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

May 9, 2019

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

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

1Q19 Earnings Release

Banco Macro Announces Results for the First Quarter of 2019

Buenos Aires, Argentina, May 9, 2019 – Banco Macro S.A. (NYSE: BMA; BCBA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the first quarter ended March 31, 2019 (“1Q19”). All figures are in Argentine pesos (Ps.)

Summary

• The Bank’s net income totaled Ps.7.3 billion in 1Q19. This result was 40% higher than the Ps.5.2 billion posted in 4Q18 and 106% higher than in 1Q18. In 1Q19, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 50 % and 8.4%, respectively.

• In 1Q19, Banco Macro’s financing to the private sector grew 1% or Ps.1.1 billion quarter over quarter (“QoQ”) totaling Ps.173 billion and increased 21% or Ps.30.6 billion year over year (“YoY”). In the quarter, growth was driven by commercial loans, among which Documents and Others stand out, with a 9% and 17% increase QoQ. Meanwhile within consumer loans, personal loans rose 1% QoQ.

•In 1Q19, the efficiency ratio reached 28.6%, improving from the 39.7% posted in 4Q18 and the 35.6% in 1Q18.

• In 1Q19, Banco Macro’s total deposits grew 15% QoQ, totaling Ps.272.6 billion and representing 83% of the Bank’s total liabilities. Private sector deposits grew 12% QoQ.

• Banco Macro continued showing a strong solvency ratio, with excess capital of Ps.52.1 billion 27.7% regulatory capital ratio – Basel III and 20.6% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 66% of its total deposits in 1Q19.

• In 1Q19, the Bank’s non-performing to total financing ratio was 2.0% and the coverage ratio reached 119.2%.

1Q19 Earnings Release Conference Call		IR Contacts in Buenos Aires:

Friday, May 10, 2019		Jorge Scarinci
Time: 12:00 p.m. Eastern Time \| 1:00 p.m. Buenos Aires Time		Chief Financial Officer

To participate, please dial:
Argentina Toll Free:	Webcast Replay: click here	Nicolás A. Torres
(011) 3984 5677		Investor Relations
Participants Dial In (Toll Free):	Available from 05/10/2019 through
+1 (844) 450 3847	05/24/2019	Phone: (54 11) 5222 6682
Participants International Dial In:		E-mail: investorelations@macro.com.ar
+1 (412) 317 6370
Conference ID: Banco Macro		Visit our website at:
Webcast:click here		www.macro.com.ar/relaciones-inversores

With the presence of: Jorge Pablo Brito (Vice Chairman), Gustavo Manriquez (CEO) and Jorge Scarinci (CFO).

1Q19 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.

1Q19 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.”) with the exception of (i) Expected losses of IFRS 9 “Financial Instruments” and (ii) IAS 29 “Financial Reporting in Hyperinflationary Economies” both temporarily excluded by the Central Bank of Argentina from the applicable accounting framework for Financial Institutions. Data and figures shown in this Earnings Release may differ from the ones show in the 20-F annual report which shows the impact of the application of I.F.R.S 9 and IAS 29.

Results

Earnings per outstanding share were Ps.11.49 in 1Q19, 41% higher than 4Q18 and 117% higher than the result posted a year ago. On a yearly basis Net Income increased 107% while Earnings per Share increased 117%, given that the average amount of outstanding shares decreased in 3Q18, 4Q18 and 1Q19 due to the Share buyback program.

EARNINGS PER SHARE	MACRO Consolidated										Variation
In MILLION $	1Q18		2Q18		3Q18		4Q18		1Q19		QoQ			YoY

Net income -Parent Company- (M $)		3,542		3,116		3,828		5,243		7,343		40	%		107	%
Average # of shares outstanding (M)		670		670		662		643		639		-1	%		-5	%
Average #of treasury stocks (shares repurchased) (M)		0		0		7		26		30		16	%		100	%
Book value per avg. Outstanding share ($)		75		75		76		82		93		13	%		24	%
Shares Outstanding (M)		670		670		648		641		639		0	%		-5	%
Earnings per avg. outstanding share ($)		5.29		4.65		5.78		8.15		11.49		41	%		117	%

Book value per avg. issued ADS (USD)		37.28		26.06		18.62		22.16		21.41		-3	%		-43	%
Earnings per avg. outstanding ADS (USD)		2.64		1.61		1.41		2.16		2.65		23	%		0	%

Banco Macro’s 1Q19 net income of Ps.7.3 billion was 40% or Ps.2.1 billion higher than the previous quarter and 106% or Ps.3.8 billion higher YoY. This result represented an accumulated ROAE and ROAA of 50% and 8.4% respectively.

Net income for 1Q19 includes Ps.1.9 billion related to Prisma’s sale result. There was a Ps.1.4 billion positive result in Net Income from financial instruments at fair value through P&L (mark to market of the remaining 49% Prisma stake), Ps.116 million income from result in differences in quoted prices of gold and foreign currency (given that we received USD 38.3 million for the sale) and a Ps.2.4 positive result in Other operating income (resulting from the 51% sale) this result was partially offset by a Ps.1.1 billion charge to provision for loan losses (other loans). The net impact of Prisma’s sale (after taxes and other expenses) was Ps.1.9 billion.

PRISMA SALE RESULT	MACRO Consolidated
In MILLION $	1Q19

Net Income from financial instruments at fair value through P&L ( remaining stake)		1,369
Differences in quoted prices of gold and foreign currency		116
Other operating income (51% sale)		2,377
Provision for loan losses		-1,129
Income tax / Other Expenses		-859
Net Result from Prisma Sale		1,874

1Q19 Earnings Release

INCOME STATEMENT	MACRO Consolidated								Var						Var (exc. Prisma)
In MILLION $	1Q18		4Q18		1Q19		1Q19		QoQ			YoY			QoQ	YoY
							(exc. Prisma)
Net Interest Income		7,942		12,288		12,931		12,931		5	%		63	%	5%		63	%
Net fee income		2,359		3,259		3,310		3,310		2	%		40	%	2%		40	%
Subtotal (Net Interest Income + Net Fee Income)		10,301		15,547		16,241		16,241		4	%		58	%	4%		58	%
Net Income from financial instruments at fair value through P&L		249		364		1,974		605		442	%		693	%	66%		143	%
Income from assets at amortized cost		-3		1		-17		-17		-100	%		467	%	-1800%		467	%
Differences in quoted prices of gold and foreign currency		151		729		-51		-167		-107	%		-134	%	-123%		-211	%
Other operating income		559		529		3,113		736		488	%		457	%	39%		32	%
Provision for loan losses		567		836		2,154		1,025		158	%		280	%	23%		81	%
Net Operating Income		10,726		16,218		19,106		16,373		18	%		78	%	1%		53	%
Employee benefits		2,018		3,124		3,133		3,133		0	%		55	%	0%		55	%
Administrative expenses		1,402		2,105		2,096		2,096		0	%		50	%	0%		50	%
Depreciation and impairment of assets		163		215		290		290		35	%		78	%	35%		78	%
Other operating expenses		2,029		3,213		3,104		3,104		-3	%		53	%	-3%		53	%
Operating Income		5,114		7,561		10,483		7,750		39	%		105	%	2%		52	%
Result from associates & joint ventures		75		33		26		26		-21	%		-65	%	-21%		-65	%
Result before taxes from continuing operations		5,189		7,594		10,509		7,776		38	%		103	%	2%		50	%
Income tax		1,625		2,352		3,166		2,307		35	%		95	%	-2%		42	%
Net income from continuing operations		3,565		5,243		7,343		5,469		40	%		106	%	4%		53	%

Net Income of the period		3,565		5,243		7,343		5,469		40	%		106	%	4%		53	%
Net income of the period attributable to parent company		3,542		5,243		7,343		5,469		40	%		107	%	4%		54	%
Net income of the period atributable to minority interest		22		0		0		0		0	%		-100	%	0%		-100	%

Excluding Prisma’s sale result, recurring ROE and ROA in 1Q19 would have been 37.2% and 6.3% respectively.

Net operating income (before G&A and personnel expenses) was Ps.19.1 billion in 1Q19, increasing 18% or Ps.2.9 billion compared to 4Q18 and 78% or Ps.8.4 billion compared to the previous year.

Operating income (after G&A and personnel expenses) was Ps.10.5 billion in 1Q19, 39% or Ps.2.9 billion higher than in 4Q18 and 105% higher than a year ago.

It is important to emphasize that this result was obtained with a leverage of 6.3x assets to equity ratio.

INCOME STATEMENT	MACRO Consolidated										Variation
In MILLION $	1Q18		2Q18		3Q18		4Q18		1Q19		QoQ			YoY

Net Interest Income		7,942		9,093		10,323		12,288		12,931		5	%		63	%
Net fee income		2,359		2,681		2,869		3,259		3,310		2	%		40	%
Subtotal (Net Interest Income + Net Fee Income)		10,301		11,774		13,192		15,547		16,241		4	%		58	%
Net Income from financial instruments at fair value through P&L		249		-46		499		364		1,974		442	%		693	%
Income from assets at amortized cost		-3		0		-3		1		-17		-100	%		467	%
Differences in quoted prices of gold and foreign currency		151		-1,012		-1,244		729		-51		-107	%		-134	%
Other operating income		559		563		1,162		529		3,113		488	%		457	%
Provision for loan losses		567		571		732		836		2,154		158	%		280	%
Net Operating Income		10,726		10,745		12,914		16,218		19,106		18	%		78	%
Employee benefits		2,018		2,443		2,720		3,124		3,133		0	%		55	%
Administrative expenses		1,402		1,550		1,776		2,105		2,096		0	%		50	%
Depreciation and impairment of assets		163		173		187		215		290		35	%		78	%
Other operating expenses		2,029		2,318		2,693		3,213		3,104		-3	%		53	%
Operating Income		5,114		4,262		5,538		7,561		10,483		39	%		105	%
Result from associates & joint ventures		75		145		12		33		26		-21	%		-65	%
Result before taxes from continuing operations		5,189		4,407		5,550		7,594		10,509		38	%		103	%
Income tax		1,625		1,271		1,718		2,352		3,166		35	%		95	%
Net income from continuing operations		3,565		3,137		3,832		5,243		7,343		40	%		106	%

Net Income of the period		3,565		3,137		3,832		5,243		7,343		40	%		106	%
Net income of the period attributable to parent company		3,542		3,116		3,828		5,243		7,343		40	%		107	%
Net income of the period atributable to minority interest		22		21		4		0		0		0	%		-100	%

1Q19 Earnings Release

The Bank’s 1Q19 net interest income totaled Ps.12.9 billion, 5% or Ps.643 million higher than in 4Q18 and 63% or Ps.5 billion higher YoY.

In 1Q19 interest income totaled Ps.24.4 billion, 2% or Ps.581 million higher than in 4Q18 and 115% or Ps.13.1 billion higher than in 1Q18.

Income from interest on loans and other financing totaled Ps.14.5 billion, 7% or Ps.1.1 billion lower compared with the previous quarter. On a yearly basis Income from interest on loans increased 59% or Ps.5.4 billion.

In 1Q19 income from government and private securities increased 20% or Ps.1.6 billion QoQ and 345% or Ps.7.4 billion compared with the same period of last year. This result is explained 95% by income from government and private securities through other comprehensive income (Central Bank Notes) and the remaining 5% is explained by income of government and private securities at amortized cost.

In 1Q19 Differences in quoted prices of gold and foreign currency decreased 107%, totaling a Ps.51 million loss, due to the 11% argentine peso deprecation against the US dollar and the Bank’s short spot dollar position during most of the quarter. It should be noted that if income from investment in derivative financing instruments is added then differences in quoted prices of gold and foreign currency in 1Q19 resulted in a Ps.250 million gain.

DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY	MACRO Consolidated										Variation QoQ
In MILLION $	1Q18		2Q18		3Q18		4Q18		1Q19		%			$

(1) Differences in quoted prices of gold and foreing currency		151		-1,012		-1,244		729		-51		-107	%		-780
Translation of FX assets and liabilities to Pesos		21		-1,337		-1,759		354		-480		-236	%		-834
Income from foreign currency exchange		130		324		515		375		430		15	%		55

(2) Net Income from financial assets and liabilities at fair value through P&L		3		-3		235		-22		301		-1468	%		323
Income from investment in derivative financing instruments		3		-3		235		-22		301		-1468	%		323

(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency		154		-1,015		-1,009		707		250		-65	%		-457

During 1Q19 Banco Macro’s strategy was to sell US dollars in the spot market and invest the resulting pesos in Leliqs, while at the same time hedging the FX position with investments in derivatives. This strategy proved to be highly successful and profitable during the quarter.

1Q19 Earnings Release

INTEREST INCOME	MACRO Consolidated										Variation
In MILLION $	1Q18		2Q18		3Q18		4Q18		1Q19		QoQ			YoY

Interest on Cash and due from Banks		3		2		5		15		31		107	%		933	%
Interest from government securities		2,087		3,144		4,380		7,898		9,515		20	%		356	%
Interest from private securities		52		50		71		2		1		-50	%		-98	%
Interest on loans and other financing
To the financial sector		167		205		312		546		494		-10	%		196	%
To the public non financial sector		0		0		0		0		0		0	%		0	%
Interest on overdrafts		781		962		1,448		2,442		1,872		-23	%		140	%
Interest on documents		657		727		856		1,089		1,201
Interest on mortgages loans		579		785		1,101		1,795		1,310		-27	%		126	%
Interest on pledged loans		150		142		142		148		129		-13	%		-14	%
Interest on personal loans		4,575		5,021		5,447		5,676		5,785		2	%		26	%
Interest on credit cards loans		1,356		1,545		1,788		2,371		2,567		8	%		89	%
Interest on financial leases		34		34		40		57		44		-23	%		29	%
Interest on other loans		862		954		1,211		1,448		1,124		-22	%		30	%
Interest on Repos
From the BCRA		16		7		0		0		9		100	%		-41	%
Other financial institutions		20		39		8		328		313		-5	%		1464	%
Total Interest income		11,339		13,617		16,809		23,814		24,395		2	%		115	%

Income from Interest on loans		9,161		10,375		12,345		15,571		14,526		-7	%		59	%

The Bank’s 1Q19 interest expense totaled Ps.11.5 billion, decreasing 1% (Ps.62 million) compared to the previous quarter and increasing 238% (Ps.8.1 billion) compared to 1Q18.

In 1Q19, interest on deposits represented 92% of the Bank’s total interest expense, decreasing 1% or Ps.57 million QoQ. On a yearly basis, interest on deposits increased 252% or Ps.7.6 billion.

INTEREST EXPENSE	MACRO Consolidated										Variation
In MILLION $	1Q18		2Q18		3Q18		4Q18		1Q19		QoQ			YoY

Deposits
Interest on checking accounts		0		0		142		491		118		-76	%		100	%
Interest on saving accounts		54		64		91		140		97		-31	%		80	%
Interest on time deposits		2,956		3,814		5,464		10,013		10,372		4	%		251	%
Interest on other financing from BCRA and financial inst.		13		22		48		45		43		-4	%		231	%
Repos
Other financial institutions		31		24		66		64		71		11	%		129	%
Interest on corporate bonds		201		422		406		478		452		-5	%		125	%
Interest on subordinated bonds		139		174		252		267		280		5	%		101	%
Interest on other financial liabilities		2		4		18		29		31		7	%		1450	%
Total financial expense		3,396		4,524		6,486		11,526		11,464		-1	%		238	%

Expenses from interest on deposits		3,010		3,878		5,697		10,644		10,587		-1	%		252	%

As of 1Q19, the Bank’s net interest margin (including FX) was 17.2%, higher than the 14.9% posted in 4Q18 and the 15.4% in 1Q18.

In 1Q19 Net Interest Margin (excluding FX) was 17.3%, higher than the 15.4% posted in 4Q18 and the 15.1% in 1Q18.

1Q19 Earnings Release

ASSETS & LIABILITIES PERFORMANCE	MACRO Consolidated
In MILLON $	1Q18					2Q18					3Q18					4Q18					1Q19
Yields & rates in annualized nominal %	AVERAGE		INT			AVERAGE		INT			AVERAGE		INT			AVERAGE BALANCE		INT			AVERAGE BALANCE		INT

Interest-earning assets
Cash and Deposits in Banks		32,708		0.0	%		35,267		0.0	%		54,563		0	%		69,490		0	%		75,216		0	%
Goverment & Securities at fair value trhough P&L		1,060		64.4	%		950		-2.0	%		1,695		-1.0	%		2,201		25.7	%		2,388		20.4	%
Loans & Other Financing
Public Sector		1,882		30.2	%		1,937		32.2	%		2,167		45.1	%		2,112		68.5	%		1,430		55.9	%
Financial Sector		3,229		11.8	%		3,624		21.5	%		4,235		15.0	%		4,747		45.6	%		5,222		38.5	%
Private Sector		133,916		26.9	%		145,809		27.7	%		155,050		30.3	%		166,486		34.8	%		170,112		33.1	%
Other debt securities		34,533		25.5	%		40,265		31.3	%		42,518		43.4	%		54,356		59.0	%		73,142		53.5	%
Other interest-earning assets		8,757		2.9	%		9,260		1.7	%		9,705		2.2	%		11,650		13.5	%		13,922		50.6	%
Total interest-earning assets		216,085		21.6	%		237,112		23.0	%		269,933		24.9	%		311,042		30.8	%		341,432		31.0	%

Non interest-earning assets		10,718					10,792					11,456					11,894					13,268
Total Average Assets		226,803					247,904					281,389					322,936					354,700

Interest-bearing liabilities
Deposits
Public Sector		13,866		7.1	%		14,500		8.4	%		16,987		12.6	%		21,996		23.1	%		17,248		31.3	%
Financial Sector		0		0.0	%		0		0.0	%		0		0.0	%		0		0.0	%		0		0.0	%
Private Sector		130,993		8.8	%		143,473		10.2	%		167,919		12.4	%		199,275		18.8	%		183,154		20.7	%
BCRA and other financial institutions		737		6.9	%		1,058		7.6	%		2,886		8.9	%		2,924		9.8	%		3,329		8.9	%
Corporate bonds		4,809		16.9	%		7,746		21.9	%		7,120		22.6	%		6,359		29.8	%		6,189		29.6	%
Subordinated bonds		7,987		7.1	%		9,474		7.5	%		12,987		7.7	%		15,024		7.0	%		15,868		7.2	%
Other interest-bearing liabilities		601		20.9	%		348		35.0	%		540		48.3	%		392		64.4	%		626		46.0	%
Total int.-bearing liabilities		158,993		8.8	%		176,599		10.4	%		208,439		12.5	%		245,970		18.7	%		226,414		20.7	%
				��
Total non int.-bearing liab. & equity		67,810					71,305					72,950					76,966					128,286

Total Average Liabilities & Equity		226,803					247,904					281,389					322,936					354,700

Assets Performance				11,522					13,593					16,958					24,152					26,096
Liabilities Performance				3,460					4,599					6,568					11,617					11,567
Net Interest Income				8,062					8,994					10,390					12,535					14,529
Total interest-earning assets				216,085					237,112					269,933					311,042					341,432
Net Interest Margin (NIM)				15.1	%				15.2	%				15.3	%				16.0	%				17.3	%

In 1Q19 Banco Macro’s net fee income totaled Ps.3.3 billion, 2% or Ps.51 higher than in 4Q18 and 40% or Ps.951 million higher than the same period of last year.

In the quarter, fee income totaled Ps.3.6 billion, 2% or Ps.75 million higher than in 4Q18. Debit and credit card fees stand out, with a 47% (Ps.356 million) increase QoQ. On a yearly basis, fee income increased 40% or Ps.1 billion.

In the quarter, total fee expenses increased 11% or Ps.24 million. On a yearly basis, fee expenses increased 30% or Ps.56 million.

NET FEE INCOME	MACRO Consolidated										Variation
In MILLION $	1Q18		2Q18		3Q18		4Q18		1Q19		QoQ			YoY

Fee charged on deposit accounts		1,082		1,270		1,410		1,525		1,511		-1	%		40	%
Debit and credit card fees		735		796		816		750		1,106		47	%		50	%
Fees on collection services		280		339		356		387		401		4	%		43	%
Insurance fees		170		172		178		172		229		33	%		35	%
Fees on private securities		99		108		118		124		138		11	%		39	%
Credit related fees		0		0		0		0		2		100	%		100	%
Fees related to transferable securities		22		26		20		16		21		31	%		-5	%
Other fees related to foreign trade		41		51		70		82		74		-10	%		80	%
Other		115		130		46		129		69		-47	%		-40	%
Total fee income		2,544		2,891		3,013		3,476		3,551		2	%		40	%

Total fee expense		185		210		144		217		241		11	%		30	%

Net fee income		2,359		2,681		2,869		3,259		3,310		2	%		40	%

In 1Q19 Net Income from financial assets and liabilities at fair value through profit or loss totaled Ps.2 billion, increasing 442% or Ps.1.6 billion compared with 4Q18. The positive result was driven by the mark to market of the remaining 49% stake in Prisma Medios de Pago (now shown under Investments in equity instruments).

1Q19 Earnings Release

NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS	MACRO Consolidated										Variation
In MILLION $	1Q18		2Q18		3Q18		4Q18		1Q19		QoQ			YoY

Profit or loss from government securities		55		39		215		165		164		-1	%		198	%
Profit or loss from private securities		31		20		66		168		149		-11	%		381	%
Profit or loss from investment in derivative financing instruments		3		-3		235		-22		301		-1468	%		9933	%
Profit or loss from other financial assets		36		9		62		64		51		-21	%		42	%
Profit or loss from investment in equity instruments		35		5		1		4		1,402		34950	%		3906	%
Profit or loss from the sale of financial assets at fair value		89		-111		-85		-16		-91		469	%		-202	%
Income from financial assets at fair value through profit or loss		249		-40		493		364		1,976		444	%		694	%

Profit or loss from derivative financing instruments		0		-6		6		0		-2		-100	%		-100	%
Income from financial liabilities at fair value through profit or loss		0		-6		6		0		-2		-100	%		-100	%

NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS		249		-46		499		364		1,974		442	%		693	%

In the quarter Other Operating Income increased Ps.2.5 billion, with Other income standing out with a 726% or Ps.2.3 billion increase, related to the sale of the 51% stake in Prisma. On a yearly basis Other Operating Income increased 423% or Ps.2.5 billion.

OTHER OPERATING INCOME	MACRO Consolidated										Variation
IN MILLION $	1Q18		2Q18		3Q18		4Q18		1Q19		QoQ			YoY

Credit and debit cards		0		0		0		0		37		100	%		100	%
Lease of safe deposit boxes		50		51		57		63		72		14	%		44	%
Other service related fees		218		232		240		192		257		34	%		18	%
Sale of real estate and other non-financial assets		110		27		0		24		4		-83	%		-96	%
Other adjustments and interest from other receivables		40		40		73		69		133		94	%		233	%
Initial recognition of loans		23		34		47		-51		28		-155	%		22	%
Sale of property, plant and equipment		1		1		1		37		2		-95	%		100	%
Others		154		215		783		312		2,580		726	%		1578	%
Other Operating Income		595		600		1,202		645		3,113		382	%		423	%

In 1Q19 Banco Macro’s administrative expenses plus employee benefits totaled Ps.5.2 billion, unchanged from the previous quarter. On a yearly basis administrative expenses plus employee benefits increased 53% or Ps.1.8 billion, due to higher expenses related to employee benefits (salary increases) and others.

Employee benefits were practically unchanged, increasing Ps.9 million QoQ. On a yearly basis Employee benefits increased 55% or Ps.1.1 billion.

In 1Q19, the efficiency ratio reached 28.6%, improving from the 39.7% posted in 4Q18 and 35.6% in 1Q18. In 1Q19 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) increased 1%, 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 28% compared to 4Q18.

If we exclude Prisma’s sale effect, the efficiency ratio would have been 31.6% in 1Q19.

1Q19 Earnings Release

PERSONNEL & ADMINISTRATIVE EXPENSES	MACRO Consolidated															Variation
In MILLION $	1Q18			2Q18			3Q18			4Q18			1Q19			QoQ			YoY

Employee benefits		2,018			2,443			2,720			3,124			3,133			0	%		55	%
Remunerations		1,516			1,839			2,076			2,350			2,299			-2	%		52	%
Social Security Contributions		293			364			403			453			476			5	%		62	%
Compensation and bonuses		158			185			174			235			278			18	%		76	%
Employee services		51			55			67			86			80			-7	%		57	%
Administrative Expenses		1,402			1,550			1,776			2,105			2,096			0	%		50	%
Taxes		226			224			214			236			266			13	%		18	%
Maintenance, conservation fees		166			208			243			293			280			-4	%		69	%
Directors & statutory auditors´fees		163			147			174			233			323			39	%		98	%
Security services		147			168			200			195			212			9	%		44	%
Electricity & Communications		115			122			154			201			208			3	%		81	%
Other professional fees		105			124			145			191			164			-14	%		56	%
Rental agreemets		64			74			88			105			53			-50	%		-17	%
Advertising & publicity		32			55			81			146			51			-65	%		59	%
Personnel allowances		23			31			30			32			33			3	%		43	%
Stationary & Office Supplies		13			13			17			16			18			13	%		38	%
Insurance		11			13			15			24			21			-13	%		91	%
Hired administrative services		4			5			5			5			4			-20	%		0	%
Other		333			366			410			429			463			8	%		39	%
Total Administrative Expenses		3,420.0			3,993.0			4,496.0			5,229.0			5,229.0			0	%		53	%

Total Employees		8,915			8,949			9,096			9,028			8,978
Branches		454			455			473			471			464
Efficiency ratio		35.5	%		41.8	%		39.1	%		35.9	%		28.6	%

Accumulated efficiency ratio		35.6	%		38.7	%		38.9	%		39.7	%		28.6	%
Accumulated efficiency ratio (exc. Prisma)		-			-			-			-			31.6	%

In 1Q19, Other Operating Expenses totaled Ps.3.1 billion, with Turnover Tax and Other provision charges standing out with a 6% (Ps.106 million) increase and a 65% (Ps.342 million) decrease respectively QoQ. In 1Q19 Other Operating Expenses decreased 3% or Ps.109 million. On a yearly basis Other Operating Expenses increased 53% or Ps. 1.1 billion.

OTHER OPERATING EXPENSES	MACRO Consolidated										Variation
MILLION $	1Q18		2Q18		3Q18		4Q18		1Q19		QoQ			YoY

Turnover Tax		1,156		1,309		1,600		1,749		1,855		6	%		60	%
Other provision charges		166		188		224		527		185		-65	%		11	%
Deposit Guarantee Fund Contributions		64		69		82		91		104		14	%		63	%
Donations		23		25		20		18		35		94	%		52	%
Insurance claims		10		12		16		17		11		-35	%		10	%
Initial loan recognition		0		0		0		0		0		0	%		0	%
Late charges and charges payable to the Central Bank		0		0		0		0		0		0	%		0	%
Others		610		715		752		811		897		11	%		47	%
Other Operating Expenses		2,029		2,318		2,693		3,213		3,104		-3	%		53	%

In 1Q19 Banco Macro's effective income tax rate was 30.1%, compared to 31% in 4Q18. The lower effective tax rate is explained by the reduction in statutory tax rates included in the latest tax reform bill approved by Congress (Law 27.430/2017). As of January 2018 statutory tax rate was reduced from 35% to 30% and starting from January 2020 statutory tax rate will be further reduced to 25%.

1Q19 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.172.9 billion, increasing 1% or Ps.1.1 billion QoQ and 21% or Ps.30.6 billion YoY.

Within commercial loans, growth was driven by Documents and Other loans; with a 9% and 17% increase QoQ respectively.

The main growth in consumer lending was driven by personal loans, which grew 1% QoQ.

As of 1Q19, Banco Macro´s market share over private sector loans was 7.7%.

FINANCING TO THE PRIVATE SECTOR	MACRO Consolidated										Variation
In MILLION $	1Q18		2Q18		3Q18		4Q18		1Q19		QoQ			YoY

Overdrafts		12,526		11,126		16,933		18,049		11,703		-35	%		-7	%
Discounted documents		18,497		19,911		22,995		25,160		27,419		9	%		48	%
Mortgages loans		10,129		12,174		14,843		15,853		16,781		6	%		66	%
Pledged loans		4,061		4,339		5,057		4,367		4,403		1	%		8	%
Personal loans		43,230		46,055		57,737		57,517		58,205		1	%		35	%
Credit Card loans		24,382		26,062		27,614		29,430		29,515		0	%		21	%
Others		28,302		30,122		22,034		20,703		24,218		17	%		-14	%
Total loan portfolio		141,128		149,789		167,213		171,077		172,245		1	%		22	%

Financial trusts		683		919		189		270		309		14	%		-55	%
Leasing		562		527		486		448		384		-14	%		-32	%
Total financing to the private sector		142,374		151,236		167,888		171,796		172,938		1	%		21	%

1Q19 Earnings Release

Public Sector Assets

In 1Q19, the Bank’s public sector assets (excluding LELIQs) to total assets ratio was 3.3%, lower than the 3.7% registered in the previous quarter, and higher than the 1.6% posted in 1Q18.

In 1Q19, an 80% or Ps.43.9 billion increase in LELIQs securities position stands out, as well as a 29% or Ps.500 million decrease in Provincial loans.

PUBLIC SECTOR ASSETS	MACRO Consolidated															Variation
In MILLION $	1Q18			2Q18			3Q18			4Q18			1Q19			QoQ			YoY

Lebacs		31,674			40,001			651			0			0			0	%		-100	%
Leliqs		1,295			0			34,260			55,070			98,918			80	%		7538	%
Other		1,786			6,012			11,141			10,937			11,594			6	%		549	%
Government securities		34,755			46,013			46,052			66,007			110,512			67	%		218	%
Provincial loans		1,827			1,973			1,856			1,685			1,197			-29	%		-34	%
Loans		1,827			1,973			1,856			1,685			1,197			-29	%		-34	%
Purchase of government bonds		45			60			60			75			0			-100	%		-100	%
Other receivables		45			60			60			75			0			-100	%		-100	%

TOTAL PUBLIC SECTOR ASSETS		36,626			48,046			47,967			67,768			111,709			65	%		205	%

TOTAL PUBLIC SECTOR LIABILITIES		1			0			0			0			0			0	%		-100	%

Net exposure		36,625			48,046			47,967			67,768			111,709			65	%		205	%

TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)		3,658			8,045			13,056			12,698			12,791			1	%		250	%

TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS		1.6	%		3.0	%		4.2	%		3.7	%		3.3	%

Funding

Deposits

Banco Macro’s deposit base totaled Ps.272.6 billion in 1Q19, growing 15% or Ps.34.7 billion QoQ and 82% or Ps.123.1 billion YoY and representing 83% of the Bank’s total liabilities.

On a quarterly basis, private sector deposits grew 12% or Ps.25.8 billion, while public sector deposits increased 46% or Ps.8.8 billion.

The increase in private sector deposits was led by time deposits, which grew 23% or Ps.27.6 billion QoQ. In addition, sight deposits decreased 2% or Ps.1.9 billion QoQ.

Within private sector deposits, peso deposits increased 8% or Ps.12 billion, while US dollar deposits increased 5% or USD84 million.

As of 1Q19, Banco Macro´s market share over private sector deposits was 6.9%.

1Q19 Earnings Release

DEPOSITS	MACRO Consolidated										Variation
In MILLION $	1Q18		2Q18		3Q18		4Q18		1Q19		QoQ			YoY

Public sector		13,847		19,405		20,074		19,354		28,192		46	%		104	%

Financial sector		93		125		150		148		211		42	%		126	%

Private sector		135,548		159,943		192,345		218,452		244,208		12	%		80	%
Checking accounts		20,382		21,226		23,808		24,375		24,510		1	%		20	%
Savings accounts		43,308		53,507		64,110		68,695		66,673		-3	%		54	%
Time deposits		66,881		80,250		98,431		118,034		148,832		26	%		123	%
Other		4,978		4,960		5,996		7,349		4,193		-43	%		-16	%
Total		149,488		179,473		212,569		237,954		272,611		15	%		82	%

Pesos		119,484		131,598		140,558		166,597		187,632		13	%		57	%
Foreign Currency (Pesos)		30,004		47,875		72,010		71,358		84,978		19	%		183	%
Foreign Currency (USD)		1,490		1,659		1,761		1,887		1,960		4	%		32	%

Banco Macro’s transactional deposits represent approximately 37% of its total deposit base as of 1Q19. These accounts are low cost and are not sensitive to interest rate increases.

Other sources of funds

In 1Q19, the total amount of other sources of funds increased 13% or Ps.10.1 billion compared to 4Q18. In 1Q19 Shareholder’s Equity increased 14% or Ps.7.5 billion, also Subordinated corporate bonds increased 17% QoQ as a consequence of the argentine peso depreciation against the US dollar registered during the quarter.

OTHER SOURCES OF FUNDS	MACRO Consolidated										Variation
In MILLION $	1Q18		2Q18		3Q18		4Q18		1Q19		QoQ			YoY

Central Bank of Argentina		13		16		22		24		20		-17	%		54	%
Banks and international institutions		3		1,180		2,389		2,568		2,345		-9	%		78067	%
Financing received from Argentine financial institutions		470		633		815		406		745		83	%		59	%
Subordinated corporate bonds		8,258		11,646		16,796		15,288		17,836		17	%		116	%
Corporate bonds		4,913		8,125		6,513		6,377		6,314		-1	%		29	%
Shareholders´ equity		50,086		50,146		50,963		54,636		62,085		14	%		24	%
Total other source of funds		63,744		71,746		77,498		79,299		89,345		13	%		40	%

1Q19 Earnings Release

Liquid Assets

In 1Q19, the Bank’s liquid assets amounted to Ps.180 billion, showing a 32% or Ps.44.2 billion increase QoQ, and a 166% or Ps.112.5 billion increase on a yearly basis.

In 1Q19, LELIQs own portfolio increased 80% or Ps.43.9 billion.

In 1Q19 Banco Macro’s liquid assets to total deposits ratio reached 66%.

LIQUID ASSETS	MACRO Consolidated															Variation
In MILLION $	1Q18			2Q18			3Q18			4Q18			1Q19			QoQ			YoY

Cash		29,441			50,310			68,919			74,766			75,309			1	%		156	%
Guarantees for compensating chambers		4,142			4,822			5,384			5,720			5,735			0	%		38	%
Call		1,138			620			720			405			178			-56	%		-84	%
LEBAC own portfolio		31,674			38,039			651			0			0			0	%		-100	%
Leliq own portfolio		1,295			0			34,260			55,070			98,918			80	%		7540	%
Total		67,689			93,790			109,934			135,961			180,140			32	%		166	%

Liquid assets to total deposits		45.3	%		52.3	%		51.7	%		57.1	%		66.0	%

Solvency

Banco Macro continued showing high solvency levels in 1Q19 with an integrated capital (RPC) of Ps.73.9 billion over a total capital requirement of Ps.21.8 billion. Banco Macro´s excess capital in 1Q19 was 239% or Ps.52.1 billion.

The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 27.7% in 1Q19, TIER1 Ratio stands at 20.6%

If we were to consider the upcoming cash dividend payment (to be paid on May 14^th, 2019) of Ps.6.4 billion with the current integrated capital (RPC); the regulatory capital ratio would be 25.3% and the TIER 1 ratio would be 18.2%.

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

1Q19 Earnings Release

MINIMUM CAPITAL REQUIREMENT	MACRO Consolidated															Variation
In MILLION $	1Q18			2Q18			3Q18			4Q18			1Q19			QoQ			YoY

Credit risk requirement		12,371			13,185			15,338			15,609			16,329			5	%		32	%
Market risk requirement		188			450			303			212			284			34	%		51	%
Operational risk requirement		3,530			3,843			4,199			4,616			5,189			12	%		47	%
Total capital requirements		16,090			17,478			19,840			20,437			21,802			7	%		36	%

Ordinary Capital Level 1 (COn1)		46,564			48,527			49,097			52,285			58,520			12	%		26	%
Deductible concepts Level 1 (COn1)		-2,476			-2,646			-3,186			-3,047			-3,708			22	%		50	%
Aditional Capital Level 1 (CAn1)		21			21			0			0			0			2	%		-99	%
Capital Level 2 (COn2)		9,530			13,087			18,058			16,875			19,092			13	%		100	%
Integrated capital - RPC (i)		53,639			58,989			63,969			66,113			73,903			12	%		38	%

Excess capital		37,549			41,511			44,129			45,676			52,101			14	%		39	%

Risk-weighted assets - RWA (ii)		196,622			213,679			242,411			249,781			266,581			7	%		36	%

Regulatory Capital ratio [(i)/(ii)]		27.3	%		27.6	%		26.4	%		26.5	%		27.7	%

Ratio TIER 1 [Capital Level 1/RWA]		22.4	%		21.5	%		18.9	%		19.7	%		20.6	%

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

Asset Quality

In 1Q19, Banco Macro’s non-performing to total financing ratio reached a level of 2.03%, up from 1.91% in 4Q18, and 1.11% posted in 1Q18.

Consumer portfolio non-performing loans increased 40bp while Commercial portfolio non-performing loans decreased 39pb in 1Q19 (due to Molino Cañuelas write off)

The coverage ratio reached 119.23% in 1Q19. Write-offs over total loans totaled 0.53%, due to the aforementioned Molino Cañuelas write off.

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

ASSET QUALITY	MACRO Consolidated															Variation
In MILLION $	1Q18			2Q18			3Q18			4Q18			1Q19			QoQ			YoY

Commercial portfolio		56,698			59,006			69,497			71,202			68,794			-3	%		21	%
Non-performing		222			368			624			917			618			-33	%		178	%
Consumer portfolio		95,574			102,221			110,948			113,538			114,936			1	%		20	%
Non-performing		1,469			1,857			2,316			2,617			3,111			19	%		112	%
Total portfolio		152,272			161,226			180,445			184,740			183,730			-1	%		21	%
Non-performing		1,691			2,225			2,940			3,534			3,729			6	%		121	%
Total non-performing/ Total portfolio		1.11	%		1.38	%		1.63	%		1.91	%		2.03	%

Total allowances		3,016			3,322			3,853			4,161			4,446			7	%		47	%
Coverage ratio w/allowances		178.35	%		149.30	%		131.05	%		117.74	%		119.23	%
Write Offs		240			386			383			556			967			74	%		303	%
Write Offs/ Total portfolio		0.16	%		0.24	%		0.21	%		0.30	%		0.53	%

1Q19 Earnings Release

CER Exposure and Foreign Currency Position

CER EXPOSURE	MACRO Consolidated										Variation
In MILLION $	1Q18		2Q18		3Q18		4Q18		1Q19		QoQ			YoY

CER adjustable ASSETS
Private sector loans(*)		5,417		6,522		6,754		6,801		6,776		0	%		25	%
Other loans		0		1		1		1		1		0	%		100	%
Total CER adjustable assets		5,417		6,523		6,755		6,802		6,777		0	%		25	%

CER adjustable LIABILITIES
Deposits(*)		536		737		835		929		348		-63	%		-35	%
Total CER adjustable liabilities		536		737		835		929		348		-63	%		-35	%

NET CER EXPOSURE		4,881		5,786		5,920		5,873		6,429		9	%		32	%

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

FOREIGN CURRENCY POSITION	MACRO Consolidated										Variation
In MILLION $	1Q18		2Q18		3Q18		4Q18		1Q19		QoQ			YoY

Cash and deposits in Banks		13,225		27,819		38,954		42,745		46,287		8	%		250	%
Cash		1,410		1,803		3,351		3,287		3,031		-8	%		115	%
Central Bank of Argentina		9,671		20,866		25,970		25,617		33,803		32	%		250	%
Other financial institutions local and abroad		1,929		5,110		9,354		13,385		9,450		-29	%		390	%
Others		215		40		279		456		3		-99	%		-99	%
Net Income from financial instruments at fair value through P&L		112		231		250		388		298		-23	%		166	%
Derivatives		0		1		0		3		1		-71	%		100	%
Other financial assets		1,220		1,234		1,697		1,546		1,724		12	%		41	%
Loans and other financing		22,542		27,830		45,775		46,040		54,891		19	%		144	%
Non financial public sector		0		0		0		0		0		0	%		0	%
Other financial institutions		500		255		567		480		513		7	%		3	%
Non financial private sector & foreign residents		22,041		27,575		45,208		45,560		54,378		19	%		147	%
Other debt securities		1,095		1,307		3,105		1,217		1,313		8	%		20	%
Guarantess received		264		582		988		929		1,756		89	%		565	%
Investment in equity instruments		5		6		7		6		7		17	%		40	%
Investment in associates and joint ventures		0		0		0		0		0		0	%		0	%
Total Assets		38,462		59,009		90,777		92,875		106,277		14	%		176	%
Deposits		30,005		47,875		72,010		71,358		84,978		19	%		183	%
Non financial public sector		1,410		2,676		2,348		2,295		2,102		-8	%		49	%
Financial sector		54		77		114		100		167		67	%		209	%
Non financial private sector & foreign residents		28,541		45,122		69,549		68,963		82,709		20	%		190	%
Derivatives		0		0		1		0		0		0	%		0	%
Other liabilities from financial intermediation		1,476		2,406		3,516		2,619		3,749		43	%		154	%
Non-subordinated corporate bonds		265		1,180		2,405		2,599		2,541		-2	%		859	%
Subordinated corporate bonds		8,258		11,646		16,796		15,288		17,836		17	%		116	%
Other liabilities		16		25		40		35		42		20	%		163	%
Total Liabilities		40,020		63,133		94,769		91,899		109,146		19	%		173	%

NET FX POSITION (Pesos)		-1,557		-4,124		-3,992		976		-2,869		-394	%		84	%
NET FX POSITION (USD)		-77.3		-142.9		-97.6		25.8		-66.2		-356	%		-14	%

1Q19 Earnings Release

Relevant and Recent Events

Interest Payment Class C Peso denominated Notes.In April 2019, the Bank paid quarterly interest on Class C Peso denominated notes in the amount of Ps.359,998,645.32

Interest Payment Class A Subordinated Notes.In May 2019, the Bank paid semiannual interest on Class A Subordinated notes in the amount of USD.13,500,000.

Interest Payment Class B Peso denominated Notes.In May 2019, the Bank paid semiannual interest on Class B Peso denominated notes in the amount of Ps.296,717,050

Cash Dividend Payment.Pursuant to the resolutions adopted by the General and Special Shareholders’ Meeting and the Board of Directors’ Meeting, both held on the 30th day of April 2019, as of May 14, 2019 we shall make available and pay to the shareholders registered in the Bank’s Stock Ledger up to May 13, 2019, the cash dividend on the amount of Ps.6,393,977,460 (i.e., Ps.10 per share representing 1,000% of the outstanding capital stock of Ps.639,397,746).

Regulatory Changes

Inflation Adjustment.In February 2019, through Communication “A” 6651 the Central Bank of Argentina (BCRA) established that financial institutions should restate financial statements in accordance with IAS 29 starting from January 1^st, 2020. As of the date of this report the Bank has not quantified the effects of the application of IAS 29 on 1Q19 financials but they could differ significantly from the figures currently reported, however 1Q19 net income would still be positive.

For FY2018 Pre-tax profit totaled Ps.22.7 billion, adjusted by inflation this Pre-tax profit was Ps.6.1 billion, but given that according to applicable laws and regulations income tax in Argentina is based on nominal balances, the Bank paid Ps.7 billion in income tax, thus generating a Ps.805 million loss for FY2018.

Daily net LELIQ Position. In March 2019, through Communication “A” 6661 the Central Bank of Argentina (BCRA) established:

Daily net position for financial institutions in LELIQs and Peso REPOs with the Central Bank could not exceed the integrated capital of each institution or 100% of the monthly average of daily balances of private sector peso deposits (excluding financial sector) of the previous month; whichever is greater.

As of this date Banco Macro and Banco del Tucumán are within the limits of what is established by Communication “A” 6661 of the Central Bank of Argentina.

1Q19 Earnings Release

QUARTERLY BALANCE SHEET	MACRO Consolidated										Variation
IN MILLIONS $	1Q18		2Q18		3Q18		4Q18		1Q19		QoQ			YoY

ASSETS
Cash and deposits in Banks		29,441		50,310		68,919		74,766		75,309		1	%		156	%
Cash		7,386		6,588		8,828		10,697		8,770		-18	%		19	%
Central Bank of Argentina		19,892		38,530		50,419		50,212		57,079		14	%		187	%
Other locan & foreign entities		1,948		5,152		9,394		13,402		9,456		-29	%		385	%
Other		215		40		279		456		2		-100	%		-99	%
Debt securities at fair value through profit & loss		605		1,340		1,760		2,635		2,964		12	%		390	%
Derivatives		5		43		71		17		42		147	%		740	%
Repo Transactions		587		156		-		-		-		0	%		-100	%
Other financial assets		3,055		2,515		3,309		3,000		3,170		6	%		4	%
Loans & other recievables		147,619		155,621		174,288		178,875		177,717		-1	%		20	%
Non Financial Public Sector		1,886		2,041		1,943		1,776		1,304		-27	%		-31	%
Financial Sector		4,042		3,263		4,647		5,574		3,784		-32	%		-6	%
Non Financial private sector and foreign		141,691		150,316		167,699		171,525		172,629		1	%		22	%
Other debt securities		34,746		43,163		44,976		64,585		109,048		69	%		214	%
Financial assets in guarantee		4,729		7,477		6,241		6,756		7,300		8	%		54	%
Investments in equity instruments		110		50		52		52		1,504		2792	%		1267	%
Investments in other companies (subsidiaries and joint ventures)		288		98		85		109		124		14	%		-57	%
Property, plant and equipment		7,234		7,591		7,898		9,003		9,849		9	%		36	%
Intangible assets		947		994		1,147		1,401		1,548		10	%		63	%
Deferred income tax assets		33		47		57		47		60		28	%		82	%
Other non financial assets		2,158		2,205		2,216		834		1,080		29	%		-50	%
Non-current assets held for sale		109		127		127		804		583		-27	%		435	%
TOTAL ASSETS		231,666		271,735		311,146		342,883		390,296		14	%		68	%

LIABILITIES
Deposits		149,488		179,473		212,569		237,954		272,611		15	%		82	%
Non Financial Public Sector		13,847		19,405		20,074		19,354		28,192		46	%		104	%
Financial Sector		93		125		150		148		211		43	%		127	%
Non Financial private sector and foreign		135,548		159,943		192,345		218,452		244,208		12	%		80	%
Liabilities at fair value through profit & loss		13		-		-		-		-		0	%		-100	%
Derivatives		14		34		212		1		111		11000	%		693	%
Repo Transactions		9		1,829		-		165		-		-100	%		-100	%
Other financial liabilities		9,094		11,195		12,795		15,319		16,622		9	%		83	%
Financig received from Central Bank and Other Financial Institutions		487		1,829		3,246		2,998		3,111		4	%		539	%
Issued Corporate Bonds		4,913		8,125		6,513		6,377		6,314		-1	%		29	%
Current income tax liabilities		4,072		1,781		2,109		2,947		4,567		55	%		12	%
Subordinated corporate bonds		8,258		11,646		16,796		15,288		17,836		17	%		116	%
Provisions		735		785		798		1,046		970		-7	%		32	%
Deferred income tax liabilities		358		211		132		275		404		47	%		13	%
Other non financial liabilities		3,917		4,436		5,012		5,875		5,662		-4	%		45	%
TOTAL LIABILITIES		181,357		221,345		260,181		288,245		328,208		14	%		81	%

SHAREHOLDERS' EQUITY
Capital Stock		670		670		670		670		670		0	%		0	%
Issued Shares premium		12,429		12,429		12,429		12,429		12,428		0	%		0	%
Adjustment to Shareholders' Equity		5		5		5		5		5		0	%		0	%
Reserves		20,363		26,404		23,290		21,996		21,996		0	%		8	%
Retained earnings		12,864		3,476		3,265		3,265		18,994		482	%		48	%
Other accumulated comprehensive income		213		506		819		543		649		20	%		205	%
Net income for the period / fiscal year		3,542		6,658		10,486		15,729		7,343		-53	%		107	%
Shareholders' Equity attributable to parent company		50,086		50,146		50,963		54,636		62,085		14	%		24	%

Shareholders' Equity attributable to non controlling interest		223		244		3		2		3		50	%		-99	%
TOTAL SHAREHOLDERS' EQUITY		50,309		50,390		50,965		54,638		62,088		14	%		23	%

1Q19 Earnings Release

INCOME STATEMENT	MACRO Consolidated										Variation
IN MILLION $	1Q18		2Q18		3Q18		4Q18		1Q19		QoQ			YoY

Interest Income		11,338		13,617		16,809		23,814		24,395		2	%		115	%
Interest Expense		3,396		4,524		6,486		11,526		11,464		-1	%		238	%
Net Interest Income		7,942		9,093		10,323		12,288		12,931		5	%		63	%
Fee income		2,544		2,891		3,013		3,476		3,551		2	%		40	%
Fee expense		185		210		144		217		241		11	%		30	%
Net Fee Income		2,359		2,681		2,869		3,259		3,310		2	%		40	%
Subtotal (Net Interest Income + Net Fee Income)		10,301		11,774		13,192		15,547		16,241		4	%		58	%
Net Income from financial instruments at Fair Value Through Profit & Loss		249		-46		499		364		1,974		442	%		693	%
Result from assets at amortised cost		-3		-		-3		1		-17		-1800	%		467	%
Difference in quoted prices of gold and foreign currency		151		-1,012		-1,244		729		-51		-107	%		-134	%
Other operating income		559		563		1,162		529		3,113		488	%		457	%
Provision for loan losses		567		571		732		836		2,154		158	%		280	%
Net Operating Income		10,726		10,745		12,914		16,218		19,106		18	%		78	%
Personnel expenses		2,018		2,443		2,720		3,124		3,133		0	%		55	%
Administrative expenses		1,402		1,550		1,776		2,105		2,096		0	%		50	%
Depreciation and impairment of assets		163		173		187		215		290		35	%		78	%
Other operating expense		2,029		2,317		2,693		3,213		3,104		-3	%		53	%
Operating Income		5,114		4,262		5,538		7,561		10,483		39	%		105	%
Income from associates and joint ventures		75		145		12		33		26		-21	%		-65	%
Net Income before income tax on continuing operations		5,189		4,407		5,550		7,594		10,509		38	%		103	%
Income tax on continuing operations		1,625		1,271		1,718		2,352		3,166		35	%		95	%
Net Income from continuing operations		3,564		3,136		3,832		5,242		7,343		40	%		106	%

Net Income for the period		3,564		3,136		3,832		5,243		7,343		40	%		106	%
Net Income of the period attributable to parent company		3,542		3,116		3,828		5,243		7,343		40	%		107	%
Net income of the period attributable to non-controlling interests		22		21		4		-		-		0	%		-100	%

Other Comprehensive Income		9		292		313		-276		106		-138	%		1078	%
Foreign currency translation differences in financial statements conversion		54		344		454		-119		211		-277	%		291	%

Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a)		-45		-52		-141		-157		-105		-33	%		133	%

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		3,573		3,428		4,146		4,967		7,450		50	%		109	%
Total Comprehensive Income attributable to parent Company		3,551		3,408		4,142		4,967		7,450		50	%		110	%
Total Comprehensive Income attributable to non-controlling interests		22		21		4		-		-		0	%		-100	%

1Q19 Earnings Release

QUARTERLY ANNUALIZED RATIOS	MACRO Consolidated
	1Q18			2Q18			3Q18			4Q18			1Q19
Profitability & performance
Net interest margin		15.4	%		13.5	%		13.4	%		16.9	%		17.2	%
Net interest margin adjusted (exc. FX)		15.1	%		15.2	%		15.3	%		16.0	%		17.3	%
Net fee income ratio		17.2	%		19.2	%		20.0	%		12.0	%		23.1	%
Efficiency ratio		35.6	%		41.9	%		39.1	%		35.8	%		28.6	%
Efficiency ratio (exc. Prisma)		0.0	%		0.0	%		0.0	%		0.0	%		31.6	%
Net fee income as % of A&G Expenses		48.4	%		45.7	%		51.0	%		33.7	%		80.9	%
Net fee income as % of A&G Expenses (exc. Prisma)		-			-			-			-			33.3	%
Return on average assets		6.4	%		5.1	%		5.4	%		6.4	%		8.4	%
Return on average assets (exc. Prisma)		-			-			-			-			6.3	%
Return on average equity		29.4	%		25.1	%		29.0	%		38.8	%		50.0	%
Return on average equity (exc. Prisma)		-			-			-			-			37.2	%
Liquidity
Loans as a percentage of total deposits		98.7	%		86.7	%		82.0	%		75.2	%		65.2	%
Liquid assets as a percentage of total deposits		45.3	%		52.3	%		51.7	%		57.1	%		66.1	%
Capital
Total equity as a percentage of total assets		21.7	%		18.5	%		16.4	%		15.9	%		15.9	%
Regulatory capital as % of APR		27.3	%		27.6	%		26.4	%		26.5	%		27.7	%
Asset Quality
Allowances over total loans		2.0	%		2.1	%		2.1	%		2.3	%		2.4	%
Non-performing financing as a percentage of total financing		1.1	%		1.4	%		1.6	%		1.9	%		2.0	%
Coverage ratio w/allowances		178.4	%		149.3	%		131.1	%		117.7	%		119.2	%
Cost of Risk		1.7	%		1.5	%		1.8	%		1.9	%		4.9	%
Cost of Risk (exc. Prisma)		-			-			-			-			2.5	%

ACCUMULATED ANNUALIZED RATIOS	MACRO Consolidated
	1Q18			2Q18			3Q18			4Q18			1Q19
Profitability & performance
Net interest margin		15.4	%		14.4	%		14.0	%		14.9	%		17.2	%
Net interest margin adjusted (exc. FX)		15.1	%		15.2	%		15.2	%		15.4	%		17.3	%
Net fee income ratio		17.2	%		18.2	%		21.5	%		16.7	%		23.1	%
Efficiency ratio		35.6	%		38.7	%		37.6	%		37.9	%		28.6	%
Efficiency ratio (exc. Prisma)		0.0	%		0.0	%		0.0	%		0.0	%		31.6	%
Net fee income as % of A&G Expenses		48.4	%		47.0	%		57.2	%		44.0	%		80.9	%
Net fee income as % of A&G Expenses (exc. Prisma)		-			-			-			-			33.3	%
Return on average assets		6.4	%		5.7	%		5.6	%		5.8	%		8.4	%
Return on average assets (exc. Prisma)		-			-			-			-			6.3	%
Return on average equity		29.4	%		27.2	%		27.8	%		30.7	%		50.0	%
Return on average equity (exc. Prisma)		-			-			-			-			37.2	%
Liquidity
Loans as a percentage of total deposits		98.7	%		86.7	%		82.0	%		121.1	%		65.2	%
Liquid assets as a percentage of total deposits		45.3	%		52.3	%		51.7	%		57.1	%		66.1	%
Capital
Total equity as a percentage of total assets		21.7	%		18.5	%		16.4	%		15.9	%		15.9	%
Regulatory capital as % of APR		27.3	%		27.6	%		26.4	%		26.5	%		27.7	%
Asset Quality
Allowances over total loans		2.0	%		2.1	%		2.1	%		2.3	%		2.4	%
Non-performing financing as a percentage of total financing		1.1	%		1.4	%		1.6	%		1.9	%		2.0	%
Coverage ratio w/allowances		178.4	%		149.3	%		131.1	%		117.7	%		119.2	%
Cost of Risk		1.7	%		1.6	%		1.7	%		1.7	%		4.9	%
Cost of Risk (exc. Prisma)		-			-			-			-			2.5	%

SIGNATURE

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

Date: May 9, 2019

	MACRO BANK INC.

	By:	/s/ Jorge Francisco Scarinci
	Name: Jorge Francisco Scarinci
	Title: Chief Financial Officer

Banco Macro (BMA) 6-KCurrent report (foreign)