Banco Macro 6K Current report

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

September 29, 2022

Commission File Number: 001-32827

MACRO BANK INC.

(Translation of registrant’s name into English)

Av. Eduardo Madero 1182

Buenos Aires C1106ACY

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

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

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

BANCO MACRO SA

Condensed interim financial statements as of June 30, 2022

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF JUNE 30, 2022

CONTENT

Cover sheet

Condensed consolidated interim financial statements

Condensed consolidated interim statement of financial position

Condensed consolidated interim statement of income

Condensed consolidated interim statement of other comprehensive income

Condensed consolidated interim statement of changes in shareholders’ equity

Condensed consolidated interim statement of cash flows

Notes to the condensed consolidated interim financial statements

Note 1: Corporate information

Note 2: Operations of the Bank

Note 3: Basis for the preparation of these financial statements and applicable accounting standards

Note 4: Contingent transactions

Note 5: Debt securities at fair value through profit or loss

Note 6: Other financial assets

Note 7: Loss allowance for expected credit losses on credit exposures not measured at fair value through profit or loss

Note 8: Other debt securities

Note 9: Equity instruments at fair value through profit or loss – Prisma Medios de Pago SA

Note 10: Fair value quantitative and qualitative disclosures

Note 11: Business combinations

Note 12: Investment in associates and joint arrangements

Note 13: Other non-financial assets

Note 14: Related parties

Note 15: Other financial liabilities

Note 16: Provisions

Note 17: Other non-financial liabilities

Note 18: Analysis of financial assets to be recovered and financial liabilities to be settled

Note 19: Disclosures by operating segment

Note 20: Income tax

Note 21: Commissions income

Note 22: Differences in quoted prices of gold and foreign currency

Note 23: Other operating income

Note 24: Employee benefits

Note 25: Administrative expenses

Note 26: Other operating expenses

Note 27: Additional disclosures in the statement of cash flows

Note 28: Capital stock

Note 29: Earnings per share – Dividends

Note 30: Deposit guarantee insurance

Note 31: Restricted assets

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF JUNE 30, 2022

CONTENT (contd.)

Notes to the condensed consolidated interim financial statements (contd.)

Note 32: Trust activities

Note 33: Compliance with CNV regulations

Note 34: Accounting items that identify the compliance with minimum cash requirements

Note 35: Penalties applied to the entity and summary proceedings initiated by the BCRA

Note 36: Corporate bonds issuance

Note 37: Off balance sheet transactions

Note 38: Tax and other claims

Note 39: Restriction on dividends distribution

Note 40: Capital management, corporate governance transparency policy and risk management

Note 41: Changes in the Argentine macroeconomic environment and financial and capital markets

Note 42: Effects of the coronavirus (COVID–19) outbreak

Note 43: Events after reporting period

Note 44: Accounting principles – explanation added for translation into English

Condensed consolidated exhibits

Exhibit B: Classification of loans and other financing by situation and collateral received

Exhibit C: Concentration of loans and financing facilities

Exhibit D: Breakdown of loans and other financing by term

Exhibit F: Change of property, plant and equipment

Exhibit G: Change in intangible assets

Exhibit H: Deposit concentration

Exhibit I: Breakdown of financial liabilities for residual terms

Exhibit J: Changes in provisions

Exhibit L: Foreign currency amounts

Exhibit Q: Breakdown of statement of income

Exhibit R: Value adjustment for credit losses – Allowances for uncollectibility risk

Condensed separate interim financial statements

Condensed separate interim financial statements

Notes to the condensed separate interim financial statements

Condensed separate exhibits

BANCO MACRO SA

Corporate name: Banco Macro SA

Registered office: Avenida Eduardo Madero 1182 – Autonomous City of Buenos Aires

Corporate purpose and main activity: Commercial bank

Central Bank of Argentina: Authorized as “Argentine private bank” under No. 285

Registration with the public Registry of Commerce: Under No. 1154 - By-laws Book No. 2, Folio 75 dated March 8, 1967

By-Laws expiry date: March 8, 2066

Registration with the IGJ (Superintendency of Corporations): Under No. 9777 – Corporations Book No. 119 Volume A of Sociedades Anónimas, dated October 8, 1996

Personal tax identification number: 30-50001008-4

Registration dates of amendments to By-Laws:

August 18, 1972, August 10, 1973, July 15, 1975, May 30, 1985, September 3, 1992, May 10, 1993, November 8, 1995, October 8, 1996, March 23, 1999, September 6, 1999, June 10, 2003, December 17, 2003, September 14, 2005, February 8, 2006, July 11, 2006, July 14, 2009, November 14, 2012, August 2, 2014, July 15, 2019.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Items	Notes	Exhibits	06/30/2022		12/31/2021
ASSETS
Cash and Deposits in Banks	10			181,701,093		234,634,331
Cash				29,020,211		36,249,804
Central Bank of Argentina				97,811,630		145,194,050
Other Local and Foreign Entities				54,768,866		53,181,727
Other				100,386		8,750
Debt Securities at fair value through profit or loss	5 and 10			98,378,029		44,122,233
Derivative Financial Instruments	10			9,658		1,764
Repo transactions	10			31,299,032		42,759,640
Other Financial Assets	6, 7 and 10	R		28,050,958		47,843,641
Loans and other financing	7 and 10	B, C, D and R		449,534,778		479,746,977
Non-financial Public Sector				3,242,468		3,234,986
Other Financial Entities				733,483		2,056,244
Non-financial Private Sector and Foreign Residents				445,558,827		474,455,747
Other Debt Securities	7, 8 and 10	R		470,264,169		389,367,372
Financial Assets delivered as guarantee	10 and 31			20,465,687		24,458,703
Current Income Tax Assets	20			1,271,809		739,903
Equity Instruments at fair value through profit or loss	9 and 10			585,444		2,967,429
Investment in associates and joint arrangements	12			688,355		666,470
Property, plant and equipment		F		71,361,566		71,986,610
Intangible Assets		G		12,082,588		11,442,600
Deferred Income Tax Assets	20			99,451		65,067
Other Non-financial Assets	13			5,932,230		3,174,552
Non-current Assets held for sale				4,391,766		4,413,397
TOTAL ASSETS				1,376,116,613		1,358,390,689

- 1 -

Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Items	Notes	Exhibits	06/30/2022		12/31/2021
LIABILITIES
Deposits	10	H and I		858,150,888		801,732,279
Non-financial Public Sector				83,778,194		76,793,196
Financial Sector				1,223,282		1,308,683
Non-financial Private Sector and Foreign Residents				773,149,412		723,630,400
Liabilities at fair value through profit or loss	10	I		540,143		2,216,191
Derivative Financial Instruments	10	I		895		3,448
Repo Transactions	10	I		342,745
Other Financial Liabilities	10 and 15	I		71,630,943		92,495,055
Financing received from the Central Bank of Argentina and other financial institutions	10	I		2,377,353		595,972
Issued Corporate Bonds	10 and 36	I		1,904,529		4,072,049
Current Income Tax Liabilities	20			640,581		478,299
Subordinated Corporate Bonds	10 and 36	I		51,032,484		57,148,690
Provisions	16	J and R		2,344,705		2,235,037
Deferred Income Tax Liabilities	20			9,562,328		7,749,839
Other Non-financial Liabilities	17			38,233,994		64,796,331
TOTAL LIABILITIES				1,036,761,588		1,033,523,190
SHAREHOLDERS’ EQUITY
Capital Stock	28			639,413		639,413
Non-capital contributions				12,429,781		12,429,781
Adjustments to Shareholders’ Equity				117,187,931		117,187,931
Earnings Reserved				197,696,122		165,868,796
Unappropriated Retained Earnings				95,482		(12,145,206	)
Accumulated Other Comprehensive Income				62,714		3,907,380
Net Income of the period / fiscal year				11,208,865		36,927,829
Net Shareholders’ Equity attributable to controlling interest				339,320,308		324,815,924
Net Shareholders’ Equity attributable to non-controlling interests				34,717		51,575
TOTAL SHAREHOLDERS’ EQUITY				339,355,025		324,867,499
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES				1,376,116,613		1,358,390,689

The notes 1 to 44 to the condensed consolidated interim Financial Statements and exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim Financial Statements.

- 2 -

Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Items	Notes	Exhibits	Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022			Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021
Interest income		Q		96,046,239			176,805,740			72,564,514			154,612,683
Interest expense		Q		(42,927,757	)		(74,525,172	)		(30,777,982	)		(69,470,768	)
Net Interest income				53,118,482			102,280,568			41,786,532			85,141,915
Commissions income	21	Q		13,237,065			26,460,049			12,203,455			24,081,396
Commissions expense		Q		(1,302,844	)		(2,542,966	)		(1,111,332	)		(2,202,856	)
Net Commissions income				11,934,221			23,917,083			11,092,123			21,878,540
Subtotal (Net Interest income + Net Commissions income)				65,052,703			126,197,651			52,878,655			107,020,455
Profit from measurement of financial instruments at fair value through profit or loss		Q		7,744,010			15,308,198			8,660,872			16,960,240
Profit or loss from sold or derecognized assets at amortized cost				(4	)		(4	)		100,319			208,800
Differences in quoted prices of gold and foreign currency	22			5,379,497			8,998,551			1,049,117			3,262,037
Other operating income	23			3,879,551			7,705,829			2,311,232			5,311,662
Allowance for loan losses				(772,197	)		(1,646,036	)		(348,472	)		(352,848	)
Net Operating Income				81,283,560			156,564,189			64,651,723			132,410,346
Employee benefits	24			(15,148,740	)		(26,657,658	)		(13,766,191	)		(26,971,172	)
Administrative expenses	25			(6,825,897	)		(13,293,827	)		(6,373,307	)		(12,586,130	)
Depreciation and amortization of fixed assets		F and G		(2,642,287	)		(5,213,497	)		(2,352,097	)		(4,695,405	)
Other Operating Expenses	26			(12,212,653	)		(24,086,720	)		(10,278,300	)		(21,844,466	)
Operating Income				44,453,983			87,312,487			31,881,828			66,313,173
Loss / Income from associates and joint arrangements	12			(39,952	)		(82,137	)		31,236			73,144
Loss on net monetary position				(38,197,710	)		(72,118,206	)		(22,231,474	)		(48,508,915	)
Income before tax on continuing operations				6,216,321			15,112,144			9,681,590			17,877,402
Income tax on continuing operations	20.c)			(2,071,683	)		(3,920,137	)		(2,110,313	)		(6,326,260	)
Net Income from continuing operations				4,144,638			11,192,007			7,571,277			11,551,142
Net Income of the period				4,144,638			11,192,007			7,571,277			11,551,142
Net Income of the period attributable to controlling interest				4,147,631			11,208,865			7,571,133			11,550,878
Net Income of the period attributable to non-controlling interest				(2,993	)		(16,858	)		144			264

- 3 -

Delfín Jorge Ezequiel Carballo
Chairperson

CONSOLIDATED EARNINGS PER SHARE

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Items	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021
Net Profit attributable to Parent’s shareholders		4,147,631		11,208,865		7,571,133		11,550,878
Plus: Potential diluted earnings per common share
Net Profit attributable to Parent’s shareholders adjusted as per diluted earnings		4,147,631		11,208,865		7,571,133		11,550,878
Weighted average of outstanding common shares of the period		639,413		639,413		639,413		639,413
Plus: Weighted average of the number of additional common shares with dilution effects
Weighted average of outstanding common shares of the period adjusted as per dilution effect		639,413		639,413		639,413		639,413
Basic earnings per share (in pesos)		6.4866		17.5299		11.8408		18.0648

- 4 -

Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Items	Notes	Exhibits	Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022			Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021
Net Income of the period				4,144,638			11,192,007			7,571,277			11,551,142
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences in financial statements conversion				(155,115	)		(457,890	)		(328,414	)		(504,349	)
Foreign currency translation differences of the period				(155,115	)		(457,890	)		(328,414	)		(504,349	)
Profit or loss for financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a))				(2,988,724	)		(3,386,776	)		677,427			1,923,016
Profit or loss for the period from financial instruments at fair value through other comprehensive income (FVOCI)		Q		(3,895,410	)		(5,797,419	)		(147,598	)		429,517
Adjustment for reclassification of period				(615,480	)		692,062			1,218,815			2,380,736
Income tax	20.c)			1,522,166			1,718,581			(393,790	)		(887,237	)
Total Other Comprehensive (Loss) / Income that is subsequently reclassified to profit or loss				(3,143,839	)		(3,844,666	)		349,013			1,418,667
Total Other Comprehensive (Loss) / Income				(3,143,839	)		(3,844,666	)		349,013			1,418,667
Total Comprehensive Income of the period				1,000,799			7,347,341			7,920,290			12,969,809
Total Comprehensive Income attributable to controlling interest				1,003,792			7,364,199			7,920,146			12,969,545
Total Comprehensive Income attributable to non-controlling interest				(2,993	)		(16,858	)		144			264

The notes 1 to 44 to the condensed consolidated interim Financial Statements and exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim Financial Statements.

- 5 -

Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

		Capital stock	Non-capital Contributions				Other Comprehensive Income						Earnings Reserved
Changes	Notes	Outstanding shares	Additional paid-in capital		Adjustments to Shareholders’ Equity		Accumulated foreign currency translation difference in financial statements conversion			Other			Legal		Other		Unappropriated Retained Earnings			Total Controlling Interests			Total Non-Controlling Interests			Total Equity
Restated amount at the beginning of the fiscal year		639,413		12,429,781		117,187,931		817,118			3,090,262			65,949,559		99,919,237		24,782,623			324,815,924			51,575			324,867,499
Total comprehensive income of the period
- Net income of the Period																		11,208,865			11,208,865			(16,858	)		11,192,007
- Other comprehensive loss of the period								(457,890	)		(3,386,776	)									(3,844,666	)					(3,844,666	)
Distribution of unappropriated retained earnings as approved by Shareholders´ Meeting held on April 29, 2022
Legal reserve														4,956,526				(4,956,526	)
Reserve for dividends are pending authorization of Central Bank of Argentina	29															26,870,800		(19,317,078	)		7,553,722						7,553,722
Personal property tax on business corporation																		(413,537	)		(413,537	)					(413,537	)
Amount at the end of the period		639,413		12,429,781		117,187,931		359,228			(296,514	)		70,906,085		126,790,037		11,304,347			339,320,308			34,717			339,355,025

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

		Capital stock	Non-capital Contributions				Other Comprehensive Income					Earnings Reserved
Changes	Notes	Outstanding shares	Additional paid-in capital		Adjustments to Shareholders’ Equity		Accumulated foreign currency translation difference in financial statements conversion			Other		Legal		Other			Unappropriated Retained Earnings			Total Controlling Interests			Total Non-Controlling Interests		Total Equity
Restated amount at the beginning of the fiscal year		639,413		12,429,781		117,187,931		1,860,498			448,882		65,949,559		159,734,459			(53,933,331	)		304,317,192			3,838		304,321,030
Total comprehensive income of the period
- Net income of the Period																		11,550,878			11,550,878			264		11,551,142
- Other comprehensive income of the period								(504,349	)		1,923,016										1,418,667					1,418,667
Distribution of unappropriated retained earnings as approved by Shareholders´ Meeting held on April 30, 2021
- Dividends	29														(17,481,782	)					(17,481,782	)				(17,481,782	)
- Absorption of loss accumulated	38
Legal reserve															(908	)		908
Legal reserve for future distribution earnings															(41,787,217	)		41,787,217
Personal property tax on business corporation															(545,315	)					(545,315	)				(545,315	)
Amount at the end of the period		639,413		12,429,781		117,187,931		1,356,149			2,371,898		65,949,559		99,919,237			(594,328	)		299,259,640			4,102		299,263,742

The notes 1 to 44 to the condensed consolidated interim Financial Statements and exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim Financial Statements.

- 6 -

Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Items	Notes	06/30/2022			06/30/2021
Cash flows from operating activities
Income of the period before Income Tax			15,112,144			17,877,402
Adjustment for the total monetary effect of the period			72,118,206			48,508,915
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation			5,213,497			4,695,405
Allowance for loan losses			1,646,036			352,848
Difference in quoted prices of foreign currency			(19,984,126	)		(15,443,134	)
Other adjustments			34,715,106			41,790,600
Net increase / (decrease) from operating assets:
Debt Securities at fair value through profit or loss			(54,262,413	)		18,036,717
Derivative financial instruments			(7,894	)		8,894
Repo transactions			11,460,608			59,613,190
Loans and other financing
Non-financial public sector			(7,482	)		1,436,828
Other financial entities			1,322,761			1,206,225
Non-financial private sector and foreign residents			27,121,519			78,660,801
Other debt securities			16,703,691			(17,022,680	)
Financial assets delivered as guarantee			3,993,016			5,688,993
Equity instruments at fair value through profit or loss			2,381,985			(4,521	)
Other assets			17,964,142			13,200,149
Net increase / (decrease) from operating liabilities:
Deposits
Non-financial public sector			6,984,998			(66,561,966	)
Financial sector			(85,401	)		(251,178	)
Non-financial private sector and foreign residents			49,519,012			(130,299,059	)
Liabilities at fair value through profit or loss			(1,676,048	)		19,021
Derivative financial instruments			(2,553	)		2,315
Repo transactions			342,745			(819,651	)
Other liabilities			(20,696,533	)		(39,405,018	)
Income Tax Payments			(806,696	)		(10,591,528	)
Total cash from operating activities (A)			169,070,320			10,699,568

- 7 -

Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Items	Notes	06/30/2022			06/30/2021
Cash flows from investing activities
Payments:
Acquisition of PPE, intangible assets and other assets			(6,714,853	)		(5,128,312	)
Total cash used in investing activities (B)			(6,714,853	)		(5,128,312	)
Cash flows from financing activities
Payments:
Dividends			(7,282,496	)
Non-subordinated corporate bonds			(3,497,494	)		(5,210,850	)
Financing to local financial entities						(580,737	)
Subordinated Corporate Bonds			(1,707,959	)		(2,139,576	)
Other payments related to financing activities			(307,959	)		(259,955	)
Collections / Incomes:
Non-subordinated corporate bonds			2,061,617
Financing to local financial entities			1,940,323
Total cash used in financing activities (C)			(8,793,968	)		(8,191,118	)
Effect of exchange rate fluctuations (D)			30,742,698			24,502,160
Monetary effect on cash and cash equivalents (E)			(137,123,744	)		(113,328,256	)
Net increase / (decrease) in cash and cash equivalents (A+B+C+D+E)			47,180,453			(91,445,958	)
Restated cash and cash equivalents at the beginning of the fiscal year	27		421,978,624			541,734,427
Cash and cash equivalents at the end of the period	27		469,159,077			450,288,469

The notes 1 to 44 to the condensed consolidated interim financial statements and exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim financial statements.

- 8 -

Delfín Jorge Ezequiel Carballo
Chairperson

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2022
(Translation of Financial statements originally issued in Spanish – See Note 44)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

CORPORATE INFORMATION

Banco Macro SA (hereinafter, the Bank) is a stock corporation (sociedad anónima), organized in the Argentine Republic that offers traditional banking products and services to companies, including those companies operating in regional economies as well as to individuals, thus strengthening its goal to be a multiservice bank. In addition, through its subsidiaries, the Bank performs transactions as a trustee agent, manager and administrator of mutual funds and renders stock exchange services, electronic payments services and granting of guarantees.

Macro Compañía Financiera SA was created in 1977, as a non-banking financial institution. In May 1988, it received the authorization to operate as a commercial bank and was incorporated as Banco Macro SA. Subsequently, as a result of the merger process with other entities, it adopted other names (among them, Banco Macro Bansud SA) and since August 2006, Banco Macro SA.

The Bank’s shares have been publicly listed on Bolsas y Mercados Argentinos (BYMA) since November 1994; and as from March 24, 2006 they are listed on the New York Stock Exchange (NYSE). Additionally, on October 15, 2015, they were authorized to be listed on the Mercado Abierto Electrónico SA (MAE).

Since 1994, Banco Macro SA’s market strategy was mainly focused on the regional areas outside the Autonomous City of Buenos Aires (CABA, for its acronym in Spanish). Following this strategy, in 1996, Banco Macro SA started the process to acquire entities and assets and liabilities during the privatization of provincial and other banks.

During 2020 and 2021, the Bank made contributions in the company Play Digital SA for a total amount of 253,557 (not restated). On July 18 and January 17, 2022, the Bank made irrevocable capital contributions for an amount of 245,539 and 130,758 (not restated), respectively. The company’s purpose is to develop and market a payment solution linked to bank accounts held by financial system users in order to bring significant improvement to their payment experience.

Additionally, on October 1, 2021, Banco Macro SA decided to exercise a call option to reach 24.99% of the equity interest in Fintech SGR. The amount paid on October 15, 2021 was 33,488 (not restated). As it was explained in note 3 to the consolidated financial statements as of December 31, 2021, already issued, Fintech SGR is a structured entity in which the Bank has control. The purpose of this company is to enable small and medium-sized companies (PyMES, for its acronym in Spanish), to have access to credit by granting guarantees.

In addition, on October 1, 2021 Banco Macro SA paid 50,850 (not restated) in order to purchase shares representing 50% of the capital stock and votes of Finova SA. The main purpose of this company is to develop and market the website www.facturbo.com.ar, a digital solution that allows customers to negotiate credit instruments issued and accepted by large companies in favor of small and medium-sized companies (MiPyMES, for its acronym in Spanish). See also note 12.

On August 24, 2022, the Board of Directors approved the issuance of these condensed consolidated interim financial statements.

OPERATIONS OF THE BANK

2.1.

Agreement with the Misiones Provincial Government

The Bank and the Misiones Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a five-year term since January 1, 1996, as the Provincial Government’s exclusive financial agent as well as revenue collection and obligation payment agent.

On November 25, 1999, December 28, 2006 and October 1, 2018 extensions to such agreement were agreed upon, making it currently effective through December 31, 2029.

As of June 30, 2022 and December 31, 2021, the deposits held by the Misiones Provincial Government with the Bank amounted to 22,728,293 and 12,352,254 (including 1,459,473 and 1,410,441, related to court deposits), respectively.

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2.2.

Agreement with the Salta Provincial Government

The Bank and the Salta Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a ten-year term since March 1, 1996, as the Provincial Government’s exclusive financial agent as well as revenue collection and obligation payment agent.

On February 22, 2005, and August 22, 2014, extensions to such agreements were agreed upon, making it currently effective through February 28, 2026.

As of June 30, 2022 and December 31, 2021, the deposits held by the Salta Provincial Government with the Bank amounted to 23,765,865 and 8,789,607 (including 2,513,425 and 2,996,459, related to court deposits), respectively.

2.3.

Agreement with the Jujuy Provincial Government

The Bank and the Jujuy Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a ten-year term since January 12, 1998, as the Provincial Government’s exclusive financial agent as well as revenue collection and obligation payment agent.

On April 29, 2005 and July 8, 2014, extensions to such agreement were agreed upon, making it currently effective through September 30, 2024.

As of June 30, 2022 and December 31, 2021, the deposits held by the Jujuy Provincial Government with the Bank amounted to 7,793,655 and 11,473,910 (including 1,739,533 and 2,598,967, related to court deposits), respectively.

2.4.

Agreement with the Tucumán Provincial Government

The Bank acts as an exclusive financial agent and as revenue collection and obligation payment agent of the Tucumán Provincial Government, the Municipality of San Miguel de Tucumán and the Municipality of Yerba Buena. The services agreements with the Provincial and Municipal Governments are effective through years 2031, 2023 and 2025, respectively.

As of June 30, 2022 and December 31, 2021, the deposits held by the Tucumán Provincial Government, the Municipality of San Miguel de Tucumán and the Municipality of Yerba Buena with the Bank amounted to 20,968,296 and 23,833,410 (including 6,395,785 and 6,984,413, related to court deposits), respectively.

Additionally, as of June 30, 2022 and December 31, 2021, the Bank granted loans to the Tucumán Provincial Government for an amount of 1,377,787 and 2,502,776, respectively.

BASIS FOR THE PREPARATION OF THESE FINANCIAL STATEMENTS AND APPLICABLE ACCOUNTING STANDARDS

Presentation basis

Applicable Accounting Standards

These condensed consolidated interim financial statements of the Bank were prepared in accordance with the accounting framework established by the Central Bank of Argentina (BCRA, for its acronym in Spanish) in its Communiqué “A” 6114 as supplemented. Except for the exceptions established by the BCRA which are explained in the following paragraph, such framework is based on International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the Argentine Federation of Professionals Councils in Economic Sciences (FACPCE, for its acronym in Spanish). The abovementioned international standards include the IFRS, the International Accounting Standards (IAS) and the interpretations developed by the IFRS Interpretations Committee (IFRIC) or former IFRIC (SIC).

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The transitory exceptions and regulatory guidelines established by BCRA to the application of effective IFRS, that affect the preparation of these condensed consolidated interim financial statements are as follows:

According to Communiqué “A” 6114, as supplemented, and in the convergence process through IFRS, the BCRA established that since fiscal years beginning on or after January 1, 2020, financial institutions defined as “Group A” by BCRA rules, in which the Bank is included, begin to apply section 5.5 “Impairment” of the IFRS 9 “Financial Instruments” (sections B5.5.1 to B5.5.55), except for the temporary exclusion for the debt securities of the non-financial public sector established by BCRA Communiqué “A” 6847. As of the date of issuance of these condensed consolidated interim financial statements, the Bank is in the process of quantifying the effect of the full application of the abovementioned standard.

As of December 31, 2021 the Bank measured its holding in Prisma Medios de Pago SA (Prisma), according to the Memorandums received from the BCRA on March 12 and 22, 2021, which established specific guidelines related to the measurement of such holding. Taking into account such guidelines, the Bank adjusted its fair value previously determined (see note 9). On March 2022, the shares related to the abovementioned holding were transferred, recording the profit for this transaction in the quarter ended March 31, 2022. If, for the fair value measurement purpose before mentioned, IFRS had been applied, the profit or loss for the previous fiscal years and for the period ended June 30, 2022, should have been modified. However, this situation does not generate differences in the shareholders’ equity as of June 30, 2022.

Except for what was mentioned in the previous paragraphs, the accounting policies applied by the Bank comply with the IFRS as currently approved and are applicable to the preparation of these condensed consolidated interim financial statements in accordance with the IFRS as adopted by the BCRA through Communiqué “A” 7411. Generally, the BCRA does not allow the anticipated application of any IFRS, unless otherwise expressly stated.

Basis for the preparation and consolidation

These condensed consolidated interim financial statements as of June 30, 2022, have been prepared in accordance with the accounting Framework established by the BCRA as mentioned in the previous section “Applicable accounting standards” which, particularly for condensed consolidated interim financial statements, is based on IAS 34 “Interim Financial Reporting”.

For the preparation of these condensed consolidated interim financial statements, in addition to section “measuring unit” of this note, the Bank has applied the basis for the preparation and consolidation, the accounting policies and the material accounting judgements, estimates and assumptions described in the consolidated financial statements for the fiscal year ended on December 31, 2021, already issued.

These condensed consolidated interim financial statements include all the necessary information for an appropriate understanding, by the users thereof, of the basis for the preparation and disclosure used therein as well as the relevant events and transactions occurred after the issuance of the last annual consolidated financial statements for the fiscal year ended on December 31, 2021, already issued. Nevertheless, the present condensed consolidated interim financial statements do not include all the information or all the disclosures required for the annual consolidated financial statements prepared in accordance with the IAS 1 “Presentation of Financial Statements”. Therefore, these condensed consolidated interim financial statements must be read together with the annual consolidated financial statements for the fiscal year ended December 31, 2021, already issued.

As of June 30, 2022 and December 31, 2021, the Bank has consolidated into its financial statements the financial statements of the following companies:

Subsidiaries	Principal Place of Business	Country	Main Activity
Macro Securities SA (1) (3) and (4)	Ave. Eduardo Madero 1182 – CABA	Argentina	Stock exchange services
Macro Fiducia SA (2)	Ave. Eduardo Madero 1182 – 2nd floor. CABA	Argentina	Services
Macro Fondos SGFCISA	Ave. Eduardo Madero 1182 – 24th floor, Office B–. CABA	Argentina	Management and administration of mutual funds
Macro Bank Limited (5)	Caves Village, Building 8 Office 1 – West Bay St., Nassau	Bahamas	Banking entity

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Subsidiaries	Principal Place of Business	Country	Main Activity
Argenpay SAU	Ave. Eduardo Madero 1182 – CABA	Argentina	Electronic payments services
Fintech SGR (Structured entity)	Esmeralda 320 – 6^th floor – Office A – CABA	Argentina	Granting of guarantees

(1)

On August 2, 2022, Banco Macro SA acquired the 0.8459% of the remaining shares of this company and became into a single-shareholder. The corporate name is modified from “Macro Securities SA” to “Macro Securities SAU”.

(2)

On August 2, 2022, Banco Macro SA acquired the 0.9537% of the remaining shares of this company and became into a single-shareholder. The corporate name is modified from “Macro Fiducia SA” to “Macro Fiducia SAU”.

(3)

Consolidated with Macro Fondos SGFCISA (80.90% equity interest and voting rights).

(4)

As of June 30, 2022, the indirect interest of Banco Macro SA is held through Macro Fiducia SA.

(5)

Consolidated with Sud Asesores (ROU) SA (100% voting rights – Equity interest: 29,024).

As of June 30, 2022 and December 31, 2021, the Bank’s equity interest and voting rights in the companies it consolidates is as follows:

	Shares			Bank’s interest						Non-controlling interest
Subsidiaries	Type	Number		Total capital stock			Voting rights			Total capital stock			Voting rights
Macro Securities SA (1)	Common		12,776,680		99.925	%		99.932	%		0.075	%		0.068	%
Macro Fiducia SA (1)	Common		46,935,318		99.046	%		99.046	%		0.954	%		0.954	%
Macro Fondos SGFCISA	Common		327,183		99.939	%		100.00	%		0.061	%
Macro Bank Limited	Common		39,816,899		99.999	%		100.00	%		0.001	%
Argenpay SAU (2)	Common		341,200,000		100.00	%		100.00	%
Fintech SGR (Structured entity)	Common		119,993		24.999	%		24.999	%		75.001	%		75.001	%

(1)

As mentioned before, during August 2022, the corporate names of these entities were modified to “Macro Securities SAU” and “Macro Fiducia SAU”.

(2)

On July 17, 2022, the Bank made an irrevocable capital contribution in this company for an amount of 200,000 for absorption of loss.

Total assets, liabilities and Shareholders’ equity of the Bank and all its subsidiaries as of June 30, 2022 and December 31, 2021 are as follows:

Balances as of 06/30/2022	Banco Macro SA	Macro Bank Limited	Macro Securities SA (1)	Macro Fiducia SA (1)	Argenpay SAU	Fintech SGR	Eliminations		Consolidated
Assets	1,354,623,266	12,558,153	23,135,031	160,980	1,415,618	2,943,812	(18,720,247	)	1,376,116,613
Liabilities	1,015,302,958	9,161,668	17,347,854	3,108	870,110	2,904,567	(8,828,677	)	1,036,761,588
Equity attributable to the owners of the Bank	339,320,308	3,396,485	5,580,731	157,872	545,508	39,245	(9,719,841	)	339,320,308
Equity attributable to non-controlling interests			206,446				(171,729	)	34,717

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Balances as of 12/31/2021	Banco Macro SA	Macro Bank Limited	Macro Securities SA (1)	Macro Fiducia SA (1)	Argenpay SAU	Fintech SGR	Eliminations		Consolidated
Assets	1,337,367,095	12,454,981	20,538,144	166,601	1,612,751	1,899,488	(15,648,371	)	1,358,390,689
Liabilities	1,012,551,171	8,411,680	15,944,761	3,906	945,825	1,836,728	(6,170,881	)	1,033,523,190
Equity attributable to the owners of the Bank	324,815,924	4,043,301	4,358,810	162,695	666,926	62,760	(9,294,492	)	324,815,924
Equity attributable to non-controlling interests			234,573				(182,998	)	51,575

(1)

As mentioned before, during August 2022, the corporate names of these entities were modified to “Macro Securities SAU” and “Macro Fiducia SAU”.

Going concern

The Bank’s management has made an assessment of its ability to continue as a going concern and is satisfied that it has the resources to continue in business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt on the Bank’s ability to continue as a going concern. Therefore, these condensed consolidated interim financial statements continue to be prepared on the going concern basis.

Transcription into books

As of the date of issuance of these condensed consolidated interim financial statements, they are in the process of being transcribed into the Bank’s balance book (“Libro Balances”) of Banco Macro SA.

Figures expressed in thousands of pesos

These condensed consolidated interim financial statements disclose figures expressed in thousands of Argentine pesos in terms of purchasing power as of June 30, 2022, and are rounded up to the nearest amount in thousands of pesos, except as otherwise indicated (see section “Measuring unit” of this note).

Comparative information

The condensed consolidated interim statement of financial position as of June 30, 2022, is presented comparatively with year-end data of the immediately preceding fiscal year, while the statement of income and the statement of other comprehensive income for the three and six-month periods ended June 30, 2022, and the statement of changes in shareholders’ equity and the statement of cash flows and cash equivalents for the six-month period ended June 30, 2022, are presented comparatively with data as of the same periods of the immediately preceding fiscal year.

The figures related to comparative information have been restated to consider the changes in the general purchasing power of the functional currency and, as a result, are stated in terms of the current measuring unit at the end of the reporting period (see the following section “Measuring unit”).

Measuring unit

These condensed consolidated interim financial statements have been restated for the changes in the general purchasing power of the functional currency (Argentine pesos) of the Bank, as of June 30, 2022, as established by IAS 29 “Financial Reporting in Hyperinflationary Economies” and considering, in addition, specific rules established by BCRA through Communiqués “A” 6651, 6849, as amended, which established the obligation to apply this method, from fiscal years beginning on or after January 1, 2020, and determined as the transition date December 31, 2018.

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

According to IFRS, the restatement of financial statements is needed when the functional currency is the currency of a hyperinflationary economy. To achieve consistency in identifying an economic environment of that nature, IAS 29 establishes (i) certain nonexclusive qualitative indicators, consisting in analyzing the general population behavior, prices, interest rates and wages with changes in price indexes and the loss of purchasing power, and (ii) as quantitative characteristic, which is the most used condition in practice, to test if a three-year cumulative inflation rate is around 100% or more. Due to miscellaneous macroeconomic factors, the three-year inflation rate exceeded that figure and the Argentine government goals and other available estimates also indicate that this trend will not be reversed in the short term.

The restatement was applied as if the economy had always been hyperinflationary, using a general price index that reflects changes in general purchasing power. To apply the restatement, a series of indexes were used, as prepared and published on a monthly basis by the Argentine Federation of Professional Councils of Economic Sciences (FACPCE, for its acronym in Spanish), which combines the consumer price index (CPI) on a monthly basis published by the Argentine Institute of Statistics and Censuses (INDEC, for its acronym in Spanish) since January 2017 (baseline month: December 2016) with the wholesale prices indexes published by the INDEC until that date. For the months of November and December 2015, for which the INDEC did not publish the wholesale price index (WPI) variation, the CPI variation for CABA was used.

Considering the abovementioned indexes, the inflation rate was 36.15% and 25.32% for the six-month periods ended June 30, 2022 and 2021, respectively, and 50.94% for the fiscal year ended on December 31, 2021.

Below is a description of the restatement mechanism provided by IAS 29 “Financial Reporting in Hyperinflationary Economies” and the restatement process for financial statements established by BCRA Communiqué “A” 6849, as supplemented:

Description of the main aspects of the restatement process for statements of financial position:

(i)

Monetary items (the ones that are already stated in terms of the current measuring unit) are not restated because they are already expressed in terms of the monetary unit current at the end of the reporting period. In an inflationary period, an entity holding monetary assets generates purchasing power loss and holding monetary liabilities generates purchasing power gain, provided that the assets and liabilities are not linked to an adjustment mechanism that offsets to some extent such effects. The net gain or loss on a monetary basis is included in profit or loss for the period.

(ii)

Assets and liabilities subject to adjustments based on specific agreements are adjusted in accordance with such agreements.

(iii)

Non-monetary items stated at current cost at the end of the reporting period, are not restated for presentation purposes in the statement of financial position, but the adjustment process must be completed to determine, in terms of constant measurement unit, the income or loss produced by holding these non-monetary items.

(iv)

Non-monetary items carried at historical cost or at current cost at some earlier date before the reporting date, are restated by an index that reflects the general level of price variation from the acquisition or revaluation date to the closing date, proceeding then to compare the restated amounts of those assets with their recoverable amounts. Income or loss for the period related to depreciation of property, plant and equipment and amortization of Intangible Assets and other non-monetary assets cost are determined over the new restated amounts.

(v)

When an entity capitalizes borrowing cost in the non-monetary assets, the part of the borrowing cost that compensates for the inflation during the same period is not capitalized.

(vi)

The restatement of non-monetary assets in terms of a current measurement unit at the end of the reporting period, without an equivalent adjustment for tax purposes generates a taxable temporary difference and a deferred income tax liability is recognized and the contra account is recognized as profit or loss for the period. When, beyond the restatement, there is a revaluation of non-monetary assets, the deferred tax related to the restatement is recognized in profit or loss for the period and deferred tax related to the revaluation is recognized in other comprehensive income for the period.

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Description of the main aspects of the restatement process for statements of income and other comprehensive income:

(i)

Income and expenses are restated from the date the items were recorded, except for those income or loss items that reflect or include, in their determination, the consumption of assets measured at the currency purchasing power from a date prior to that which the consumption was recorded, which is restated using as a basis the acquisition date of the assets related to the item, except for income or losses arising from comparing the two measurements at currency purchasing power of different dates, for which it requires to identify the compared amounts, to restate them separately and to repeat the comparison, with the restated amounts.

(ii)

The gain or loss from monetary position will be classified based on the item that generated it and will be separately disclosed reflecting the inflationary effects over such items.

Description of the main aspects of the restatement process for the statements of changes in shareholders’ equity:

(i)

As the transition date (December 31, 2018), the Bank has applied the following procedures:

(a)

The components of equity, except the ones mentioned below, were restated from the dates the components were contributed or otherwise arose according to BCRA Communiqué “A” 6849, for each item.

(b)

Earnings reserved, including the special reserve for the first-time application of IFRS, were stated at nominal value at the transition date (legal amount not restated).

(c)

The unappropriated retained earnings were determined as a difference between the restated net asset at the transition date and the other components of equity, restated as disclosed in the abovementioned paragraphs.

(d)

The accumulated balances of other comprehensive income were recalculated in terms of measuring unit current at the transition date.

(ii)

After the restatement on the abovementioned transition date in (i) above, all equity components are restated by applying a general price index as mentioned before from the beginning of the period and each variation of those components is restated from the contribution date or from the moment it was produced in any other way, and the accumulated OCI balances are redetermined according to the items that give rise to it.

Description of the main aspects of the restatement process for the statement of cash flows:

(i)

All items are restated in terms of the measuring unit current at the end of the reporting period.

(ii)

The monetary gain or losses generated by cash and cash equivalents are separately disclosed in the statement of cash flows after the cash flow from operating investment activities and financing activities, in a separate and independent line, under the description “Monetary effect on cash and cash equivalents”.

Reclassification of financial assets and liabilities – Changes in business model

During June 2022, the Bank’s Management decided to update the objective related to the investments in Federal government bonds in pesos adjusted by CER 2022 and Letters of National Estate in pesos adjusted by CER to discount matured on July 29, 2022 and August 16, 2022, respectively, which as of the closing date of these condensed consolidated interim financial statements were at the Bank’s portfolio. These investments were reclassified from fair value through OCI to fair value through profit or loss. The change in the business model was performed with the objective to optimize the administration of the bonds portfolio, thus take advantage of the eventual opportunities in the primary/secondary market, considering the short-duration of the instruments adjusted by CER, maturing in the third quarter of the year and in a context of a narrow volatility for instruments with close maturities.

At the reclassification date abovementioned, the fair value of these investments amounted to 62,021,517.

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Accounting judgments, estimates and assumptions

The preparation of these condensed consolidated interim financial statements requires the Bank’s Management to consider significant accounting judgments, estimates and assumptions that impact on the reported assets and liabilities, income, revenues and expenses, as well as the assessment and disclosure of contingent assets and liabilities, as of the end of the period. The Bank’s reported amounts are based on the best estimate regarding the probability of occurrence of different future events and, therefore, the uncertainties associated with the estimates and assumptions made by the Bank’s Management may drive in the future to final amounts that may differ from those estimates and may require material adjustments to the reported amounts of the affected assets and liabilities.

The Bank applies the same accounting judgments, estimates and assumptions described in note 3 section “accounting judgments, estimates and assumptions” to the consolidated financial statements as of December 31, 2021, already issued.

New standards adopted in the fiscal year

For the fiscal year beginning on January 1, 2022, the following amendment to IFRS are effective and they did not have a material impact on these condensed consolidated interim financial statements:

Amendments to IFRS 3 - Reference to the Conceptual Framework.

The amendments are intended to replace a reference to a previous version of the IASB’s Conceptual Framework with a reference to the current version issued in March 2018 without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” or IFRIC 21 “Levies”, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date.

This amendment did not have a material impact on these condensed consolidated interim financial statements since currently, the Bank has not performed business combination transactions with contingent assets and liabilities.

Amendments to IAS 16 - Property, Plant and Equipment (PP&E): proceeds before Intended Use.

The amendment prohibits entities to deduct from the cost of an item of PP&E any proceeds of the sale of items produced while bringing that asset to the location and under the conditions required to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss.

This amendment did not have a material impact on these condensed consolidated interim financial statements as the Bank does not have these type of items.

Amendments to IAS 37 - Onerous Contracts – Costs of Fulfilling a Contract.

The IASB issued amendments to IAS 37 to specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making. The amendments apply a ‘directly related cost approach’. The costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to contract. The impact of these amendments on entities that previously applied the incremental cost approach is that they will see provisions increase to reflect the inclusion of costs related directly to contract activities, whilst entities that previously recognized contract loss provisions using the guidance from the former standard, IAS 11 Construction Contracts, will be required to exclude the allocation of indirect overheads from their provisions.

This amendment did not have a material impact on these condensed consolidated interim financial statements as the Bank does not have these type of contracts.

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Annual improvement cycle (2018-2020): the following is a summary of the amendments from the 2018-2020 annual improvements cycle.

•

IFRS 1 First-time Adoption of International Financial Reporting – Subsidiary as a first-time adopter: the amendment permits a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported by the parent, based on the parent’s date of transition to IFRS. This amendment is also applied to an associate or joint venture that elects to apply paragraph D16(a) of IFRS 1.

This amendment did not have a material impact on these condensed consolidated interim financial statements.

•

IFRS 9 Financial Instruments Fees in the ’10 per cent’ test for derecognition of financial liabilities: the amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf.

This amendment did not have a material impact on these condensed consolidated interim financial statements.

New pronouncements

Pursuant to Communiqué “A” 6114 of the BCRA, as new IFRS are approved and existing IFRS are amended or revoked and, once these changes are approved through the notices of approval issued by the FACPCE, the BCRA shall issue a statement on the approval thereof for financial entities. Generally, financial institutions shall not apply any IFRS in advance, except as specifically authorized at the time of the adoption thereof.

The new and amended standards and interpretation that are issued, but not yet effective, up to the date of issuance of these condensed consolidated interim financial statements are disclosed below. The Bank intends to adopt these standards, if applicable, when they become effective.

Amendments to IAS 1 “Presentation of Financial Statements” and IFRS Practice Statement 2 – Disclosures to accounting policies: the amendments require that an entity discloses its material accounting policies, instead of its significant accounting policies. Further amendments explain how an entity can identify a material accounting policies and examples of when an accounting policy likely. Therefore, a guidance with explanations and examples denominated “four-step materiality process” was developed. This amendment is applicable as of January 1, 2023. The Bank does not expect this standard to have a material impact on the financial statements.

Amendments to IAS 8 “Accounting policies, changes in accounting estimates and Errors” – Definition of Accounting Estimates: the amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amended standard clarifies that the effects on an accounting estimate of a change in an input or a change in a measurement technique are changes in accounting estimates if they do not result from the correction of prior period errors. The previous definition of a change in accounting estimate specified that changes in accounting estimates may result from new information or new developments. Therefore, such changes are not corrections of errors. This amendment is applicable as of January 1, 2023. The Bank does not expect this standard to have a material impact on the financial statements.

Amendments to IAS 12 “Income Tax” – Deferred Tax related to Assets and Liabilities arising from a Single Transaction: the IASB issued amendments to IAS 12, which narrow the scope of the initial recognition exception under IAS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences. The amendments clarify that where payments that settle a liability are deductible for tax purposes, it is a matter of professional judgment (having considered the applicable tax law) whether such deductions are attributable for tax purposes to the liability recognized in the financial statements (and interest expense) or to the related asset component (and interest expense). Professional judgment is important in determining whether any temporary differences exist on initial recognition of the asset and liability. This amendment is applicable as of January 1, 2023. The Bank does not expect this standard to have a material impact on the financial statements.

- 17 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

CONTINGENT TRANSACTIONS

In order to meet specific financial needs of customers, the Bank’s credit policy also includes, among others, the granting of guarantees, securities, bonds, letters of credit and documentary credits. The Bank is also exposed to overdrafts and unused agreed credits on credit cards of the Bank. Since they imply a contingent obligation for the Bank, they expose the Bank to credit risks other than those recognized in the statement of financial position and, therefore, they are an integral part of the total risk of the Bank.

As of June 30, 2022 and December 31, 2021, the Bank maintains the following maximum exposures to credit risk related to this type of transactions:

Composition	06/30/2022			12/31/2021
Undrawn commitments of credit cards and checking accounts		340,158,466			302,144,071
Guarantees granted (1)		4,502,089			3,092,258
Overdraft and unused agreed commitments (1)		1,307,744			1,187,985
Subtotal		345,968,299			306,424,314
Less: Allowance for Expected Credit Losses (ECL)		(512,965	)		(464,419	)
Total		345,455,334			305,959,895

(1)

Includes transactions not covered by BCRA debtor classification standard. The Guarantees granted include an amount of 19,340 and 35,525 as of June 30, 2022 and December 31, 2021, respectively. The Overdraft and unused agreed commitments include an amount of 407,696 and 130,991 as of June 30, 2022 and December 31, 2021, respectively.

Risks related to the contingent transactions described above have been evaluated and are controlled within the framework of the Bank’s credit risk policy, described in note 43 to the consolidated financial statements as of December 31, 2021, already issued.

Disclosures related to allowance for ECL are detailed in item 7.5 of note 7 “Loss allowance for credit losses on credit exposures not measured at fair value through profit or loss”.

DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

The composition of debt securities at fair value through profit or loss as of June 30, 2022 and December 31, 2021 is as follows:

Composition	06/30/2022		12/31/2021
Government securities (1)		95,207,244		41,704,971
Private securities		3,170,785		2,417,262
Total		98,378,029		44,122,233

(1)

In addition, on August 5, 2022, the Bank entered into a voluntary debt swap. The instruments that entered into the swap for an amount of 69,536,343, are as follows:

•

Federal government treasury bonds in pesos adjusted by CER - Maturity: 09-20-2022 (T2X2).

•

Letters of National Estate in pesos adjusted by CER to discount – Maturity : 08-16-2022 (X16G2).

•

Letters of Treasury in pesos to discount – Maturity: 10-31-2022 (S31O2).

•

Letters of Treasury in pesos to discount – Maturity: 08-31-2022 (S31G2).

•

Letters of National Estate in pesos adjusted by CER to discount – Maturity: 10-21-2022 (X21O2).

•

Letters of National Estate in pesos adjusted by CER to discount – Maturity: 08-16-2022 (X16G2).

- 18 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

OTHER FINANCIAL ASSETS

The composition of the other financial assets as of June 30, 2022 and December 31, 2021 is as follows:

Composition	06/30/2022			12/31/2021
Sundry debtors (see note 9)		16,173,517			13,666,149
Receivables from other spot sales pending settlement		8,556,602			9,366,724
Private securities		1,998,654			2,819,096
Receivables from spot sales of government securities pending settlement		884,650			123,691
Receivables from spot sales of foreign currency pending settlement		134,173			21,059,703
Other		354,147			844,288
Subtotal		28,101,743			47,879,651
Less: Allowances for ECL		(50,785	)		(36,010	)
Total		28,050,958			47,843,641

Disclosures related to allowance for ECL are detailed in item 7.4 of note 7 “Loss allowance for credit losses on credit exposures not measured at fair value through profit or loss”.

LOSS ALLOWANCE FOR EXPECTED CREDIT LOSSES ON CREDIT EXPOSURES NOT MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS

The Bank recognizes a loss allowance for expected credit losses on all credit exposures not measured at fair value through profit or loss, like debt instruments measured at amortized cost, debt instruments measured at fair value through other comprehensive income, loan commitments and financial guarantee contracts (not measured at fair value through profit or loss), contract assets and lease receivables.

Note 10 discloses financial assets measured at fair value on a recurring basis and financial assets not recognized at fair value. This classification is made pursuant to the expressed in note 3 “Basis for the preparation of these financial statements and applicable accounting standards” for the annual consolidated financial statements as of December 31, 2021, already issued. Additionally, note 10 explains the information related to the valuation process.

Moreover, considering the temporary exclusion established by BCRA mentioned in note 3 “Applicable accounting standards” the Bank applies the impairment requirements for the recognition and measurement of a loss allowance for financial assets measured at amortized cost or at fair value through other comprehensive income, except for public sector exposures. In addition, the Bank applies the impairment requirements for guarantees granted, undrawn commitments of credit cards and checking accounts, letter of credits, which are not recognized in the consolidated statement of financial position.

- 19 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

For the purpose of assessing the Bank’s credit risk exposure and identifying material credit risk concentration, disclosures regarding credit risk of financial assets and items not recognized in the statement of financial position are as follows:

7.1

Loans and other financing measured at amortized cost

According to the nature of the information to be disclosed and the loan characteristics, the Bank groups them as follows:

Composition	06/30/2022			12/31/2021
Loans and other financing		458,266,562			492,860,278
Individual assessment		98,057,198			117,409,516
Collective assessment		360,209,364			375,450,762
Less: Allowance for ECL (1)		(8,731,784	)		(13,113,301	)
Total		449,534,778			479,746,977

(1)	As explained in note 3, ECL are not calculated to public sector exposures.

As explained in note 43.1.3 “Additional Forward-looking allowances based on expert credit judgment”, section “Adjustment for uncertainty in external obligation restructuring”, to the consolidated financial statements as of December 31, 2021, already issued, the Bank decided to record an adjustment on a forward-looking basis. Such adjustment amounted to 634,663 and 2,703,980 as of June 30, 2022 and December 31, 2021, respectively.

The following table shows the credit quality and the carrying amount of credit risk, based on the Bank’s credit risk rating system, the probability of default (PD) and the year-end stage classification, taking into account what was mentioned in the previous paragraphs. The amounts are presented gross of the impairment allowances.

		06/30/2022
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			436,625,888		9,019,633				445,645,521		97.25
High grade	0.00% - 3.50%		376,314,046		935,858				377,249,904		82.33
Standard grade	3.51% - 7.00%		44,577,855		3,001,956				47,579,811		10.38
Sub-standard grade	7.01% - 33.00%		15,733,987		5,081,819				20,815,806		4.54
Past due but not impaired	33.01% - 99.99%		3,653,335		4,709,935				8,363,270		1.82
Impaired	100%						4,257,771		4,257,771		0.93
	Total		440,279,223		13,729,568		4,257,771		458,266,562		100
	%		96.07		3.00		0.93		100

		12/31/2021
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			465,134,663		11,772,632				476,907,295		96.76
High grade	0.00% - 3.50%		390,913,192		1,129,600				392,042,792		79.54
Standard grade	3.51% - 7.00%		57,902,058		3,421,901				61,323,959		12.44
Sub-standard grade	7.01% - 33.00%		16,319,413		7,221,131				23,540,544		4.78
Past due but not impaired	33.01% - 99.99%		4,307,675		7,154,023				11,461,698		2.33
Impaired	100%						4,491,285		4,491,285		0.91
	Total		469,442,338		18,926,655		4,491,285		492,860,278		100
	%		95.25		3.84		0.91		100

- 20 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

7.1.1

Loans on an individual assessment

The table below shows the credit quality and the debt balance to credit risk of commercial loans by grade on the Bank’s internal credit rating system, PD range and year-end stage classification. The Bank’s internal credit rating systems and the evaluation and measurement approaches are explained in note 43, “Credit risk” section, to the consolidated financial statements as of December 31, 2021, already issued.

		06/30/2022
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			94,453,689		2,342,909				96,796,598		98.71
High grade	0.00% - 3.50%		73,232,305		280,943				73,513,248		74.97
Standard grade	3.51% - 7.00%		17,137,662		1,691,885				18,829,547		19.20
Sub-standard grade	7.01% - 33.00%		4,083,722		370,081				4,453,803		4.54
Past due but not impaired	33.01% - 99.99%
Impaired	100%						1,260,600		1,260,600		1.29
	Total		94,453,689		2,342,909		1,260,600		98,057,198		100
	%		96.33		2.38		1.29		100

		12/31/2021
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			109,921,651		4,872,965				114,794,616		97.77
High grade	0.00% - 3.50%		82,882,665		589,080				83,471,745		71.09
Standard grade	3.51% - 7.00%		22,236,684		1,710,583				23,947,267		20.40
Sub-standard grade	7.01% - 33.00%		4,802,302		2,573,302				7,375,604		6.28
Past due but not impaired	33.01% - 99.99%				1,575,260				1,575,260		1.34
Impaired	100%						1,039,640		1,039,640		0.89
Total			109,921,651		6,448,225		1,039,640		117,409,516		100
%			93.62		5.49		0.89		100

7.1.2

Loans on a collective assessment

The table below shows the credit quality and the debt balance to credit risk of loans portfolio under collective assessment, by grade of credit risk classification based on the Bank’s internal credit rating system, PD range and year-end stage classification. The Bank’s internal credit rating systems and the evaluation and measurement approaches are explained in note 43, “Credit risk” section, to the consolidated financial statements as of December 31, 2021, already issued.

- 21 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

		06/30/2022
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			342,172,199		6,676,724				348,848,923		96.85
High grade	0.00% - 3.50%		303,081,741		654,915				303,736,656		84.33
Standard grade	3.51% - 7.00%		27,440,193		1,310,071				28,750,264		7.98
Sub-standard grade	7.01% - 33.00%		11,650,265		4,711,738				16,362,003		4.54
Past due but not impaired	33.01% - 99.99%		3,653,335		4,709,935				8,363,270		2.32
Impaired	100%						2,997,171		2,997,171		0.83
Total			345,825,534		11,386,659		2,997,171		360,209,364		100
%			96.01		3.16		0.83		100

		12/31/2021
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			355,213,012		6,899,667				362,112,679		96.45
High grade	0.00% - 3.50%		308,030,527		540,520				308,571,047		82.19
Standard grade	3.51% - 7.00%		35,665,374		1,711,318				37,376,692		9.95
Sub-standard grade	7.01% - 33.00%		11,517,111		4,647,829				16,164,940		4.31
Past due but not impaired	33.01% - 99.99%		4,307,675		5,578,763				9,886,438		2.63
Impaired	100%						3,451,645		3,451,645		0.92
Total			359,520,687		12,478,430		3,451,645		375,450,762		100
%			95.76		3.32		0.92		100

7.2

Other debt securities at amortized cost

For purchased corporate bonds, PD and LGD parameters calculated for loan exposures of those issuers were used. The corporate bonds’ EAD is considered equal to the debt balance.

For financial trusts at amortized cost, the criteria that was used in the calculation of ECL is based on credit risk ratings given by a credit rating agency for each type of debt securities that compose each financial trust. That is, the factor to be used will vary in relation to the holding debt securities class (A or B). It is assumed that the EAD is equal to the debt balance.

The table below shows the exposures gross of impairment allowances by stage:

	06/30/2022
Composition	Stage 1		Stage 2	Stage 3	Total		%
Corporate bonds		434,476				434,476		94.77
Financial trust		23,966				23,966		5.23
Total		458,442				458,442		100
%		100				100

- 22 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	12/31/2021
Composition	Stage 1		Stage 2	Stage 3	Total		%
Corporate bonds		117,754				117,754		32.67
Financial trust		242,629				242,629		67.33
Total		360,383				360,383		100
%		100				100

The related ECL for corporate bonds as of June 30, 2022 and December 31, 2021 amounted to 676 and 721, respectively. The ECL related to financial trusts as of December 31, 2021 amounted to 18.

7.3

Government securities at amortized cost or fair value through OCI

This group includes federal government securities, provincial or BCRA instruments measured at amortized cost or fair value through OCI. For these assets, an individual assessment of the related parameters was performed. However, under domestic standards and according to Communiqué “A” 6847, no ECL was calculated for these instruments.

A breakdown of these investments and their characteristics is disclosed in note 8.

7.4.

Other financial assets

The table below shows the exposures gross of impairment allowances by stage:

	06/30/2022
Composition	Stage 1		Stage 2	Stage 3	Total		%
Other financial assets		26,103,089				26,103,089		100
Total		26,103,089				26,103,089		100
%		100				100

	12/31/2021
Composition	Stage 1		Stage 2	Stage 3	Total		%
Other financial assets		45,060,555				45,060,555		100
Total		45,060,555				45,060,555		100
%		100				100

The ECL related to these types of instruments amounted to 50,785 and 36,010 as of June 30, 2022 and December 31, 2021, respectively, including the ECL related to the payments to be collected for the transaction mentioned in note 9.

- 23 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

7.5

Contingent transaction

The table below shows the exposures gross of impairment allowances by stage:

	06/30/2022
Composition	Stage 1		Stage 2		Stage 3		Total		%
Undrawn commitments of credit cards and checking accounts		337,903,393		2,252,372		2,701		340,158,466		98.44
Guarantees granted		4,482,749						4,482,749		1.30
Overdraft and unused agreed commitments		900,048						900,048		0.26
Total		343,286,190		2,252,372		2,701		345,541,263		100
%		99.35		0.65		0.00		100

	12/31/2021
Composition	Stage 1		Stage 2		Stage 3		Total		%
Undrawn commitments of credit cards and checking accounts		299,723,338		2,416,128		4,605		302,144,071		98.65
Guarantees granted		2,978,679		78,054			��	3,056,733		1.00
Overdraft and unused agreed commitments		1,056,995						1,056,995		0.35
Total		303,759,012		2,494,182		4,605		306,257,799		100
%		99.18		0.82		0.00		100

The related ECL for undrawn commitments of credit cards and checking accounts as of June 30, 2022 and December 31, 2021 amounted to 473,265 and 437,421, respectively. The ECL related to guarantees granted as of June 30, 2022 and December 31, 2021 amounted to 37,579 and 22,913, respectively. The ECL related to overdraft and unused agreed commitments as of June 30, 2022 and December 31, 2021 amounted to 2,121 and 4,085, respectively.

In exhibit R “Value adjustment for credit losses – Allowance for uncollectibility risk”, the ECL movements by portfolio and products are also disclosed.

OTHER DEBT SECURITIES

The composition of other debt securities as of June 30, 2022 and December 31, 2021 is as follows:

Composition	06/30/2022		12/31/2021
At fair value through OCI
Government securities		127,490,893		169,991,060
Government securities – Foreign		5,630,956		5,595,798
Central Bank internal bills				181,042,397
Total at fair value through OCI		133,121,849		356,629,255

- 24 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Composition (contd.)	06/30/2022		12/31/2021
At amortized cost
Central Bank internal bills		281,200,953
Government securities		33,869,850		32,378,473
Central Bank notes		21,613,751
Private securities		457,766		359,644
Total at amortized cost		337,142,320		32,738,117
Total		470,264,169		389,367,372

EQUITY INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS – PRISMA MEDIOS DE PAGO SA

The composition of equity instruments at fair value through profit or loss as of June 30, 2022 and December 31, 2021 is as follows:

Composition	06/30/2022		12/31/2021
Prisma Medios de Pago SA (1)				2,438,569
Other		585,444		528,860
Total		585,444		2,967,429

(1)

On January 21, 2019, the Bank, together with the other shareholders, accepted a purchase offer made by AI ZENITH (Netherlands) B.V. (a company related to Advent International Corporation) for the acquisition of 1,933,051 common shares of par value Ps.1 each and entitled to one vote, representing 4.6775 % of its share capital, equivalent to 51% of the Bank’s capital stock in such company.

On February 1, 2019, the Bank completed the transfer of such shares for a total purchase price of (in thousands) USD 64,542 out of which the Bank received on the date hereof (in thousands) USD 38,311 and the payment of the balance for an amount of (in thousands) USD 26,231 shall be deferred for 5 years as follows: (i) 30% of such amount in Pesos adjusted by Unit of Purchasing Power (UVA, for its acronym in Spanish) at a 15% nominal annual rate; and (ii) 70% in US Dollars at a 10% nominal annual rate. The purchase price is guaranteed by the issuance of notes in favor of the Bank and pledges of the transferred shares.

During July 2019, the process to determine the final selling price of the shares of Prisma Medios de Pago SA (Prisma) was completed and the final price was (in thousands) USD 63,456. The difference arising from a final price lower than the estimated price was deducted from the price balance, therefore there was no need for the Bank to return any amounts received. All other payment conditions were not modified and remain in full force and effect under the terms described in this note.

On October 1, 2021, the Bank, together with the other class B Shareholders of Prisma, gave notice with respect to the exercise of the existing put option and therefore started the procedure to sell the remaining 49% of the capital stock of Prisma.

As of December 31, 2021, the holding of the Bank in Prisma (equivalent to 49%), was recorded in “Equity instruments at fair value through profit or loss” determined from valuations performed by independent experts, which was adjusted in less, according to Memorandums issued by the BCRA on March 12 and 22, 2021.

On March 18, 2022, the Bank completed the transfer of all remaining shares held in Prisma in favor of AI ZENITH (Netherlands) BV, representing 4.4941% of Prisma’s capital stock.

- 25 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

The price of such shares is (in thousand) USD 33,018 and shall be paid as follows: (i) 30% in Pesos at UVA plus a nominal annual rate of 15% that shall be paid 50% on March 18, 2027 and the remaining on March 18, 2028, and (ii) 70% in US Dollars at a nominal annual rate of 10% that shall be paid 50% on March 18, 2027 and the remaining on March 18, 2028. The profit generated for the sale of those shares is recorded in the statement of income under “Profit from measurement of financial instruments at fair value through profit or loss”.

On the other hand, the parties agreed that: (i) the 40% of the outstanding balance of the sale of 51% mentioned in the first paragraph of this note was paid on March 30, 2022 and (ii) the remaining balance shall be paid in two installments, on January 31, 2026 and January 31, 2027, respectively.

Finally, sellers retained the usufruct (dividends) of the shares sold to be declared by Prisma for the year ended December 31, 2018, which were collected on April 26, 2019. Besides the proportion applicable to the buyer of the dividends to be reported for the following fiscal years –with the buyer’s commitment to voting in favor of the distribution of certain minimum percentages– will be used to create a guarantee trust to repay the deferred price amount through the concession by the buyer and Prisma of a usufruct over the economic rights of the shares in favor of such trust. On March 18, 2022 an agreement updated was performed for the 100% of the shares.

10.

FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES

The fair value is the amount at which an asset can be exchanged, or at which a liability can be settled, in mutual independent terms and conditions between participants of the principal market (or the most advantageous market) who are duly informed and willing to transact in an orderly and current transaction, at the measurement date under the current market conditions whether the price is directly observable or estimated using a valuation technique under the assumption that the Bank is an ongoing business.

When a financial instrument is quoted in a liquid and active market, its price in the market in a real transaction provides the most reliable evidence of its fair value. Nevertheless, when there is no quoted price in the market or it cannot be an evidence of the fair value of such instrument, in order to determine such fair value, the entities may use the market value of another instrument with similar characteristics, the analysis of discounted cash flows or other applicable techniques, which shall be significantly affected by the assumptions used.

Notwithstanding the above, the Bank’s Management has used its best judgment to estimate the fair values of its financial instruments; any technique to perform such estimate implies certain inherent fragility level.

Fair value hierarchy

The Bank uses the following hierarchy to determine and disclose the fair value of financial instruments, according to the valuation technique applied:

Level 1: quoted prices (unadjusted) observable in active markets that the Bank accesses to at the measurement day for identical assets or liabilities. The Bank considers markets as active only if there are sufficient trading activities with respect to the volume and liquidity of the identical assets or liabilities and when there are binding and exercisable price quotes available at each reporting period.

Level 2: Valuation techniques for which the data and variables having a significant impact on the determination of the fair value recognized or disclosed are observable for the asset or liability, either directly or indirectly. Such inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical instruments in inactive markets and observable inputs other than quoted prices, such as interest rates and yield curves, implied volatilities, and credit spreads. In addition, adjustments to level 2 inputs may be required for the condition or location of the asset or the extent to which it relates to items that are comparable to the valued instrument. However, if such adjustments are based on unobservable inputs which are significant to the entire measurement, the Bank will classify the instruments as Level 3.

Level 3: Valuation techniques for which the data and variables having a significant impact on the determination of the fair value recognized or disclosed are not based on observable market information.

- 26 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

The following tables show the hierarchy in the Bank’s financial asset and liability at fair value measurement, as of June 30, 2022 and December 31, 2021:

	Financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2022
Description	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss		98,378,029		96,245,570		1,317,360		815,099
Derivatives financial instruments		9,658				9,658
Other financial assets		1,998,654		1,957,138				41,516
Equity instruments at fair value through profit or loss		585,444		73,121				512,323

At fair value through OCI
Other debt Securities		133,121,849		133,121,849
Financial assets delivered as guarantee		389,986		389,986
Total		234,483,620		231,787,664		1,327,018		1,368,938

Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		540,143		540,143
Derivatives financial instruments		895		881		14
Total		541,038		541,024		14

	Financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2021
Description	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss		44,122,233		42,208,259		393,492		1,520,482
Derivatives financial instruments		1,764		539		1,225
Other financial assets		2,819,096		2,776,860				42,236
Equity instruments at fair value through profit or loss		2,967,429		91,891				2,875,538

At fair value through OCI
Other debt Securities		356,629,255		198,122,395		158,506,860
Total		406,539,777		243,199,944		158,901,577		4,438,256

Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		2,216,191		2,216,191
Derivatives financial instruments		3,448				3,448
Total		2,219,639		2,216,191		3,448

- 27 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Description of the valuation process

The fair value of instruments categorized as Level 1 was assessed by using quoted prices effective at the end of each period or fiscal year, as applicable, in active markets for identical assets or liabilities, if representative. Currently, for most of the government and private securities, there are two principal markets in which the Bank operates: BYMA and MAE. Additionally, in the case of derivatives, both MAE and Mercado a Término de Rosario SA (ROFEX) are deemed active markets.

On the other hand, for certain assets and liabilities that do not have an active market, categorized as Level 2, the Bank used valuation techniques that included the use of market transactions performed under mutual independent terms and conditions, between interested and duly informed parties, provided that they are available as well as references to the current fair value of another instrument being substantially similar, or otherwise the analysis of cash flows discounted at rates built from market information of similar instruments.

In addition, certain assets and liabilities included in this category were valued using price quotes of identical instruments in “less active markets”.

Finally, the Bank has categorized as level 3 those assets and liabilities for which there are no identical or similar transactions in the market. To determine the market value of these instruments the Bank used valuation techniques based on own assumptions and independent appraisers’ valuations. For this approach, the Bank mainly used the cash flow discount model.

As of June 30, 2022 and December 31, 2021, the Bank has neither changed the techniques nor the assumptions used to estimate the fair value of the financial instruments.

Below is the reconciliation between the amounts at the beginning and at the end of the period or fiscal year, as applicable, of the financial assets recognized at fair value categorized as level 3:

	As of June 30, 2022
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		1,520,482			42,236			2,875,538
Transfers to Level 3
Transfers from Level 3
Profit and loss		228,071			3,328			683
Recognition and derecognition		(535,332	)		8,698			(1,880,528	)
Monetary effects		(398,122	)		(12,746	)		(483,370	)
Amount at the end of the period		815,099			41,516			512,323

	As of December 31, 2021
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		777,741			53,800			3,397,416
Transfers to Level 3
Transfers from Level 3
Profit and loss		480,025			2,491			846,556
Recognition and derecognition		684,069			6,991			(30,361	)
Monetary effects		(421,353	)		(21,046	)		(1,338,073	)
Amount at the end of the fiscal year		1,520,482			42,236			2,875,538

- 28 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Quantitative information about Level 3 fair value measurements

The following table provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of substantially all of Level 3 principal assets measured at fair value on a recurring basis for which the Bank uses an internal model (with the exception of the Bank’s holding in Prisma for the reasons described in note 9 as of December 31, 2021).

Fair value of

Significant

Range of inputs

Level 3 Assets

Valuation

unobservable

06/30/2022

Composition

06/30/2022

technique

inputs

Range of inputs

Low

High

Unit

Provisional Debt Securities of Financial Trusts

388,218

Income approach (discounted cash flow)

Discount rate in pesos

47.24

57.08

Corporate bonds

423,382

Income approach (discounted cash flow)

Discount rate in pesos

37.09

81.34

Fair value of

Significant

Range of inputs

Level 3 Assets

Valuation

unobservable

12/31/2021

Composition

12/31/2021

technique

inputs

Range of inputs

Low

High

Unit

Provisional Debt Securities of Financial Trusts

437,966

Income approach (discounted cash flow)

Discount rate in pesos

43.32

46.14

Corporate bonds

1,078,493

Income approach (discounted cash flow)

Discount rate in pesos

26.19

40.99

The table below describes the effect of changing the significant unobservable inputs to reasonably possible alternatives. Sensitivity data were calculated using a number of techniques including analyzing price dispersion of different price sources, adjusting model inputs to analyze changes within the fair value methodology.

	06/30/2022					12/31/2021
	Favorable changes		Unfavorable changes			Favorable changes		Unfavorable changes
Provisional Debt Securities of Financial Trusts		2,097		(1,912	)		210		(206	)
Corporate bonds		40,995		(32,218	)		20,813		(19,185	)

Changes in fair value levels

The Bank monitors the availability of information in the market to evaluate the classification of financial instruments into the fair value hierarchy as well as the resulting determination of transfers between levels 1, 2 and 3 at each period end.

As of June 30, 2022 and December 31, 2021, the Bank has not recognized any transfers between levels 1, 2 and 3.

- 29 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Financial assets and liabilities not measured at fair value

Next follows a description of the main methods and assumptions used to determine the fair values of financial instruments not recognized at their fair value in these condensed consolidated interim financial statements:

Instruments with fair value similar to the carrying amount: financial assets and liabilities that are liquid or have short-term maturities (less than three months) were deemed to have a fair value similar to the carrying amount.

Fixed and variable rate of financial instruments: the fair value of financial assets was recognized discounting future cash flows at current market rates for each period or fiscal year, as applicable, for financial instruments of similar characteristics. The estimated fair value of fixed-interest rate deposits and liabilities was assessed discounting future cash flows by using estimated interest rates for deposits or placings with similar maturities to those of the Bank’s portfolio.

For public listed assets and liabilities, or those for which the prices are reported by certain renowned pricing providers, the fair value was determined based on such prices.

The following table shows a comparison between the fair value and the carrying amount of financial instruments not measured at fair value as of June 30, 2022 and December 31, 2021:

	06/30/2022
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		181,701,093		181,701,093						181,701,093
Repo transactions		31,299,032		31,299,032						31,299,032
Other financial assets		26,052,304		26,052,304						26,052,304
Loans and other financing		449,534,778						411,052,770		411,052,770
Other debt securities		337,142,320		33,729,654		303,369,312		26,390		337,125,356
Financial assets delivered as guarantee		20,075,701		20,075,701						20,075,701
Total		1,045,805,228		292,857,784		303,369,312		411,079,160		1,007,306,256

Financial liabilities
Deposits		858,150,888		422,207,306				434,200,722		856,408,028
Repo transactions		342,745		342,745						342,745
Other financial liabilities		71,630,943		69,678,577		1,899,549				71,578,126
Financing received from the BCRA and other financial institutions		2,377,353		1,924,949		443,982				2,368,931
Issued corporate bonds		1,904,529				1,722,266				1,722,266
Subordinated corporate bonds		51,032,484				40,586,492				40,586,492
Total		985,438,942		494,153,577		44,652,289		434,200,722		973,006,588

- 30 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	12/31/2021
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		234,634,331		234,634,331						234,634,331
Repo transactions		42,759,640		42,759,640						42,759,640
Other financial assets		45,024,545		45,024,545						45,024,545
Loans and other financing		479,746,977						445,742,102		445,742,102
Other debt securities		32,738,117		31,139,121		884,800		212,592		32,236,513
Financial assets delivered as guarantee		24,458,703		24,458,703						24,458,703
Total		859,362,313		378,016,340		884,800		445,954,694		824,855,834

Financial liabilities
Deposits		801,732,279		454,353,984				346,926,420		801,280,404
Other financial liabilities		92,495,055		90,526,479		1,953,525				92,480,004
Financing received from the BCRA and other financial institutions		595,972		539,448		52,248				591,696
Issued corporate bonds		4,072,049				3,584,381				3,584,381
Subordinated corporate bonds		57,148,690				46,916,760				46,916,760
Total		956,044,045		545,419,911		52,506,914		346,926,420		944,853,245

11.

BUSINESS COMBINATIONS

On October 1, 2021, the Bank exercised a call option to reach 24.99% of the equity interest in Fintech SGR, being a structured entity in which the Bank has control (see also note 1).

Assets acquired and liabilities assumed

The fair value of the identifiable assets and liabilities of Fintech SGR and the risk fund (“Fondo de Riesgo”), as of the date of acquisition, were as follows:

	Fair value recognized on acquisition
Composition	SGR		Risk fund
Assets		80,821		1,169,567
Cash and deposits in Banks		340		126,322
Debt Securities at fair value through profit or loss				847,103
Other financial assets		53,877		195,596
Property, plant and equipment		775
Deferred tax assets		5,398
Other non-financial assets		20,431		546
Liabilities		68,342		1,169,567
Other financial liabilities				1,159,226
Other non-financial liabilities		68,342		10,341
Net assets acquired at fair value		12,479

- 31 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

The goodwill generated by the acquisition of Fintech SGR amounted to 31,075.

The total consideration transferred amounted to 33,488 (not restated) and it was performed through an irrevocable capital contribution made by the Bank in order to increase the capital stock of Fintech SGR, which was approved by the Fintech SGR’s Ordinary and Special Shareholders’ Meeting involving class “A” and class “B”, held on October 18, 2021.

12.

INVESTMENT IN ASSOCIATES AND JOINT ARRANGEMENTS

12.1 Associates

Macro Warrants SA

The Bank holds an investment in the associate Macro Warrants SA. The existence of significant influence is evidenced by the representation the Bank has in the Board of Directors of the associate. In order to measure this investment, the Bank used accounting information of Macro Warrants SA as of March 31, 2022. Additionally, the Bank has considered, when applicable, the material transactions or events occurring between April 1, 2022 and June 30, 2022.

The following table presents the summarized financial information on the Bank’s investment in the associate:

Summarized statement of financial position	06/30/2022			12/31/2021
Total assets		81,670			121,006
Total liabilities		10,118			17,166
Shareholders’ equity		71,552			103,840
Proportional Bank’s interest		5	%		5	%
Investment carrying amount		3,578			5,192

As of June 30, 2022 and 2021, the investment carrying amount in the net income for the periods amounted to (1,616) and 307, respectively.

Play Digital SA

As explained in note 1, the Bank holds an investment in the associate Play Digital SA. The existence of significant influence is evidenced by the representation the Bank has in the Board of Directors of the associate. In order to measure this investment, the Bank used accounting information of Play Digital SA as of March 31, 2022. Additionally, the Bank has considered, when applicable, the material transactions or events occurring between April 1, 2022 and June 30, 2022.

- 32 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

The following table presents the summarized financial information on the Bank’s interest in the associate:

Summarized statement of financial position	06/30/2022			12/31/2021
Total assets		2,571,240			2,537,603
Total liabilities		252,787			214,301
Shareholders’ equity		2,318,453			2,323,302
Effects of the irrevocable capital contributions made during 2022 pending capitalization		(1,356,434	)
Adjusted Shareholders’ equity		962,019			2,323,302
Proportional Bank’s interest		10.0197	%		10.0197	%
Investment carrying amount		96,391			232,788
Irrevocable capital contribution made on January 2022 (see note 1)		146,108
		242,499			232,788

As of June 30, 2022 and 2021, the investment carrying amount in the net income for the periods amounted to (161,677) and (30,514), respectively.

12.2

Joint ventures

The Bank participates in the following joint ventures:

Banco Macro SA – Wordline Argentina SA Unión transitoria

On April 7, 1998, the Bank executed an agreement with Siemens Itron Services SA to organize an joint venture (UTE, for its acronym in Spanish) controlled on a joint basis through a 50% interest, the purpose of which is to facilitate a data processing center for the tax administration, to modernize the systems and tax collection processes of the Province of Salta and manage and recover municipal taxes and fees.

The following table presents the summarized financial information on the Bank’s investment in the UTE:

Summarized statement of financial position	06/30/2022			12/31/2021
Total assets		986,350			965,476
Total liabilities		205,096			224,377
Shareholders’ equity		781,254			741,099
Proportional Bank’s interest		50	%		50	%
Investment carrying amount		390,627			370,550

As of June 30, 2022 and 2021, the investment carrying amount in the net income for the periods amounted to 87,446 y 103,425, respectively.

Finova SA

As explained in note 1, on October 1, 2021, the Bank acquired the 50% of Finova SA. The Bank has common control over this company, as the decisions about the relevant activities require unanimous consent.

- 33 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

The following table presents the summarized financial information on the Bank in this company, which as explained in note 3, section 3.5 “Investment in associates and joint arrangements” to the consolidated financial statements as of December 31, 2021, already issued, is measured at equity method plus goodwill:

Summarized statement of financial position	06/30/2022			12/31/2021
Total assets		38,887			52,945
Total liabilities		4,090			5,569
Shareholders’ equity		34,797			47,376
Proportional Bank’s interest		50	%		50	%
Equity interest		17,399			23,688
Goodwill		34,252			34,252
Investment carrying amount		51,651			57,940

As of June 30, 2022, the investment carrying amount in the net income for the period amounted to (6,290).

13.

OTHER NON-FINANCIAL ASSETS

The composition of the other non-financial assets as of June 30, 2022 and December 31, 2021 is as follows:

Composition	06/30/2022		12/31/2021
Investment property (see Exhibit F)		3,080,652		1,184,126
Advanced prepayments		2,347,910		1,130,289
Tax advances		314,090		598,089
Other		189,578		262,048
Total		5,932,230		3,174,552

14.

RELATED PARTIES

A related party is a person or entity that is related to the Bank:

has control or joint control of the Bank;

has significant influence over the Bank;

is a member of the key management personnel of the Bank or of the parent of the Bank;

members of the same group;

one entity is an associate (or an associate of a member of a group of which the other entity is a member).

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, directly or indirectly. The Bank considers as key management personnel, for the purposes of IAS 24, the members of the Board of Directors and the senior management members of the Risk Management Committee, the Assets and Liabilities Committee and the Senior Credit Committee.

- 34 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

As of June 30, 2022 and December 31, 2021, amounts balances related to transactions generated with related parties are as follows:

	As of June 30, 2022
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SA (2)		Macro Fondos SGFCISA		Argenpay SAU		Fintech SGR		Associates		Key management personnel (3)		Other related parties		Total
Assets
Cash and deposits in banks		1,003																1,003
Other financial assets														84,018		50,197		134,215
Loans and other financing (4)
Documents																160,218		160,218
Overdraft														96,419		677,628		774,047
Credit cards														123,858		92,361		216,219
Lease																50,714		50,714
Personal loans														1,317				1,317
Mortgage loans														309,865				309,865
Other loans				3,145,868										92,592		1,609,104		4,847,564
Other receivables from financial intermediation										1,722,027						104		1,722,131
Guarantee granted																1,285,380		1,285,380
Total assets		1,003		3,145,868						1,722,027				708,069		3,925,706		9,502,673

Liabilities
Deposits		1		2,446,223		39,096		71,299		168		49,923		2,947,804		2,459,816		8,014,330
Other financial liabilities														34,401		1,740		36,141
Issued corporate bonds				28,006		187,020												215,026
Subordinated corporate bonds										102,269								102,269
Other non-financial liabilities																16,698		16,698
Total liabilities		1		2,474,229		226,116		71,299		102,437		49,923		2,982,205		2,478,254		8,384,464

(1)

These transactions are eliminated during the consolidation process.

(2)

As explained in note 3, during August 2022, the corporate name was modified to “Macro Securities SAU”.

(3)

Includes close family members of the key management personnel.

(4)

The maximum financing amount for loans and other financing as of June 30, 2022 for Macro Securities SA, Fintech SGR, Key management personnel and other related parties amounted to 3,145,868, 1,722,027, 841,066 and 10,258,066, respectively.

- 35 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	As of December 31, 2021
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SA (2)		Macro Fondos SGFCISA		Argenpay SAU		Fintech SGR		Associates		Key management personnel (3)		Other related parties		Total
Assets
Cash and deposits in banks		1,121																1,121
Other financial assets														202,779		196,921		399,700
Loans and other financing (4)
Documents																38,859		38,859
Overdraft														109,470		344,379		453,849
Credit cards														97,801		73,487		171,288
Lease																39,111		39,111
Personal loans														1,940				1,940
Mortgage loans														349,365				349,365
Other loans				1,885,598										103,941		2,153,965		4,143,504
Other receivables from financial intermediation										1,032,475						9,394		1,041,869
Guarantee granted																1,393,321		1,393,321
Other non-financial assets														33				33
Total assets		1,121		1,885,598						1,032,475				865,329		4,249,437		8,033,960

Liabilities
Deposits		5		2,165,335		222,908		93,396		42		71,941		5,030,465		2,334,067		9,918,159
Financial liabilities at fair value through profit or loss																2,215,617		2,215,617
Other financial liabilities														66,412		339,351		405,763
Subordinated corporate bonds										57,206								57,206
Other non-financial liabilities																20,943		20,943
Total liabilities		5		2,165,335		222,908		93,396		57,248		71,941		5,096,877		4,909,978		12,617,688

(1)

These transactions are eliminated during the consolidation process.

(2)

As explained in note 3, during August 2022 the corporate name was modified to “Macro Securities SAU”.

(3)

Includes close family members of the key management personnel.

(4)

The maximum financing amount for loans and other financing as of December 31, 2021 for Macro Securities SA, Fintech SGR, Key management personnel and other related parties amounted to 1,901,456, 1,032,475, 975,483 and 8,326,069 respectively.

- 36 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Profit or loss related to transactions generated during the six-month periods ended June 30, 2022 and 2021 with related parties are as follows:

	As of June 30, 2022
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SA (2)			Macro Fondos SGFCISA		Argenpay SAU		Fintech SGR			Associates			Key management personnel (3)			Other related parties			Total
Income / (loss)
Interest income				1,091													105,932			615,326			722,349
Interest expense														(5,847	)		(34,506	)		(3,187	)		(43,540	)
Commissions income				1,585			59				197			71			18			29,970			31,900
Commissions expense											(3,143	)					(6	)		(798	)		(3,947	)
Other operating income		3		6,059					21											21			6,104
Administrative expense																				(173,861	)		(173,861	)
Other operating expense				(10,142	)															(31,083	)		(41,225	)
Total Income / (loss)		3		(1,407	)		59		21		(2,946	)		(5,776	)		71,438			436,388			497,780

(1)

These transactions are eliminated during the consolidation process.

(2)

As explained in note 3, during August 2022 the corporate name was modified to “Macro Securities SAU”.

(3)

Includes close family members of the key management personnel.

	As of June 30, 2021
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SA (2)			Macro Fondos SGFCISA		Argenpay SAU	Associates			Key management personnel (3)			Other related parties			Total
Income / (loss)
Interest income				2,816									96,607			1,323,672			1,423,095
Interest expense				(5,734	)					(12,412	)		(36,307	)		(78,049	)		(132,502	)
Commissions income				10,259			89			118			11			13,419			23,896
Commissions expense													(18	)		(238	)		(256	)
Other operating income		2		4,634												23			4,659
Administrative expense																(167,362	)		(167,362	)
Other operating expense																(50,512	)		(50,512	)
Total Income / (loss)		2		11,975			89			(12,294	)		60,293			1,040,953			1,101,018

(1)

These transactions are eliminated during the consolidation process.

(2)

As explained in note 3, during August 2022 the corporate name was modified to “Macro Securities SAU”.

(3)

Includes close family members of the key management personnel.

Transactions generated by the Bank with its related parties for transactions arranged within the course of the usual and ordinary course of business were performed in normal market conditions, both as to interest rates and prices and as to the required guarantees.

The Bank does not have loans granted to directors and other key management personnel secured with shares.

Total remunerations received as salary and bonus by the key management personnel as of June 30, 2022 and 2021, totaled 362,205 and 432,436, respectively.

In addition, fees received by the Directors as of June 30, 2022 and 2021 amounted to 792,981 and 1,213,404, respectively.

- 37 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Additionally, the composition of the Board of Directors and key management personnel of the Bank and its subsidiaries is as follows:

Composition	06/30/2022		12/31/2021
Board of Directors		23		21
Senior managers of the key management personnel		12		12
Total		35		33

15.

OTHER FINANCIAL LIABILITIES

The composition of the other financial liabilities as of June 30, 2022 and December 31, 2021 is as follows:

Composition	06/30/2022		12/31/2021
Credit and debit card settlement - due to merchants		45,571,848		44,992,640
Amounts payable for other spot purchases pending settlement		10,815,682		9,629,109
Payment orders pending to foreign exchange settlement		3,130,653		4,049,715
Collections and other transactions on account and behalf of others		3,064,902		3,310,895
Finance leases liabilities		1,636,297		1,933,591
Amounts payable for spot purchases of government securities pending settlement		922,671		2,209,475
Amounts payable for spot purchases of foreign currency pending settlement		218,524		21,119,634
Other		6,270,366		5,249,996
Total		71,630,943		92,495,055

16.

PROVISIONS

This item includes the amounts estimated to face a liability of probable occurrence, which if occurring, would originate a loss for the Bank.

Exhibit J “Changes in Provisions” presents the changes in provisions as of June 30, 2022 and December 31, 2021.

The expected terms to settle these obligations are as follows:

	06/30/2022
Composition	Within 12 months		Over 12 months		06/30/2022		12/31/2021
For administrative, disciplinary and criminal penalties				500		500		680
Letters of credits, guarantees and other commitments (1)		512,965				512,965		464,419
Commercial claims in progress (2)		166,370		208,911		375,281		432,333
Labor lawsuits		120,875		121,062		241,937		293,263
Pension funds - reimbursement		110,241		132,726		242,967		144,675
Other		13,787		957,268		971,055		899,667
Total		924,238		1,420,467		2,344,705		2,235,037

(1)

These amounts correspond to the ECL calculated for contingent transactions, which are mentioned in note 4.

(2)

See also note 38.2.

- 38 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

In the opinion of the Bank’s Management and its legal counsel, there are no other significant effects other than those disclosed in these condensed consolidated interim financial statements, the amounts and settlement terms of which have been recognized based on the current value of such estimates, considering the probable settlement date thereof.

17.

OTHER NON-FINANCIAL LIABILITIES

The composition of other non-financial liabilities as of June 30, 2022 and December 31, 2021 is as follows:

Composition	06/30/2022		12/31/2021
Withholdings		10,489,848		9,562,779
Dividends payables (see note 29)		9,875,722		36,189,779
Salaries, bonuses and payroll taxes payables		7,512,638		8,963,205
Taxes payables		4,453,528		4,377,580
Miscellaneous payables		2,926,688		2,586,204
Retirement pension payment orders pending settlement		1,556,094		575,950
Fees payables		111,741		424,055
Other		1,307,735		2,116,779
Total		38,233,994		64,796,331

18.

ANALYSIS OF FINANCIAL ASSETS TO BE RECOVERED AND FINANCIAL LIABILITIES TO BE SETTLED

The following tables show the analysis of financial assets and liabilities the Bank expects to recover and settle as of June 30, 2022 and December 31, 2021:

06/30/2022	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		181,701,093
Debt securities at fair value through profit or loss				88,870,371		9,507,658
Derivatives financial instruments				9,658
Repo transactions				31,299,032
Other financial assets		4,882,714		15,120,530		8,047,714
Loans and other financing (1)		663,915		309,442,164		139,428,699
Other debt securities				424,396,614		45,867,555
Financial assets delivered as guarantee		20,075,701		389,986
Equity instruments at fair value through profit or loss		585,444
Total assets		207,908,867		869,528,355		202,851,626

- 39 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

06/30/2022	Without due date		Total up to 12 months		Total over 12 months
Liabilities
Deposits		415,263,892		442,552,145		334,851
Financial liabilities at fair value through profit or loss				540,143
Derivative financial instruments				895
Repo transactions				342,745
Other financial liabilities				69,853,517		1,777,426
Financing received from the BCRA and other financial institutions				2,377,353
Issued corporate bonds				4,559		1,899,970
Subordinated corporate bonds				516,531		50,515,953
Total liabilities		415,263,892		516,187,888		54,528,200

(1)

The amounts included in “without due date” are related to the non-performing portfolio.

12/31/2021	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		234,634,331
Debt securities at fair value through profit or loss				29,525,149		14,597,084
Derivative financial instruments				1,764
Repo transactions				42,759,640
Other financial assets		5,189,145		36,025,173		6,629,323
Loans and other financing (1)		223,561		315,127,962		164,395,454
Other debt securities				325,482,051		63,885,321
Financial assets delivered as guarantee		24,458,703
Equity instruments at fair value through profit or loss		2,967,429
Total assets		267,473,169		748,921,739		249,507,182

Liabilities
Deposits		446,174,669		355,514,819		42,791
Liabilities at fair value through profit or loss				2,216,191
Derivative financial instruments				3,448
Other financial liabilities				90,806,580		1,688,475
Financing received from the BCRA and other financial institutions				589,026		6,946
Issued corporate bonds				4,072,049
Subordinated corporate bonds				1,246,158		55,902,532
Total liabilities		446,174,669		454,448,271		57,640,744

(1)

The amounts included in “without due date” are related to the non-performing portfolio.

- 40 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

19.

DISCLOSURES BY OPERATING SEGMENT

For management purposes the Bank’s Management has determined that it has only one operating segment related to the banking business. In this sense, the Bank supervises the operating segment income (loss) for the period in order to make decisions about resources to be allocated to the segment and assess its performance, which is measured on a consistent basis with the profit or loss in the financial statements.

20.

INCOME TAX

Inflation adjustment on income tax

Tax Reform Law 27430, amended by Laws 27468 and 27541, established the following, regarding inflation adjustment on income tax for the fiscal years beginning on January 1, 2018:

Such adjustment will be applicable in the fiscal year in which the variation of the IPC is higher than 100% for the thirty-six months before the end of the tax period.

ii)

Regarding the first, second and third fiscal year after its effective date, this procedure will be applicable if the variation of the abovementioned index, calculated from the beginning until the end of each of those fiscal years exceeds 55%, 30% and 15% for the first, second and third fiscal years of application, respectively.

iii)

The positive or negative inflation adjustment, as the case may be, corresponding to the first, second and third fiscal years beginning on January 1, 2018, shall be allocated one third in the fiscal year for which the adjustment is calculated and the remaining two thirds in equal parts in the following two immediate fiscal years.

iv)

The positive or negative inflation adjustment, corresponding to the first and second fiscal years beginning on January 1, 2019, shall be allocated one sixth to the fiscal year in which the adjustment is determined and the remaining five sixth in the following immediate fiscal years.

For fiscal years beginning on January 1, 2021, 100% of the adjustment may be deducted in the year in which it is determined.

As of June 30, 2022 and December 31, 2021, all the conditions established by the income tax Law to practice the inflation adjustment are met and the current and deferred income tax was recognized, including the effects of the application of the inflation adjustment on income taxes established by Law (see section “Tax inflation adjustment – Fiscal years 2019 and 2020” of this note).

Income tax rate

On June 16, 2021, through Decree No. 387/2021, Law No. 27630 was issued. This law established for fiscal years beginning on or after January 1, 2021, a progressive tax rates scheme of 25%, 30% and 35% which will be applied, on a progressively basis, to the taxable accumulated net profit at the end of each fiscal year.

- 41 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

The main items of income tax expense in the condensed consolidated interim financial statements are as follows:

	06/30/2022						06/30/2021
Description	Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022			Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021
Current income tax expense		1,371,864			1,989,882			1,758,830		3,766,090
Loss for deferred income taxes		644,441			1,778,104			110,523		1,937,576
Monetary effects		55,378			152,151			240,960		622,594
Income tax loss recorded in the statement of income		2,071,683			3,920,137			2,110,313		6,326,260
Income tax (profit) / loss recorded in other comprehensive income		(1,522,166	)		(1,718,581	)		393,790		887,237
Total		549,517			2,201,556			2,504,103		7,213,497

Tax inflation adjustment – Fiscal years 2019 and 2020

As decided by the Board of Directors in the meeting held on May 11, 2020, considering certain case law on the matter assessed by its legal counsel and tax advisors, on May 26 of that year, the Bank filed with the Administración Federal de Ingresos Públicos (AFIP, for its acronym in Spanish) its annual income tax return considering the total effect of the inflation adjustment on income tax (see section a) iv) of this note). As a result, the current income tax determined by Banco Macro SA for fiscal year 2019 amounted to 7,002,124 (not restated). The same criterion was applied to determine the annual income tax report for 2020, which generated accrued income tax for Banco Macro SA for such fiscal year that amounted to 9,933,210 (not restated).

In addition, on July 23, 2021, the Bank filed a reimbursement action with the AFIP requesting that 254,305 (not restated) paid as income tax for the 2020 tax period be reimbursed.

As to the tax periods mentioned in previous paragraphs, on November 1, 2021, the AFIP notified the beginning of an income tax audit.

Along with the filings mentioned in the first paragraph of this section, on December 28, 2021, the Bank filed petitions for declaratory judgment with the Federal Administrative Contentious Court for the periods under analysis. The file 22274/2021, for the fiscal year 2019, is in process in Court No. 12 and the file 22278/2021, for the fiscal year 2020, is in process in Court No. 1.

Reimbursement actions – Fiscal years 2013 to 2017 and 2018

On October 24, 2019, Banco Macro SA filed with the AFIP-DGI (Argentine tax authorities) two reimbursement actions under the terms established by the first paragraph of section 81, Law No. 11683 requesting the reimbursement of 4,782,766 and 5,015,451 (not restated amounts) paid to tax authorities as income tax during tax periods 2013 through 2017 and 2018, respectively, arising from the impossibility to apply the adjustment for inflation and other adjustment mechanisms set forth by Income Tax Law (prior to the amendments introduced by Laws No. 27430 and 27468 for periods 2013 through 2017, and as revised in 2019 and amended for the 2018 tax period), plus the related compensatory interest (SIGEA [case and file management system] files No. 19144-14224/2019 and 19144-14222/2019). Since tax authorities have not yet issued a resolution with respect to the abovementioned claims, on August 7, 2020, the Bank filed both reimbursement requests under the terms of section 81, Law No. 11683 with the Federal Contentious and Administrative Trial Courts, which are pending in Courts No. 8 and 2 of such jurisdiction, respectively (cases No. 11285/2020 and 11296/2020). Both cases are currently at the trial stage.

- 42 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

In connection with the tax periods mentioned in the previous paragraph, on December 19, 2019, the AFIP notified the beginning of the income tax audit for the 2018 tax period, and on May 3, 2021, it notified the beginning of the income tax audit for periods 2013 through 2017. On October 4, 2021, the AFIP ended the audit for periods 2013 through 2017 as the Bank had exercised in due time its right to resort to justice, and that the admission of reimbursement is subject to a court decision.

21.

COMMISSIONS INCOME

	06/30/2022				06/30/2021
Description	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021
Performance obligations satisfied at a point in time
Commissions related to obligations		7,477,523		14,864,984		6,910,973		13,268,721
Commissions related to credit cards		4,313,166		8,667,659		3,830,536		7,859,511
Commissions related to insurance		787,514		1,553,685		768,676		1,552,909
Commissions related to trading and foreign exchange transactions		274,940		559,344		282,564		554,191
Commissions related to securities value		205,500		456,888		212,369		446,878
Commissions related to loans and other financing		75,618		130,091		64,250		104,470
Commissions related to financial guarantees granted		251		911		1,840		2,062

Performance obligations satisfied over certain time period
Commissions related to credit cards		94,222		207,466		119,500		262,484
Commissions related to trading and foreign exchange transactions		5,953		16,315		12,423		28,893
Commissions related to obligations		251		520		312		644
Commissions related to loans and other financing		2,127		2,186		12		504
Commissions related to financial guarantees granted								129
Total		13,237,065		26,460,049		12,203,455		24,081,396

22.

DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

	06/30/2022				06/30/2021
Description	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021
Translation of foreign currency assets and liabilities into pesos		5,231,119		8,556,753		942,104		2,932,869
Income from foreign currency exchange		148,378		441,798		107,013		329,168
Total		5,379,497		8,998,551		1,049,117		3,262,037

- 43 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

23.

OTHER OPERATING INCOME

	06/30/2022					06/30/2021
Description	Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021
Services		1,525,013			3,102,137		1,342,466			2,577,012
Adjustments and interest from other receivables		354,606			652,541		526,095			907,743
Adjustments from other receivables with CER clauses		332,121			475,148		154,128			263,100
Other receivables for financial intermediation		192,408			429,943		295,121			855,924
Sale of investment in properties and other non-financial assets		3,041			18,153
For initial recognition of loans and other financing		(417,804	)		82,625		(5,455	)
Sale of property, plant and equipment		(203	)				359			3,466
Other		1,890,369			2,945,282		(1,482	)		704,417
Total		3,879,551			7,705,829		2,311,232			5,311,662

24.

EMPLOYEE BENEFITS

	06/30/2022				06/30/2021
Description	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021
Remunerations		10,630,469		18,454,572		9,969,301		19,489,086
Payroll taxes		2,501,588		4,305,593		2,284,590		4,427,614
Compensations and bonuses to employees		1,496,399		2,933,350		1,210,119		2,467,177
Employee services		520,284		964,143		302,181		587,295
Total		15,148,740		26,657,658		13,766,191		26,971,172

25.

ADMINISTRATIVE EXPENSES

	06/30/2022					06/30/2021
Description	Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021
Taxes		1,146,030			2,158,445		981,542		1,966,513
Maintenance, conservation and repair expenses		1,071,310			2,115,192		1,085,239		2,144,336
Armored truck, documentation and events		944,326	��		1,856,727		856,365		1,796,784
Security services		646,825			1,317,463		682,507		1,367,969
Other fees		611,502			1,208,159		633,713		1,096,176
Electricity and communications		598,682			1,237,490		707,603		1,432,732
Advertising and publicity		560,490			858,234		278,699		383,753

- 44 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	06/30/2022				06/30/2021
Description (contd.)	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021
Software		437,509		933,443		503,658		1,082,170
Fees to directors and syndics		221,182		545,007		166,579		357,442
Representation, travel and transportation expenses		104,953		183,016		66,885		119,549
Insurance		68,737		146,390		90,235		173,111
Stationery and office supplies		46,560		91,436		41,510		77,728
Hired administrative services		40,886		85,745		38,576		68,397
Leases		33,118		65,919		31,321		88,059
Other		293,787		491,161		208,875		431,411
Total		6,825,897		13,293,827		6,373,307		12,586,130

26.

OTHER OPERATING EXPENSES

	06/30/2022				06/30/2021
Description	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021
Turnover tax		6,632,093		13,143,036		5,927,209		12,288,276
For credit cards		3,000,226		5,805,774		2,036,783		4,402,075
Charges for other provisions		529,264		1,031,154		295,370		1,020,464
Deposit guarantee fund contributions		322,517		644,705		341,336		750,562
Taxes		64,021		147,187		141,412		309,822
Interest on lease liabilities		79,826		144,076		77,648		152,721
Insurance claims		58,247		121,344		22,994		42,624
Donations		13,144		160,124		1,878		3,229
Loss from sale or impairment of property, plant and equipment		7,168		7,168
Loss from sale or impairment of investment in properties and other non-financial assets						52,134		150,280
Other		1,506,147		2,882,152		1,381,536		2,724,413
Total		12,212,653		24,086,720		10,278,300		21,844,466

- 45 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

27.

ADDITIONAL DISCLOSURES IN THE STATEMENT OF CASH FLOWS

The statement of cash flows presents the changes in cash and cash equivalents derived from operating activities, investing activities and financing activities during the period. For the preparation of the statement of cash flows, the Bank adopted the indirect method for operating activities and the direct method for investment activities and financing activities.

The Bank considers as “Cash and cash equivalents” the item Cash and deposits in banks and those financial assets that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

For the preparation of the statement of cash flows the Bank considered the following:

Operating activities: the normal revenue-producing activities of the Bank as well as other activities that cannot qualify as investing or financing activities.

Investing activities: the acquisition, sale and disposal by other means of long-term assets and other investments not included in cash and cash equivalents.

Financing activities: activities that result in changes in the size and composition of the shareholders’ equity and liabilities of the Bank and that are not part of the operating or investing activities.

The table below presents the reconciliation between the item “Cash and cash equivalents” in the statement of cash flows and the relevant accounting items of the statement of financial position:

Reconciliation	06/30/2022		12/31/2021		06/30/2021		12/31/2020
Cash and deposits in banks		181,701,093		234,634,331		235,257,316		267,096,334
Debt Securities at fair value through profit or loss				6,617		6,616,964
Other debt securities		286,831,909		186,638,195		207,629,313		273,773,461
Loans and other financing		626,075		699,481		784,876		864,632
Total		469,159,077		421,978,624		450,288,469		541,734,427

28.

CAPITAL STOCK

The Bank’s subscribed and paid-in capital from December 31, 2019 to June 30, 2022, amounted to 639,413. The capital stock composition is detailed in Exhibit K to the condensed separated interim financial statements.

29.

EARNINGS PER SHARE - DIVIDENDS

Basic earnings per share were calculated by dividing net profit attributable to common shareholders of the Bank by the weighted average number of common shares outstanding during the period.

To determine the weighted average number of common shares outstanding during the period, the Bank used the number of common shares outstanding at the beginning of the fiscal year adjusted, if applicable, by the number of common shares bought back or issued during the period multiplied by the number of days that the shares were outstanding in the period. Note 29 provides a breakdown of the changes in the Bank’s capital stock.

The calculation of basic earnings per share is disclosed in the table of Earnings per share included in the condensed consolidated interim statement of income. See additionally note 39.

- 46 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Dividends paid and proposed

During 2020 and 2021, the BCRA issued Communiqués that suspended the payment of earnings distributions resolved by the Shareholders’ Meetings, being the last one the Communiqué “A” 7312, which suspended the payment up to December 31, 2021. As a consequence of the abovementioned suspensions, as of December 31, 2021 dividends pending distribution amounted to 26,580,415 (not restated), which had been approved by the Shareholders’ Meetings held on April 30 and October 21, 2020 and April 30, 2021, and were recorded under other non-financial liabilities (see note 17).

In addition, on December 16, 2021, the BCRA issued Communiqué “A” 7421, which established as follows: (i) from January 1, 2022, through December 31, 2022, financial institutions will be allowed to distribute up to 20% of the amount of earnings that should have been distributed if the “Earnings distributions” rules had been applied, and (ii) financial institutions that have the BCRA’s authorization for the earnings distributions have to perform it in 12 equal, monthly and consecutive installments.

On May 12, 2022, the BCRA approved the dividends distribution requested by the Bank in accordance with the Communiqué mentioned in the previous paragraph for an amount of 19,751,444 (not restated). As of the date of issuance of these condensed consolidated interim financial statements are pending to pay the installments 9 to 12 for an amount of 6,583,815. Additionally, the balance of the dividends approved that are pending to pay due to they exceed the abovementioned limit, amounted to 6,828,971 (not restated).

Moreover, the Shareholders’ Meeting held on April 29, 2022, resolved to distribute cash dividends or dividends in kind, in this case, measured at market value for an amount of 14,187,873 (not restated), represented 22.18 pesos per share, subject to prior authorization of the BCRA which adding the dividends pending to pay due to they exceed the abovementioned limited, amounted to 21,016,844 (not restated) and were recorded in an “Unappropriated earnings for dividends pending BCRA authorization”, as decided in the abovementioned Shareholders Meeting held on April 29, 2022 and delegating on the Board of Directors the power to make available such amount after BCRA authorization.

30.

DEPOSIT GUARANTEE INSURANCE

Law No. 24485 and Decree No. 540/1995 created the Deposit Guarantee Insurance System, which was featured as a limited, compulsory and onerous system, aimed at covering the risks of bank deposits, as subsidiary and supplementary to the deposit privilege and protection system established under the Financial Entities Law. The abovementioned legislation also provided for the incorporation of Sedesa with the exclusive purpose of managing the Deposit Guarantee Fund (DGF). Sedesa was incorporated in August 1995.

Banco Macro SA holds a 7.7330% interest in the capital stock of Sedesa according to the percentages disclosed by BCRA Communiqué “B” 12305 on March 17, 2022.

All deposits in pesos and foreign currency placed in participating entities in the form of checking accounts, savings accounts, certificates of deposits or other forms of deposit that the BCRA may determine from time to time shall be subject to the abovementioned Deposit Guarantee Insurance System up to the amount of 1,500 which must meet the requirements provided for in Presidential Decree 540/1995 and other requirements that the regulatory authority may determine from time to time. On the other hand, the BCRA provided from the exclusion of the guarantee system, among others, of any deposits made by other financial entities, deposits made by persons related to the Bank and securities deposits.

31.

RESTRICTED ASSETS

As of June 30, 2022 and December 31, 2021, the following Bank’s assets are restricted:

Composition	06/30/2022		12/31/2021
Cash and Deposits in Banks
• Fondo de Riesgo Fintech SGR – Deposits in other entities (1).		990		1
Subtotal Cash and Deposits in Banks		990		1

- 47 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Composition (contd.)	06/30/2022		12/31/2021
Debt securities at fair value through profit or loss and other debt securities
•  Fondo de Riesgo Fintech SGR – Debt securities at fair value through profit or loss and other debt securities (1).		2,410,647		1,443,707
•  Letters of National Estate in pesos adjusted by CER – Maturity: 02/17/2023.		100,470
•  Discount bonds in pesos regulated by Argentine legislation, maturing in 2033 for the minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/2013, as amended, of the Argentine Securities Commission (CNV).		65,296		66,294
•  Federal Government Treasury Bonds in pesos adjusted by CER 1.40%, maturity 03/27/2023, securing the sectorial Credit Program of the Province of San Juan, production investment financing fund.		56,870		60,792
•  Federal Government Treasury Bonds in pesos adjusted by CER 1.40%, maturity 03/27/2023, securing the regional economies Competitiveness Program – IDB loan No. 3174/OC-AR.		22,990		24,575
•  Federal Government Treasury Bonds in pesos adjusted by CER 1.40%, maturity 03/27/2023, for the contribution to the Guarantee Fund II in BYMA according to section 45, Law 26831, and supplementary regulations established by CNV standards (NT 2013, as amended).		10,164		10,865
Subtotal debt securities at fair value through profit or loss and other debt securities		2,666,437		1,606,233

Other financial assets
•  Fondo de Riesgo Fintech SGR – Mutual fund shares (1).		300,041		277,170
•  Mutual fund shares for minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/13, as amended, of the CNV.		107,851		205,244
•  Sundry debtors – Other.		5,229		6,844
•  Sundry debtors – attachment within the scope of the claim filed by the DGR against the CABA for turnover tax differences.		827		1,126
Subtotal Other financial assets		413,948		490,384

Loans and other financing – non-financial private sector and foreign residents
•  Interests derived from contributions made as protector partner (2).		1,421,317		1,038,159
•  Fondo de Riesgo Fintech SGR – Loans and other financing (1).		1,942		2,821
Subtotal loans and other financing		1,423,259		1,040,980

Financial assets delivered as a guarantee
•  Special guarantee checking accounts opened in the BCRA for transactions related to the electronic clearing houses and similar entities.		17,077,712		21,137,860
•  Guarantee deposits related to credit and debit card transactions.		2,548,467		1,794,306
•  For securities forward contracts.		389,986
•  Other guarantee deposits.		449,522		1,526,537
Subtotal Financial assets delivered as guarantee		20,465,687		24,458,703

- 48 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Composition (contd.)	06/30/2022		12/31/2021
Other non-financial assets
•  Real property related to a call option sold.		1,716,745		105,843
•  Fondo de Riesgo Fintech SGR – Other non-financial assets (1).		765		457
Subtotal other non-financial assets		1,717,510		106,300
Total		26,687,831		27,702,601

(1)

According to Law 24467, as amended, and Fintech SGR By-Law, this entity has a risk fund (“Fondo de Riesgo”) which its main objective is to cover the guarantees granted to the protector partners and third parties. The assets of the risk fund could only be applied to partners withdrawals, to cover guarantees and other direct expenses.

(2)

As of June 30, 2022 and December 31, 2021 it is related to the risk fund Fintech SGR and Garantizar SGR. In order to keep tax benefits related to these contributions, they must be maintained between two and three years from the date they were made.

32.

TRUST ACTIVITIES

The Bank is related to several types of trusts. The different trust agreements according to the business purpose sought by the Bank are disclosed below:

32.1.

Financial trusts for investment purposes

Debt securities include mainly prepayments towards the placement price of provisional trust securities of the financial trusts under public and private offerings (Accicom, Red Surcos and Secubono). The assets managed for these trusts are mainly related to securitizations of consumer loans. Trust securities are placed once the public offering is authorized by the CNV. Upon expiry of the placement period, once all trust securities have been placed on the market, the Bank recovers the disbursements made, plus an agreed-upon compensation. If after making the best efforts, such trust securities cannot be placed, the Bank will retain the definitive trust securities.

In addition, the Bank’s portfolio is completed with financial trusts for investment purposes, trust securities of definitive financial trusts in public and private offering (Accicom and Red Surcos) and certificates of participation (Arfintech).

As of June 30, 2022 and December 31, 2021, debt securities and certificates of participation in financial trusts for investment, amounted to 453,700 and 722,830, respectively.

According to the latest accounting information available as of the date of issuance of these condensed consolidated interim financial statements, the corpus assets of the trusts exceed the carrying amount in the related proportions.

32.2.

Trusts created using financial assets transferred by the Bank (securitization)

The Bank transferred financial assets (loans) to trusts for the purpose of issuing and selling securities for which collection is guaranteed by the cash flow resulting from such assets or group of assets. Through this way the funds that were originally used by the Bank to finance the loans are obtained earlier.

As of June 30, 2022 and December 31, 2021, considering the latest available accounting information as of the date of issuance of these condensed consolidated interim financial statements, the assets managed through Macro Fiducia SA (subsidiary) of this type of trusts amounted to 11,680 and 13,076, respectively.

- 49 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

32.3.

Trusts guaranteeing loans granted by the Bank

As it is common in the Argentine banking market, the Bank requires, in some cases, that the debtors present certain assets or entitlements to receive assets in a trust as a guarantee for the loans granted. This way, the risk of losses is minimized and access to the security is guaranteed in case of the debtor’s non-compliance.

Trusts usually act as conduits to collect cash from the debtor’s flow of operations and send such cash to the Bank for the payment of the debtor’s loans and thus ensure compliance with the obligations assumed by the trustor and guaranteed through the trust.

Additionally, other guarantee trusts manage specific assets, mainly real property.

Provided there is no non-compliance or delays by the debtor in the obligations assumed with the beneficiary, the trustee shall not execute the guarantee and all excess amounts as to the value of the obligations are reimbursed by the trustee to the debtor.

As of June 30, 2022 and December 31, 2021, considering the latest available accounting information as of the date of issuance of these condensed consolidated interim financial statements, the assets managed by the Bank amounted to 2,217,637 and 2,755,615, respectively.

32.4

Trusts in which the Bank acts as Trustee (Management)

The Bank, through its subsidiaries, performs management duties of the corpus assets directly according to the agreements, performing only trustee duties and has no other interests in the trust.

In no case shall the Trustee be liable with its own assets or for any obligation deriving from the performance as trustee. Such obligations do not imply any type of indebtedness or commitment for the trustee and they will be fulfilled only through trust assets. In addition, the trustee will not encumber the corpus assets or dispose of them beyond the limits established in the related trust agreements. The fees earned by the Bank from its role as trustee are calculated according to the terms and conditions of the agreements.

Trusts usually manage funds derived from the activities performed by trustors, for the following main purposes:

	-	Guaranteeing, in favor of the beneficiary the existence of the resources required to finance and/or pay certain obligations, such as the payment of amortization installments regarding work or service certificates, and the payment of invoices and fees stipulated in the related agreements.

	-	Promoting the production development of the private economic sector at a provincial level.

Being a party to public work concession agreements granting road exploitation, management, keeping and maintenance.

As of June 30, 2022 and December 31, 2021, considering the latest available accounting information as of the date of issuance of these condensed consolidated interim financial statements, the assets managed by the Bank amounted to 16,701,857 and 16,558.919, respectively.

33.

COMPLIANCE WITH CNV REGULATIONS

33.1

Compliance with CNV standards to act in the different agent categories defined by the CNV:

33.1.1 Operations of Banco Macro SA

Considering Banco Macro SA’s current operations, and according to the different categories of agents established by CNV rules (as per General Resolution No. 622/2013, as amended), the Bank is registered with this agency as agent for the custody of collective investment products of mutual funds (AC PIC FCI, for their acronyms in Spanish) – Comprehensive Depositary company, clearing and settlement agent and trading agent (ALyC and AN – comprehensive, for their acronyms in Spanish and Guarantee Entity (in the process of being registered).

- 50 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Additionally, the Bank’s shareholders’ equity as of June 30, 2022 stated in UVAs amounted to 2,628,759,746 and exceeds the minimum amount required by such regulation for the different categories of agents in which the Bank is registered, amounting to 470,350 UVAs as of that date, and the minimum required statutory guarantee account of 235,175 UVAs, which the Bank paid-in with government securities as described in note 31 and the cash deposits in BCRA accounts 000285 and 80285 belonging to the Bank.

33.1.2 Operations of Macro Securities SA

Considering the current operations of this subsidiary, and according to the provisions established by CNV effective as of the approval of General Resolution No. 622/2013, as amended, issued by such agency, such Company is registered under the following categories: clearing and settlement agent, trading agent, comprehensive trading agent and mutual investment funds placement and distribution agent (ALyC, AN – comprehensive and ACyD FCI).

Additionally, the shareholders’ equity of such Company as of June 30, 2022 stated in UVAs amounted to 43,701,591 and exceeds the minimum amount required by such regulation, amounting to 470,350 UVAs and the minimum statutory guarantee account required a minimum of 50% of the minimum amount of Shareholders’ equity, which the Company paid-in with mutual fund shares. Moreover, the agents “ACyD FCI” are required to have a minimum Shareholder’s equity up to 2,500.

33.1.3 Operations of Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión SA

Considering the current operations of this subsidiary, and according to the provisions established by CNV effective as of the approval of General Resolution No. 622/2013, as amended, issued by such agency, such Company is registered as agent for the Administration of Collective Investment Products of Mutual Funds.

Additionally, the shareholders’ equity of this Company as of June 30, 2022 stated in UVAs amounted to 9,224,292 and exceeds the minimum amount required by such regulation, amounting to 150,000 UVAs plus 20,000 UVAs per each additional mutual fund it manages. The minimum statutory guarantee account required a minimum of 50% of the minimum amount of Shareholders’ equity, which the Company paid-in with mutual fund shares.

33.1.4 Operations of Macro Fiducia SA

Considering the current operations of this subsidiary and according to the provisions established by CNV effective as of the approval of General Resolution 622/2013, as amended, issued by such agency, such Company is registered as financial trustee agent and non-financial trustee agent.

Additionally, the shareholders’ equity of such Company as of June 30, 2022 stated in UVAs amounted to 930,808 which is lower than the minimum amount required by such resolution established in 950,000 UVAs. This issue was corrected by the Entity on July 13, 2022 through the sale of 100,283 shares of Macro Securities SA to Banco Macro SA for an amount of 32,070, which generated a profit that amended this issue. Such transaction was performed on August 2, 2022.

33.2 Documents in custody

As a general policy, the Bank delivers for custody to third parties the documentary support of its aged accounting and management operations, i.e. those whose date is prior to the last fiscal year-end, except for the Inventory Book, in which aging is deemed to include those with a date prior to the four fiscal years ended. In compliance with CNV General Resolution No. 629 requirements, the Bank has placed (i) the Inventory Books for fiscal years ended up to and including December 31, 2017, and (ii) certain documentation supporting the economic transactions for fiscal years ended up to and including December 31, 2017, under the custody of the following companies: AdeA Administradora de Archivos SA (warehouse located at Ruta 36, km 31.5, Florencio Varela, Province of Buenos Aires) and ADDOC Administración de Documentos SA (warehouse located at Avenida Circunvalación Agustín Tosco with no number, Colectora Sur, between Puente San Carlos and Puente 60 blocks, Province of Córdoba and Avenida Luis Lagomarsino 1750, formerly Ruta 8 Km 51,200, Pilar, Province of Buenos Aires).

- 51 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

In addition, the documentary support on a digital format is protected on the Bank’s servers.

33.3 As depositary of mutual funds

As of June 30, 2022 Banco Macro SA, in its capacity as depositary company, holds in custody the shares in mutual funds subscribed by third parties and assets from the following mutual funds:

Funds	Number of shares		Equity
Argenfunds Abierto Pymes		3,108,128,334		9,969,434
Argenfunds Ahorro Pesos		45,940,173		744,807
Argenfunds Infraestructura		201,999,169		244,833
Argenfunds Liquidez		5,537,102,288		14,254,119
Argenfunds Renta Argentina		101,215,627		1,151,968
Argenfunds Renta Balanceada		914,569,334		6,877,708
Argenfunds Renta Capital		20,333,139		2,572,930
Argenfunds Renta Crecimiento		14,643,967		1,762,397
Argenfunds Renta Dinámica		19,373,417,366		753,089
Argenfunds Renta Fija		240,574,891		5,424,231
Argenfunds Renta Flexible		201,640,692		1,021,733
Argenfunds Renta Global		8,983,257		55,668
Argenfunds Renta Mixta		5,199,253,777		4,790,234
Argenfunds Renta Mixta Plus		798,131		82,316
Argenfunds Renta Pesos		59,590,040		1,001,055
Argenfunds Renta Total		548,961,979		969,225
Argenfunds Renta Variable		272,791,751		8,160
Argenfunds Retorno Absoluto		399,265,964		1,319,647
Pionero Acciones		10,395,609		570,080
Pionero Ahorro Dólares		11,661,344		1,324,111
Pionero Argentina Bicentenario		424,876,097		1,871,274
Pionero Capital		3,413,461,192		5,024,076
Pionero Empresas FCI Abierto Pymes		204,785,776		1,796,685
Pionero FF		77,952,606		2,093,585
Pionero Gestión		967,163,342		1,983,218
Pionero Pesos		696,880,149		9,742,218
Pionero Pesos Plus		12,760,048,044		107,374,003
Pionero Renta		97,562,570		8,980,552
Pionero Renta Ahorro		199,823,526		6,519,315
Pionero Renta Ahorro Plus		465,514,311		2,661,715
Pionero Renta Balanceado		5,674,530,388		6,846,517
Pionero Renta Estratégico		688,092,429		3,968,479
Pionero Renta Fija Dólares		2,656,722		207,389
Pionero Renta Mixta I		49,271,535		358,309

- 52 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

34.

ACCOUNTING ITEMS THAT IDENTIFY THE COMPLIANCE WITH MINIMUM CASH REQUIREMENTS

The items recognized by the Bank to constitute the minimum cash requirement effective for June 2022 are listed below, indicating the amounts as of month-end of the related items:

Items	Banco Macro SA
Cash and deposits in banks
Amounts in BCRA accounts		97,811,630
Other debt securities
Government securities computable for the minimum cash requirements		108,581,915
Financial assets delivered as guarantee
Special guarantee accounts with the BCRA		17,077,712
Total		223,471,257

35.

PENALTIES APPLIED TO THE ENTITY AND SUMMARY PROCEEDINGS INITIATED BY THE BCRA

BCRA Communiqué “A” 5689, as supplemented and amended, requires financial institutions to disclose in their financial statements certain information regarding summaries and penalties received from certain regulatory authorities, regardless of the amounts involved and the final conclusions of each case.

There follows a description of the situation of Banco Macro SA as of June 30, 2022:

Summary proceedings filed by the BCRA

Financial summary proceedings: No. 1496 dated 02/24/2016.

Reason: control observations over subsidiaries. Penalty amount: 30,608 (not restated).

Proceeding filed against: Banco Macro SA and the Members of the Board of Directors (Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Jorge Pablo Brito, Marcos Brito, Juan Pablo Brito Devoto, Luis Carlos Cerolini, Carlos Enrique Videla, Alejandro Macfarlane, Guillermo Eduardo Stanley, Constanza Brito and Emanuel Antonio Alvarez Agis).

Status: On 04/07/2016, the Bank filed the defenses and evidence on the BCRA. On 05/18/2016 the Bank requested on behalf of Mr. Delfín Jorge Ezequiel Carballo the resolution of the motion for lack of standing to be sued. On 09/09/2020, the BCRA filed Resolution No. 132/20 (notified on 02/22/2021) which acquitted Delfín Jorge Ezequiel Carballo and imposed a fine to the Bank and other responsible directors. On 03/01/2021 the Bank paid the fines. On 03/15/2021 the Bank filed a direct appeal against such resolution to the BCRA, which will be decided at Courtroom I of the Federal Civil and Commercial Court of Appeals (CNACAF, for its acronym in Spanish), where resolution is pending. The fine imposed to Mr. Jorge Horacio Brito was abrogated due to his passing. On 12/03/2021, the BCRA answered the notice of the direct appeal, requesting the dismissal. At the same date the CNACAF decided to include the process into the agreement to issue a sentence. As of the date of issuance of these condensed consolidated interim financial statements, this proceeding is pending resolution.

Criminal foreign exchange summary proceedings: No. 7642 dated 10/18/2021.

Reason: Supposed non-compliance with article 1 incs. e) and f) of the Criminal Foreign Exchange Regime (TO by Decree No. 480/95), together with points 5, 9 15 and 18 of BCRA Communiqué “A” 6770, and points 1.2 and 5.3 of the BCRA Communiqué “A” 6844.

Responsibles: Banco Macro SA, Foreign Exchange Team Leader (Alfredo Muscari), head of Foreign Exchange and Banking Operations manager (Eduardo Roque Covello) and Compliance manager (Gustavo Emilio Pessagno).

- 53 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Status: On 12/29/2021, Banco Macro SA and the natural persons subject to summary proceedings filed their joint defenses, offering evidence and requesting an acquittal. Such filing established that: (i) the crime charged in the summary proceedings is inadmissible and inappropriate; ii) the Criminal Foreign Exchange System is unconstitutional; iii) the infringements charged are barred by the statute of limitations; iv) the charge is null because it was filed by the director of the SEFyC (Financial Institutions and Foreign Exchange Regulatory Agency); v) the accusation made by the BCRA lacks the minimum requirements for the criminal charge to be valid; vi) there are no arguments or evidence proving a criminal behavior by Banco Macro SA’s staff; therefore, this would be an objective charge; vii) the parties charged have not participated in the events under investigation, and viii) the infringements under investigation are atypical from the objective and subjective perspectives. On 03/15/2022, the BCRA dismissed the previous defenses performed by the Bank and the rest of the responsibles who, on 03/25/2022, filed an extraordinary appeal and a nullity request which was dismissed by the BCRA. Against such resolution, on 04/25/2022 a complaint appeal was filed to the Economic Federal Court, Courtroom No. 5, which dismissed the abovementioned appeal and submitted the file to an administrative area to continue with the proceeding. As of the date of issuance of these condensed consolidated interim financial statements, the file will be opened for evidence.

Penalties imposed by the Financial Information Unit (UIF)

File: No. 248/2014 (UIF Note Presidency 245/2013 11/26/2013) dated 07/30/2014.

Reason: alleged deficiencies in preparing certain “Reports on suspicious transactions (ROS)” due to cases of infringement detected in certain customer files. Penalty amount: 330 (not restated).

Penalty imposed on: Banco Macro SA, the members of the Board and those in charge of anti-money laundering regulation compliance (Luis Carlos Cerolini –both as Compliance Officer and Director- and Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Juan Pablo Brito Devoto, Jorge Pablo Brito, Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo Stanley, Constanza Brito, Emanuel Antonio Alvarez Agis, Marcos Brito and Rafael Magnanini, as Directors of Banco Macro SA).

Status: on 12/26/2016 the UIF passed Resolution No. 164/16 imposing fines on those responsible and issuing a favorable decision on the plea of lack of capacity to be sued lodged by Messrs. Carballo and Magnanini. Against such resolution, the Bank and the individuals liable filed direct appeals, which will be decided at Room III of the CNACAF. Such appeals were dismissed through a final sentence dated 07/18/2019. On 08/15/2019, the Bank filed a federal extraordinary appeal which was dismissed through resolution dated 09/26/2019. On 10/03/2019 the Bank filed a complaint appeal before Argentine Supreme Court (CSJN, for its acronym in Spanish), which is still pending resolution.

Additionally, there are pending summary proceedings before the CNV and the UIF, as described below:

File: No. 1480/2011 (CNV Resolution No. 17529) dated 09/26/2014.

Reason: potential non-compliance with the obligation to inform a “Significant Event”. Penalty amount: 500 (not restated).

Persons subject to summary proceedings: Banco Macro SA, the members of the Board, the regular members of the Statutory Audit Committee and the person/s responsible for market relations (Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Juan Pablo Brito Devoto, Jorge Pablo Brito, Luis Carlos Cerolini, Roberto Julio Eilbaum, Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo Stanley, Constanza Brito, Daniel Hugo Violatti, Ladislao Szekely, Santiago Marcelo Maidana and Herman Fernando Aner).

Status: on 10/28/2014 the Bank and the persons involved filed their defenses offering evidence and requesting their acquittal. On 08/03/2015 the term to produce evidence was closed and on 08/19/2015 the defendants lodged their memorials. On 03/04/2021, the Board of Directors of the CNV filed a resolution dismissing the nullity and imposing a fine to the Bank jointly and severally with its Directors at the moment when the facts where investigated. Against such resolution, on 05/03/2021 a direct appeal was filed. On December 2021, the CNV referred the proceedings to the Federal Civil and Commercial Court of Appeals (CNACCF, for its acronym in Spanish), under the file number 14633/2021, styled “Szekely, Ladislao et al v. CNV on appealed administrative resolution”. As of the date of issuance of these condensed consolidated interim financial statements, is pending the digitalization of the entirely file by the CNV, as required by the CNACCF.

File: No. 137/2015 (UIF Resolution No. 136/2017) dated 12/19/2017.

Reason: alleged breach to the contents of the Code of Procedure applicable to Anti-money Laundering and Terrorism Financing as Settlement and Clearing Agent at the time of an inspection of the CNV and to the Internal Audit Process referred to in its capacity as comprehensive settlement and clearing agent (UIF Resolution No. 229/2011, as amended).

- 54 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Persons subject to summary proceedings: Banco Macro SA, members of the Management Body during the period that is the subject matter of these summary proceedings (Jorge Horacio Brito, Jorge Pablo Brito, Juan Pablo Brito Devoto, Constanza Brito, Marcos Brito, Delfín Jorge Ezequiel Carballo, Delfín Federico Ezequiel Carballo, Carlos Enrique Videla, Alejandro Macfarlane, Guillermo Eduardo Stanley, Emmanuel Antonio Alvarez Agis, Nicolás Alejandro Todesca, Carlos Alberto Giovanelli, José Alfredo Sanchez, Martín Estanislao Gorosito, Roberto Julio Eilbaum, Mario Luis Vicens, Nelson Damián Pozzoli, Luis María Blaquier, Ariel Marcelo Sigal, Alejandro Eduardo Fargosi, Juan Martin Monge Varela and Luis Cerolini in his double capacity as Compliance Officer and member of the Management Body).

Status: on 04/23/2019, UIF passed Resolution No. 41, whereby it imposed fines to those liable. On 05/15/2019 the imposed fines were paid and on 06/12/2019, the Bank, its Board of Directors and its statutory audits filed a direct appeal against such resolution, requesting a repeal of the penalty imposed. Such appeal is in process at CNACAF. The file was submitted to Courtroom V of CNACAF that received the proceedings on 06/21/2019. On 05/11/2021, Courtroom V of the CNACAF issued a sentence dismissing the direct appeal filed by the Banco Macro SA and against that on 05/26/2021, this Bank filed a federal extraordinary appeal. On 12/09/2021 the CNACAF decided to allow the imposed Extraordinary appeal, on 12/10/2021, ordered that the case file be submitted to the CSJN, which took place on 12/30/2021, and the case file was received by the latter on 02/03/2022. As of the date of issuance of these condensed consolidated interim financial statements, the CSJN had not issued a decision on the appeal filed.

File: No. 1208/2014 (UIF Resolution No. 13/2016) dated 1/15/2016.

Reason: alleged failure to comply with Anti-Money Laundering Law, as amended, and UIF Resolution No. 121/11.

Persons subject to the summary proceedings: Banco Macro SA, Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Juan Pablo Brito Devoto, Jorge Pablo Brito, Luis Carlos Cerolini, Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo Stanley, Constanza Brito, Marcos Brito and Emmanuel Antonio Álvarez Agis.

Status: on 05/17/2018 UIF passed resolution No. 13/2016, whereby it filed the summary proceedings related to observations over an overall inspection performed by the BCRA. On 06/15/2018, the liable parties filed their defenses. On 07/02/2018, the UIF sustained the lack of capacity to be sued by Delfín Jorge Ezequiel Carballo, discarding his responsibility in this summary proceeding. On 01/08/2021 UIF filed Resolution No. 80 which imposed a fine to the Bank and the other liable parties. On 01/26/2021 through BCRA account, the fine was paid for an amount of 60 (not restated). On 03/02/2021, against such resolution a direct appeal to CNACAF was deducted. The proceedings will be decided at Room IV of such jurisdiction. On 05/05/2021, the UIF became a party to the case file and answered the notice served of the direct appeal imposed by the responsibles. On 08/12/2021, the CNACAF dismissed the direct appeal filed by the Bank. On 08/27/2021 a Federal extraordinary appeal against such decision was filed. On 10/04/2021, the CNACAF dismissed the extraordinary appeal filed, where it was held that there was no federal grievance and no manifest arbitrariness in the resolution. On 10/18/2021 Banco Macro SA filed a petition for the denied extraordinary appeal to CSJN. The petition file has not been resolved by the CSJN.

File: No. 379/2015 (UIF Resolution No. 96/2019) dated 09/17/2019.

Reason: alleged failure to comply with Anti-Money Laundering Law, as amended, and UIF Resolution No. 121/11.

Persons subject to the summary proceedings: Banco Macro SA, Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Jorge Pablo Brito, Marcos Brito, Juan Pablo Brito Devoto, Carlos Enrique Videla, Alejandro Macfarlane, Guillermo Eduardo Stanley, Emanuel Antonio Alvarez Agis, Constanza Brito and Luis Carlos Cerolini.

- 55 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Status: On 10/02/2019, Banco Macro SA and the liable individuals were notified about the initiation of the proceedings. On 10/31/2019, the Bank and the individuals subject to summary proceedings filed their defense. On 01/07/2020, the party hearing the summary proceedings considered the defense filed and deferred the motion to dismiss for lack of capacity to be sued and statute of limitations upon issuing an opinion about the substance of the case. The administrative terms were suspended due to the social and preventive lockdown declared in the country due to the Covid-19 pandemic (DNU 297/2020), up to and including 11/29/2020. On 11/30/2020, terms were resumed (DNU 876/2020). On 03/02/2021, the passing of Mr. Jorge Horacio Brito was informed and the lapse of the action against him was requested. In addition, as part of the BCRA summary proceedings styled “File No. 100889/15 – Banco Macro SA, Summary Proceedings No. 1496”, Resolution No. 2020-132-E-GDEBCRA-SEFYC#BCRA was issued, whereby penalties were imposed on Banco Macro SA and the parties subject to those proceedings, currently pending before the CNACAF, Courtroom I (File No. 3784/2021). The transactions for which the parties are investigated have already been subject to penalties in the abovementioned BCRA summary proceedings; therefore, there cannot be simultaneous penalties based on the same subject matter. As a result, a request was made to prevent the application of all types of penalties to the parties subject to the summary proceedings. On 04/22/2021, the judge in charge of the summary proceedings informed that the pleas filed will be resolved in the final ruling; therefore, the brief will be added to the case file without analyzing the issue, expecting the issuance of a resolution. On 05/26/2021, it was advised that the terms of the summary proceedings pending with the UIF would be suspended from 05/26/2021, up to and including 05/28/2021. On 08/18/2021, it was resolved to set the case for the production of evidence and to summon all the parties involved to give testimony as parties subject to the summary proceedings. As of the date of issuance of these condensed consolidated interim financial statements, the case is still in trial stage.

Although the penalties described above do not involve material amounts, as of the date of issuance of these condensed consolidated interim financial statements, the total amount of monetary penalties received, pending payment due to any appeal lodged by the Bank, amounts to 500 and was recognized according to the BCRA Communiqués “A” 5689 and 5940, as amended and supplemented.

The Bank’s Management and its legal counsel consider no further significant accounting effects could arise from the final outcome of the above mentioned judicial proceedings.

36.

CORPORATE BONDS ISSUANCE

The corporate bonds liabilities recorded by the Bank are as follows:

Corporate Bonds	Original value			Residual face value as of 06/30/2022		06/30/2022		12/31/2021
Subordinated Resettable – Class A	USD	400,000,000	(1)	USD	400,000,000		51,032,484		57,148,690
Non-subordinated – Class E	USD	17,000,000	(2)	USD	17,000,000		1,904,529
Non-subordinated – Class B	$	4,620,570,000	(3)						4,072,049
Total							52,937,013		61,220,739

On April 26, 2016, the general regular shareholders’ meeting approved the creation of a Global Program for the Issuance of Medium-Term Debt Securities, in accordance with the provisions of Law No. 23576, as amended and further applicable regulations, up to a maximum amount outstanding at any time during the term of the program of USD 1,000,000,000 (one billion US dollars), or an equal amount in other currencies or power units, under which it is possible to issue simple corporate bonds, not convertible into shares in one or more classes. Also, on April 28, 2017, the General and Special Shareholder’ Meeting resolved to extend the maximum amount of the abovementioned Global Program up to USD 1,500,000,000 (one thousand five hundred millions US dollars), and on April 27, 2018, the abovementioned Shareholders’ Meeting resolved to increase the maximum amount of the Global Program for the Issuance of Corporate Bonds for, in face values, from USD 1,500,000,000 to USD 2,500,000,000 or an equal amount in other currencies, as determined by the Board of Directors in due time. Finally, on October 20, 2021 due to a Board of Director resolution, the Bank required from the CNV a five-year extension of the abovementioned program, which was approved by the Regulator through a note issued on December 15, 2021.

- 56 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

(1) On November 4, 2016, under the abovementioned Global Program, the Bank issued Subordinated Resettable Corporate Bonds, class A, at a fixed rate of 6.750% p.a. until reset date, fully amortizable upon maturity (November 4, 2026) for a face value of USD 400,000,000 (four hundred million US dollars), under the terms and conditions set forth in the pricing supplement dated October 21, 2016. Interest is paid semiannually on May 4 and November 4 of every year and the reset date was November 4, 2021.

As of the date of issuance of these condensed consolidated interim financial statements, the reset rate was established until the maturity date at 6.643% as a result of the benchmark reset rate plus 546.3 basis points, according to the abovementioned terms and conditions. As the Bank had not exercised the option to fully or partially redeem the issuance on the reset date and under the conditions established in the pricing supplement, it was established up to maturity.

On the other hand, it could be fully redeemed, not partially, and only for tax or regulatory purposes. The Bank used the funds derived from such issuance to grant loans in accordance with BCRA guidelines.

(2)

On May 2, 2022, under the Global Program abovementioned, the Bank issued non-subordinated simple corporate bonds Class E not convertible into shares, for a face value of USD 17,000,000 at a fixed rate of 1.45%, fully amortizable upon maturity (May 2, 2024), under the terms and conditions set forth in the price supplement dated April 21, 2022. Interest is paid quarterly on August 2, 2022, November 2, 2022, February 2, 2023, May 2, 2023, August 2, 2023, November 2, 2023, February 2, 2024, and May 2, 2024.

At any time and according to the current regulations and by the foreign exchange regime issued by the BCRA, in particular, the Bank will be able to redeem, fully but not partially, the Class E Corporate Bonds to a price equally to (a) 102% of the remaining principal if the Bank will decide to redeem during the term between the Issuance and the Settlement date up to 9 (nine) month, including the last day; (b) 101 % of the remaining principal, if the Bank will decide to redeem during the terms beginning after the 9 (nine) month since the Issuance date up to maturity date of the Class E, in all cases with expenses and accrued interest not paid, excluding the redeem date.

(3)

On May 8, 2017, under the Global Program mentioned in item a.1), Banco Macro SA issued non-subordinated simple corporate bonds Class B not convertible into shares, at a fixed rate of 17.50%, fully amortizable upon maturity (May 8, 2022) for a face value of pesos 4,620,570,000 equivalent to USD 300,000,000 (three hundred million US dollars), under the terms and conditions set forth in the price supplement dated April 21, 2017. Interest is paid semiannually on November 8 and May 8 of every year, beginning on November 8, 2017.

On the other hand, the Bank may fully redeem the issuance for tax matters, but not partially. The Bank used the funds derived from such issuance to grant loans in accordance with BCRA guidelines.

On October 17, 2018 and October 16, 2019, the Board of Directors decided to pay off these corporate bonds for a face value of pesos 1,229,518,000 and pesos 501,861,000, respectively, equivalent to the amount of purchases made as of those dates.

On May 9, 2022, the Bank fully paid the principal and interest for a face value of 2,889,191,000.

- 57 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

37.

OFF BALANCE SHEET TRANSACTIONS

In addition to note 4, the Bank maintains different off balance sheet transactions, pursuant to the BCRA standards. The composition of the amounts of the main off balance sheet transactions as of June 30, 2022 and December 31, 2021, is as follows:

Composition	06/30/2022		12/31/2021
Custody of government and private securities and other assets held by third parties		565,703,055		529,378,750
Preferred and other collaterals received from customers (1)		127,787,761		164,047,577
Outstanding checks not yet paid		16,651,722		15,178,351
Checks already deposited and pending clearance		13,510,962		11,040,865

(1)

Related to collaterals used to secure loans transactions and other financing, under the applicable rules in force on this matter.

38.

TAX AND OTHER CLAIMS

38.1.

Tax claims

The AFIP and tax authorities of the relevant jurisdictions have reviewed the tax returns filed by the Bank related to income tax, minimum presumed income tax and other taxes (mainly turnover tax). As a result, there are claims pending at court and/or administrative levels, either subject to discussion or appeal. The most significant claims are summarized below:

AFIP’s challenges against the income tax returns filed by former Banco Bansud SA (for the fiscal years from June 30, 1995, through June 30, 1999, and for the irregular six-month period ended December 31, 1999) and by former Banco Macro SA (for the fiscal years ended from December 31, 1998, through December 31, 2000).

The matter under discussion that has not been resolved as yet and on which the regulatory agency bases its position is the impossibility of deducting credits that have collateral security, an issue that has been addressed by the Federal Administrative Tax Court and CSJN in similar cases, which have issued resolutions that are favorable to the Bank’s position.

The AFIP’s ex-officio undocumented expenses determinations for the periods February, April, May 2015 and from July 2015 through January 2018, both included of date April 19, 2021. On October 5, 2021, the Bank filed an appeal to the Federal Tax Court which is in process in Courtroom B, Office 6, under file 2021-96970075.

Ex-officio turnover tax determinations in progress and/or adjustments, as a withholding agent and over municipal fees, pending resolution by the tax authorities of certain jurisdictions.

The Bank’s Management and its legal counsel consider no further significant accounting effects could arise from the final outcome of the abovementioned proceedings other than those disclosed in these condensed consolidated interim financial statements.

- 58 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

38.2. Other claims

Before merging with and into the Bank, Banco Privado de Inversiones SA (BPI) had a pending class action styled “Adecua v. Banco Privado de Inversiones on ordinary proceedings”, File No. 19073/2007, pending with Commercial Court No. 3 in and for the CABA, Clerk’s Office No. 5, whereby it was required to reimburse to its clients the life insurance amounts overcharged to amounts payable as well as to reduce the amounts charged in this regard in the future; this legal proceeding was concluded upon the abovementioned merger because BPI complied in full with the terms of the court-approved agreement reached with Adecua before answering the complaint. However, in March 2013, when BPI had already been merged with and into the Bank, the trial court resolved to amend the terms of the agreement and ordered the reimbursement of amounts of money to a larger number of clients as compared to the number arising from the terms approved by the court in due time. Such resolution was appealed by the Bank as BPI’s surviving company. The appeal was dismissed by the Court of Appeals, which abrogated both the trial court decision and the court-approved agreement, thus ordering the Bank to answer the complaint. This gave rise to the filing of an extraordinary appeal against such decision as well as the subsequent filing of a complaint for the extraordinary appeal denied. On May 5, 2021, the Bank was notified of the dismissal of the complaint appeal, ordering the return of the main process to the CNACAF for continuing with the proceedings, who also submitted them to the trial court, which received them on 09/27/2021 and were requested as effectum vivendi in proceedings “Estado Nacional – Ministerio Producción de la Nación c/ Asociación de Defensa de los Consumidores y Usuarios de la R.A y otros s/Ordinario” (File No. 6757/2013), in which the Bank is not a party, by the commercial court, clerk’s office No. 11. As of the date of issuance of these condensed consolidated interim financial statements, resolution is still pending.

Moreover, the Bank is subject to a class actions for the same purpose, currently pending with Commercial Court No. 7 in and for the CABA, Clerk’s Office No. 13, styled Unión de Usuarios y Consumidores v. Nuevo Banco Bisel on ordinary proceedings, File No. 44704/2008.

There are also other class actions initiated by consumer protection associations in relation to the collection of certain commissions and/or financial charges or practices and certain withholdings made by the Bank to individuals as CABA stamp tax withholding agent.

39.

RESTRICTION ON DIVIDENDS DISTRIBUTION

According to BCRA regulations, 20% of Banco Macro SA income for the year, without including Other comprehensive income, for the year plus/less prior-year adjustments and less accumulated losses as for the prior year-end, if any, should be allocated to the legal retained earnings.

Through Communiqué “A” 6464, the BCRA establishes the general procedure to distribute earnings. According to that procedure, earnings may only be distributed if certain circumstances are met, such as no records of financial assistance from the BCRA due to illiquidity or shortages in payments of minimum capital or minimum cash requirement deficiencies and not being subject to the provisions of sections 34 and 35 bis of the Financial Entities Law (sections dealing with tax payment and restructuring agreements and reorganization of the Bank), among other conditions listed in the abovementioned communiqué that must be met. In addition, the earnings distribution approved by the Shareholders’ Meeting of the Bank could only be formalized once the Superintendence of Financial and Foreign Exchange Institutions approved it.

- 59 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

In addition, profits may only be distributed to the extent that the financial institution has positive results, after deducting, on a non-accounting basis, from retained earnings and the optional reserves for the future distribution of profits, (i) the amounts of the legal and other earnings reserves which are mandatory, (ii) all debit amounts of each one of the accounting items recognized in “Other Comprehensive Income”, (iii) income from of the revaluation of property, plant and equipment, intangible assets and investment property, (iv) the positive net difference between the amortized cost and the fair value of government debt instruments and/or monetary regulation instruments issued by the BCRA for those instruments recognized at amortized cost, (v) the adjustments identified by the Superintendence of Financial and Exchange Entities of the BCRA or by the independent external auditor and that have not been recognized in the accounting records and (vi) certain franchises granted by the BCRA. Additionally, no profit distributions shall be made out of the profit originated as a result of the first-time application of the IFRS, for which a normative reserve was created, and its balance as of June 30, 2022 was 14,959,155 (nominal value: 3,475,669).

The Bank must verify that, after completion of the earning distribution, a capital maintenance margin equal to 3.5% of risk-weighted assets is kept, apart from the minimum capital required by law, to be integrated by Tier 1(Con1) ordinary capital, net of deductible items (CDCOn1).

Additionally to what was previously mentioned, and according to BCRA Communiqué “A” 7312, the earning distribution was suspended up to December 31, 2021. In accordance with BCRA Communiqué “A” 7421, effective since January 1 and up to December 31, 2022, financial institutions will be allowed to distribute their earnings up to 20% of the amount that would have been distributed in 12 equal, monthly and consecutive installments. As a consequence, the Board of Directors of Banco Macro SA issued a payment schedule for those dividends. See also note 29.

Pursuant to CNV General Resolution No. 622, the Shareholders’ Meeting in charge of analyzing the annual financial statements will be required to decide on the application of the Bank’s retained earnings, such as the actual distribution of dividends, the capitalization thereof through the delivery of bonus shares, the creation of earnings reserves additional to the legal earnings retained or a combination of any of these applications.

In compliance with the abovementioned, the General Regular and Extraordinary Shareholders’ Meeting of Banco Macro SA held on April 29, 2022 and taking into account that at the end of the fiscal year ended December 31, 2021, the Bank had negative unappropriated retained earnings for 8,920,325 (not restated) as a consequence of recording in the income for the previous period the accrued monetary effect which were measured at fair value through other comprehensive income (OCI), for which the unappropriated retaining earnings amounted to 18,202,171 (not restated), were applied as follows (figures stated at purchase power as of December 31, 2021):

a) 3,640,434 to the legal reserve;

b) 373,864 to the Personal Asset Tax on Business Companies (Impuesto sobre los Bienes Personales Sociedades y Participaciones), and;

14,187,873 to pay a cash dividend and/or a dividend in kind, in the latter case valued at market value, prior BCRA authorization.

For further information see note 29.

40.

CAPITAL MANAGEMENT, CORPORATE GOVERNANCE TRANSPARENCY POLICY AND RISK MANAGEMENT

As financial institution, Banco Macro SA is governed by Financial Entities Law No. 21526, as supplemented, and the regulations issued by the BCRA and, is exposed to intrinsic risks related to the financial industry. Moreover, the Bank adheres to the good banking practices laid out in BCRA Communiqué “A” 5201 (Financial Entities Corporate Governance Guidelines). Detailed explanations about the main aspects related to capital management, corporate governance transparency policy and risk management related to the Bank, are disclosed in note 43 to the consolidated financial statements as of December 31, 2021, already issued.

- 60 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Additionally, the table below shows the minimum capital requirements measured on a consolidated basis, effective for the month of June 2022, together with the integration thereof (computable equity) as of the end of such month:

Item	06/30/2022
Minimum capital requirements		71,663,918
Computable equity		355,914,457
Capital surplus		284,250,539

41.

CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT AND FINANCIAL AND CAPITAL MARKETS

During the second half of 2019, in a political context of federal general elections which gave rise to a change in the federal authorities, the existing volatile was accentuated for the market values of government and private financial instrument and a process of rescheduling maturities and swaps of certain government debt instruments started. In addition, material increases were observed in the country risk and in the exchange rate between the Argentine peso and the US dollar.

During 2021 and 2020, among other regulations, relevant modifications to the tax regulation system were introduced, including changes in the income tax, withholdings related to foreign exchange transactions and for the acquisition of foreign currency for hoarding purposes, and material restrictions to the exchange market access were also established.

At the same time, the government’s debt restructuring process continued under domestic and foreign legislation. The negotiations carried out as of the date of issuance of these condensed consolidated interim financial statements include the agreement reached by the Federal Executive’s and the International Monetary Fund regarding the country’s indebtedness with that body.

Particularly, regarding to the price of US dollar, since the end of 2019, the gap between the official price of the US dollar -used mainly for foreign trade- and the alternative values that arise through the stock market operation and also with respect to the unofficial value, began to widen around 100% as of the date of issuance of these condensed consolidated interim financial statements.

Even though, at the date of issuance of these condensed consolidated interim financial statements certain volatility levels previously mentioned have been decreased, the local and international macroeconomic context generates certain degree of uncertainty regarding its future progress, and also considering the effects of the Russian invasion of Ukraine in the level of the global economic recovery, after the pandemic as mentioned in note 42.

Therefore, the Bank’s Management permanently monitors any changes in the abovementioned situations in international and local markets, to determine the possible actions to adopt and to identify the possible impact on its financial situation that may need to be reflected in the future financial statements.

42.

EFFECTS OF THE CORONAVIRUS (COVID-19) OUTBREAK

In early March 2020, the World Health Organization declared Coronavirus (Covid-19) a pandemic. This emergency situation over public health was worldwide expanded and several countries took different measures to contain the effects. This situation and the measures adopted have materially affected the international economy activity with different impacts on several countries and business lines.

Particularly in the Argentine Republic along with health protection rules, tax and financial measures were taken to mitigate the impact on the economy associated with the pandemic, including public direct financial assistance measures for part of the population, the establishment of financial and fiscal facilities for both individuals and companies.

Considering the size of the abovementioned situation, the Bank’s Management estimates, on an ongoing basis, the effects on its operations, the financial situation and in its profit or loss.

- 61 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

43.

EVENTS AFTER REPORTING PERIOD

No other significant events occurred between the end of the period and the issuance of these condensed consolidated interim financial statements that may materially affect the financial position or the profit and loss for the period, not disclosed in these condensed consolidated interim financial statements.

44.

ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

These condensed consolidated interim financial statements are presented in accordance with the accounting framework established by the BCRA, as mentioned in note 3. These accounting standards may not conform to accounting principles generally accepted in other countries.

- 62 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT B

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

COMMERCIAL	06/30/2022		12/31/2021
In normal situation		96,031,381		114,574,313
With senior “A” collateral and counter-collateral		8,154,039		15,608,958
With senior “B” collateral and counter-collateral		15,589,508		22,013,340
Without senior collateral or counter-collateral		72,287,834		76,952,015
Subject to special monitoring		471,422		2,901,687
In observation
With senior “A” collateral and counter-collateral				2,007
With senior “B” collateral and counter-collateral		153,165		2,400,734
Without senior collateral or counter-collateral		318,257		498,946
Troubled		979,086		1,022,407
With senior “B” collateral and counter-collateral		725,037		149,917
Without senior collateral or counter-collateral		254,049		872,490
With high risk of insolvency		268,404		157,199
With senior “A” collateral and counter-collateral				137,504
With senior “B” collateral and counter-collateral		134,184		9,388
Without senior collateral or counter-collateral		134,220		10,307
Subtotal Commercial		97,750,293		118,655,606

- 63 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT B

(Continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

CONSUMER AND MORTGAGE	06/30/2022		12/31/2021
Performing		360,298,515		372,056,756
With senior “A” collateral and counter-collateral		21,053,833		26,008,665
With senior “B” collateral and counter-collateral		25,971,305		31,624,342
Without senior collateral or counter-collateral		313,273,377		314,423,749
Low risk		2,497,688		2,633,502
With senior “A” collateral and counter-collateral		95,278		85,546
With senior “B” collateral and counter-collateral		143,115		156,889
Without senior collateral or counter-collateral		2,259,295		2,391,067
Low risk - in special treatment		19,614		84,846
With senior “B” collateral and counter-collateral				27,842
Without senior collateral or counter-collateral		19,614		57,004
Medium risk		1,774,149		1,976,178
With senior “A” collateral and counter-collateral		63,914		12,556
With senior “B” collateral and counter-collateral		43,129		81,532
Without senior collateral or counter-collateral		1,667,106		1,882,090
High risk		1,817,460		2,262,127
With senior “A” collateral and counter-collateral		35,131		28,840
With senior “B” collateral and counter-collateral		92,366		153,490
Without senior collateral or counter-collateral		1,689,963		2,079,797
Irrecoverable		975,564		1,068,578
With senior “A” collateral and counter-collateral		21,108		26,119
With senior “B” collateral and counter-collateral		135,261		260,078
Without senior collateral or counter-collateral		819,195		782,381
Subtotal consumer and mortgage		367,382,990		380,081,987
Total		465,133,283		498,737,593

- 64 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT B

(Continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

This exhibit discloses the contractual figures as established by the BCRA. The conciliation with the condensed consolidated interim statement of financial position is listed below:

	06/30/2022			12/31/2021
Loans and other financing		449,534,778			479,746,977
Added:
Allowances for loans and other financing		8,731,784			13,113,301
Adjustment amortized cost and fair value		1,153,069			1,537,834
Debt securities of financial trust - Measured at amortized cost		23,966			242,629
Corporate bonds		434,476			117,754
Subtract:
Interest and other accrued items receivable from financial assets with impaired credit value		(127,587	)		(134,629	)
Guarantees provided and contingent liabilities		5,382,797			4,113,727
Total computable items		465,133,283			498,737,593

- 65 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT C

CONSOLIDATED CONCENTRATION OF LOANS AND FINANCING FACILITIES

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	06/30/2022				12/31/2021
Number of customers	Cut off balance		% of total portfolio		Cut off balance		% of total portfolio
10 largest customers		28,634,345		6.16		25,017,606		5.02
50 next largest customers		33,051,368		7.11		40,690,791		8.16
100 next largest customers		24,176,017		5.20		29,016,851		5.82
Other customers		379,271,553		81.53		404,012,345		81.00
Total (1)		465,133,283		100.00		498,737,593		100.00

(1) See reconciliation in Exhibit B.

- 66 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT D

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERM

AS OF JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

			Remaining terms to maturity
Item	Matured		Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Non-financial government sector				1,536,132		691,542		826,165		502,298						3,556,137
Financial sector				23,189		38,968		77,299		595,452		234,770		26,367		996,045
Non-financial private sector and foreign residents		2,108,463		192,381,772		54,621,356		55,346,164		79,368,723		89,303,137		129,279,472		602,409,087
Total		2,108,463		193,941,093		55,351,866		56,249,628		80,466,473		89,537,907		129,305,839		606,961,269

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERM

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

			Remaining terms to maturity
Item	Matured		Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Non-financial government sector				315,688		849,507		662,994		1,675,531		650,462				4,154,182
Financial sector				348,172		906,951		50,948		176,812		992,486		182,528		2,657,897
Non-financial private sector and foreign residents		2,060,462		183,645,717		57,586,861		65,776,884		86,858,065		102,525,115		156,474,224		654,927,328
Total		2,060,462		184,309,577		59,343,319		66,490,826		88,710,408		104,168,063		156,656,752		661,739,407

This exhibit discloses the contractual future cash flows that include interest and charges to be accrued until maturity of the contracts.

- 67 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT F

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Original
	value at								Depreciation of the period								Residual
	beginning	Total life					Difference						Difference				value at
	of fiscal	estimated					for						for		Of the		the end of
Item	year	in years	Increases	Decreases	Transfers		conversion		Accumulated	Transfers		Decrease	conversion		period	At the end	the period
Cost
Real property	65,256,066	50	124,547		335,429				6,559,417						699,426	7,258,843	58,457,199
Furniture and facilities	9,001,985	10	95,012	678	395,835		(14	)	4,434,875	4		347	(10	)	387,665	4,822,187	4,669,953
Machinery and equipment	12,803,589	5	504,628	212	461,724		(26	)	8,839,469	481		45	(13	)	912,953	9,752,845	4,016,858
Vehicles	1,819,383	5	200,933	38,895	(6,436	)			1,491,853	(489	)	18,596			87,510	1,560,278	414,707
Other	1,216	3					(3	)	579				1		200	780	433
Work in progress	2,159,650		717,631		(1,186,711	)											1,690,570
Right of use real property	5,140,107	5	351,467	54,935			(2,425	)	2,869,193			35,122	(1,007	)	489,304	3,322,368	2,111,846
Total property, plant and equipment	96,181,996		1,994,218	94,720	(159	)	(2,468	)	24,195,386	(4	)	54,110	(1,029	)	2,577,058	26,717,301	71,361,566

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Original																Residual
	value at								Depreciation for the fiscal year								value at
	beginning	Total life					Difference						Difference		For the		the end of
	of fiscal	estimated			Transfers		for			Transfers			for		fiscal		the fiscal
Item	year	in years	Increases	Decreases	(1)		conversion		Accumulated	(1)		Decrease	conversion		year	At the end	year
Cost
Real property	62,628,856	50	406,421	118,998	2,339,787				5,128,940	133,788		15,047			1,311,736	6,559,417	58,696,649
Furniture and facilities	8,161,026	10	264,872	2,735	579,006		(184	)	3,672,087	183		1,425	(152	)	764,182	4,434,875	4,567,110
Machinery and equipment	11,286,767	5	869,890	41,913	689,894		(1,049	)	7,100,510	(958	)	6,296	(687	)	1,746,900	8,839,469	3,964,120
Vehicles	1,753,031	5	174,862	112,890	4,380				1,434,810	243		99,416			156,216	1,491,853	327,530
Other	1,811	3	429	565			(459	)	838			565	(247	)	553	579	637
Work in progress	1,723,240		3,000,431		(2,564,021	)											2,159,650
Right of use real property	4,266,562	5	891,014	33,263	21,863		(6,069	)	1,851,388	995		28,126	(1,837	)	1,046,773	2,869,193	2,270,914
Total property, plant and equipment	89,821,293		5,607,919	310,364	1,070,909		(7,761	)	19,188,573	134,251		150,875	(2,923	)	5,026,360	24,195,386	71,986,610

(1)

During the fiscal year 2021, under this item transfers were made to Non-current assets held for sale.

- 68 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT F

(Continued)

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Original												Residual
	Value at						Depreciation of the period						value at
	beginning	Useful life				Difference				Difference			the end
	of fiscal	estimated in				for				for	Of the	At the	of the
Item	year	years	Increases	Decreases	Transfers	conversion	Accumulated	Transfers	Decrease	conversion	period	end	period
Cost
Leased properties	314,523	50					11,362				1,842	13,204	301,319
Other investment properties	958,156	50	1,972,991	14,594		2	77,191		108		60,139	137,222	2,779,333
Total investment property	1,272,679		1,972,991	14,594		2	88,553		108		61,981	150,426	3,080,652

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Original															Residual
	Value at								Depreciation for the fiscal year							value at
	beginning	Useful life					Difference						Difference	For the		the end of
	of fiscal	estimated in					for						for	fiscal	At the	the fiscal
Item	year	years	Increases	Decreases	Transfers		conversion		Accumulated	Transfers		Decrease	conversion	year	end	year
Cost
Leased properties	452,572	50			(138,049	)			74,303	(67,539	)			4,598	11,362	303,161
Other investment properties	1,740,427	50	173,081	32,298	(922,963	)	(91	)	104,339	(66,251	)	5,287		44,390	77,191	880,965
Total investment property	2,192,999		173,081	32,298	(1,061,012	)	(91	)	178,642	(133,790	)	5,287		48,988	88,553	1,184,126

- 69 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT G

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Original												Residual
	Value at	Useful life					Depreciation of the period						value at the
	beginning of	estimated in									Of the		end of the
Item	fiscal year	years	Increases	Decreases	Transfers		Accumulated	Transfers		Decrease	period	At the end	period
Cost
Licenses	6,821,867	5	818,698		55,905		4,173,067	934			627,486	4,801,487	2,894,983
Other intangible assets	22,143,241	5	2,416,887	22,211	(55,746	)	13,349,441	(930	)	917	1,946,972	15,294,566	9,187,605
Total intangible assets	28,965,108		3,235,585	22,211	159		17,522,508	4		917	2,574,458	20,096,053	12,082,588

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Original												Residual
	Value at	Useful life					Depreciation for the fiscal year						value at the
	beginning of	estimated in									For the		end of the
Item	fiscal year	years	Increases	Decreases	Transfers		Accumulated	Transfers		Decrease	fiscal year	At the end	fiscal year
Cost
Licenses	5,650,467	5	1,185,115		(13,715	)	2,931,224	(461	)		1,242,304	4,173,067	2,648,800
Other intangible assets	17,735,447	5	4,407,921	127			9,965,329			30	3,384,142	13,349,441	8,793,800
Total intangible assets	23,385,914		5,593,036	127	(13,715	)	12,896,553	(461	)	30	4,626,446	17,522,508	11,442,600

- 70 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT H

CONSOLIDATED DEPOSIT CONCENTRATION

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	06/30/2022				12/31/2021
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		103,838,683		12.10		62,419,065		7.79
50 next largest customers		63,082,409		7.35		48,090,920		6.00
100 next largest customers		34,278,120		3.99		30,553,280		3.81
Other customers		656,951,676		76.56		660,669,014		82.40
Total		858,150,888		100.00		801,732,279		100.00

- 71 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Remaining terms to maturity
		Over 1	Over 3	Over 6	Over 12
		month and	months and	months and	months and
	Up to 1	up to 3	up to 6	up to 12	up to 24	Over 24
Item	month	months	months	months	months	months	Total
Deposits	752,423,479	79,812,610	32,293,865	10,011,741	356,294	2,654	874,900,643
From the non-financial government sector	78,803,808	4,710,764	1,021,619	2,845			84,539,036
From the financial sector	1,223,282						1,223,282
From the non-financial private sector and foreign residents	672,396,389	75,101,846	31,272,246	10,008,896	356,294	2,654	789,138,325
Liabilities at fair value through profit or loss	540,143						540,143
Derivative instruments			895				895
Repo transactions	342,745						342,745
Other financial institutions	342,745						342,745
Other Financial Liabilities	68,213,962	1,743,629	210,481	353,104	483,389	764,070	71,768,635
Financing received from the Central Bank of Argentina and other financial institutions	659,755	1,190,233	540,992	10,749			2,401,729
Issued corporate bonds		7,016	7,016	13,804	1,947,609		1,975,445
Subordinated corporate bonds			1,660,991	1,660,991	3,321,983	58,312,223	64,956,188
Total	822,180,084	82,753,488	34,714,240	12,050,389	6,109,275	59,078,947	1,016,886,423

This exhibit discloses contractual future cash flows that include interests and charges to be accrued until maturity of the contracts.

- 72 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Remaining terms to maturity
Item	Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Deposits		727,613,600		71,140,205		8,770,723		748,971		58,909		1,721		808,334,129
From the non-financial government sector		72,779,471		2,876,947		1,611,029		3,548						77,270,995
From the financial sector		1,308,683												1,308,683
From the non-financial private sector and foreign residents		653,525,446		68,263,258		7,159,694		745,423		58,909		1,721		729,754,451
Liabilities at fair value through profit or loss		2,216,191												2,216,191
Derivative instruments						3,448								3,448
Other Financial Liabilities		90,502,502		240,435		215,348		351,280		514,497		677,563		92,501,625
Financing received from the Central Bank of Argentina and other financial institutions		320,377		249,093		18,406		11,325		7,793				606,994
Issued corporate bonds						4,277,890								4,277,890
Subordinated corporate bonds						1,857,234		1,857,235		3,714,470		67,058,957		74,487,896
Total		820,652,670		71,629,733		15,143,049		2,968,811		4,295,669		67,738,241		982,428,173

This exhibit discloses contractual future cash flows that include interests and charges to be accrued until maturity of the contracts.

- 73 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT J

CONSOLIDATED CHANGES IN PROVISIONS

AS OF JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Amounts at beginning of fiscal year				Decreases			Monetary effects generated by provisions
Item	Amounts at beginning of fiscal year		Increases		Reversals	Charge off		Monetary effects generated by provisions			06/30/2022
Provisions for eventual commitments		464,419		204,671					(156,125	)		512,965
For Administrative, disciplinary and criminal penalties		680							(180	)		500
Other		1,769,938		826,483			217,373		(547,808	)		1,831,240
Total Provisions		2,235,037		1,031,154			217,373		(704,113	)		2,344,705

CONSOLIDATED CHANGES IN PROVISIONS

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Amounts at beginning of fiscal year				Decreases				Monetary effects generated by provisions
Item	Amounts at beginning of fiscal year		Increases		Reversals		Charge off		Monetary effects generated by provisions			12/31/2021
Provisions for eventual commitments		35,361		503,414				1,730		(72,626	)		464,419
For Administrative, disciplinary and criminal penalties		1,476		56,681		343		56,607		(527	)		680
Other		2,644,090		1,982,679				2,043,494		(813,337	)		1,769,938
Total Provisions		2,680,927		2,542,774		343		2,101,831		(886,490	)		2,235,037

- 74 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT L

CONSOLIDATED FOREIGN CURRENCY AMOUNTS

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	06/30/2022										12/31/2021
	Total parent
	company and		Total per currency
Item	local branches		US dollar		Euro		Real		Other		Total
Assets
Cash and deposits in banks		148,836,422		148,020,825		480,486		29,000		306,111		166,145,869
Debt securities at fair value through profit or loss		4,878,673		4,878,673								1,680,030
Other financial assets		9,835,855		9,835,855								8,155,117
Loans and other financing		24,589,618		24,570,400		19,218						20,878,599
From the non-financial private sector and foreign residents		24,589,618		24,570,400		19,218						20,878,599
Other debt securities		39,330,156		39,330,156								46,115,663
Financial assets delivered as guarantee		2,640,410		2,632,527		7,883						3,127,159
Equity Instruments at fair value through profit or loss		71,434		71,434								95,304
Total assets		230,182,568		229,339,870		507,587		29,000		306,111		246,197,741
Liabilities
Deposits		120,438,902		120,438,406		496						131,526,839
Non-financial government sector		5,083,751		5,083,751								10,451,691
Financial sector		989,166		989,166								1,035,541
Non-financial private sector and foreign residents		114,365,985		114,365,489		496						120,039,607
Liabilities at fair value through profit or loss		537,360		537,360								171,975
Other financial liabilities		9,346,576		9,202,515		129,661				14,400		8,860,116
Financing from Central Bank and other financial institutions		1,930,498		1,911,275		19,223						376,707
Issued corporate bonds		1,904,529		1,904,529
Subordinated corporate bonds		51,032,484		51,032,484								57,148,690
Other non-financial liabilities		61,050		61,050								55,056
Total liabilities		185,251,399		185,087,619		149,380				14,400		198,139,383

- 75 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT Q

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Net financial Income/ (Loss)
	Mandatory measurement
Items	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021
For measurement of financial assets at fair value through profit or loss
Gain from government securities		2,894,516		4,539,655		7,935,761			15,273,474
Gain from private securities		4,074,785		4,251,614		726,905			1,022,409
Gain from derivative financial instruments
Forward transactions		7,059		7,059
Gain / (Loss) from other financial assets		355,981		436,167		(5,036	)		(9,727	)
Gain / (Loss) from equity instruments at fair value through profit or loss		265,083		4,747,029		(31,493	)		693,329
Gain / (Loss) from sales or decreases of financial assets at fair value		146,586		1,326,674		43,513			(10,467	)
For measurement of financial liabilities at fair value through profit or loss
Loss from derivative financial instruments
Forward transactions						(8,778	)		(8,778	)
Total		7,744,010		15,308,198		8,660,872			16,960,240

- 76 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT Q

(Continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Net financial Income/(Loss)
Interest and adjustment for the application of the effective interest rate of financial assets measured at amortized cost	Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022			Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021
Interest income
for cash and bank deposits		15,591			18,918			4,766			9,547
for government securities		21,257,904			23,167,930			2,134,100			6,454,422
for debt securities		22,153			51,625			106,583			294,318
for loans and other financing
Non-financial public sector		256,886			580,961			668,746			1,508,693
Financial sector		78,385			186,467			217,218			522,925
Non-financial private sector
Overdrafts		3,849,005			6,821,495			2,386,529			5,473,703
Documents		3,712,002			7,290,659			2,688,834			5,206,796
Mortgage loans		7,026,452			12,509,754			5,567,991			11,124,227
Pledge loans		548,477			1,156,422			238,572			439,886
Personal loans		15,844,165			32,035,799			16,230,373			33,053,205
Credit cards		6,396,397			12,356,485			4,722,735			9,661,958
Financial leases		46,312			99,930			25,714			65,438
Other		3,902,909			8,310,859			5,170,411			11,484,806
for repo transactions
Central Bank of Argentina		575,935			1,042,041			2,202,487			5,983,074
Other financial institutions		123,304			164,167			26,089			52,333
Total		63,655,877			105,793,512			42,391,148			91,335,331
Interest expenses
for Deposits
Non-financial private sector
Checking accounts		(1,323,105	)		(1,828,289	)		(129,478	)		(1,451,510	)
Saving accounts		(671,556	)		(1,132,617	)		(459,708	)		(879,426	)
Time deposits and investments accounts		(38,919,000	)		(68,187,018	)		(28,638,504	)		(63,551,307	)
for financing received from Central Bank of Argentina and other financial institutions		(72,145	)		(124,375	)		(71,297	)		(150,586	)
for repo transactions
Other financial institutions		(319,415	)		(574,108	)		(109,812	)		(209,003	)
for other financial liabilities		(765,549	)		(838,773	)		(6,636	)		(16,406	)
for issued corporate bonds		(50,169	)		(181,280	)		(216,897	)		(857,901	)
for subordinated corporate bonds		(806,818	)		(1,658,712	)		(1,145,650	)		(2,354,629	)
Total		(42,927,757	)		(74,525,172	)		(30,777,982	)		(69,470,768	)

- 77 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT Q

(Continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Income for the period				Other comprehensive income						Income for the period				Other comprehensive income
Interest and adjustment for the application of the effective interest rate of financial assets measured at fair value through other comprehensive income	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022			Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021
from debt government securities		32,390,362		71,012,228		(3,895,410	)		(5,797,419	)		30,173,366		63,277,352		(147,598	)		429,517
Total		32,390,362		71,012,228		(3,895,410	)		(5,797,419	)		30,173,366		63,277,352		(147,598	)		429,517

	Income for the period
Items	Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022			Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021
Commissions income
Commissions related to obligations		7,477,773			14,865,504			6,911,285			13,269,365
Commissions related to credits		77,746			132,277			64,262			104,974
Commissions related to loans commitments and financial guarantees		251			911			1,840			2,191
Commissions related to securities value		205,499			456,888			212,369			446,878
Commissions for credit cards		4,407,389			8,875,125			3,950,036			8,121,995
Commissions for insurances		787,514			1,553,685			768,676			1,552,909
Commissions related to trading and foreign exchange transactions		280,893			575,659			294,987			583,084
Total		13,237,065			26,460,049			12,203,455			24,081,396
Commissions expenses
Commissions related to operations with securities		(2,300	)		(4,343	)
Commissions related to trading and foreign exchange transactions		(21,003	)		(63,151	)		(28,181	)		(49,533	)
Other
Commissions paid ATM exchange		(915,557	)		(1,761,589	)		(735,211	)		(1,488,475	)
Checkbooks commissions and compensating cameras		(233,244	)		(453,466	)		(213,585	)		(411,319	)
Commissions credit cards and foreign trade		(130,740	)		(260,417	)		(134,355	)		(253,529	)
Total		(1,302,844	)		(2,542,966	)		(1,111,332	)		(2,202,856	)

- 78 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT R

VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

			Movements between stages of period
						ECL of remanent life of financial asset
Item	Balances at beginning of the fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk			Financial instruments with impairment			Monetary effect generated by provisions			06/30/2022
Other financial assets		36,010		28,300									(13,525	)		50,785
Loans and other financing		13,113,301		476,434			(1,960,270	)		586,702			(3,484,383	)		8,731,784
Other financial institutions		4,971		(873	)								(1,152	)		2,946
To the non-financial private sector and foreign residents
Overdrafts		964,428		126,477			(5,666	)		(336,049	)		(243,858	)		505,332
Documents		1,309,229		32,611			(154,455	)		(7,651	)		(330,206	)		849,528
Mortgage loans		2,720,562		(29,096	)		(1,662,800	)		703,485			(678,864	)		1,053,287
Pledge loans		168,221		1,525			(947	)		(8,903	)		(43,562	)		116,334
Personal loans		3,377,337		162,338			51,231			221,631			(971,776	)		2,840,761
Credit cards		2,199,200		234,259			77,964			137,023			(648,068	)		2,000,378
Financial leases		19,904		2,874			(93	)		(2,882	)		(5,804	)		13,999
Other		2,349,449		(53,681	)		(265,504	)		(119,952	)		(561,093	)		1,349,219
Eventual commitments		464,419		192,993			6,857						(151,304	)		512,965
Other debt securities		739		154									(217	)		676
Total of allowances		13,614,469		697,881			(1,953,413	)		586,702			(3,649,429	)		9,296,210

VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

			Movements between stages for the fiscal year
						ECL of remanent life of financial asset
Item	Balances at beginning of the fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk			Financial instruments with impairment			Monetary effect generated by provisions			12/31/2021
Other financial assets		38,896		11,947									(14,833	)		36,010
Loans and other financing		20,597,467		(3,316,193	)		690,607			1,944,772			(6,803,352	)		13,113,301
Other financial institutions		34,140		(21,193	)								(7,976	)		4,971
To the non-financial private sector and foreign residents
Overdrafts		1,409,254		165,994			93,231			(355,738	)		(348,313	)		964,428
Documents		1,098,702		356,182			245,133			9,943			(400,731	)		1,309,229
Mortgage loans		1,547,388		67,545			1,466,215			247,213			(607,799	)		2,720,562
Pledge loans		276,095		(3,841	)		(54,203	)		46,800			(96,630	)		168,221
Personal loans		5,848,278		(1,125,491	)		(453,260	)		1,475,387			(2,367,577	)		3,377,337
Credit cards		6,964,456		(2,410,912	)		(1,061,647	)		614,748			(1,907,445	)		2,199,200
Financial leases		20,649		13,863			(5	)		(8,787	)		(5,816	)		19,904
Other		3,398,505		(358,340	)		455,143			(84,794	)		(1,061,065	)		2,349,449
Eventual commitments		35,361		431,151			62,016						(64,109	)		464,419
Other debts securities		2,760		(1,473	)								(548	)		739
Total of allowances		20,674,484		(2,874,568	)		752,623			1,944,772			(6,882,842	)		13,614,469

- 79 -

Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Items	Notes	Exhibits	06/30/2022		12/31/2021
ASSETS
Cash and Deposits in Banks	8			174,866,854		228,502,169
Cash				29,019,314		36,248,596
Central Bank of Argentina				97,811,630		145,194,050
Other Local and Foreign Entities				47,935,524		47,050,773
Other				100,386		8,750
Debt Securities at fair value through profit or loss	8	A		90,525,139		38,526,801
Derivative Financial Instruments	8			9,658		1,764
Repo transactions	8			31,299,032		42,759,640
Other Financial Assets	5, 6 and 8	R		16,238,484		34,446,654
Loans and other financing	6 and 8	B, C, D and R		451,769,145		481,821,169
Non-financial Public Sector				3,242,468		3,234,986
Other Financial Entities				733,483		2,056,244
Non-financial Private Sector and Foreign Residents				447,793,194		476,529,939
Other Debt Securities	6 and 8	A and R		464,281,049		383,177,871
Financial Assets delivered as guarantee	8 and 28			20,243,704		24,093,577
Current Income Tax Assets	18			1,271,809		739,903
Equity Instruments at fair value through profit or loss	7 and 8	A		529,194		2,892,500
Investment in subsidiaries, associates and joint arrangements	10			10,567,569		10,141,116
Property, plant and equipment		F		71,306,573		71,922,379
Intangible Assets		G		12,035,426		11,408,525
Other Non-financial Assets	11			5,287,864		2,519,630
Non-current Assets held for sale				4,391,766		4,413,397
TOTAL ASSETS				1,354,623,266		1,337,367,095

- 80 -

Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Items	Notes	Exhibits	06/30/2022		12/31/2021
LIABILITIES
Deposits	8	H and I		852,785,329		796,573,592
Non-financial Public Sector				83,778,194		76,793,196
Financial Sector				1,223,282		1,308,683
Non-financial Private Sector and Foreign Residents				767,783,853		718,471,713
Liabilities at fair value through profit or loss	8	I		2,783
Derivative Financial Instruments	8	I		895		3,448
Repo Transactions	8	I		342,745
Other Financial Liabilities	8 and 13	I		57,224,936		80,362,085
Financing received from the Central Bank of Argentina and other financial institutions	8	I		2,377,020		595,600
Issued Corporate Bonds	8 and 33	I		2,119,555		4,072,049
Subordinated Corporate Bonds	8 and 33	I		51,134,753		57,205,896
Provisions	14	J and R		2,331,067		2,223,926
Deferred Income Tax Liabilities				9,540,177		7,749,839
Other Non-financial Liabilities	15			37,443,698		63,764,736
TOTAL LIABILITIES				1,015,302,958		1,012,551,171
SHAREHOLDERS’ EQUITY
Capital Stock	26	K		639,413		639,413
Non-capital contributions				12,429,781		12,429,781
Adjustments to Shareholders’ Equity				117,187,931		117,187,931
Earnings Reserved				197,696,122		165,868,796
Unappropriated Retained Earnings				95,482		(12,145,206	)
Accumulated Other Comprehensive Income				62,714		3,907,380
Net Income of the period / fiscal year				11,208,865		36,927,829
TOTAL SHAREHOLDERS’ EQUITY				339,320,308		324,815,924
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES				1,354,623,266		1,337,367,095

The notes 1 to 41 to the condensed separate interim Financial Statements and exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim Financial Statements.

- 81 -

Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED SEPARATE STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Items	Notes	Exhibits	Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022			Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021
Interest income		Q		95,916,353			176,538,228			72,480,254			154,442,013
Interest expense		Q		(42,173,709	)		(73,700,147	)		(30,780,142	)		(69,476,503	)
Net Interest income				53,742,644			102,838,081			41,700,112			84,965,510
Commissions income	19	Q		13,114,314			26,169,832			12,084,521			23,806,837
Commissions expense		Q		(1,088,956	)		(2,116,156	)		(1,017,660	)		(2,028,891	)
Net Commissions income				12,025,358			24,053,676			11,066,861			21,777,946
Subtotal (Net Interest income + Net Commissions income)				65,768,002			126,891,757			52,766,973			106,743,456
Profit from measurement of financial instruments at fair value through profit or loss		Q		5,992,361			12,718,265			8,347,918			16,546,809
Profit or loss from sold or derecognized assets at amortized cost				(4	)		(4	)		100,319			208,800
Differences in quoted prices of gold and foreign currency	20			5,033,290			8,701,452			1,035,997			3,120,572
Other operating income	21			3,045,303			6,011,367			1,739,992			4,200,753
Allowance for loan losses				(767,103	)		(1,640,704	)		(350,044	)		(350,044	)
Net Operating Income				79,071,849			152,682,133			63,641,155			130,470,346
Employee benefits	22			(14,865,231	)		(26,124,073	)		(13,551,823	)		(26,532,586	)
Administrative expenses	23			(6,652,447	)		(12,984,655	)		(6,276,183	)		(12,398,071	)
Depreciation and amortization of fixed assets		F and G		(2,602,406	)		(5,136,474	)		(2,341,042	)		(4,672,553	)
Other Operating Expenses	24			(12,126,530	)		(23,918,465	)		(10,189,124	)		(21,674,023	)
Operating Income				42,825,235			84,518,466			31,282,983			65,193,113
Income from associates and joint arrangements	10			652,889			1,137,049			268,108			491,684
Loss on net monetary position				(37,735,024	)		(71,313,253	)		(21,979,329	)		(48,039,897	)
Income before tax on continuing operations				5,743,100			14,342,262			9,571,762			17,644,900
Income tax on continuing operations	18.b)			(1,595,469	)		(3,133,397	)		(2,000,629	)		(6,094,022	)
Net Income from continuing operations				4,147,631			11,208,865			7,571,133			11,550,878
Net Income of the period				4,147,631			11,208,865			7,571,133			11,550,878

- 82 -

Delfín Jorge Ezequiel Carballo
Chairperson

SEPARATE EARNINGS PER SHARE

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Items	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021
Net Profit attributable to Parent’s shareholders		4,147,631		11,208,865		7,571,133		11,550,878
Plus: Potential diluted earnings per common share
Net Profit attributable to Parent’s shareholders adjusted as per diluted earnings		4,147,631		11,208,865		7,571,133		11,550,878
Weighted average of outstanding common shares of the period		639,413		639,413		639,413		639,413
Plus: Weighted average of the number of additional common shares with dilution effects
Weighted average of outstanding common shares of the period adjusted as per dilution effect		639,413		639,413		639,413		639,413
Basic earnings per share (in pesos)		6.4866		17.5299		11.8408		18.0648

- 83 -

Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Items	Notes	Exhibits	Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022			Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021
Net Income of the period				4,147,631			11,208,865			7,571,133			11,550,878
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences in financial statements conversion				(155,115	)		(457,890	)		(328,414	)		(504,349	)
Foreign currency translation differences of the period				(155,115	)		(457,890	)		(328,414	)		(504,349	)
Profit or loss for financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a))				(2,826,880	)		(3,191,649	)		677,221			2,101,985
Profit or loss for the period from financial instruments at fair value through other comprehensive income (FVOCI)		Q		(3,733,566	)		(5,602,292	)		(147,991	)		608,486
Adjustment for reclassification of period				(615,480	)		692,062			1,219,002			2,380,736
Income tax	18.c)			1,522,166			1,718,581			(393,790	)		(887,237	)
Interest in Other Comprehensive (Loss) / Income of associates and joint ventures accounted for using the participation method				(161,844	)		(195,127	)		206			(178,969	)
Loss / (Income) for the period from interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method				(161,844	)		(195,127	)		206			(178,969	)
Total Other Comprehensive (Loss) / Income that is subsequently reclassified to profit or loss				(3,143,839	)		(3,844,666	)		349,013			1,418,667
Total Other Comprehensive (Loss) / Income				(3,143,839	)		(3,844,666	)		349,013			1,418,667
Total Comprehensive Income of the period				1,003,792			7,364,199			7,920,146			12,969,545

The notes 1 to 41 to the condensed separate interim financial statements and exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim Financial Statements.

- 84 -

Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

		Capital stock		Non-capital Contributions				Other Comprehensive Income						Earnings Reserved
Changes	Notes	Outstanding shares		Additional paid-in capital		Adjustments to Shareholders’ Equity		Accumulated foreign currency translation difference in financial statements conversion			Other			Legal		Other		Unappropriated Retained Earnings			Total Equity
Restated amount at the beginning of the fiscal year			639,413		12,429,781		117,187,931		817,118			3,090,262			65,949,559		99,919,237		24,782,623			324,815,924
Total comprehensive income of the period
- Net income of the period																			11,208,865			11,208,865
- Other comprehensive loss of the period									(457,890	)		(3,386,776	)									(3,844,666	)
Distribution of unappropriated retained earnings as approved by Shareholders´ Meeting held on April 29, 2022
Legal reserve															4,956,526				(4,956,526	)
Reserve for dividends are pending authorization of Central Bank of Argentina (1)																	26,870,800		(19,317,078	)		7,553,722
Personal property tax on business corporation																			(413,537	)		(413,537	)
Amount at the end of the period			639,413		12,429,781		117,187,931		359,228			(296,514	)		70,906,085		126,790,037		11,304,347			339,320,308

(1)	See note 29 to the condensed consolidated interim financial statements.

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

		Capital stock		Non-capital Contributions				Other Comprehensive Income					Earnings Reserved
Changes	Notes	Outstanding shares		Additional paid-in capital		Adjustments to Shareholders’ Equity		Accumulated foreign currency translation difference in financial statements conversion			Other		Legal		Other			Unappropriated Retained Earnings			Total Equity
Restated amount at the beginning of the fiscal year			639,413		12,429,781		117,187,931		1,860,498			448,882		65,949,559		159,734,459			(53,933,331	)		304,317,192
Total comprehensive income of the period
- Net income of the period																			11,550,878			11,550,878
- Other comprehensive loss of the period									(504,349	)		1,923,016										1,418,667
Distribution of unappropriated retained earnings as approved by Shareholders´ Meeting held on April 30, 2021
- Dividends																(17,481,782	)					(17,481,782	)
- Absorption of loss accumulated
Facultative reserve																(908	)		908
Facultative reserve for future distribution of income																(41,787,217	)		41,787,217
Personal property tax on business corporation																(545,315	)					(545,315	)
Amount at the end of the period			639,413		12,429,781		117,187,931		1,356,149			2,371,898		65,949,559		99,919,237			(594,328	)		299,259,640

The notes 1 to 41 to the condensed separate interim Financial Statements and exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim Financial Statements.

- 85 -

Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Items	Notes	06/30/2022			06/30/2021
Cash flows from operating activities
Income of the period before Income Tax			14,342,262			17,644,900
Adjustment for the total monetary effect of the period			71,313,253			48,039,897
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation			5,136,474			4,672,553
Allowance for loan losses			1,640,704			350,044
Difference in quoted prices of foreign currency			(18,656,107	)		(14,625,578	)
Other adjustments			31,893,683			35,011,306
Net increase / (decrease) from operating assets:
Debt Securities at fair value through profit or loss			(52,004,955	)		17,377,507
Derivative financial instruments			(7,894	)		8,894
Repo transactions			11,460,608			61,190,246
Loans and other financing
Non-financial public sector			(7,482	)		1,436,828
Other financial entities			1,322,761			1,206,225
Non-financial private sector and foreign residents			27,040,082			78,710,921
Other debt securities			16,462,152			(17,231,772	)
Financial assets delivered as guarantee			3,849,873			5,683,892
Equity instruments at fair value through profit or loss			2,363,306			(4,506	)
Other assets			15,956,040			12,089,174
Net increase / (decrease) from operating liabilities:
Deposits
Non-financial public sector			6,984,998			(66,561,966	)
Financial sector			(85,401	)		(251,178	)
Non-financial private sector and foreign residents			49,312,140			(126,701,198	)
Liabilities at fair value through profit or loss			2,783
Derivative Financial Instruments			(2,553	)		2,315
Repo transactions			342,745			(819,651	)
Other liabilities			(22,728,127	)		(13,178,008	)
Income Tax Payments			(317,460	)		(10,200,479	)
Total cash from operating activities (A)			165,613,885			33,850,366

- 86 -

Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Items	Notes	06/30/2022			06/30/2021
Cash flows from investing activities

Payments:
Acquisition of PPE, intangible assets and other assets			(6,631,852	)		(5,019,826	)

Total cash used in investing activities (B)			(6,631,852	)		(5,019,826	)

Cash flows from financing activities

Payments:
Dividends			(7,282,496	)
Non-subordinated corporate bonds			(3,308,371	)		(5,210,850	)
Financing to local financial entities						(580,793	)
Subordinated corporate bonds			(1,621,036	)		(2,139,576	)
Other payments related to financing activities			(302,925	)		(256,216	)
Collections / Incomes:
Non-subordinated corporate bonds			2,061,617
Financing to local financial entities			1,940,257
Total cash used in financing activities (C)			(8,512,954	)		(8,187,435	)
Effect of exchange rate fluctuations (D)			29,414,679			23,684,604
Monetary effect on cash and cash equivalents (E)			(133,367,134	)		(106,079,140	)
Net increase / (decrease) in cash and cash equivalents (A+B+C+D+E)			46,516,624			(61,751,431	)
Restated Cash and cash equivalents at the beginning of the fiscal year	25		409,551,183			499,745,137
Cash and cash equivalents at the end of the period	25		456,067,807			437,993,706

The notes 1 to 41 to the condensed separate interim Financial Statements and exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim Financial Statements.

- 87 -

Delfín Jorge Ezequiel Carballo
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

CORPORATE INFORMATION

Banco Macro SA (hereinafter, the “Bank”) is a business corporation (sociedad anónima) organized in the Republic of Argentina that offers traditional banking products and services to companies, including those companies operating in regional economies as well as to individuals, thus strengthening its goal to be a multiservice bank. In addition, the Bank performs certain transactions through its subsidiaries Macro Bank Limited (a company organized under the laws of Bahamas), Macro Securities SA, Macro Fiducia SA, Macro Fondos SGFCISA, Argenpay SAU and Fintech SGR.

Macro Compañía Financiera SA was created in 1977 as a non-banking financial institution. In May 1988, it received the authorization to operate as a commercial bank and was incorporated as Banco Macro SA. Subsequently, as a result of the merger process with other entities, it adopted other names (among them, Banco Macro Bansud SA) and since August 2006, Banco Macro SA.

The Bank’s shares are publicly listed on Bolsas y Mercados Argentinos (BYMA) since November 1994 and as from March 24, 2006, they are listed on the New York Stock Exchange (NYSE). Additionally, on October 15, 2015 they were authorized to be listed on the Mercado Abierto Electrónico SA (MAE).

In 2001, 2004, 2006 and 2010, the Bank acquired the control of Banco Bansud SA, Nuevo Banco Suquía SA, Nuevo Banco Bisel SA and Banco Privado de Inversiones SA, respectively. Such entities merged with and into Banco Macro SA in December 2003, October 2007, August 2009 and December 2013, respectively. In addition, during the fiscal year 2006, the Bank acquired control over Banco del Tucumán SA, which was merged with Banco Macro SA in October 2019.

During 2020 and 2021 the Bank made irrevocable capital contributions in the company Play Digital SA for a total amount of 253,557 (not restated). On July 18 and January 17, 2022, the Bank made irrevocable capital contributions in Play Digital SA for 245,539 and 130,758 (not restated). See note 1 to the condensed consolidated interim financial statements.

In addition, on October 1, 2021 the Bank decided to exercise a call option to increase up to 24.99% the Bank’s interest in the capital stock of Fintech SGR. As it was explained in note 3 under “Basis for consolidation” to the consolidated financial statements as of December 31, 2021, already issued, Fintech SGR is a structured entity in which the Bank has control. See note 1 to the condensed consolidated interim financial statements.

Additionally, on October 1, 2021, the Bank paid 50,850 (not restated) in order to purchase shares representing 50% of the capital stock and votes of Finova SA. See also note 1 to the condensed consolidated interim financial statements.

On August 24, 2022, the Bank’s Board of Directors approved the issuance of these condensed separate interim financial statements.

OPERATIONS OF THE BANK

Note 2 to the condensed consolidated interim financial statements includes a detailed description of the agreements that relate the Bank with the Provincial and Municipal governments.

- 88 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

BASIS FOR THE PREPARATION OF THESE FINANCIAL STATEMENTS AND APPLICABLE ACCOUNTING STANDARDS

Applicable Accounting Standards

These condensed separate interim financial statements of the Bank were prepared in accordance with the accounting framework established by the Central Bank of Argentina (BCRA, for its acronym in Spanish), in its Communiqué “A” 6114 as supplemented. Except for the exceptions established by the BCRA which are explained in the following paragraph, such framework is based on International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the Argentine Federation of Professionals Councils in Economic Sciences (FACPCE, for its acronym in Spanish). The abovementioned international standards include the IFRS, the International Accounting Standards (IAS) and the interpretations developed by the IFRS Interpretations Committee (IFRIC) or former IFRIC (SIC).

The transitory exceptions and regulatory guidelines established by BCRA to the application of effective IFRS, that affect the preparation of these condensed separate interim financial statements are as follows:

According to Communiqué “A” 6114, as supplemented, and in the convergence process through IFRS, the BCRA established that since fiscal years beginning on or after January 1, 2020, financial institutions defined as “Group A” by BCRA rules, in which the Bank is included, begin to apply section 5.5 “Impairment” of the IFRS 9 “Financial Instruments” (sections B5.5.1 to B5.5.55), except for the temporary exclusion for the debt securities of the non-financial public sector established by BCRA Communiqué “A” 6847. As of the date of issuance of these condensed separate interim financial statements, the Bank is in the process of quantifying the effect of the full application of the abovementioned standard.

As of December 31, 2021 the Bank measured its holding in Prisma Medios de Pago SA (Prisma), according to the Memorandums received from the BCRA on March 12 and 22, 2021, which established specific guidelines related to the measurement of such holding. Taking into account such guidelines, the Bank adjusted its fair value previously determined (see note 7). On March 2022, the shares related to the abovementioned holding were transferred, recording the profit for this transaction in the quarter ended March 31, 2022. If, for the fair value measurement purpose before mentioned, IFRS had been applied, the profit or loss for the previous fiscal years and for the period ended June 30, 2022, should have been modified. However, this situation does not generate differences in the shareholders’ equity as of June 30, 2022.

Except for what was mentioned in the previous paragraphs, the accounting policies applied by the Bank comply with the IFRS as currently approved and are applicable to the preparation of these condensed separate interim financial statements in accordance with the IFRS as adopted by the BCRA through Communiqué “A” 7411. Generally, the BCRA does not allow the anticipated application of any IFRS, unless otherwise expressly stated.

Note 3 to the consolidated financial statements as of December 31, 2021, already issued, presents further detailed descriptions of the basis for the presentation of such financial statements and the main accounting policies used and the relevant information of the subsidiaries. All that is explained therein shall apply to these condensed separate interim financial statements, except for the goodwill generated by the business combination, as mentioned in note 9, which according to BCRA Communiqué “A” 6618, in the condensed separate interim financial statements, is included in the net investment of the subsidiary.

Going concern

The Bank’s Management has made an assessment of its ability to continue as a going concern and is satisfied that it has the resources to continue in business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt on the Bank’s ability to continue as a going concern. Therefore, these condensed separate interim financial statements continue to be prepared on the going concern basis.

Subsidiaries

As mentioned in note 1, the Bank performs certain transactions through its subsidiaries.

Subsidiaries are all the entities controlled by the Bank. An entity controls another entity when it is exposed, or has rights, to variable returns from its continuing involvement with such other entity and has the ability to use its power to direct the operating and financing policies of such other entity, to affect the amounts of such returns.

- 89 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

As provided under IAS 27 “Consolidated and Separate Financial Statements”, investments in subsidiaries were accounted for using the “equity method”, established in IAS 28 “Investment in associates and joint ventures”. When using this method, investments are initially recognized at cost, and such amount increases or decreases to recognize investor’s interest in profit and loss of the entity after the date of acquisition or creation.

Shares in profit and loss of subsidiaries and associates are recognized under “Income / (loss) from subsidiaries, associates and joint ventures” in the condensed separate interim statement of income. Ownership interest in other comprehensive income of subsidiaries is accounted for under “Income / (loss) for the period from interest in other comprehensive income of subsidiaries, associates and joint ventures accounted for using the participation method”, in the condensed separate statement of other comprehensive income.

Transcription into books

As of the date of issuance of these condensed separate interim financial statements, they are in process of being transcribed into the inventory book (“Libro Inventario”) of Banco Macro SA.

New standards adopted

New standards adopted are described in note 3 to the condensed consolidated interim financial statements.

New pronouncements

New pronouncements are described in note 3 to the condensed consolidated interim financial statements.

CONTINGENT TRANSACTIONS

As of June 30, 2022 and December 31, 2021, the Bank maintains the following maximum exposures to credit risk related to this type of transactions:

Composition	06/30/2022			12/31/2021
Undrawn commitments of credit cards and checking accounts		340,158,466			302,144,071
Guarantees granted (1)		3,589,664			2,533,570
Overdraft and unused agreed commitments (1)		1,307,744			1,187,985
Subtotal		345,055,874			305,865,626
Less: Allowance for Expected credit losses (ECL)		(499,327	)		(453,308	)
Total		344,556,547			305,412,318

(1)

- 90 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

OTHER FINANCIAL ASSETS

The composition of the other financial assets as of June 30, 2022 and December 31, 2021 is as follows:

Composition	06/30/2022			12/31/2021
Sundry debtors (see note 7)		14,917,231			12,412,757
Receivables from spot sales of government securities pending settlement		884,650			123,691
Receivables from spot sales of foreign currency pending settlement		91,725			21,059,692
Private securities		41,516			42,236
Other		354,147			844,288
Subtotal		16,289,269			34,482,664
Less: Allowances for ECL		(50,785	)		(36,010	)
Total		16,238,484			34,446,654

Disclosures related to allowance for ECL are detailed in note 7 “Loss allowance for expected credit losses on credit exposures not measured at fair value through profit or loss”.

LOSS ALLOWANCE FOR EXPECTED CREDIT LOSSES ON CREDIT EXPOSURES NOT MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS

Note 7 to the condensed consolidated interim financial statements, details the allowances recognized by the Bank under this concept.

In addition, exhibit R “Value adjustment for credit losses – Allowance for uncollectibility risk” also discloses the ECL movements by portfolio and products.

EQUITY INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS – PRISMA MEDIOS DE PAGO SA

The composition of equity instruments at fair value through profit or loss, as of June 30, 2022 and December 31, 2021, is detailed in Exhibit A. For the Bank’s investment in Prisma Medios de Pago SA see also note 9 to the condensed consolidated interim financial statements.

FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES

Note 10 to the condensed consolidated interim financial statements describes the methods and assumptions used to determine the fair value, both of the financial instruments recognized at fair value as of those not accounted for at such fair value in these condensed separate interim financial statements. In addition, the Bank discloses the relevant information as to instruments included in Level 3 of the fair value hierarchy.

Even though the Bank’s Management has used its best judgment to estimate the fair values of its financial instruments, any technique to perform such estimate implies certain inherent fragility level.

Fair value hierarchy

The Bank uses the following hierarchy to determine and disclose the fair value of financial instruments, according to the valuation technique applied:

- 91 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

The following tables show the hierarchy in the Bank’s financial asset and liability at fair value measurement, as of June 30, 2022 and December 31, 2021:

	Financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2022
Description	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss		90,525,139		89,710,040			815,099
Derivatives financial instruments		9,658				9,658
Other financial assets		41,516					41,516
Equity instruments at fair value through profit or loss		529,194		16,871			512,323

At fair value through OCI
Other debt Securities		127,138,729		127,138,729
Financial assets delivered as guarantee		389,986		389,986
Total		218,634,222		217,255,626		9,658	1,368,938

Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		2,783		2,783
Derivatives financial instruments		895		881		14
Total		3,678		3,664		14

	Financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2021
Description	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss		38,526,801		37,006,319			1,520,482
Derivatives financial instruments		1,764		539		1,225
Other financial assets		42,236					42,236
Equity instruments at fair value through profit or loss		2,892,500		16,962			2,875,538

At fair value through OCI
Other debt Securities		350,439,754		191,932,894		158,506,860
Total		391,903,055		228,956,714		158,508,085	4,438,256

- 92 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Financial assets and financial liabilities measured at fair value
on a recurring basis as of December 31, 2021

Description

Total

Level 1

Level 2

Level 3

Financial liabilities

At fair value through profit or loss

Derivatives financial instruments

3,448

Total

3,448

Below is the reconciliation between the amounts at the beginning and the end of the period or fiscal year, as applicable, for the financial assets recognized at fair value, categorized as level 3:

	As of June 30, 2022
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		1,520,482			42,236			2,875,538
Transfers to Level 3
Transfers from Level 3
Profit and loss		228,071			3,328			683
Recognition and derecognition		(535,332	)		8,698			(1,880,528	)
Monetary effects		(398,122	)		(12,746	)		(483,370	)
Amount at the end of the period		815,099			41,516			512,323

	As of December 31, 2021
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		777,741			53,800			3,397,416
Transfers to Level 3
Transfers from Level 3
Profit and loss		480,025			2,491			846,556
Recognition and derecognition		684,069			6,991			(30,361	)
Monetary effects		(421,353	)		(21,046	)		(1,338,073	)
Amount at the end of the fiscal year		1,520,482			42,236			2,875,538

Note 10 to the condensed consolidated interim financial statements, details the valuation techniques and significant unobservable inputs used in the valuation of assets at Level 3.

Changes in fair value levels

As of June 30, 2022 and December 31, 2021, the Bank has not recognized any transfers between levels 1, 2 and 3 of the fair value hierarchy.

- 93 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Financial assets and liabilities not measured at fair value

The following table shows a comparison between the fair value and the carrying amount of financial instruments not recognized at fair value as of June 30, 2022 and December 31, 2021:

	06/30/2022
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		174,866,854		174,866,854						174,866,854
Repo transactions		31,299,032		31,299,032						31,299,032
Other financial assets		16,196,968		16,196,968						16,196,968
Loans and other financing		451,769,145						411,052,770		411,052,770
Other debt securities		337,142,320		33,729,654		303,369,312		26,390		337,125,356
Financial assets delivered as guarantee		19,853,718		19,853,718						19,853,718
Total		1,031,128,037		275,946,226		303,369,312		411,079,160		990,394,698

Financial liabilities
Deposits		852,785,329		417,247,823				433,794,646		851,042,469
Repo transactions		342,745		342,745						342,745
Other financial liabilities		57,224,936		55,286,799		1,899,549				57,186,348
Financing received from the BCRA and other financial institutions		2,377,020		1,924,949		443,649				2,368,598
Issued corporate bonds		2,119,555				1,915,790				1,915,790
Subordinated corporate bonds		51,134,753				40,667,828				40,667,828
Total		965,984,338		474,802,316		44,926,816		433,794,646		953,523,778

	12/31/2021
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		228,502,169		228,502,169						228,502,169
Repo transactions		42,759,640		42,759,640						42,759,640
Other financial assets		34,404,418		34,404,418						34,404,418
Loans and other financing		481,821,169						445,742,102		445,742,102
Other debt securities		32,738,117		31,139,121		884,800		212,592		32,236,513
Financial assets delivered as guarantee		24,093,577		24,093,580						24,093,580
Total		844,319,090		360,898,928		884,800		445,954,694		807,738,422

Financial liabilities
Deposits		796,573,592		449,579,033				346,542,544		796,121,577
Other financial liabilities		80,362,085		78,408,610		1,953,525				80,362,135
Financing received from the BCRA and other financial institutions		595,600		539,078		52,248				591,326
Issued corporate bonds		4,072,049				3,584,381				3,584,381
Subordinated corporate bonds		57,205,896				46,963,723				46,963,723
Total		938,809,222		528,526,721		52,553,877		346,542,544		927,623,142

- 94 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

BUSINESS COMBINATIONS

On October 1, 2021, the Bank exercised the call option to reach 24.99% of the equity interest in Fintech SGR, a structured entity in which the Bank has control. Details generated by this transaction are described in note 11 to the condensed consolidated interim financial statements.

10.

INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT ARRANGEMENTS

The Bank’s interests in associates and joint ventures are disclosed in note 12 to the condensed consolidated interim financial statements.

11.

OTHER NON-FINANCIAL ASSETS

The composition of other non-financial assets as of June 30, 2022 and December 31, 2021 is as follows:

Composition	06/30/2022		12/31/2021
Investment property (see Exhibit F)		2,510,598		622,670
Advanced prepayments		2,347,909		1,116,716
Tax advances		292,431		583,547
Other		136,926		196,697
Total		5,287,864		2,519,630

12.

RELATED PARTIES

A related party is a person or entity that is related to the Bank:

has control or joint control of the Bank;

has significant influence over the Bank;

is a member of the key management personnel of the Bank or of a parent of the Bank;

members of the same group;

one entity is an associate (or an associate of a member of a group of which the other entity is a member).

- 95 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

As of June 30, 2022 and December 31, 2021, amounts balances related to transactions generated with related parties are as follows:

	As of June 30, 2022
	Main subsidiaries
	Macro Bank Limited		Macro Securities SA (1)		Macro Fondos SGFCISA		Argenpay SAU		Fintech SGR		Associates		Key management personnel (2)		Other related parties		Total
Assets
Cash and deposits in banks		1,003																1,003
Loans and other financing (3)
Documents																160,218		160,218
Overdraft														96,419		677,628		774,047
Credit cards														109,260		92,361		201,621
Lease																50,714		50,714
Personal loans														1,317				1,317
Mortgage loans														309,865				309,865
Other loans				3,145,868										92,592		1,609,104		4,847,564
Other receivables from financial intermediation										1,722,027						104		1,722,131
Guarantee granted																1,285,380		1,285,380
Total assets		1,003		3,145,868						1,722,027				609,453		3,875,509		9,353,860

Liabilities
Deposits		1		2,446,223		39,096		71,299		168		49,923		704,019		801,577		4,112,306
Other financial liabilities														301		516		817
Issued corporate bonds				28,006		187,020												215,026
Subordinated corporate bonds										102,269								102,269
Other non-financial liabilities																16,698		16,698
Total liabilities		1		2,474,229		226,116		71,299		102,437		49,923		704,320		818,791		4,447,116

(1)

As explained in note 3 to the condensed consolidated interim financial statements, during August 2022 the corporate name was modified to “Macro Securities SAU”.

(2)

Includes close family members of the key management personnel.

(3)

	As of December 31, 2021
	Main subsidiaries
	Macro Bank Limited		Macro Securities SA (1)		Macro Fondos SGFCISA	Argenpay SAU	Fintech SGR	Associates	Key management personnel (2)		Other related parties		Total
Assets
Cash and deposits in banks		1,121												1,121
Loans and other financing (3)
Documents												38,859		38,859
Overdraft										109,470		344,350		453,820
Credit cards										97,801		61,091		158,892
Lease												39,111		39,111
Personal loans										1,940				1,940
Mortgage loans										349,365				349,365
Other loans				1,885,598						103,941		2,153,965		4,143,504

- 96 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	As of December 31, 2021
	Main subsidiaries
	Macro Bank Limited		Macro Securities SA (1)		Macro Fondos SGFCISA		Argenpay SAU		Fintech SGR		Associates		Key management personnel (2)		Other related parties		Total
Loans and other financing (contd.)
Other receivables from financial intermediation										1,032,475						9,394		1,041,869
Guarantee granted																1,390,455		1,390,455
Total assets		1,121		1,885,598						1,032,475				662,517		4,037,225		7,618,936

Liabilities
Deposits		5		2,165,335		222,908		93,396		42		71,941		637,081		1,485,025		4,675,733
Other financial liabilities														267		7,239		7,506
Subordinated corporate bonds										57,206								57,206
Other non-financial liabilities																20,943		20,943
Total liabilities		5		2,165,335		222,908		93,396		57,248		71,941		637,348		1,513,207		4,761,388

(1)

As explained in note 3 to the condensed consolidated interim financial statements, during August 2022 the corporate name was modified to “Macro Securities SAU”.

(2)

Includes close family members of the key management personnel.

(3)

Profit or loss related to transactions generated during the six-month periods ended June 30, 2022 and 2021 with related parties are as follows:

	As of June 30, 2022
	Main subsidiaries
	Macro Bank Limited		Macro Securities SA (1)			Macro Fondos SGFCISA		Argenpay SAU		Fintech SGR			Associates			Key management personnel (2)			Other related parties			Total
Income / (loss)
Interest income				1,091													104,451			598,830			704,372
Interest expense														(5,847	)		(33,891	)		(3,188	)		(42,926	)
Commissions income				1,585			59				197			71			18			19,277			21,207
Commissions expense											(3,143	)					(6	)		(287	)		(3,436	)
Other operating income		3		6,059					21											21			6,104
Administrative expense																				(173,861	)		(173,861	)
Other operating expense				(10,142	)															(31,083	)		(41,225	)
Total Income / (loss)		3		(1,407	)		59		21		(2,946	)		(5,776	)		70,572			409,709			470,235

(1)

As explained in note 3 to the condensed consolidated interim financial statements, during August 2022 the corporate name was modified to “Macro Securities SAU”.

(2)

Includes close family members of the key management personnel.

- 97 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	As of June 30, 2021
	Main subsidiaries
	Macro Bank Limited		Macro Securities SA (1)			Macro Fondos SGFCISA		Argenpay SAU	Associates			Key management personnel (2)			Other related parties			Total
Income / (loss)
Interest income				2,816									100,562			854,279			957,657
Interest expense				(5,734	)					(12,412	)		(31,918	)		(78,049	)		(128,113	)
Commissions income				10,259			89			118			8			13,419			23,893
Commissions expense													(18	)		(238	)		(256	)
Other operating income		2		4,634												23			4,659
Administrative expense																(167,362	)		(167,362	)
Other operating expense																(50,512	)		(50,512	)
Total Income / (loss)		2		11,975			89			(12,294	)		68,634			571,560			639,966

(1)

As explained in note 3 to the condensed consolidated interim financial statements, during August 2022 the corporate name was modified to “Macro Securities SAU”.

(2)

Includes close family members of the key management personnel.

Transactions generated by the Bank with related parties for transactions arranged within the course of the usual and ordinary course of business were performed in normal market conditions, both as to interest rates and prices and as to the required guarantees.

The Bank does not have loans granted to Directors and other key management personnel secured with shares.

Total remunerations received as salary and bonus by the key management personnel as of June 30, 2022 and 2021, totaled 305,155 and 373,184, respectively.

In addition, fees received by the Directors as of June 30, 2022 and 2021 amounted to 741,924 and 1,175,206, respectively.

Additionally, the composition of the Board of Directors and key management personnel is as follows:

Composition	06/30/2022		12/31/2021
Board of Directors		13		13
Senior managers of the key management personnel		11		11
Total		24		24

- 98 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

13.

OTHER FINANCIAL LIABILITIES

The composition of other financial liabilities as of June 30, 2022 and December 31, 2021 is as follows:

Composition	06/30/2022		12/31/2021
Credit and debit card settlement - due to merchants		45,571,848		44,992,640
Payment orders pending to foreign exchange settlement		3,130,653		4,049,715
Collections and other transactions on account and behalf of others		3,064,793		3,310,497
Finance leases liabilities		1,622,068		1,918,491
Amounts payable for spot purchases of government securities pending settlement		814,629		2,165,182
Amounts payable for spot purchases of foreign currency pending settlement		218,524		21,119,634
Other		2,802,421		2,805,926
Total		57,224,936		80,362,085

14.

PROVISIONS

This item includes the amounts estimated to face a liability of probable occurrence, which if occurring, would originate a loss for the Bank.

Exhibit J “Changes in Provisions” presents the changes in provisions as of June 30, 2022 and December 31, 2021.

The expected terms to settle these obligations are as follows:

	06/30/2022
Composition	Within 12 months		Over 12 months		06/30/2022		12/31/2021
For administrative, disciplinary and criminal penalties				500		500		680
Letters of credits, guarantees and other commitments (1)		499,327				499,327		453,308
Commercial claims in progress (2)		166,370		208,911		375,281		432,333
Labor lawsuits		120,875		121,062		241,937		293,263
Pension funds - reimbursement		110,241		132,726		242,967		144,675
Other		13,787		957,268		971,055		899,667
Total		910,600		1,420,467		2,331,067		2,223,926

(1)

These amounts correspond to the ECL calculated for contingent transactions, which are mentioned in note 4.

(2)

See also note 35.2.

- 99 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

15.

OTHER NON-FINANCIAL LIABILITIES

The composition of other non-financial liabilities as of June 30, 2022 and December 31, 2021 is as follows:

Composition	06/30/2022		12/31/2021
Withholdings		10,437,290		9,511,724
Dividends payables (see note 36)		9,875,722		36,189,779
Salaries, bonuses and payroll taxes payables		7,377,466		8,786,407
Taxes payables		4,453,528		4,377,580
Miscellaneous payables		2,822,968		2,495,588
Retirement pension payment orders pending settlement		1,556,094		575,950
Fees payables		55,065		354,172
Other		865,565		1,473,536
Total		37,443,698		63,764,736

16.

ANALYSIS OF FINANCIAL ASSETS TO BE RECOVERED AND FINANCIAL LIABILITIES TO BE SETTLED

The following tables show the analysis of financial assets and liabilities the Bank expects to recover and settle as of June 30, 2022 and December 31, 2021:

06/30/2022	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		174,866,854
Debt securities at fair value through profit or loss				84,475,608		6,049,531
Derivatives financial instruments				9,658
Repo transactions				31,299,032
Other financial assets		2,925,576		5,265,194		8,047,714
Loans and other financing (1)		663,915		311,676,531		139,428,699
Other debt securities				418,765,658		45,515,391
Financial assets delivered as guarantee		19,853,718		389,986
Equity instruments at fair value through profit or loss		529,194
Total assets		198,839,257		851,881,667		199,041,335

Liabilities
Deposits		410,304,409		442,146,069		334,851
Liabilities at fair value through profit or loss				2,783
Derivative financial instruments				895
Repo transactions				342,745
Other financial liabilities				56,071,786		1,153,150
Financing received from the BCRA and other financial institutions				2,377,020
Issued corporate bonds				5,074		2,114,481
Subordinated corporate bonds				517,566		50,617,187
Total liabilities		410,304,409		501,463,938		54,219,669

(1)

The amounts included in “without due date” are related to the non-performing portfolio.

- 100 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

12/31/2021	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		228,502,169
Debt securities at fair value through profit or loss				25,035,437		13,491,364
Derivative financial instruments				1,764
Repo transactions				42,759,640
Other financial assets		2,412,285		25,405,046		6,629,323
Loans and other financing (1)		223,561		317,202,154		164,395,454
Other debt securities				319,886,253		63,291,618
Financial assets delivered as guarantee		24,093,577
Equity instruments at fair value through profit or loss		2,892,500
Total assets		258,124,092		730,290,294		247,807,759

Liabilities
Deposits		441,399,721		355,131,080		42,791
Derivative financial instruments				3,448
Other financial liabilities				79,174,487		1,187,598
Financing received from the BCRA and other financial institutions				588,654		6,946
Issued corporate bonds				4,072,049
Subordinated corporate bonds				1,247,405		55,958,491
Total liabilities		441,399,721		440,217,123		57,195,826

(1)

The amounts included in “without due date” are related to the non-performing portfolio.

17.

DISCLOSURES BY OPERATING SEGMENT

The Bank has an approach of its banking business that is described in note 19 to the condensed consolidated interim financial statements.

18.

INCOME TAX

Inflation adjustment and tax rate on income tax

Note 20 to the condensed consolidated interim financial statements are detailed the legal aspects of the inflation adjustment on income tax and the corporate tax rate on tax rate.

- 101 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

The main items of income tax expense in the condensed separate interim financial statements are as follows:

	06/30/2022						06/30/2021
Description	Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022			Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021
Current income tax expense		890,849			1,237,719			1,646,382		3,560,905
Loss for deferred income taxes		691,236			1,790,338			122,805		1,922,630
Monetary effects		13,384			105,340			231,442		610,487
Income tax loss recorded in the statement of income		1,595,469			3,133,397			2,000,629		6,094,022
Income tax (profit) / loss recorded in other comprehensive income		(1,522,166	)		(1,718,581	)		393,790		887,237
Total		73,303			1,414,816			2,394,419		6,981,259

Tax inflation adjustment – Fiscal years 2019 and 2020.

As decided by the Board of Directors in the meeting held on May 11, 2020, considering certain case law on the matter assessed by its legal counsel and tax advisors, on May 26, 2020, the Bank filed with the Administración Federal de Ingresos Públicos (AFIP, for its acronym in Spanish) its annual income tax return considering the total effect of the inflation adjustment on income tax (see section a) iv) of note 20 to the condensed consolidated interim financial statements). As a result, the current income tax determined by Banco Macro SA for fiscal year 2019 amounted to 7,002,124 (not restated). The same criterion was applied to determine the annual income tax report for 2020, which generated accrued income tax for Banco Macro SA for such fiscal year that amounted to 9,933,210 (not restated).

In addition, on July 23, 2021, the Bank filed a reimbursement action with the AFIP requesting that 254,305 (not restated) paid as income tax for the 2020 tax period be reimbursed.

As to the tax periods mentioned in previous paragraphs, on November 1, 2021, the AFIP notified the beginning of an income tax audit.

Reimbursement actions – Fiscal years 2013 to 2017 and 2018

- 102 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

19.

COMMISSIONS INCOME

	06/30/2022				06/30/2021
Description	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021
Performance obligations satisfied at a point in time
Commissions related to obligations		7,452,787		14,816,485		6,911,289		13,269,365
Commissions related to credit cards		4,313,166		8,667,659		3,830,536		7,859,511
Commissions related to insurance		787,514		1,553,685		768,676		1,552,909
Commissions related to trading and foreign exchange transactions		274,940		559,344		282,564		554,191
Commissions related to securities value		109,587		221,555		98,042		182,660
Commissions related to loans and other financing		73,516		123,706		59,327		93,485
Commissions related to financial guarantees granted		251		911		1,840		2,062

Performance obligations satisfied over certain time period
Commissions related to credit cards		94,222		207,466		119,500		262,484
Commissions related to trading and foreign exchange transactions		5,953		16,315		12,423		28,893
Commissions related to loans and other financing		2,127		2,186		12		504
Commissions related to obligations		251		520		312		644
Commissions related to financial guarantees granted								129
Total		13,114,314		26,169,832		12,084,521		23,806,837

20.

DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

	06/30/2022				06/30/2021
Description	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021
Translation of foreign currency assets and liabilities into pesos		4,884,911		8,259,654		928,983		2,791,401
Income from foreign currency exchange		148,379		441,798		107,014		329,171
Total		5,033,290		8,701,452		1,035,997		3,120,572

- 103 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

21.

OTHER OPERATING INCOME

	06/30/2022					06/30/2021
Description	Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021
Services		695,787			1,413,067		779,447			1,469,188
Adjustments and interest from other receivables		354,606			652,541		526,095			907,743
Adjustments from other receivables with CER clauses		332,121			475,148		154,128			263,100
Other receivables for financial intermediation		192,408			429,943		295,121			855,924
Sale of investment in properties and other non-financial assets		3,041			18,153
For initial recognition of loans and other financing		(417,804	)		82,625		(5,455	)
Sale of property, plant and equipment		(203	)				257			3,364
Other		1,885,347			2,939,890		(9,601	)		701,434
Total		3,045,303			6,011,367		1,739,992			4,200,753

22.

EMPLOYEE BENEFITS

	06/30/2022				06/30/2021
Description	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021
Remunerations		10,468,338		18,172,242		9,843,689		19,252,309
Payroll taxes		2,460,676		4,220,671		2,252,415		4,362,522
Compensations and bonuses to employees		1,416,198		2,767,404		1,153,733		2,330,790
Employee services		520,019		963,756		301,986		586,965
Total		14,865,231		26,124,073		13,551,823		26,532,586

23.

ADMINISTRATIVE EXPENSES

	06/30/2022				06/30/2021
Description	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021
Taxes		1,119,941		2,116,913		964,122		1,937,021
Maintenance, conservation and repair expenses		1,055,985		2,082,386		1,071,710		2,116,233
Armored truck, documentation and events		941,847		1,852,310		851,946		1,790,242
Security services		646,825		1,317,463		682,507		1,367,969
Electricity and communications		597,233		1,234,562		706,125		1,429,796
Other fees		589,462		1,161,154		613,390		1,057,365
Advertising and publicity		559,423		853,476		277,709		381,303
Software		436,632		931,674		503,658		1,082,170
Fees to directors and syndics		191,412		487,785		143,502		311,024

- 104 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	06/30/2022				06/30/2021
Description (contd.)	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021
Representation, travel and transportation expenses		97,715		171,666		64,648		113,718
Insurance		66,634		143,264		88,358		169,805
Stationery and office supplies		46,194		90,784		41,098		77,006
Hired administrative services		40,834		85,613		38,540		68,304
Leases		33,118		65,900		31,321		88,059
Other		229,192		389,705		197,549		408,056
Total		6,652,447		12,984,655		6,276,183		12,398,071

24.

OTHER OPERATING EXPENSES

	06/30/2022				06/30/2021
Description	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021
Turnover tax		6,562,207		13,004,169		5,885,591		12,202,672
For credit cards		3,000,226		5,805,774		2,036,783		4,402,075
Charges for other provisions		526,202		1,024,721		295,370		1,020,464
Deposit guarantee fund contributions		322,517		644,705		341,336		750,562
Interest on lease liabilities		79,826		144,076		77,648		152,721
Taxes		64,021		147,187		141,277		309,687
Insurance claims		58,247		121,344		22,994		42,624
Donations		13,050		159,917		1,726		2,906
Loss from sale or impairment of property, plant and equipment		7,168		7,168
Loss from sale or impairment of investments in properties and other non-financial assets						15,765		85,306
Other		1,493,066		2,859,404		1,370,634		2,705,006
Total		12,126,530		23,918,465		10,189,124		21,674,023

25.

ADDITIONAL DISCLOSURES IN THE STATEMENT OF CASH FLOWS

The statement of cash flows presents the changes in cash and cash equivalents derived from operating activities, investing activities and financing activities during the period. For the preparation of the statement of cash flows the Bank adopted the indirect method for operating activities and the direct method for investment activities and financing activities.

The Bank considers as “Cash and cash equivalents” the item Cash and Deposits in Banks and those financial assets that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

- 105 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

For the preparation of the statement of cash flows the Bank considered the following:

Operating activities: the normal revenue-producing activities of the Bank as well as other activities that cannot qualify as investing or financing activities.

Investing activities: the acquisition, sale and disposal by other means of long-term assets and other investments not included in cash and cash equivalents.

Financing activities: activities that result in changes in the size and composition of the shareholders´ equity and liabilities of the Bank and that are not part of the operating or investing activities.

The table below presents the reconciliation between the item “Cash and cash equivalents” in the statement of cash flows and the relevant accounting items of the statement of financial position:

Reconciliation	06/30/2022		12/31/2021		06/30/2021		12/31/2020
Cash and deposits in banks		174,866,854		228,502,169		230,497,182		235,303,509
Debt Securities at fair value through profit or loss				6,617		6,616,964
Other debt securities		281,200,953		181,042,397		200,879,560		264,441,628
Total		456,067,807		409,551,183		437,993,706		499,745,137

26.

CAPITAL STOCK

The Bank’s subscribed and paid-in capital from December 31, 2019 to June 30, 2022, amounted to 639,413. See also Exhibit K.

27.

DEPOSIT GUARANTEE INSURANCE

Note 30 to the condensed consolidated interim financial statements describes the Deposit Guarantee Insurance System and the scope thereof.

Banco Macro SA holds a 7.7330% interest in the capital stock according to the percentages disclosed by BCRA Communiqué “B” 12305 issued on March 17, 2022.

28.

RESTRICTED ASSETS

As of June 30, 2022 and December 31, 2021 the following Bank’s assets are restricted:

Composition	06/30/2022		12/31/2021
Debt securities at fair value through profit or loss and other debt securities
•       Discount bonds in pesos regulated by Argentine legislation, maturing in 2033 for the minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/2013, as amended, of the CNV.		65,296		66,294
•       Federal Government Treasury Bonds in pesos adjusted by CER 1.40%, maturity 03/27/2023, securing the sectorial Credit Program of the Province of San Juan, production investment financing fund.		56,870		60,792
•       Federal Government Treasury Bonds in pesos adjusted by CER 1.40%, maturity 03/27/2023, securing the regional economies Competitiveness Program – IDB loan No. 3174/OC-AR.		22,990		24,575
•       Federal Government Treasury Bonds in pesos adjusted by CER 1.40%, maturity 03/27/2023, for the contribution to the Guarantee Fund II in BYMA according to section 45, Law 26831, and supplementary regulations established by CNV standards (NT 2013, as amended).		10,164		10,865
Subtotal debt securities at fair value through profit or loss and other debt securities		155,320		162,526

- 106 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Composition	06/30/2022		12/31/2021
Other financial assets
•       Sundry debtors – attachment within the scope of the claim filed by the DGR against the CABA for turnover tax differences.		827		1,126
Subtotal Other financial assets		827		1,126

Loans and other financing – non-financial private sector and foreign residents
•       Interests derived from contributions made as protector partner (1).	1,421,317	1,038,159
Subtotal loans and other financing	1,421,317	1,038,159

Financial assets delivered as a guarantee
•       Special guarantee checking accounts opened in the BCRA for transactions related to the electronic clearing houses and similar entities.	17,077,712	21,137,860
•       Guarantee deposits related to credit and debit card transactions.	2,548,467	1,794,306
•       For securities forward contracts.	389,986
•       Other guarantee deposits.	227,539	1,161,411
Subtotal Financial assets delivered as guarantee	20,243,704	24,093,577

Other non-financial assets
•       Real property related to a call option sold.	1,716,745	105,843
Subtotal other non-financial assets	1,716,745	105,843
Total	23,537,913	25,401,231

(1)

29.

TRUST ACTIVITIES

Note 32 to the condensed consolidated interim financial statements describes the different trust agreements according to the business purpose sought by the Bank, which may be summarized as follows:

29.1

Financial trusts for investment purposes

As of June 30, 2022 and December 31, 2021, the debt securities with investment purposes and certificate of participation in financial trusts amounted to 453,700 and 722,830, respectively.

According to the latest accounting information available as of the date of issuance of these condensed separate interim financial statements, the corpus assets of the trusts exceed the carrying amount in the related proportions.

29.2

Trusts created using financial assets transferred by the Bank (Securitization)

As of June 30, 2022 and December 31, 2021, considering the latest available accounting information as of the date of issuance of these condensed separate interim financial statements, the assets managed through Macro Fiducia SA of this type of trusts amounted to 11,680 and 13,076, respectively.

29.3

Trusts guaranteeing loans granted by the Bank

As of June 30, 2022 and December 31, 2021, considering the latest available accounting information as of the date of issuance of these condensed separate interim financial statements, the assets managed by the Bank amounted to 2,217,637 and 2,755,615, respectively.

- 107 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

29.4

Trusts in which the Bank acts as Trustee (Management)

As of June 30, 2022 and December 31, 2021, considering the latest available accounting information as of the date of issuance of these condensed separate interim financial statements, the assets managed by the Bank amounted to 3,364,614 and 4,044,636, respectively.

30.

COMPLIANCE WITH CNV REGULATIONS

Considering Banco Macro SA’s current operations, and according to the different categories of agents established by CNV rules (as per General Resolution 622/2013, as amended), the Bank is registered with this agency as Agent for the Custody of Collective Investment Products of Mutual Funds (AC PIC FCI, for their acronyms in Spanish) – Comprehensive Depositary Company, clearing and settlement agent and trading agent (ALyC and AN – comprehensive for their acronyms in Spanish) and Guarantee Entity (in the process of being registered). Note 33.3 to the condensed consolidated interim financial statements describes the number of shares subscribed by third parties and the assets held by the Bank in its capacity as depositary company.

Additionally, the Bank’s shareholders’ equity as of June 30, 2022 stated in Units of Purchasing Power (UVA, for its acronym in Spanish) amounted to 2,628,759,746 and exceeds the minimum amount required by such regulation for the different categories of agents in which the Bank is registered, amounting to 470,350 UVAs as of that date, and the minimum required statutory guarantee account of 235,175 UVAs, which the Bank paid-in with government securities as described in note 28 and the cash deposits in BCRA accounts 000285 and 80285 belonging to the Bank.

In addition, note 33.2 to the condensed consolidated interim financial statements presents the general policy of documents in custody, describing which information has been disclosed and delivered to third parties for custody.

31.

ACCOUNTING ITEMS THAT IDENTIFY THE COMPLIANCE WITH MINIMUM CASH REQUIREMENTS

The items recognized by the Bank to constitute the minimum cash requirement effective for June 2022 are described in note 34 to the condensed consolidated interim financial statements.

32.

PENALTIES APPLIED TO THE ENTITY AND SUMMARY PROCEEDINGS INITIATED BY THE BCRA

Note 35 to the condensed consolidated interim financial statements describes the penalties applied and the summary proceedings filed by the BCRA against the Bank, classified as follows:

Summary proceedings filed by the BCRA.

Penalties applied by the BCRA.

Penalties applied by the UIF.

The Bank’s Management and its legal counsel consider no further significant accounting effects, other than those previously mentioned, should be recorded or disclosed.

33.

CORPORATE BONDS ISSUANCE

The corporate bonds liabilities recorded by the Bank are as follows:

Corporate Bonds	Original value		Residual face value as of 06/30/2022		06/30/2022		12/31/2021
Subordinated Resettable – Class A	USD	400,000,000	USD	400,000,000		51,134,753		57,205,896
Non-subordinated – Class E	USD	17,000,000	USD	17,000,000		2,119,555
Non-subordinated – Class B	$	4,620,570,000						4,072,049
Total						53,254,308		61,277,945

- 108 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Note 36 to the condensed consolidated interim financial statements describes liabilities for corporate bonds recognized by the Bank.

34.

OFF BALANCE SHEET TRANSACTIONS

In addition to note 4, the Bank recognizes different off balance sheet transactions, pursuant to the BCRA standards. The composition of the amounts of the main off balance sheet transactions as of June 30, 2022 and December 31, 2021 is as follows:

Composition	06/30/2022		12/31/2021
Custody of government and private securities and other assets held by third parties		515,325,227		413,356,049
Preferred and other collaterals received from customers (1)		128,086,743		163,674,006
Outstanding checks not yet paid		16,651,722		15,178,351
Checks already deposited and pending clearance		13,510,962		11,040,865

(1)

Related to collaterals used to secure loans transactions and other financing, under the applicable rules in force on this matter.

35.

TAX AND OTHER CLAIMS

35.1. Tax claims

Note 38.1 to the condensed consolidated interim financial statements describes the most relevant claims pending resolution and filed by the AFIP and the tax authorities of the relevant jurisdictions.

35.2. Other claims

Note 38.2 to the condensed consolidated interim financial statements describes the most relevant claims pending resolution and filed by the different consumers’ associations.

The Bank’s Management and its legal counsel consider no further significant accounting effects could arise from the final outcome of the above mentioned proceedings other than those disclosed in these condensed separate interim financial statements.

36.

RESTRICTION ON DIVIDENDS DISTRIBUTION

Note 39 to the condensed consolidated interim financial statements describes the main legal provisions regulating the restriction on profit distribution.

37.

CAPITAL MANAGEMENT, CORPORATE GOVERNANCE TRANSPARENCY POLICY AND RISK MANAGEMENT

Note 40 to the condensed consolidated interim financial statements describes the main guidelines of the Bank as to capital management, corporate governance transparency policy and risk management.

- 109 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

38.

CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT AND FINANCIAL AND CAPITAL MARKET

The international and domestic macroeconomics environments in which the Bank operates, and its impacts are described in note 41 to the condensed consolidated interim financial statements.

39. EFFECTS OF THE CORONAVIRUS (COVID-19) OUTBREAK

40.

EVENTS AFTER REPORTING PERIOD

No other significant events occurred between the end of the period and the issuance of these condensed separate interim financial statements that may materially affect the financial position or the profit and loss for the period, not disclosed in these condensed separate interim financial statements.

41.

ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

These condensed separate interim financial statements are presented in accordance with the accounting framework established by the BCRA, as mentioned in note 3. These accounting standards may not conform to accounting principles generally accepted in other countries.

- 110 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

		Holdings				Position
		06/30/2022			12/31/2021	06/30/2022
Name	Identification	Fair Value	Fair value level	Book amounts	Book amounts	Position without options	Options	Final position
DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
- Local
Government securities
Federal government treasury bonds in pesos adjusted by CER - Maturity: 09-20-2022 (1)	5495		1	35,064,820	9,955,599	38,226,220		38,226,220
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 07-29-2022	5815		1	21,619,393	555,118	21,619,393		21,619,393
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 08-16-2022 (1)	5949		1	14,659,214	141,326	14,659,214		14,659,214
Federal government treasury bonds in pesos adjusted by CER - Maturity: 03-25-2023	5492		1	4,962,838	5,242,171	5,238,718		5,238,718
Federal government treasury bonds in pesos adjusted by CER - Maturity: 03-25-2024	5493		1	4,328,880	5,051,063	4,434,908		4,434,908
Federal government treasury bonds in pesos adjusted by CER - Maturity: 03-06-2023	5324		1	2,621,083	2,330,956	2,621,083		2,621,083
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 02-17-2023	9111		1	2,297,256		2,297,256		2,297,256
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 10-21-2022	5969		1	838,134		838,134		838,134
Federal government treasury bonds in pesos adjusted by CER - Maturity: 11-09-2026	5925		1	825,334	846,143	825,334		825,334
Federal government treasury bonds in pesos adjusted by CER - Maturity: 08-13-2023	5497		1	683,432	3,166	691,510		691,510
Other				1,809,656	12,880,777	1,806,873		1,806,873
Subtotal local government securities				89,710,040	37,006,319	93,258,643		93,258,643
Private securities
Corporate Bonds Tarjeta Naranja S.A. C53 Series 01- Maturity: 04-05-2023	56056		3	423,382		423,382		423,382
Debt Securities in Financial Trusts Secubono			3	189,945	261,832	189,945		189,945
Debt Securities in Financial Trusts Surcos			3	103,587	176,134	103,587		103,587
Debt Securities in Financial Trusts Accicom Loans Personal			3	94,686		94,686		94,686
Securities of companies of public services			3	3,499	4,023	3,499		3,499
Corporate Bonds Tarjeta Naranja S.A. C048- Maturity: 04-26-2022	55317				734,584
Corporate Bonds Ledesma S.A. C010 - Maturity: 05-27-2022	55500				343,909
Subtotal local private securities				815,099	1,520,482	815,099		815,099
TOTAL DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS				90,525,139	38,526,801	94,073,742		94,073,742

(1)

See Note 5 to the condensed consolidated interim financial statements.

- 111 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT A

(continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

		Holdings				Position
		06/30/2022			12/31/2021	06/30/2022
Name	Identification	Fair Value	Fair value level	Book amounts	Book amounts	Position without options	Options	Final position
OTHER DEBT SECURITIES
Measured at fair value through other comprehensive income
- Local
Government securities
Federal government treasury bonds linked to dollar - Maturity: 04-28-2023	5928		1	32,975,541	39,921,862	32,975,541		32,975,541
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 01-20-2023	9105		1	26,881,182		26,881,182		26,881,182
Federal government treasury bonds in pesos adjusted by CER - Maturity: 03-25-2023	5492		1	18,948,224	14,178,964	18,948,224		18,948,224
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 10-21-2022	5969		1	18,475,806		18,475,806		18,475,806
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 02-17-2023	9111		1	13,473,937		13,473,937		13,473,937
Bonds of treasury of federal government in pesos adjusted by CER - Maturity: 08-13-2023	5497		1	8,259,757	4,215,267	8,259,757		8,259,757
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 12-16-2022	9112		1	4,463,088		4,463,088		4,463,088
Bonds of treasury of federal government in pesos adjusted by CER - Maturity: 03-25-2024	5493		1	2,839,138	4,571,327	2,839,138		2,839,138
Bonds of treasury of federal government in pesos adjusted by CER - Maturity: 07-26-2024	5405		1	813,459		813,459		813,459
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 04-21-2023	9118		1	5,994		5,994		5,994
Other				2,603	106,509,937	2,603		2,603
Subtotal local government securities				127,138,729	169,397,357	127,138,729		127,138,729
Central Bank of Argentina Bills
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-04-2022					29,300,981
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-27-2022					25,705,023
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-18-2022					25,375,738
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-11-2022					24,133,397
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-13-2022					23,829,023
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-25-2022					22,535,538
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-06-2022					21,632,898
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-20-2022					8,529,799
Subtotal Central Bank of Argentina Bills					181,042,397
Total Other debt securities measured at fair value through other comprehensive income				127,138,729	350,439,754	127,138,729		127,138,729

- 112 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT A

(continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

		Holdings					Position
		06/30/2022				12/31/2021	06/30/2022
Name	Identification	Fair Value		Fair value level	Book amounts	Book amounts	Position without options	Options	Final position
Measured at amortized cost (continued)
- Local
Government securities
Federal government bonds in pesos - Maturity: 05-23-2027	9132	32,918,363		1	32,843,669		32,843,669		32,843,669
Discount bonds denominated in pesos at 5.83% - Maturity: 12-31-2033	45696	422,262		1	356,527	361,972	356,527		356,527
Treasury bills of Province of Neuquen in pesos Series 1 Class 1 - Maturity: 10-11-2022	42532	271,171		2	282,465		282,465		282,465
Treasury bills of Province of Río Negro Series 2 in pesos - Maturity: 06-15-2023	42555	195,483		1	193,903		193,903		193,903
Debt securities of Province of Río Negro in pesos - Maturity: 04-12-2023	42534	193,546		1	193,286		193,286		193,286
Bonds of treasury of federal government in pesos at 22% - Maturity: 05-21-2022	5496					30,968,366
Treasury bills of Province of Neuquen in pesos Series 1 Class 1 - Maturity: 04-07-2022	42382					424,466
Debt securities of Province of Río Negro in pesos - Maturity: 04-12-2022	42385					297,642
Treasury bill of Province of Río Negro Series 02 Class 01 - Maturity: 06-15-2022	42479					263,594
Treasury bill of Province of Río Negro Series 04 Class 01 - Maturity: 02-28-2022	42426					62,433
Other
Subtotal local government securities					33,869,850	32,378,473	33,869,850		33,869,850

Central Bank of Argentina Bills
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-05-2022		37,731,820		2	37,799,888		37,799,888		37,799,888
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-21-2022		36,897,385		2	36,952,898		36,952,898		36,952,898
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-19-2022		36,026,200		2	36,081,213		36,081,213		36,081,213
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-14-2022		35,297,324		2	35,388,367		35,388,367		35,388,367
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-26-2022		35,225,893		2	35,276,441		35,276,441		35,276,441
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-07-2022		34,655,160		2	34,724,343		34,724,343		34,724,343
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-12-2022		34,412,876		2	34,496,288		34,496,288		34,496,288
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-28-2022		30,438,963		2	30,481,515		30,481,515		30,481,515
Subtotal Central Bank of Argentina Bills					281,200,953		281,200,953		281,200,953

Central Bank of Argentina Notes
Liquidity notes of Central Bank of Argentina in pesos - Maturity: 07-12-2022		21,599,618		2	21,613,751		21,613,751		21,613,751
Subtotal Central Bank of Argentina Notes					21,613,751		21,613,751		21,613,751
Private securities
Corporate Bonds Vista Energy Argentina SAU Class 013 -Maturity: 08-08-2024	56207	735,968		2	368,892		368,892		368,892
Corporate Bonds YPF SA Class 043 -Maturity: 10-21-2023	50939	74,836		2	62,684	75,846	62,684		62,684
Debt Securities in Financial Trusts Red Surcos Series 020 Class A - Maturity: 07-15-2022	55767	16,250		3	16,133	58,679	16,133		16,133
Debt Securities in Financial Trusts Accicom Loans Personal Series 11 Class A - Maturity: 12-20-2022	55645	10,140		3	7,832	26,356	7,832		7,832
Corporate Bonds Banco de la Ciudad de Buenos Aires Class 16 -Maturity: 12-05-2022	92655	2,098		2	2,225	4,903	2,225		2,225
Debt Securities in Financial Trusts Secubono Series 209 Class A - Maturity: 05-30-2022	55616					42,041
Corporate Bonds Santander Río Bank S.A. Class 021 -Maturity: 01-26-2022	53219					36,286
Debt Securities in Financial Trusts Secubono Series 208 Class A - Maturity: 04-28-2022	55519		��			35,559
Debt Securities in Financial Trusts Confibono Series 059 Class A - Maturity: 03-21-2022	55570					28,644
Debt Securities in Financial Trusts Secubono Series 210 Class A - Maturity: 06-28-2022	55661					25,335
Other						25,995
Subtotal local private securities					457,766	359,644	457,766		457,766
Total Other debt securities measured at cost amortized					337,142,320	32,738,117	337,142,320		337,142,320
TOTAL OTHER DEBT SECURITIES					464,281,049	383,177,871	464,281,049		464,281,049

- 113 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT A

(continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

		Holdings				Position
		06/30/2022			12/31/2021	06/30/2022
Name	Identification	Fair Value	Fair value level	Book amounts	Book amounts	Position without options	Options	Final position
Equity Instruments
Measured at fair value through profit or loss
- Local
Mercado Abierto Electrónico SA			3	333,271	280,276	333,271		333,271
C.O.E.L.S.A			3	87,563	51,186	87,563		87,563
Matba Rofex SA			3	39,437	42,749	39,437		39,437
Sedesa			3	21,291	20,854	21,291		21,291
AC Inversora SA			3	10,178	13,858	10,178		10,178
Provincanje SA			3	8,857	12,059	8,857		8,857
Mercado a Término Rosario SA			3	7,414	10,094	7,414		7,414
YPF SA	710		1	1,660		1,660		1,660
Central Puerto SA	322		1	1,528		1,528		1,528
Siderar SA	839		1	546		546		546
Other				1,926	2,440,678	1,926		1,926
Subtotal local				513,671	2,871,754	513,671		513,671
- Foreign
Banco Latinoamericano de Comercio Exterior SA			1	12,136	16,961	12,136		12,136
Sociedad de Telecomunicaciones Financieras Interbancarias Mundiales			3	3,387	3,785	3,387		3,387
Subtotal foreign				15,523	20,746	15,523		15,523
Total measured at fair value through profit or loss				529,194	2,892,500	529,194		529,194
TOTAL EQUITY INSTRUMENTS				529,194	2,892,500	529,194		529,194
TOTAL GOVERNMENT AND PRIVATE SECURITIES				555,335,382	424,597,172	558,883,985		558,883,985

- 114 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT B

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

COMMERCIAL	06/30/2022		12/31/2021
In normal situation		98,264,094		116,092,219
With senior “A” collateral and counter-collateral		8,154,039		15,608,958
With senior “B” collateral and counter-collateral		15,589,508		22,013,340
Without senior collateral or counter-collateral		74,520,547		78,469,921
Subject to special monitoring		471,422		2,901,687
In observation
With senior “A” collateral and counter-collateral				2,007
With senior “B” collateral and counter-collateral		153,165		2,400,734
Without senior collateral or counter-collateral		318,257		498,946
Troubled		979,086		1,020,140
With senior “B” collateral and counter-collateral		725,037		149,917
Without senior collateral or counter-collateral		254,049		870,223
With high risk of insolvency		268,404		157,199
With senior “A” collateral and counter-collateral				137,504
With senior “B” collateral and counter-collateral		134,184		9,388
Without senior collateral or counter-collateral		134,220		10,307
Subtotal Commercial		99,983,006		120,171,245

- 115 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT B

(continued)

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

CONSUMER AND MORTGAGE	06/30/2022		12/31/2021
Performing		359,385,837		372,056,756
With senior “A” collateral and counter-collateral		20,888,151		26,008,665
With senior “B” collateral and counter-collateral		25,913,204		31,624,342
Without senior collateral or counter-collateral		312,584,482		314,423,749
Low risk		2,497,687		2,633,142
With senior “A” collateral and counter-collateral		95,278		85,546
With senior “B” collateral and counter-collateral		143,115		156,889
Without senior collateral or counter-collateral		2,259,294		2,390,707
Low risk - in special treatment		19,614		84,846
With senior “B” collateral and counter-collateral				27,842
Without senior collateral or counter-collateral		19,614		57,004
Medium risk		1,774,149		1,975,128
With senior “A” collateral and counter-collateral		63,914		12,556
With senior “B” collateral and counter-collateral		43,129		81,532
Without senior collateral or counter-collateral		1,667,106		1,881,040
High risk		1,816,243		2,262,127
With senior “A” collateral and counter-collateral		35,131		28,840
With senior “B” collateral and counter-collateral		92,366		153,490
Without senior collateral or counter-collateral		1,688,746		2,079,797
Irrecoverable		973,644		1,068,578
With senior “A” collateral and counter-collateral		21,108		26,119
With senior “B” collateral and counter-collateral		135,261		260,078
Without senior collateral or counter-collateral		817,275		782,381
Subtotal consumer and mortgage		366,467,174		380,080,577
Total		466,450,180		500,251,822

- 116 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT B

(continued)

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

This exhibit discloses the contractual figures as established by the BCRA. The reconciliation with the separated statement of financial position is listed below:

	06/30/2022			12/31/2021
Loans and other financings		451,769,145			481,821,169
Added:
Allowances for loans and other financings		8,726,739			13,112,026
Adjustment amortized cost and fair value		1,153,069			1,537,834
Debt securities of financial trust - Measured at amortized cost		23,966			242,629
Corporate bonds		434,476			117,754
Subtract:
Interest and other accrued items receivable from financial assets with impaired credit value		(127,587	)		(134,629	)
Guarantees provided and contingent liabilities		4,470,372			3,555,039
Total computable items		466,450,180			500,251,822

- 117 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT C

CONCENTRATION OF LOANS AND FINANCING FACILITIES

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	06/30/2022				12/31/2021
Number of customers	Cut off balance		% of total portfolio		Cut off balance		% of total portfolio
10 largest customers		30,564,454		6.55		25,369,471		5.07
50 next largest customers		33,745,280		7.23		41,481,354		8.29
100 next largest customers		23,871,940		5.12		29,016,853		5.80
Other customers		378,268,506		81.10		404,384,144		80.84
Total (1)		466,450,180		100.00		500,251,822		100.00

(1) See reconciliation in Exhibit B.

- 118 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT D

BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

			Remaining terms to maturity
Item	Matured		Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Non-financial government sector				1,536,132		691,542		826,165		502,298						3,556,137
Financial sector				23,189		38,968		77,299		595,452		234,770		26,367		996,045
Non-financial private sector and foreign residents		2,104,655		196,284,537		53,786,892		55,200,799		76,836,037		89,890,986		129,620,979		603,724,885
Total		2,104,655		197,843,858		54,517,402		56,104,263		77,933,787		90,125,756		129,647,346		608,277,067

BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

			Remaining terms to maturity
Item	Matured		Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Non-financial government sector				315,688		849,507		662,994		1,675,531		650,462				4,154,182
Financial sector				348,172		906,951		50,948		176,812		992,486		182,528		2,657,897
Non-financial private sector and foreign residents		2,056,786		185,330,509		56,749,737		65,587,560		87,115,730		102,851,880		156,749,358		656,441,560
Total		2,056,786		185,994,369		58,506,195		66,301,502		88,968,073		104,494,828		156,931,886		663,253,639

This exhibit disclosures contractual future cash flows that include interests and charges to be accrued until maturity of the contracts.

- 119 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT F

CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Item	Original value at beginning of fiscal year		Total life estimated in years																			Residual value at the end of the period

											Depreciation of the period
				Increases		Decreases		Transfers			Accumulated		Transfers			Decrease		Of the period		At the end
Cost
Real property		65,256,066	50		124,547				335,429			6,559,417							699,426		7,258,843		58,457,199
Furniture and facilities		8,894,436	10		95,012		345		395,835			4,358,226		4			14		385,193		4,743,409		4,641,529
Machinery and equipment		12,782,963	5		503,905		212		461,724			8,822,372		481			45		911,359		9,734,167		4,014,213
Vehicles		1,779,934	5		200,933		38,895		(6,436	)		1,465,001		(489	)		18,596		83,807		1,529,723		405,813
Work in progress		2,159,650			717,631				(1,186,711	)													1,690,570
Right of use real property		5,112,616	5		343,580		47,048					2,858,270					27,235		480,864		3,311,899		2,097,249
Total property, plant and equipment		95,985,665			1,985,608		86,500		(159	)		24,063,286		(4	)		45,890		2,560,649		26,578,041		71,306,573

CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Item	Original value at beginning of fiscal year		Total life estimated in years																			Residual value at the end of the fiscal year


											Depreciation for the fiscal year
				Increases		Decreases		Transfers (1)			Accumulated		Transfers (1)			Decrease		For the fiscal year		At the end
Cost
Real property		62,628,856	50		406,421		118,998		2,339,787			5,128,940		133,788			15,047		1,311,736		6,559,417		58,696,649
Furniture and facilities		8,063,125	10		254,278		1,973		579,006			3,602,371		183			663		756,335		4,358,226		4,536,210
Machinery and equipment		11,261,365	5		868,229		36,525		689,894			7,080,823		(958	)		908		1,743,415		8,822,372		3,960,591
Vehicles		1,711,115	5		165,677		101,238		4,380			1,405,415		243			88,589		147,932		1,465,001		314,933
Work in progress		1,723,240			3,000,431				(2,564,021	)													2,159,650
Right of use real property		4,241,974	5		859,762		10,983		21,863			1,835,334		995			5,846		1,027,787		2,858,270		2,254,346
Total property, plant and equipment		89,629,675			5,554,798		269,717		1,070,909			19,052,883		134,251			111,053		4,987,205		24,063,286		71,922,379

(1) During the fiscal year 2021, under this item transfers were made to Non-current assets held for sale.

- 120 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT F

(Continued)

CHANGE IN INVESTMENT PROPERTY

AS OF JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Item

Original
Value at
beginning
of fiscal
year

Useful life estimated
in years

Residual
value at
the end of
the period

Depreciation of the period

Increases

Decreases

Transfers

Accumulated

Transfers

Decrease

Of the period

At the end

Cost

Leased properties

314,523

11,362

1,842

13,204

301,319

Other investment properties

346,452

1,905,709

13,939

26,943

2,000

28,943

2,209,279

Total investment property

660,975

1,905,709

13,939

38,305

3,842

42,147

2,510,598

CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Item	Original Value at beginning of fiscal year		Useful life estimated in years																			Residual value at the end of the fiscal year


											Depreciation for the fiscal year
				Increases		Decreases		Transfers			Accumulated		Transfers			Decrease		For the fiscal year		At the end
Cost
Leased properties		452,572	50						(138,049	)		74,303		(67,539	)				4,598		11,362		303,161
Other investment properties		1,297,285	50		3,874		31,744		(922,963	)		86,575		(66,251	)		5,287		11,906		26,943		319,509
Total investment property		1,749,857			3,874		31,744		(1,061,012	)		160,878		(133,790	)		5,287		16,504		38,305		622,670

- 121 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT G

CHANGE IN INTANGIBLE ASSETS

AS OF JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Item	Original Value at beginning of fiscal year		Useful life estimated in years																			Residual value at the end of the period


											Depreciation of the period
				Increases		Decreases		Transfers			Accumulated		Transfers			Decrease		Of the period		At the end
Cost
Licenses		6,821,867	5		818,698				55,905			4,173,067		934					627,486		4,801,487		2,894,983
Other intangible assets		22,087,603	5		2,401,325		22,132		(55,746	)		13,327,878		(930	)		838		1,944,497		15,270,607		9,140,443
Total intangible assets		28,909,470			3,220,023		22,132		159			17,500,945		4			838		2,571,983		20,072,094		12,035,426

CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Item	Original Value at beginning of fiscal year		Useful life estimated in years																		Residual value at the end of the fiscal year


											Depreciation for the fiscal year
				Increases		Decreases		Transfers			Accumulated		Transfers			Decrease	For the fiscal year		At the end
Cost
Licenses		5,650,467	5		1,185,115				(13,715	)		2,931,224		(461	)			1,242,304		4,173,067		2,648,800
Other intangible assets		17,712,020	5		4,375,680		97					9,945,496						3,382,382		13,327,878		8,759,725
Total intangible assets		23,362,487			5,560,795		97		(13,715	)		12,876,720		(461	)			4,624,686		17,500,945		11,408,525

- 122 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	06/30/2022				12/31/2021
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		103,838,683		12.18		62,419,065		7.84
50 next largest customers		64,956,234		7.62		49,120,586		6.17
100 next largest customers		34,623,135		4.06		30,816,281		3.87
Other customers		649,367,277		76.14		654,217,660		82.12
Total		852,785,329		100.00		796,573,592		100.00

- 123 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT I

BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Remaining terms to maturity
Item	Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Deposits		747,057,920		79,812,610		32,293,865		10,011,741		356,294		2,654		869,535,084
From the non-financial government sector		78,803,808		4,710,764		1,021,619		2,845						84,539,036
From the financial sector		1,223,282												1,223,282
From the non-financial private sector and foreign residents		667,030,830		75,101,846		31,272,246		10,008,896		356,294		2,654		783,772,766
Liabilities at fair value through profit or loss		2,783												2,783
Derivative instruments						895								895
Repo transactions		342,745												342,745
Other financial institutions		342,745												342,745
Other financial liabilities		53,821,281		1,741,054		206,894		346,587		482,851		764,070		57,362,737
Financing received from the Central Bank of Argentina and other financial institutions		659,422		1,190,233		540,992		10,749						2,401,396
Issued corporate bonds				7,780		7,780		15,306		2,159,605				2,190,471
Subordinated corporate bonds						1,663,606		1,663,606		3,327,213		58,404,032		65,058,457
Total		801,884,151		82,751,677		34,714,032		12,047,989		6,325,963		59,170,756		996,894,568

This exhibit discloses contractual future cash flows that include interests and charges to be accrued until maturity of the contracts.

- 124 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT I

BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Remaining terms to maturity
Item	Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Deposits		722,454,905		71,140,205		8,770,723		748,971		58,909		1,721		803,175,434
From the non-financial government sector		72,779,471		2,876,947		1,611,029		3,548						77,270,995
From the financial sector		1,308,683												1,308,683
From the non-financial private sector and foreign residents		648,366,751		68,263,258		7,159,694		745,423		58,909		1,721		724,595,756
Derivative instruments						3,448								3,448
Other financial liabilities		78,383,114		237,397		211,524		347,305		511,752		677,563		80,368,655
Financing received from the Central Bank of Argentina and other financial institutions		320,005		249,093		18,406		11,325		7,793				606,622
Issued corporate bonds						4,277,890								4,277,890
Subordinated corporate bonds						1,858,661		1,858,662		3,717,323		67,110,458		74,545,104
Total		801,158,024		71,626,695		15,140,652		2,966,263		4,295,777		67,789,742		962,977,153

This exhibit discloses contractual future cash flows that include interests and charges to be accrued until maturity of the contracts.

- 125 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT J

CHANGES IN PROVISIONS

AS OF JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Amounts at beginning of				Decreases			Monetary effects generated by
Item	fiscal year		Increases		Reversals	Charge off		provisions			06/30/2022
Provisions for eventual commitments		453,308		198,238					(152,219	)	499,327
For Administrative, disciplinary and criminal penalties		680							(180	)	500
Other		1,769,938		826,483			217,373		(547,808	)	1,831,240
Total Provisions		2,223,926		1,024,721			217,373		(700,207	)	2,331,067

CHANGES IN PROVISIONS

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Amounts at beginning of				Decreases				Monetary effects generated by
Item	fiscal year		Increases		Reversals		Charge off		provisions			12/31/2021
Provisions for eventual commitments		35,361		492,303				1,730		(72,626	)	453,308
For Administrative, disciplinary and criminal penalties		1,476		56,681		343		56,607		(527	)	680
Other		2,644,090		1,982,679				2,043,494		(813,337	)	1,769,938
Total Provisions		2,680,927		2,531,663		343		2,101,831		(886,490	)	2,223,926

- 126 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT K

COMPOSITION OF CAPITAL STOCK

AS OF JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 41)

Shares					Capital Stock
Class	Stock number		Face value	Votes per share	Issued outstanding		Paid in
Registered common stock A		11,235,670	1	5		11,236		11,236
Registered common stock B		628,177,738	1	1		628,177		628,177
Total		639,413,408				639,413		639,413

COMPOSITION OF CAPITAL STOCK

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

Shares					Capital Stock
Class	Stock number		Face value	Votes per share	Issued outstanding		Paid in
Registered common stock A		11,235,670	1	5		11,236		11,236
Registered common stock B		628,177,738	1	1		628,177		628,177
Total		639,413,408				639,413		639,413

- 127 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT L

FOREIGN CURRENCY AMOUNTS

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	06/30/2022										12/31/2021
	Total parent company
	and local		Total per currency
Item	branches		US dollar		Euro		Real		Other		Total
Assets
Cash and deposits in banks		142,003,459		141,189,088		479,573		29,000		305,798		160,014,373
Debt securities at fair value through profit or loss		604,914		604,914								73,573
Other financial assets		9,005,993		9,005,993								7,604,525
Loans and other financing		23,967,758		23,948,540		19,218						20,152,707
From the non-financial private sector and foreign residents		23,967,758		23,948,540		19,218						20,152,707
Other debt securities		33,347,036		33,347,036								39,926,162
Financial assets delivered as guarantee		2,430,180		2,430,180								2,775,711
Equity instruments at fair value through profit or loss		15,523		15,523								20,746
Investments in subsidiaries, associates and joint ventures		3,396,485		3,396,485								4,043,300
Total assets		214,771,348		213,937,759		498,791		29,000		305,798		234,611,097
Liabilities
Deposits		114,444,490		114,444,490								125,557,942
Non-financial government sector		5,083,751		5,083,751								10,451,691
Financial sector		989,166		989,166								1,035,541
Non-financial private sector and foreign residents		108,371,573		108,371,573								114,070,710
Other financial liabilities		5,093,856		4,949,795		129,661				14,400		6,512,389
Financing from the Central Bank and other financial institutions		1,930,165		1,910,942		19,223						376,335
Issued corporate bonds		2,119,555		2,119,555
Subordinated corporate bonds		51,134,753		51,134,753								57,205,896
Other non-financial liabilities		16,636		16,636								10,661
Total liabilities		174,739,455		174,576,171		148,884				14,400		189,663,223

- 128 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

Type of contract

Purpose of the
transactions
performed

Underlying
asset

Type of
settlement

Negotiation environment or
counter-party

Originally
agreed
weighted average
term (months)

Residual
weighted
average
term
(months)

Weighted
daily
average
term
settlement
of
differences
(days)

Amount (1)

Futures (2)

Intermediation
- own account

Foreign
currency

Daily settlement of
differences

ROFEX (over-the-counter
electronic market)

115,344

Forward (2)

Intermediation
- own account

Foreign
currency

Maturity settlement
of differences

Over The Counter - Residents
in Argentina - Non financial sector

137,492

Repo transactions

Intermediation
- own account

Local government securities

With delivery of
underlying asset

Other countries of local

35,032,311

Options

Intermediation
- own account

Other

With delivery of
underlying asset

Over The Counter - Residents
in Argentina - Non financial sector

1,738,109

(1) Related to the valuation of the underlying traded, disclosed in absolute values.

(2) Related to compensated operations forward (OCT).

- 129 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT Q

BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Net financial Income/ (Loss)
	Mandatory measurement
Items	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021
For measurement of financial assets at fair value through profit or loss
Gain from government securities		5,372,008		9,781,364		8,247,122			15,728,540
Gain from private securities		93,123		228,071		134,935			186,645
Gain from derivative financial instruments
Forward transactions		7,059		7,059
Gain / (Loss) from other financial assets		352,035		274,165		(5,035	)		(9,726	)
Gain / (Loss) from equity instruments at fair value through profit or loss		28,047		1,112,789		(63,839	)		660,983
Gain / (Loss) from sales or decreases of financial assets at fair value		140,089		1,314,817		43,513			(10,855	)
For measurement of financial liabilities at fair value through profit or loss
Loss from derivative financial instruments
Forward transactions						(8,778	)		(8,778	)
Total		5,992,361		12,718,265		8,347,918			16,546,809

- 130 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT Q

(Continued)

BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Net financial Income/(Loss)
Interest and adjustment for the application of the effective interest rate of financial assets measured at amortized cost	Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022			Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021
Interest income
for cash and bank deposits		15,592			18,916			4,766			9,547
for government securities		21,257,904			23,167,930			2,134,100			6,454,422
for debt securities		22,153			51,625			106,541			294,273
for loans and other financing
Non-financial public sector		256,886			580,961			668,746			1,508,693
Financial sector		78,385			186,467			217,218			522,925
Non-financial private sector
Overdrafts		3,847,551			6,819,315			2,387,918			5,476,320
Documents		3,712,002			7,290,659			2,688,834			5,206,796
Mortgage loans		7,026,452			12,509,754			5,567,991			11,124,227
Pledge loans		548,477			1,156,422			238,572			439,886
Personal loans		15,844,165			32,035,799			16,230,373			33,053,205
Credit cards		6,317,925			12,208,408			4,675,801			9,580,279
Financial leases		46,313			99,921			20,830			41,036
Other		3,898,697			8,306,070			5,168,190			11,482,280
for repo transactions
Central Bank of Argentina		575,935			1,042,041			2,202,487			5,983,074
Other financial institutions		123,304			164,167			26,089			52,333
Total		63,571,741			105,638,455			42,338,456			91,229,296
Interest expenses
for Deposits
Non-financial private sector
Checking accounts		(1,323,105	)		(1,828,289	)		(129,478	)		(1,451,510	)
Saving accounts		(671,556	)		(1,132,617	)		(459,708	)		(879,426	)
Time deposits and investments accounts		(38,919,000	)		(68,187,018	)		(28,640,664	)		(63,557,042	)
for financing received from Central Bank of Argentina and other financial institutions		(72,144	)		(124,374	)		(71,297	)		(150,586	)
for repo transactions
Other financial institutions		(319,415	)		(574,108	)		(109,812	)		(209,003	)
for other financial liabilities		(11,502	)		(13,749	)		(6,636	)		(16,406	)
for issued corporate bonds		(50,169	)		(181,280	)		(216,897	)		(857,901	)
for subordinated corporate bonds		(806,818	)		(1,658,712	)		(1,145,650	)		(2,354,629	)
Total		(42,173,709	)		(73,700,147	)		(30,780,142	)		(69,476,503	)

- 131 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT Q

(Continued)

BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

	Income for the period				Other comprehensive income						Income for the period				Other comprehensive income
Interest and adjustment for the application of the effective interest rate of financial assets measured at fair value through other comprehensive income	Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022			Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021
from debt government securities		32,344,612		70,899,773		(3,733,566	)		(5,602,292	)		30,141,798		63,212,717		(147,991	)		608,486
Total		32,344,612		70,899,773		(3,733,566	)		(5,602,292	)		30,141,798		63,212,717		(147,991	)		608,486

	Income for the period
Items	Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022			Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021
Commissions income
Commissions related to obligations		7,453,038			14,817,005			6,911,601			13,270,009
Commissions related to credits		75,643			125,892			59,339			93,989
Commissions related to loans commitments and financial guarantees		251			911			1,840			2,191
Commissions related to securities value		109,587			221,555			98,042			182,660
Commissions for credit cards		4,407,388			8,875,125			3,950,036			8,121,995
Commissions for insurances		787,514			1,553,685			768,676			1,552,909
Commissions related to trading and foreign exchange transactions		280,893			575,659			294,987			583,084
Total		13,114,314			26,169,832			12,084,521			23,806,837
Commissions expenses
Commissions related to trading and foreign exchange transactions		(21,003	)		(63,151	)		(28,181	)		(49,533	)
Other
Commissions paid ATM exchange		(707,922	)		(1,347,859	)		(643,966	)		(1,320,588	)
Checkbooks commissions and compensating cameras		(233,244	)		(453,466	)		(213,585	)		(411,319	)
Commissions credit cards and foreign trade		(126,787	)		(251,680	)		(131,928	)		(247,451	)
Total		(1,088,956	)		(2,116,156	)		(1,017,660	)		(2,028,891	)

- 132 -

Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT R

VALUE ADJUSTMENT FOR CREDIT LOSSES - ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF JUNE 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

			Movements between stages of the period
						ECL of remanent life of financial asset
Item	Amounts at beginning of the fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk			Financial instruments with impairment			Monetary effect generated by provisions			06/30/2022
Other financial assets		36,010		28,301									(13,526	)		50,785
Loans and other financing		13,112,026		472,074			(1,960,270	)		586,702			(3,483,793	)		8,726,739
Other financial institutions		4,971		(873	)								(1,152	)		2,946
To the non-financial private sector and foreign residents
Overdrafts		964,008		126,857			(5,666	)		(336,049	)		(243,818	)		505,332
Documents		1,309,229		32,611			(154,455	)		(7,651	)		(330,206	)		849,528
Mortgage loans		2,720,563		(29,097	)		(1,662,800	)		703,485			(678,864	)		1,053,287
Pledge loans		168,223		1,524			(947	)		(8,903	)		(43,563	)		116,334
Personal loans		3,377,340		162,338			51,231			221,631			(971,777	)		2,840,763
Credit cards		2,199,199		234,259			77,964			137,023			(648,067	)		2,000,378
Financial leases		19,904		2,874			(93	)		(2,882	)		(5,804	)		13,999
Other		2,348,589		(58,419	)		(265,504	)		(119,952	)		(560,542	)		1,344,172
Eventual commitments		453,308		186,679			6,857						(147,517	)		499,327
Other debt securities		739		154									(217	)		676
Total allowances		13,602,083		687,208			(1,953,413	)		586,702			(3,645,053	)		9,277,527

VALUE ADJUSTMENT FOR CREDIT LOSSES - ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2022, except as otherwise indicated)

			Movements between stages for the fiscal year
						ECL of remanent life of financial asset
Item	Amounts at beginning of the fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk			Financial instruments with impairment			Monetary effect generated by provisions			12/31/2021
Other financial assets		38,896		11,947									(14,833	)		36,010
Loans and other financing		20,599,715		(3,321,121	)		690,606			1,944,772			(6,801,946	)		13,112,026
Other financial institutions		34,140		(21,193	)								(7,976	)		4,971
To the non-financial private sector and foreign residents
Overdrafts		1,409,253		165,517			93,231			(355,738	)		(348,255	)		964,008
Documents		1,098,702		356,182			245,134			9,943			(400,732	)		1,309,229
Mortgage loans		1,547,387		67,545			1,466,215			247,213			(607,797	)		2,720,563
Pledge loans		276,093		(3,841	)		(54,203	)		46,800			(96,626	)		168,223
Personal loans		5,848,280		(1,125,487	)		(453,260	)		1,475,387			(2,367,580	)		3,377,340
Credit cards		6,964,466		(2,410,912	)		(1,061,647	)		614,748			(1,907,456	)		2,199,199
Financial leases		20,649		13,863			(5	)		(8,787	)		(5,816	)		19,904
Other		3,400,745		(362,795	)		455,141			(84,794	)		(1,059,708	)		2,348,589
Eventual commitments		35,361		419,667			62,016						(63,736	)		453,308
Other debts securities		2,760		(1,473	)								(548	)		739
Total allowances		20,676,732		(2,890,980	)		752,622			1,944,772			(6,881,063	)		13,602,083

- 133 -

Delfín Jorge Ezequiel Carballo
Chairperson

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: September 29, 2022

	MACRO BANK INC.

	By:	/s/ Jorge Francisco Scarinci
	Name: Jorge Francisco Scarinci
	Title: Chief Financial Officer

Banco Macro (BMA) 6-KCurrent report (foreign)