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

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

November 23, 2022

Commission File Number: 001-32827

MACRO BANK INC.

(Translation of registrant’s name into English)

Avenida Eduardo Madero 1182

Ciudad Autónoma de Buenos Aires C1106 ACY

Tel: 54 11 5222 6500

(Address of registrant’s principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F   ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ¨ No x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes o No x

3Q22 Earnings Release

Banco Macro Announces Results for the Third Quarter of 2022

Buenos Aires, Argentina, November 23, 2022 – Banco Macro S.A. (NYSE: BMA; BYMA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the third quarter ended September 30, 2022 (“3Q22”). All figures are in Argentine pesos (Ps.) and have been restated in terms of the measuring unit current at the end of the reporting period. As of 1Q20, the Bank began reporting results applying Hyperinflation Accounting, in accordance with IFRS IAS 29 as established by the Central Bank. For ease of comparison, figures of previous quarters of 2022 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through September 30, 2022.

Summary

•The Bank’s net income totaled Ps.8.9 billion in 3Q22. This result was 76% higher than the Ps.5.5 billion posted in 2Q22 and 34% lower than the result registered in 3Q21. As of 3Q22, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 7.7% and 1.9%, respectively.

• In 3Q22 Net Operating Income (before G&A and personnel expenses) totaled Ps.121.6 billion, 22% or Ps.22.2 billion higher than in 2Q22 and 54% or Ps.42.6 billion higher than the same period of last year.

• In 3Q22 Operating Income (after G&A and personnel expenses) totaled Ps.75.1 billion, 39% or Ps.20.1 billion higher than in 2Q22 and 101% or Ps.37.7 billion higher than the same period of last year.

• In 3Q22, Banco Macro’s financing to the private sector decreased 7% or Ps.37.2 billion quarter over quarter (“QoQ”) totaling Ps.506.8 billion and decreased 9% or Ps.53.1 billion year over year (“YoY”).

• In 3Q22, Banco Macro’s total deposits increased 7% or Ps.77.7 billion QoQ, totaling Ps.1.1 trillion and representing 84% of the Bank’s total liabilities. Private sector deposits increased 5% or Ps.45.3 billion QoQ.

• Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.351.9 billion, 40.4% regulatory capital ratio – Basel III and 36.1% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 90% of its total deposits in 3Q22.

• In 3Q22, the Bank’s non-performing to total financing ratio was 1.27% and the coverage ratio reached 153.13%.

3Q22 Earnings Release Conference Call		IR Contacts in Buenos Aires:
Monday, November 28, 2022		Jorge Scarinci
Time: 11:00 a.m. Eastern Time | 12:00 p.m. Buenos Aires Time		Chief Financial Officer
To participate, please dial:
Argentina Toll Free:		Nicolás A. Torres
(011) 3984 5677		Investor Relations
Participants Dial In (Toll Free):
+1 (844) 450 3847	Webcast Replay: click here	Phone: (54 11) 5222 6682
Participants International Dial In:		E-mail: investorelations@macro.com.ar
+1 (412) 317 6370	Available from 11/28/2022 through 12/12/2022
Conference ID: Banco Macro		Visit our website at:
Webcast: click here		www.macro.com.ar/relaciones-inversores

2 

3Q22 Earnings Release

Disclaimer

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

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

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

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

3 

3Q22 Earnings Release

This Earnings Release has been prepared in accordance with the accounting framework established by the Central Bank of Argentina (“BCRA”), based on International Financial Reporting Standards (“I.F.R.S.”) and the resolutions adopted by the International Accouting Standards Board (“I.A.S.B”) and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (“F.A.C.P.E.”). As of January 2020 the Bank started reporting with the application of (i) Expected losses of IFRS 9 “Financial Instruments” and (ii) IAS 29 “Financial Reporting in Hyperinflationary Economies”. Data and figures shown in this Earnings Release may differ from the ones shown in the 20-F annual report. As of fiscal year 2021, the monetary result accrued by items of a monetary nature measured at fair value with changes in Other Comprehensive Income (OCI), is recorded in the Result form the Net Monetary Position integrating the Net Result of the period in accordance with Communication “A” 7211 of the Central Bank of Argentina. Previous quarters of 2021/2 have been restated in accordance with said Communication in order to make a comparison possible.

Results

Earnings per outstanding share were Ps.13.9 in 3Q22, 76% higher than in 2Q22 and 34% lower than the result posted a year ago.

EARNINGS PER SHARE	MACRO Consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)		3Q21	4Q21	1Q22	2Q22	3Q22		QoQ		YoY
Net income -Parent Company- (M $)		13,461	17,495	8,596	5,055	8,883		76	%	-34	%
Average # of shares outstanding (M)		639	639	639	639	639		0	%	0	%
Average #of treasury stocks (shares repurchased) (M)		0	0	0	-	-		-		-100	%
Book value per avg. Outstanding share ($)		592	620	632	648	665		3	%	12	%
Shares Outstanding (M)		639	639	639	639	639		0	%	0	%
Earnings per avg.  outstanding share ($)		21.07	27.38	13.45	7.91	13.90		76	%	-34	%
EOP FX (Pesos per USD)		98.7350	102.7500	110.9783	125.2150	147.3150		18	%	49	%
Book value per avg. issued ADS (USD)		59.96	60.34	56.95	51.75	45.14		-13	%	-25	%
Earnings per avg. outstanding ADS (USD)		2.13	2.66	1.21	0.63	0.94		49	%	-56	%

Banco Macro’s 3Q22 net income of Ps.8.9 billion was 76% or Ps.3.8 billion higher than the previous quarter and 34% or Ps.4.6 billion lower YoY. This result represented an accumulated annualized ROAE and ROAA of 7.7% and 1.9% respectively.

Net operating income (before G&A and personnel expenses) was Ps.121.6 billion in 3Q22, 22% or Ps.22.2 billion higher compared to 2Q22 due to higher income from financial instruments at fair value through P&L and higher fx gains. On a yearly basis Net operating income increased 54% or Ps.42.6 billion.

In 3Q22 Provision for loan losses totaled Ps.1.4 billion, increasing 51% or Ps.483 million compared to the previous quarter. On a yearly basis, Provision for loan losses increased 268% or Ps.1 billion.

Operating income (after G&A and personnel expenses) was Ps.75.1 billion in 3Q22, 39% or Ps.20.9 billion higher than in 2Q22 and 101% or Ps.37.7 billion higher than a year ago.

It is important to emphasize that this result was obtained with a leverage of only 4.4x assets to equity ratio.

4 

3Q22 Earnings Release

INCOME STATEMENT	MACRO Consolidated					Change
In MILLION $ (Measuring Unit Current at EOP)	3Q21	4Q21	1Q22	2Q22	3Q22	QoQ		YoY
Net Interest Income	54,446	59,321	59,992	65,553	63,488	-3	%	17	%
Net fee income	14,322	14,548	14,617	14,557	14,242	-2	%	-1	%
Net Interest Income + Net Fee Income	68,768	73,869	74,609	80,110	77,730	-3	%	13	%
Net Income from financial instruments  at fair value through P&L	6,327	5,875	9,125	9,006	25,531	183	%	304	%
Income from assets at amortized cost	0	151	0	0	0	0	%	0	%
Differences in quoted prices of gold  and foreign currency	1,083	2,657	4,414	6,562	16,030	144	%	1380	%
Other operating income	3,228	3,303	4,744	4,656	3,745	-20	%	16	%
Provision for loan losses	387	3,260	1,066	942	1,425	51	%	268	%
Net Operating Income	79,019	82,595	91,826	99,392	121,611	22	%	54	%
Employee benefits	16,516	16,153	14,039	18,478	17,655	-4	%	7	%
Administrative expenses	8,223	9,793	7,890	8,326	8,295	0	%	1	%
Depreciation and impairment of assets	3,033	3,074	3,136	3,223	3,287	2	%	8	%
Other operating expenses	13,804	16,409	14,484	15,142	17,275	14	%	25	%
Operating Income	37,443	37,166	52,277	54,223	75,099	39	%	101	%
Result from associates & joint ventures	-2	58	-51	-49	-97	-		-
Result from net monetary postion	-23,458	-25,206	-41,375	-46,592	-58,335	25	%	149	%
Result before taxes from continuing operations	13,983	12,018	10,851	7,582	16,667	120	%	19	%
Income tax	522	-5,477	2,255	2,527	7,784	208	%	1391	%
Net income from continuing operations	13,461	17,495	8,596	5,055	8,883	76	%	-34	%
		-	-
Net Income of the period	13,461	17,495	8,596	5,055	8,883	76	%	-34	%
Net income of the period attributable  to parent company	13,461	17,496	8,613	5,059	8,865	75	%	-34	%
Net income of the period attributable  to minority interest	-	-1	-17	-4	18	-		-
Other Comprehensive Income	105	115	-855	-3,834	2,079	-		-
Foreign currency translation differences in financial statements conversion	-337	-320	-369	-189	-178	-		-
Profits or losses from financial assets measured at fair value  through other comprehensive income (FVOCI)  (IFRS 9(4.1.2)(a)	442	435	-486	-3,645	2,257	-162	%	411	%
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	13,566	17,610	7,741	1,221	10,962	798	%	-19	%
Total Comprehensive Income attributable to parent Company	13,566	17,611	7,758	1,225	10,944	793	%	-19	%
Total Comprehensive Income attributable to non-controlling interests	-	-1	-17	-4	18	-		-

The Bank’s 3Q22 net interest income totaled Ps.63.5 billion, 3% or Ps.2.1 billion lower than in 2Q22 but 17% or Ps.9 billion higher YoY.

In 3Q22 interest income totaled Ps.137.2 billion, 17% or Ps.20 billion higher than in 2Q22 and 50% or Ps. 45.8 billion higher than in 3Q21.

Income from interest on loans and other financing totaled Ps.55.5 billion, 9% or Ps.4.6 billion higher compared to the previous quarter, due to a 324 b.p increase in the average lending rates. On a yearly basis, Income from interest on loans increased 22% or Ps.9.8 billion.

In 3Q22 income from government and private securities increased 19% or Ps.12.2 billion QoQ and increased 86% or Ps.36 billion compared with the same period of last year. This result is explained 14% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 86% is explained by income from sovereign bonds at amortized cost.

5 

3Q22 Earnings Release

In 3Q22, income from Repos totaled Ps.3.9 billion, 358% or Ps.3 billion higher than the previous quarter and 3% or Ps.107 million lower than a year ago.

In 3Q22 FX income totaled Ps.16 billion, 144% or Ps.9.5 billion higher than the previous quarter and Ps.15 billion higher than a year ago, due to the Bank’s long dollar position, and a 18% depreciation in the quarter of the Argentine peso against the US dollar.

FX INCOME	MACRO Consolidated			Variation
In MILLION $ (Measuring Unit Current at EOP)	3Q21	2Q22	3Q22	QoQ		YoY
(1) Differences in quoted prices of  gold and foreign currency	1,083	6,562	16,030	144	%	1381	%
Translation of FX assets and liabilities to Pesos	840	6,381	15,699	146	%	1769	%
Income from foreign currency exchange	243	181	332	83	%	37	%
(2) Net Income from financial assets and liabilities at fair value through P&L	-	9	105	-		-
Income from investment in derivative financing instruments	-	9	105	-		-
(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency	1,083	6,562	16,030	144	%	1381	%

INTEREST INCOME	MACRO Consolidated					Change
In MILLION $ (Measuring Unit Current at EOP)	3Q21	4Q21	1Q22	2Q22	3Q22	QoQ		YoY
Interest on Cash and due from Banks	5	5	4	19	97	411	%	1840	%
Interest from government securities	41,604	42,483	49,439	65,438	77,676	19	%	87	%
Interest from private securities	80	64	36	27	33	22	%	-59	%
Interest on loans and other financing
To the financial sector	254	231	132	96	83	-14	%	-67	%
To the public non financial sector	659	516	395	313	298	-5	%	-55	%
Interest on overdrafts	3,319	3,411	3,626	4,695	6,542	39	%	97	%
Interest on documents	4,238	4,978	4,365	4,528	6,171	36	%	46	%
Interest on mortgages loans	5,489	6,323	6,688	8,571	8,503	-1	%	55	%
Interest on pledged loans	468	761	742	669	604	-10	%	29	%
Interest on personal loans	19,422	20,207	19,750	19,326	18,579	-4	%	-4	%
Interest on credit cards loans	5,882	6,795	7,270	7,802	8,661	11	%	47	%
Interest on financial leases	-2	63	65	56	75	34	%	-3850	%
Interest on other loans	5,889	5,833	5,377	4,761	5,933	25	%	1	%
Interest on Repos
From the BCRA	4,001	2,790	569	703	3,832	445	%	-4	%
Other financial institutions	10	14	50	150	72	-52	%	620	%
Total Interest income	91,318	94,474	98,508	117,154	137,159	17	%	50	%
Income from Interest on loans	45,618	49,118	48,410	50,817	55,449	9	%	22	%

The Bank’s 3Q22 interest expense totaled Ps.73.7billion, increasing 43% or Ps.22.1 billion compared to the previous quarter and 100% or Ps.36.8 billion higher compared to 3Q21.

In 3Q22, interest on deposits represented 98% of the Bank’s total interest expense, increasing 45% or Ps.22.4 billion QoQ, due to a 950 b.p. increase in the average rate paid on deposits while the average volume of deposits from the private sector increased 8%. On a yearly basis, interest on deposits increased 106% or Ps.37.2 billion.

6

3Q22 Earnings Release

INTEREST EXPENSE	MACRO Consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)	3Q21	4Q21	1Q22	2Q22	3Q22		QoQ		YoY
Deposits
Interest on checking accounts	179	236	616	1,614	3,359		108	%	1777	%
Interest on saving accounts	476	506	562	819	906		11	%	90	%
Interest on time deposits	34,484	32,911	35,700	47,472	68,034		43	%	97	%
Interest on other financing from BCRA and financial inst.	42	34	64	88	119		35	%	183	%
Repos
Other financial institutions	135	100	311	390	87		-78	%	-36	%
Interest on corporate bonds	201	184	160	69	11		-84	%	-95	%
Interest on subordinated bonds	1,342	1,175	1,039	984	959		-3	%	-29	%
Interest on other financial liabilities	13	7	64	165	196	��	19	%	1408	%
Total financial expense	36,872	35,153	38,516	51,601	73,671		43	%	100	%
Expenses from interest on deposits	35,139	33,653	36,878	49,905	72,299		45	%	106	%

In 3Q22, the Bank’s net interest margin (including FX) was 28.1%, higher than the 24.7% posted in 2Q22 and the 19.1% posted in 3Q21.

In 3Q22, Net Interest Margin (excluding FX) was 22.5%, unchanged from the one posted in 2Q22 and higher than the 18.7% posted in 3Q21.

In 3Q22 Net Interest Margin (Pesos) was 24.5%, lower than the 25.1% posted in 2Q22 but higher than the 20.8% posted in 3Q21; meanwhile Net Interest Margin (USD) was 5%, higher than the 3.5% posted in 2Q22 and higher than the 3.9% registered in 3Q21.

ASSETS & LIABILITIES PERFORMANCE (AR$)	MACRO Consolidated
In MILLION $	3Q21						4Q21					1Q22						2Q22						3Q22
(Measuring Unit Current at EOP)	AVERAGE		REAL INT		NOMINAL		AVERAGE	REAL INT		NOMINAL		AVERAGE	REAL INT		NOMINAL			AVERAGE		REAL INT		NOMINAL		AVERAGE	REAL INT		NOMINAL
Yields & rates in annualized nominal %	BALANCE		RATE		INT RATE		BALANCE	RATE		INT RATE		BALANCE	RATE		INT RATE			BALANCE		RATE		INT RATE		BALANCE	RATE		INT RATE
Interest-earning assets
Loans & Other Financing
Public Sector		5,715	6.5	%	45.7	%	4,835	1.3	%	42.3	%	3,563	-12.2	%		45.0	%		2,809	-14.6	%	44.7	%	2,741	-23.6	%	43.1	%
Financial Sector		2,827	-0.9	%	35.6	%	2,793	-5.5	%	32.8	%	1,591	-19.1	%		33.6	%		1,098	-20.5	%	34.7	%	963	-28.3	%	34.2	%
Private Sector		493,029	-2.2	%	33.8	%	527,126	-4.4	%	34.3	%	509,672	-17.5	%		36.2	%		488,001	-17.5	%	39.7	%	484,753	-23.5	%	43.2	%
Other debt securities
Central Bank Securities (Leliqs)		236,186	0.5	%	37.5	%	225,772	-2.1	%	37.6	%	273,554	-15.1	%		40.3	%		319,133	-10.7	%	51.2	%	382,907	-9.8	%	68.8	%
Government & Private Securities		228,159	-2.4	%	33.6	%	204,198	0.3	%	40.9	%	207,670	-13.2	%		43.3	%		208,826	-13.0	%	47.4	%	105,199	-24.0	%	42.2	%
Repos		43,798	-0.4	%	36.3	%	30,753	-3.1	%	36.2	%	7,270	-18.6	%		34.5	%		9,053	-18.7	%	37.8	%	25,879	-14.6	%	59.9	%
Total interest-earning assets		1,009,714	-1.5	%	34.8	%	995,477	-2.9	%	36.5	%	1,003,320	-16.0	%		38.8	%		1,028,920	-14.5	%	44.8	%	1,002,442	-18.1	%	53.3	%
Fin. Assets through P&L and equity inv.		66,657	0.6	%	37.7	%	51,552	3.3	%	45.2	%	53,795	2.2	%		68.8	%		65,691	-8.5	%	55.0	%	130,662	-5.2	%	77.5	%
Other Non interest-earning assets		120,366					119,158					121,924							114,799					53,533
Total Non interest-earning assets		187,023					170,710					175,719							180,490					184,195
Total Average Assets		1,196,737					1,166,187					1,179,039							1,209,410					1,186,637
Interest-bearing liabilities
Deposits
Public Sector		39,414	-6.4	%	28.1	%	33,029	-9.1	%	27.7	%	35,674	-21.4	%		29.8	%		53,037	-20.9	%	34.0	%	62,253	-21.6	%	46.8	%
Private Sector		534,783	-9.4	%	24.0	%	525,700	-12.0	%	23.6	%	538,907	-23.8	%		25.8	%		564,428	-21.9	%	32.3	%	611,925	-24.1	%	42.1	%
BCRA and other financial institutions		695	-8.1	%	25.7	%	515	-10.8	%	25.4	%	805	-20.0	%		32.2	%		927	-16.2	%	42.0	%	640	-3.5	%	80.6	%
Corporate bonds		4,402	-13.7	%	18.1	%	5,207	-18.9	%	14.0	%	4,596	-30.9	%		14.1	%		1,730	-33.7	%	12.3	%	0	0.0	%	0.0	%
Repos		2,172	-8.9	%	24.7	%	1,371	-8.3	%	28.9	%	4,008	-20.4	%		31.5	%		4,473	-20.3	%	35.0	%	758	-22.3	%	45.5	%
Other financial liabilities		1215	-0.262		0.01		3646	-0.288		0.001		3624	-0.353			0.068			4250	-0.322		0.149		3141	-0.351		0.215
Total int.-bearing liabilities		582,681	-9.2	%	24.2	%	569,468	-12.0	%	23.7	%	587,614	-23.8	%		25.9	%		628,845	-21.9	%	32.3	%	678,717	-23.9	%	42.5	%
Total non int.-bearing liabilities		371,090					383,892					363,561							343,821					317,967
Total Average Liabilities		953,771					953,360					951,175							972,666					996,684
Assets Performance			88,508					91,562					95,988							114,920					134,660
Liabilities Performance			35,490					33,952					37,461							50,592					72,665
Net Interest Income			53,018					57,610					58,527							64,328					61,995
Total interest-earning assets			1,009,714					995,477					1,003,320							1,028,920					1,002,442
Net Interest Margin (NIM)			20.8	%				23.0	%				23.7	%						25.1	%				24.5	%

7

3Q22 Earnings Release

ASSETS & LIABILITIES PERFORMANCE USD	MACRO Consolidated
In MILLION $	3Q21								4Q21								1Q22								2Q22								3Q22
(Measuring Unit Current at EOP)	AVERAGE		REAL INT			NOMINAL			AVERAGE		REAL INT			NOMINAL			AVERAGE		REAL INT			NOMINAL			AVERAGE		REAL INT			NOMINAL			AVERAGE		REAL INT			NOMINAL
Yields & rates in annualized nominal %	BALANCE		RATE			INT RATE			BALANCE		RATE			INT RATE			BALANCE		RATE			INT RATE			BALANCE		RATE			INT RATE			BALANCE		RATE			INT RATE
Interest-earning assets
Cash and Deposits in Banks		92,258		-17.8	%		0.0	%		82,788		-17.3	%		0.0	%		69,569		-19.8	%		0.0	%		67,609		-10.5	%		0.1	%		65,428		-8.6	%		0.6	%
Loans & Other Financing
Financial Sector		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%		41		-1.8	%		9.8	%		0		0.0	%		0.0	%
Private Sector		38,092		5.7	%		28.6	%		31,844		11.3	%		34.6	%		24,536		12.1	%		39.8	%		24,177		21.1	%		35.5	%		26,698		21.7	%		34.0	%
Other debt securities
Central Bank		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%		3,826		0.0	%		0.0	%
Government & Private Securities		14,363		-16.4	%		1.7	%		49,165		-16.5	%		1.0	%		49,679		-19.1	%		0.9	%		48,822		-10.1	%		0.6	%		22,360		-7.4	%		2.0	%
Total interest-earning assets		144,713		-11.5	%		7.7	%		163,797		-11.5	%		7.1	%		143,784		-14.1	%		7.1	%		140,649		-4.9	%		6.4	%		118,312		-1.3	%		8.7	%
Non interest-earning assets		257,929								251,286								244,737								239,624								303,247
Total Average Assets		402,642								415,083								388,521								380,273								417,733
Interest-bearing liabilities
Deposits
Public Sector		4,896		-17.7	%		0.1	%		7,183		-17.3	%		0.1	%		8,057		-19.7	%		0.1	%		4,967		-10.5	%		0.1	%		3,867		-9.1	%		0.1	%
Private Sector		113,028		-17.7	%		0.1	%		100,879		-17.3	%		0.1	%		91,431		-19.8	%		0.0	%		86,523		-10.6	%		0.0	%		75,727		-9.2	%		0.0	%
BCRA and other financial institutions		926		-15.3	%		3.0	%		678		-14.0	%		4.1	%		418		-17.5	%		2.9	%		664		-7.4	%		3.6	%		2,199		-4.9	%		4.7	%
Issued corporate bonds		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%		1,591		-8.8	%		2.0	%		2,227		-7.4	%		2.0	%
Subordinated bonds		75,467		-12.0	%		7.1	%		70,678		-11.9	%		6.6	%		66,389		-14.7	%		6.3	%		61,773		-4.9	%		6.4	%		59,088		-3.4	%		6.4	%
Total int.-bearing liabilities		194,317		-15.5	%		2.8	%		179,418		-15.1	%		2.7	%		166,295		-17.7	%		2.6	%		155,518		-8.3	%		2.6	%		143,108		-6.6	%		2.8	%
Total non int.-bearing liabilities		86,441								73,473								65,512								65,754								68,439
Total Average liabilities		280,758								252,891								231,807								221,272								211,547
Assets Performance				2,810								2,912								2,520								2,234								2,499
Liabilities Performance				1,382								1,201								1,055								1,009								1,006
Net Interest Income				1,428								1,711								1,465								1,225								1,493
Total interest-earning assets				144,713								163,797								143,784								140,649								118,312
Net Interest Margin (NIM)				3.9	%							4.1	%							4.1	%							3.5	%							5.0	%

In 3Q22 Banco Macro’s net fee income totaled Ps.14.2 billion, 2% or Ps.315 million lower than in 2Q22 and 1% or Ps.80 million lower than the same period of last year.

In the quarter, fee income totaled Ps.15.8 billion, 2% or Ps.305 million lower than in 2Q22. Insurance fees, ATM transaction fees and fees charged on deposit accounts stand out with a 12% (Ps.119 million), 6% (Ps.88 million) and 1% (Ps.87 million) decrease respectively, which were partially offset by a 5% increase in corporate services fees and a 2% increase in credit card fees. On a yearly basis, fee income decreased Ps.22 million.

In the quarter, total fee expense increased 1% or Ps.10 million. On a yearly basis, fee expenses increased 4% or Ps.58 million.

NET FEE INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q21		4Q21		1Q22		2Q22		3Q22		QoQ			YoY
Fees charged on deposit accounts		70		71		52		53		49		-8	%		-30	%
Credit card fees		6,190		5,996		6,168		6,006		5,919		-1	%		-4	%
Corporate services fees		356		358		307		251		205		-18	%		-42	%
ATM transactions fees		1,461		1,485		1,395		1,424		1,336		-6	%		-9	%
Insurance fees		20		22		19		20		15		-25	%		-25	%
Debit card fees		917		984		935		961		842		-12	%		-8	%
Financial agent fees (Provinces)		1,813		1,933		2,039		2,158		2,272		5	%		25	%
Credit related fees		871		902		832		926		872		-6	%		0	%
Mutual funds & securities fees		1,017		1,096		1,076		1,044		1,028		-2	%		1	%
AFIP & Collection services		2,813		2,926		2,967		2,898		2,950		2	%		5	%
ANSES fees		336		411		339		405		353		-13	%		5	%
Total fee income		15,864		16,184		16,129		16,146		15,841		-2	%		0	%
Total fee expense		1,541		1,636		1,512		1,589		1,599		1	%		4	%
Net fee income		14,323		14,548		14,617		14,557		14,242		-2	%		-1	%

In 3Q22 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.25.5 billion gain, 183% or Ps.16.5 billion higher than the previous quarter. This increase is mostly related to higher income from government securities (mainly TV23) which increased 416% or Ps.14.7 billion. On a yearly basis Net income from financial assets and liabilities at fair value through profit or loss increased 304% or Ps.19.2 billion.

8 

3Q22 Earnings Release

NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q21		4Q21		1Q22		2Q22		3Q22		QoQ			YoY
Profit or loss from government securities		4,901		4,560		2,007		3,531		18,223		416	%		272	%
Profit or loss from private securities		892		-75		216		4,970		7,049		42	%		690	%
Profit or loss from investment in derivative financing instruments		0		0		0		9		105		-			-
Profit or loss from other financial assets		-2		-11		-4		-5		-35		600	%		-
Profit or loss from investment in equity instruments		-92		973		5,467		323		-81		-125	%		-
Profit or loss from the sale of financial assets at fair value		759		442		1,439		178		270		52	%		-64	%
Income from financial assets at fair value through profit or loss		6,458		5,889		9,125		9,006		25,531		183	%		295	%
Profit or loss from derivative financing instruments		-131		-14		0		0		0		-			-
Income from financial liabilities at fair value through profit or loss		-131		-14		0		0		0		-			-
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS		6,327		5,875		9,125		9,006		25,531		183	%		304	%

In the quarter Other Operating Income totaled Ps.3.7 billion, 20% or Ps.911 million lower than in 2Q22. On a yearly basis, Other Operating Income increased 16% or Ps.517 million.

OTHER OPERATING INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q21		4Q21		1Q22		2Q22		3Q22		QoQ			YoY
Credit and debit cards		161		235		260		278		292		5	%		81	%
Lease of safe deposit boxes		501		494		492		463		436		-6	%		-13	%
Other service related fees		1,417		1,202		1,170		1,100		1,120		2	%		-21	%
Other adjustments and interest from other receivables		507		504		614		762		970		27	%		91	%
Initial recognition of loans		0		0		610		-510		-101		-			-
Sale of property, plant and equipment		0		4		0		0		0		-			-
Others		642		799		1,580		2,559		1,029		-60	%		60	%
Other Operating Income		3,228		3,303		4,744		4,656		3,745		-20	%		16	%

In 3Q22 Banco Macro’s administrative expenses plus employee benefits totaled Ps.26 billion, decreasing 3% or Ps.854 million compared to the previous quarter, personnel expenses decreased 4% while administrative expenses remained unchaged. On a yearly basis administrative expenses plus employee benefits increased 5% or Ps.1.2 billion.

Employee benefits decreased 4% or Ps.823 million QoQ with lower remunerations and lower employee services, both of them with 7% decreases. On a yearly basis Employee benefits increased 7% or Ps.1.1 billion.

In 3Q22, administrative expenses decreased Ps.31 million, due to lower advertising fees (36% decrease) which is partially offset by a 3% or Ps.35 million increase in

As of 3Q22, the efficiency ratio reached 29.1%, improving from the 31.2 % posted in 2Q22 and considerably better than the 37.6% posted a year ago. In 3Q22 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) decreased 3%, while income (net interest income + net fee income + differences in quoted prices of gold and foreign currency + other operating income + net income from financial assets at fair value through profit or loss – (Turnover Tax + Insurance on deposits)) increased 23% compared to 2Q22.

9 

3Q22 Earnings Release

PERSONNEL & ADMINISTRATIVE EXPENSES	MACRO Consolidated											Change
In MILLION $ (Measuring Unit Current at EOP)		2Q21		3Q21		4Q21		1Q22		2Q22			QoQ		YoY
Employee benefits		13,766		13,540		13,244		11,509		15,149			32	%	10	%
Remunerations		9,969		9,483		9,180		7,824		10,631			36	%	7	%
Social Security Contributions		2,285		2,189		2,187		1,804		2,502			39	%	9	%
Compensation and bonuses		1,210		1,489		1,364		1,437		1,496			4	%	24	%
Employee services		302		379		513		444		520			17	%	72	%
Administrative Expenses		6,373		6,741		8,028		6,468		6,826			6	%	7	%
Taxes		982		1,012		1,009		1,012		1,146			13	%	17	%
Maintenance, conservation fees		1,085		1,161		1,211		1,044		1,071			3	%	-1	%
Directors & statutory auditors fees		167		182		525		324		221			-32	%	32	%
Security services		683		703		705		671		647			-4	%	-5	%
Electricity & Communications		708		678		657		639		599			-6	%	-15	%
Other professional fees		634		549		674		597		612			3	%	-3	%
Rental agreements		31		31		40		33		33			0	%	6	%
Advertising & publicity		279		330		475		298		560			88	%	101	%
Personnel allowances		67		74		135		78		105			35	%	57	%
Stationary & Office Supplies		42		45		49		45		47			4	%	12	%
Insurance		90		111		86		78		69			-12	%	-23	%
Hired administrative services		39		45		56		45		41			-		5	%
Other		1,566		1,820		2,406		1,604		1,675			4	%	7	%
Total Administrative Expenses		20,139		20,281		21,272		17,977		21,975			22	%	9	%
Total Employees		8,318		8,167		8,005		7,982		7,925
Branches		464		464		466		466		466
Efficiency ratio		38.8	%	37.4	%	29.6	%	32.7	%	25.8	%
Accumulated efficiency ratio		37.6	%	37.5	%	29.6	%	31.2	%	29.1	%

In 3Q22, Other Operating Expenses totaled Ps.17.3 billion, increasing 14% or Ps.2.1 million QoQ, due to higher Turnover tax and initial loan recognition expenses (16% and Ps.385 million increases respectively). On a yearly basis Other Operating Expenses increased 25% or Ps.3.5 billion.

OTHER OPERATING EXPENSES	MACRO Consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)		3Q21	4Q21	1Q22	2Q22	3Q22		QoQ		YoY
Turnover Tax		7,347	7,668	7,942	8,090	9,420		16	%	28	%
Other provision charges		612	839	612	646	1,019		58	%	67	%
Deposit Guarantee Fund Contributions		411	403	393	393	407		4	%	-1	%
Donations		13	32	179	16	139		769	%	969	%
Insurance claims		35	62	77	71	97		37	%	177	%
Initial loan recognition		214	1,330	0	0	385		100	%	80	%
Others		5,172	6,075	5,281	5,926	5,808		-2	%	12	%
Other Operating Expenses		13,804	16,409	14,484	15,142	17,275		14	%	25	%

In 3Q22 the result from the net monetary position totaled a Ps.58.3 billion loss, 25% or Ps.11.7 billion higher than the loss posted in 2Q22 and 149% or Ps.34.9 billion higher than the loss registered in 3Q21. Higher inflation was observed during the quarter (467 b.p. above 2Q22 level, up from 17.3% to 22%).

OPERATING RESULT	MACRO consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)		3Q21	4Q21	1Q22	2Q22	3Q22		QoQ		YoY
Operating Result (exc. Loss from net monetary position)		37,443	37,166	52,277	54,223	75,099		39	%	101	%
Result from net monetary position (i.e. inflation adjustment)		-23,458	-25,206	-41,375	-46,592	-58,335		25	%	149	%
Operating Result (Inc. Loss from net monetary position)		13,985	11,960	10,902	7,631	16,764		120	%	20	%

In 3Q22 Banco Macro's effective income tax rate was 46.7%. For more information please see note 22 to our Financial Statements.

10 

3Q22 Earnings Release

Financial Assets

Private sector financing

The volume of “core” financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.506.8 billion, decreasing 7% or Ps.37.2 billion QoQ and 9% or Ps.53.1 billion YoY.

Within Commercial loans Overdrafts and Documents, stand out with an 18% or Ps.8.7 billion decrease and a 9% or Ps.5.5 billion increase respectively.

Meanwhile within Consumer lending both Personal loans decreased 12% or Ps.16.3 billion while Credit card loans decreased 6% or Ps.9.6 billion.

Within private sector financing, peso financing decreased 6% or Ps.33.3 billion, while US dollar financing decreased 26% or USD 63 million.

As of 3Q22, Banco Macro´s market share over private sector loans was 7.3%.

FINANCING TO THE PRIVATE SECTOR	MACRO Consilidated											Change
In MILLION $ (Measuring Unit Current at EOP)		3Q21		4Q21		1Q22		2Q22		3Q22			QoQ		YoY
Overdrafts		35,693		38,638		37,511		48,384		39,658			-18	%	11	%
Discounted documents		68,350		65,865		52,997		58,464		63,931			9	%	-6	%
Mortgage loans		32,318		36,561		31,344		25,063		20,929			-16	%	-35	%
Pledged loans		11,098		12,167		10,669		9,874		7,992			-19	%	-28	%
Personal loans		155,072		155,471		150,060		141,135		124,832			-12	%	-20	%
Credit Card loans		144,411		157,709		154,896		163,689		154,108			-6	%	7	%
Others		58,046		58,455		41,685		47,155		43,043			-9	%	-26	%
Interest		49,926		51,235		49,775		48,036		48,836			2	%	-2	%
Total loan portfolio		554,914		576,101		528,937		541,800		503,329			-7	%	-9	%
Total loans in Pesos		520,137		551,576		505,941		512,585		477,984			-7	%	-8	%
Total loans in USD		34,777		24,525		22,996		29,215		25,345			-13	%	-27	%
Financial trusts		636		882		955		553		1,152			108	%	81	%
Leasing		335		794		770		777		1,072			38	%	220	%
Others		3,984		1,789		1,212		872		1,202			38	%	-70	%
Total other financing		4,955		3,465		2,937		2,202		3,426			56	%	-31	%
Total other financing in Pesos		2,910		2,471		2,082		1,373		2,637			92	%	-9	%
Total other financing in USD		2,045		994		855		829		789			-5	%	-61	%
Total financing to the private sector		559,869		579,566		531,874		544,002		506,755			-7	%	-9	%
EOP FX (Pesos per USD)		98.7350		102.7500		110.9783		125.2150		147.3150			18	%	49	%
USD financing / Financing to the private sector		7	%	4	%	4	%	6	%	5	%

11 

3Q22 Earnings Release

Public Sector Assets

In 3Q22, the Bank’s public sector assets (excluding LELIQs and Central Bank Notes) to total assets ratio was 17.8%, lower than the 19% registered in the previous quarter, and higher than the 17.6% posted in 3Q21.

In 2Q22, a 22% or Ps.74.7 billion increase in Leliqs stands out.

PUBLIC SECTOR ASSETS	MACRO Consolidated											Change
In MILLION $ (Measuring Unit Current at EOP)		3Q21		4Q21		1Q22		2Q22		3Q22			QoQ		YoY
Central Bank Notes		-		-		-		26,364.00		35,329
Leliqs		238,640		220,829		303,200		342,999		417,716			22	%	75	%
Other		284,572		295,670		358,353		315,235		312,706			-1	%	10	%
Government securities		523,212		516,499		661,553		684,598		765,751			12	%	46	%
Provincial loans		4,533		3,544		2,604		3,526		1,431			-59	%	-68	%
Loans		4,533		3,544		2,604		3,526		1,431			-59	%	-68	%
Purchase of government bonds		320		299		-		0		0			-		-100	%
Other receivables		320		299		0		0		0			-		-100	%
TOTAL PUBLIC SECTOR ASSETS		528,065		520,342		664,157		688,124		767,182			11	%	45	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)		289,425		299,513		360,957		318,761		314,137			-1	%	9	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS		17.6	%	18.1	%	22.1	%	19.0	%	17.8	%

Funding

Deposits

Banco Macro’s deposit base totaled Ps.1.1 trillion in 3Q22, increasing 7% or Ps.77.7 billion QoQ and a 13% or Ps.132.1 billion increase YoY and representing 84% of the Bank’s total liabilities.

On a quarterly basis, private sector deposits increased 5% or Ps.45.3 billion while public sector deposits increased 32% or Ps.32.6 billion.

The increase in private sector deposits was led by time deposits, which increased 7% or Ps.34.5 billion, while demand deposits decreased 5% or Ps.21.4 billion QoQ.

Within private sector deposits, peso deposits increased 10% or Ps.94.3 billion, while US dollar deposits decreased 25% or USD 289 million.

As of 3Q22, Banco Macro´s market share over private sector deposits was 6.5%.

12 

3Q22 Earnings Release

DEPOSITS	MACRO Consolidated											Change
In MILLION $ (Measuring Unit Current at EOP)		3Q21		4Q21		1Q22		2Q22		3Q22			QoQ		YoY
Public sector		98,708		93,670		112,825		102,190		134,773			32	%	37	%
Financial sector		1,519		1,596		1,479		1,492		1,273			-15	%	-16	%
Private sector		892,078		882,659		855,133		943,060		988,370			5	%	11	%
Checking accounts		180,273		167,516		156,283		162,322		149,090			-8	%	-17	%
Savings accounts		268,492		305,492		268,609		287,854		279,727			-3	%	4	%
Time deposits		420,587		387,695		410,435		471,142		505,632			7	%	20	%
Other		22,726		21,956		19,806		21,742		53,921			148	%	137	%
Total		992,305		977,925		969,437		1,046,742		1,124,416			7	%	13	%
Pesos		808,246		817,493		823,634		899,835		994,147			10	%	23	%
Foreign Currency (Pesos)		184,059		160,432		145,803		146,907		130,269			-11	%	-29	%
EOP FX (Pesos per USD)		98.7350		102.7500		110.9783		125.2150		147.3150			18	%	49	%
Foreign Currency (USD)		1,864		1,561		1,314		1,173		884			-25	%	-53	%
USD Deposits / Total Deposits		19	%	16	%	15	%	14	%	12	%

Banco Macro’s transactional deposits represent approximately 43% of its total deposit base as of 3Q22. These accounts are low cost and are not sensitive to interest rate increases.

Other sources of funds

In 3Q22, the total amount of other sources of funds increased 2% or Ps.9.2 billion compared to 2Q22. On a yearly basis other sources of funds increased 7% or Ps.31.1 billion. In 3Q22 Shareholder’s Equity increased 3% or Ps.10.9 billion due to the total comprehensive income registered in the quarter, this increase was partially offset by a Ps.1.3 billion decrease in subordinated corporate bonds.

OTHER SOURCES OF FUNDS	MACRO Consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)		3Q21	4Q21	1Q22	2Q22	3Q22		QoQ		YoY
Central Bank of Argentina		40	36	32	40	31		-23	%	-23	%
Banks and international institutions		934	456	230	2,348	1,752		-25	%	88	%
Financing received from Argentine financial institutions		115	235	2,612	512	649		27	%	464	%
Subordinated corporate bonds		75,115	69,708	65,858	62,248	60,993		-2	%	-19	%
Corporate bonds		4,646	4,967	4,430	2,323	2,305		-1	%	-50	%
Shareholders' equity		378,592	396,199	403,957	413,891	424,835		3	%	12	%
Total other source of funds		459,442	471,601	477,119	481,362	490,565		2	%	7	%

13

3Q22 Earnings Release

Liquid Assets

In 3Q22, the Bank’s liquid assets amounted to Ps.1 trillion, showing an 8% or Ps.78 billion increase QoQ, and a 14% or Ps.124.9 billion increase on a yearly basis.

In 3Q22, Leliqs increased 22% or Ps.74.7 billion, Net Repos increased 65% or Ps.24.4 billion and were partially offset by a 9% or Ps.20.6 decrease in Cash.

In 3Q22 Banco Macro’s liquid assets to total deposits ratio reached 90%.

LIQUID ASSETS	MACRO Consolidated											Change
In MILLION $ (Measuring Unit Current at EOP)		3Q21		4Q21		1Q22		2Q22		3Q22			QoQ		YoY
Cash		303,844		286,199		251,151		221,633		201,060			-9	%	-34	%
Guarantees for compensating chambers		26,795		25,783		22,892		20,831		22,856			10	%	-15	%
Leliq own portfolio		238,640		220,829		287,036		342,999		417,716			22	%	75	%
Net Repos		37,743		52,157		-16,961		37,759		62,129			65	%	65	%
Other government & private securities		284,572		295,670		358,353		315,235		312,706			-1	%	10	%
Total		893,300		880,638		902,471		938,457		1,016,467			8	%	14	%
Liquid assets to total deposits		93	%	90	%	90	%	93	%	90	%

Solvency

Banco Macro continued showing high solvency levels in 3Q22 with an integrated capital (RPC) of Ps.440.7 billion over a total capital requirement of Ps.88.8 billion. Banco Macro’s excess capital in 3Q22 was 396% or Ps.351.9 billion.

The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 40.4% in 2Q22; TIER1 Ratio stood at 36.1%.

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

MINIMUM CAPITAL REQUIREMENT	MACRO Consolidated											Change
In MILLION $		3Q21		4Q21		1Q22		2Q22		3Q22			QoQ		YoY
Credit risk requirement		34,030		36,726		40,488		45,204		52,233			16	%	53	%
Market risk requirement		1,631		3,585		3,886		4,643		9,998			115	%	513	%
Operational risk requirement		15,691		17,438		19,206		21,817		26,568			22	%	69	%
Total capital requirements		51,352		57,749		63,581		71,664		88,800			24	%	73	%
Ordinary Capital Level 1 (COn1)		203,858		233,700		279,447		336,826		418,322			24	%	105	%
Deductible concepts Level 1 (COn1)		-12,411		-14,585		-16,866		-21,154		-24,630			16	%	98	%
Capital Level 2 (COn2)		42,565		36,401		37,615		40,243		47,051			17	%	11	%
Integrated capital - RPC (i)		234,012		255,516		300,196		355,914		440,743			24	%	88	%
Excess capital		182,660		197,767		236,615		284,250		351,943			24	%	93	%
Risk-weighted assets - RWA (ii)		629,505		708,490		780,016		879,341		1,090,977			24	%	73	%
Regulatory Capital ratio [(i)/(ii)]		37.2	%	36.1	%	38.5	%	40.5	%	40.4	%
Ratio TIER 1 [Capital Level 1/RWA]		30.4	%	30.9	%	33.7	%	35.9	%	36.1	%

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

14

3Q22 Earnings Release

Asset Quality

In 3Q22, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 1.27%, unchanged from the 1.25% registered in 2Q22, and below the 1.67% posted in 3Q21.

Consumer portfolio non-performing loans were unchanged (down to 1.23% from 1.24%) while Commercial portfolio non-performing loans increased 15b.p. in 3Q22 (up to 1.43% from 1.28%).

The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) reached to 153.13% in 3Q22. Write-offs over total loans totaled 0.14%.

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

ASSET QUALITY	MACRO Consolidated											Change
In MILLION $ (Measuring Unit Current at EOP)		3Q21		4Q21		1Q22		2Q22		3Q22			QoQ		YoY
Commercial portfolio		151,305		144,734		116,074		119,233		103,707			-13	%	-31	%
Non-performing		857		1,439		3,211		1,521		1,480			-3	%	73	%
Consumer portfolio		438,415		463,609		435,588		448,121		423,016			-6	%	-4	%
Non-performing		8,975		6,472		5,865		5,567		5,224			-6	%	-42	%
Total portfolio		589,720		608,343		551,662		567,354		526,723			-7	%	-11	%
Non-performing		9,832		7,911		9,076		7,088		6,704			-5	%	-32	%
Commercial non-perfoming ratio		0.57	%	0.99	%	2.77	%	1.28	%	1.43	%
Consumer non-perfoming ratio		2.05	%	1.40	%	1.35	%	1.24	%	1.23	%
Total non-performing/ Total portfolio		1.67	%	1.30	%	1.65	%	1.25	%	1.27	%
Total allowances		17,296		16,581		14,806		11,319		10,266			-9	%	-41	%
Coverage ratio w/allowances		175.92	%	209.59	%	163.13	%	159.69	%	153.13	%
Write Offs		2,053		952		810		672		728			8	%	-65	%
Write Offs/ Total portfolio		0.35	%	0.16	%	0.15	%	0.12	%	0.14	%

 

15

  3Q22 Earnings Release

CER Exposure and Foreign Currency Position

CER EXPOSURE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q21		4Q21		1Q22		2Q22		3Q22		QoQ			YoY
CER adjustable ASSETS
Government Securities		137,071		162,652		238,758		227,848		158,403		-30	%		16	%
Loans (*)		44,511		43,464		40,686		40,355		38,421		-5	%		-14	%
Private sector loans		12,826		11,615		9,836		8,545		7,061		-17	%		-45	%
Mortgage loans (UVA adjusted)		31,662		31,829		30,819		31,781		31,332		-1	%		-1	%
Other loans		23		20		31		29		28		-3	%		22	%
Total CER adjustable assets		181,582		206,116		279,444		268,203		196,824		-27	%		8	%
CER adjustable LIABILITIES
Deposits (*)		15,468		12,850		14,737		19,808		16,133		-19	%		4	%
UVA Unemployment fund		2,591		2,662		2,748		3,149		3,456		10	%		33	%
Total CER adjustable liabilities		18,059		15,512		17,485		22,957		19,589		-15	%		8	%
NET CER EXPOSURE		163,523		190,604		261,959		245,246		177,235		-28	%		8	%

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

FOREIGN CURRENCY POSITION	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q21		4Q21		1Q22		2Q22		3Q22		QoQ			YoY
Cash and deposits in Banks		223,869		202,659		187,113		181,545		166,983		-8	%		-25	%
Cash		21,335		14,751		25,291		16,736		15,428		-8	%		-28	%
Central Bank of Argentina		115,765		123,036		94,664		97,895		84,229		-14	%		-27	%
Other financial institutions local and abroad		86,758		64,862		67,068		66,792		67,315		1	%		-22	%
Others		11		10		90		122		11		-91	%		0	%
Financial instruments at fair value through P&L		1,696		2,049		3,081		5,951		146,601		2363	%		8544	%
Other financial assets		10,523		9,947		12,311		11,997		11,732		-2	%		11	%
Loans and other financing		36,761		25,467		23,798		29,994		26,090		-13	%		-29	%
Non financial private sector& foreign residents		36,761		25,467		23,798		29,994		26,090		-13	%		-29	%
Other debt securities		21,478		56,250		48,150		47,974		40,640		-15	%		89	%
Guarantees received		3,817		3,814		3,567		3,221		3,404		6	%		-11	%
Investment in equity instruments		28		117		95		87		124		43	%		343	%
Total Assets		298,172		300,303		278,115		280,769		395,574		41	%		33	%
Deposits		184,059		160,432		145,803		146,907		130,269		-11	%		-29	%
Non financial public sector		10,440		12,749		11,002		6,201		5,354		-14	%		-49	%
Financial sector		1,338		1,263		1,254		1,207		1,164		-4	%		-13	%
Non financial private sector& foreign residents		172,281		146,420		133,547		139,499		123,751		-11	%		-28	%
Financial liabiities at fair value through P&L		0		210		660		655		667		2	%		-
Other liabilities from financial intermediation		15,502		10,807		10,143		11,401		12,164		7	%		-22	%
Financing from the Central Bank and other fin. Inst		939		459		230		2,355		1,767		-25	%		88	%
Issued corporate bonds		0		0		0		2,323		2,305
Subordinated corporate bonds		75,115		69,708		65,858		62,248		60,993		-2	%		-19	%
Other non financial liabilities		42		67		37		74		64		-14	%		52	%
Total Liabilities		275,657		241,683		222,731		225,963		208,229		-8	%		-24	%
NET FX POSITION (Pesos)		22,515		58,620		55,384		54,806		187,345		242	%		732	%
EOP FX (Pesos per USD)		98.7350		102.7500		110.9783		125.2150		147.3150		18	%		49	%
NET FX POSITION (USD)		228		571		499		438		1,272		191	%		458	%

16

  3Q22 Earnings Release

3Q22 Snapshot

In AR$ Million. Figures of previous quarters have been restated to reflect the accumulated effect of the inflation adjustment for each period through September 30, 2022

17

  3Q22 Earnings Release

18

3Q22 Earnings Release

Relevant and Recent Events

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

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

As of this date the Bank has paid

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

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

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

· On September 6, 2022 a cash dividend in the amount of Ps. 1.645.953.695,31 (installment 9)

· On October 4, 2022 a cash dividend in the amount of Ps. 1.645.953.695,31 (installment 10)

· On November 1, 2022 a cash dividend in the amount of Ps. 1.645.953.695,31 (installment 11)

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

· Interest Payment Series A Subordinated Notes. In November 2022, the Bank paid semiannual interest on Series A Subordinated notes in the amount of USD 13.286.000.

Regulatory Changes

· Monetary policy rate. On September 15, 2022 through Communication “A” 7605 the Central Bank of Argentina increased the applicable percentages (over Leliq rates) for the determination of minimum time deposit rates: time deposits made by individuals which do not exceed the amount of $10 million: 100% (75% nominal annual), deposits not included in the previous item: 88.67% of the Leliq rate (66.50%), effective as of September 26, 2022.

In terms of Productive Investment Credit Lines for SMEs, maximum rates were increased: from 59% to 64.50% to investment project financing, and from 69% to 74.50% for working capital and discounted instruments financing. As of September 2022, interest rates for credit card financing (up to $200,000) was increased from 71.50% to 77%. On September 15, 2022 the Central Bank of Argentina also decided to increase the monetary policy rate (28-day Leliq) by 550 basis points from 69.50% to 75%.

19 

3Q22 Earnings Release

· Productive Investment Credit Lines for SMEs. On September 29, 2022 through communication “A” 7615 the Central Bank of Argentina established that for the definition of amounts included in the 2022/2023 quotas, financial institutions must exclude deposits related to “special accounts for holders with agricultural activity”. Minimum reserve requirement. (Communication “A” 7616, 09/30/2022). The BCRA decided (i) To reduce the reserve requirement rate of time deposits (7 points for deposits with a residual period of 29 days and 8 points for deposits of up to 59 days), (ii) eliminate the reduction of requirements by location of branches,

(iii) enable institutions not included in Group A to integrate requirements with Bonte 27 (except sight deposits and unutilized balances), (iv) enable to integrate sight deposits with LELIQ (Group A: 4 points, all other: 10 points), (v) eliminate franchises not linked to credits, (vi) eliminate special requirement rates

· Minimum reserve requirements. On September 22, 2022, through Communication “A” the Central Bank of Argentina allowed the integration of up to 45% of reserve requirements over peso deposits of payment services providers that offer payment accounts with Government Bonds in pesos maturing on May 23, 2027. On September 27 through Communication “A” 7614 the Central Bank of Argentina increased to 630 consecutive days (from 450) the maximum duration of national public securities in pesos purchased through primary market since September 28, 2022, used to integrate minimum reserve requirements. It also established that as of September 27, 2022, that the minimum reserve requirement that financial institutions can integrate with LELIQ will also be able to be integrated with public securities in “dual currency” (which are now exclude from public sector financing limits).

20 

3Q22 Earnings Release

QUARTERLY BALANCE SHEET	MACRO Consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)		3Q21	4Q21	1Q22	2Q22	3Q22		QoQ		YoY
ASSETS
Cash and deposits in Banks		303,844	286,199	251,151	221,633	201,060		-9	%	-34	%
Cash		45,681	44,216	45,937	35,398	33,589		-5	%	-26	%
Central Bank of Argentina		171,351	177,103	138,039	119,307	99,991		-16	%	-42	%
Other local & foreign entities		86,801	64,869	67,085	66,805	67,470		1	%	-22	%
Other		11	11	90	123	10		-92	%	-9	%
Debt securities at fair value through profit & loss		38,880	53,819	46,134	119,998	179,169		49	%	361	%
Derivatives		2	2	0	12	138		-		-
Repo Transactions		41,056	52,157	0	38,177	62,480		-		52	%
Other financial assets		39,222	58,398	35,730	34,244	32,429		-5	%	-17	%
Loans & other receivables		567,250	585,138	534,924	548,299	508,322		-7	%	-10	%
Non Financial Public Sector		4,901	3,946	2,991	3,955	1,780		-55	%	-64	%
Financial Sector		3,116	2,508	1,014	895	939		5	%	-70	%
Non Financial private sector and foreign		559,233	578,684	530,919	543,449	505,603		-7	%	-10	%
Other debt securities		504,853	474,937	605,100	573,612	632,344		10	%	25	%
Financial assets in guarantee		34,504	29,834	45,854	24,963	27,258		9	%	-21	%
Income tax assets		0	903	282	1,551	0
Investments in equity instruments		3,817	3,620	682	714	677		-5	%	-82	%
Investments in other companies (subsidiaries and joint ventures)		720	813	933	840	964		15	%	34	%
Property, plant and equipment		88,133	87,807	87,153	87,044	86,539		-1	%	-2	%
Intangible assets		13,806	13,957	13,904	14,738	15,017		2	%	9	%
Deferred income tax assets		62	79	60	121	90		-26	%	45	%
Other non financial assets		4,036	3,871	4,757	7,236	13,372		85	%	231	%
Non-current assets held for sale		5,477	5,383	5,363	5,357	5,263		-2	%	-4	%
TOTAL ASSETS		1,645,662	1,656,917	1,632,027	1,678,539	1,765,122		5	%	7	%
LIABILITIES
Deposits		992,305	977,925	969,437	1,046,742	1,124,416		7	%	13	%
Non Financial Public Sector		98,708	93,670	112,825	102,190	134,773		32	%	37	%
Financial Sector		1,519	1,596	1,479	1,492	1,273		-15	%	-16	%
Non Financial private sector and foreign		892,078	882,659	855,133	943,060	988,370		5	%	11	%
Liabilities at fair value through profit & loss		4,064	2,703	660	659	667		1	%	-84	%
Derivatives		4	4	11	1	2		-		0	%
Repo Transactions		3,313	-	16,961	418	351		-		-86	%
Other financial liabilities		85,308	111,923	84,761	86,054	84,975		-1	%	0	%
Financing received from Central Bank and Other Financial Institutions		1,089	727	2,874	2,900	2,433		-16	%	123	%
Issued Corporate Bonds		4,646	4,967	4,430	2,323	2,305		-1	%	-50	%
Current income tax liabilities		4,452	583	793	781	6,733		762	%	51	%
Subordinated corporate bonds		75,115	69,708	65,858	62,248	60,993		-2	%	-19	%
Provisions		2,508	2,726	2,865	2,860	3,144		10	%	25	%
Deferred income tax liabilities		14,299	9,453	10,817	11,664	13,177		13	%	-8	%
Other non financial liabilities		79,962	79,936	68,558	47,956	41,027		-14	%	-49	%
TOTAL LIABILITIES		1,267,065	1,260,655	1,228,025	1,264,606	1,340,223		6	%	6	%
SHAREHOLDERS' EQUITY
Capital Stock		639	639	639	639	639		0	%	0	%
Issued Shares premium		12,430	12,430	12,430	12,430	12,430		0	%	0	%
Adjustment to Shareholders' Equity		145,814	145,814	145,814	145,814	145,814		0	%	0	%
Reserves		202,321	202,321	202,321	241,143	241,143		0	%	19	%
Retained earnings		-14,814	-14,814	30,229	116	116		-		-
Other accumulated comprehensive income		4,652	4,766	3,911	77	2,156		2700	%	-54	%
Net income for the period / fiscal year		27,550	45,043	8,613	13,672	22,537		65	%	-18	%
Shareholders' Equity attributable to parent company		378,592	396,199	403,957	413,891	424,835		3	%	12	%
Shareholders' Equity attributable to non controlling interest		5	63	46	42	64		52	%	1180	%
TOTAL SHAREHOLDERS' EQUITY		378,597	396,262	404,003	413,933	424,899		3	%	12	%

21 

3Q22 Earnings Release

INCOME STATEMENT	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q21		4Q21		1Q22		2Q22		3Q22		QoQ			YoY
Interest Income		91,318		94,474		98,508		117,154		137,159		17	%		50	%
Interest Expense		36,872		35,153		38,516		51,601		73,671		43	%		100	%
Net Interest Income		54,446		59,321		59,992		65,553		63,488		-3	%		17	%
Fee income		15,863		16,184		16,129		16,146		15,841		-2	%		0	%
Fee expense		1,541		1,636		1,512		1,589		1,599		1	%		4	%
Net Fee Income		14,322		14,548		14,617		14,557		14,242		-2	%		-1	%
Subtotal (Net Interest Income + Net Fee Income)		68,768		73,869		74,609		80,110		77,730		-3	%		13	%
Net Income from financial instruments  at Fair Value Through Profit & Loss		6,327		5,875		9,125		9,006		25,531		183	%		304	%
Result from assets at amortised cost		-		151		-		-		-		-			-
Difference in quoted prices of gold and foreign currency		1,083		2,657		4,414		6,562		16,030		144	%		1380	%
Other operating income		3,228		3,303		4,744		4,656		3,745		-20	%		16	%
Provision for loan losses		387		3,260		1,066		942		1,425		51	%		268	%
Net Operating Income		79,019		82,595		91,826		99,392		121,611		22	%		54	%
Personnel expenses		16,516		16,153		14,039		18,478		17,655		-4	%		7	%
Administrative expenses		8,223		9,793		7,890		8,326		8,295		0	%		1	%
Depreciation and impairment of assets		3,033		3,074		3,136		3,223		3,287		2	%		8	%
Other operating expenses		13,804		16,409		14,484		15,142		17,275		14	%		25	%
Operating Income		37,443		37,166		52,277		54,223		75,099		39	%		101	%
Income from associates and joint ventures		-2		58		-51		-49		-97		-			-
Result from net monetary position		-23,458		-25,206		-41,375		-46,592		-58,335		-			-
Net Income before income tax on cont. operations		13,983		12,018		10,851		7,582		16,667		120	%		19	%
Income tax on continuing operations		522		-5,477		2,255		2,527		7,784		208	%		1391	%
Net Income from continuing operations		13,461		17,495		8,596		5,055		8,883		76	%		-34	%
Net Income for the period		13,461		17,495		8,596		5,055		8,883		76	%		-34	%
Net Income of the period attributable to parent company		13,461		17,496		8,613		5,059		8,865		75	%		-34	%
Net income of the period attributable to non-controlling interests		-		-1		-17		-4		18		-			-
Other Comprehensive Income		105		115		-855		-3,834		2,079		-			-
Foreign currency translation differences in financial statements conversion		-337		-320		-369		-189		-178		-			-
Profits or losses from financial assets measured at fair value  through other comprehensive income (FVOCI)  (IFRS 9(4.1.2)(a)		442		435		-486		-3,645		2,257		-			411	%
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		13,566		17,610		7,741		1,221		10,962		798	%		-19	%
Total Comprehensive Income attributable to parent Company		13,566		17,611		7,758		1,225		10,944		793	%		-19	%
Total Comprehensive Income attributable to non-controlling interests		-		-1		-17		-4		18		-			-

22 

3Q22 Earnings Release

QUARTERLY ANNUALIZED RATIOS	MACRO Consolidated
	3Q21			4Q21			1Q22			2Q22			3Q22
Profitability & performance
Net interest margin		19.1	%		21.2	%		22.8	%		24.7	%		28.1	%
Net interest margin adjusted (exc. FX)		18.7	%		20.3	%		21.2	%		22.5	%		22.5	%
Net fee income ratio		13.7	%		12.6	%		13.0	%		11.7	%		7.2	%
Efficiency ratio		38.8	%		37.4	%		29.6	%		32.7	%		25.8	%
Net fee income as % of A&G Expenses		35.3	%		33.7	%		44.0	%		35.7	%		27.9	%
Return on average assets		3.3	%		4.4	%		2.2	%		1.3	%		2.2	%
Return on average equity		14.6	%		18.5	%		9.1	%		5.1	%		8.8	%
Liquidity
Loans as a percentage of total deposits		57.2	%		59.8	%		55.2	%		52.4	%		45.2	%
Liquid assets as a percentage of total deposits		90.0	%		90.0	%		93.0	%		90.0	%		90.0	%
Capital
Total equity as a percentage of total assets		23.0	%		23.9	%		24.8	%		24.7	%		24.1	%
Regulatory capital as % of APR		37.2	%		36.1	%		38.5	%		40.5	%		40.4	%
Asset Quality
Allowances over total loans		3.0	%		2.8	%		2.8	%		2.1	%		2.0	%
Non-performing financing as a percentage of total financing		1.7	%		1.3	%		1.6	%		1.3	%		1.3	%
Coverage ratio w/allowances		175.9	%		209.6	%		163.2	%		159.7	%		153.1	%
Cost of Risk		0.3	%		2.3	%		0.8	%		0.7	%		1.1	%

ACCUMULATED ANNUALIZED RATIOS	MACRO Consolidated
	3Q21			4Q21			1Q22			2Q22			3Q22
Profitability & performance
Net interest margin		18.4	%		19.1	%		22.8	%		23.8	%		25.2	%
Net interest margin adjusted (exc. FX)		17.8	%		18.4	%		21.2	%		21.9	%		22.1	%
Net fee income ratio		12.4	%		12.5	%		13.0	%		12.3	%		10.3	%
Efficiency ratio		37.6	%		37.5	%		29.6	%		31.2	%		29.1	%
Net fee income as % of A&G Expenses		33.1	%		33.3	%		44.0	%		39.5	%		35.5	%
Return on average assets		2.2	%		2.8	%		2.2	%		1.7	%		1.9	%
Return on average equity		10.1	%		12.3	%		9.1	%		7.1	%		7.7	%
Liquidity
Loans as a percentage of total deposits		57.2	%		59.8	%		55.2	%		52.4	%		45.2	%
Liquid assets as a percentage of total deposits		90.0	%		90.0	%		93.0	%		90.0	%		90.0	%
Capital
Total equity as a percentage of total assets		23.0	%		23.9	%		24.8	%		24.7	%		24.1	%
Regulatory capital as % of APR		37.2	%		36.1	%		38.5	%		40.5	%		40.4	%
Asset Quality
Allowances over total loans		3.0	%		2.8	%		2.8	%		2.1	%		2.0	%
Non-performing financing as a percentage of total financing		1.7	%		1.3	%		1.6	%		1.3	%		1.3	%
Coverage ratio w/allowances		175.9	%		209.6	%		163.2	%		159.7	%		153.1	%
Cost of Risk		0.2	%		0.7	%		0.8	%		0.8	%		0.9	%

23 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

Date: November 23, 2022

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