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

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

August 7, 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 x Form 40-F ¨

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

Yes ¨ No x

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

Yes ¨ No x

2Q19 Earnings Release

Banco Macro Announces Results for the Second Quarter of 2019

Buenos Aires, Argentina, August 7, 2019 – Banco Macro S.A. (NYSE: BMA; BCBA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the second quarter ended June 30, 2019 (“2Q19”). All figures are in Argentine pesos (Ps.)

Summary

• The Bank’s net income totaled Ps.7.0 billion in 2Q19. This result was 4% lower than the Ps.7.3 billion posted in 1Q19 and 124% higher than in 2Q19. In 2Q19, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 47% and 7.7%, respectively. In 2Q19 Recurring Net Income totaled Ps.7.8 billion increasing 37% or Ps.2.1 billion compared with the previous quarter.

• In 2Q19, Banco Macro’s financing to the private sector grew Ps.705 million quarter over quarter (“QoQ”) totaling Ps.174.7 billion and increased 16% or Ps.23.8 billion year over year (“YoY”). In the quarter, growth was driven by commercial loans, among which Overdrafts and Others stand out, with a 41% and 6% increase QoQ.

• In 2Q19, Banco Macro’s total deposits grew 4% or Ps.11.7 billion QoQ, totaling Ps.284.3 billion and representing 84% of the Bank’s total liabilities. Private sector deposits grew 7% or Ps.16.2 billion QoQ.

• Banco Macro continued showing a strong solvency ratio, with excess capital of Ps.51.0 billion 26.3% regulatory capital ratio – Basel III and 19.6% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 66.4% of its total deposits in 2Q19.

• As of 2Q19, the efficiency ratio reached 33.5%, improving from the 38.7% posted in 2Q18.

• In 2Q19, the Bank’s non-performing to total financing ratio was 2.12% and the coverage ratio reached 116.1%.

2Q19 Earnings Release Conference Call		IR Contacts in Buenos Aires:
Thursday, August 8, 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 08/08/2019 through
+1 (844) 450 3847	08/22/2019	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

1

2Q19 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.

2

2Q19 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 shown 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.11.01 in 2Q19, 4% lower than 1Q19 but 137% higher than the result posted a year ago. On a yearly basis Net Income increased 126% while Earnings per Share increased 137%, 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 $	2Q18		3Q18		4Q18		1Q19		2Q19		QoQ			YoY
Net income -Parent Company- (M $)		3,116		3,828		5,243		7,343		7,033		-4	%		126	%
Average # of shares outstanding (M)		670		662		643		639		639		0	%		-5	%
Average #of treasury stocks (shares repurchased) (M)		0		7		26		30		30		0	%		100	%
Book value per avg. Outstanding share ($)		75		76		82		93		94		1	%		25	%
Shares Outstanding (M)		670		648		641		639		639		0	%		-5	%
Earnings per avg. outstanding share ($)		4.65		5.78		8.15		11.49		11.01		-4	%		137	%
Book value per avg. issued ADS (USD)		26.06		18.62		22.16		21.41		21.41		0	%		-18	%
Earnings per avg. outstanding ADS (USD)		1.61		1.41		2.16		2.65		2.59		-2	%		61	%

Banco Macro’s 2Q19 net income of Ps.7.0 billion was 4% or Ps.312 million lower than the previous quarter and 124% or Ps.3.9 billion higher YoY. This result represented an accumulated ROAE and ROAA of 47% and 7.7% respectively.

In 2Q19 Recurring Net Income was Ps.7.8 billion, 37% or Ps.2.1 billion higher than the result posted in 1Q19. (See table below for recurring net income)

3

2Q19 Earnings Release

INCOME STATEMENT RECURRING	MACRO Consolidated						Variation
In MILLION $	4Q18		1Q19(¹)		2Q19(²)		QoQ
Net Interest Income		12,288		12,931		16,785		30	%
Net fee income		3,259		3,310		3,391		2	%
Subtotal (Net Interest Income + Net Fee Income)		15,547		16,241		20,176		24	%
Net Income from financial instruments at fair value through P&L		364		605		133		-78	%
Income from assets at amortized cost		1		-17		0		-
Differences in quoted prices of gold and foreign currency		729		-167		333		-
Other operating income		529		736		817		11	%
Provision for loan losses		836		800		848		6	%
Net Operating Income		16,218		16,598		20,611		24	%
Employee benefits		3,124		3,133		4,007		28	%
Administrative expenses		2,105		2,096		2,301		10	%
Depreciation and impairment of assets		215		290		317		9	%
Other operating expenses		3,213		3,104		2,886		-7	%
Operating Income		7,561		7,975		11,100		39	%
Result from associates & joint ventures		33		26		23		-12	%
Result before taxes from continuing operations		7,594		8,001		11,123		39	%
Income tax		2,352		2,307		3,319		44	%
Net income from continuing operations		5,243		5,694		7,804		37	%
Net Income of the period		5,243		5,694		7,804		37	%

(¹) Excluding Prisma & Molinos Cañuelas

(²) Excluding results related to social security contributions (Employee benefits & Other Operating income), sale of real estate (Other Operating income), Prisma dividends (Result from associates & joint ventures) and Income tax

Net operating income (before G&A and personnel expenses) was Ps.20.8 billion in 2Q19, increasing 9% or Ps.1.7 billion compared to 1Q19 and 93% or Ps.10 billion compared to the previous year.

Operating income (after G&A and personnel expenses) was Ps.9.3 billion in 2Q19, 11% or Ps.1.2 billion lower than in 1Q19 and 118% or Ps.5.1 billion higher than a year ago.

It is important to emphasize that this result was obtained with a leverage of 6.4x assets to equity ratio.

4

2Q19 Earnings Release

INCOME STATEMENT	MACRO Consolidated										Variation
In MILLION $	2Q18		3Q18		4Q18		1Q19		2Q19		QoQ			YoY
Net Interest Income		9,093		10,323		12,288		12,931		16,785		30	%		85	%
Net fee income		2,681		2,869		3,259		3,310		3,391		2	%		26	%
Subtotal (Net Interest Income + Net Fee Income)		11,774		13,192		15,547		16,241		20,176		24	%		71	%
Net Income from financial instruments at fair value through P&L		-46		499		364		1,974		133		-93	%		-389	%
Income from assets at amortized cost		0		-3		1		-17		0		-			-
Differences in quoted prices of gold and foreign currency		-1,012		-1,244		729		-51		333		-			-
Other operating income		600		1,202		413		3,114		983		-68	%		64	%
Provision for loan losses		571		732		836		2,154		848		-61	%		49	%
Net Operating Income		10,745		12,914		16,218		19,107		20,777		9	%		93	%
Employee benefits		2,443		2,720		3,124		3,133		4,916		57	%		101	%
Administrative expenses		1,550		1,776		2,105		2,096		2,301		10	%		48	%
Depreciation and impairment of assets		173		187		215		290		317		9	%		83	%
Other operating expenses		2,317		2,693		3,213		3,104		3,950		27	%		70	%
Operating Income		4,262		5,538		7,561		10,484		9,293		-11	%		118	%
Result from associates & joint ventures		145		12		33		26		613		2258	%		323	%
Result before taxes from continuing operations		4,407		5,550		7,594		10,510		9,906		-6	%		125	%
Income tax		1,271		1,718		2,351		3,166		2,874		-9	%		126	%
Net income from continuing operations		3,136		3,832		5,243		7,344		7,032		-4	%		124	%
Net Income of the period		3,136		3,832		5,243		7,344		7,032		-4	%		124	%
Net income of the period attributable to parent company		3,116		3,828		5,243		7,343		7,033		-4	%		126	%
Net income of the period attributable to minority interest		20		4		0		1		-1		-			-

The Bank’s 2Q19 net interest income totaled Ps.16.8 billion, 30% or Ps.3.9 billion higher than in 1Q19 and 85% or Ps.7.7 billion higher YoY.

In 2Q19 interest income totaled Ps.31.3 billion, 28% or Ps.6.9 billion higher than in 1Q19 and 130% or Ps.17.7 billion higher than in 2Q18.

Income from interest on loans and other financing totaled Ps.14.7 billion, 1% or Ps.205 million higher compared with the previous quarter. On a yearly basis Income from interest on loans increased 42% or Ps.4.4 billion.

In 2Q19 income from government and private securities increased 57% or Ps.5.4 billion QoQ and 376% or Ps.11.8 billion compared with the same period of last year. This result is explained 96% by income from government and private securities through other comprehensive income (Central Bank Notes) and the remaining 4% is explained by income of government and private securities at amortized cost.

In 2Q19 Differences foreign currency totaled a Ps.333 million gain, due to the 2% argentine peso appreciation against the US dollar and the Bank’s long spot dollar position during most of the quarter and FX trading results (Ps.461 million). 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 2Q19 resulted in a Ps.321 million gain.

5

2Q19 Earnings Release

DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY	MACRO Consolidated										Variation
In MILLION $	2Q18		3Q18		4Q18		1Q19		2Q19		QoQ			YoY
(1) Differences in quoted prices of gold and foreign currency		-1,012		-1,244		729		-51		333
Translation of FX assets and liabilities to Pesos		-1,336		-1,759		354		-481		-129		-			-90	%
Income from foreign currency exchange		324		515		375		430		462		7	%		43	%
(2) Net Income from financial assets and liabilities at fair value through P&L		-3		235		-22		301		-12					300	%
Income from investment in derivative financing instruments		-3		235		-22		301		-12		-			300	%
(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency		-1,015		-1,009		707		250		321		28	%

INTEREST INCOME	MACRO Consolidated										Variation
In MILLION $	2Q18		3Q18		4Q18		1Q19		2Q19		QoQ			YoY
Interest on Cash and due from Banks		2		5		15		31		35		13	%		1650	%
Interest from government securities		3,144		4,380		7,898		9,515		14,951		57	%		376	%
Interest from private securities		50		71		2		1		0		-100	%		-100	%
Interest on loans and other financing
To the financial sector		205		312		546		494		355		-28	%		73	%
Interest on overdrafts		962		1,448		2,442		1,872		1,739		-7	%		81	%
Interest on documents		727		856		1,089		1,201		1,086		-10	%		49	%
Interest on mortgages loans		785		1,101		1,795		1,310		1,673		28	%		113	%
Interest on pledged loans		142		142		148		129		124		-4	%		-13	%
Interest on personal loans		5,021		5,447		5,676		5,785		6,005		4	%		20	%
Interest on credit cards loans		1,545		1,788		2,371		2,567		2,677		4	%		73	%
Interest on financial leases		34		40		57		44		43		-2	%		26	%
Interest on other loans		954		1,211		1,447		1,124		1,029		-8	%		8	%
Interest on Repos
From the BCRA		7		0		0		9		0		-100	%		-100	%
Other financial institutions		39		8		328		313		1,617		417	%		4046	%
Total Interest income		13,617		16,809		23,814		24,395		31,334		28	%		130	%
Income from Interest on loans		10,375		12,345		15,571		14,526		14,731		1	%		42	%

The Bank’s 2Q19 interest expense totaled Ps.14.6 billion, increasing 27% (Ps.3.1 billion) compared to the previous quarter and 222% (Ps.10 billion) compared to 2Q18.

In 2Q19, interest on deposits represented 93% of the Bank’s total interest expense, increasing 28% or Ps.3 billion QoQ. On a yearly basis, interest on deposits increased 250% or Ps.9.7 billion.

6

2Q19 Earnings Release

INTEREST EXPENSE	MACRO Consolidated										Variation
In MILLION $	2Q18		3Q18		4Q18		1Q19		2Q19		QoQ			YoY
Deposits
Interest on checking accounts		0		142		491		118		52		-56	%		100	%
Interest on saving accounts		64		91		140		97		153		58	%		139	%
Interest on time deposits		3,814		5,464		10,013		10,372		13,368		29	%		250	%
Interest on other financing from BCRA and financial inst.		22		48		45		43		62		44	%		182	%
Repos
Other financial institutions		24		66		64		71		107		51	%		346	%
Interest on corporate bonds		422		406		478		452		470		4	%		11	%
Interest on subordinated bonds		174		252		267		280		311		11	%		79	%
Interest on other financial liabilities		4		17		28		31		26		-16	%		550	%
Total financial expense		4,524		6,486		11,526		11,464		14,549		27	%		222	%
Expenses from interest on deposits		3,878		5,697		10,644		10,587		13,573		28	%		250	%

As of 2Q19, the Bank’s net interest margin (including FX) was 17.6%, higher than the 17.2% posted in 1Q19 and the 14.4% in 2Q18.

As of 2Q19 Net Interest Margin (excluding FX) was 17.5%, higher than the 17.3% posted in 1Q19 and the 15.2% in 2Q18. This result shows the Bank’s ability to defend its margin.

ASSETS & LIABILITIES PERFORMANCE	MACRO Consolidated
In MILLION $	2Q18					3Q18					4Q18					1Q19					2Q19
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		35,267		0.0	%		54,563		0.0	%		69,490		0.1	%		75,216		0.2	%		87,393		0.2	%
Government & Securities at fair value through P&L		950		-2.0	%		1,695		-1.0	%		2,201		25.7	%		2,388		20.4	%		2,126		14.0	%
Loans & Other Financing
Public Sector		1,937		32.2	%		2,167		45.1	%		2,112		68.5	%		1,430		55.9	%		1,016		46.6	%
Financial Sector		3,624		21.5	%		4,235		15.0	%		4,747		45.6	%		5,222		38.5	%		3,632		39.6	%
Private Sector		145,809		27.7	%		155,050		30.3	%		166,486		34.8	%		170,112		33.1	%		172,673		33.2	%
Other debt securities		40,265		31.3	%		42,518		43.4	%		54,356		59.0	%		73,142		53.5	%		94,276		63.7	%
Other interest-earning assets		9,260		1.7	%		9,705		2.2	%		11,650		13.5	%		13,922		50.6	%		20,891		32.0	%
Total interest-earning assets		237,112		23.0	%		269,933		24.9	%		311,042		30.8	%		341,432		31.0	%		382,007		33.1	%
Non interest-earning assets		10,792					11,456					11,894					13,268					15,315
Total Average Assets		247,904					281,389					322,936					354,700					397,322
Interest-bearing liabilities
Deposits
Public Sector		14,500		8.4	%		16,987		12.6	%		21,996		23.1	%		17,248		31.3	%		17,586		31.8	%
Financial Sector		0		0.0	%		0		0.0	%		0		0.0	%		0		0.0	%		0		0.0	%
Private Sector		143,473		10.2	%		167,919		12.4	%		199,275		18.8	%		183,154		20.7	%		211,086		23.4	%
BCRA and other financial institutions		1,058		7.6	%		2,886		8.9	%		2,924		9.8	%		3,329		8.9	%		2,592		13.3	%
Corporate bonds		7,746		21.9	%		7,120		22.6	%		6,359		29.8	%		6,189		29.6	%		6,161		30.6	%
Subordinated bonds		9,474		7.5	%		12,987		7.7	%		15,024		7.0	%		15,868		7.2	%		17,821		7.0	%
Other interest-bearing liabilities		348		35.0	%		540		48.3	%		392		64.4	%		626		46.0	%		1,022		42.4	%
Total int.-bearing liabilities		176,599		10.4	%		208,439		12.5	%		245,970		18.7	%		226,414		20.7	%		256,268		23.0	%
Total non int.-bearing liab. & equity		71,305					72,950					76,966					128,286					141,054
Total Average Liabilities & Equity		247,904					281,389					322,936					354,700					397,322
Assets Performance				13,593					16,958					24,152					26,096					31,524
Liabilities Performance				4,599					6,568					11,617					11,567					14,667
Net Interest Income				8,994					10,390					12,535					14,529					16,857
Total interest-earning assets				237,112					269,933					311,042					341,432					382,007
Net Interest Margin (NIM)				15.2	%				15.3	%				16.0	%				17.3	%				17.7	%

In 2Q19 Banco Macro’s net fee income totaled Ps.3.4 billion, 2% or Ps.81 million higher than in 1Q19 and 26% or Ps.710 million higher than the same period of last year.

In the quarter, fee income totaled Ps.3.7 billion, 3% or Ps.119 million higher than in 1Q19. Fees on collection services and fees related to transferable securities stand out, with a 20% and 348% increase respectively QoQ. On a yearly basis, fee income increased 27% or Ps.779 million.

7

2Q19 Earnings Release

In the quarter, total fee expenses increased 16% or Ps.38 million. On a yearly basis, fee expenses increased 33% or Ps.69 million.

NET FEE INCOME	MACRO Consolidated										Variation
In MILLION $	2Q18		3Q18		4Q18		1Q19		2Q19		QoQ			YoY
Fee charged on deposit accounts		1,275		1,414		1,529		1,515		1,418		-6	%		11	%
Debit and credit card fees		851		766		864		1,106		1,108		0	%		30	%
Fees on collection services		326		346		382		401		482		20	%		48	%
Insurance fees		193		217		235		225		233		4	%		21	%
Fees on private securities		108		118		123		138		150		9	%		39	%
Fees related to transferable securities		25		20		16		21		94		348	%		276	%
Other fees related to foreign trade		51		70		81		74		94		27	%		84	%
Other		62		62		246		71		91		28	%		47	%
Total fee income		2,891		3,013		3,476		3,551		3,670		3	%		27	%
Total fee expense		210		144		217		241		279		16	%		33	%
Net fee income		2,681		2,869		3,259		3,310		3,391		2	%		26	%

In 2Q19 Net Income from financial assets and liabilities at fair value through profit or loss totaled Ps.133 million, decreasing 93% or Ps.1.8 billion compared with 1Q19. It should be noted that 1Q19 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) and that it was not observed in 2Q19.

NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS	MACRO Consolidated										Variation
In MILLION $	2Q18		3Q18		4Q18		1Q19		2Q19		QoQ			YoY
Profit or loss from government securities		39		215		165		165		39		-76	%		0	%
Profit or loss from private securities		20		66		168		149		145		-3	%		625	%
Profit or loss from investment in derivative financing instruments		-3		235		-22		301		-12		-			300	%
Profit or loss from other financial assets		9		61		65		51		49		-4	%		444	%
Profit or loss from investment in equity instruments		6		1		4		1,401		9		-99	%		50	%
Profit or loss from the sale of financial assets at fair value		-111		-85		-16		-91		-97		7	%		-13	%
Income from financial assets at fair value through profit or loss		-40		493		364		1,976		133		-93	%
Profit or loss from derivative financing instruments		-6		6		0		-2		0		-			-
Income from financial liabilities at fair value through profit or loss		-6		6		0		-2		0		-			-
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS		-46		499		364		1,974		133		-93	%

In the quarter Other Operating Income increased Ps.983 million, decreasing 68% or Ps.2.1 billion compared with 1Q19. It is worth mentioning that during 1Q19 Other Operating Income increased due to the sale of the 51% stake in Prisma something that it is not observed during 2Q19. In 2Q19 Sale of real estate and other non-financial assets increased Ps.161 million due to the sale of two properties. On a yearly basis Other Operating Income increased 64% or Ps.383 million.

8

2Q19 Earnings Release

OTHER OPERATING INCOME	MACRO Consolidated										Variation
IN MILLION $	2Q18		3Q18		4Q18		1Q19		2Q19		QoQ			YoY
Credit and debit cards		0		0		0		37		55		49	%		100	%
Lease of safe deposit boxes		51		57		62		72		80		11	%		57	%
Other service related fees		232		240		192		257		170		-34	%		-27	%
Sale of real estate and other non-financial assets		27		0		24		4		166		4050	%		515	%
Other adjustments and interest from other receivables		40		73		69		133		168		26	%		320	%
Initial recognition of loans		34		47		-51		28		42		50	%		24	%
Sale of property, plant and equipment		1		1		36		2		3		50	%		200	%
Others		215		784		81		2,581		299		-88	%		39	%
Other Operating Income		600		1,202		413		3,114		983		-68	%		64	%

In 2Q19 Banco Macro’s administrative expenses plus employee benefits totaled Ps.7.2 billion, 38% or Ps.2 billion higher than the previous quarter. On a yearly basis administrative expenses plus employee benefits increased 81% or Ps.3.2 billion, due to higher expenses related to employee benefits (salary increases and higher social security contributions) and others (for further information please see note on page 17).

Employee benefits increased 57% or Ps.1.8 billion QoQ. On a yearly basis Employee benefits increased 101% or Ps.2.5 billion. The main drivers for the increase were higher social security contributions (Ps.1.1 billion) and salary increases agreed with the Union.

As of 2Q19, the accumulated efficiency ratio reached 33.5%, deteriorating from the 28.6% posted in 1Q19 and improving from the 38.7% posted in 2Q18. In 2Q19 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) increased 37%, 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 2% compared to 1Q19.

PERSONNEL & ADMINISTRATIVE EXPENSES	MACRO Consolidated															Variation
In MILLION $	2Q18			3Q18			4Q18			1Q19			2Q19			QoQ			YoY
Employee benefits		2,443			2,720			3,124			3,133			4,916			57	%		101	%
Remunerations		1,839			2,076			2,350			2,299			3,004			31	%		63	%
Social Security Contributions		364			403			453			476			1,555			227	%		327	%
Compensation and bonuses		185			174			235			278			276			-1	%		49	%
Employee services		55			67			86			80			81			1	%		47	%
Administrative Expenses		1,550			1,776			2,105			2,096			2,301			10	%		48	%
Taxes		224			214			236			266			300			13	%		34	%
Maintenance, conservation fees		208			243			293			280			316			13	%		52	%
Directors & statutory auditors´ fees		147			174			233			323			290			-10	%		97	%
Security services		168			200			195			212			220			4	%		31	%
Electricity & Communications		122			154			201			208			235			13	%		93	%
Other professional fees		124			145			191			164			199			21	%		60	%
Rental agreements		74			88			105			53			48			-9	%		-35	%
Advertising & publicity		55			81			146			51			92			80	%		67	%
Personnel allowances		31			30			32			33			40			21	%		29	%
Stationary & Office Supplies		13			17			16			18			19			6	%		46	%
Insurance		13			15			24			21			25			19	%		92	%
Hired administrative services		5			5			5			4			4			0	%		-20	%
Other		366			410			429			463			513			11	%		40	%
Total Administrative Expenses		3,993			4,496			5,229			5,229			7,217			38	%		81	%
Total Employees		8,949			9,096			9,028			8,978			8,893
Branches		455			473			471			464			463
Efficiency ratio		41.9	%		39.1	%		35.8	%		28.6	%		38.3	%
Accumulated efficiency ratio		38.7	%		37.6	%		37.9	%		28.6	%		33.5	%

9

2Q19 Earnings Release

In 2Q19, Other Operating Expenses totaled Ps.4 billion, with Turnover Tax and Others standing out with a 1% (Ps.24 million) decrease and a 88% (Ps.804 million) increase respectively QoQ. The increase in Others is related to charges and penalties on social security contributions (for further information please see page 17 “Relevant and Recent Events”) In 2Q19 Other Operating Expenses increased 27% or Ps.846 million. On a yearly basis Other Operating Expenses increased 70% or Ps. 1.6 billion.

OTHER OPERATING EXPENSES	MACRO Consolidated										Variation
MILLION $	2Q18		3Q18		4Q18		1Q19		2Q19		QoQ			YoY
Turnover Tax		1,309		1,600		1,749		1,855		1,831		-1	%		40	%
Other provision charges		188		224		527		185		236		28	%		26	%
Deposit Guarantee Fund Contributions		69		82		91		104		118		13	%		71	%
Donations		25		20		18		35		37		6	%		48	%
Insurance claims		12		16		17		11		10		-9	%		-17	%
Others		714		751		811		914		1,718		88	%		141	%
Other Operating Expenses		2,317		2,693		3,213		3,104		3,950		27	%		70	%

In 2Q19 Banco Macro's effective income tax rate was 29%, compared to 30.1% in 1Q19. 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%.

Financial Assets

Private sector financing

The volume of “core” financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.174.7 billion, increasing Ps.705 million QoQ and 16% or Ps.23.9 billion YoY.

Within commercial loans, growth was driven by Overdrafts and Other loans; with a 41% and 6% increase QoQ respectively.

The main growth in consumer lending was driven by credit card loans and mortgage loans which grew 1% or Ps.161 million and 4% or Ps.597 million respectively QoQ.

As of 2Q19, Banco Macro´s market share over private sector loans was 7.7%.

10

2Q19 Earnings Release

FINANCING TO THE PRIVATE SECTOR	MACRO Consolidated										Variation
In MILLION $	2Q18		3Q18		4Q18		1Q19		2Q19		QoQ			YoY
Overdrafts		11,182		16,933		18,049		11,703		16,467		41	%		47	%
Discounted documents		20,010		22,995		25,160		27,419		22,430		-18	%		12	%
Mortgages loans		12,957		14,843		15,853		16,781		17,378		4	%		34	%
Pledged loans		4,424		5,057		4,367		4,403		3,997		-9	%		-10	%
Personal loans		56,316		57,737		57,517		58,205		57,564		-1	%		2	%
Credit Card loans		27,939		27,614		29,430		29,515		29,676		1	%		6	%
Others		16,115		21,627		20,336		23,783		25,225		6	%		57	%
Total loan portfolio		148,943		166,806		170,712		171,809		172,737		1	%		16	%
Financial trusts		509		630		1,384		1,373		985		-28	%		94	%
Leasing		523		485		446		386		335		-13	%		-36	%
Others		850		407		367		434		650		50	%		-24	%
Total financing to the private sector		150,825		168,328		172,909		174,002		174,707		0	%		16	%

Public Sector Assets

In 2Q19, the Bank’s public sector assets (excluding LELIQs) to total assets ratio was 2.9%, lower than the 3.1% registered in the previous quarter, and higher than the 2.7% posted in 2Q18.

In 2Q19, a 14% or Ps.14 billion decrease in LELIQs securities position stands out.

PUBLIC SECTOR ASSETS	MACRO Consolidated															Variation
In MILLION $	2Q18			3Q18			4Q18			1Q19			2Q19			QoQ			YoY
Lebacs		40,001			651			0			0			0			0	%		-100	%
Leliqs		0			34,260			55,070			98,918			85,344			-14	%		100	%
Other		5,233			8,770			10,333			10,901			10,630			-2	%		103	%
Government securities		45,234			43,681			65,403			109,819			95,974			-13	%		112	%
Provincial loans		1,973			1,856			1,685			1,197			976			-18	%		-51	%
Loans		1,973			1,856			1,685			1,197			976			-18	%		-51	%
Purchase of government bonds		60			60			75			0			0			0	%		-100	%
Other receivables		60			60			75			0			0			0	%		-100	%
TOTAL PUBLIC SECTOR ASSETS		47,267			45,597			67,163			111,016			96,950			-13	%		105	%
TOTAL PUBLIC SECTOR LIABILITIES		0			0			0			0			0			0	%		0	%
Net exposure		47,267			45,597			67,163			111,016			96,950			-13	%		105	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)		7,266			10,686			12,093			12,098			11,606			-4	%		60	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS		2.7	%		3.4	%		3.5	%		3.1	%		2.9	%

11

2Q19 Earnings Release

Funding

Deposits

Banco Macro’s deposit base totaled Ps.284.3 billion in 2Q19, growing 4% or Ps.11.7 billion QoQ and 58% or Ps.104.8 billion YoY and representing 84% of the Bank’s total liabilities.

On a quarterly basis, private sector deposits grew 7% or Ps.16.2 billion, while public sector deposits decreased 16% or Ps.4.6 billion.

The increase in private sector deposits was led by demand deposits, which grew 18% or Ps.16.7 billion QoQ. In addition, time deposits decreased 1% or Ps.1.2 billion QoQ.

Within private sector deposits, peso deposits increased 6% or Ps.9.4 billion, while US dollar deposits increased 11% or USD202 million.

As of 2Q19, Banco Macro´s market share over private sector deposits was 7%.

DEPOSITS	MACRO Consolidated										Variation
In MILLION $	2Q18		3Q18		4Q18		1Q19		2Q19		QoQ			YoY
Public sector		19,405		20,074		19,354		28,192		23,565		-16	%		21	%
Financial sector		125		150		148		211		244		16	%		95	%
Private sector		159,943		192,345		218,452		244,208		260,450		7	%		63	%
Checking accounts		21,226		23,808		24,375		24,510		29,161		19	%		37	%
Savings accounts		53,507		64,110		68,695		66,673		78,759		18	%		47	%
Time deposits		80,250		98,431		118,034		148,833		147,678		-1	%		84	%
Other		4,960		5,996		7,348		4,192		4,852		16	%		-2	%
Total		179,473		212,569		237,954		272,611		284,259		4	%		58	%
Pesos		131,598		140,558		166,597		187,632		191,752		2	%		46	%
Foreign Currency (Pesos)		47,875		72,010		71,358		84,978		92,507		9	%		93	%
Foreign Currency (USD)		1,659		1,761		1,887		1,960		2,179		11	%		31	%

Banco Macro’s transactional deposits represent approximately 42% of its total deposit base as of 2Q19. These accounts are low cost and are not sensitive to interest rate increases.

Other sources of funds

In 2Q19, the total amount of other sources of funds decreased 1% or Ps.1 billion compared to 1Q19. In 2Q19 Shareholder’s Equity increased 1% or Ps.648 million due to the positive result registered in the quarter and the cash dividend payment (Ps.6.4 billion), also Subordinated corporate bonds decreased 4% or Ps.644 million QoQ as a consequence of the argentine peso appreciation against the US dollar registered during the quarter.

OTHER SOURCES OF FUNDS	MACRO Consolidated										Variation
In MILLION $	2Q18		3Q18		4Q18		1Q19		2Q19		QoQ			YoY
Central Bank of Argentina		16		22		24		20		24		20	%		50	%
Banks and international institutions		1,180		2,389		2,568		2,345		1,743		-26	%		48	%
Financing received from Argentine financial institutions		633		815		406		745		430		-42	%		-32	%
Subordinated corporate bonds		11,646		16,796		15,288		17,836		17,192		-4	%		48	%
Corporate bonds		8,125		6,513		6,377		6,314		6,193		-2	%		-24	%
Shareholders' equity		50,146		50,963		54,636		62,085		62,733		1	%		25	%
Total other source of funds		71,746		77,498		79,299		89,345		88,315		-1	%		23	%

12

2Q19 Earnings Release

Liquid Assets

In 2Q19, the Bank’s liquid assets amounted to Ps.188.8 billion, showing a 5% or Ps.8.6 billion increase QoQ, and a 101% or Ps.95 billion increase on a yearly basis.

In 2Q19, Cash increased 28% or Ps.21.1 billion while LELIQs own portfolio decreased 14% or Ps.13.6 billion.

In 2Q19 Banco Macro’s liquid assets to total deposits ratio reached 66.4%.

LIQUID ASSETS	MACRO Consolidated															Variation
In MILLION $	2Q18			3Q18			4Q18			1Q19			2Q19			QoQ			YoY
Cash		50,310			68,919			74,766			75,309			96,427			28	%		92	%
Guarantees for compensating chambers		4,822			5,384			5,720			5,735			5,992			4	%		24	%
Call		620			720			405			178			990			456	%		60	%
LEBAC own portfolio		38,039			651			0			0			0			0	%		-100	%
Leliq own portfolio		0			34,260			55,070			98,918			85,344			-14	%		100	%
Total		93,791			109,934			135,961			180,140			188,753			5	%		101	%
Liquid assets to total deposits		52.3	%		51.7	%		57.1	%		66.1	%		66.4	%

Solvency

Banco Macro continued showing high solvency levels in 2Q19 with an integrated capital (RPC) of Ps.74 billion over a total capital requirement of Ps.23 billion. Banco Macro’s excess capital in 2Q19 was 221% or Ps.51 billion.

The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 26.3% in 2Q19, TIER1 Ratio stands at 19.6%.

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

MINIMUM CAPITAL REQUIREMENT	MACRO Consolidated															Variation
In MILLION $	2Q18			3Q18			4Q18			1Q19			2Q19			QoQ			YoY
Credit risk requirement		13,185			15,338			15,609			16,329			16,641			2	%		26	%
Market risk requirement		450			303			212			284			421			48	%		-7	%
Operational risk requirement		3,843			4,199			4,616			5,189			5,959			15	%		55	%
Total capital requirements		17,478			19,840			20,437			21,802			23,021			6	%		32	%
Ordinary Capital Level 1 (COn1)		48,527			49,097			52,285			58,520			59,406			2	%		22	%
Deductible concepts Level 1 (COn1)		-2,646			-3,186			-3,047			-3,708			-4,160			12	%		57	%
Additional Capital Level 1 (CAn1)		21			0			0			0			0			-1	%		-99	%
Capital Level 2 (COn2)		13,087			18,058			16,875			19,092			18,740			-2	%		43	%
Integrated capital - RPC (i)		58,989			63,969			66,113			73,903			73,986			0	%		25	%
Excess capital		41,511			44,129			45,676			52,101			50,965			-2	%		23	%
Risk-weighted assets - RWA (ii)		213,679			242,411			249,781			266,581			281,700			6	%		32	%
Regulatory Capital ratio [(i)/(ii)]		27.6	%		26.4	%		26.5	%		27.7	%		26.3	%
Ratio TIER 1 [Capital Level 1/RWA]		21.5	%		18.9	%		19.7	%		20.6	%		19.6	%

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

13

2Q19 Earnings Release

Asset Quality

In 2Q19, Banco Macro’s non-performing to total financing ratio reached a level of 2.12%, up from 2.03% in 1Q19, and 1.38% posted in 2Q18.

Consumer portfolio non-performing loans increased 27bp while Commercial portfolio non-performing loans decreased 11bp in 2Q19.

The coverage ratio reached 116.14% in 2Q19. Write-offs over total loans totaled 0.35%.

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

ASSET QUALITY	MACRO Consolidated															Variation
In MILLION $	2Q18			3Q18			4Q18			1Q19			2Q19			QoQ			YoY
Commercial portfolio		59,006			69,497			71,202			68,794			72,524			5	%		23	%
Non-performing		368			624			917			618			575			-7	%		56	%
Consumer portfolio		102,221			110,948			113,538			114,936			112,938			-2	%		10	%
Non-performing		1,857			2,316			2,617			3,111			3,363			8	%		81	%
Total portfolio		161,226			180,445			184,740			183,730			185,462			1	%		15	%
Non-performing		2,225			2,940			3,534			3,729			3,938			6	%		77	%
Total non-performing/ Total portfolio		1.38	%		1.63	%		1.91	%		2.03	%		2.12	%
Total allowances		3,322			3,853			4,161			4,446			4,573			3	%		38	%
Coverage ratio w/allowances		149.30	%		131.05	%		117.74	%		119.23	%		116.14	%
Write Offs		386			383			556			967			649			-33	%		68	%
Write Offs/ Total portfolio		0.24	%		0.21	%		0.30	%		0.53	%		0.35	%

14

2Q19 Earnings Release

CER Exposure and Foreign Currency Position

CER EXPOSURE	MACRO Consolidated										Variation
In MILLION $	2Q18		3Q18		4Q18		1Q19		2Q19		QoQ			YoY
CER adjustable ASSETS
Private sector loans(*)		6,522		6,754		6,801		6,776		6,753		0	%		4	%
Other loans		1		1		1		1		3		200	%		200	%
Total CER adjustable assets		6,523		6,755		6,802		6,777		6,756		0	%		4	%
CER adjustable LIABILITIES
Deposits(*)		737		835		929		348		273		-22	%		-63	%
Total CER adjustable liabilities		737		835		929		348		273		-22	%		-63	%
NET CER EXPOSURE		5,786		5,920		5,873		6,429		6,483		1	%		12	%

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

FOREIGN CURRENCY POSITION	MACRO Consolidated										Variation
In MILLION $	2Q18		3Q18		4Q18		1Q19		2Q19		QoQ			YoY
Cash and deposits in Banks		27,819		38,954		42,745		46,286		57,164		24	%		105	%
Cash		1,803		3,351		3,287		3,031		3,367		11	%		87	%
Central Bank of Argentina		20,866		25,970		25,617		33,803		36,741		9	%		76	%
Other financial institutions local and abroad		5,110		9,354		13,385		9,450		17,053		80	%		234	%
Others		40		279		456		2		3		50	%		-93	%
Net Income from financial instruments at fair value through P&L		231		250		388		298		380		28	%		65	%
Derivatives		1		0		3		1		0		-100	%		-100	%
Other financial assets		1,233		1,698		1,547		1,724		1,771		3	%		44	%
Loans and other financing		27,830		45,775		46,040		54,891		54,591		-1	%		96	%
Other financial institutions		255		567		480		513		453		-12	%		78	%
Non financial private sector & foreign residents		27,575		45,208		45,560		54,378		54,138		0	%		96	%
Other debt securities		1,307		3,105		1,217		1,313		3,143		139	%		140	%
Guarantees received		582		988		929		1,756		1,241		-29	%		113	%
Investment in equity instruments		6		7		6		7		7		0	%		17	%
Investment in associates and joint ventures		0		0		0		1		0		0	%		0	%
Total Assets		59,009		90,777		92,875		106,277		118,297		11	%		100	%
Deposits		47,875		72,011		71,358		84,978		92,507		9	%		93	%
Non financial public sector		2,676		2,348		2,295		2,102		2,807		34	%		5	%
Financial sector		77		114		100		167		163		-2	%		112	%
Non financial private sector & foreign residents		45,122		69,549		68,963		82,709		89,537		8	%		98	%
Derivatives		0		1		0		0		1		100	%		100	%
Other liabilities from financial intermediation		2,406		3,516		2,619		3,749		3,457		-8	%		44	%
Non-subordinated corporate bonds		1,180		2,405		2,599		2,541		1,924		-24	%		63	%
Subordinated corporate bonds		11,646		16,796		15,288		17,836		17,192		-4	%		48	%
Other liabilities		26		40		35		43		43		0	%		65	%
Total Liabilities		63,133		94,769		91,899		109,147		115,124		5	%		82	%
NET FX POSITION (Pesos)		-4,124		-3,992		976		-2,870		3,173
NET FX POSITION (USD)		-142.9		-97.6		25.8		-66.2		74.7

15

2Q19 Earnings Release

Relevant and Recent Events

· Cash Dividend Payment.On May 14^th, 2019 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, the Bank paid 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).

· Social Security Contributions. In November 2012, pursuant to Section 2 of the Decree No. 814/01 of the Executive Branch, Banco Macro started paying social security contributions at a 17% tax rate instead of 21% tax rate.

The aforementioned Decree established that private sector employers and the ones set forth in Section 1 of Law 22,016 should pay social security contributions at a unique and discounted tax rate of 16% (then increased to 17%)

Banco Macro fell under the scope of the aforementioned Decree, by means of the State Participation as established in Law 19,950 (Argentine Corporations Law) and amended in Law 27,430 (Tax Reform Law). The Federal Government of Argentina, through the National Pension Fund ANSES-FGS has been a shareholder of Banco Macro since the nationalization of Private Pension Funds Administrators funds in 2008. As of June 30, 2019 ANSES-FGS ownership represented 27.49% of the Bank’s capital stock and through the exercise of its voting rights ANSES-FGS has appointed Directors and Supervisory Committee members.

On February 20, 2018, the AFIP required the Bank to justify and explain the reasons why it had applied the reduced tax rate set forth in Section 2 of Decree No. 814/01 of the Executive Branch. On March 14, 2018, the Bank submitted a detailed explanation of the grounds supporting its position.

After several proceedings and having heard Banco Macro’s arguments, the AFIP resolved to consult with the Ministry of Treasury & Finance. On April 3rd 2019 the Ministry of Treasury & Finance decided to consult with the Office of the Attorney General of the Treasury of Argentina and requested his intervention in the matter. As of the date hereof, the Bank has not been informed of any decision taken by the Office of the Attorney General of the Treasury of Argentina.

Notwithstanding the pending decision by the Office of the Attorney General of the Treasury of Argentina the Bank has resolved to enter a payment plan for the period November 2012 to March 2019, as established by AFIP General Resolution No. 4477/2019. The aforementioned payment plan consists of 60 installments, a significantly lower interest rate than the prevailing one for tax or social contributions obligations and a reduction in fines and penalties, resulting in an economic and financial benefit for the Bank given than even in a scenario were an appeal would still be pending the Bank would have had to fully pay the amounts claimed by AFIP for the period November 2012 to March 2019 and eventually get the restitution of the amounts paid plus a 6% interest rate in accordance with the prevailing legal frame at the time.

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

· Interest Payment Class C Peso denominated Notes.In July 2019, the Bank paid quarterly interest on Class C Peso denominated notes in the amount of Ps.432,834,091.97

16

2Q19 Earnings Release

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 quantified the effects of the application of Expected losses of IFRS 9 “Financial Instruments” and IAS 29 “Financial Reporting in Hyperinflationary Economies”. As of June 30, 2019 equity would be approximately Ps.72.589 billion, and net income for the six months ended June 30, 2019 would be ~Ps.4.8 billion.

· ”Reserve Requirements. In July 2019, through Communication “A” 6728 the Central Bank of Argentina (BCRA) reduced reserve requirements for time deposits by 3 percentage points, effective from July 1^st, 2019.

· Reserve Requirements. In July 2019, through Communication “A” 6738 the Central Bank of Argentina (BCRA) modified reserve requirements and how financial institutions should meet them. This is effective for the aggregated July/August position in line with the new monetary base target established by the Monetary Policy Committee of the Central Bank of Argentina.

17

2Q19 Earnings Release

QUARTERLY BALANCE SHEET	MACRO Consolidated										Variation
IN MILLIONS $	2Q18		3Q18		4Q18		1Q19		2Q19		QoQ			YoY
ASSETS
Cash and deposits in Banks		50,310		68,919		74,766		75,309		96,427		28	%		92	%
Cash		6,588		8,828		10,697		8,770		9,247		5	%		40	%
Central Bank of Argentina		38,530		50,418		50,211		57,079		70,116		23	%		82	%
Other local & foreign entities		5,152		9,394		13,402		9,456		17,062		80	%		231	%
Other		40		279		456		4		2		-50	%		-95	%
Debt securities at fair value through profit & loss		1,340		1,760		2,635		2,964		1,980		-33	%		48	%
Derivatives		43		71		17		42		17		-60	%		-60	%
Repo Transactions		156		-		-		-		-		0	%		-100	%
Other financial assets		2,515		3,309		3,000		3,170		4,100		29	%		63	%
Loans & other receivables		155,620		174,288		178,875		177,717		178,851		1	%		15	%
Non Financial Public Sector		2,041		1,943		1,776		1,304		1,105		-15	%		-46	%
Financial Sector		3,263		4,647		5,574		3,784		4,024		6	%		23	%
Non Financial private sector and foreign		150,316		167,698		171,525		172,629		173,722		1	%		16	%
Other debt securities		43,163		44,976		64,585		109,048		97,381		-11	%		126	%
Financial assets in guarantee		7,477		6,241		6,756		7,300		7,157		-2	%		-4	%
Investments in equity instruments		50		52		52		1,504		1,510		0	%		2920	%
Investments in other companies (subsidiaries and joint ventures)		98		85		109		124		124		0	%		27	%
Property, plant and equipment		7,591		7,898		9,003		9,849		10,112		3	%		33	%
Intangible assets		994		1,147		1,401		1,548		1,869		21	%		88	%
Deferred income tax assets		47		57		47		60		77		28	%		64	%
Other non financial assets		2,204		2,216		833		1,078		986		-9	%		-55	%
Non-current assets held for sale		127		127		804		583		441		-24	%		247	%
TOTAL ASSETS		271,735		311,146		342,883		390,296		401,032		3	%		48	%
LIABILITIES
Deposits		179,473		212,569		237,954		272,611		284,259		4	%		58	%
Non Financial Public Sector		19,405		20,074		19,354		28,192		23,565		-16	%		21	%
Financial Sector		125		150		148		211		244		16	%		95	%
Non Financial private sector and foreign		159,943		192,345		218,452		244,208		260,450		7	%		63	%
Liabilities at fair value through profit & loss		-		-		-		-		-
Derivatives		34		212		1		111		11		-90	%		-68	%
Repo Transactions		1,829		-		165		-		278		100	%		-85	%
Other financial liabilities		11,195		12,795		15,319		16,622		14,833		-11	%		32	%
Financing received from Central Bank and Other Financial Institutions		1,829		3,246		2,998		3,111		2,198		-29	%		20	%
Issued Corporate Bonds		8,125		6,513		6,377		6,314		6,193		-2	%		-24	%
Current income tax liabilities		1,781		2,109		2,947		4,567		4,149		-9	%		133	%
Subordinated corporate bonds		11,646		16,796		15,288		17,836		17,192		-4	%		48	%
Provisions		785		798		1,046		970		1,026		6	%		31	%
Deferred income tax liabilities		211		132		275		404		475		18	%		125	%
Other non financial liabilities		4,437		5,011		5,875		5,662		7,682		36	%		73	%
TOTAL LIABILITIES		221,345		260,181		288,245		328,208		338,296		3	%		53	%
SHAREHOLDERS' EQUITY
Capital Stock		670		670		670		670		670		0	%		0	%
Issued Shares premium		12,429		12,429		12,429		12,428		12,428		0	%		0	%
Adjustment to Shareholders' Equity		5		5		5		5		5		0	%		0	%
Reserves		26,404		23,290		21,996		21,996		34,807		58	%		32	%
Retained earnings		3,476		3,265		3,265		18,994		-211		-			-
Other accumulated comprehensive income		506		819		543		649		658		1	%		30	%
Net income for the period / fiscal year		6,658		10,486		15,729		7,343		14,376		96	%		116	%
Shareholders' Equity attributable to parent company		50,146		50,963		54,636		62,085		62,733		1	%		25	%
Shareholders' Equity attributable to non controlling interest		244		3		2		3		3		0	%		-99	%
TOTAL SHAREHOLDERS' EQUITY		50,390		50,965		54,638		62,088		62,736		1	%		25	%

18

2Q19 Earnings Release

INCOME STATEMENT	MACRO Consolidated										Variation
IN MILLION $	2Q18		3Q18		4Q18		1Q19		2Q19		QoQ			YoY
Interest Income		13,617		16,809		23,814		24,395		31,334		28	%		130	%
Interest Expense		4,524		6,486		11,526		11,464		14,549		27	%		222	%
Net Interest Income		9,093		10,323		12,288		12,931		16,785		30	%		85	%
Fee income		2,891		3,013		3,476		3,551		3,670		3	%		27	%
Fee expense		210		144		217		241		279		16	%		33	%
Net Fee Income		2,681		2,869		3,259		3,310		3,391		2	%		26	%
Subtotal (Net Interest Income + Net Fee Income)		11,774		13,192		15,547		16,241		20,176		24	%		71	%
Net Income from financial instruments at Fair Value Through Profit & Loss		-46		499		364		1,974		133		-93	%		-
Result from assets at amortised cost		-		-3		1		-17		-		-			0	%
Difference in quoted prices of gold and foreign currency		-1,012		-1,244		729		-51		333		-			-
Other operating income		600		1,202		413		3,113		983		-68	%		64	%
Provision for loan losses		571		732		836		2,154		848		-61	%		49	%
Net Operating Income		10,745		12,914		16,218		19,107		20,777		9	%		93	%
Personnel expenses		2,443		2,720		3,124		3,133		4,916		57	%		101	%
Administrative expenses		1,550		1,776		2,105		2,096		2,301		10	%		48	%
Depreciation and impairment of assets		173		187		215		290		317		9	%		83	%
Other operating expense		2,317		2,693		3,213		3,104		3,950		27	%		70	%
Operating Income		4,262		5,538		7,561		10,484		9,293		-11	%		118	%
Income from associates and joint ventures		145		12		33		26		613		2258	%		323	%
Net Income before income tax on cont. operations		4,407		5,550		7,594		10,510		9,906		-6	%		125	%
Income tax on continuing operations		1,271		1,718		2,351		3,166		2,874		-9	%		126	%
Net Income from continuing operations		3,136		3,832		5,243		7,344		7,032		-4	%		124	%
Net Income for the period		3,136		3,832		5,243		7,344		7,032		-4	%		124	%
Net Income of the period attributable to parent company		3,116		3,828		5,243		7,343		7,033		-4	%		126	%
Net income of the period attributable to non-controlling interests		20		4		-		1		-1		-			-
Other Comprehensive Income		292		313		-276		106		10		-91	%		-97	%
Foreign currency translation differences in financial statements conversion		344		454		-119		211		-35		-			-
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a)		-52		-141		-157		-105		45		-			-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		3,428		4,145		4,967		7,450		7,042		-5	%		105	%
Total Comprehensive Income attributable to parent Company		3,408		4,142		4,967		7,449		7,043		-5	%		107	%
Total Comprehensive Income attributable to non-controlling interests		20		3		-		1		-1		-			-

19

2Q19 Earnings Release

QUARTERLY ANNUALIZED RATIOS	MACRO Consolidated
	2Q18			3Q18			4Q18			1Q19			2Q19
Profitability & performance
Net interest margin		13.5	%		13.4	%		16.9	%		17.2	%		18.0	%
Net interest margin adjusted (exc. FX)		15.2	%		15.3	%		16.0	%		17.3	%		17.7	%
Net fee income ratio		19.2	%		20.0	%		12.0	%		23.1	%		12.3	%
Efficiency ratio		41.9	%		39.1	%		35.8	%		28.6	%		38.3	%
Net fee income as % of A&G Expenses		45.7	%		51.0	%		33.7	%		80.9	%		32.2	%
Return on average assets		5.1	%		5.4	%		6.4	%		8.4	%		7.1	%
Return on average equity		25.1	%		29.0	%		38.8	%		50.0	%		44.4	%
Liquidity
Loans as a percentage of total deposits		86.7	%		82.0	%		75.2	%		65.2	%		62.9	%
Liquid assets as a percentage of total deposits		52.3	%		51.7	%		57.1	%		66.1	%		66.4	%
Capital
Total equity as a percentage of total assets		18.5	%		16.4	%		15.9	%		15.9	%		15.6	%
Regulatory capital as % of APR		27.6	%		26.4	%		26.5	%		27.7	%		26.3	%
Asset Quality
Allowances over total loans		2.1	%		2.1	%		2.3	%		2.4	%		2.5	%
Non-performing financing as a percentage of total financing		1.4	%		1.6	%		1.9	%		2.0	%		2.1	%
Coverage ratio w/allowances		149.3	%		131.1	%		117.7	%		119.2	%		116.1	%
Cost of Risk		1.5	%		1.8	%		1.9	%		4.9	%		1.9	%

ACCUMULATED ANNUALIZED RATIOS	MACRO Consolidated
	2Q18			3Q18			4Q18			1Q19			2Q19
Profitability & performance
Net interest margin		14.4	%		14.0	%		14.9	%		17.2	%		17.6	%
Net interest margin adjusted (exc. FX)		15.2	%		15.2	%		15.4	%		17.3	%		17.5	%
Net fee income ratio		18.2	%		21.5	%		16.7	%		23.1	%		17.7	%
Efficiency ratio		38.7	%		37.6	%		37.9	%		28.6	%		33.5	%
Net fee income as % of A&G Expenses		47.0	%		57.2	%		44.0	%		80.9	%		52.8	%
Return on average assets		5.7	%		5.6	%		5.8	%		8.4	%		7.7	%
Return on average equity		27.2	%		27.8	%		30.7	%		50.0	%		47.0	%
Liquidity
Loans as a percentage of total deposits		86.7	%		82.0	%		121.1	%		65.2	%		62.9	%
Liquid assets as a percentage of total deposits		52.3	%		51.7	%		57.1	%		66.1	%		66.4	%
Capital
Total equity as a percentage of total assets		18.5	%		16.4	%		15.9	%		15.9	%		15.6	%
Regulatory capital as % of APR		27.6	%		26.4	%		26.5	%		27.7	%		26.3	%
Asset Quality
Allowances over total loans		2.1	%		2.1	%		2.3	%		2.4	%		2.5	%
Non-performing financing as a percentage of total financing		1.4	%		1.6	%		1.9	%		2.0	%		2.1	%
Coverage ratio w/allowances		149.3	%		131.1	%		117.7	%		119.2	%		116.1	%
Cost of Risk		1.6	%		1.7	%		1.7	%		4.9	%		3.4	%

20

SIGNATURE

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

Date: August 7, 2019

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