		11,209		59	%		-3	%
Shareholders' Equity attributable to parent company		299,260		310,381		324,816		331,176		339,320		2	%		13	%
Shareholders' Equity attributable to non controlling interest		4		4		52		38		35		-8	%		775	%
TOTAL SHAREHOLDERS' EQUITY		299,264		310,385		324,868		331,214		339,355		2	%		13	%

19

2Q22 Earnings Release

INCOME STATEMENT	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q21		3Q21		4Q21		1Q22		2Q22		QoQ			YoY
Interest Income		72,565		74,866		77,452		80,760		96,046		19	%		32	%
Interest Expense		30,778		30,229		28,874		31,597		42,928		36	%		39	%
Net Interest Income		41,787		44,637		48,578		49,163		53,118		8	%		27	%
Fee income		12,203		13,005		13,268		13,223		13,237		0	%		8	%
Fee expense		1,111		1,263		1,341		1,240		1,303		5	%		17	%
Net Fee Income		11,092		11,742		11,927		11,983		11,934		0	%		8	%
Subtotal (Net Interest Income + Net Fee Income)		52,879		56,379		60,505		61,146		65,052		6	%		23	%
Net Income from financial instruments  at Fair Value Through Profit & Loss		8,661		5,187		4,823		7,564		7,744		2	%		-11	%
Result from assets at amortised cost		100		-		123		-		-		-			-100	%
Difference in quoted prices of gold and foreign currency		1,049		888		2,178		3,620		5,379		49	%		413	%
Other operating income		2,311		2,646		2,701		3,826		3,880		1	%		68	%
Provision for loan losses		348		318		2,672		874		772		-12	%		122	%
Net Operating Income		64,652		64,782		67,658		75,282		81,283		8	%		26	%
Personnel expenses		13,766		13,540		13,244		11,509		15,149		32	%		10	%
Administrative expenses		6,373		6,741		8,028		6,468		6,826		6	%		7	%
Depreciation and impairment of assets		2,352		2,487		2,520		2,571		2,642		3	%		12	%
Other operating expenses		10,279		11,317		13,398		11,876		12,212		3	%		19	%
Operating Income		31,882		30,697		30,468		42,858		44,454		4	%		39	%
Income from associates and joint ventures		31		-2		48		-42		-40		-			-
Result from net monetary position		-22,231		-19,232		-20,665		-33,921		-38,197		-			-
Net Income before income tax on cont. operations		9,682		11,463		9,851		8,895		6,217		-30	%		-36	%
Income tax on continuing operations		2,110		428		-4,490		1,848		2,072		12	%		-2	%
Net Income from continuing operations		7,572		11,035		14,341		7,047		4,145		-41	%		-45	%
Net Income for the period		7,572		11,035		14,341		7,047		4,145		-41	%		-45	%
Net Income of the period attributable to parent company		7,572		11,035		14,341		7,061		4,148		-41	%		-45	%
Net income of the period attributable to non-controlling interests		-		-		-		-14		-3		-			-
Other Comprehensive Income		349		85		94		-701		-3,144		-			-
Foreign currency translation differences in financial statements conversion		-328		-277		-262		-303		-155		-			-
Profits or losses from financial assets measured at fair value  through other comprehensive income (FVOCI)  (IFRS 9(4.1.2)(a)		677		362		356		-398		-2,989		651	%		-542	%
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		7,920		11,120		14,435		6,346		1,001		-84	%		-87	%
Total Comprehensive Income attributable to parent Company		7,920		11,120		14,435		6,360		1,004		-84	%		-87	%
Total Comprehensive Income attributable to non-controlling interests		-		-		-		-14		-3		-			-

20 

2Q22 Earnings Release

QUARTERLY ANNUALIZED RATIOS	MACRO Consolidated
	2Q21			3Q21			4Q21			1Q22			2Q22
Profitability & performance
Net interest margin		18.8	%		19.1	%		21.2	%		22.8	%		24.5	%
Net interest margin adjusted (exc. FX)		18.3	%		18.7	%		20.3	%		21.2	%		22.2	%
Net fee income ratio		12.2	%		13.7	%		12.6	%		12.9	%		11.8	%
Efficiency ratio		38.4	%		38.8	%		37.4	%		29.6	%		32.8	%
Net fee income as % of A&G Expenses		31.7	%		35.3	%		33.7	%		43.7	%		36.0	%
Return on average assets		2.3	%		3.3	%		4.4	%		2.2	%		1.3	%
Return on average equity		10.3	%		14.6	%		18.5	%		9.1	%		5.1	%
Liquidity
Loans as a percentage of total deposits		55.4	%		57.2	%		59.8	%		55.2	%		52.4	%
Liquid assets as a percentage of total deposits		93.0	%		90.0	%		90.0	%		93.0	%		90.0	%
Capital
Total equity as a percentage of total assets		22.5	%		23.0	%		23.9	%		24.8	%		24.7	%
Regulatory capital as % of APR		38.3	%		37.2	%		36.1	%		38.5	%		40.5	%
Asset Quality
Allowances over total loans		3.8	%		3.0	%		2.8	%		2.8	%		2.1	%
Non-performing financing as a percentage of total financing		1.7	%		1.7	%		1.3	%		1.6	%		1.3	%
Coverage ratio w/allowances		212.9	%		175.9	%		209.6	%		163.2	%		159.7	%
Cost of Risk		0.3	%		0.3	%		2.3	%		0.8	%		0.7	%

ACCUMULATED ANNUALIZED RATIOS	MACRO Consolidated
	2Q21			3Q21			4Q21			1Q22			2Q22
Profitability & performance
Net interest margin		18.0	%		18.4	%		19.1	%		22.8	%		23.6	%
Net interest margin adjusted (exc. FX)		17.4	%		17.8	%		18.4	%		21.2	%		21.7	%
Net fee income ratio		11.8	%		12.4	%		12.5	%		12.9	%		12.3	%
Efficiency ratio		37.0	%		37.6	%		37.5	%		29.6	%		31.3	%
Net fee income as % of A&G Expenses		32.0	%		33.1	%		33.2	%		43.7	%		39.5	%
Return on average assets		1.7	%		2.2	%		2.8	%		2.2	%		1.7	%
Return on average equity		7.8	%		10.1	%		12.3	%		9.1	%		7.1	%
Liquidity
Loans as a percentage of total deposits		55.4	%		57.2	%		59.8	%		55.2	%		52.4	%
Liquid assets as a percentage of total deposits		93.0	%		90.0	%		90.0	%		93.0	%		90.0	%
Capital
Total equity as a percentage of total assets		22.5	%		23.0	%		23.9	%		24.8	%		24.7	%
Regulatory capital as % of APR		38.3	%		37.2	%		36.1	%		38.5	%		40.5	%
Asset Quality
Allowances over total loans		3.8	%		3.0	%		2.8	%		2.8	%		2.1	%
Non-performing financing as a percentage of total financing		1.7	%		1.7	%		1.3	%		1.6	%		1.3	%
Coverage ratio w/allowances		212.9	%		175.9	%		209.6	%		163.2	%		159.7	%
Cost of Risk		0.2	%		0.2	%		0.7	%		0.8	%		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: August 24, 2022

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