SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

November 22, 2023

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
3Q23 Earnings Release

Banco Macro Announces Results for the Third Quarter of 2023

Buenos Aires, Argentina, November 22, 2023 - Banco Macro S.A. (NYSE: BMA; BYMA: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the third quarter ended September 30, 2023 ("3Q23"). All figures are in Argentine pesos (Ps.) and have been restated in terms of the measuring unit current at the end of the reporting period. For ease of comparison, figures of previous quarters of 2022 and 2023 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through September 30, 2023.

Summary

●  The Bank's net income totaled Ps.7.5 billion in 3Q23. This result was 87% lower than the Ps.59.5 billion posted in 2Q23 and 65% lower than the Ps.21.2 billion posted in 3Q22. In 3Q23, the accumulated annualized return on average equity ("ROAE") and the accumulated annualized return on average assets ("ROAA") were 11.3% and 2.8%, respectively.

● In 3Q23 Operating Income (before G&A and personnel expenses) totaled Ps.356.5 billion, Ps.364 million higher than in 2Q23 and 23% or Ps.66.7 billion higher than the same period of last year.

● In 3Q23 Operating Income (after G&A and personnel expenses) totaled Ps.235 billion, 1% or Ps.1.7 billion higher than in 2Q23 and 31% or Ps.56.1 billion higher than the same period of last year.

●  In 3Q23, Banco Macro's total financing decreased 4% or Ps.50.8 billion quarter over quarter ("QoQ") totaling Ps.1.2 trillion and decreased 5% or Ps.57.8 billion year over year ("YoY").

●  In 3Q23, Banco Macro's total deposits decreased 22% or Ps.556.2 billion QoQ and decreased 25% or Ps.670.1 billion YoY, totaling Ps.2 trillion and representing 74% of the Bank's total liabilities. Private sector deposits decreased 23% or Ps.554.8 billion QoQ.

● Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.788.3 billion, 37.9% regulatory capital ratio - Basel III and 34.8 % Tier 1 Ratio. In addition, the Bank's liquid assets remained at an adequate level, reaching 99% of its total deposits in 3Q23.

●  In 3Q23, the Bank's non-performing to total financing ratio was 1.39% and the coverage ratio remained stable at 133.93%.

●  As of 3Q23, through its 461 branches and 7.765 employees Banco Macro serves 4.8 million retail customers (1.9 million digital customers) across 23 of the 24 Provinces in Argentina and over 131,500 corporate customers.

IR Contacts in Buenos Aires:
3Q23 Earnings Release Conference Call
Monday, November 27, 2023
Time: 11:00 a.m. Eastern Time | 1:00 p.m. Buenos Aires Time

Jorge Scarinci

Chief Financial Officer

To participate, please dial:

Argentina Toll Free:

(011) 3984 5677

Participants Dial In (Toll Free):

+1 (844) 450 3847

Participants International Dial In:

+1 (412) 317 6370

Conference ID: Banco Macro

Webcast: click here

Webcast Replay: click here

Available from 11/27/2023 through 12/11/2023

Nicolás A. Torres

Investor Relations

Phone: (54 11) 5222 6682

E-mail: investorelations@macro.com.ar

Visit our website at: www.macro.com.ar/relaciones-inversores

2
3Q23 Earnings Release

Disclaimer

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

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

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

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

3
3Q23 Earnings Release

This Earnings Release has been prepared in accordance with the accounting framework established by the Central Bank of Argentina ("BCRA"), based on International Financial Reporting Standards ("I.F.R.S.") and the resolutions adopted by the International Accouting Standards Board ("I.A.S.B") and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas ("F.A.C.P.E."). As of January 2020 the Bank started reporting with the application of (i) Expected losses of IFRS 9 "Financial Instruments" and (ii) IAS 29 "Financial Reporting in Hyperinflationary Economies". Data and figures shown in this Earnings Release may differ from the ones shown in the 20-F annual report. As of fiscal year 2021, the monetary result accrued by items of a monetary nature measured at fair value with changes in Other Comprehensive Income (OCI), is recorded in the Result form the Net Monetary Position integrating the Net Result of the period in accordance with Communication "A" 7211 of the Central Bank of Argentina. Previous quarters of 2022 and 2023 have been restated in accordance with said Communication in order to make a comparison possible

Results

Earnings per outstanding share were Ps.11.71 in 3Q23, 87% lower than in 2Q23 and 65% lower than the result posted a year ago.

EARNINGS PER SHARE MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Net income -Parent Company- (M $) 21,167 33,753 16,317 59,538 7,511 -87 % -65 %
Average # of shares outstanding (M) 639 639 639 639 639 0 % 0 %
Average #of treasury stocks (shares repurchased) (M) - - - - - 0 % 0 %
Book value per avg. Outstanding share ($) 1,584 1,629 1,653 1,568 1,577 1 % 0 %
Shares Outstanding (M) 639 639 639 639 639 0 % 0 %
Earnings per avg. outstanding share ($) 33.13 52.82 25.54 93.17 11.71 -87 % -65 %
EOP FX (Pesos per USD) 147.3150 177.1283 208.9883 256.6750 350.0083 36 % 138 %
Book value per avg. issued ADS (USD) 107.52 91.97 79.10 61.09 45.06 -26 % -58 %
Earnings per avg. outstanding ADS (USD) 2.25 2.98 1.22 3.63 0.33 -91 % -85 %

Banco Macro's 3Q23 net income of Ps.7.5 billion was 87% or Ps.52 billion lower than the previous quarter and 65% or Ps.13.7 billion lower YoY due to a Ps.36 billion loss from the mark to market of Government Securities (financial assets at fair value through profit or loss) and a higher loss related to the net monetary position, which was partially offset by higher FX gains. This result represented an accumulated annualized ROAE and ROAA of 11.3% and 2.8% respectively. Total comprehensive income for the quarter totaled Ps.6.1 billion.

Net operating income (before G&A and personnel expenses) was Ps.356.5 billion in 3Q23, practically unchanged or Ps.364 million higher compared to 2Q23. On a yearly basis, Net Operating Income (before G&A and personnel expenses) increased 23% or Ps.66.7 billion.

In 3Q23, Provision for loan losses totaled Ps.4.9 billion, 35% or Ps.2.6 billion lower than in 2Q23. On a yearly basis provision for loan losses increased 43% or Ps.1.5 billion.

Operating income (after G&A and personnel expenses) was Ps.235 billion in 3Q23, 1% or Ps.1.7 billion higher than in 2Q23 and 31% or Ps.56.1 billion higher than a year ago.

It is important to emphasize that this result was obtained with a leverage of only 3.7x assets to equity ratio.

4
3Q23 Earnings Release
INCOME STATEMENT MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Net Interest Income 151,281 169,839 162,982 145,529 112,692 -23 % -26 %
Net fee income 33,937 34,669 36,768 35,511 35,491 0 % 5 %
Net Interest Income + Net Fee Income 185,218 204,508 199,750 181,040 148,183 -18 % -20 %
Net Income from financial instruments at fair value through P&L 60,836 -6,839 15,345 69,952 -36,358 -152 % -160 %
Income from assets at amortized cost 0 345 0 0 137 0 % 0 %
Differences in quoted prices of gold and foreign currency 38,197 62,158 61,201 102,230 238,078 133 % 523 %
Other operating income 8,925 11,698 9,539 10,315 11,283 9 % 26 %
Provision for loan losses 3,396 5,143 5,805 7,442 4,864 -35 % 43 %
Net Operating Income 289,780 266,727 280,030 356,095 356,459 0 % 23 %
Employee benefits 42,070 38,173 39,164 41,373 43,120 4 % 2 %
Administrative expenses 19,766 21,140 19,443 23,179 23,077 0 % 17 %
Depreciation and impairment of assets 7,832 7,993 8,165 8,332 8,256 -1 % 5 %
Other operating expenses 41,164 40,592 39,780 49,859 46,994 -6 % 14 %
Operating Income 178,948 158,829 173,478 233,352 235,012 1 % 31 %
Result from associates & joint ventures -230 238 -367 -256 -71 - -
Result from net monetary postion -139,002 -115,735 -147,503 -147,534 -215,919 46 % 55 %
Result before taxes from continuing operations 39,716 43,332 25,608 85,562 19,022 -78 % -52 %
Income tax 18,549 9,579 9,291 26,024 11,511 -56 % -38 %
Net income from continuing operations 21,167 33,753 16,317 59,538 7,511 -87 % -65 %
- -
Net Income of the period 21,167 33,753 16,317 59,538 7,511 -87 % -65 %
Net income of the period attributable to parent company 21,123 33,733 16,295 59,497 7,484 -87 % -65 %
Net income of the period attributable to minority interest 44 20 22 41 27 -34 % -
Other Comprehensive Income 4,956 -5,075 -1,387 2,902 -1,417 - -
Foreign currency translation differences in financial statements conversion -423 293 -354 -82 128 - -
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a) 5,379 -5,368 -1,033 2,984 -1,545 - -
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 26,122 28,678 14,930 62,440 6,094 -90 % -77 %
Total Comprehensive Income attributable to parent Company 26,078 28,658 14,908 62,399 6,067 -90 % -77 %
Total Comprehensive Income attributable to non-controlling interests 44 20 22 41 27 -34 % -

The Bank's 3Q23 net interest income totaled Ps.112.7 billion, 23% or Ps.32.8 billion lower than in 2Q23 and 26% or Ps.38.6 lower YoY.

In 3Q23 interest income totaled Ps.429.1 billion, 4% or Ps.15.1 billion higher than in 2Q23 and 31% or Ps.102.3 billion higher than in 3Q22.

Income from interest on loans and other financing totaled Ps.178.7 billion, 11% or Ps.18.1 billion higher compared with the previous quarter mainly due a 574 basis points increase in the average lending rate, while the average volume of private sector loans was practically unchanged. On a yearly basis Income from interest on loans increased 36% or Ps.47.5 billion.

In 3Q23 income from government and private securities decreased 7% or Ps.16 billion QoQ (due to lower income from Government securities) and increased 12% or Ps.21.8 billion compared with the same period of last year. This result is explained 8% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 92% is explained by income from government and private securities in pesos at amortized cost.

In 3Q23, income from Repos totaled Ps.37.6 billion, 52% or Ps.12.8 billion higher than the previous quarter and 304% or Ps.28.3 higher than a year ago.

5
3Q23 Earnings Release

In 3Q23 FX income totaled Ps.238.1 billion,133% or Ps.135.8 billion higher than the previous quarter and Ps.199.9 billion higher than a year ago. FX income gain was due to the 36.4% argentine peso depreciation against the US dollar and the Bank's long dollar position during the quarter (including dollar linked and dual bonds).

FX INCOME MACRO Consolidated Variation
In MILLION $ (Measuring Unit Current at EOP) 2Q22 1Q23 2Q23 QoQ YoY
(1) Differences in quoted prices of gold and foreign currency 38,197 102,230 238,078 133 % 523 %
Translation of FX assets and liabilities to Pesos 37,407 101,762 237,474 133 % 535 %
Income from foreign currency exchange 790 467 604 29 % -24 %
(2) Net Income from financial assets and liabilities at fair value through P&L 250 -3,276 -1,047 -68 % -
Income from investment in derivative financing instruments 250 -3,276 -1,047 -68 % -
(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency 38,448 98,953 237,031 140 % 517 %
INTEREST INCOME MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Interest on Cash and due from Banks 231 527 918 1,014 1,270 25 % 450 %
Interest from government securities 185,117 247,298 225,453 222,846 206,843 -7 % 12 %
Interest from private securities 79 163 176 173 132 -24 % 67 %
Interest on loans and other financing
To the financial sector 198 349 178 333 568 71 % 187 %
To the public non financial sector 711 676 646 4,355 4,010 -8 % 464 %
Interest on overdrafts 15,588 16,185 15,585 21,531 27,341 27 % 75 %
Interest on documents 14,704 16,079 15,155 18,752 28,208 50 % 92 %
Interest on mortgages loans 20,262 19,796 18,364 23,037 21,805 -5 % 8 %
Interest on pledged loans 1,439 1,247 1,338 1,512 1,706 13 % 19 %
Interest on personal loans 44,270 44,183 43,302 40,967 38,195 -7 % -14 %
Interest on credit cards loans 20,637 26,146 30,351 31,542 32,045 2 % 55 %
Interest on financial leases 179 231 192 163 364 123 % 103 %
Interest on other loans 14,109 16,459 18,638 23,097 29,060 26 % 106 %
Interest on Repos 0
From the BCRA 9,130 13,511 11,202 24,744 37,563 52 % 311 %
Other financial institutions 173 669 27 0 17 - -90 %
Total Interest income 326,827 403,519 381,525 414,066 429,127 4 % 31 %
Income from Interest on loans 131,188 140,326 142,925 160,601 178,724 11 % 36 %

The Bank's 3Q23 interest expense totaled Ps.316.4 billion, increasing 18% or Ps.48.9 billion compared to the previous quarter and 80% (Ps.140.9 billion) higher compared to 3Q22.

In 3Q23, interest on deposits represented 98% of the Bank's total interest expense, increasing 19% or Ps.48.7 billion QoQ, due to a 1,072 basis points increase in the average rate paid on deposits while the average volume od deposits from the private sector decreased 3%. On a yearly basis, interest on deposits increased 80% or Ps.138.2 billion.

6
3Q23 Earnings Release
INTEREST EXPENSE MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Deposits
Interest on checking accounts 8,004 18,126 9,863 18,085 21,220 17 % 165 %
Interest on saving accounts 2,158 2,286 2,138 2,887 2,739 -5 % 27 %
Interest on time deposits 162,113 209,740 201,227 240,792 286,508 19 % 77 %
Interest on other financing from BCRA and financial inst. 284 382 354 297 236 -21 % -17 %
Repos
Other financial institutions 208 105 2,070 3,055 2,157 -29 % 937 %
Interest on corporate bonds 27 28 27 26 28 8 % 4 %
Interest on subordinated bonds 2,286 2,295 2,242 2,185 2,361 8 % 3 %
Interest on other financial liabilities 466 718 622 1,210 1,186 -2 % 155 %
Total financial expense 175,546 233,680 218,543 268,537 316,435 18 % 80 %
Expenses from interest on deposits 172,275 230,152 213,228 261,764 310,467 19 % 80 %

In 3Q23, the Bank's net interest margin (including FX) was 58.7%, higher than the 38.3% posted in 2Q23 and the 28.1% posted in 3Q22.

In 3Q23, Net Interest Margin (excluding FX) was 18.8%, lower than the 22.5% posted in 2Q23 and the 22.5% Net Interest Margin posted in 2Q22.

In 3Q23, Net Interest Margin (Pesos) was 19.7%, lower than the 24.8% posted in 2Q23 and than the 24.5% in 3Q22; meanwhile Net Interest Margin (USD) was 13.7%, higher than the 7.4% posted in 2Q23 and than the 5% registered in 3Q22.

ASSETS & LIABILITIES PERFORMANCE (AR$) MACRO Consolidated
In MILLION $ 3Q22 4Q22 1Q23 2Q23 3Q23
(Measuring Unit Current at EOP) AVERAGE REAL INT NOMINAL AVERAGE REAL INT NOMINAL AVERAGE REAL INT NOMINAL AVERAGE REAL INT NOMINAL AVERAGE REAL INT NOMINAL
Yields & rates in annualized nominal % BALANCE RATE INT RATE BALANCE RATE INT RATE BALANCE RATE INT RATE BALANCE RATE INT RATE BALANCE RATE INT RATE
Interest-earning assets
Loans & Other Financing
Public Sector 6,532 -23.5 % 43.2 % 5,373 -11.1 % 49.9 % 4,436 -15.4 % 59.1 % 20,320 -4.8 % 86.0 % 17,045 -18.8 % 93.3 %
Financial Sector 2,296 -28.3 % 34.2 % 2,880 -12.3 % 47.9 % 1,780 -25.9 % 39.4 % 2,517 -22.2 % 52.1 % 3,696 -32.6 % 60.5 %
Private Sector 1,155,081 -23.5 % 43.2 % 1,085,817 -11.6 % 49.1 % 1,054,308 -18.8 % 52.7 % 1,024,139 -18.0 % 60.3 % 1,020,635 -30.3 % 66.1 %
Other debt securities
Central Bank Securities (Leliqs) 912,399 -9.8 % 68.8 % 988,772 6.3 % 79.2 % 975,260 -6.3 % 76.2 % 933,875 -4.3 % 86.9 % 706,172 -15.2 % 102.0 %
Government & Private Securities 250,670 -24.0 % 42.2 % 333,495 -5.5 % 59.3 % 292,774 -16.1 % 57.8 % 163,537 -24.0 % 48.5 % 150,540 -34.2 % 56.8 %
Repos 61,665 -14.6 % 59.9 % 80,497 0.8 % 69.9 % 63,926 -9.0 % 71.2 % 112,722 -3.8 % 88.0 % 146,052 -15.1 % 102.1 %
Total interest-earning assets 2,388,643 -18.1 % 53.3 % 2,496,834 -3.3 % 63.0 % 2,392,484 -13.1 % 63.4 % 2,257,110 -11.9 % 72.1 % 2,044,140 -24.2 % 80.6 %
Fin. Assets through P&L and equity inv. 124,781 -58.4 % -22.2 % 76,238 -71.5 % -52.0 % 37,705 -35.4 % 21.5 % 13,501 303.5 % 688.4 % 11,455 223.6 % 670.6 %
Other Non interest-earning assets 314,122 244,395 241,652 218,736 224,175
Total Non interest-earning assets 438,903 320,633 279,357 232,237 235,630
Total Average Assets 2,827,546 2,817,467 2,671,841 2,489,347 2,279,770
Interest-bearing liabilities
Deposits
Public Sector 148,339 -21.6 % 46.8 % 164,280 -5.6 % 59.1 % 112,755 -14.7 % 60.4 % 110,400 -11.9 % 72.1 % 116,317 -21.1 % 88.0 %
Private Sector 1,458,108 -24.1 % 42.1 % 1,609,018 -10.6 % 50.7 % 1,539,588 -19.4 % 51.7 % 1,588,005 -17.5 % 61.1 % 1,544,906 -27.3 % 73.1 %
BCRA and other financial institutions 1,525 -7.1 % 73.9 % 1,523 18.3 % 99.5 % 875 40.1 % 163.6 % 603 52.0 % 196.9 % 302 72.7 % 311.3 %
Corporate bonds 0 0.0 % 0.0 % 0 0.0 % 0.0 % 0 0.0 % 0.0 % 0 0.0 % 0.0 % 0 0.0 % 0.0 %
Repos 1,805 -22.2 % 45.7 % 777 -8.9 % 53.6 % 13,111 -12.8 % 64.0 % 16,204 -10.1 % 75.6 % 10,156 -22.6 % 84.3 %
Other financial liabilities 7485 -0.351 0.214 190886 -0.399 0.014 202840 -0.463 0.011 243040 -0.479 0.018 246789 -0.573 0.018
Total int.-bearing liabilities 1,617,262 -23.9 % 42.5 % 1,966,484 -13.0 % 46.7 % 1,869,169 -21.9 % 46.9 % 1,958,252 -20.9 % 54.5 % 1,918,470 -30.8 % 64.9 %
Total non int.-bearing liabilities 750,175 558,382 497,801 515,222 492,466
Total Average Liabilities 2,367,437 2,524,866 2,366,970 2,473,474 2,410,936
Assets Performance 320,872 396,648 374,041 405,497 415,302
Liabilities Performance 173,147 231,299 216,180 266,203 313,944
Net Interest Income 147,725 165,349 157,861 139,294 101,358
Total interest-earning assets 2,388,643 2,496,834 2,392,484 2,257,110 2,044,140
Net Interest Margin (NIM) 24.5 % 26.3 % 26.8 % 24.8 % 19.7 %
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3Q23 Earnings Release
ASSETS & LIABILITIES PERFORMANCE USD MACRO Consolidated
In MILLION $ 3Q22 4Q22 1Q23 2Q23 3Q23
(Measuring Unit Current at EOP) AVERAGE REAL INT NOMINAL AVERAGE REAL INT NOMINAL AVERAGE REAL INT NOMINAL AVERAGE REAL INT NOMINAL AVERAGE REAL INT NOMINAL
Yields & rates in annualized nominal % BALANCE RATE INT RATE BALANCE RATE INT RATE BALANCE RATE INT RATE BALANCE RATE INT RATE BALANCE RATE INT RATE
Interest-earning assets
Cash and Deposits in Banks 155,904 -8.6 % 0.6 % 156,094 8.3 % 1.3 % 153,272 -5.9 % 2.4 % 152,298 0.7 % 2.7 % 154,135 6.0 % 3.3 %
Loans & Other Financing
Financial Sector 0 0.0 % 0.0 % 63 13.7 % 6.3 % 283 -1.5 % 7.2 % 391 4.1 % 6.2 % 265 8.7 % 6.0 %
Private Sector 63,616 21.7 % 34.0 % 67,053 45.1 % 35.7 % 75,031 21.2 % 31.8 % 75,931 32.5 % 35.2 % 82,215 46.0 % 42.3 %
Other debt securities
Central Bank 9,117 0 0 77,503 0 0 61,829 0.0 % 0.0 % 86119 0 0 75517 0 0
Government & Private Securities 53,281 -7.4 % 2.0 % 18,232 14.1 % 6.7 % 22,761 3.0 % 12.0 % 21,163 14.6 % 16.9 % 16,263 97.3 % 92.4 %
Total interest-earning assets 281,918 -1.5 % 8.4 % 318,945 16.0 % 8.5 % 313,176 0.8 % 9.7 % 335,902 8.0 % 10.2 % 328,395 19.7 % 16.7 %
Fin. Assets through P&L and equity inv. 186,561 121.8 % 144.2 % 332,276 11.0 % 3.8 % 368,015 6.2 % 15.5 % 571,605 32.4 % 35.1 % 786,126 -26.0 % -27.9 %
Other Non interest-earning assets 536,024 542,075 568,222 544,852 539,762
Total Non interest earning assets 722,585 874,351 936,237 1,116,457 1,325,888
Total Average Assets 1,004,503 1,193,296 1,249,413 1,452,359 1,654,283
Interest-bearing liabilities
Deposits
Public Sector 9,215 -9.1 % 0.1 % 9,111 7.0 % 0.1 % 9,024 -8.0 % 0.1 % 8,556 -1.9 % 0.1 % 8,626 2.7 % 0.1 %
Private Sector 180,444 -9.2 % 0.0 % 188,650 6.9 % 0.0 % 203,885 -8.1 % 0.0 % 177,776 -2.0 % 0.0 % 174,891 2.6 % 0.0 %
BCRA and other financial institutions 5,238 -4.9 % 4.7 % 4,309 10.2 % 3.1 % 5,559 -3.5 % 5.0 % 6,049 4.5 % 6.6 % 4,911 9.2 % 6.5 %
Issued corporate bonds 5,307 -7.4 % 2.0 % 5,317 9.2 % 2.1 % 5,305 -6.1 % 2.1 % 4,894 0.1 % 2.1 % 5,037 4.8 % 2.2 %
Subordinated bonds 140,795 -3.4 % 6.4 % 141,030 13.9 % 6.5 % 140,821 -2.1 % 6.5 % 135,330 4.4 % 6.5 % 142,983 9.3 % 6.6 %
Total int.-bearing liabilities 340,999 -6.6 % 2.8 % 348,417 9.8 % 2.7 % 364,594 -5.7 % 2.6 % 332,605 0.8 % 2.8 % 336,448 5.5 % 2.9 %
Total non int.-bearing liabilities 163,076 155,567 176,995 174,540 194,545
Total Average liabilities 504,075 503,984 541,589 507,145 530,993
Assets Performance 5,955 6,871 7,483 8,569 13,825
Liabilities Performance 2,399 2,381 2,363 2,334 2,491
Net Interest Income 3,556 4,490 5,120 6,235 11,334
Total interest-earning assets 281,918 318,945 313,176 335,902 328,395
Net Interest Margin (NIM) 5.0 % 5.6 % 6.6 % 7.4 % 13.7 %

In 3Q23 Banco Macro's net fee income totaled Ps.35.5 billion, Ps.20 million lower than in 2Q23 and was 5% or Ps.1.6 billion higher than the same period of last year.

In the quarter, fee income totaled Ps.39.4 billion, Ps.71 million higher than in 2Q23. In the quarter Debit card fees increased 51% or Ps.856 million while Corporate services fees increased 5% or Ps.282 million, fees charged on deposits accounts decreased 3% or Ps.464 million while credit card fees decreased 4% or Ps.362 million. On a yearly basis, fee income increased 4% or Ps.1.7 billion.

In the quarter, total fee expense increased 2% or Ps.91 million. On a yearly basis, fee expenses increased 3% or Ps.131 million.

NET FEE INCOME MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Fees charged on deposit accounts 14,101 14,444 15,013 14,657 14,193 -3 % 1 %
Credit card fees 7,028 7,543 8,856 8,275 7,913 -4 % 13 %
Corporate services fees 5,414 5,301 5,880 5,748 6,030 5 % 11 %
ATM transactions fees 3,185 2,897 2,746 2,370 2,314 -2 % -27 %
Insurance fees 2,005 2,064 2,185 2,043 1,902 -7 % -5 %
Debit card fees 2,450 2,165 1,838 1,680 2,536 51 % 4 %
Financial agent fees (Provinces) 2,078 2,189 1,991 2,243 2,142 -5 % 3 %
Credit related fees 842 1,040 950 1,133 958 -15 % 14 %
Mutual funds & securities fees 490 749 960 1,112 1,347 21 % 175 %
AFIP & Collection services 117 106 97 79 76 -4 % -35 %
ANSES fees 36 31 24 20 20 0 % -44 %
Total fee income 37,746 38,529 40,540 39,360 39,431 0 % 4 %
Total fee expense 3,809 3,860 3,772 3,849 3,940 2 % 3 %
Net fee income 33,937 34,669 36,768 35,511 35,491 0 % 5 %
8
3Q23 Earnings Release

In 3Q23 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.36.4 billion loss, mainly due to the mark to market of some government securities (dual bonds) (Ps.60.8 billion). On a yearly basis Net Income from financial assets and liabilities at fair value through profit or loss decreased Ps.97.2 billion.

NET INCOME FROM FINANCIAL ASSETS AND
LIABILITIES
AT FAIR VALUE THROUGH PROFIT OR LOSS 		MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Profit or loss from government securities 43,423 -19,350 21,541 59,244 -60,767 - -240 %
Profit or loss from private securities 16,795 10,949 -5,098 10,785 16,024 49 % -5 %
Profit or loss from investment in derivative financing instruments 251 1,258 325 564 827 47 % 229 %
Profit or loss from other financial assets -82 50 28 204 -1,047 - -
Profit or loss from investment in equity instruments -194 103 85 -51 1,791 - -
Profit or loss from the sale of financial assets at fair value 643 151 -840 2,482 7,248 - 1027 %
Income from financial assets at fair value through profit or loss 60,836 -6,839 16,041 73,228 -35,924 -149 % -159 %
Profit or loss from derivative financing instruments - - -696 -3,276 -434 - -
Income from financial liabilities at fair value through profit or loss - - -696 -3,276 -434 - -
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 60,836 -6,839 15,345 69,952 -36,358 -152 % -160 %

In the quarter, Other Operating Income totaled Ps.11.3 billion, 9% or Ps.1 billion higher than in 2Q23. On a yearly basis, Other Operating Income increased 26% or Ps.2.6 billion.

OTHER OPERATING INCOME MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Credit and debit cards 695 1,705 1,060 1,260 1,570 25 % 126 %
Lease of safe deposit boxes 1,039 1,038 1,166 1,097 1,049 -4 % 1 %
Other service related fees 2,670 3,408 2,962 3,272 4,155 27 % 56 %
Sale of real estate and other non-financial assets -3 -49 - - - - -
Other adjustments and interest from other receivables 2,312 2,655 2,451 2,597 2,956 14 % 28 %
Initial recognition of loans -240 0 0 0 0 - -
Sale of property, plant and equipment 0 72 10 77 -2 -103 % -
Others 2,452 2,869 1,890 2,012 1,555 -23 % -37 %
Other Operating Income 8,925 11,698 9,539 10,315 11,283 9 % 26 %

In 3Q23 Banco Macro's administrative expenses plus employee benefits totaled Ps.66.2 billion, 3% or Ps.1.6 billion higher than the previous quarter, due to higher employee benefits (+4%) which were partially offset by a Ps.102 decrease in administrative expenses. On a yearly basis, administrative expenses plus employee benefits increased 7% or Ps.4.4 billion.

Employee benefits increased 4% or Ps.1.7 billion QoQ, remunerations increased 5% or Ps.1.5 billion while social security contributions increased 8% or Ps.557 million. On a yearly basis, Employee benefits increased 2% or Ps.1 billion.

In 3Q23, administrative expenses decreased Ps.102 billion, due to lower Directors and auditors fees, lower hired administrative services fees, and lower other administrative expenses. On a yearly basis administrative expenses increased 17% or Ps.3.3 billion.

9
3Q23 Earnings Release

In 3Q23, the efficiency ratio reached 22.4%, deteriorating from the 21.7% posted in 2Q23 and much better than the 25.8% posted a year ago. In 3Q23 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) increased 3%, while income (net interest income + net fee income + differences in quoted prices of gold and foreign currency + other operating income + net income from financial assets at fair value through profit or loss - (Turnover Tax + Insurance on deposits)) decreased 1% compared to 2Q23.

PERSONNEL & ADMINISTRATIVE EXPENSES MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Employee benefits 42,070 38,173 39,164 41,373 43,120 4 % 2 %
Remunerations 28,597 26,613 26,399 28,354 29,835 5 % 4 %
Social Security Contributions 7,274 7,070 6,714 6,844 7,401 8 % 2 %
Compensation and bonuses 4,788 3,172 4,738 4,781 4,466 -7 % -7 %
Employee services 1,411 1,318 1,313 1,394 1,418 2 % 0 %
Administrative Expenses 19,766 21,140 19,443 23,179 23,077 0 % 17 %
Taxes 3,416 3,345 3,301 3,589 4,816 34 % 41 %
Maintenance, conservation fees 3,123 3,398 3,010 3,231 3,230 0 % 3 %
Directors & statutory auditors fees 871 1,557 785 2,624 1,323 -50 % 52 %
Security services 1,897 1,917 1,860 1,856 1,955 5 % 3 %
Electricity & Communications 1,782 1,660 1,778 1,719 1,688 -2 % -5 %
Other professional fees 1,827 2,337 2,106 2,324 2,517 8 % 38 %
Rental agreements 80 81 76 98 69 -30 % -14 %
Advertising & publicity 1,039 1,291 795 1,296 1,854 43 % 78 %
Personnel allowances 392 464 401 425 455 7 % 16 %
Stationary & Office Supplies 129 157 174 152 160 5 % 24 %
Insurance 220 192 161 199 203 2 % -8 %
Hired administrative services 152 141 139 602 398 -34 % 162 %
Other 4,838 4,600 4,857 5,064 4,409 -13 % -9 %
Total Administrative Expenses 61,836 59,313 58,607 64,552 66,197 3 % 7 %
Total Employees 7,857 7,796 7,756 7,797 7,765
Branches 466 467 463 462 461
Efficiency ratio 25.8 % 27.2 % 25.5 % 21.7 % 22.4 %
Accumulated efficiency ratio 29.1 % 28.6 % 25.5 % 23.4 % 23.0 %
In 3Q23, Other Operating Expenses totaled Ps.47 billion, decreasing 4% or Ps.2.9 billion QoQ, due to lower initial loan recognition charges (89% or Ps.4.3 billion) which was offset by higher Other expenses. On a yearly basis, Other Operating Expenses increased 14% or Ps.5.8 billion.
OTHER OPERATING EXPENSES MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Turnover Tax 22,447 23,320 23,354 27,446 27,512 0 % 23 %
Other provision charges 2,428 -584 1,105.00 1,302 881 -32 % -64 %
Deposit Guarantee Fund Contributions 971 1,042 1,012 941 962 2 % -1 %
Donations 332 56 345 266 91 -66 % -73 %
Insurance claims 232 302 383 384 387 1 % 67 %
Initial loan recognition 917 232 364 4,878 555 -89 % 100 %
Others 13,837 16,224 13,217 14,642 16,606 13 % 20 %
Other Operating Expenses 41,164 40,592 39,780 49,859 46,994 -6 % 14 %

In 3Q23, the result from the net monetary position totaled a Ps.215.9 billion loss, Ps.68.4 billion higher than the loss posted in 2Q23 and 55% or Ps.76.9 billion higher than the loss posted one year ago. Higher inflation was observed during the quarter (1,104 b.p. above 2Q23 level, up to 34.82% from 23.78% in 2Q23).

10
3Q23 Earnings Release
OPERATING RESULT MACRO consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Operating Result (exc. Loss from net monetary position) 178,948 158,829 173,478 233,352 235,012 1 % 31 %
Result from net monetary position (i.e. inflation adjustment) -139,002 -115,735 -147,503 -147,534 -215,919 46 % 55 %
Operating Result (Inc. Loss from net monetary position) 39,946 43,094 25,975 85,818 19,093 -78 % -52 %

In 3Q23, Banco Macro's effective income tax rate was 60.5%. For more information, please see Note 22 "Income Tax" of our Financial Statements.

Financial Assets

Loans and other financing

The volume of financing (including loans, financial trust and leasing portfolio) totaled Ps.1.2 triillion, decreasing 4% or Ps.50.8 billion QoQ and decreasing 5% or Ps.57.8 billion YoY. In 3Q23 Private sector loans decreased 3% or Ps.40.6 billion. On a yearly basis Private sector loans decreased 6% or Ps.69.1 billion.

Within commercial loans, Overdrafts stand out with a 5% or Ps.5.9 billion decrease and Documents with a 16% or Ps.30.2 billion increase.

Within consumer lending, personal loans decreased 16% or Ps.37.9 billion while credit card loans decreased 4% or Ps.14.1 billion.

Within private sector financing, peso financing decreased 4% or Ps.48.3 billion, while US dollar financing decreased 29% or USD 90 million.

As of 3Q23, Banco Macro's market share over private sector loans was 7.7%.

LOANS AND OTHER FINANCING MACRO Consilidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Public Sector 4,240 4,483 2,353 25,028 3,161 -87 % -25 %
Finacial Sector 2,237 1,884 3,099 2,842 14,538 412 % 550 %
Financial Sector 2,246 1,901 3,120 2,867 14,561 408 % 548 %
Less: Expected Credit Losses -9 -17 -21 -25 -23 -8 % 156 %
Private Sector 1,204,766 1,209,696 1,159,036 1,176,321 1,135,713 -3 % -6 %
Overdrafts 101,368 100,052 89,776 118,824 112,880 -5 % 11 %
Discounted documents 161,768 166,124 167,608 186,049 216,240 16 % 34 %
Mortgage loans 125,999 125,762 119,178 117,690 108,865 -7 % -14 %
Pledged loans 19,818 19,464 18,305 18,444 18,738 2 % -5 %
Personal loans 311,292 289,550 268,337 236,250 198,376 -16 % -36 %
Credit Card loans 367,212 387,569 360,766 355,455 341,325 -4 % -7 %
Leasing 2,554 2,817 2,245 1,936 1,451 -25 % -43 %
Others 137,304 140,693 156,200 165,654 159,528 -4 % 16 %
Less: Expected Credit Losses -22,549 -22,335 -23,379 -23,981 -21,690 -10 % -4 %
Total loans and other financing 1,211,243 1,216,063 1,164,488 1,204,191 1,153,412 -4 % -5 %
Total loans in Pesos 1,149,075 1,143,050 1,077,659 1,124,601 1,076,311 -4 % -6 %
Total loans in foreign currency 62,168 73,013 86,829 79,590 77,101 -3 % 24 %
EOP FX (Pesos per USD) 147.3150 177.1283 208.9883 256.6750 350.0083 36 % 138 %
Total loans in foreign currency (USD) 422 412 415 310 220 -29 % -48 %
USD financing / Financing to the private sector 5 % 6 % 7 % 7 % 7 %
11
3Q23 Earnings Release

Public Sector Assets

In 3Q23, the Bank's public sector assets (excluding LELIQs) to total assets ratio was 25%, higher than the 22.4% registered in the previous quarter, and higher than the 17.8% posted in 3Q22.

In 3Q23, a 49% or Ps.402.9 billion decrease in Central Bank Notes stands out while Provincial loans decreased Ps.21.8 billion in the quarter.

PUBLIC SECTOR ASSETS MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Central Bank Notes 84,182.00 24,593 - - - - -100 %
Leliqs 995,343 998,530 1,074,560 825,861 422,952 -49 % -58 %
Other 745,124 782,082 688,771 936,868 924,013 -1 % 24 %
Government securities 1,824,649 1,805,205 1,763,331 1,762,729 1,346,965 -24 % -26 %
Provincial loans 3,409 3,497 1,560 23,916 2,163 -91 % -37 %
Loans 3,409 3,497 1,560 23,916 2,163 -91 % -37 %
TOTAL PUBLIC SECTOR ASSETS 1,828,058 1,808,702 1,764,891 1,786,645 1,349,128 -24 % -26 %
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ) 748,533 785,579 690,331 960,784 926,176 -4 % 24 %
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS 17.8 % 18.5 % 17.0 % 22.4 % 25.0 %

Funding

Deposits

Banco Macro's deposit base totaled Ps.2 trillion in 3Q23, decreasing 22% or Ps.556.2 billion QoQ and a 25% or Ps.670.1 billion decrease YoY and representing 74% of the Bank's total liabilities.

On a quarterly basis private sector deposits decreased 23% or Ps.554.8 billion while public sector deposits decreased Ps.875 million.

The decrease in private sector deposits was led by time deposits, which increased 30% or Ps.374.2 billion, while demand deposits decreased 16% or Ps.174.3 billion QoQ.

Within private sector deposits, peso deposits increased 24% or Ps.549.7 billion, while US dollar deposits decreased 28% or USD 351 million.

As of 3Q23, Banco Macro´s market share over private sector deposits was 5.3%.

12
3Q23 Earnings Release
DEPOSITS MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Public sector 321,140 223,369 185,340 178,582 177,707 0 % -45 %
Financial sector 3,035 3,359 3,189 3,964 3,452 -13 % 14 %
Private sector 2,355,110 2,404,878 2,255,206 2,382,830 1,827,996 -23 % -22 %
Checking accounts 355,255 323,261 279,510 260,320 251,560 -3 % -29 %
Savings accounts 746,144 852,705 706,031 812,294 646,789 -20 % -13 %
Time deposits 1,103,269 1,155,973 1,234,718 1,262,312 888,090 -30 % -20 %
Other 118,797 41,614 2,915 17,239 6,525 -62 % -95 %
Total 2,679,285 2,631,606 2,443,735 2,565,376 2,009,155 -22 % -25 %
Pesos 2,368,878 2,284,175 2,102,128 2,245,437 1,695,742 -24 % -28 %
Foreign Currency (in Pesos) 310,407 347,431 341,607 319,939 313,413 -2 % 1 %
EOP FX (Pesos per USD) 147.3150 177.1283 208.9883 256.6750 350.0083 36 % 138 %
Foreign Currency (USD) 2,107 1,961 1,635 1,246 895 -28 % -58 %
USD Deposits / Total Deposits 12 % 13 % 14 % 12 % 16 %

Banco Macro's transactional deposits represent approximately 46% of its total deposit base as of 3Q23. These accounts are low cost and are not sensitive to interest rate increases.

Other sources of funds

In 3Q23, the total amount of other sources of funds increased 1% or Ps.11.2 billion compared to 2Q23 mainly due to a 1% or Ps.6.1 increase in Shareholders' generated by the positive net income registered during the period. On a yearly basis, other sources of funds decreased 1% or Ps.5.9 billion.

OTHER SOURCES OF FUNDS MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Central Bank of Argentina 74 94 82 72 54 -25 % -27 %
Banks and international institutions 4,176 4,840 7,375 4,584 5,189 13 % 24 %
Financing received from Argentine financial institutions 1,547 41 65 658 263 -60 % -83 %
Subordinated corporate bonds 145,336 146,532 144,176 140,617 144,483 3 % -1 %
Corporate bonds 5,492 5,517 5,485 4,408 5,453 24 % -1 %
Shareholders' equity 1,012,308 1,040,966 1,055,872 1,001,503 1,007,570 1 % 0 %
Total other source of funds 1,168,933 1,197,990 1,213,055 1,151,842 1,163,012 1 % -1 %
13
3Q23 Earnings Release

Liquid Assets

In 3Q23, the Bank's liquid assets amounted to Ps.2 trillion, showing an 18% or Ps.446.2 billion decrease QoQ, and an 18% or Ps.441.9 billion decrease on a yearly basis.

In 3Q23 Leliqs decreased 49% or Ps.402.9 billion.

In 3Q23, Banco Macro's liquid assets to total deposits ratio reached 99%.

LIQUID ASSETS MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Cash 479,091 508,058 496,659 447,175 447,528 0 % -7 %
Guarantees for compensating chambers 54,462 50,431 42,793 34,159 32,901 -4 % -40 %
Call - - 1,001 108 - -100 % -
Leliq own portfolio 995,343 998,530 1,074,560 825,861 422,952 -49 % -58 %
Net Repos 148,043 125,810 60,285 182,169 152,747 -16 % -
Other government & private securities 745,124 782,082 688,771 936,868 924,013 -1 % 24 %
Total 2,422,063 2,464,911 2,364,069 2,426,340 1,980,141 -18 % -18 %
Liquid assets to total deposits 90 % 94 % 97 % 95 % 99 %

Solvency

Banco Macro continued showing high solvency levels in 3Q23 with an integrated capital (RPC) of Ps.1 trillion over a total capital requirement of Ps.215.3 billion. Banco Macro's excess capital in 3Q23 was 366% or Ps.788.3 billion.

The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 37.9% in 3Q23; TIER1 Ratio stood at 34.8%.

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

MINIMUM CAPITAL REQUIREMENT MACRO Consolidated Change
In MILLION $ 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Credit risk requirement 52,233 60,581 73,119 92,213 124,155 35 % 138 %
Market risk requirement 9,998 11,709 11,531 25,821 19,898 -23 % 99 %
Operational risk requirement 26,568 32,771 38,935 48,802 71,224 46 % 168 %
Total capital requirements 88,800 105,061 123,585 166,836 215,276 29 % 142 %
Ordinary Capital Level 1 (COn1) 418,322 500,504 627,056 717,831 979,304 36 % 134 %
Deductible concepts Level 1 (COn1) -24,630 -27,620 -33,553 -41,726 -59,469 43 % 141 %
Capital Level 2 (COn2) 47,051 42,447 50,063 61,480 83,763 36 % 78 %
Integrated capital - RPC (i) 440,743 515,330 643,566 737,585 1,003,598 36 % 128 %
Excess capital 351,943 410,269 519,981 570,749 788,322 38 % 124 %
Risk-weighted assets - RWA (ii) 1,090,977 1,291,206 1,518,189 2,051,880 2,645,752 29 % 143 %
Regulatory Capital ratio [(i)/(ii)] 40.4 % 39.9 % 42.4 % 35.9 % 37.9 %
Ratio TIER 1 [Capital Level 1/RWA] 36.1 % 36.6 % 39.1 % 33.0 % 34.8 %

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

14
3Q23 Earnings Release

Asset Quality

In 3Q23, Banco Macro's non-performing to total financing ratio (under Central Bank rules) reached a level of 1.39%, up from 1.37% in 2Q23, and the 1.27% posted in 3Q22.

Consumer portfolio non-performing loans deteriorated 5b.p. (up to 1.48% from 1.43%) while Commercial portfolio non-performing loans improved 4 b.p. in 3Q23 (down to 1.14% from 1.18%).

The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) remained stable at to 133.93% in 3Q23. Write-offs over total loans totaled 0.08%.

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

ASSET QUALITY MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Commercial portfolio 247,116 229,735 228,864 293,400 303,894 4 % 23 %
Non-performing 3,527 4,484 3,960 3,460 3,471 0 % -2 %
Consumer portfolio 1,007,972 1,029,420 985,697 977,331 916,994 -6 % -9 %
Non-performing 12,457 11,291 13,219 13,944 13,528 -3 % 9 %
Total portfolio 1,255,088 1,259,155 1,214,561 1,270,731 1,220,888 -4 % -3 %
Non-performing 15,984 15,775 17,179 17,404 16,999 -2 % 6 %
Commercial non-perfoming ratio 1.43 % 1.95 % 1.73 % 1.18 % 1.14 %
Consumer non-perfoming ratio 1.24 % 1.10 % 1.34 % 1.43 % 1.48 %
Total non-performing/ Total portfolio 1.27 % 1.25 % 1.41 % 1.37 % 1.39 %
Total allowances 24,462 23,917 24,946 25,419 22,767 -10 % -7 %
Coverage ratio w/allowances 153.04 % 151.61 % 145.21 % 146.05 % 133.93 %
Write Offs 1,735 1,294 764 2,373 990 -58 % -43 %
Write Offs/ Total portfolio 0.14 % 0.10 % 0.06 % 0.19 % 0.08 %

Expected Credit Losses (E.C.L) (I.F.R.S.9)

The Bank records an allowance for expected credit losses for all loans and other debt financial assets not held at fair value through profit or loss, together with loan commitments and financial guarantee contracts, in this section all referred to as 'financial instruments'. Equity instruments are not subject to impairment under IFRS 9. The ECL allowance is based on the credit losses expected to arise over the life of the asset (the lifetime expected credit loss), unless there has been no significant increase in credit risk since origination, in which case, the allowance is based on the 12 months expected credit loss.(For further information please see our 2022 20-F)

15
3Q23 Earnings Release

CER Exposure and Foreign Currency Position

CER EXPOSURE MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
CER adjustable ASSETS
Government Securities 377,447 280,297 57,952 84,459 59,351 -30 % -84 %
Loans (*) 91,549 91,591 88,142 88,761 81,108 -9 % -11 %
Private sector loans 16,824 14,878 13,517 12,884 11,967 -7 % -29 %
Mortgage loans (UVA adjusted) 74,659 76,658 74,551 75,800 69,076 -9 % -7 %
Other loans 66 55 74 77 65 -16 % -2 %
Total CER adjustable assets 468,996 371,888 146,094 173,220 140,459 -19 % -70 %
CER adjustable LIABILITIES
Deposits (*) 38,441 24,915 14,023 9,820 4,801 -51 % -88 %
UVA Unemployment fund 8,234 8,866 9,284 10,120 9,819 -3 % 19 %
Total CER adjustable liabilities 46,675 33,781 23,307 19,940 14,620 -27 % -69 %
NET CER EXPOSURE 422,321 338,107 122,787 153,280 125,839 -18 % -70 %

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

FOREIGN CURRENCY POSITION MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Cash and deposits in Banks 397,892 427,904 402,661 372,894 382,775 3 % -4 %
Cash 36,763 11,096 13,997 68,370 71,777 5 % 95 %
Central Bank of Argentina 200,704 256,430 253,453 169,048 190,235 13 % -5 %
Other financial institutions local and abroad 160,401 160,353 135,189 135,281 120,739 -11 % -25 %
Others 24 25 22 195 24 -88 % 0 %
Financial instruments at fair value through P&L 349,325 361,479 464,179 779,230 800,745 3 % 129 %
Other financial assets 27,956 31,842 35,199 35,532 33,830 -5 % 21 %
Loans and other financing 62,168 73,013 86,829 79,590 77,101 -3 % 24 %
Non financial private sector & foreign residents 62,168 73,013 86,829 79,590 77,101 -3 % 24 %
Other debt securities 96,839 109,366 66,650 139,549 50,680 -64 % -48 %
Guarantees received 8,111 9,950 9,795 12,646 14,568 15 % 80 %
Investment in equity instruments 291 324 328 242 446 84 % 53 %
Total Assets 942,582 1,013,878 1,065,641 1,419,683 1,360,145 -4 % 44 %
Deposits 310,407 347,431 341,607 319,939 313,413 -2 % 1 %
Non financial public sector 12,757 12,520 13,456 13,172 12,231 -7 % -4 %
Financial sector 2,773 2,843 2,755 3,041 3,076 1 % 11 %
Non financial private sector & foreign residents 294,877 332,068 325,396 303,726 298,106 -2 % 1 %
Financial liabiities at fair value through P&L 1,590 1,069 4,133 1,937 10,535 444 % 563 %
Other liabilities from financial intermediation 28,984 32,705 34,846 35,859 38,881 8 % 34 %
Financing from the Central Bank and other fin. Inst 4,211 4,871 7,437 4,702 5,270 12 % 25 %
Issued corporate bonds 5,492 5,517 5,485 4,408 5,453 24 % -1 %
Subordinated corporate bonds 145,336 146,532 144,176 140,617 144,483 3 % -1 %
Other non financial liabilities 153 108 220 1,158 1,204 4 % 687 %
Total Liabilities 496,173 538,233 537,904 508,620 519,239 2 % 5 %
NET FX POSITION (Pesos) 446,409 475,645 527,737 911,063 840,906 -8 % 88 %
EOP FX (Pesos per USD) 147.3150 177.1283 208.9883 256.6750 350.0083 36 % 138 %
NET FX POSITION (USD) 3,030 2,685 2,525 3,549 2,403 -32 % -21 %
16
3Q23 Earnings Release

3Q23 Snapshot

In AR$ Million. Figures of previous quarters have been restated to reflect the accumulated effect of the inflation adjustment for each period through September 30, 2023

17
3Q23 Earnings Release
18
3Q23 Earnings Release

Relevant and Recent Events

• Dividend in kind payment. Schedule. Pursuant to the resolution adopted by the General and Special Shareholders' Meeting held on April 25th 2023 and the authorization granted by the Superintendence of Financial and Exchange Entities of the Central Bank of the Republic of Argentina last May 12th, the Board of Directors of Banco Macro S.A. approved the payment of a dividend in kind through the delivery of 346,680,043.74 nominal values of Bono de la Nación Argentina en Moneda Dual (Argentina's Dual Currency Public Bond) due 30 April 2024 (Bond Code TDA24) in 6 consecutive monthly installments. As of this date the Bank has paid all installments.
• New Issuance Series F Dollar denominated Notes. On October 31st 2023 the Bank issued 5% Series F dollar denominated notes due in 2024 in the amount of USD 53,000,000. Interest will be paid semiannually on April 30th and at maturity.
• Interest Payment Series E Dollar denominated Notes. In November 2023, the Bank paid quarterly interest on Class E dollar denominated notes in the amount of USD 62,131.51.
• Interest Payment Series A Subordinated Notes. In November 2023, the Bank paid semiannual interest on Class A subordinated notes in the amount of USD 13,286,000.
• Banco Itaú Argentina. On August 23 Banco Macro announced that it had entered into a stock purchase agreement with Itaú Unibanco Holding S.A., through its affiliates Itaú Unibanco S.A., Banco Itaú BBA S.A. and Itaú Consultoria de Valores Mobiliários e Participaçoes S.A. (collectively, "Itaú"), pursuant to which, subject to the satisfaction of certain conditions (substantially the approval of the transaction by the Central Bank of Argentina), the Purchaser will acquire from Itaú the shares representing 100% of the capital stock and votes of Banco Itaú Argentina S.A., Itaú Asset Management S.A. and Itaú Valores S.A.
• Banco Itaú Argentina (Now Banco BMA). On November 2, 2023 the Central Bank of Argentina approved the sale of Itaú Argentina to Banco Macro.

1. Banco Itaú Argentina S.A.: 100% of the capital stock and votes was acquired the capital stock is represented by 729,166,165 ordinary shares and 14,565,089 preferred shares, from which: (i) 721,697,119 ordinary shares and 14,565,089 preferred shares were acquired from Itaú Unibanco S.A., representing 98.995733% of the capital stock, and (ii) 7,469,046 ordinary shares were acquired from Itaú BBA S.A., representing 1.004267% of the capital stock.

2. Itaú Asset Management S.A.: 100% of the capital stock represented by 91,950 shares was acquired, from which: (i) 80,000 shares were acquired from Banco Itaú Argentina S.A., representing 87.00% of the capital stock, and (ii) 11,950 shares were acquired from Itaú Unibanco S.A., representing 13.00% of the capital stock.

3. Itaú Valores S.A.: 100% the capital stock represented by 52,419,500 ordinary shares was acquired, from which: (i) 45,604,965 were acquired from Banco Itaú Argentina S.A., representing 87.00% of the capital stock, and (ii) 6,814,535 shares were acquired from Itaú Consultoria de Valores Mobiliários e Participações S.A., representing 13.00% of the capital stock.

The price of the Agreement was set at US$50,000,000, which was paid on November 3, 2023, and an additional amount resulting from a potential adjustment that will be eventually set based on the results obtained by Banco Itaú Argentina S.A., Itaú Asset Management S.A. and Itaú Valores S.A. between April 1, 2023, and the Closing Date

19
3Q23 Earnings Release

Regulatory Changes

· Interest Rates.On October 12, 2023, through Communication "A" 7862 the Central Bank of Argentina decided to increase monetary policy rate by 1,500 basis points from 118% to 133%. Therefore interest rates paid on deposits were affected:
o Time deposits: Individuals up to Ps.30 million the interest rate was set at 133% and for all others 126% APR
o Productive Investment Line for SMEs: 112% APR for capex; 124% APR for working capital
o Credit Cards: 122% APR for individuals
· Net Fx Global Position. In October 2023, through Communication "A" 7863 the Central Bank of Argentina established that between October 13 and October 31 financial institutions cannot increase their spot fx position in relation to October 12 close. On October 26, 2023 through Communication "A" 7872, the Central Bank extended this regulation until November 30, 2023.
20
3Q23 Earnings Release
QUARTERLY BALANCE SHEET MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
ASSETS
Cash and deposits in Banks 479,091 508,058 496,659 447,175 447,528 0 % -7 %
Cash 80,037 56,095 58,727 106,821 107,386 1 % 34 %
Central Bank of Argentina 238,260 291,575 302,500 204,866 219,374 7 % -8 %
Other local & foreign entities 160,770 160,363 135,410 135,292 120,744 -11 % -25 %
Other 24 25 22 196 24 -88 % 0 %
Debt securities at fair value through profit & loss 426,928 428,758 478,890 791,006 808,538 2 % 89 %
Derivatives 329 87 1 356 769 -100 % 134 %
Repo Transactions 148,879 125,810 65,281 182,386 157,365 -14 % 6 %
Other financial assets 77,272 117,715 137,660 185,078 186,990 1 % 142 %
Loans & other receivables 1,211,243 1,216,063 1,164,488 1,204,190 1,153,412 -4 % -5 %
Non Financial Public Sector 4,240 4,483 2,353 25,028 3,161 -87 % -25 %
Financial Sector 2,237 1,884 3,099 2,842 14,538 412 % 550 %
Non Financial private sector and foreign 1,204,766 1,209,696 1,159,036 1,176,321 1,135,713 -3 % -6 %
Other debt securities 1,506,765 1,498,250 1,358,415 1,130,561 604,074 -47 % -60 %
Financial assets in guarantee 64,952 62,205 62,579 57,582 58,194 1 % -10 %
Investments in equity instruments 1,614 1,705 1,790 1,910 2,375 24 % 47 %
Investments in other companies (subsidiaries and joint ventures) 2,296 2,319 2,489 1,509 1,438 -5 % -37 %
Property, plant and equipment 206,207 206,937 207,646 207,426 208,243 0 % 1 %
Intangible assets 35,783 35,429 36,394 36,411 35,765 -2 % 0 %
Deferred income tax assets 214 149 149 209 365 75 % 71 %
Other non financial assets 31,863 25,299 25,463 24,488 26,347 8 % -17 %
Non-current assets held for sale 12,540 17,992 17,573 17,573 16,871 -4 % 35 %
TOTAL ASSETS 4,205,976 4,246,776 4,055,477 4,287,860 3,708,274 -14 % -12 %
LIABILITIES
Deposits 2,679,285 2,631,606 2,443,735 2,565,376 2,009,155 -22 % -25 %
Non Financial Public Sector 321,140 223,369 185,340 178,582 177,707 0 % -45 %
Financial Sector 3,035 3,359 3,189 3,964 3,452 -13 % 14 %
Non Financial private sector and foreign 2,355,110 2,404,878 2,255,206 2,382,830 1,827,996 -23 % -22 %
Liabilities at fair value through profit & loss 1,590 1,069 4,133 1,937 10,535 444 % 563 %
Derivatives 5 5 168 15 40 167 % 700 %
Repo Transactions 835 - 7,487 9,827 38,795 - -86 %
Other financial liabilities 202,479 274,439 255,343 317,241 321,016 1 % 59 %
Financing received from Central Bank and Other Financial Institutions 5,796 4,976 7,522 5,313 5,507 4 % -5 %
Issued Corporate Bonds 5,492 5,517 5,485 4,408 5,453 24 % -1 %
Current income tax liabilities 16,043 22,041 18,998 30,595 25,035 -18 % 56 %
Subordinated corporate bonds 145,336 146,532 144,176 140,617 144,483 3 % -1 %
Provisions 7,491 5,512 5,283 4,894 3,940 -19 % -47 %
Deferred income tax liabilities 31,398 26,975 27,622 26,653 25,238 -5 % -20 %
Other non financial liabilities 97,766 86,966 79,459 179,343 111,342 -38 % 14 %
TOTAL LIABILITIES 3,193,516 3,205,638 2,999,411 3,286,219 2,700,539 -18 % -15 %
SHAREHOLDERS' EQUITY
Capital Stock 639 639 639 639 639 0 % 0 %
Issued Shares premium 12,430 12,430 12,430 12,430 12,430 0 % 0 %
Adjustment to Shareholders' Equity 365,521 365,521 365,521 365,521 365,521 0 % 0 %
Reserves 574,601 574,601 574,601 545,146 545,146 0 % -5 %
Retained earnings 278 278 87,711 398 398 0 % 43 %
Other accumulated comprehensive income 5,138 64 -1,323 1,578 161 - -
Net income for the period / fiscal year 53,701 87,433 16,293 75,791 83,275 10 % 55 %
Shareholders' Equity attributable to parent company 1,012,308 1,040,966 1,055,872 1,001,503 1,007,570 1 % 0 %
Shareholders' Equity attributable to non controlling interest 152 172 194 139 165 19 % 9 %
TOTAL SHAREHOLDERS' EQUITY 1,012,460 1,041,138 1,056,066 1,001,642 1,007,735 1 % 0 %
21
3Q23 Earnings Release
INCOME STATEMENT MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY
Interest Income 326,827 403,519 381,525 414,066 429,127 4 % 31 %
Interest Expense 175,546 233,680 218,543 268,537 316,435 18 % 80 %
Net Interest Income 151,281 169,839 162,982 145,529 112,692 -23 % -26 %
Fee income 37,746 38,529 40,540 39,360 39,431 0 % 4 %
Fee expense 3,809 3,860 3,772 3,849 3,940 2 % 3 %
Net Fee Income 33,937 34,669 36,768 35,511 35,491 0 % 5 %
Subtotal (Net Interest Income + Net Fee Income) 185,218 204,508 199,750 181,040 148,183 -18 % -20 %
Net Income from financial instruments at Fair Value Through Profit & Loss 60,836 -6,839 15,345 69,952 -36,358 - -160 %
Result from assets at amortised cost - 345 - - 137 - -
Difference in quoted prices of gold and foreign currency 38,197 62,158 61,201 102,230 238,078 133 % 523 %
Other operating income 8,925 11,698 9,539 10,315 11,283 9 % 26 %
Provision for loan losses 3,396 5,143 5,805 7,442 4,864 -35 % 43 %
Net Operating Income 289,780 266,727 280,030 356,095 356,459 0 % 23 %
Personnel expenses 42,070 38,173 39,164 41,373 43,120 4 % 2 %
Administrative expenses 19,766 21,140 19,443 23,179 23,077 0 % 17 %
Depreciation and impairment of assets 7,832 7,993 8,165 8,332 8,256 -1 % 5 %
Other operating expenses 41,164 40,592 39,780 49,859 46,994 -6 % 14 %
Operating Income 178,948 158,829 173,478 233,352 235,012 1 % 31 %
Income from associates and joint ventures -230 238 -367 -256 -71 - -
Result from net monetary position -139,002 -115,735 -147,503 -147,534 -215,919 - -
Net Income before income tax on cont. operations 39,716 43,332 25,608 85,562 19,022 -78 % -52 %
Income tax on continuing operations 18,549 9,579 9,291 26,024 11,511 -56 % -38 %
Net Income from continuing operations 21,167 33,753 16,317 59,538 7,511 -87 % -65 %
Net Income for the period 21,167 33,753 16,317 59,538 7,511 -87 % -65 %
Net Income of the period attributable to parent company 21,123 33,733 16,295 59,497 7,484 -87 % -65 %
Net income of the period attributable to non-controlling interests 44 20 22 41 27 -34 % -
Other Comprehensive Income 4,956 -5,075 -1,387 2,902 -1,417 - -
Foreign currency translation differences in financial statements conversion -423 293 -354 -82 128 - -
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a) 5,379 -5,368 -1,033 2,984 -1,545 - -
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 26,122 28,678 14,930 62,440 6,094 -90 % -77 %
Total Comprehensive Income attributable to parent Company 26,078 28,658 14,908 62,399 6,067 -90 % -77 %
Total Comprehensive Income attributable to non-controlling interests 44 20 22 41 27 -34 % -
22
3Q23 Earnings Release
MACRO Consolidated
QUARTERLY ANNUALIZED RATIOS 3Q22 4Q22 1Q23 2Q23 3Q23
Profitability & performance
Net interest margin 28.1 % 32.7 % 33.6 % 38.3 % 58.7 %
Net interest margin adjusted (exc. FX) 22.5 % 23.9 % 24.4 % 22.5 % 18.8 %
Net fee income ratio 7.2 % 8.9 % 8.4 % 5.2 % 5.5 %
Efficiency ratio 25.8 % 27.2 % 25.5 % 21.7 % 22.4 %
Net fee income as % of A&G Expenses 27.9 % 32.7 % 32.9 % 23.9 % 24.6 %
Return on average assets 2.2 % 3.3 % 1.7 % 6.1 % 0.8 %
Return on average equity 8.7 % 13.6 % 6.5 % 24.8 % 3.0 %
Liquidity
Loans as a percentage of total deposits 45.2 % 46.2 % 47.7 % 46.9 % 57.4 %
Liquid assets as a percentage of total deposits 90.0 % 94.0 % 97.0 % 95.0 % 99.0 %
Capital
Total equity as a percentage of total assets 24.1 % 24.5 % 26.0 % 23.4 % 27.2 %
Regulatory capital as % of APR 40.4 % 39.9 % 42.4 % 36.0 % 37.9 %
Asset Quality
Allowances over total loans 2.0 % 2.0 % 2.1 % 2.1 % 2.0 %
Non-performing financing as a percentage of total financing 1.3 % 1.3 % 1.4 % 1.4 % 1.4 %
Coverage ratio w/allowances 153.0 % 151.6 % 145.2 % 146.1 % 133.9 %
Cost of Risk 1.1 % 1.8 % 2.1 % 2.7 % 1.7 %
MACRO Consolidated
ACCUMULATED ANNUALIZED RATIOS 3Q22 4Q22 1Q23 2Q23 3Q23
Profitability & performance
Net interest margin 25.2 % 27.1 % 33.6 % 35.9 % 43.0 %
Net interest margin adjusted (exc. FX) 22.1 % 22.5 % 24.4 % 23.5 % 22.0 %
Net fee income ratio 10.3 % 10.0 % 8.4 % 6.6 % 6.2 %
Efficiency ratio 29.1 % 28.6 % 25.5 % 23.4 % 23.0 %
Net fee income as % of A&G Expenses 35.5 % 34.8 % 32.9 % 28.2 % 26.9 %
Return on average assets 1.9 % 2.3 % 1.7 % 3.9 % 2.8 %
Return on average equity 7.6 % 9.2 % 6.5 % 15.5 % 11.3 %
Liquidity
Loans as a percentage of total deposits 45.2 % 46.2 % 47.7 % 46.9 % 57.4 %
Liquid assets as a percentage of total deposits 90.0 % 94.0 % 97.0 % 95.0 % 99.0 %
Capital
Total equity as a percentage of total assets 24.1 % 24.5 % 26.0 % 23.4 % 27.2 %
Regulatory capital as % of APR 40.4 % 39.9 % 42.4 % 36.0 % 37.9 %
Asset Quality
Allowances over total loans 2.0 % 2.0 % 2.1 % 2.1 % 2.0 %
Non-performing financing as a percentage of total financing 1.3 % 1.3 % 1.4 % 1.4 % 1.4 %
Coverage ratio w/allowances 153.0 % 151.6 % 145.2 % 146.1 % 133.9 %
Cost of Risk 0.9 % 1.1 % 2.1 % 2.4 % 2.1 %
23

SIGNATURE

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

Date: November 22, 2023

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

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Disclaimer

Banco Macro SA published this content on 22 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2023 21:50:32 UTC.