SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C.  20549

FORM 6-K 

REPORT OF FOREIGN PRIVATE ISSUER 

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

SECURITIES EXCHANGE ACT OF 1934

September 27, 2021

Commission File Number: 001-32827

MACRO BANK INC. 

(Translation of registrant’s name into English)

Av. Eduardo Madero 1182 

Buenos Aires C1106ACY 

Tel: 54 11 5222 6500

(Address of registrant’s principal executive offices)

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

Form 20-F 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

BANCO MACRO SA

Condensed interim financial statements as of June 30, 2021 together with the reports on review of interim financial statements.

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF JUNE 30, 2021

CONTENT

Cover sheet

Condensed consolidated interim financial statements

Condensed consolidated interim statement of financial position

Condensed consolidated interim statement of income

Condensed consolidated interim statement of other comprehensive income

Condensed consolidated interim statement of changes in Shareholders’ equity

Condensed consolidated interim statement of cash flows

Notes to the condensed consolidated interim financial statements  

Note 1: Corporate information

Note 2: Operations of the Bank

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

Note 4: Contingent transactions

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

Note 6: Other financial assets

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

Note 8: Other debt securities

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

Note 10: Fair value quantitative and qualitative disclosures

Note 11: Investment in associates and joint arrangements

Note 12: Other non-financial assets

Note 13: Related parties

Note 14: Other financial liabilities

Note 15: Provisions

Note 16: Other non-financial liabilities

Note 17: Analysis of financial assets to be recovered and financial liabilities to be settled

Note 18: Disclosures by operating segment

Note 19: Income tax

Note 20: Commissions income

Note 21: Differences in quoted prices of gold and foreign currency

Note 22: Other operating income

Note 23: Employee benefits

Note 24: Administrative expenses

Note 25: Other operating expenses

Note 26: Additional disclosures in the statement of cash flows

Note 27: Capital stock

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF JUNE 30, 2021

CONTENT (contd.)

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

Note 28: Earnings per share – Dividends

Note 29: Deposit guarantee insurance

Note 30: Restricted assets

Note 31: Trust activities

Note 32: Compliance with CNV regulations

Note 33: Accounting items that identify the compliance with minimum cash requirements

Note 34: Penalties applied to the entity and summary proceedings initiated by the BCRA

Note 35: Corporate bonds issuance

Note 36: Off balance sheet transactions

Note 37: Tax and other claims

Note 38: Restriction on dividends distribution

Nota 39: Capital management, corporate governance transparency policy and risk management

Nota 40: Changes in the Argentine macroeconomic environment and financial and capital markets

Nota 41: Effects of the coronavirus (COVID – 19) outbreak

Note 42: Events after reporting period

Note 43: Accounting principles – explanation added for translation into English

Consolidated exhibits

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

Exhibit C: Concentration of loans and financing facilities

Exhibit D: Breakdown of loans and other financing by term

Exhibit F: Change of property, plant and equipment

Exhibit G: Change in intangible assets

Exhibit H: Deposit concentration

Exhibit I: Breakdown of financial liabilities for residual terms

Exhibit J: Changes in provisions

Exhibit L: Foreign currency amounts

Exhibit Q: Breakdown of statement of income

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

Condensed separate interim financial statements

Condensed separate interim financial statements

Notes to the condensed separate interim financial statements

Separate exhibits

BANCO MACRO SA

Corporate name: Banco Macro SA

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

Corporate purpose and main activity: Commercial bank

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

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

By-Laws expiry date: March 8, 2066

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

Personal tax identification number: 30-50001008-4

Registration dates of amendments to By-Laws:

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

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION  

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Items	Notes		Exhibits	06/30/2021		12/31/2020
ASSETS
Cash and Deposits in Banks		10			143,464,821		162,880,917
Cash					21,371,898		31,860,788
Central Bank of Argentina					77,411,304		62,655,817
Other Local and Foreign Entities					44,675,632		68,357,717
Other					5,987		6,595
Debt Securities at fair value through profit or loss		5 and 10			61,942,421		68,906,424
Derivative Financial Instruments		10			3,640		9,064
Repo transactions		10			13,051,632		49,404,999
Other financial assets		6, 7 and 10	R		15,400,102		23,669,122
Loans and other financing		7 and 10	B, C, D and R		272,545,828		322,493,047
Non-financial Public Sector					3,654,025		4,530,232
Other Financial Entities					1,548,635		2,284,216
Non-financial Private Sector and Foreign Residents					267,343,168		315,678,599
Other Debt Securities		7, 8 and 10	R		232,126,844		262,082,139
Financial Assets delivered as guarantee		10 and 30			14,442,544		17,911,809
Equity Instruments at fair value through profit or loss		9 and 10			2,086,922		2,084,165
Investment in associates and joint arrangements		11			384,295		255,543
Property, plant and equipment			F		43,372,133		43,073,309
Intangible Assets			G		6,647,367		6,396,628
Deferred Income Tax Assets		19			70,078		79,192
Other Non-financial Assets		12			2,530,316		2,797,305
Non-current assets held for sale					2,824,260		2,830,052
TOTAL ASSETS					810,893,203		964,873,715

- 1 - Jorge Pablo Brito
Vice Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION  

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Items	Notes		Exhibits		06/30/2021			12/31/2020
LIABILITIES
Deposits		10		H and I		492,308,853			612,511,991
Non-financial Public Sector						51,604,518			92,195,398
Financial Sector						719,603			872,778
Non-financial Private Sector and Foreign Residents						439,984,732			519,443,815
Liabilities at fair value through profit or loss		10				11,599
Derivative Financial Instruments		10		I		1,700			288
Repo Transactions		10		I		275,381			775,221
Other Financial Liabilities		10 and 14		I		40,365,436			61,679,495
Financing received from the Central Bank of Argentina and other financial institutions		10		I		709,115			1,151,861
Issued Corporate Bonds		10 and 35		I		2,431,593			6,174,607
Current Income Tax Liabilities		19				1,584,847			6,448,344
Subordinated Corporate Bonds		10 and 35		I		39,093,191			42,986,620
Provisions		15		J and R		963,462			1,634,886
Deferred Income Tax Liabilities						9,056,920			7,884,460
Other Non-financial Liabilities		16				41,593,818			38,044,628
TOTAL LIABILITIES						628,395,915			779,292,401
SHAREHOLDERS´EQUITY
Capital Stock		27				639,413			639,413
Non-capital contributions						12,429,781			12,429,781
Adjustments to Shareholders’ Equity						66,364,319			66,364,319
Earnings Reserved						101,150,253			137,626,823
Unappropriated Retained Earnings						(7,406,399	)		(63,428,906	)
Other Comprehensive Income		3				2,273,441			1,408,308
Net Income for the period/ fiscal year						7,043,973			30,539,235
Net Shareholders’ Equity attributable to controlling interest						182,494,781			185,578,973
Net Shareholders’ Equity attributable to non-controlling interests						2,507			2,341
TOTAL SHAREHOLDERS´EQUITY						182,497,288			185,581,314
TOTAL SHAREHOLDERS´EQUITY AND LIABILITIES						810,893,203			964,873,715

The notes 1 to 43 to the condensed consolidated interim financial statements and the exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim financial statements.

- 2 - Jorge Pablo Brito
Vice Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME    

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Items	Notes		Exhibits		Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021			Quarter ended 06/30/2020			Accumulated from beginning of year up to 06/30/2020
Interest income				Q		44,251,346			94,286,035			44,465,976			93,387,879
Interest expense				Q		(18,769,062	)		(42,364,728	)		(14,364,324	)		(29,571,790	)
Net Interest income						25,482,284			51,921,307			30,101,652			63,816,089
Commissions income		20		Q		7,441,919			14,685,338			7,532,294			15,236,107
Commissions expense				Q		(677,713	)		(1,343,348	)		(550,303	)		(1,240,758	)
Net Commissions income						6,764,206			13,341,990			6,981,991			13,995,349
Subtotal (Net Interest income plus Net Commissions income)						32,246,490			65,263,297			37,083,643			77,811,438
Loss from measurement of financial instruments at fair value through profit or loss				Q		5,281,575			10,342,705			3,408,736			6,013,642
Profit from sold or derecognized assets at amortized cost						61,176			127,330			28,141			1,377,422
Differences in quoted prices of gold and foreign currency		21				639,773			1,989,259			1,179,908			2,022,606
Other operating income		22				1,409,447			3,239,157			1,597,853			3,337,390
Allowance for loan losses						(212,503	)		(215,172	)		(3,519,240	)		(4,882,684	)
Net Operating Income						39,425,958			80,746,576			39,779,041			85,679,814
Employee benefits		23				(8,394,909	)		(16,447,583	)		(8,612,686	)		(16,092,964	)
Administrative expenses		24				(3,886,576	)		(7,675,285	)		(4,362,113	)		(8,594,979	)
Depreciation and amortization of fixed assets				F and G		(1,434,361	)		(2,863,357	)		(1,382,757	)		(2,705,991	)
Other Operating Expenses		25				(6,267,907	)		(13,321,185	)		(6,158,319	)		(13,000,602	)
Operating Income						19,442,205			40,439,166			19,263,166			45,285,278
Income from associates and joint arrangements		11				19,049			44,606			12,207			44,886
Loss on net monetary position						(13,557,217	)		(29,581,749	)		(6,203,019	)		(15,359,375	)
Income before tax on continuing operations						5,904,037			10,902,023			13,072,354			29,970,789
Income tax on continuing operations		19.c)				(1,286,912	)		(3,857,884	)		(3,911,754	)		(10,153,799	)
Net Income from continuing operations						4,617,125			7,044,139			9,160,600			19,816,990
Net Income for the period						4,617,125			7,044,139			9,160,600			19,816,990
Net Income for the period attributable to controlling interest						4,617,036			7,043,973			9,160,461			19,816,743
Net Income for the period attributable to non-controlling interest						89			166			139			247

- 3 - Jorge Pablo Brito
Vice Chairperson

CONSOLIDATED EARNINGS PER SHARE

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Items	Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
Net Profit attributable to Parent’s shareholders		4,617,036		7,043,973		9,160,461		19,816,743
Plus: Potential diluted earnings per common share
Net Profit attributable to Parent’s shareholders adjusted as per diluted earnings		4,617,036		7,043,973		9,160,461		19,816,743
Weighted average of outstanding common shares for the period		639,413		639,413		639,413		639,413
Plus: Weighted average of the number of additional common shares with dilution effects
Weighted average of outstanding common shares for the period adjusted as per dilution effect		639,413		639,413		639,413		639,413
Basic earnings per share (in pesos)		7.2207		11.0163		14.3264		30.9921

- 4 - Jorge Pablo Brito
Vice Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Items	Notes		Exhibits		Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021			Quarter ended 06/30/2020			Accumulated from beginning of year up to 06/30/2020
Net Income for the period						4,617,125			7,044,139			9,160,600			19,816,990
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences in financial statements conversion						(200,273	)		(307,563	)		116,743			105,520
Foreign currency translation differences for the period						(200,273	)		(307,563	)		116,743			105,520
Profit or losses for financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a))						413,111			1,172,696			1,249,333			153,982
Profit or losses for the period from financial instruments at fair value through other comprehensive income (FVOCI)				Q		(90,008	)		261,929			1,366,276			(705,490	)
Adjustment for reclassification of period						743,260			1,451,823			331,988			965,429
Income tax		19.c)				(240,141	)		(541,056	)		(448,931	)		(105,957	)
Total Other Comprehensive Income that is subsequently reclassified to profit or loss						212,838			865,133			1,366,076			259,502
Total Other Comprehensive Income						212,838			865,133			1,366,076			259,502
Total Comprehensive Income  for the period						4,829,963			7,909,272			10,526,676			20,076,492
Total Comprehensive Income attributable to controlling interest						4,829,874			7,909,106			10,526,537			20,076,245
Total Comprehensive Income attributable to non-controlling interest						89			166			139			247

The notes 1 to 43 to the condensed consolidated interim financial statements and the exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim financial statements.

- 5 - Jorge Pablo Brito
Vice Chairperson

 CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

									Other Comprehensive Income
			Capital stock		Non-capital Contributions				Accumulative foreign currency translation difference in				Earnings Reserved
Changes	Notes		Outstanding shares		Additional paid-in capital		Adjustments to Shareholders’ Equity		financial statements conversion		Other (1)		Legal		Other			Unappropriated Retained Earnings (1)			Total Controlling Interests			Total Non- Controlling Interests		Total Equity
Restated amount at the beginning of the fiscal year				639,413		12,429,781		66,364,319	1,134,570			273,738		4 0,217,417		97,409,406			(32,889,671	)		185,578,973			2,341		185,581,314
Total comprehensive income for the period
- Net income for the period																			7,043,973			7,043,973			166		7,044,139
- Other comprehensive income for the period									(307,563	)		1,172,696										865,133					865,133
Distribution of unappropriated retained earnings as approved by Shareholders´ Meeting held on April 30, 2021
-Cash dividends		28														(10,660,756	)					(10,660,756	)				(10,660,756	)
-Absortion of loss		38
Voluntary reserve																(554	)		554
Voluntary reserve for future distribution earnings																(25,482,718	)		25,482,718
Personal property tax on business corporation																(332,542	)					(332,542	)				(332,542	)
Amount at the end of the period				639,413		12,429,781		66,364,319	827,007			1,446,434		40,217,417		60,932,836			(362,426	)		182,494,781			2,507		182,497,288

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

									Other Comprehensive Income
			Capital stock		Non-capital Contributions				Accumulative foreign currency translation difference in				Earnings Reserved
Changes	Notes		Outstanding shares		Additional paid-in capital		Adjustments to Shareholders´ Equity		financial statements conversion	Other (1)			Legal		Other			Unappropriated Retained Earnings (1)			Total Controlling Interests			Total Non- Controlling Interests			Total Equity
Restated amount at the beginning of the fiscal year				639,413		12,429,781		66,364,319	984,352		(751,483	)		26,295,118		67,418,238			5,524,917			178,904,655			2,393			178,907,048
Total comprehensive income for the period
- Net income for the period																			19,816,743			19,816,743			247			19,816,990
- Other comprehensive income for the period									105,520		153,982											259,502						259,502
Distribution of unappropriated retained earnings as approved by Shareholders´ Meeting held on April 30, 2020
-Legal reserve														13,922,299					(13,922,299	)
-Normative reserve																55,031,524			(55,031,524	)
-Cash dividends		28														(19,941,900	)					(19,941,900	)					(19,941,900	)
Other changes																									(504	)		(504	)
Amount at the end of the period				639,413		12,429,781		66,364,319	1,089,872		(597,501	)		40,217,417		102,507,862			(43,612,163	)		179,039,000			2,136			179,041,136

(1) Amounts at the beginning of the fiscal year were adjusted in accordance with Communication “A” 7211. See also Note 3 section “New standards adopted in the fiscal year”.

The notes 1 to 43 to the condensed consolidated interim financial statements and the exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim financial statements.

- 6 - Jorge Pablo Brito
Vice Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Items	Notes	06/30/2021			06/30/2020
Cash flows from operating activities
Income for the period before Income Tax			10,902,023			29,970,789
Adjustment for the total monetary effect of the period			29,581,749			15,359,375
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation			2,863,357			2,705,991
Allowance for loan losses			215,172			4,882,684
Difference in quoted prices of foreign currency			(9,417,546	)		(9,824,720	)
Other adjustments			25,630,124			13,828,004
Net increase / (decrease) from operating assets:
Debt Securities at fair value through profit and loss			10,999,166			(9,117,636	)
Derivative financial instruments			5,424			61,025
Repo transactions			36,353,367			(101,398,381	)
Loans and other financing
Non-financial public sector			876,207			1,261,432
Other financial entities			735,581			3,460,292
Non-financial private sector and foreign residents			47,968,994			26,047,328
Other debt securities			(10,380,787	)		(29,040,702	)
Financial assets delivered as guarantee			3,469,265			(2,698,010	)
Equity instruments at fair value through profit or loss			(2,757	)		202,753
Other assets			8,049,724			(7,296,258	)
Net increase / (decrease) from operating liabilities:
Deposits
Non-financial public sector			(40,590,880	)		59,662,608
Financial sector			(153,175	)		(11,148	)
Non-financial private sector and foreign residents			(79,459,083	)		101,690,349
Liabilities at fair value through profit or loss			11,599
Derivative financial instruments			1,412			(1,311,340	)
Repo transactions			(499,840	)		204,254
Other liabilities			(24,029,955	)		3,346,823
Payments for Income Tax			(6,458,935	)		(5,504,590	)
Total cash from operating activities (A)			6,670,206			96,480,922

- 7 - Jorge Pablo Brito
Vice Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Items	Notes		06/30/2021			06/30/2020
Cash flows from investing activities Payments:
Acquisition of PPE, intangible assets and other assets				(3,127,391	)		(2,117,277	)
Total cash used in investing activities (B)				(3,127,391	)		(2,117,277	)
Cash flows from financing activities Payments:
Dividends							(511	)
Non subordinated corporate bonds				(3,177,684	)		(1,787,519	)
Central Bank of Argentina							(14,556	)
Financing from local financial entities				(354,150	)		(2,140,865	)
Subordinated Corporate Bonds				(1,304,758	)		(1,424,364	)
Other payments related to financing activities				(303,869	)		(361,189	)
Total cash used in financing activities (C)				(5,140,461	)		(5,729,004	)
Effect of exchange rate fluctuations (D)				14,941,929			17,002,778
Monetary effect on cash and cash equivalents (E)				(69,109,935	)		(36,494,191	)
Net (decrease)/increase in cash and cash equivalents (A+B+C+D+E)				(55,765,652	)		69,143,228
Restated cash and cash equivalents at the beginning of the fiscal year		26		330,360,957			251,474,110
Cash and cash equivalents at the end of the period		26		274,595,305			320,617,338

The notes 1 to 43 to the condensed consolidated interim financial statements and the exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim financial statements.

- 8 - Jorge Pablo Brito
Vice Chairperson

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

1. CORPORATE INFORMATION

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

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

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

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

On July 17, August 26, October 15, 2020, March 4, and May 12, 2021, the Bank made irrevocable capital contributions in advance of future share subscription to the company Play Digital SA of 16,250, 27,250, 61,689, 19,505 and 108,136 (not restated), respectively. On July 23, August 26, and October 15, 2020, the Extraordinary Shareholders’ Meeting of Play Digital SA accepted the irrevocable capital contributions and gave its approval to the Bank to subscribe 16,250,000, 26,634,046 and 58,017,400 common, registered shares, with a face value of Ps. 1. On December 15, 2020, the Extraordinary Shareholders’ Meeting of Play Digital SA decided a new capital stock increase. Thus, on December 16, 2020 the Bank subscribed new 18,276,059 common, registered shares with a face value of Ps. 1 for an amount of 20,727. As a consequence, the Bank’s interest in Play Digital SA amounted to 9.9545%. Initially, the shareholders’ were Banco de Galicia y Buenos Aires SAU, Banco BBVA Argentina SA, Banco Santander Río SA and Banco Macro SA. Subsequently, other banks were accepted as shareholders together with the abovementioned. The company’s purpose is to develop and market a payment solution linked to bank accounts held by financial system users in order to bring significant improvement to their payment experience.

On August 25, 2021, the Board of Directors approved the issuance of these condensed consolidated interim financial statements.

2. OPERATIONS OF THE BANK

2.1. Agreement with the Misiones Provincial Government

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

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

As of June 30, 2021 and December 31, 2020, the deposits held by the Misiones Provincial Government with the Bank amounted to 11,998,436 and 20,352,349 (including 964,649 and 1,103,335, related to court deposits), respectively.

- 9 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

2.2. Agreement with the Salta Provincial Government

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

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

As of June 30, 2021 and December 31, 2020, the deposits held by the Salta Provincial Government with the Bank amounted to 4,341,573 and 4,733,586 (including 1,563,360 and 1,555,190, related to court deposits), respectively.

2.3. Agreement with the Jujuy Provincial Government

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

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

As of June 30, 2021 and December 31, 2020, the deposits held by the Jujuy Provincial Government with the Bank amounted to 13,252,409 and 13,673,903 (including 1,449,105 and 1,464,312, related to court deposits), respectively.

2.4. Agreement with the Tucumán Provincial Government

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

As of June 30, 2021 and December 31, 2020, the deposits held by the Tucumán Provincial Government, the Municipality of San Miguel de Tucumán and the Municipality of Yerba Buena with the Bank amounted to 14,833,672 and 17,889,396 (including 4,200,028 and 4,432,391, related to court deposits), respectively.

Additionally, as of June 30, 2021 and December 31, 2020, the Bank granted loans to the Tucumán Provincial Government for an amount of 2,338,807 and 3,585,050, respectively.

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

Presentation basis

Applicable Accounting Standards

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

- 10 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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

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

b) Additionally, the Bank received on March 12 and 22, 2021 and April 29, 2019 Memorandums from the BCRA, which established specifics guidelines related to the measurement of the Bank’s holding in Prisma Medios de Pago SA as explained in note 9. Considering such guidelines, the Bank adjusted the fair value previously determined. As of the date of issuance of these condensed consolidated interim financial statements, the Bank is in the process of quantifying the difference over such fair value and the fair value calculated according to IFRS, which could be material.

Except for what was mentioned in the previous paragraphs, the accounting policies applied by the Bank comply with the IFRS as currently approved and are applicable to the preparation of these condensed consolidated interim financial statements in accordance with the IFRS as adopted by the BCRA through Communiqué “A” 7183. Generally, the BCRA does not allow the anticipated application of any IFRS, unless otherwise expressly stated.

Basis for the preparation and consolidation

These condensed consolidated interim financial statements as of June 30, 2021, have been prepared in accordance with the accounting Framework established by the BCRA as mentioned in the previous section “Applicable accounting standards” which, particularly for condensed consolidated interim financial statements, is based on IAS 34 “Interim Financial Reporting”.

For the preparation of these condensed consolidated interim financial statements, in addition to sections “measuring unit” and “new standards adopted in the fiscal year” of this note, the Bank has applied the basis for the preparation and consolidation, the accounting policies and the material accounting judgements, estimates and assumptions described in the consolidated financial statements for the fiscal year ended on December 31, 2020, already issued.

These condensed consolidated interim financial statements include all the necessary information for an appropriate understanding, by the users thereof, of the basis for the preparation and disclosure used therein as well as the relevant events and transactions occurred after the issuance of the last annual consolidated financial statements for the fiscal year ended on December 31, 2020, already issued. Nevertheless, the present condensed consolidated interim financial statements do not include all the information or all the disclosures required for the annual consolidated financial statements prepared in accordance with the IAS 1 “Presentation of Financial Statements”. Therefore, these condensed consolidated interim financial statements must be read together with the annual consolidated financial statements for the fiscal year ended December 31, 2020, already issued.

As of June 30, 2021 and December 31, 2020, the Bank has consolidated into its financial statements the financial statements of the following companies:

Subsidiaries	Principal Place of Business	Country	Main Activity
Macro Securities SA (1) and (2)	Ave. Eduardo Madero 1182 – CABA	Argentina	Stock exchange services
Macro Fiducia SA	Ave. Leandro N. Alem 1110– 1st floor. CABA	Argentina	Services
Macro Fondos SGFCISA	Ave. Eduardo Madero 1182– 24th floor, Office B–. CABA	Argentina	Management and administration of mutual funds

- 11 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Subsidiaries	Principal Place of Business	Country	Main Activity
Macro Bank Limited (3)	Caves Village, Building 8 Office 1 – West Bay St., Nassau	Bahamas	Banking entity
Argenpay SAU	Ave. Eduardo Madero 1182 – CABA	Argentina	Electronic payments services

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

(2) The indirect interest of Banco Macro SA is held through Macro Fiducia SA.

(3) Consolidated with Sud Asesores (ROU) SA (100% voting rights – Equity interest 25,801).

As of June 30, 2021 and December 31, 2020, the Bank’s equity interest and voting rights in the companies it consolidates is as follows:

	Shares				Bank’s interest						Non-controlling interest
Subsidiaries	Type		Number		Total capital stock			Voting rights			Total capital stock			Voting rights
Macro Securities SA		Common		12,776,680		99.925	%		99.932	%		0.075	%		0.068	%
Macro Fiducia SA		Common		46,935,318		99.046	%		99.046	%		0.954	%		0.954	%
Macro Fondos SGFCISA		Common		327,183		99.939	%		100.00	%		0.061	%
Macro Bank Limited		Common		39,816,899		99.999	%		100.00	%		0.001	%
Argenpay SAU		Common		241,200,000		100.00	%		100.00	%

Total assets, liabilities and Shareholders’ equity of the Bank and all its subsidiaries as of June 30, 2021 and December 31, 2020 are as follows:

Balances as of 06/30/2021	Banco Macro SA		Macro Bank Limited		Macro Securities SA		Macro Fiducia SA		Argenpay SAU		Eliminations			Consolidated
Assets		804,227,643		7,328,661		7,333,638		104,293		525,501		(8,626,533	)		810,893,203
Liabilities		621,732,862		4,495,832		4,979,664		3,346		250,628		(3,066,417	)		628,395,915
Equity attributable to the owners of the Bank		182,494,781		2,832,829		2,278,562		100,947		274,873		(5,487,211	)		182,494,781
Equity attributable to non-controlling interests						75,412						(72,905	)		2,507

Balances as of 12/31/2020	Banco Macro SA		Macro Bank Limited		Macro Securities SA		Macro Fiducia SA		Argenpay SAU		Eliminations			Consolidated
Assets		939,888,871		9,476,787		24,146,136		110,784		440,811		(9,189,674	)		964,873,715
Liabilities		754,309,898		6,212,405		22,054,092		6,741		212,705		(3,503,440	)		779,292,401
Equity attributable to the owners of the Bank		185,578,973		3,264,382		1,995,736		104,043		228,106		(5,592,267	)		185,578,973
Equity attributable to non-controlling interests						96,308						(93,967	)		2,341

- 12 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Going concern

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

Transcription into books

As of the date of issuance of these condensed consolidated interim financial statements, the same are in the process of being transcribed into the Books of Accounts of Banco Macro SA.

Figures expressed in thousands of pesos

These condensed consolidated interim financial statements disclose figures expressed in thousands of Argentine pesos in terms of purchasing power as of June 30, 2021, and are rounded up to the nearest amount in thousands of pesos, unless otherwise expressly stated (see section “Measuring unit” of this note).

Comparative information

The condensed consolidated interim statement of financial position as of June 30, 2021, is presented comparatively with year-end data of the immediately preceding fiscal year, while the statement of income and the statement of other comprehensive income for the three and six-month periods ended June 30, 2021, and the statement of changes in shareholders’ equity and the statement of cash flows and cash equivalents for the six-month period ended June 30, 2021, are presented comparatively with data as of the same periods of the immediately preceding fiscal year.

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

Additionally and in accordance with Communiqué “A” 7211 certain reclassifications were made (see also section “New standards adopted in the fiscal year” of this note).

Measuring unit

These condensed consolidated interim financial statements have been restated for the changes in the general purchasing power of the functional currency (Argentine pesos) of the Bank, as of June 30, 2021, as established by IAS 29 “Financial Reporting in Hyperinflationary Economies” and considering, in addition, specifics rules established by BCRA through Communiqués “A” 6651, 6849, as amendments, which established to apply this method, on a mandatory basis, from fiscal years beginning on January 1, 2020, included and determined as the transition date on December 31, 2018.

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

- 13 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENT 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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

Considering the abovementioned indexes, the inflation rate was 25.32% and 13.59% for the six-month periods ended June 30, 2021 and 2020, respectively, and 36.14% for the fiscal year ended on December 31, 2020.

Below is a description of the restating mechanism provided by IAS 29 and the restatement process for financial statements established by BCRA Communiqué “A” 6849, as supplementary:

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

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

(ii) Assets and liabilities subject to adjustments based on specific agreements is adjusted in accordance with such agreements.

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

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

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

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

- 14 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENT 

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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

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

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

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

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

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

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

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

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

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

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

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

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

Reclassification of financial assets and liabilities – Changes in business model

During July and August 2020, the Bank’s management decided to update the objective related to holdings of Federal Government Treasury Bonds adjusted by CER 2.5% (maturity 07/22/2021) which at the closing date of these condensed consolidated interim financial statements they were in the Bank’s portfolio. These holdings were reclassified from fair value through profit or loss business model to fair value through Other Comprehensive Income (OCI) business model due to the trend context of government debt renegotiation and the issuance of new domestic debts, the volatilities of debt securities prices that created a scenario in which it was not clear that the cash flows of these holdings will be obtained through their negotiation, instead could be also generated by holding them to maturity.

The effective interest rates at the reclassification date were 31.45% and 33.31%, respectively. The interest income recognized in the statement of income since the reclassification date amounted to 2,109,681 and 2,245,762, respectively. On July 22, 2021 and due to their maturity, these holdings were fully collected.

- 15 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENT 

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Accounting judgments, estimates and assumptions

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

The Bank applies the same accounting judgments, estimates and assumptions described in note 3 section “accounting judgments, estimates and assumptions” to the consolidated financial statements as of December 31, 2020, already issued.

New standards adopted in the fiscal year

For the fiscal year beginning on January 1, 2021 the following amendment to accounting framework of the BCRA is effective:

Disclosures of the monetary effect from the application of the procedure for restating the financial statements (Communiqué “A” 7211):

As from this year, the Bank started recording in profit or loss for the period the monetary effect accrued from the monetary items measured at fair value through OCI. As a consequence, at the beginning of this fiscal year, the related unappropriated retained earnings were adjusted as a prior period earning adjustment (AREA, for its acronym in Spanish) in order to include the monetary effect of the abovementioned assets that would have been recorded in OCI as of such date.

Below are the amounts adjusted in the statement of income and other comprehensive income and in the statement of changes in the shareholders’ equity for the three and six-month periods ended June 30, 2020, as a consequence of aforementioned procedure:

	Before amendment – restated						Amendment						After amendment – restated
Description	Quarter ended 06/30/2020			Accumulated from beginning of year up to 06/30/2020			Quarter ended 06/30/2020			Accumulated from beginning of year up to 06/30/2020			Quarter ended 06/30/2020			Accumulated from beginning of year up to 06/30/2020
Statement of income
(Loss) / Income from measurement of financial instruments at fair value through profit or loss		(3,017,180	)		(9,495,700	)		6,425,916			15,509,342			3,408,736			6,013,642
Income / (Loss) on net monetary position		668,366			1,136,002			(6,871,385	)		(16,495,377	)		(6,203,019	)		(15,359,375	)
Statement of other comprehensive income
Profit or losses for financial instruments measured at fair value through other comprehensive income		920,807			(1,691,525	)		445,469			986,035			1,366,276			(705,490	)
Statement of changes in the shareholders’ equity
Unappropriated retained earnings		(59,347,893	)		(42,614,917	)		(445,469	)		(997,246	)		(59,793,362	)		(43,612,163	)
Other comprehensive income / (loss) – Other		803,864			(1,594,747	)		445,469			997,246			1,249,333			(597,501	)

- 16 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

New pronouncements

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

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

a) Amendments to IFRS 3 - Reference to the Conceptual: the amendments are intended to replace a reference to a previous version of the IASB’s Conceptual Framework with a reference to the current version issued in March 2018 without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” or IFRIC 21 “Levies”, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. This amendment is applicable as of January 1, 2022. The Bank does not expect this standard to have a material impact on the financial statements.

b) Amendments to IAS 16 - Property, Plant and Equipment (PP&E): proceeds before Intended Use. The amendment prohibits entities from deducting from the cost of an item of PP&E, any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. This amendment is applicable as of January 1, 2022. The Bank does not expect this standard to have a material impact on the financial statements.

c) Amendments to IAS 37 - Onerous Contracts – Costs of Fulfilling a Contract: the IASB issued amendments to IAS 37 to specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making. The amendments apply a ‘directly related cost approach’. The costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to contract. The impact of these amendments on Entities that previously applied the incremental cost approach, is that they will see provisions increase to reflect the inclusion of costs related directly to contract activities, whilst entities that previously recognized contract loss provisions using the guidance from the former standard, IAS 11 Construction Contracts, will be required to exclude the allocation of indirect overheads from their provisions. This amendment is applicable as of January 1, 2022. The Bank does not expect this standard to have a material impact on the financial statements.

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

· IFRS 1 First-time Adoption of International Financial Reporting – Subsidiary as a first-time adopter: the amendment permits a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported by the parent, based on the parent’s date of transition to IFRS. This amendment is also applied to an associate or joint venture that elects to apply paragraph D16(a) of IFRS 1. This amendment is applicable as of January 1, 2022.

· IFRS 9 Financial Instruments Fees in the ’10 per cent’ test for derecognition of financial liabilities: the amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of them original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. This amendment is applicable as of January 1, 2022.

· IFRS 16 “Leases” Illustrative examples - Lease incentives: the amendment removes the Example 13 accompanying IFRS 16 of payments from the lessor relating to leasehold improvements. This removes potential confusion regarding the treatment of lease incentives when applying IFRS 16.

- 17 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

The Bank does not expect this standard to have a material impact on the financial statements.

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

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

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

4. CONTINGENT TRANSACTIONS

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

As of June 30, 2021 and December 31, 2020, the Bank maintains the following maximum exposures to credit risk related to this type of transactions:

Description	06/30/2021			12/31/2020
Undrawn commitments of credit cards and checking accounts		117,002,986			119,334,229
Guarantees granted (1)		1,818,038			1,607,624
Overdraft and unused agreed commitments (1)		935,400			649,940
Letters of credit		700			1,113,712
Subtotal		119,757,124			122,705,505
Less: Allowance for expected credit losses (ECL)		(16,185	)		(21,564	)
Total		119,740,939			122,683,941

- 18 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

(1) Includes transactions not covered by BCRA debtor classification standard. For Guarantee granted, it includes an amount of 150,211 and 202,862 as of June 30, 2021 and December 31, 2020, respectively. For Overdraft and unused agreed commitments, it includes an amount of 200,674 and 102,293 as of June 30, 2021 and December 31, 2020, respectively.

Risks related to the contingent transactions described above have been evaluated and are controlled within the framework of the Bank’s credit risk policy, described in note 41 to the consolidated financial statements as of December 31, 2020, already issued.

5. DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

The table below shows the amounts corresponding to the detail of debt securities at fair value through profit or loss as of June 30, 2021 and December 31, 2020:

Description	06/30/2021		12/31/2020
Government securities		61,015,231		68,432,133
Private securities		927,190		474,291
Total		61,942,421		68,906,424

6. OTHER FINANCIAL ASSETS

The breakdown of the other financial assets as of June 30, 2021 and December 31, 2020 is as follows:

Description	06/30/2021			12/31/2020
Sundry debtors (see note 9)		8,317,660			9,262,347
Receivables from spot sales of foreign currency pending settlement		4,786,519			10,577,816
Receivables from other spot sales pending settlement		1,626,739			2,158,192
Private securities		509,290			758,767
Receivables from spot sales of government securities pending settlement		56,235			694,224
Other		124,506			241,497
Subtotal		15,420,949			23,692,843
Allowances for ECL		(20,847	)		(23,721	)
Total		15,400,102			23,669,122

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

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

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

- 19 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Note 10 discloses financial assets measured at fair value on a recurring basis and financial assets not recognized at fair value. This classification is made pursuant to the expressed in note 3 “Basis for the preparation of these financial statements and applicable accounting standards” for the annual consolidated financial statements as of December 31, 2020, already issued. Additionally, note 10 explains the information related to the valuation process.

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

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

7.1   Loans and other financing measured at amortized cost

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

Description	06/30/2021			12/31/2020
Loans and other financing		282,740,304			335,053,815
Individual assessment		71,694,540			93,106,542
Collective assessment		211,045,764			241,947,273
Less: Allowance for ECL (1)		(10,194,476	)		(12,560,768	)
Total		272,545,828			322,493,047

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

As is explained in note 41.1.3 “Adjustment for expected losses due to COVID-19 pandemic” to the consolidated financial statements as of December 31, 2020, already issued, the Bank make a special adjustment prospectively. As of June 30, 2021 and December 31, 2020 such adjustment amounted to 3,308,876 and 4,639,067, respectively.

The following table shows the credit quality and the debt balance to credit risk, based on the Bank’s credit risk rating system, the probability of default (PD) and the year-end stage classification, taking into account the several guidelines related to flexible conditions for credit established by the BCRA to moderate the pandemic effects generated by COVID-19. The amounts are presented gross of the impairment allowances.

- 20 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

			06/30/2021
Internal rating grade	Range PD		Stage 1		Stage 2		Stage 3		Total		%
Performing				259,531,532		7,331,088				266,862,620		94.38
High grade		0.00% - 3.50%		211,067,940		121,995				211,189,935		74.69
Standard grade		3.51% - 7.00%		33,456,156		2,142,179				35,598,335		12.59
Sub-standard grade		7.01% - 33.00%		15,007,436		5,066,914				20,074,350		7.10
Past due but not impaired		33.01% - 99.99%		1,310,023		10,524,974				11,834,997		4.19
Impaired		100%						4,042,687		4,042,687		1.43
		Total		260,841,555		17,856,062		4,042,687		282,740,304		100
		%		92.25		6.32		1.43		100

			12/31/2020
Internal rating grade	Range PD		Stage 1		Stage 2		Stage 3		Total		%
Performing				310,995,907		10,862,254				321,858,161		96.06
High grade		0.00% - 3.50%		255,192,273		44,463				255,236,736		76.18
Standard grade		3.51% - 7.00%		39,992,173		2,323,495				42,315,668		12.63
Sub-standard grade		7.01% - 33.00%		15,811,461		8,494,296				24,305,757		7.25
Past due but not impaired		33.01% - 99.99%		995,099		8,403,396				9,398,495		2.81
Impaired		100%						3,797,159		3,797,159		1.13
		Total		311,991,006		19,265,650		3,797,159		335,053,815		100
		%		93.12		5.75		1.13		100

7.1.1         Loans on an individual assessment

The table below shows the credit quality and the debt balance to credit risk of commercial loans based by grade on the Bank’s internal credit rating system, PD range and period-end stage classification. The Bank’s internal credit rating systems and the evaluation and measurement approaches are explained in note 41 section “credit risk” to the consolidated financial statements as of December 31, 2020, already issued.

- 21 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

			06/30/2021
Internal rating grade	Range PD		Stage 1		Stage 2		Stage 3		Total		%
Performing				64,916,953		2,439,516				67,356,469		93.95
High grade		0.00% - 3.50%		61,299,263						61,299,263		85.51
Standard grade		3.51% - 7.00%		2,249,560		1,431,905				3,681,465		5.13
Sub-standard grade		7.01% - 33.00%		1,368,130		1,007,611				2,375,741		3.31
Past due but not impaired		33.01% - 99.99%		431,870		3,078,652				3,510,522		4.90
Impaired		100%						827,549		827,549		1.15
		Total		65,348,823		5,518,168		827,549		71,694,540		100
		%		91.15		7.70		1.15		100

			12/31/2020
Internal rating grade	Range PD		Stage 1		Stage 2		Stage 3		Total		%
Performing				85,171,181		3,486,032				88,657,213		95.22
High grade		0.00% - 3.50%		80,562,534		1,018				80,563,552		86.53
Standard grade		3.51% - 7.00%		3,436,580		1,823,056				5,259,636		5.65
Sub-standard grade		7.01% - 33.00%		1,172,067		1,661,958				2,834,025		3.04
Past due but not impaired		33.01% - 99.99%		467,034		2,023,884				2,490,918		2.68
Impaired		100%						1,958,411		1,958,411		2.10
		Total		85,638,215		5,509,916		1,958,411		93,106,542		100
		%		91.98		5.92		2.10		100

7.1.2    Loans on a collective assessment

The table below shows the credit quality and the debt balance to credit risk of loans portfolio under collective assessment, by grade of credit risk classification based on the Bank’s internal credit rating system, PD range and period-end stage classification. The Bank’s internal credit rating systems and the evaluation and measurement approaches are explained in note 41 section “credit risk” to the consolidated financial statements as of December 31, 2020, already issued.

- 22  -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

			06/30/2021
Internal rating grade	Range PD		Stage 1		Stage 2		Stage 3		Total		%
Performing				194,614,579		4,891,572				199,506,151		94.53
High grade		0.00% - 3.50%		149,768,677		121,995				149,890,672		71.02
Standard grade		3.51% - 7.00%		31,206,596		710,274				31,916,870		15.12
Sub-standard grade		7.01% - 33.00%		13,639,306		4,059,303				17,698,609		8.39
Past due but not impaired		33.01% - 99.99%		878,153		7,446,322				8,324,475		3.94
Impaired		100%						3,215,138		3,215,138		1.52
Total				195,492,732		12,337,894		3,215,138		211,045,764		100
%				92.63		5.85		1.52		100

			12/31/2020
Internal rating grade	Range PD		Stage 1		Stage 2		Stage 3		Total		%
Performing				225,824,726		7,376,222				233,200,948		96.39
High grade		0.00% - 3.50%		174,629,739		43,445				174,673,184		72.19
Standard grade		3.51% - 7.00%		36,555,593		500,439				37,056,032		15.32
Sub-standard grade		7.01% - 33.00%		14,639,394		6,832,338				21,471,732		8.88
Past due but not impaired		33.01% -  99.99%		528,065		6,379,512				6,907,577		2.85
Impaired		100%						1,838,748		1,838,748		0.76
Total				226,352,791		13,755,734		1,838,748		241,947,273		100
%				93.55		5.69		0.76		100

7.2   Other debt securities at amortized cost

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

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

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

	06/30/2021
Description		Stage 1	Stage 2	Stage 3	Total	%
Corporate bonds		200,675			200,675	72.59
Financial trust		75,777			75,777	27.41
Total		276,452			276,452	100
%		100			100

- 23 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

	12/31/2020
Description	Stage 1		Stage 2	Stage 3	Total		%
Corporate bonds		457,861				457,861		68.67
Financial trust		208,905				208,905		31.33
Total		666,766				666,766		100
%		100				100

The related ECL for corporate bonds as of June 30, 2021 and December 31, 2020 amounted to 630 and 1,547 respectively. The ECL related to financial trusts as of June 30, 2021 and December 31, 2020 amounted to 46 and 136, respectively.

7.3 Government securities at amortized cost or fair value through OCI

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

A detail of these investments and their characteristics are disclosed in note 8.

7.4. Other financial assets

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

	06/30/2021
Description	Stage 1		Stage 2	Stage 3	Total		%
Other financial assets		15,420,949				15,420,949		100
Total		15,420,949				15,420,949		100
%		100				100

	12/31/2020
Description	Stage 1		Stage 2	Stage 3	Total		%
Other financial assets		23,692,843				23,692,843		100
Total		23,692,843				23,692,843		100
%		100				100

The ECL related to these types of instruments amounted to 20,847 and 23,721 as of June 30, 2021 and December 31, 2020, respectively, including the ECL related to the payments to be collected for transaction mentioned in note 9.

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

- 24 - 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

8. OTHER DEBT SECURITIES

The table below shows the amounts corresponding to the detail of other debt securities as of June 30, 2021 and December 31, 2020:

Description	06/30/2021		12/31/2020
At fair value through OCI
Central Bank internal bills		122,500,547		161,262,023
Government securities		84,564,877		56,131,039
Government securities – Foreign		4,116,331		5,690,746
Total at fair value through OCI		211,181,755		223,083,808
At amortized cost
Government securities		20,669,313		38,333,248
Private securities		275,776		665,083
Total at amortized cost		20,945,089		38,998,331
Total		232,126,844		262,082,139

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

The table below shows the amounts corresponding to the detail of equity instruments at fair value through profit or loss as of June 30, 2021 and December 31, 2020:

Description	06/30/2021		12/31/2020
Prisma Medios de Pago SA (1)		1,791,063		1,780,477
Other		295,859		303,688
Total		2,086,922		2,084,165

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

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

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

The amounts receivable, in pesos and US dollars, are recorded in the item “Other financial assets”.

- 25 - 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

The remaining holding of the Bank in Prisma (equivalent to 49%), is recorded in “Equity instruments at fair value through profit or loss” determined from valuations performed by independent experts, which was adjusted in less, according to Memorandums issued by the BCRA. As of June 30, 2021 the valuation was adjusted by Memorandums dated March 12 and 22, 2021 while, as of December 31, 2020, as required by a Memorandum dated April 29, 2019.

In addition, sellers retained the usufruct (dividends) of the shares sold to be reported by Prisma for the year ended December 31, 2018, which were collected on April 26, 2019, and have the possibility to execute a put for the non-sold shares of this transaction (49%) and the buyer has the obligation to buy them, on an specific term established on the agreement, according to specifics clauses. Besides the proportion applicable to the buyer of the dividends to be reported for the following fiscal years –with the buyer’s commitment to voting in favor of the distribution of certain minimum percentages– will be used to create a guarantee trust to repay the deferred price amount through the concession by the buyer and Prisma of a usufruct over the economic rights of the shares in favor of such trust.

On February 22, 2021 the Bank collected cash dividends for an amount of 495,178 which 251,700 were applied to decrease the receivable generated by the financing granted to AI ZENITH (Netherlands) B.V, for the purchase of Prisma´s shares. In addition, on May 28, 2021, the Bank collected cash dividends for an amount of 311,980 which 156,774 were applied to decrease the receivable generated by the financing abovementioned.

10. FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES

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

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

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

Fair value hierarchy

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

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

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

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

- 26 - 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

The following tables show the hierarchy in the Bank’s financial asset and liability at fair value measurement, as of June 30, 2021 and December 31, 2020:

	Financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2021
Description	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss		61,942,421		61,065,752		7		876,662
Derivatives financial instruments		3,640		3,640
Other financial assets		509,290		478,446				30,844
Equity instruments at fair value through profit or loss		2,086,922		10,913				2,076,009
At fair value through OCI
Other debt Securities		211,181,755		88,681,208		122,500,547
Total		275,724,028		150,239,959		122,500,554		2,983,515
Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		11,599		11,599
Derivatives i instruments		1,700		1,700
Total		13,299		13,299

	Financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2020
Description	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss		68,906,424		68,432,133		8		474,283
Derivatives financial instruments		9,064				9,064
Other financial assets		758,766		725,957				32,809
Equity instruments at fair value through profit or loss		2,084,165		12,350				2,071,815
At fair value through OCI
Other debt Securities		223,083,808		144,646,222		78,437,586
Financial assets delivered as guarantee		871,942		871,942
Total		295,714,169		214,688,604		78,446,658		2,578,907
Financial liabilities
At fair value through profit or loss
Derivatives financial instruments		288		288
Total		288		288

- 27 - 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Description of valuation process

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

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

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

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

As of June 30, 2021 and December 31, 2020, the Bank has neither changed the techniques nor the assumptions used to estimate the fair value of the financial instruments.

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

	As of June 30, 2021
Description	Debt instruments			Other financial assets			Equity investment at fair value through profit or loss
Amount at the beginning		474,283			32,809			2,071,815
Transfers to Level 3
Transfers for Level 3
Profit and loss		113,819						466,630
Recognition and derecognition		375,270			5,499
Monetary effects		(86,710	)		(7,464	)		(462,436	)
Amount at the end of the period		876,662			30,844			2,076,009

	As of December 31, 2020
Description	Debt instruments			Other financial assets			Equity investment at fair value through profit or loss
Amount at the beginning		1,390,632			39,244			2,604,975
Transfers to Level 3
Transfers for Level 3
Profit and loss		260,413			11,871			167,522
Recognition and derecognition		(992,011	)		(8,153	)		21,445
Monetary effects		(184,751	)		(10,153	)		(722,127	)
Amount at the end of the fiscal year		474,283			32,809			2,071,815

- 28 - 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Quantitative information about Level 3 fair value measurements

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

	Fair value of Level 3 Assets			Significant	Range of inputs 06/30/2021 Range of inputs
Description	06/30/2021		Valuation technique	unobservable inputs	Low		High		Unit
Debt Securities of Financial Trusts Provisional		313,171	Income approach (discounted cash flow)	Discount rate in pesos		39.56		53.80		%
Corporate bonds		560,816	Income approach (discounted cash flow)	Discount rate in pesos		25.12		45.92		%

	Fair value of Level 3 Assets			Significant	Range of inputs 12/31/2020 Range of inputs
Description	12/31/2020		Valuation technique	unobservable inputs	Low		High		Unit
Debt Securities of Financial Trusts Provisional		471,332	Income approach (discounted cash flow)	Discount rate in pesos		43.84		47.60		%

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

	06/30/2021					12/31/2020
	Favorable changes		Unfavorable changes			Favorable changes		Unfavorable changes
Debt Securities of Financial Trusts Provisional		1,505		(1,413	)		563		(550	)
Corporate bonds		32,356		(28,213	)

Changes in fair value levels

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

As of June 30, 2021 and December 31, 2020, the Bank has not recognized any transfers between levels 1, 2 and 3.

- 29 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Financial assets and liabilities not recognized at fair value

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

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

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

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

The following table shows a comparison between the fair value and the carrying amount of financial instruments not measured at fair value as of June 30, 2021 and December 31, 2020:

	06/30/2021
Description	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		143,464,821		143,464,821						143,464,821
Repo transactions		13,051,632		13,051,632						13,051,632
Other financial assets		14,890,812		14,890,812						14,890,812
Loans and other financing		272,545,828						250,778,144		250,778,144
Other debt securities		20,945,089		297,004		20,742,799		81,624		21,121,427
Financial assets delivered as guarantee		14,442,544		14,442,544						14,442,544
Total		479,340,726		186,146,813		20,742,799		250,859,768		457,749,380
Financial liabilities
Deposits		492,308,853		259,969,946				232,208,865		492,178,811
Repo transactions		275,381		275,381						275,381
Other financial liabilities		40,365,436		38,829,122		1,530,229				40,359,351
Financing received from the BCRA and other financial entities		709,115		561,231		144,231				705,462
Issued corporate bonds		2,431,593				2,252,867				2,252,867
Subordinated corporate bonds		39,093,191				32,604,514				32,604,514
Total		575,183,569		299,635,680		36,531,841		232,208,865		568,376,386

- 30 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

	12/31/2020
Description	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		162,880,917		162,880,917						162,880,917
Repo transactions		49,404,999		49,404,999						49,404,999
Other financial assets		22,910,356		22,910,356						22,910,356
Loans and other financing		322,493,047						300,727,499		300,727,499
Other debt securities		38,998,331		13,233,959		27,834,926		185,890		41,254,775
Financial assets delivered as guarantee		17,039,867		17,039,867						17,039,867
Total		613,727,517		265,470,098		27,834,926		300,913,389		594,218,413
Financial liabilities
Deposits		612,511,991		304,616,838				307,546,598		612,163,436
Repo transactions		775,221		775,221						775,221
Other financial liabilities		61,679,495		60,004,223		1,668,442				61,672,665
Financing received from the BCRA and other financial entities		1,151,861		405,891		733,953				1,139,844
Issued corporate bonds		6,174,607				5,164,364				5,164,364
Subordinated corporate bonds		42,986,620				36,474,071				36,474,071
Total		725,279,795		365,802,173		44,040,830		307,546,598		717,389,601

11. INVESTMENT IN ASSOCIATES AND JOINT ARRANGEMENTS

11.1 Associates entities

a) Macro Warrants SA

The Bank holds an investment in the associate Macro Warrants SA. The existence of significant influence is evidenced by the representation the Bank has in the Board of Directors of the associate. In order to measure this investment, the Bank used accounting information of Macro Warrants SA as of March 31, 2021. Additionally, the Bank has considered, when applicable, the material transactions or events occurring between April 1, 2021 and June 30, 2021.

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

Summarized statement of financial position	06/30/2021			12/31/2020
Total assets		70,901			73,849
Total liabilities		8,501			15,221
Shareholders’ equity		62,400			58,628
Proportional Bank’s interest		5	%		5	%
Investment carrying amount		3,120			2,931

As of June 30, 2021 and 2020, the investment carrying amount in the net income for the periods amounted to 187 and 315, respectively.

- 31 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

b) Play Digital SA

As explain in note 1, the Bank holds an investment in the associate Play Digital SA. The existence of significant influence is evidenced by the representation the Bank has in the Board of Directors of the associate.

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

Summarized statement of financial position	06/30/2021			12/31/2020
Total assets		1,927,555			826,973
Total liabilities		135,400			109,808
Shareholders’ equity		1,792,155			717,165
Proportional Bank’s interest		9.9545	%		9.9545	%
		178,400			71,390
Less: additional paid-in irrevocable contributions and irrevocable contributions		121,519
Plus: irrevocable contributions		129,112
Investment carrying amount		185,993			71,390

As of June 30, 2021, the investment carrying amount in the net income for the period amounted to 18,608 (loss).

11.2 Joint ventures

The Bank participates in the following joint ventures, implemented through Uniones Transitorias de Empresas (UTE, for its acronym in Spanish):

a) Banco Macro SA – Wordline Argentina SA Unión transitoria: on April 7, 1998, the Bank executed an agreement with Siemens Itron Services SA to organize an UTE controlled on a joint basis through a 50% interest, the purpose of which is to facilitate a data processing center for the tax administration, to modernize the systems and tax collection processes of the Province of Salta and manage and recover municipal taxes and fees.

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

Summarized statement of financial position	06/30/2021			12/31/2020
Total assets		501,186			485,664
Total liabilities		110,823			123,315
Shareholders’ equity		390,363			362,349
Proportional Bank’s interest		50	%		50	%
Investment carrying amount		195,182			181,175

As of June 30, 2021 and 2020, the investment carrying amount in the net income for the periods amounted to 63,071 and 46,490, respectively.

b) Banco Macro SA – Gestiva SA Unión transitoria: on May 4, 2010 and August 15, 2012, the Bank executed with Gestiva SA the UTE agreement to form “Banco Macro SA – Gestiva SA – Unión Transitoria de Empresas”, under joint control, the purpose of which is to render the integral processing and management services of the tax system of the Province of Misiones, the management thereof and tax collection services. The Bank holds a 5% interest in this UTE.

- 32 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

On April 5, 2018, the Bank, the UTE and the tax authorities of the Misiones provincial government entered into an agreement of “termination by mutual agreement” of the adaptation agreement, without implying or modifying the Bank’s rights and obligations as a financial agent of the province for the services provision established in the agreement. On May 31, 2021 and due to abovementioned agreement, this UTE was derecognized. As of December 31, 2020, according to the above-mentioned, the remaining investment amounted to 47.

12. OTHER NON-FINANCIAL ASSETS

The breakdown of the other non-financial assets as of June 30, 2021 and December 31, 2020 is as follows:

Description	06/30/2021		12/31/2020
Investment property (see Exhibit F)		1,203,229		1,228,399
Advanced prepayments		1,027,732		584,267
Tax advances		137,193		757,280
Other		162,162		227,359
Total		2,530,316		2,797,305

13. RELATED PARTIES

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

- has control or joint control of the Bank;

- has significant influence over the Bank;

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

- members of the same group;

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

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

- 33 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

As of June 30, 2021 and December 31, 2020, amounts balances related to transactions generated with related parties are as follows:

	As of June 30, 2021
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SA		Macro Fondos SGFCISA		Argenpay SAU		Associates		Key management personnel (2)		Other related parties		Total
Assets
Cash and deposit in banks		767														767
Other financial assets						70,026								286,455		356,481
Loans and other financing (3)
Overdraft												54,071		561,172		615,243
Credit Cards												64,832		36,742		101,574
Lease														13,730		13,730
Personal loans												1,526				1,526
Mortgage loans												228,741				228,741
Other loans				888,047								7,814		1,111,363		2,007,224
Guarantee granted														852,832		852,832
Total assets		767		888,047		70,026						356,984		2,862,294		4,178,118
Liabilities
Deposits		6		1,363,714		154,553		24,303		52,264		1,537,949		2,079,987		5,212,776
Other financial liabilities												177		13,494		13,671
Other non-financial liabilities														11,341		11,341
Total liabilities		6		1,363,714		154,553		24,303		52,264		1,538,126		2,104,822		5,237,788

(1) These transactions are eliminated during the consolidation process.

(2) Includes close family members of the key management personnel.

(3) The maximum financing amount for loans and other financing as of June 30, 2021 for Macro Securities SA, Key management personnel and other related parties amounted to 889,080, 479,659 and 3,876,296, respectively.

	As of December 31, 2020
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SA		Macro Fondos SGFCISA	Argenpay SAU	Associates	Key management personnel (2)		Other related parties		Total
Assets
Cash and deposit in banks		845											845
Repo transaction				961,722									961,722
Other financial assets											185		185
Loans and other financing (3)
Documents											1,915		1,915
Overdraft									41,049		509,341		550,390
Credit Cards									56,794		13,789		70,583
Lease				1,296							6,546		7,842
Personal loans									14,602				14,602
Mortgage loans									105,489				105,489
Other loans				892,030							476,845		1,368,875
Guarantee granted											1,042,324		1,042,324
Total assets		845		1,855,048					217,934		2,050,945		4,124,772

- 34 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

	As of December 31, 2020
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SA		Macro Fondos SGFCISA		Argenpay SAU		Associates		Key management personnel (2)		Other related parties		Total
Liabilities
Deposits		9		841,453		163,691		71,405		54,314		777,831		4,733,794		6,642,497
Other financial liabilities				19,569								203		14,805,504		14,825,276
Other non-financial liabilities														14,316		14,316
Total liabilities		9		861,022		163,691		71,405		54,314		778,034		19,553,614		21,482,089

(1) These transactions are eliminated during the consolidation process.

(2) Includes close family members of the key management personnel.

(3) The maximum financing amount for loans and other financing as of December 31, 2020 for Macro Securities SA, Key management personnel and other related parties amounted to 896,053, 1,249,917 and 5,856,843, respectively.

Profit or loss related to transactions generated during the six-month periods ended June 30, 2021 and 2020 with related parties are as follows:

	As of June 30, 2021
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SA			Macro Fondos SGFCISA		Argenpay SAU	Associates			Key management personnel (2)			Other related parties			Total
Income / (loss)
Interest income				1,717									58,913			807,203			867,833
Interest expense				(3,497	)					(7,569	)		(22,141	)		(47,596	)		(80,803	)
Commissions income				6,256			54			72			7			8,183			14,572
Commissions expense													(11	)		(145	)		(156	)
Other operating income		1		2,826												14			2,841
Administrative expense																(102,061	)		(102,061	)
Other operating expense																(30,803	)		(30,803	)
Income / (loss)		1		7,302			54			(7,497	)		36,768			634,795			671,423

(1) These transactions are eliminated during the consolidation process.

(2) Includes close family members of the key management personnel.

- 35 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

	As of June 30, 2020
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SA			Macro Fondos SGFCISA		Argenpay SAU		Associates			Key management personnel (2)			Other related parties			Total
Income / (loss)
Interest income				2,878										58,141			490,654			551,673
Interest expense											(4,263	)		(1,838,656	)		(34,818	)		(1,877,737	)
Commissions income				4,512			179				33			53			18,159			22,936
Commissions expense														(150	)		(294	)		(444	)
Income from measurement of financial instruments at fair value through profit or loss																	5,206			5,206
Other operating income		3							2								17			22
Allowance for loan losses				(13,500	)															(13,500	)
Administrative expense																	(96,703	)		(96,703	)
Other operating expense																	(61,867	)		(61,867	)
Income / (loss)		3		(6,110	)		179		2		(4,230	)		(1,780,612	)		320,354			(1,470,414	)

(1) These transactions are eliminated during the consolidation process.

(2) Includes close family members of the key management personnel.

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

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

Total remunerations received as salary and bonus by the key management personnel as of June 30, 2021 and 2020, totaled 263,709 and 175,444, respectively.

In addition, fees received by the Directors as of June 30, 2021 and 2020 amounted to 739,959 and 1,394,378, respectively.

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

Composition	06/30/2021		12/31/2020
Board of Directors		21		22
Senior managers of the key management personnel		12		11
Total		33		33

14. OTHER FINANCIAL LIABILITIES

The breakdown of the other financial liabilities as of June 30, 2021 and December 31, 2020 is as follows:

- 36 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Description	06/30/2021		12/31/2020
Credit and debit card settlement - due to merchants		20,363,000		21,560,253
Amounts payable for spot purchases of foreign currency pending settlement		6,632,526		10,589,872
Amounts payable for other spot purchases pending settlement		3,470,633		19,433,805
Payment orders pending settlement foreign exchange		2,515,221		3,851,349
Collections and other transactions on account and behalf others		1,682,677		1,771,515
Finance leases liabilities		1,386,551		1,473,222
Amounts payable for spot purchases of government securities pending settlement		1,184,315		527,053
Other		3,130,513		2,472,426
Total		40,365,436		61,679,495

15. PROVISIONS

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

Exhibit J “Changes in Provisions” presents the changes in provisions, as of June 30, 2021 and December 31, 2020.

The expected terms to settle these obligations are as follows:

	06/30/2021
Description	Within 12 months		Beyond 12 Months		06/30/2021		12/31/2020
For administrative, disciplinary and criminal penalties		718		500		1,218		900
Letters of credits, guarantees and other Commitments (1)		16,185				16,185		21,564
Commercial claims in progress (2)		182,786		78,337		261,123		863,632
Labor lawsuits		79,882		130,421		210,303		285,428
Pension funds - reimbursement		41,293		65,811		107,104		111,351
Other		30,226		337,303		367,529		352,011
Total		351,090		612,372		963,462		1,634,886

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

(2) See also note 37.2.

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

16. OTHER NON-FINANCIAL LIABILITIES

The breakdown of other non-financial liabilities as of June 30, 2021 and December 31, 2020 is as follows:

- 37 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Description	06/30/2021		12/31/2020
Dividends payables (see note 28)		26,580,415		20,778,766
Salaries, bonuses and payroll taxes payables		5,619,588		6,153,149
Withholdings		4,546,716		5,184,030
Taxes payables		2,453,286		2,241,287
Miscellaneous payables		1,334,998		1,788,031
Retirement pension payment orders pending settlement		477,993		513,246
Fees payables		24,221		631,195
Other		556,601		754,924
Total		41,593,818		38,044,628

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

The following tables show the analysis of financial assets and liabilities the Bank expects to recover and settle as of June 30, 2021 and December 31, 2020:

06/30/2021	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		143,464,821
Debt securities at fair value through profit or loss				52,876,832		9,065,589
Derivative financial instruments				3,640
Repo transactions				13,051,632
Other financial assets		1,658,112		9,085,958		4,656,032
Loans and other financing (1)		741,988		177,954,045		93,849,795
Other debt securities				206,880,142		25,246,702
Financial assets delivered as guarantee		14,135,606		306,938
Equity instruments at fair value through profit or loss		2,086,922
Total assets		162,087,449		460,159,187		132,818,118
Liabilities
Deposits		254,547,859		237,751,545		9,449
Financial liabilities at fair value through profit or loss				11,599
Derivative financial instruments				1,700
Repo transactions				275,381
Other financial liabilities				39,472,236		893,200
Financing received from the BCRA and other financial institutions				697,890		11,225
Issued corporate bonds				2,431,593
Subordinated corporate bonds				802,511		38,290,680
Total liabilities		254,547,859		281,444,455		39,204,554

- 38 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 43) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

12/31/2020	Without due date		Total up to  12 months		Total over 12 months
Assets
Cash and deposits in banks		162,880,917
Debt securities at fair value through profit or loss				65,828,616		3,077,808
Derivative financial instruments				9,064
Repo transactions				49,404,999
Other financial assets		2,544,892		15,878,484		5,245,746
Loans and other financing (1)		784,466		223,178,526		98,530,055
Other debt securities				233,374,862		28,707,277
Financial assets delivered as guarantee		17,039,867		871,942
Equity instruments at fair value through profit or loss		2,084,165
Total assets		185,334,307		588,546,493		135,560,886
Liabilities
Deposits		298,750,292		313,734,853		26,846
Derivative financial instruments				288
Repo transactions				775,221
Other financial liabilities				60,705,976		973,519
Financing received from the BCRA and other financial institutions				1,103,522		48,339
Issued corporate bonds				3,194,775		2,979,832
Subordinated corporate bonds				804,947		42,181,673
Total liabilities		298,750,292		380,319,582		46,210,209

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

18. DISCLOSURES BY OPERATING SEGMENT

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

19. INCOME TAX

a) Inflation adjustment on income tax

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

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

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

- 39 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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

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

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

As of June 30, 2021 and December 31, 2020, all the conditions established by the income tax Law to practice the inflation adjustment are met and the current and deferred income tax was recognized, including the effects of the application of the inflation adjustment on income taxes established by Law (see the last paragraphs of this note).

b) Income tax rate

The Law No. 27541 suspended, up to fiscal years beginning on January 1, 2021 included, the income tax rate reduction that had established the Law 27430, setting up for the suspended period a rate of 30%. On June 16, 2021, through Decree 387/2021, the Law 27630 was issued. This law established for fiscal years beginning on January 1, 2021 included, a progressive tax rates scheme of 25%, 30% and 35% which will be applied, on a progressively basis, to the taxable accumulated net profit at the end of each the fiscal year.

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

	06/30/2021				06/30/2020
Description	Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020			Accumulated from beginning of year up to 06/30/2020
Current income tax expense / (profit) (1)		1,072,571		2,296,640		(1,848,527	)		4,472,168
Loss for deferred income taxes		67,399		1,181,574		5,492,555			5,204,380
Monetary effects		146,942		379,670		267,726			477,251
Income tax loss recorded in the statement of income		1,286,912		3,857,884		3,911,754			10,153,799
Income tax loss recorded in other comprehensive income		240,141		541,056		448,931			105,957
Total		1,527,053		4,398,940		4,360,685			10,259,756

(1)   See the following paragraph.

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

- 40 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

In addition, on October 24, 2019 Banco Macro SA filed to AFIP-DGI two requests for the recovery of payments established by the first paragraph of section 81 Law 11683, in order to obtain the return of the amounts of 4,782,766 and 5,015,451 (not restated), paid to the tax authority as income tax for the fiscal years 2013 to 2017 and 2018, respectively, due to the impossibility to apply the inflation adjustment method established by the Income Tax Law (before the amendments include by Laws 27430 and 27468, for the fiscal years 2013 to 2017, and as per 2019 and amendments, for the fiscal year 2018), plus the related compensatory interest (files SIGEA Nº 19144-14224/2019 and 19144-14222/2019). As the regulatory authority has not resolved the abovementioned claims, on August 7, 2020 the Bank filed, under the terms of the second paragraph of section 81 Law 11683, the requests for the recovery of payment to the Federal Civil and Commercial Court of Appeal which are in process at Court Nº 8 and 2, respectively (Files 11285/2020 and 11296/2020).

Additionally, on July 23, 2021, the Bank filed with AFIP a request for recovery of payment for an amount of 254,305 paid as income tax for the fiscal year 2020.

On December 19, 2019 the AFIP notified the beginning of an income tax audit for the period 2018, and on May 3, 2021, the Bank became aware that the same regulatory agency began an income tax audit for the periods 2013 to 2017, both included.

20. COMMISSIONS INCOME

	06/30/2021				06/30/2020
Description	Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
Performance obligations satisfied at a point in time
Commissions related to obligations		4,214,455		8,091,542		3,966,269		8,137,981
Commissions related to credit cards		2,335,942		4,792,895		2,517,791		5,142,614
Commissions related to insurance		468,755		946,997		502,884		991,335
Commissions related to trading and foreign exchange transactions		172,313		337,957		153,744		277,783
Commissions related to securities value		129,507		272,516		151,938		286,252
Commissions related to loans and other financing		39,179		63,707		121,163		146,166
Commissions related to financial guarantees granted		1,122		1,257		280		488
Performance obligations satisfied over certain time period
Commissions related to credit cards		72,872		160,067		107,297		228,002
Commissions related to trading and foreign exchange transactions		7,576		17,620		10,100		23,884
Commissions related to obligations		190		393		366		1,040
Commissions related to loans and other financing		8		308		462		561
Commissions related to financial guarantees granted				79				1
Total		7,441,919		14,685,338		7,532,294		15,236,107

- 41 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

21. DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

	06/30/2021				06/30/2020
Description	Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
Translation of foreign currency assets and liabilities into pesos		574,514		1,788,526		953,198		1,718,604
Income from foreign currency exchange		65,259		200,733		226,710		304,002
Total		639,773		1,989,259		1,179,908		2,022,606

22. OTHER OPERATING INCOME

	06/30/2021					06/30/2020
Description	Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
Services		818,662			1,571,516		847,316		1,904,910
Adjustments and interest from other receivables		320,823			553,560		210,510		466,124
Other receivables for financial intermediation		179,971			521,961		47,365		47,365
Adjustments from other receivables with CER clauses		93,991			160,444		46,503		110,435
Sale of property, plant and equipment		219			2,114		627		679
Initial recognition of loans		(3,326	)				26,892		26,892
For derecognition or substantial modification of financial liabilities							283,859		283,859
Other		(893	)		429,562		134,781		497,126
Total		1,409,447			3,239,157		1,597,853		3,337,390

23. EMPLOYEE BENEFITS

	06/30/2021				06/30/2020
Description	Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
Remunerations		6,079,487		11,884,850		6,511,124		12,023,659
Payroll taxes		1,393,189		2,700,050		1,449,232		2,674,005
Compensations and bonuses to employees		737,956		1,504,537		516,636		1,094,311
Employee services		184,277		358,146		135,694		300,989
Total		8,394,909		16,447,583		8,612,686		16,092,964

- 42 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

24. ADMINISTRATIVE EXPENSES

	06/30/2021				06/30/2020
Description	Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
Maintenance, conservation and repair expenses		661,802		1,307,661		688,719		1,330,311
Taxes		598,565		1,199,220		546,396		1,155,359
Armored truck, documentation and events		522,230		1,095,717		676,437		1,223,232
Electricity and communications		431,511		873,712		491,341		983,836
Security services		416,207		834,216		450,610		915,191
Other fees		386,451		668,470		269,745		560,408
Software		307,141		659,930		344,124		661,111
Advertising and publicity		169,956		234,021		123,833		215,239
Fees to directors and syndics		101,582		217,975		429,279		909,521
Insurance		55,026		105,566		56,041		96,965
Representation, travel and transportation expenses		40,791		72,904		32,810		85,566
Stationery and office supplies		25,313		47,400		27,753		58,446
Leases		19,101		53,700		41,227		77,307
Hired administrative services		1,534		4,297		734		1,751
Other		149,366		300,496		183,064		320,736
Total		3,886,576		7,675,285		4,362,113		8,594,979

25. OTHER OPERATING EXPENSES

	06/30/2021				06/30/2020
Description	Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
Turnover tax		3,614,536		7,493,647		3,496,366		7,365,665
For credit cards		1,242,072		2,684,479		1,424,783		2,743,563
Deposit guarantee fund contributions		208,154		457,708		215,157		406,712
Charges for other provisions		180,122		622,300		294,052		769,405
Taxes		86,236		188,936		184,806		382,644
Interest on lease liabilities		47,352		93,133		66,331		118,109
Loss from sale or impairment of investments in properties and other non-financial assets		31,257		57,077		19,039		21,133
Insurance claims		14,022		25,993		24,448		47,717
Donations		1,145		1,969		33,840		205,013
For administrative, disciplinary and criminal penalties		533		34,566
Other		842,478		1,661,377		399,497		940,641
Total		6,267,907		13,321,185		6,158,319		13,000,602

- 43 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

26. ADDITIONAL DISCLOSURES IN THE STATEMENT OF CASH FLOWS

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

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

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

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

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

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

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

Description	06/30/2021		12/31/2020		06/30/2020		12/31/2019
Cash and deposits in banks		143,464,821		162,880,917		156,052,910		171,777,625
Debt Securities at fair value through profit or loss		4,035,163
Other debt securities		126,616,687		166,952,769		164,035,311		79,185,529
Loans and other financing		478,634		527,271		529,117		510,956
Total		274,595,305		330,360,957		320,617,338		251,474,110

27. CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of June 30, 2021, amounted to 639,413. Since December 31, 2018, the Bank’s capital stock has changed as follows:

	Capital stock issued and paid-in			Issued outstanding			In treasury
As of December 31, 2018		669,663			640,715			28,948
Own shares acquired (1)					(1,317	)		1,317
Capital stock decrease (2)		(30,265	)					(30,265	)
Capital stock increase (3)		15			15
As of June 30, 2021 and December 31, 2020 and 2019		639,413			639,413

(1) Related to the repurchase of the Bank’s own shares under the programs established by the Bank’s Board of Directors on August 8, 2018, October 17, 2018 and December 20, 2018 with the purpose of reducing share price fluctuations, minimizing possible temporary imbalances between market supply and demand.

- 44 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

The Program dated on August 8, 2018, established, that the maximum amount of the investment amounted to 5,000,000 and the maximum numbers of shares to be acquired were equivalent to 5% of the capital stock. At the end of this program the Bank had acquired 21,463,005 common, registered, Class B shares with a face value of Ps. 1 each one entitled with one vote for an amount of 9,709,068 (nominal value: 3,113,925).

The Program dated on October 17, 2018, established the start over of the repurchase of the Bank’s own shares, with the pending use of funds of the abovementioned Program, already expired. At the end of this program, the Bank had acquired 6,774,019 common, registered, Class B shares with a face value of Ps. 1 each one entitled with one vote for an amount of 2,765,285 (nominal value: 995,786).

The Program dated on December 20, 2018, established that the maximum amount of the investment amounted to 900,000 and the maximum numbers of shares to be acquired were equivalent to 1% of the capital stock. At the end of this program the Bank had acquired 2,028,251 common, registered, Class B shares with a face value of Ps. 1 each one entitled with one vote for an amount of 782,659 (nominal value: 298,196) of which, as of December 31, 2018 were settled 711,386 common shares for an amount of 258,142 (nominal value: 98,353), and in January 2019 were settled 1,316,865 common shares for an amount of 524,517 (nominal value: 199,843).

(2) Related to capital stock decrease approved by the Shareholders’ Meeting of Banco Macro SA held on April 30, 2019 for an amount of 30,265, equivalent to 30,265,275 common, registered, Class B shares with a face value of Ps. 1 each one entitled with one vote, equivalent to all the own shares acquired mentioned in (1). On August 14, 2019 the Bank was notified that the capital stock decrease was registered at the Public Registry of Commerce.

(3) Related to the capital stock increase through the issuance of 15,662 common, registered, Class B shares with a face value of Ps. 1 each one entitled with one vote, approved by Shareholders’ Meeting mentioned in (2), due to the merger effects between Banco Macro SA and Banco del Tucumán SA. On October 29, 2019 the Bank was notified that the capital stock increase was registered at the Public Registry of Commerce.

28. EARNINGS PER SHARE - DIVIDENDS

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

To determine the weighted average number of common shares outstanding during the period, the Bank used the number of common shares outstanding at the beginning of the period adjusted, if applicable, by the number of common shares bought back or issued during the period multiplied by the number of days that the shares were outstanding in the period. Note 27 provides a breakdown of the changes in the Bank’s capital stock.

The calculation of basic earnings per share is disclosed in the table of Earnings per share included in the consolidated statement of income. See additionally note 38 and the Earning distribution proposal.

Dividends paid and proposed

The Shareholders’ Meeting held on April 30, 2020, resolved to distribute cash dividends for 12,788,268 (not restated), which considering the number of shares outstanding at the date of such resolution, represented 20 pesos per share (not restated). According to Communiqué “A” 7035, the Central Bank extended the suspension of payment on earning distributions up to December 31, 2020. Afterwards, through Communiqué “A” 7181, such suspension was extended up to June 30, 2021. On June 24, 2021, the BCRA through Communiqué “A” 7312, decided to extend the abovementioned suspension up to December 31, 2021. The Shareholders’ Meeting held on October 21, 2020, resolved to distribute a supplementary cash dividend which will be calculated by multiplying the dividend of 20 pesos per share already approved by the Shareholders’ Meeting held on April, 30 2020, by the coefficient obtained after dividing the most recent CPI published by the INDEC and informed by such entity to the date on which the BCRA issues its authorization for the payment, by the CPI for the month of April 2020. The aggregate amount to be distributed for this purpose may not exceed the amount of 3,791,722 (not restated).

- 45 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

The Shareholders’ Meeting held on April 30, 2021, resolved to distribute cash dividends or dividends in kind, in this case, measured at market value, or any combination of both alternatives for an amount of 10,000,426 (not restated) which considering the number of shares outstanding at the date of such resolution, represented 15.64 pesos per share (not restated), subject to prior authorization of BCRA. As mentioned in the previous paragraph and according to Communiqué “A” 7312, the cash dividends payment is suspended, up to December 31, 2021. For further information see also note 38.

29. DEPOSIT GUARANTEE INSURANCE

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

Banco Macro SA holds an 8.4180% interest in the capital stock of Sedesa according to the percentages disclosed by BCRA Communiqué “B” 12152 on April 14, 2021.

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

30. RESTRICTED ASSETS

As of June 30, 2021 and December 31, 2020, the following Bank’s assets are restricted:

Item		06/30/2021		12/31/2020
Debt securities at fair value through profit or loss and other debt securities
·	Discount bonds in pesos regulated by Argentine legislation, maturing 2033 used as security in favor of Sedesa (1).		164,376		183,549
·	Federal Government Treasury Bonds in pesos adjusted by CER 1%, maturing 2021, securing the sectorial Credit Program of the Province of San Juan. Production investment financing fund.		76,337		76,673
·	Federal Government Treasury Bonds in pesos adjusted by CER 1.30% maturity 09/20/2022 as of June 30, 2021 and Federal Government Treasury letters at discount in pesos maturity 01/29/2021 as of December 31, 2020, securing the transaction of MAE Futuro Garantizado CPC2.		74,500		24,564
·	Federal Government Treasury Bonds in pesos adjusted by CER 1%, maturing 2021 securing the regional economies Competitiveness Program – IDB loan No. 3174/OC-AR.		49,121		49,338
·	Discount bonds in pesos regulated by Argentine legislation, maturing 2033 for minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/2013, as amended, of the CNV.		36,954		41,264
·	Federal Government Treasury Bonds in pesos adjusted by CER 1%, maturing 2021 for the contribution to the Guarantee Fund II in BYMA according to section 45 Law 26831 and supplementary regulations established by CNV   standards (NT 2013, as amended).		7,468		4,000
	Subtotal debt securities at fair value through profit or loss and other debt securities		408,756		379,388

- 46 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Item (contd.)		06/30/2021		12/31/2020
Other financial assets
·	Mutual fund shares for minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/13, as amended, of the CNV.		116,181		129,400
·	Sundry debtors – Other.		5,096		14,361
·	Sundry debtors – attachment within the scope of the claim filed by the DGR against the CABA for differences on turnover tax.		827		1,036
	Subtotal Other financial assets		122,104		144,797
Loans and other financing – non-financial private sector and foreign residents
·	Interests derived from contributions made as contributing partner (2).		335,000		325,843
	Subtotal loans and other financing		335,000		325,843
Financial assets delivered as a guarantee
·	Special guarantee checking accounts opened in the BCRA for transactions related to the electronic clearing houses and similar entities.		12,168,007		15,089,989
·	Guarantee deposits related to credit and debit card transactions.		1,638,361		1,651,611
·	Other guarantee deposits.		329,238		298,266
·	For securities forward contracts.		306,938		871,943
	Subtotal Financial assets delivered as a guarantee		14,442,544		17,911,809
Other non-financial assets
·	Real property related to a call option sold		270,555		271,227
	Subtotal other non-financial assets		270,555		271,227
Total			15,578,959		19,033,064

(1) As replacement for the preferred shares of former Nuevo Banco Bisel SA to secure to Sedesa the price payment and the fulfillment of all the obligations assumed in the purchase and sale agreement dated May 28, 2007, maturing on August 11, 2021. Due to the Bank paid such obligations on August 12, 2021, as of the date of issuance of these condensed consolidated interim financial statements, the pledge over the discount bonds in pesos regulated by Argentine legislation was lifted.

(2) As of June 30, 2021 and December 31, 2020 it is related to the risk fund Fintech SGR and Garantizar SGR. In order to keep tax benefits related to these contributions, they must be maintained between two and three years from the date they were made.

Moreover, on November 9, 2020 the Bank paid 16,473 for a call option which gives right to increase up to 24.99% the Bank’s interest in the capital stock of Fintech SGR.

31. TRUST ACTIVITIES

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

- 47 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

31.1. Financial trusts for investment purposes

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

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

As of June 30, 2021 and December 31, 2020, debt securities and certificates of participation in financial trusts for investment purposes, total 419,792 and 713,047, respectively.

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

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

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

As of June 30, 2021 and December 31, 2020, considering the latest available accounting information as of the date of these condensed consolidated interim financial statements, the assets managed through Macro Fiducia SA (subsidiary) of this type of trusts amounted to 9,604 and 8,323, respectively.

31.3. Trusts guaranteeing loans granted by the Bank

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

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

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

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

As of June 30, 2021 and December 31, 2020, considering the latest available accounting information as of the date of these condensed consolidated interim financial statements, the assets managed by the Bank amounted to 2,147,039 and 2,583,741, respectively.

31.4. Trusts in which the Bank acts as trustee (management)

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

- 48 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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

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

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

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

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

As of June 30, 2021 and December 31, 2020, considering the latest available accounting information as of these condensed consolidated interim financial statements, the assets managed by the Bank amounted to 12,028,847 and 11,637,825, respectively.

32. COMPLIANCE WITH CNV REGULATIONS

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

32.1.1 Operations of Banco Macro SA

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

Additionally, the Bank’s shareholders’ equity as of June 30, 2021 stated in UVAs amounted to 2,249,411,821 and exceeds minimum amount required by this regulation for the different categories of agents in which the Bank is registered, amounting to 1,420,350 UVAs as of that date, and the minimum statutory guarantee account required of 710,175 UVAs, which the Bank paid-in with government securities as described in note 30 and the cash deposits in BCRA accounts 000285 and 80285 belonging to the Bank.

32.1.2 Operations of Macro Securities SA

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

Additionally, the shareholders’ equity of such Company as of June 30, 2021 stated in UVAs amounted to 27,717,078 and exceeds the minimum amount required by this regulation, amounting to 470,350 UVAs and the minimum statutory guarantee account required a minimum of 50% of the minimum amount of Shareholders’ equity, which the Company paid-in with mutual fund shares. Moreover, the agents “ACyD FCI” are required to have a minimum Shareholder’s equity up to 2,500.

- 49 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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

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

Additionally, the shareholders’ equity of this Company as of June 30, 2021 stated in UVAs amounted to 4,895,500 and exceeds the minimum amount required by this regulation, amounting to 150,000 UVAs plus 20,000 UVAs per each additional mutual fund it manages. The minimum statutory guarantee account required a minimum of 50% of the minimum amount of Shareholders’ equity, which the Company paid-in with mutual fund shares.

32.1.4 Operations of Macro Fiducia SA

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

Additionally, the shareholders’ equity of such Company as of June 30, 2021 and December 31, 2020 stated in UVAs amounted to 1,073,598 and 1,142,819, respectively, and exceeds the minimum amount required by General resolution No. 795 established in 950,000 UVAs. The minimum statutory guarantee account requires a minimum of 50% of the minimum amount of Shareholders’ equity, which the Company paid-in with mutual fund shares. The CNV through General resolution No. 825, decided that the 50% of the amounts required as of June 30, 2021 and December 31, 2020, shall be credited and the Shareholders’ equity may not be less than 6,000.

32.2 Documents in custody

As a general policy, the Bank delivers for custody to third parties the documentary support of its aged accounting and management operations, i.e. those whose date is prior to the last fiscal year-end, except for the Inventory Book, in which aging is deemed to include those with a date prior to the two fiscal years ended. In compliance with CNV General Resolution No. 629 requirements, the Bank has placed (i) the Inventory Books for fiscal years ended through December 31, 2017 included, and (ii) certain documentation supporting the economic transactions for fiscal years ended through December 31, 2017, included, under the custody of the following companies: AdeA Administradora de Archivos SA (warehouse located at Ruta 36, km 31.5, Florencio Varela, Province of Buenos Aires) and ADDOC Administración de Documentos SA (warehouse located at Avenida Circunvalación Agustín Tosco with no number, Colectora Sur, between Puente San Carlos and Puente 60 blocks, Province of Córdoba and Avenida Luis Lagomarsino 1750, formerly Ruta 8 Km 51.200, Pilar, Province of Buenos Aires).

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

32.3 As depositary of mutual funds

As of June 30, 2021 Banco Macro SA, in its capacity as depositary company, holds in custody the shares in mutual funds subscribed by third parties and assets from the following mutual funds:

Funds	Number of shares		Equity
Pionero Acciones		9,071,173		371,299
Pionero Ahorro Dólares		3,582,433		311,696
Pionero Argentina Bicentenario		419,358,269		1,219,328
Pionero Capital		2,001,659,117		2,234,024
Pionero Empresas FCI Abierto Pymes		243,377,726		1,553,911

- 50 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Funds (contd.)	Number of shares		Equity
Pionero FF		36,125,224		677,263
Pionero Gestión		874,727,220		1,142,591
Pionero Pesos		502,872,127		5,124,182
Pionero Pesos Plus		7,705,559,592		47,210,084
Pionero Renta		97,271,809		5,955,020
Pionero Renta Ahorro		131,065,621		2,985,743
Pionero Renta Ahorro Plus		254,635,069		1,265,550
Pionero Renta Estratégico		710,168,940		2,413,339
Pionero Renta Fija Dólares		2,908,799		202,049
Pionero Renta Mixta I		24,814,206		132,743
Argenfunds Abierto Pymes		3,203,933,434		7,524,153
Argenfunds Ahorro Pesos		194,361,765		2,131,089
Argenfunds Liquidez		3,647,271,733		6,834,398
Argenfunds Renta Argentina		7,991,639		31,197
Argenfunds Renta Balanceada		613,347,147		3,116,515
Argenfunds Renta Capital		28,098,367		2,753,282
Argenfunds Renta Crecimiento		26,205,527		2,499,319
Argenfunds Renta Dinámica		514,155		13
Argenfunds Renta Fija		163,461,043		2,785,900
Argenfunds Renta Flexible		1,053,959,088		3,919,563
Argenfunds Renta Global		8,983,257		38,119
Argenfunds Renta Mixta		4,924,522		14
Argenfunds Renta Mixta Plus		353,432		27,712
Argenfunds Renta Pesos		113,452,667		901,022
Argenfunds Renta Total		835,175,866		1,004,502
Argenfunds Renta Variable		297,029,046		6,709
Argenfunds Retorno Absoluto		595,552,587		1,349,226

33. ACCOUNTING ITEMS THAT IDENTIFY THE COMPLIANCE WITH MINIMUM CASH REQUIREMENTS

The items recognized by the Bank to constitute the minimum cash requirement effective for June 2021 are listed below, indicating the amounts as of month-end of the related items:

- 51 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Description	Banco Macro SA
Cash and deposits in banks
Amounts in BCRA accounts		77,411,304
Other debt securities
Liquidity letters of Central Bank of Argentina computable for the minimum cash requirements		43,628,554
Government securities computable for the minimum cash requirements		18,344,486
Financial assets delivered as guarantee
Special guarantee accounts with the BCRA		12,168,007
Total		151,552,351

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

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

Next follows a description of the situation of Banco Macro SA as of June 30, 2021:

Summary proceedings filed by the BCRA

Financial summary proceedings: No. 1496 dated 02/24/2016. Penalty amount: 30,608 (not restated).

Reason: control observations over subsidiaries.

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

Status: pending resolution before the BCRA. On 04/07/2016, we filed the defenses and evidence. On 05/18/2016 we requested on behalf of Mr. Delfín Jorge Ezequiel Carballo the resolution of the motion for lack of standing to be sued. On 09/09/2020 – notified on 02/22/2021, the BCRA filed Resolution No. 132/20 which acquitted Delfín Jorge Ezequiel Carballo and imposed a fine to the Bank and other responsible directors. On 03/01/2021 the Bank paid the fines. On 03/15/2021 the Bank filed a direct appeal against such resolution to the BCRA, which will be decided at Courtroom I of the Federal Civil and Commercial Court of Appeals (CNACAF, for its acronym in Spanish), where is pending resolution.

Penalties imposed by the Financial Information Unit (UIF)

File: No. 62/2009 dated 01/16/2009.

Reason: observations on the purchase of foreign currency from April 2006 through August 2007. Penalty amount: 718 (not restated).

Penalty imposed on: Banco Macro SA and those in charge of anti-money laundering regulation compliance (Juan Pablo Brito Devoto and Luis Carlos Cerolini).

Status: the UIF passed Resolution No. 72/2011 on 06/09/2011, imposing fines to those responsible. After successive remedies filed by the Bank, part of the fines were dismissed in relation to statute-barred periods, and the decision became final on 06/25/2019; therefore, the case file will be submitted to the UIF to readjust fines to the open period. As of the date, is pending that UIF readjust the fines related to transactions performed during the period beginning on 3/5/2007 and since 4/17/2007 to 8/22/2007 according to Courtroom III resolution of CNACAF dated 10/31/2016. On 04/27/2021 UIF, in compliance with what was ruled by Courtroom IV and Courtroom III of CNACAF, filed the Resolution No. 028 and readjusted the imposed fine for an amount of 502 which was paid by the Bank on 07/07/2021. This file is closed.

- 52 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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

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

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

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

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

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

Reason: potential non-compliance with the obligation to inform a “Significant Event”. Penalty amount: 500.

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

Status: on 10/28/2014 the Bank and the persons involved filed their defenses offering evidence and requesting their acquittal. On 08/03/2015 the term to produce evidence was closed and on 08/19/2015 the defendants lodged their memorials. On 03/04/2021, the Board of Directors of CNV, filed a resolution dismissing the nullity and imposing a fine to the Bank jointly and severally with its Directors at the moment when the facts where investigated. Against such resolution, on 05/03/2021 a direct appeal was filed.

File: 2577/2014 (CNV Resolution No. 18863) dated 07/20/2017.

Reason: potential non-compliance with de provisions of section 59, Law 19550, and paragraph 1 of Chapter 6 Section 19 of Article IV of Chapter II of CNV Rules (Revised 2013, as amended) in force at the time of the issues under analysis.

- 53 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Persons subject to summary proceedings: Banco Macro SA, in its capacity as custody agent of collective investment products of mutual funds, regular directors and regular members of the Statutory Audit Committee (Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Jorge Pablo Brito, Marcos Brito, Juan Pablo Brito Devoto, Luis Carlos Cerolini, Federico Pastrana, Carlos Enrique Videla, Alejandro Macfarlane, Guillermo Eduardo Stanley, Constanza Brito, Emmanuel Antonio Alvarez Agis, Alejandro Almarza, Carlos Javier Piazza and Vivian Haydee Stenghele).

Status: On May 22, 2019, the CNV (Argentine Securities Commission) issued Resolution No. 80/2019, whereby a warning penalty was imposed on the persons subject to the summary proceedings (except for Delfín J. E. Carballo and Federico Pastrana, as to whom the lack of capacity to be sued was sustained). On 6/7/2019, the Bank, its directors and statutory auditors filed a direct remedy requesting the abrogation of the penalty. The file was submitted to the CNACAF Courtroom II, which issued the resolution for the commencement of proceedings on 19/09/2019. The CNV has answered the served of the direct appeals filed by the Bank and Argenfunds. On 02/12/2021 the file moved to analyze in order to issue a final decision.

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

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

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

Status: on 04/23/2019, UIF passed Resolution No. 41, whereby it imposed fines to responsibles. Against such resolution, the Bank, its Board of Directors and its Statutory audits filed a direct appeal on 06/12/2019, requesting a repeal of the penalty imposed. Such appeal is in process at CNACAF. The file was submitted to Courtroom V of CNACAF that received the proceedings on 06/21/2019. The direct appeal filed was notified to UIF on 12/3/2019. On 02/19/2020, the UIF answered the mentioned served and after that the file was passed to the Public Attorney. On 07/29/2020, the case file returned from the Public Prosecutor's Office to be analyzed by the court in order to issue a decision. On 05/11/2021, the Courtroom V of the CNACAF issued a sentence dismissing the direct appeal filed by the Banco Macro SA and against that on 05/26/2021, this Bank filed a federal extraordinary appeal.

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

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

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

Status: on 05/17/2018 UIF passed resolution No. 13/2016, whereby it filed the summary proceedings related to observations over an overall inspection performed by BCRA. On 06/15/2018, the responsibles filed their defenses. On 7/2/2018, the UIF sustained the lack of capacity to be sued of Delfín Jorge Ezequiel Carballo, discarding his responsibility in this summary proceeding. The proceedings were opened to the production of evidence and closing of the evidence stage; on September 2018 the defendants lodged their memorial. On 01/08/2021 UIF filed Resolution No. 80 which imposed a fine to the Bank and the other responsibles. On 01/26/2021 through BCRA account, the fine was paid for an amount of 60. On 03/02/2021, against such resolution a direct appeal to CNACAF was deducted. The proceeding will be decided at Room IV of such jurisdiction.

- 54 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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

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

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

Status: On 10/02/2019, Banco Macro SA and the individual responsables were passed of the initiation of the proceedings. On 10/31/2019, the Bank and the individuals subject to summary proceedings filed their defense. To date, the plea filed in relation to the statute of limitations has not been resolved yet, and no initial notification has been issued yet. On 01/07/2020, the party hearing the summary proceedings considered the defense filed and deferred the motion to dismiss for lack of capacity to be sued and statute of limitations upon issuing an opinion about the substance of the case. The administrative terms were suspended due to the social and preventive lockdown declared in the country due to Covid-19 pandemic (DNU 297/2020), until 11/29/2020, included. On 11/30/2020, terms were resumed (DNU 876/2020).

Although the above described penalties do not involve material amounts, as of the date of issuance of these condensed consolidated interim financial statements, the total amount of monetary penalties received, pending payment due to any appeal lodged by the Bank, amounts to 1.218 and was recognized according to the BCRA Communiqués “A” 5689 and 5940, as amended and supplemented.

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

35. CORPORATE BONDS ISSUANCE

The corporate bond liabilities recorded by Banco Macro SA in these condensed consolidated interim financial statements amount to:

Corporate Bonds	Original value			Residual face value as of 06/30/2021		06/30/2021		12/31/2020
Subordinated Resettable – Class A	U$S	400,000,000	(1)	U$S	400,000,000		39,093,191		42,986,620
Non-subordinated – Class B	$	4,620,570,000	(2)	$	2,889,191,000		2,431,593		3,046,413
Non-subordinated – Class C	$	3,207,500,000	(3)						3,128,194
Total							41,524,784		49,161,227

(1) On April 26, 2016, the general regular shareholders’ meeting approved the creation of a Global Program for the Issuance of Medium-Term Debt Securities, in accordance with the provisions of Law No. 23576, as amended and further applicable regulations, up to a maximum amount outstanding at any time during the term of the program of USD 1,000,000,000 (one billion US dollars), or an equal amount in other currencies, under which it is possible to issue simple corporate bonds, not convertible into shares in one or more classes. Also, on April 28, 2017, the General and Special Shareholder’ Meeting resolved to extend the maximum amount of the abovementioned Global Program up to USD 1,500,000,000 (one thousand five hundred millions US dollars).

On November 4, 2016, under the abovementioned Global Program, Banco Macro SA issued Subordinated Resettable Corporate Bonds, class A, at a fixed rate of 6.750% p.a. until reset date, fully amortizable upon maturity (November 4, 2026) for a face value of USD 400,000,000 (four hundred million US dollars), under the terms and conditions set forth in the pricing supplement dated October 21, 2016. Interest is paid semiannually on May 4 and November 4 of every year and the reset date will be November 4, 2021. Since reset date, these Corporate Bonds will accrue a benchmark reset rate plus 546.3 basis points, according to the abovementioned terms and conditions.

In addition, the Bank has the option to fully redeem the issuance as the reset date and under the conditions established in the pricing supplement after that date. The Bank used the funds derived from such issuance to grant loans in accordance with BCRA guidelines.

- 55 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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

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

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

As of the date of issuance of these condensed consolidated interim financial statements the Bank made purchases of this issuance for a face value of pesos 511,495,000, with a remaining outstanding face value of pesos 2,377,696,000.

(3)  On April 9, 2018, under the Global Program mention on item a.1), Banco Macro SA issued non-subordinated simple corporate bonds Class C, for a face value of pesos 3,207,500,000, at an annual variable rate equivalent to the sum of (i) Badlar private rate applicable for the related accrued period; plus (ii) applicable margin of 3.5% p.a., fully amortizable upon maturity (April 9, 2021). Interest will be paid quarterly for the periods due on July 9, October 9, January 9 and April 9 of every year, beginning on July 9, 2018.

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

In addition, on October 16, 2019 and January 29, 2020, the Board of Directors decided to pay off these corporate bonds for a face value of pesos 750,500,000 and pesos 44,000,000, respectively.

On April 9, 2021, the Bank cancelled the total principal and interest for a face value of 2,413,000,000.

The Shareholder´s Meeting held on April 27, 2018, resolved to increase the maximum amount of the Global Program for the Issuance of Corporate Bonds for a face value from USD 1,500,000,000 to USD 2,500,000,000 or an equal amount in other currencies, as determinated by the Board of Directors in due time. During the meeting held on April 10, 2019 the Board of Directors decided to use the maximum amount of the Global Program for the Issuance of Corporate Bonds approved on April 27, 2018, i.e., U$S 1,000,000,000 (one billon US dollars) or an equal amount in other currencies or value units, for the issuance of Corporate Bonds under CNV frequent issuers system.

36. OFF BALANCE SHEET TRANSACTIONS

In addition to note 4, the Bank maintains different off balance sheet transactions, pursuant to the BCRA standards. Below are the amounts of the main off balance sheet transactions as of June 30, 2021 and December 31, 2020:

Item	06/30/2021		12/31/2020
Custody of government and private securities and other assets held by third parties		236,313,953		231,133,104
Preferred and other collaterals received from customers (1)		86,634,282		105,867,606
Outstanding checks not yet paid		10,439,321		9,444,643
Checks already deposited and pending clearance		8,188,941		4,785,972

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

- 56 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

37. TAX AND OTHER CLAIMS

37.1. Tax claims

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

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

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

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

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

37.2. Other claims

In addition, before merging with and into the Bank, Banco Privado de Inversiones SA (BPI) had a pending class action styled “Adecua v. Banco Privado de Inversiones on ordinary proceedings”, File No. 19073/2007, pending with Commercial Court No. 3 in and for the CABA, Clerk’s Office No. 5, whereby it was required to reimburse to its clients the life insurance amounts overcharged to amounts payable as well as to reduce the amounts charged in this regard in the future; this legal proceeding was concluded upon the abovementioned merger because BPI complied in full with the terms of the court-approved agreement reached with Adecua before answering the complaint. However, in March 2013, when BPI had already been merged with and into the Bank, the trial court resolved to amend the terms of the agreement and ordered the reimbursement of amounts of money to a larger number of clients as compared to the number arising from the terms approved by the court in due time. Such resolution was appealed by the Bank as BPI’s surviving company. The appeal was dismissed by the Court of Appeals, which abrogated both the trial court decision and the court-approved agreement, thus ordering the Bank to answer the complaint. This gave rise to the filing of an extraordinary appeal against such decision as well as the subsequent filing of a complaint for the extraordinary appeal denied. On May 5, 2021, the Bank was notified of the dismissal of the complaint appeal, ordering the return of the main process to the CNACAF for continuing with the proceedings.

Moreover, the Bank is also subject to three class actions initiated by consumers’ associations for the same purpose, all of them currently pending with Commercial Court No. 7 in and for the CABA, Clerk’s Office No. 13: a) Adecua v, Banco Macro on ordinary proceedings, File No. 20495/2007; b) Damnificados Financieros Asociación Civil Para Su Defensa et al v, Banco Macro on summary proceedings, File No. 37729/2007; c) Unión de Usuarios y Consumidores v. Nuevo Banco Bisel on ordinary proceedings, File No. 44704/2008. Regarding the actions mentioned in a) and b), on February 1, 2021, an agreement was reached and filed for court-approval effects. On such agreement, the Bank assumed to reimburse to its clients and former clients under the agreement, the 75% (seventy five percent) of the difference between the premium collected for life insurance over the debt balance of several products, and the amount that results for applying 2.45 per thousand on the assured amounts for the period between May 2, 2004, and July 31, 2011, both included, plus interest at the current rate of Banco de la Nación Argentina until the final approval of the agreement. On March 16, 2021, the agreement was approved by the Court. On April 8, 2021, the Bank completed the first stage of the approved agreement, while the rest of it will be fulfilled between May and November 2021.

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

- 57 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Furthermore, in other case the Bank was challenged for charging credit card users until December 2014 a commission for “purchase limit excess” that consisted of a percentage over the purchase limit excess amount. It was styled “User and Consumer Union et. al v. Banco Macro SA on summary proceedings” [Unión de Usuarios y Consumidores y otro c/ Banco Macro SA s/ Sumarísimo], file No. 31958/2010, pending with Commercial Court No. 1 in and for the CABA, Clerk’s Office No 1. On 03/15/2019 a court order was passed against the Bank from a trial court that ordered the reimbursement for all the collected amounts plus VAT and interest. Although this court decision was appealed, the Entity understands that there is a low probability that a favorable ruling shall be obtained from the trial court, as the Entity became aware of that the Court of Appeals approved related actions against other two banks, an agreement was reached and filed for court-approval effects on 11/03/2020. On such agreement, the Bank compromised to reimburse to credit card users for the period from August 2007 to December 2014, the amounts collected over the abovementioned concepts plus VAT over such commissions and interest calculated at the average current rate for Documents transactions in force at the Banco de la Nación Argentina. On August 26, 2020, the agreement was approved by the judge. On October 28, 2020, the first stage of the agreement was fulfilled while the second stage will be fulfilled in the next 12 months.

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

38. RESTRICTION ON DIVIDENDS DISTRIBUTION

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

b) Through Communiqué “A” 6464, the BCRA establishes the general procedure to distribute earnings. According to that procedure, earnings may only be distributed if certain circumstances are met, such as no records of financial assistance from the BCRA due to illiquidity or shortages in payments of minimum capital or minimum cash requirement deficiencies and not being subject to the provisions of sections 34 and 35 bis of the Financial Entities Law (sections dealing with tax payment and restructuring agreements and reorganization of the Bank), among other conditions listed in the abovementioned communiqué that must be met. In addition, as established by BCRA Communiqué “A” 6768, the earnings distribution approved by the Shareholders’ Meeting of the Bank could only be formalized once the Superintendence of Financial and Foreign Exchange Institutions assesses the potential effects of the application of IFRS according to Communiqué “A” 6430 (section 5.5 IFRS 9 “Impairment”), the reduction of the lower loss allowances and a higher computable equity (RPC, for its acronym in Spanish) as a consequence of the application of Communiqué “A” 6946 section 2, as amended, for payroll financing to microenterprises and the restatement of financial statements according to Communiqué “A” 6651 in accordance with accounting standards established by Communiqué “A” 6847 and the guidelines to apply the restatement procedures established by Communiqué “A” 6849.

In addition, profits may only be distributed to the extent that the financial institution has positive results, after deducting, on a non-accounting basis, from retained earnings and the optional reserves for the future distribution of profits, (i) the amounts of the legal and other earnings reserves which are mandatory, (ii) all debit amounts of each one of the accounting items recognized in “Other Comprehensive Income”, (iii) income from of the revaluation of property, plant and equipment, intangible assets and investment property, (iv) the positive net difference between the amortized cost and the fair value of government debt instruments and/or monetary regulation instruments issued by the BCRA for those instruments recognized at amortized cost, (v) the adjustments identified by the Superintendence of Financial and Exchange Entities of the BCRA or by the independent external auditor and that have not been recognized in the accounting records and (vi) certain franchises granted by the BCRA. Additionally, no profit distributions shall be made out of the profit originated as a result of the first-time application of the IFRS, which was created a special reserve, and its balance as of June 30, 2021 was 9,122,405 (nominal value: 3,475,669).

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

In addition, through Communiqué “A” 7312, the BCRA established the suspension of earning distribution of financial entities up to December 31, 2021.

- 58 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

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

In compliance with the abovementioned the General regular and Extraordinary Shareholders’ Meeting of Banco Macro SA held on April 30, 2021 and taking into account that at the end of the fiscal year ended December 31, 2020, the Bank had negative unappropriated retained earnings for 50,602,847 and personal property tax on business corporation for 311,944, decided to apply them as follows (figures stated in terms of purchasing power as of December 31, 2020):

a)            30,268,993 to the net income for the fiscal year 2020;

b)            442 to the voluntary reserve; and

c)            20,645,356 to the voluntary reserve for future distributions of earnings.

In addition, the abovementioned Shareholders’ Meeting resolved to distribute cash dividends which is described in note 28.

39. CAPITAL MANAGEMENT, CORPORATE GOVERNANCE TRANSPARENCY POLICY AND RISK MANAGEMENT

As financial institution, Banco Macro SA is governed by the Financial Entities Law No. 21526, as supplemented, and the regulations issued by the BCRA and, is exposed to intrinsic risks related to the financial industry. Moreover, the Bank adheres to the good banking practices laid out in BCRA Communiqué “A” 5201 (Financial Entities Corporate Governance Guidelines). Detailed explanations about the main aspects related to capital management, corporate governance transparency policy and risk management related to the Bank, are disclosed in note 41 to the consolidated financial statements as of December 31, 2020, already issued.

Additionally, the table below shows the minimum capital requirements measured on a consolidated basis, effective for the month of June 2021, together with the integration thereof (computable equity) as of the end of such month:

Description	06/30/2021
Minimum capital requirements		45,224,407
Computable equity		212,201,943
Capital surplus		166,977,536

40. CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT AND FINANCIAL AND CAPITAL MARKETS

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

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

At the same time, the government’s debt restructuring process continued under domestic and foreign legislation which includes the undergoing negotiation with the International Monetary Funds.

- 59 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless otherwise expressly stated)

Particularly, regarding to the price of Us dollar, since the end of 2019, the gap between the official price of the US dollar -used mainly for foreign trade- and the alternative values that arise through the stock market operation and also with respect to the unofficial value, began to widen around 80% as of the date of issuance of these condensed consolidated interim financial statements.

Although, at the end of issuance of these condensed consolidated interim financial statements certain volatility levels abovementioned have been decreased, the local and international macroeconomic context generates certain degree of uncertainty regarding its future progress, and also considering the effect mentioned in note 41, mainly related to the level of the global economic recovery.

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

41. EFFECTS OF THE CORONAVIRUS (COVID-19) OUTBREAK

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

Particularly in the Argentine Republic, on March 19, 2020, through Decree No. 297/2020, the Government established the "social, preventive and compulsory isolation" which, after several extends and amendments, which as of the date of issuance of these condensed consolidated interim financial statements, is still effective in some urban agglomerations and some communes of the Argentinian provinces, while in other cities it was making flexible into “social, preventive and compulsory distancing”.

Along with health protection rules, tax and financial measures were taken to mitigate the impact on the economy associated with the pandemic, including public direct financial assistance measures for part of the population, the establishment of financial and fiscal facilities for both individuals and companies. As regards measures related to the financial institutions, the BCRA established maturities extensions, froze the mortgage loan installments and encouraged banks to lend to companies at reduced rates. In addition, as explained in note 38, the distribution of dividends of the finance institutions was suspended until December 31, 2021.

In addition, in the mandatory quarantine context, the BCRA ruled that financial institutions would not be able to open their branches for public service during that period and should continue to provide services to users remotely. They could also trade with each other and their clients in the exchange market remotely. During quarantine, remote trading of stock exchanges and capital markets authorized by the CNV, by the custodians and capital market agents registered with the CNV was admitted.

In view of the extension of mandatory quarantine, the BCRA then decided that financial institutions would open their branches from Friday, April 3, 2020 for public attention through previous appointments obtained by the Bank's website.

The Bank is developing its activities under the conditions detailed above, giving priority to the compliance of social isolation measures by its employees, with the primary objective of taking care of the public health and well-being of all its stakeholders (employees, suppliers, customers, among others). To this end, it has put in place contingency procedures and has enabled its staff to carry out their tasks remotely. From a commercial point of view, it has emphasized maintaining a close relationship with its customers, trying to respond to their needs at this difficult time, sustaining all virtual channels of care to ensure operability and a good response to requirements, monitoring compliance with their business obligations and monitoring the active portfolio in order to detect possible delays in collection and set new conditions for them.

Considering the size of the abovementioned situation, the Bank's Management estimates that this situation could have an impact on its operations and the financial situation and the profit or loss of the Bank, which are under analysis, and will ultimately depend on the extent and duration of the health emergency and the success of the measures taken and taken in the future.

42. EVENTS AFTER REPORTING PERIOD

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

43. ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

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

  - 60 - Jorge Pablo Brito
Vice Chairman

EXHIBIT B

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

 BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

COMMERCIAL	06/30/2021	12/31/2020
In normal situation	69,511,035	91,193,586
With senior “A” collateral and counter-collateral	5,765,668	4,250,562
With senior “B” collateral and counter-collateral	11,138,216	12,157,675
Without senior collateral or counter-collateral	52,607,151	74,785,349
Subject to special monitoring	2,805,767	3,756,906
In observation
With senior “A” collateral and counter-collateral		424
With senior “B” collateral and counter-collateral	1,953,034	2,669,701
Without senior collateral or counter-collateral	852,733	764,583
In negotiation or with financing agreements
With senior “B” collateral and counter-collateral		170,543
Without senior collateral or counter-collateral		151,655
Troubled	27,673	103,334
With senior “B” collateral and counter-collateral	6,246
Without senior collateral or counter-collateral	21,427	103,334
With high risk of insolvency	102,488	106,727
With senior “B” collateral and counter-collateral	88,002	98,051
Without senior collateral or counter-collateral	14,486	8,676
Irrecoverable	684,564	654,026
With senior “A” collateral and counter-collateral	60,407	66,545
With senior “B” collateral and counter-collateral	483,531	532,684
Without senior collateral or counter-collateral	140,626	54,797
Subtotal Commercial	73,131,527	95,814,579

  - 61 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT B

(Continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

 BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Consumer and mortgage	06/30/2021	12/31/2020
Performing	205,269,392	241,196,061
With senior “A” collateral and counter-collateral	14,667,892	24,541,513
With senior “B” collateral and counter-collateral	17,566,842	20,507,499
Without senior collateral or counter-collateral	173,034,658	196,147,049
Low risk	3,172,714	93,226
With senior “A” collateral and counter-collateral	208,922	6,272
With senior “B” collateral and counter-collateral	139,703	69
Without senior collateral or counter-collateral	2,824,089	86,885
Low risk - in special treatment	12,363	13,207
With senior “A” collateral and counter-collateral	147
Without senior collateral or counter-collateral	12,216	13,207
Medium risk	1,308,302	269,103
With senior “A” collateral and counter-collateral	215,393	5,688
With senior “B” collateral and counter-collateral	34,960	37,629
Without senior collateral or counter-collateral	1,057,949	225,786
High risk	1,812,483	469,078
With senior “A” collateral and counter-collateral	141,336	26,239
With senior “B” collateral and counter-collateral	95,080	59,325
Without senior collateral or counter-collateral	1,576,067	383,514
Irrecuperable	867,503	1,027,669
With senior “A” collateral and counter-collateral	9,859	14,073
With senior “B” collateral and counter-collateral	229,944	300,540
Without senior collateral or counter-collateral	627,700	713,056
Subtotal consumer and mortgage	212,442,757	243,068,344
Total	285,574,284	338,882,923

  - 62 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT B

(Continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

 BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

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

	06/30/2021		12/31/2020
Loans and other financing	272,545,828		322,493,047
Added:
Allowances for loans and other financing	10,194,476		12,560,768
Adjustment amortized cost and fair value	227,529		169,289
Debt securities of financial trust - Measured at amortized cost	75,777		208,905
Corporate bonds	200,675		457,861
Subtract:
Interest and other accrued items receivable from financial assets with impaired credit value	(73,254	)	(73,068	)
Guarantees provided and contingent liabilities	2,403,253		3,066,121
Total computable items	285,574,284		338,882,923

  - 63 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT C

CONSOLIDATED CONCENTRATION OF LOANS AND FINANCING FACILITIES

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Number of customers	06/30/2021				12/31/2020
	Cut off balance		% of total portfolio		Cut off balance		% of total portfolio
10 largest customers		22,415,847		7.85		37,853,753		11.17
50 next largest customers		25,348,701		8.88		29,463,040		8.69
100 next largest customers		16,295,648		5.71		17,115,435		5.05
Other customers		221,514,088		77.56		254,450,695		75.09
Total  (1)		285,574,284		100.00		338,882,923		100.00

(1) See reconciliation in Exhibit B

  - 64 - Jorge Pablo Brito
Vice Chairperson

	EXHIBIT D
CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERM
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish – See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Item	Matured		Remaining terms to maturity												Total
			Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months
Non-financial government sector				911,657		682,813		629,935		1,025,019		1,707,924				4,957,348
Financial sector				338,920		10,569		17,616		1,035,282		613,637		110,905		2,126,929
Non-financial private sector and foreign residents		2,705,455		101,102,736		37,746,004		34,438,093		45,598,618		57,507,549		91,423,335		370,521,790
Total		2,705,455		102,353,313		38,439,386		35,085,644		47,658,919		59,829,110		91,534,240		377,606,067

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERM

AS OF DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Item	Matured		Remaining terms to maturity												Total
			Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months
Non-financial government sector				300,857		889,539		904,997		1,632,602		2,807,529		595,523		7,131,047
Financial sector				91,692		458,821		679,870		421,382		1,260,402				2,912,167
Non-financial private sector and foreign residents		1,641,312		118,514,119		38,541,011		52,565,609		62,048,081		58,986,885		95,988,333		428,285,350
Total		1,641,312		118,906,668		39,889,371		54,150,476		64,102,065		63,054,816		96,583,856		438,328,564

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

  - 65 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT F

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Original value at		Total life						Depreciation for the period								Residual value at the
Item	beginning of fiscal year		estimated in years		Increases		Decreases		Accumulated		Decrease		For the period		At the end		end of the period
Cost
Real property		38,192,383		50		395,541				3,127,733		4		393,749		3,521,478		35,066,446
Furniture and facilities		5,001,300		10		242,099		1,205		2,262,359		407		232,872		2,494,824		2,747,370
Machinery and equipment		6,882,991		5		383,582		38,574		4,333,266		3,069		536,746		4,866,943		2,361,056
Vehicles		1,072,916		5		54,569		59,038		878,859		51,408		45,340		872,791		195,656
Other		3,377								3,345				9		3,354		23
Work in progress		1,050,867				1,020,426		570,014										1,501,279
Right of use real property (1)		2,601,838		5		357,242		13,677		1,129,649		9,483		324,934		1,445,100		1,500,303
Total property, plant and equipment		54,805,672				2,453,459		682,508		11,735,211		64,371		1,533,650		13,204,490		43,372,133

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Original value at		Total life						Depreciation for the fiscal year								Residual value at the
Item	beginning of fiscal year		estimated in years		Increases		Decreases		Accumulated		Decrease		For the fiscal year		At the end		end of the fiscal year
Cost
Real property		37,374,182		50		849,817		31,616		2,368,630		15,158		774,261		3,127,733		35,064,650
Furniture and facilities		4,615,509		10		386,771		980		1,798,584		34		463,809		2,262,359		2,738,941
Machinery and equipment		6,092,935		5		790,189		133		3,238,731		56		1,092,377		4,331,052		2,551,939
Vehicles		1,050,188		5		101,440		78,712		857,722		73,094		94,231		878,859		194,057
Other		3,342				35				3,319				26		3,345		32
Work in progress		1,490,377				582,916		1,022,426										1,050,867
Right of use real property		2,087,024		5		662,338		147,524		516,778		41,931		654,168		1,129,015		1,472,823
Total property, plant and equipment		52,713,557				3,373,506		1,281,391		8,783,764		130,273		3,078,872		11,732,363		43,073,309

(1) During the fiscal year 2021, this item observed transfers from intangible assets.

  - 66 - Jorge Pablo Brito
Vice Chairperson

	EXHIBIT F
	(Continued)
CONSOLIDATED CHANGE IN INVESTMENT PROPERTY
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish – See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Original Value at		Useful life						Depreciation for the period								Residual value at
Item	beginning of fiscal year		estimated in years		Increases		Decreases		Accumulated		Decrease		For the period		At the end		the end of the period
Cost
Rented properties		275,988		50						45,311				1,542		46,853		229,135
Other investment properties		1,061,350		50		2,326		21,908		63,628		3,222		7,268		67,674		974,094
Total investment property		1,337,338				2,326		21,908		108,939		3,222		8,810		114,527		1,203,229

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Original Value at		Useful life						Depreciation for the fiscal year								Residual value at the end of
Item	beginning of fiscal year		estimated in years		Increases		Decreases		Accumulated		Decrease		For the fiscal year		At the end		the fiscal year
Cost
Rented properties		275,987		50		1				42,227				3,084		45,311		230,677
Other investment properties		1,051,450		50		87,980		78,080		48,667		10		14,971		63,628		997,722
Total investment property (1)		1,327,437				87,981		78,080		90,894		10		18,055		108,939		1,228,399

(1) During the fiscal year 2020, this item observed transfers to and from property, plant and equipment.

  - 67 - Jorge Pablo Brito
Vice Chairperson

	EXHIBIT G
CONSOLIDATED CHANGE IN INTANGIBLE ASSETS
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish – See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Original Value at		Useful life						Depreciation for the period								Residual value at the
Item	beginning of fiscal year		estimated in years		Increases		Decreases		Accumulated		Decrease		For the period		At the end		end of the period
Cost
Licenses		3,445,772		5		471,459		13,332		1,787,817		608		373,538		2,160,747		1,743,152
Other intangible assets (1)		10,815,242		5		1,113,194				6,076,864		2		947,359		7,024,221		4,904,215
Total intangible assets		14,261,014				1,584,653		13,332		7,864,681		610		1,320,897		9,184,968		6,647,367

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Original Value at		Useful life						Depreciation for the fiscal year								Residual value at the
Item	beginning of fiscal year		estimated in years		Increases		Decreases		Accumulated		Decrease		For the fiscal year		At the end		end of the fiscal year
Cost
Licenses		2,788,167		5		657,605				1,142,931		1		644,592		1,787,522		1,658,250
Other intangible assets		8,700,748		5		2,115,988		1,494		4,302,615		1,493		1,775,742		6,076,864		4,738,378
Total intangible assets		11,488,915				2,773,593		1,494		5,445,546		1,494		2,420,334		7,864,386		6,396,628

(1) During the fiscal year 2021, this item was transferred to Property, Plant and equipment.

  - 68 - Jorge Pablo Brito
Vice Chairperson

            EXHIBIT H

CONSOLIDATED DEPOSIT CONCENTRATION

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	06/30/2021				12/31/2020
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		38,387,065		7.80		117,304,161		19.15
50 next largest customers		29,631,122		6.02		57,754,254		9.43
100 next largest customers		20,186,990		4.10		26,195,154		4.28
Other customers		404,103,676		82.08		411,258,422		67.14
Total		492,308,853		100.00		612,511,991		100.00

  - 69 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Remaining terms to maturity
Item	Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Deposits		442,470,719		46,468,092		6,667,438		1,080,556		11,607		2,539		496,700,951
From the non-financial government sector		48,766,130		2,314,673		881,017		2,187						51,964,007
From the financial sector		719,603												719,603
From the non-financial private sector and foreign residents		392,984,986		44,153,419		5,786,421		1,078,369		11,607		2,539		444,017,341
Liabilities at fair value through profit or loss		11,599												11,599
Derivative instruments						1,700								1,700
Repo transactions		276,548												276,548
Other financial institutions		276,548												276,548
Other Financial Liabilities		38,801,972		283,312		149,620		242,121		348,375		545,781		40,371,181
Financing received from the Central Bank of Argentina and other financial institutions		194,870		267,878		219,835		31,774		14,042				728,399
Issued corporate bonds						208,048		2,585,744						2,793,792
Subordinated corporate bonds						1,292,310		1,421,159		2,842,317		48,238,790		53,794,576
Total		481,755,708		47,019,282		8,538,951		5,361,354		3,216,341		48,787,110		594,678,746

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

  - 70 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT I
(Continued)

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Remaining terms to maturity
Item	Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Deposits		551,301,782		56,455,722		6,995,250		3,791,585		43,622		2,741		618,590,702
From the non-financial government sector		85,061,780		6,966,749		1,130,393		2,667						93,161,589
From the financial sector		872,778												872,778
From the non-financial private sector and foreign residents		465,367,224		49,488,973		5,864,857		3,788,918		43,622		2,741		524,556,335
Derivative instruments		52		236										288
Repo transactions		777,499												777,499
Other financial institutions		777,499												777,499
Other Financial Liabilities		60,000,802		167,526		157,713		397,528		331,596		644,611		61,699,776
Financing received from the Central Bank of Argentina and other financial institutions		525,662		249,986		255,754		101,141		50,246		7,174		1,189,963
Issued corporate bonds		262,362				3,461,582		260,735		3,240,567				7,225,246
Subordinated corporate bonds						1,423,631		1,423,632		3,131,145		54,706,254		60,684,662
Total		612,868,159		56,873,470		12,293,930		5,974,621		6,797,176		55,360,780		750,168,136

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

  - 71 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT J

CONSOLIDATED CHANGES IN PROVISIONS

AS OF JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Amounts at beginning of				Decreases			Monetary effects generated for
Item	fiscal year		Increases		Reversals	Charge off		provisions			06/30/2021
Provisions for eventual commitments		21,564		182			1,055		(4,506	)		16,185
For Administrative, disciplinary and criminal penalties		900		34,566			34,033		(215	)		1,218
Other		1,612,422		623,174			975,482		(314,055	)		946,059
Total Provisions		1,634,886		657,922			1,010,570		(318,776	)		963,462

CONSOLIDATED CHANGES IN PROVISIONS

AS OF DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Amounts at beginning of				Decreases				Monetary effects generated for
Item	fiscal year		Increases		Reversals		Charge off		provisions			12/31/2020
Provisions for eventual commitments		29,469		9,866				10,052		(7,719	)		21,564
For Administrative, disciplinary and criminal penalties		1,224								(324	)		900
Other		2,483,379		1,406,154		10		1,580,476		(696,625	)		1,612,422
Total Provisions		2,514,072		1,416,020		10		1,590,528		(704,668	)		1,634,886

  - 72 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT L

CONSOLIDATED FOREIGN CURRENCY AMOUNTS

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	06/30/2021
	Total parent company and local		Total per currency								12/31/2020
Item	branches		US dollar		Euro		Real		Other		Total
Assets
Cash and deposits in banks		112,529,777		111,813,366		518,174		23,052		175,185		132,493,616
Debt securities at fair value through profit or loss		768,607		768,607								7,466
Other financial assets		5,461,801		5,461,801								6,237,690
Loans and other financing		19,550,538		19,533,227		17,311						29,189,112
Other financial institutions												26,606
From the non-financial private sector and foreign residents		19,550,538		19,533,227		17,311						29,162,506
Other debt securities		5,607,762		5,607,762								7,381,983
Financial assets delivered as guarantee		1,933,564		1,926,748		6,816						2,283,883
Equity Instruments at fair value through profit or loss		13,335		13,335								14,571
Total assets		145,865,384		145,124,846		542,301		23,052		175,185		177,608,321
Liabilities
Deposits		87,968,378		87,968,312		66						96,625,502
Non-financial government sector		5,342,156		5,342,156								5,261,720
Financial sector		659,413		659,413								719,227
Non-financial private sector and foreign residents		81,966,809		81,966,743		66						90,644,555
Other financial liabilities		7,037,505		6,747,791		276,888				12,826		23,121,210
Financing from Central Bank and other financial Institutions		610,066		592,658		17,354				54		588,541
Subordinated corporate bonds		39,093,191		39,093,191								42,986,620
Other non-financial liabilities		21,678		21,678								25,457
Total liabilities		134,730,818		134,423,630		294,308				12,880		163,347,330

  - 73 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT Q

CONSOLIDATED  BREAKDOWN  OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Net financial Income/ (Loss)
		Mandatory measurement
Items		Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020	Accumulated from beginning of year up to 06/30/2020
For measurement of financial assets at fair value through profit or loss
Gain from government securities		4,839,387		9,324,511		3,028,184	5,131,463
Gain from private securities		443,280		623,485		153,442	511,581
Gain from derivative financial instruments
Forward transactions						28,574	85,569
(Loss) / Gain from other financial assets		(3,068	)	(16,361	)	17,396	8,591
(Loss) / Gain from equity instruments at fair value through profit or loss		(19,205	)	422,806		122,136	265,221
Gain / (Loss) from sales or decreases of financial assets at fair value (1)		26,534		(6,383	)	59,004	11,217
For measurement of financial liabilities at fair value through profit or loss
Loss from derivative financial instruments
Forward transactions		(5,353	)	(5,353	)
Total		5,281,575		10,342,705		3,408,736	6,013,642

(1) Includes reclassifications of instruments classified at fair value through other comprehensive income that were derecognized or charged during the period.

  - 74 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT Q

(Continued)

CONSOLIDATED  BREAKDOWN  OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Net financial Income/(Loss)
Interest and adjustment for the application of the effective interest rate of financial assets measured at amortized cost	Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
Interest income
for cash and bank deposits	2,906		5,822		21,199		117,620
for government securities	1,301,418		3,936,041		1,632,221		4,327,607
for debt securities	64,995		179,480		520,459		1,444,575
for loans and other financing
Non-financial public sector	407,815		920,033		933,977		2,273,804
Financial sector	132,464		318,891		375,490		774,166
Non-financial private sector
Overdrafts	1,455,350		3,337,976		3,947,107		9,915,706
Documents	1,639,706		3,175,212		1,371,086		3,385,740
Mortgage loans	3,395,475		6,783,784		2,239,626		5,084,143
Pledge loans	145,487		268,252		144,736		313,382
Personal loans	9,897,620		20,156,534		10,473,230		21,011,584
Credit cards	2,880,023		5,892,063		3,425,277		7,755,524
Financial leases	15,683		39,906		17,092		52,642
Other	3,158,310		7,014,145		4,158,898		7,312,742
for repo transactions
Central Bank of Argentina	1,343,123		3,648,604		2,200,817		2,710,473
Other financial institutions	15,910		31,914		1,405		67,598
Total	25,856,285		55,708,657		31,462,620		66,547,306
Interest expenses
for deposits
Non-financial private sector
Checking accounts	(78,959	)	(885,162	)	(167,234	)	(357,675	)
Saving accounts	(280,341	)	(536,293	)	(184,803	)	(415,422	)
Time deposits and investments accounts	(17,464,361	)	(38,754,915	)	(12,656,714	)	(26,094,873	)
for Financing received from Central Bank of Argentina and other financial institutions	(43,478	)	(91,830	)	(21,072	)	(56,029	)
for repo transactions
Other financial institutions	(66,966	)	(127,455	)	(30,277	)	(134,100	)
for other financial liabilities	(4,048	)	(10,006	)	(17,441	)	(50,740	)
Issued corporate bonds	(132,267	)	(523,165	)	(539,018	)	(989,847	)
for subordinated corporate bonds	(698,642	)	(1,435,902	)	(747,765	)	(1,473,104	)
Total	(18,769,062	)	(42,364,728	)	(14,364,324	)	(29,571,790	)

  - 75 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT Q

(Continued)

CONSOLIDATED  BREAKDOWN  OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Income for the period			Other comprehensive income				Income for the period			Other comprehensive income
Interest and adjustment for the application of the effective interest rate of financial assets measured at fair value through other comprehensive income		Quarter ended 06/30/2021	Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020	Accumulated from beginning of year up to 06/30/2020		Quarter ended 06/30/2020	Accumulated from beginning of year up to 06/30/2020
From debt government securities		18,395,061	38,577,378		(90,008	)	261,929		13,003,356	26,840,573		1,366,276	(705,490	)
Total		18,395,061	38,577,378		(90,008	)	261,929		13,003,356	26,840,573		1,366,276	(705,490	)

	Income for the period
Items	Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021			Quarter ended 06/30/2020			Accumulated from beginning of year up to 06/30/2020
Commissions income
Commissions related to obligations		4,214,645			8,091,935			3,966,635			8,139,021
Commissions related to credits		39,187			64,015			121,625			146,727
Commissions related to loans commitments and financial guarantees		1,122			1,336			280			489
Commissions related to securities value		129,507			272,516			151,938			286,252
Commissions for credit cards		2,408,814			4,952,962			2,625,088			5,370,616
Commissions for insurances		468,755			946,997			502,884			991,335
Commissions related to trading and foreign exchange transactions		179,889			355,577			163,844			301,667
Total		7,441,919			14,685,338			7,532,294			15,236,107
Commissions expenses
Commissions related to trading and foreign exchange transactions		(17,186	)		(30,207	)		(40,334	)		(73,524	)
Other
Commissions paid ATM exchange		(448,347	)		(907,705	)		(328,230	)		(746,475	)
Checkbooks commissions and compensating cameras		(130,249	)		(250,831	)		(122,165	)		(252,958	)
Commissions credit cards and foreign trade		(81,931	)		(154,605	)		(59,574	)		(167,801	)
Total		(677,713	)		(1,343,348	)		(550,303	)		(1,240,758	)

  - 76 - Jorge Pablo Brito
Vice Chairperson

	EXHIBIT R
VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish – See Note 43)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

			Movements between stages of period
						ECL of remanent life of financial asset
Item	Balances at beginning of the  fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk			Financial instruments with impairment			Effect monetary generated for provisions			06/30/2021
Other financial assets		23,721		2,087									(4,961	)		20,847
Loans and other financing		12,560,768		(2,506,712	)		906,750			1,757,278			(2,523,608	)		10,194,476
Other financial institutions		20,819		(7,210	)								(3,848	)		9,761
To the non-financial private sector and foreign residents
Overdrafts		859,393		13,318			234,134			(516,224	)		(130,412	)		460,209
Documents		670,011		(22,627	)		(21,319	)		8,199			(124,982	)		509,282
Mortgage loans		943,629		(27,164	)		91,880			38,483			(200,658	)		846,170
Pledge loans		168,367		11,599			(11,272	)		23,952			(35,538	)		157,108
Personal loans		3,566,400		(370,188	)		908,326			855,052			(821,709	)		4,137,881
Credit cards		4,247,078		(1,597,818	)		(369,121	)		1,022,863			(815,992	)		2,487,010
Financial leases		12,592		853			430			(4,612	)		(2,240	)		7,023
Other		2,072,479		(507,475	)		73,692			329,565			(388,229	)		1,580,032
Eventual commitments		21,564		(188	)		(530	)					(4,661	)		16,185
Other debt securities		1,683		(761	)								(246	)		676
Total of allowances		12,607,736		(2,505,574	)		906,220			1,757,278			(2,533,476	)		10,232,184

 VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 43)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

		Movements between stages of the fiscal year
				ECL of remanent life of financial asset
Item	Balances at beginning of the  fiscal year	ECL of the next 12 months		Financial instruments with a significant increase in credit risk		Financial instruments with impairment		Effect monetary generated for provisions		12/31/2020
Other financial assets	17,585	14,184						(8,048	)	23,721
Loans and other financing	8,649,831	5,272,238		2,523,653		(598,286	)	(3,286,668	)	12,560,768
Other financial institutions	47,087	(16,357	)					(9,911	)	20,819
To the non-financial private sector and foreign residents
Overdrafts	1,316,744	17,039		1,582		(26,954	)	(449,018	)	859,393
Documents	626,667	173,801		105,705		(38,823	)	(197,339	)	670,011
Mortgage loans	653,538	131,583		378,483		4,923		(224,898	)	943,629
Pledge loans	220,184	30,847		8,992		(21,617	)	(70,039	)	168,367
Personal loans	3,134,887	1,145,448		625,984		(294,605	)	(1,045,314	)	3,566,400
Credit cards	1,353,095	2,712,340		1,007,702		(92,146	)	(733,913	)	4,247,078
Financial leases	9,130	(2,439	)	(989	)	9,685		(2,795	)	12,592
Other	1,288,499	1,079,976		396,194		(138,749	)	(553,441	)	2,072,479
Eventual commitments	29,469	6,665		(6,818	)	437		(8,189	)	21,564
Other debts securities	3,305	333						(1,955	)	1,683
Total of allowances	8,700,190	5,293,420		2,516,835		(597,849	)	(3,304,860	)	12,607,736

  - 77 - Jorge Pablo Brito
Vice Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION  

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Items	Notes		Exhibits	06/30/2021		12/31/2020
ASSETS
Cash and Deposits in Banks		8			140,561,991		143,492,988
Cash					21,370,642		31,859,637
Central Bank of Argentina					77,411,304		62,655,817
Other Local and Foreign Entities					41,774,058		48,970,939
Other					5,987		6,595
Debt Securities at fair value through profit or loss		8	A		60,093,724		66,655,728
Derivative Financial Instruments		8			3,640		9,064
Repo transactions		8			13,051,632		50,366,721
Other financial assets		5, 6 and 8	R		12,975,218		20,455,779
Loans and other financing		6 and 8	B, C, D and R		272,650,001		322,577,439
Non-financial Public Sector					3,654,025		4,530,232
Other Financial Entities					1,548,635		2,284,216
Non-financial Private Sector and Foreign Residents					267,447,341		315,762,991
Other Debt Securities		8	A and R		227,579,079		255,832,260
Financial Assets delivered as guarantee		8 and 27			14,343,683		17,809,838
Equity Instruments at fair value through profit or loss		7 and 8	A		2,086,754		2,084,006
Investment in subsidiaries, associates and joint arrangements		9			5,926,678		5,926,246
Property, plant and equipment			F		43,337,326		43,039,201
Intangible Assets			G		6,645,456		6,394,438
Other Non-financial Assets		10			2,226,225		2,474,688
Non-current assets held for sale					2,746,236		2,770,475
TOTAL ASSETS					804,227,643		939,888,871

  - 78 - Jorge Pablo Brito
Vice Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION  

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Items	Notes		Exhibits	06/30/2021			12/31/2020
LIABILITIES
Deposits		8	H and I		489,940,298			607,949,389
Non-financial Public Sector					51,604,518			92,195,398
Financial Sector					719,603			872,778
Non-financial Private Sector and Foreign Residents					437,616,177			514,881,213
Derivative Financial Instruments		8	I		1,700			288
Repo Transactions		8	I		275,381			775,221
Other Financial Liabilities		8 and 12	I		36,283,007			41,645,336
Financing received from the Central Bank of Argentina and other financial entities		8	I		708,860			1,151,580
Issued Corporate Bonds		8 and 32	I		2,431,593			6,174,607
Current Income Tax Liabilities					1,532,559			6,252,088
Subordinated Corporate Bonds		8 and 32	I		39,093,191			42,986,620
Provisions		13	J and R		963,462			1,634,886
Deferred Income Tax Liabilities		17			9,056,920			7,884,460
Other Non-financial Liabilities		14			41,445,891			37,855,423
TOTAL LIABILITIES					621,732,862			754,309,898
SHAREHOLDERS´EQUITY
Capital Stock		25	K		639,413			639,413
Non-capital contributions					12,429,781			12,429,781
Adjustments to Shareholders’ Equity					66,364,319			66,364,319
Earnings Reserved					101,150,253			137,626,823
Unappropriated Retained Earnings					(7,406,399	)		(63,428,906	)
Other Comprehensive Income accumulated		3			2,273,441			1,408,308
Net Income for the period/ fiscal year					7,043,973			30,539,235
TOTAL SHAREHOLDERS´EQUITY					182,494,781			185,578,973
TOTAL SHAREHOLDERS´EQUITY AND LIABILITIES					804,227,643			939,888,871

The notes 1 to 40 to the condensed separate interim financial statement and the exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim financial statement.  

  - 79 - Jorge Pablo Brito
Vice Chairperson

CONDENSED SEPARATE STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Items	Notes		Exhibits	Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021			Quarter ended 06/30/2020			Accumulated from beginning of year up to 06/30/2020
Interest income			Q		44,199,966			94,181,959			44,352,768			93,233,361
Interest expense			Q		(18,770,378	)		(42,368,225	)		(14,364,324	)		(29,571,790	)
Net Interest income					25,429,588			51,813,734			29,988,444			63,661,571
Commissions income		18	Q		7,369,393			14,517,907			7,428,957			15,033,960
Commissions expense			Q		(620,591	)		(1,237,261	)		(540,628	)		(1,226,060	)
Net Commissions income					6,748,802			13,280,646			6,888,329			13,807,900
Subtotal (Net Interest income plus Net Commissions income)					32,178,390			65,094,380			36,876,773			77,469,471
Loss from measurement of financial instruments at fair value through profit or loss			Q		5,090,733			10,090,588			3,386,700			5,784,354
Profit from sold or derecognized assets at amortized cost					61,176			127,330			28,141			1,377,422
Differences in quoted prices of gold and foreign currency		19			631,773			1,902,990			1,112,419			1,919,419
Other operating income		20			1,061,088			2,561,709			1,399,893			2,977,616
Allowances for loan losses					(213,463	)		(213,463	)		(3,532,650	)		(4,896,088	)
Net Operating Income					38,809,697			79,563,534			39,271,276			84,632,194
Employee benefits		21			(8,264,184	)		(16,180,125	)		(8,511,404	)		(15,845,424	)
Administrative expenses		22			(3,827,349	)		(7,560,604	)		(4,301,264	)		(8,474,160	)
Depreciation and amortization of fixed assets			F and  G		(1,427,617	)		(2,849,421	)		(1,375,717	)		(2,691,432	)
Other Operating Expenses		23			(6,213,530	)		(13,217,256	)		(6,102,936	)		(12,920,126	)
Operating Income					19,077,017			39,756,128			18,979,955			44,701,052
Income from subsidiaries, associates and joint arrangements		9			163,498			299,840			179,218			348,574
Loss on net monetary position					(13,403,454	)		(29,295,733	)		(6,151,719	)		(15,216,297	)
Income before tax on continuing operations					5,837,061			10,760,235			13,007,454			29,833,329
Income tax on continuing operations		17.b)			(1,220,025	)		(3,716,262	)		(3,846,993	)		(10,016,586	)
Net Income from continuing operations					4,617,036			7,043,973			9,160,461			19,816,743
Net Income for the period					4,617,036			7,043,973			9,160,461			19,816,743

  - 80 - Jorge Pablo Brito
Vice Chairperson

SEPARATE EARNINGS PER SHARE

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Items	Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
Net Profit attributable to Parent’s shareholders		4,617,036		7,043,973		9,160,461		19,816,743
PLUS: Potential diluted earnings per common share
Net Profit attributable to Parent’s shareholders adjusted as per diluted earnings		4,617,036		7,043,973		9,160,461		19,816,743
Weighted average of outstanding common shares for the period		639,413		639,413		639,413		639,413
PLUS: Weighted average of the number of additional common shares with dilution effects
Weighted average of outstanding common shares for the period adjusted as per dilution effect		639,413		639,413		639,413		639,413
Basic earnings per share (in pesos)		7.2207		11.0163		14.3264		30.9921

  - 81 - Jorge Pablo Brito
Vice Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Items	Notes			Exhibits		Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021			Quarter ended 06/30/2020			Accumulated from beginning of year up to 06/30/2020
Net Income for the period							4,617,036			7,043,973			9,160,461			19,816,743
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences in financial statements conversion							(200,273	)		(307,563	)		116,743			105,520
Foreign currency translation differences of the period							(200,273	)		(307,563	)		116,743			105,520
Profit or losses for financial instruments measured at fair value through OCI (IFRS 9(4.1.2)(a))							412,986			1,281,835			1,056,406			257,302
Profit or losses for the period financial instruments at fair value through OCI					Q		(90,247	)		371,068			1,173,764			(602,246	)
Adjustment for reclassification of period							743,374			1,451,823			331,573			965,505
Income tax		17.	b)				(240,141	)		(541,056	)		(448,931	)		(105,957	)
Interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method							125			(109,139	)		192,927			(103,320	)
Income/ (losses) for the period from interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method							125			(109,139	)		192,927			(103,320	)
Total Other Comprehensive Income that will be reclassified to profit or loss for the period							212,838			865,133			1,366,076			259,502
Total Other Comprehensive Income							212,838			865,133			1,366,076			259,502
Total Comprehensive Income							4,829,874			7,909,106			10,526,537			20,076,245

The notes 1 to 40 to the condensed separate interim financial statement and the exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim financial statement.

  - 82 - Jorge Pablo Brito
Vice Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 38)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Changes	Notes		Capital stock		Non-capital Contributions		Adjustments to Shareholders’ Equity		Other Comprehensive Income					Earnings Reserved					Unappropriated Retained Earnings (1)			Total Equity
			Outstanding shares		Additional paid-in capital				Accumulative foreign currency translation difference in financial statements conversion			Other (1)		Legal		Other
Restated amount at the beginning of the fiscal year				639,413		12,429,781		66,364,319		1,134,570			273,738		40,217,417		97,409,406			(32,889,671	)		185,578,973
Total comprehensive income for the period
- Net income for the period																				7,043,973			7,043,973
- Other comprehensive income for the period										(307,563	)		1,172,696										865,133
Distribution of unappropriated retained earnings as approved by Shareholders´ Meeting held on April 30, 2021		35
-Cash dividends																	(10,660,756	)					(10,660,756	)
-Absortion of loss   accumulated
Voluntary reserve																	(554	)		554
Voluntary reserve for future distribution earnings																	(25,482,718	)		25,482,718
Personal property tax on business corporation																	(332,542	)					(332,542	)
Amount at the end of the period				639,413		12,429,781		66,364,319		827,007			1,446,434		40,217,417		60,932,836			(362,426	)		182,494,781

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 38)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Changes	Notes	Capital stock		Non-capital Contributions		Adjustments to Shareholders’ Equity		Other Comprehensive Income					Earnings Reserved					Unappropriated Retained Earnings (1)			Total Equity
		Outstanding shares		Additional paid-in capital				Accumulative foreign currency translation difference in financial statements conversion		Other (1)			Legal		Other
Restated amount at the beginning of the fiscal year			639,413		12,429,781		66,364,319		984,352		(751,483	)		26,295,118		67,418,238			5,524,917			178,904,655
Total comprehensive income for the period
- Net income for the period																			19,816,743			19,816,743
- Other comprehensive income for the period									105,520		153,982											259,502
Distribution of unappropriated retained earnings as approved by Shareholders´ Meeting held on April 30, 2020
- Legal reserve														13,922,299					(13,922,299	)
- Normative reserve																55,031,524			(55,031,524	)
- Cash dividends																(19,941,900	)					(19,941,900	)
Amount at the end of the period			639,413		12,429,781		66,364,319		1,089,872		(597,501	)		40,217,417		102,507,862			(43,612,163	)		179,039,000

(1) Amounts at the beginning of the fiscal year were adjusted in accordance with Communication “A” 7211. See also Note 3 to the condensed consolidated interim financial statements section “New standards adopted in the fiscal year”.

The notes 1 to 40 to the condensed separate interim financial statement and the exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim financial statement.

  - 83 - Jorge Pablo Brito
Vice Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Items	Notes	06/30/2021			06/30/2020
Cash flows from operating activities
Income for the period before Income Tax			10,760,235			29,833,329
Adjustment for the total monetary effect of the period			29,295,733			15,216,297
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation			2,849,421			2,691,432
Allowance for loan losses			213,463			4,896,088
Difference in quoted prices of foreign currency			(8,918,983	)		(8,912,115	)
Other adjustments			21,494,077			12,120,390
Net increase / (decrease) from operating assets:
Debt Securities at fair value through profit and loss			10,597,167			(8,964,549	)
Derivative financial instruments			5,424			61,025
Repo transactions			37,315,089			(101,398,381	)
Loans and other financing
Non-financial public sector			876,207			1,261,432
Other financial entities			735,581			3,460,292
Non-financial private sector and foreign residents			47,999,559			25,141,206
Other debt securities			(10,508,295	)		(29,108,047	)
Financial assets delivered as guarantee			3,466,155			(2,681,802	)
Equity instruments at fair value through profit or loss			(2,748	)		202,726
Other assets			7,372,233			(6,851,226	)
Net increase / (decrease) from operating liabilities:
Deposits
Non-financial public sector			(40,590,880	)		59,662,608
Financial sector			(153,175	)		(11,148	)
Non-financial private sector and foreign residents			(77,265,036	)		87,008,171
Derivative financial instruments			1,412			(1,311,340	)
Repo transactions			(499,840	)		204,254
Other liabilities			(8,036,221	)		3,751,507
Payments for Income Tax			(6,220,465	)		(5,341,005	)
Total cash from operating activities (A)			20,786,113			80,931,144

  - 84 - Jorge Pablo Brito
Vice Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Items	Notes		06/30/2021			06/30/2020
Cash flows from investing activities
Payments:
Acquisition of PPE, intangible assets and other assets				(3,061,192	)		(2,084,589	)
Total cash used in investing activities (B)				(3,061,192	)		(2,084,589	)
Cash flows from financing activities
Payments:
Non subordinated corporate bonds				(3,177,684	)		(1,787,519	)
Central Bank of Argentina				-			(14,556	)
Financing from local financial entities				(354,184	)		(2,140,910	)
Subordinated corporate bonds				(1,304,758	)		(1,387,485	)
Other payments related to financing activities				(299,698	)		(354,886	)
Total cash used in financing activities (C)				(5,136,324	)		(5,685,356	)
Effect of exchange rate fluctuations (D)				14,443,366			16,090,173
Monetary effect on cash and cash equivalents (E)				(64,689,273	)		(34,689,077	)
Net (decrease)/ increase in cash and cash equivalents (A+B+C+D+E)				(37,657,310	)		54,562,295
Restated Cash and cash equivalents at the beginning of the fiscal year		24		304,755,011			244,544,692
Cash and cash equivalents at the end of the period		24		267,097,701			299,106,987

The notes 1 to 40 to the condensed separate interim financial statement and the exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim financial statement.

  - 85 - Jorge Pablo Brito
Vice Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

1. CORPORATE INFORMATION

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

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

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

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

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

On July 17, August 26, October 15, 2020, March 4, and May 12, 2021, the Bank made irrevocable capital contributions in advance of future share subscription to the company Play Digital SA, which were accepted for the Extraordinary Shareholder’s Meeting of that company. Additionally, on December 15, 2020, the Extraordinary Shareholder’s Meeting approved a capital stock increase. Thus, the Bank subscribed new shares on December 16, 2020 (see note 1 to the condensed consolidated interim financial statements).

On August 25, 2021, the Bank’s Board of Directors approved the issuance of these condensed separate interim financial statements.

2. OPERATIONS OF THE BANK

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

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

Applicable Accounting Standards

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

- 86 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

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

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

b) Additionally, the Bank received on March 12 and 22, 2021 and April 29, 2019 Memorandums from the BCRA, which established specifics guidelines related to the measurement of the Bank’s holding in Prisma Medios de Pago SA as explained in note 7. Considering such guidelines, the Bank adjusted the fair value previously determined. As of the date of issuance of these condensed separate interim financial statements, the Bank is in the process of quantifying the difference over such fair value and the fair value calculated according to IFRS, which could be material.

Except for what was mentioned in the previous paragraphs, the accounting policies applied by the Bank comply with the IFRS as currently approved and are applicable to the preparation of these condensed separate interim financial statements in accordance with the IFRS as adopted by the BCRA through Communiqué “A” 7183. Generally, the BCRA does not allow the anticipated application of any IFRS, unless otherwise expressly stated.

Note 3 to the condensed consolidated interim financial statements presents further detailed descriptions of the basis for the presentation of such financial statements and the main accounting policies used and the relevant information of the subsidiaries. All that is explained therein shall apply to these condensed separate interim financial statements.

Going concern

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

Subsidiaries

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

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

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

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

Transcription into books

As of the date of issuance of these condensed separate interim financial statements, the same are in the process of being transcribed into the Books of Accounts of Banco Macro SA.

Reclassification of financial assets and liabilities – Changes in business model

During July and August 2020, the Bank’s management decided to update the objective related to holdings of Federal Government Treasury Bonds adjusted by CER 2.5% (maturity 07/22/2021) which at the closing date of these condensed separate interim financial statements they were in the Bank’s portfolio. For further information see note 3 section “Reclassification of financial assets and liabilities – Changes in business model” to the condensed consolidated interim financial statements.

- 87 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

New standards adopted

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

New pronouncements

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

4. CONTINGENT TRANSACTIONS

In order to meet specific financial needs of customers, the Bank’s credit policy also includes, among others, the granting of guarantees, securities, bonds, letters of credit and documentary credits. The Bank is also exposed to overdrafts and unused agreed credits on credit cards of the Bank. Since they imply a contingent obligation for the Bank, they expose the Bank to credit risks other than those recognized in statement of financial position and they are, therefore, an integral part of the total risk of the Bank. These transactions are detailed in note 4 to the condensed consolidated interim financial statements.

Risks related to the contingent transactions described above have been evaluated and are controlled within the framework of the Bank’s credit risk policy, described in note 41 to the consolidated financial statements as of December 31, 2020, already issued.

5. OTHER FINANCIAL ASSETS

The breakdown of the other financial assets as of June 30, 2021 and December 31, 2020 is as follows:

Description	06/30/2021			12/31/2020
Sundry debtors (see note 7)		7,997,961			8,933,154
Receivables from spot sales of foreign currency pending settlement		4,786,519			10,577,816
Receivables from spot sales of government securities pending settlement		56,235			694,224
Private securities		30,844			32,809
Other		124,506			241,497
Subtotal		12,996,065			20,479,500
Allowances for ECL		(20,847	)		(23,721	)
Total		12,975,218			20,455,779

Disclosures related to allowance for ECL are detailed in note 6 “Loss allowance for expected credit losses on credit exposures not measured at fair value through profit or loss”.

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

In note 7 to the condensed consolidated interim financial statements, are detailed the allowances recognized by the Bank under this concept.

In addition, in exhibit R “Value adjustment for credit losses – Allowance for uncollectibility risk” are also disclosed the Expected Credit Losses (ECL) movements by portfolio and products.

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

The Bank’s investment in Prisma Medios de Pago SA as of June 30, 2021 and December 31, 2020 is described in note 9 to the condensed consolidated interim financial statements.

- 88 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

8. FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES

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

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

Fair value hierarchy

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

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

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

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

The following tables show the hierarchy in the Bank’s financial asset and liability at fair value measurement, as of June 30, 2021 and December 31, 2020:

	Financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2021
Description	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss		60,093,724		59,217,062				876,662
Derivatives financial instruments		3,640		3,640
Other financial assets		30,844						30,844
Equity instruments at fair value through profit or loss		2,086,754		10,745				2,076,009
At fair value through OCI
Other debt Securities		206,633,990		84,133,443		122,500,547
Total		268,848,952		143,364,890		122,500,547		2,983,515
Financial liabilities
At fair value through profit or loss Derivatives i instruments		1,700		1,700
Total		1,700		1,700

- 89 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

	Financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2020
Description	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss		66,655,728		66,181,445				474,283
Derivatives financial instruments		9,064				9,064
Other financial assets		32,809						32,809
Equity instruments at fair value through profit or loss		2,084,006		12,191				2,071,815
At fair value through OCI
Other debt Securities		216,833,929		138,396,343		78,437,586
Financial assets delivered as guarantee		871,942		871,942
Total		286,487,478		205,461,921		78,446,650		2,578,907
Financial liabilities
At fair value through profit or loss Derivatives financial instruments		288		288
Total		288		288

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

	As of June 30, 2021
Description	Debt instruments			Other financial assets			Equity investment at fair value through profit or loss
Amount at the beginning		474,283			32,809			2,071,815
Transfers to Level 3
Transfers for Level 3
Profit and loss		113,819						466,630
Recognition and derecognition		375,270			5,499
Monetary effects		(86,710	)		(7,464	)		(462,436	)
Amount at the end of the period		876,662			30,844			2,076,009

	As of December 31, 2020
Description	Debt instruments			Other financial assets			Equity investment at fair value through profit or loss
Amount at the beginning		1,390,632			39,244			2,604,975
Transfers to Level 3
Transfers for Level 3
Profit and loss		260,413			11,871			167,522
Recognition and derecognition		(992,011	)		(8,153	)		21,445
Monetary effects		(184,751	)		(10,153	)		(722,127	)
Amount at the end of the fiscal year		474,283			32,809			2,071,815

- 90 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

In note 10 to the condensed consolidated interim financial statements, are detailed the valuation techniques and significant unobservable inputs used in the valuation of assets at Level 3.

Changes in fair value levels

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

As of June 30, 2021 and December 31, 2020, the Bank has not recognized any transfers between levels 1, 2 and 3 of the fair value hierarchy.

Financial assets and liabilities not recognized at fair value

The following table shows a comparison between the fair value and the carrying amount of financial instruments not recognized at fair value as of June 30, 2021 and December 31, 2020:

	06/30/2021
Description	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		140,561,991		140,561,991						140,561,991
Repo transactions		13,051,632		13,051,632						13,051,632
Other financial assets		12,944,374		12,944,374						12,944,374
Loans and other financing		272,650,001						250,778,144		250,778,144
Other debt securities		20,945,089		297,004		20,742,799		81,624		21,121,427
Financial assets delivered as guarantee		14,343,683		14,343,683						14,343,683
Total		474,496,770		181,198,684		20,742,799		250,859,768		452,801,251
Financial liabilities
Deposits		489,940,298		257,863,972				231,946,284		489,810,256
Repo transactions		275,381		275,381						275,381
Other financial liabilities		36,283,007		34,752,536		1,530,229				36,282,765
Financing received from the BCRA and other financial entities		708,860		561,231		143,976				705,207
Issued corporate bonds		2,431,593				2,252,867				2,252,867
Subordinated corporate bonds		39,093,191				32,604,514				32,604,514
Total		568,732,330		293,453,120		36,531,586		231,946,284		561,930,990

	12/31/2020
Description	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		143,492,988		143,492,988						143,492,988
Repo transactions		50,366,721		50,366,721						50,366,721
Other financial assets		20,422,970		20,422,970						20,422,970
Loans and other financing		322,577,439						300,727,499		300,727,499
Other debt securities		38,998,331		13,233,959		27,834,926		185,890		41,254,775
Financial assets delivered as guarantee		16,937,896		16,937,896						16,937,896
Total		592,796,345		244,454,534		27,834,926		300,913,389		573,202,849

- 91 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 39) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated) 

	12/31/2020
	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial liabilities
Deposits		607,949,389		300,290,773				307,310,127		607,600,900
Repo transactions		775,221		775,221						775,221
Other financial liabilities		41,645,336		39,975,268		1,668,442				41,643,710
Financing received from the BCRA and other financial entities		1,151,580		405,891		733,673				1,139,564
Issued corporate bonds		6,174,607				5,164,364				5,164,364
Subordinated corporate bonds		42,986,620				36,474,071				36,474,071
Total		700,682,753		341,447,153		44,040,550		307,310,127		692,797,830

9. INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT ARRANGEMENTS

The Bank’s interests on subsidiaries, associates and joint ventures are disclosed in note 11 to the condensed consolidated interim financial statements.

10. OTHER NON-FINANCIAL ASSETS

The breakdown of other non-financial assets as of June 30, 2021 and December 31, 2020 is as follows:

Description	06/30/2021		12/31/2020
Advanced prepayments		1,017,982		571,401
Investment property (see Exhibit F)		945,179		968,995
Tax advances		128,904		753,173
Other		134,160		181,119
Total		2,226,225		2,474,688

11. RELATED PARTIES

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

- has control or joint control of the Bank;

- has significant influence over the Bank;

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

- members of the same group;

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

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

- 92 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 39) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021,unless expressly stated)

As of June 30, 2021 and December 31, 2020, amount balances related to transactions generated with related parties are as follows:

	As of June 30, 2021
	Main subsidiaries
	Macro Bank Limited		Macro Securities SA		Macro Fondos SGFCISA		Argenpay SAU		Associates		Key management personnel (1)		Other related parties		Total
Assets
Cash and deposit in banks		767														767
Other financial assets						70,026										70,026
Loans and other financing (2)
Overdraft												54,071		560,980		615,051
Credit Cards												64,832		27,317		92,149
Lease														13,730		13,730
Personal loans												1,526				1,526
Mortgage loans												228,741				228,741
Other loans				888,047								7,814		1,111,363		2,007,224
Guarantee granted														852,832		852,832
Total assets		767		888,047		70,026						356,984		2,566,222		3,882,046
Liabilities
Deposits		6		1,363,714		154,553		24,303		52,264		418,309		902,371		2,915,520
Other financial liabilities												160		921		1,081
Other non-financial liabilities														11,341		11,341
Total liabilities		6		1,363,714		154,553		24,303		52,264		418,469		914,633		2,927,942

(1) Includes close family members of the key management personnel.

(2) The maximum financing amount for loans and other financing as of June 30, 2021 for Macro Securities SA, Key management personnel and other related parties amounted to 889,080, 463,639 and 3,876,296, respectively.

	As of December 31, 2020
	Main subsidiaries
	Macro Bank Limited	Macro Securities SA	Macro Fondos SGFCISA	Argenpay SAU	Associates	Key management personnel (1)	Other related parties	Total
Assets
Cash and deposit in banks	845							845
Repo transaction		961,722						961,722
Other financial assets
Loans and other financing (2)							1,915	1,915
Documents						41,049	509,341	550,390
Overdraft						56,794	6,182	62,976
Lease		1,296					6,546	7,842
Personal loans						14,602		14,602
Mortgage loans						105,489		105,489
Other loans		892,030					476,845	1,368,875
Guarantee granted							1,042,324	1,042,324
Total assets	845	1,855,048				217,934	2,043,153	4,116,980

- 93 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 39) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

	As of December 31, 2020
	Main subsidiaries
	Macro Bank Limited		Macro Securities SA		Macro Fondos SGFCISA		Argenpay SAU		Associates		Key management personnel (1)		Other related parties		Total
Liabilities
Deposits		9		841,453		163,691		71,405		54,314		622,487		994,775		2,748,134
Other financial liabilities				19,569								187		10,486		30,242
Other non-financial liabilities														14,316		14,316
Total liabilities		9		861,022		163,691		71,405		54,314		622,674		1,019,577		2,792,692

(1) Includes close family members of the key management personnel.

(2) The maximum financing amount for loans and other financing as of December 31, 2020 for Macro Securities SA, Key management personnel and other related parties amounted to 896,053, 1,237,941 and 5,856,843, respectively.

Profit or loss related to transactions generated during the six-month periods ended June 30, 2021 and 2020 with related parties are as follows:

	As of June 30, 2021
	Main subsidiaries
	Macro Bank Limited		Macro Securities SA			Macro Fondos SGFCISA		Argenpay SAU	Associates			Key management personnel (1)			Other related parties			Total
Income / (loss)
Interest income				1,717									61,325			520,957			583,999
Interest expense				(3,497	)					(7,569	)		(19,464	)		(47,596	)		(78,126	)
Commissions income				6,256			54			72			5			8,183			14,570
Commissions expense													(11	)		(145	)		(156	)
Other operating income		1		2,826												14			2,841
Administrative expense																(102,061	)		(102,061	)
Other operating expense																(30,803	)		(30,803	)
Income / (loss)		1		7,302			54			(7,497	)		41,855			348,549			390,264

(1) Includes close family members of the key management personnel.

- 94 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 39) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

	As of December 31, 2020
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SA			Macro Fondos SGFCISA		Argenpay SAU		Associates			Key management personnel (2)			Other related parties			Total
Income / (loss)
Interest income				2,878										58,102			465,730			526,710
Interest expense											(4,263	)		(1,838,503	)		(34,875	)		(1,877,641	)
Commissions income				4,512			179				33			36			4,345			9,105
Commissions expense														(150	)		(294	)		(444	)
Income from measurement of financial instruments at fair value through profit or loss																	5,206			5,206
Other operating income		3							2								17			22
Allowance for loan losses				(13,500	)															(13,500	)
Administrative expense																	(96,703	)		(96,703	)
Other operating expense																	(61,867	)		(61,867	)
Income / (loss)		3		(6,110	)		179		2		(4,230	)		(1,780,515	)		281,559			(1,509,112	)

(1) Includes close family members of the key management personnel.

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

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

Total remunerations received as salary and bonus by the key management personnel as of June 30, 2021 and 2020, totaled 227,575 and 155,469, respectively.

In addition, fees received by the Directors as of June 30, 2021 and 2020 amounted to 716,664 and 1,375,921, respectively.

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

Composition	06/30/2021		12/31/2020
Board of Directors		12		13
Senior managers of the key management personnel		11		11
Total		23		24

12. OTHER FINANCIAL LIABILITIES

The breakdown of other financial liabilities as of June 30, 2021 and December 31, 2020 is as follows:

- 95 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 39) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

Description	06/30/2021		12/31/2020
Credit and debit card settlement - due to merchants		20,363,000		21,560,253
Amounts payable for spot purchases of foreign currency pending settlement		6,632,526		10,589,872
Payment orders pending settlement foreign exchange		2,515,221		3,851,349
Collections and other transactions on account and behalf others		1,682,677		1,771,515
Finance leases liabilities		1,380,708		1,468,018
Amounts payable for spot purchases of government securities pending settlement		1,184,315		546,623
Other		2,524,560		1,857,706
Total		36,283,007		41,645,336

13. PROVISIONS

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

Exhibit J “Changes in Provisions” presents the changes in provisions as of June 30, 2021 and December 31, 2020.

The expected terms to settle these obligations are detailed in note 15 to the condensed consolidated interim financial statements.

14. OTHER NON-FINANCIAL LIABILITIES

The breakdown of other non-financial liabilities as of June 30, 2021 and December 31, 2020 is as follows:

Description	06/30/2021		12/31/2020
Dividends payables (see note 35)		26,580,416		20,778,766
Salaries, bonuses and payroll taxes payables		5,552,666		6,053,565
Withholdings		4,527,523		5,164,968
Taxes payables		2,453,286		2,241,287
Miscellaneous payables		1,307,036		1,757,787
Retirement pension payment orders pending settlement		477,993		513,246
Fees payables		65		597,027
Other		546,906		748,777
Total		41,445,891		37,855,423

- 96 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 39) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

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

The following tables show the analysis of financial assets and liabilities the Bank expects to recover and settle as of June 30, 2021 and December 31, 2020: 

06/30/2021	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		140,561,991
Debt securities at fair value through profit or loss				51,065,942		9,027,782
Derivative financial instruments				3,640
Repo transactions				13,051,632
Other financial assets		1,179,666		7,139,520		4,656,032
Loans and other financing (1)		741,988		178,058,218		93,849,795
Other debt securities				202,763,811		24,815,268
Financial assets delivered as guarantee		14,036,745		306,938
Equity instruments at fair value through profit or loss		2,086,754
Total assets		158,607,144		452,389,701		132,348,877

Liabilities
Deposits	252,441,885	237,488,964	9,449
Derivative financial instruments		1,700
Repo transactions		275,381
Other financial liabilities		35,389,807	893,200
Financing received from the BCRA and other financial institutions		697,635	11,225
Issued corporate bonds		2,431,593
Subordinated corporate bonds		802,511	38,290,680
Total liabilities	252,441,885	277,087,591	39,204,554

12/31/2020	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		143,492,988
Debt securities at fair value through profit or loss				64,043,002		2,612,726
Derivative financial instruments				9,064
Repo transactions				50,366,721
Other financial assets		1,818,934		13,391,099		5,245,746
Loans and other financing (1)		784,466		223,262,918		98,530,055
Other debt securities				227,684,116		28,148,144
Financial assets delivered as guarantee		16,937,896		871,942
Equity instruments at fair value through profit or loss		2,084,006
Total assets		165,118,290		579,628,862		134,536,671

- 97 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 39) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

12/31/2020	Without due date		Total up to 12 months		Total over 12 months
Liabilities
Deposits		294,391,553		313,530,990		26,846
Derivative financial instruments				288
Repo transactions				775,221
Other financial liabilities				40,671,817		973,519
Financing received from the BCRA and other financial institutions				1,103,241		48,339
Issued corporate bonds				3,194,775		2,979,832
Subordinated corporate bonds				804,947		42,181,673
Total liabilities		294,391,553		360,081,279		46,210,209

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

16. DISCLOSURES BY OPERATING SEGMENT

The Bank has an approach of its banking business that is described in note 18 to the condensed consolidated interim financial statements.

17. INCOME TAX

a) Inflation adjustment and tax rate on income tax

In note 19 to the condensed consolidated interim financial statements are detailed the legal aspects of the inflation adjustment on income tax and the corporate tax rate on tax rate.

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

	06/30/2021				06/30/2020
Description	Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020			Accumulated from beginning of year up to 06/30/2020
Current income tax expense / (profit) (1)		1,003,998		2,171,514		(1,933,792	)		4,320,272
Loss for deferred income taxes		74,889		1,172,460		5,522,690			5,230,940
Monetary effects		141,138		372,288		258,095			465,374
Income tax loss recorded in the statement of income		1,220,025		3,716,262		3,846,993			10,016,586
Income tax loss recorded in other comprehensive income		240,141		541,056		448,931			105,957
Total		1,460,166		4,257,318		4,295,924			10,122,543

(1) See the following paragraph of this note.

- 98 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2021 

(Translation of Financial statements originally issued in Spanish – See Note 39) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated) 

As decided by the Board of Directors in the meeting dated May 11, 2020, considering certain case-law on the subject assessed by its legal and tax advisors, on May 26, 2020, the Bank filed with the Administración Federal de Ingresos Públicos (AFIP, for its acronym in Spanish) its annual income tax return considering the total effect of the inflation adjustment on income tax (see section a) iv) of note 19 to the condensed consolidated interim financial statements). As a result, the current income tax determined by the Bank for fiscal year 2019 amounted to 7,002,124 (not restated). The same criterion was applied to determine the annual income tax report for 2020, which generated an accrued income tax for Banco Macro SA for such fiscal year that amounted to 9,933,210 (not restated).

In addition, on October 24, 2020 Banco Macro SA filed to AFIP-DGI two requests for the recovery of payments established by the first paragraph of section 81 Law 11683, in order to obtain the return of the amounts 4,782,766 and 5,015,451 (not restated), paid to the tax authority as income tax for the fiscal years 2013 to 2017 and 2018, respectively, due to the impossibility to apply the inflation adjustment method established by the Income Tax Law. For further information see note 19 to the condensed consolidated interim financial statements.

Additionally, on July 23, 2021, the Bank filed with AFIP a request for recovery of payment for an amount of 254,305 paid as income tax for the fiscal year 2020.

On December 19, 2019, the AFIP notified the beginning of an income tax audit for 2018, and on May 3, 2021, the Bank became aware that the AFIP also began an income tax audit for the period elapsed from 2013 through 2017.

18. COMMISSIONS INCOME

	06/30/2021				06/30/2020
Description	Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
Performance obligations satisfied at a point in time
Commissions related to obligations		4,214,648		8,091,935		3,966,554		8,138,510
Commissions related to credit cards		2,335,942		4,792,895		2,517,791		5,142,614
Commissions related to insurance		468,755		946,997		502,884		991,335
Commissions related to trading and foreign exchange transactions		172,313		337,957		153,744		277,783
Commissions related to securities value		59,788		111,390		44,153		79,413
Commissions related to loans and other financing		36,179		57,009		125,326		150,329
Commissions related to financial guarantees granted		1,122		1,257		280		488
Performance obligations satisfied over certain time period
Commissions related to credit cards		72,872		160,067		107,297		228,002
Commissions related to trading and foreign exchange transactions		7,576		17,620		10,100		23,884
Commissions related to obligations		190		393		366		1,040
Commissions related to loans and other financing		8		308		462		561
Commissions related to financial guarantees granted				79				1
Total		7,369,393		14,517,907		7,428,957		15,033,960

- 99 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

19. DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

	06/30/2021			06/30/2020
Description	Quarter ended 06/30/2021	Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
Translation of foreign currency assets and liabilities into pesos	566,513		1,702,256		885,708		1,615,417
Income from foreign currency exchange	65,260		200,734		226,711		304,002
Total	631,773		1,902,990		1,112,419		1,919,419

20. OTHER OPERATING INCOME

	06/30/2021					06/30/2020
Description	Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
Services		475,322			895,941		650,505		1,547,195
Adjustments and interest from other receivables		320,823			553,560		210,510		466,124
Other receivables for financial intermediation		179,971			521,961		47,365		47,365
Adjustments from other receivables with CER clauses		93,991			160,444		46,503		110,435
Sale of property, plant and equipment		157			2,052		627		679
Initial recognition of loans		(3,326	)				26,892		26,892
For derecognition or substantial modification of financial liabilities							283,859		283,859
Other		(5,850	)		427,751		133,632		495,067
Total		1,061,088			2,561,709		1,399,893		2,977,616

21. EMPLOYEE BENEFITS

	06/30/2021				06/30/2020
Description	Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
Remunerations		6,002,887		11,740,460		6,448,179		11,891,447
Payroll taxes		1,373,569		2,660,356		1,433,846		2,631,508
Compensations and bonuses to employees		703,571		1,421,365		494,314		1,022,219
Employee services		184,157		357,944		135,065		300,250
Total		8,264,184		16,180,125		8,511,404		15,845,424

- 100 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

22. ADMINISTRATIVE EXPENSES

	06/30/2021				06/30/2020
Description	Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
Maintenance, conservation and repair expenses		653,551		1,290,523		683,303		1,318,329
Taxes		587,942		1,181,236		527,018		1,129,471
Armored truck, documentation and events		519,535		1,091,728		675,184		1,221,889
Electricity and communications		430,610		871,920		490,668		982,566
Security services		416,207		834,216		450,610		915,191
Other fees		374,058		644,803		259,882		534,216
Software		307,141		659,930		344,124		661,111
Advertising and publicity		169,353		232,527		122,974		213,884
Fees to directors and syndics		87,510		189,669		418,242		882,838
Insurance		53,883		103,551		54,756		94,987
Representation, travel and transportation expenses		39,425		69,348		30,098		76,963
Stationery and office supplies		25,062		46,960		27,581		58,026
Leases		19,101		53,700		40,733		76,351
Hired administrative services		1,534		4,297		734		1,751
Other		142,437		286,196		175,357		306,587
Total		3,827,349		7,560,604		4,301,264		8,474,160

23. OTHER OPERATING EXPENSES

	06/30/2021				06/30/2020
Description	Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
Turnover tax		3,589,157		7,441,445		3,478,192		7,330,168
For credit cards		1,242,072		2,684,479		1,424,783		2,743,563
Deposit guarantee fund contributions		208,154		457,708		215,157		406,712
Charges for other provisions		180,122		622,300		294,052		769,405
Taxes		86,153		188,853		176,737		374,550
Interest on lease liabilities		47,352		93,133		66,331		118,109
Insurance claims		14,022		25,993		24,448		47,717
Loss from sale or impairment of investments in properties and other non-financial assets		9,080		17,455
Donations		1,052		1,772		33,705		204,730
For administrative, disciplinary and criminal penalties		533		34,566
Other		835,833		1,649,552		389,531		925,172
Total		6,213,530		13,217,256		6,102,936		12,920,126

- 101 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

24. ADDITIONAL DISCLOSURES IN THE STATEMENT OF CASH FLOWS

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

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

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

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

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

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

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

Description	06/30/2021		12/31/2020		06/30/2020		12/31/2019
Cash and deposits in banks		140,561,991		143,492,988		140,782,091		166,176,541
Debt Securities at fair value through profit or loss		4,035,163
Other debt securities		122,500,547		161,262,023		158,324,896		78,368,151
Total		267,097,701		304,755,011		299,106,987		244,544,692

25. CAPITAL STOCK

Note 27 to the condensed consolidated interim financial statements presents the changes in the Bank’s capital stock.

26. DEPOSIT GUARANTEE INSURANCE

Note 29 to the condensed consolidated interim financial statements describes the Deposit Guarantee Insurance System and the scope thereof.

Banco Macro SA holds an 8.4180% interest in the capital stock according to the percentages disclosed by BCRA Communiqué “B” 12152 issued on April 14, 2021.

- 102 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

27. RESTRICTED ASSETS

As of June 30, 2021 and December 31, 2020 the following Bank’s assets are restricted:

Item		06/30/2021		12/31/2020
Debt securities at fair value through profit or loss and other debt securities
·	Discount bonds in pesos regulated by Argentine legislation, maturing 2033 used as security in favor of Sedesa (1).		164,376		183,549
·	Federal Government Treasury Bonds in pesos adjusted by CER 1%, maturing 2021, securing the sectorial Credit Program of the Province of San Juan. Production investment financing fund.		76,337		76,673
·	Federal Government Treasury Bonds in pesos adjusted by CER 1.30% maturity 09/20/2022 as of June 30, 2021 and Federal Government Treasury letters at discount in pesos maturity 01/29/2021 as of December 31, 2020, securing the transaction of MAE Futuro Garantizado CPC2.		74,500		24,564
·	Federal Government Treasury Bonds in pesos adjusted by CER 1%, maturing 2021 securing the regional economies Competitiveness Program – IDB loan No. 3174/OC-AR.		49,121		49,338
·	Discount bonds in pesos regulated by Argentine legislation, maturing 2033 for minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/2013, as amended, of the CNV.		36,954		41,264
·	Federal Government Treasury Bonds in pesos adjusted by CER 1%, maturing 2021 for the contribution to the Guarantee Fund II in BYMA according to section 45 Law 26831 and supplementary regulations established by CNV standards (NT 2013, as amended).		7,468		4,000
Subtotal debt securities at fair value through profit or loss and other debt securities			408,756		379,388
Other financial assets
·	Sundry debtors – attachment within the scope of the claim filed by the DGR against the CABA for differences on turnover tax.		827		1,036
Subtotal Other financial assets			827		1,036
Loans and other financing – non-financial private sector and foreign residents
·	Interests derived from contributions made as contributing partner (2)		335,000		325,843
Subtotal loans and other financing			335,000		325,843
Financial assets delivered as a guarantee
·	Special guarantee checking accounts opened in the BCRA for transactions related to the electronic clearing houses and similar entities.		12,168,007		15,089,989
·	Guarantee deposits related to credit and debit card transactions		1,638,361		1,651,611
·	For securities forward contracts		306,938		871,943
·	Other guarantee deposits		230,377		196,295
Subtotal Financial assets delivered as a guarantee			14,343,683		17,809,838
Other non-financial assets
·	Real property related to a call option sold.		270,555		271,227
Subtotal other non-financial assets			270,555		271,227
	Total		15,358,821		18,787,332

(1) As replacement for the preferred shares of former Nuevo Banco Bisel SA to secure to Sedesa the price payment and the fulfillment of all the obligations assumed in the purchase and sale agreement dated May 28, 2007, maturing on August 11, 2021. As of the date of issuance of these condensed separate interim financial statements, the pledge over the discount bonds in pesos regulated by Argentine legislation was lifted.

(2) As of June 30, 2021 and December 31, 2020 it is related to the risk fund Fintech SGR and Garantizar SGR. In order to keep tax benefits related to these contributions, they must be maintained between two and three years from the date they were made.

Moreover, on November 9, 2020 the Bank paid 16,473 for a call option which gives right to increase up to 24.99% the Bank’s interest in the capital stock of Fintech SGR.

- 103 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

28. TRUST ACTIVITIES

Note 31 to the condensed consolidated interim financial statements describes the different trust agreements according to the business purpose sought by the Bank, which may be summarized as follows:

28.1 Financial trusts for investment purposes

As of June 30, 2021 and December 31, 2020 the debt securities with investment purposes and certificate of participation in financial trusts total 419,792 and 713,047, respectively.

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

28.2 Trusts created using financial assets transferred by the Bank (Securitization)

As of June 30, 2021 and December 31, 2020, considering the latest available accounting information as of the date of these condensed separate interim financial statements, the assets managed through Macro Fiducia SA of this type of trusts amount to 9,604 and 8,323, respectively.

28.3 Trusts guaranteeing loans granted by the Bank

As of June 30, 2021 and December 31, 2020, considering the latest available accounting information as of the date of these condensed separate interim financial statements, the assets managed by the Bank amount to 2,147,039 and 2,583,741, respectively.

28.4 Trusts in which the Bank acts as Trustee (Management)

As of June 30, 2021 and December 31, 2020, considering the latest available accounting information as of the date of these condensed separate interim financial statements, the assets managed by the Bank amount to 2,706,383 and 2,982,685, respectively.

29. COMPLIANCE WITH CNV REGULATIONS

Considering Banco Macro SA’s current operations, and according to the different categories of agents established by CNV rules (as per General Resolution 622/2013, as amended), the Bank is registered with this agency as Agent for the Custody of Collective Investment Products of Mutual Funds (AC PIC FCI, for their acronyms in Spanish) – Depositary Company, comprehensive clearing and settlement agent and trading agent (ALyC and AN – comprehensive, for their acronyms in Spanish), financial trustee Agent (FF, for its acronym in Spanish) and Guarantee Entity (in the process of being registered). Note 32.3 to the condensed consolidated interim financial statements describes the number of shares subscribed by third parties and the assets held by the Bank in its capacity as depositary company.

- 104 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

Additionally, the Bank’s shareholders’ equity as of June 30, 2021 stated in Unit of Purchasing Power (UVA, for its acronym in Spanish) amounted to 2,249,411,821 and exceeds the minimum amount required by this for the different categories of agents in which the Bank is registered, amounting to 1,420,350 UVAs as of that date, and the minimum statutory guarantee account required of 710,175 UVAs, which the Bank paid-in with government securities as described in note 27 and the cash deposits in BCRA accounts 000285 and 80285 belonging to the Bank.

In addition, note 32.2 to the condensed consolidated interim financial statements presents the general policy of documents in custody, describing which information has been disclosed and delivered to third parties for custody.

30. ACCOUNTING ITEMS THAT IDENTIFY THE COMPLIANCE WITH MINIMUM CASH REQUIREMENTS

The items recognized by the Bank to constitute the minimum cash requirement effective for June 2021 are described in note 33 to the condensed consolidated interim financial statements.

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

Note 34 to the condensed consolidated interim financial statements describes the penalties applied and the summary proceedings filed by the BCRA against the Bank, classified as follows:

- Summary proceedings filed by the BCRA.

- Penalties applied by the BCRA.

- Penalties applied by the UIF.

The Bank’s Management and its legal counsel consider no further significant accounting effects, other than those previous mentioned, should be recorded or disclosed.

32. CORPORATE BONDS ISSUANCE

Note 35 to the condensed consolidated interim financial statements describes liabilities for corporate bonds recognized by the Bank as of June 30, 2021 and December 31, 2020, under the terms and values therein expressed.

33. OFF BALANCE SHEET TRANSACTIONS

In addition to note 4, the Bank recognizes different off balance sheet transactions, pursuant to the BCRA standards. Below are the amounts of the main off balance sheet transactions as of June 30, 2021 and December 31, 2020:

Item	06/30/2021		12/31/2020
Custody of government and private securities and other assets held by third parties		208,030,145		199,520,280
Preferred and other collaterals received from customers (1)		86,446,885		105,868,902
Outstanding checks not yet paid		10,439,321		9,444,643
Checks already deposited and pending clearance		8,188,941		4,785,972

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

34. TAX AND OTHER CLAIMS

34.1. Tax claims

Note 37.1 to the condensed consolidated interim financial statements describes the most relevant claims pending resolution and filed by Federal Public Revenue Agency AFIP and the tax authorities of the relevant jurisdiction.

- 105 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Translation of Financial statements originally issued in Spanish – See Note 39)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, unless expressly stated)

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

34.2. Other claims

Note 37.2. to the condensed consolidated interim financial statements describes the most relevant claims pending resolution and filed by the different consumer´s associations.

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

35. RESTRICTION ON DIVIDENDS DISTRIBUTION

Note 38 to the condensed consolidated interim financial statements describes the main legal provisions regulating the restriction on profit distribution.

36. CAPITAL MANAGEMENT, CORPORATE GOVERNANCE TRANSPARENCY POLICY AND RISK MANAGEMENT

Note 39 to the condensed consolidated interim financial statements describes the main guidelines of the Bank as to capital management, corporate governance transparency policy and risk management.

37. CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT AND FINANCIAL AND CAPITAL MARKET

The international and domestic macroeconomics environments in which the Bank operates, and its impacts are described in note 40 to the condensed consolidated interim financial statements.

38. EFFECTS OF THE CORONAVIRUS (COVID-19) OUTBREAK

In early March 2020, the World Health Organization recognized Coronavirus (Covid-19) as a pandemic. This emergency situation over public health was worldwide expanded and several countries have taken different measures to contain the effects. This situation and the measures adopted have materially affected the international economy activity with different impacts on several countries and business lines and are detailed in note 41 to the condensed consolidated interim financial statements.

39. EVENTS AFTER REPORTING PERIOD

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

40. ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

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

  - 106 - Jorge Pablo Brito
Vice Chairperson

	EXHIBIT A
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish – See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

			Holdings							Position
			06/30/2021					12/31/2020		06/30/2021
Name	Identification		Fair Value	Fair value level		Book amounts		Book amounts		Position without options		Options	Final position
DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
-  Local
Government securities
Federal government treasury bonds in pesos adjustment by CER - Maturity: 08-05-2021		5359			1		21,159,590		9,008,675		21,609,437			21,609,437
Federal government treasury bonds in pesos adjustment by CER - Maturity: 07-22-2021		5315			1		15,999,281		11,844,833		16,853,308			16,853,308
Federal government treasury bonds in pesos BADLAR +100 PB - Maturity: 08-05-2021		5360			1		8,645,957		7,091,924		8,645,957			8,645,957
Federal government treasury bonds in pesos adjustment by CER - Maturity: 09-20-2022		5495			1		4,697,102		5		4,697,102			4,697,102
Federal government treasury bonds in pesos adjustment by CER - Maturity: 03-25-2024		5493			1		2,817,678		315,925		2,817,678			2,817,678
Federal government treasury bonds in pesos BADLAR +200 PB - Maturity: 04-03-2022		5480			1		1,644,448		668,765		1,644,448			1,644,448
Federal government treasury bonds in pesos - Maturity: 10-03-2021		5318			1		1,458,913				1,458,913			1,458,913
Federal government treasury bonds in pesos adjustment by CER - Maturity: 03-25-2023		5492			1		937,376		998,280		937,376			937,376
Federal government treasury bonds linked to dollar - Maturity: 11-30-2021		5498			1		674,705				674,705			674,705
Letters of National Estate in pesos adjustment by CER to discount - Maturity: 05-23-2022		5936			1		523,058				523,058			523,058
Other							658,954		36,253,038		658,954			658,954
Subtotal local government securities							59,217,062		66,181,445		60,520,936			60,520,936
Private securities
Corporate Bonds Tarjeta Naranja C048 - Maturity: 04-26-2022		55317			3		560,816				560,816			560,816
Debt Securities in Financial Trusts Surcos					3		214,146		312,192		214,146			214,146
Debt Securities in Financial Trusts Confibono					3		99,025				99,025			99,025
Securities of companies of public services					3		2,675		2,950		2,675			2,675
Debt Securities in Financial Trusts Secubono									159,141
Subtotal local private securities							876,662		474,283		876,662			876,662
TOTAL DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS							60,093,724		66,655,728		61,397,598			61,397,598

  - 107 - Jorge Pablo Brito
Vice Chairperson

	EXHIBIT A
	(continued)
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish – See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

			Holdings								Position
			06/30/2021						12/31/2020		06/30/2021
Name	Identification		Fair Value		Fair value level		Book amounts		Book amounts		Position without options		Options	Final position
OTHER  DEBT SECURITIES
Measured at fair value through other comprehensive income
-  Local
Government securities
Federal government treasury bonds in pesos adjustment by CER - Maturity: 09-20-2022		5495				1		20,813,022				20,813,022		20,813,022
Federal government treasury bonds in pesos BADLAR + 100 PB - Maturity: 08-05-2021		5360				1		19,757,566		24,157,072		19,757,566		19,757,566
Federal government treasury bonds in pesos adjustment by CER - Maturity: 07-22-2021		5315				1		11,321,381		11,205,468		11,321,381		11,321,381
Letters of National Estate in pesos adjustment by CER to discount - Maturity: 04-18-2022		5934				1		8,082,946				8,082,946		8,082,946
Letters of National Estate to variable rate in pesos - Maturity: 10-29-2021		5933				1		6,346,442				6,346,442		6,346,442
Federal government treasury bonds in pesos adjustment by CER - Maturity: 08-05-2021		5359				1		4,516,184		4,286,066		4,516,184		4,516,184
Letters of Federal Treasury to discount in pesos - Maturity: 09-30-2021		5929				1		4,098,677				4,098,677		4,098,677
Federal government treasury bonds in pesos adjustment by CER - Maturity: 03-25-2023		5492				1		2,595,213		1,302,457		2,595,213		2,595,213
Bonds of the Argentine Republic in pesos - Private Badlar  + 200 PBS - Maturity: 04-03-2022		5480				1		2,286,699		41,288		2,286,699		2,286,699
Letters of National Estate in pesos adjustment by CER to discount - Maturity: 05-23-2022		5936				1		2,111,301				2,111,301		2,111,301
Other								2,204,012		14,579,555		2,204,012		2,204,012
Subtotal local government securities								84,133,443		55,571,906		84,133,443		84,133,443
Central Bank of Argentina Bills
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-15-2021						2		21,569,852				21,569,852		21,569,852
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-20-2021						2		17,719,980				17,719,980		17,719,980
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-22-2021						2		17,509,014				17,509,014		17,509,014
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-08-2021						2		15,376,626				15,376,626		15,376,626
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-06-2021						2		13,942,443				13,942,443		13,942,443
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-01-2021						2		13,686,590				13,686,590		13,686,590
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-13-2021						2		12,685,136				12,685,136		12,685,136
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07-27-2021						2		10,010,906				10,010,906		10,010,906
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-21-2021										26,592,027
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-12-2021										24,730,181
Other										109,939,815
Subtotal Central Bank of Argentina Bills								122,500,547		161,262,023		122,500,547		122,500,547
Total Other debt securities measured at fair value though  other comprehensive income								206,633,990		216,833,929		206,633,990		206,633,990
Measured at amortized cost
-  Local
Government securities
Federal government bonds in pesos 22%  - Maturity: 05-21-2022		5496		20,058,540		2		19,933,587		25,267,884		20,240,525		20,240,525
Treasury bills of Province of Neuquén Series 1 Class 1 - Maturity: 04-07-2021		42382		267,680		2		311,254				311,254		311,254
Debt securities of Province of Río Negro in pesos - Maturity: 04-12-2022		42385		188,244		2		218,340				218,340		218,340
Discount bonds denominated in pesos at 5.83% - Maturity: 12-31-2033		45696		297,004		1		206,132		230,176		206,132		206,132
Federal government treasury bonds adjustment by CER - Maturity: 04-17-2021		5494								10,745,645
Federal government treasury letters at variable rate in pesos - Maturity: 03-31-2021		5388								1,984,327
Federal government treasury bonds adjustment by CER - Maturity: 03-18-2022		5491								69,806
Bonds Par denominated in Pesos - Maturity 12-31-2038		45695								35,410
Subtotal local government securities								20,669,313		38,333,248		20,976,251		20,976,251
Private securities
Corporate Bonds YPF SA Class 043 -Maturity: 10-21-2023		50939		105,969		2		85,554		93,077		85,554		85,554
Corporate Bonds Central Térmica Roca SA Class 004 -Maturity: 07-24-2021		52650		61,688		2		57,799		46,197		57,799		57,799
Debt Securities in Financial Trusts  Secubono Series 207 Class A - Maturity: 03-28-2022		55448		45,085		3		41,806				41,806		41,806
Debt Securities in Financial Trusts  Secubono Series 202 Class A - Maturity: 09-28-2021		55155		35,102		3		33,206				33,206		33,206
Corporate Bonds Generación Mediterránea SA Class 008 Class B  -Maturity: 08-29-2021		52778		29,904		2		27,071		26,284		27,071		27,071
Corporate Bonds Santander Río Bank S.A. Class 021 -Maturity: 01-26-2022		53219		26,668		2		26,393		32,220		26,393		26,393
Corporate Bonds  Banco de la Ciudad de Buenos Aires Class 16 - Maturity: 12-05-2022		92655		4,106		2		3,228		3,663		3,228		3,228
Debt Securities in Financial Trusts Secubono Series 201 Class A - Maturity: 08-30-2021		55089		1,437		3		719		98,579		719		719
Corporate Bonds YPF SA Class 046 -Maturity: 03-04-2021		51308								122,634
Debt Securities in Financial Trusts Secubono Series 200 Class A - Maturity: 06-28-2021		54966								89,012
Other										153,417
Subtotal local private securities								275,776		665,083		275,776		275,776
Total Other debt securities measured at cost amortized								20,945,089		38,998,331		21,252,027		21,252,027
TOTAL OTHER DEBT SECURITIES								227,579,079		255,832,260		227,886,017		227,886,017

  - 108 - Jorge Pablo Brito
Vice Chairperson

                        EXHIBIT A

                        (continued)

 DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

		Holdings							Position
		06/30/2021					12/31/2020		06/30/2021
Name	Identification	Fair Value	Fair value level		Book amounts		Book amounts		Position without options		Options	Final position
Equity Instruments
Measured at fair value through profit or loss
-  Local
Prisma Medios de Pago SA				3		1,791,063		1,780,477		1,791,063			1,791,063
Mercado Abierto Electrónico SA				3		180,874		180,745		180,874			180,874
Matba Rofex SA				3		26,014		26,621		26,014			26,014
C.O.E.L.S.A				3		19,511		24,452		19,511			19,511
Argentina Clearing y Resgistro SA				3		19,004		18,462		19,004			19,004
Sedesa				3		15,315		14,640		15,315			15,315
Provincanje SA				3		8,857		7,824		8,857			8,857
AC Inversora SA				3		5,389		6,754		5,389			5,389
Mercado a Término Rosario SA				3		4,308		5,399		4,308			4,308
Proin SA				3		1,960		2,456		1,960			1,960
Other						1,124		1,605		1,124			1,124
Subtotal local						2,073,419		2,069,435		2,073,419			2,073,419
-  Foreign
Banco Latinoamericano de Comercio Exterior SA				1		10,745		12,191		10,745			10,745
Sociedad de Telecomunicaciones Financieras Interbancarias Mundiales				3		2,590		2,380		2,590			2,590
Subtotal foreign						13,335		14,571		13,335			13,335
Total measured at fair value through profit or loss						2,086,754		2,084,006		2,086,754			2,086,754
TOTAL EQUITY INSTRUMENTS						2,086,754		2,084,006		2,086,754			2,086,754
TOTAL GOVERNMENT AND PRIVATE SECURITIES						289,759,557		324,571,994		291,370,369			291,370,369

  - 109 - Jorge Pablo Brito
Vice Chairperson

          EXHIBIT B

CLASSIFICATION OF LOANS AND OTHER FINANCING

 BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Commercial	06/30/2021		12/31/2020
In normal situation		69,613,334		91,279,348
With senior “A” collateral and counter-collateral		5,691,025		4,250,562
With senior “B” collateral and counter-collateral		11,138,216		12,158,971
Without senior collateral or counter-collateral		52,784,093		74,869,815
Subject to special monitoring		2,805,767		3,756,906
In observation
With senior “A” collateral and counter-collateral				424
With senior “B” collateral and counter-collateral		1,953,034		2,669,701
Without senior collateral or counter-collateral		852,733		764,583
In negotiation or with financing agreements
With senior “B” collateral and counter-collateral				170,543
Without senior collateral or counter-collateral				151,655
Troubled		27,673		103,334
With senior “B” collateral and counter-collateral		6,246
Without senior collateral or counter-collateral		21,427		103,334
With high risk of insolvency		102,488		106,727
With senior “B” collateral and counter-collateral		88,002		98,051
Without senior collateral or counter-collateral		14,486		8,676
Irrecoverable		684,564		654,026
With senior “A” collateral and counter-collateral		60,407		66,545
With senior “B” collateral and counter-collateral		483,531		532,684
Without senior collateral or counter-collateral		140,626		54,797
Subtotal Commercial		73,233,826		95,900,341

  - 110 - Jorge Pablo Brito
Vice Chairperson

              EXHIBIT B

              (continued)

CLASSIFICATION OF LOANS AND OTHER FINANCING

 BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Consumer and mortgage	06/30/2021		12/31/2020
Performing		205,269,392		241,196,061
With senior “A” collateral and counter-collateral		14,667,892		24,541,513
With senior “B” collateral and counter-collateral		17,566,842		20,507,499
Without senior collateral or counter-collateral		173,034,658		196,147,049
Low risk		3,172,714		93,226
With senior “A” collateral and counter-collateral		208,922		6,272
With senior “B” collateral and counter-collateral		139,703		69
Without senior collateral or counter-collateral		2,824,089		86,885
Low risk - in special treatment		12,363		13,207
With senior “A” collateral and counter-collateral		147
Without senior collateral or counter-collateral		12,216		13,207
Medium risk		1,308,302		269,103
With senior “A” collateral and counter-collateral		215,393		5,688
With senior “B” collateral and counter-collateral		34,960		37,629
Without senior collateral or counter-collateral		1,057,949		225,786
High risk		1,812,483		469,078
With senior “A” collateral and counter-collateral		141,336		26,239
With senior “B” collateral and counter-collateral		95,080		59,325
Without senior collateral or counter-collateral		1,576,067		383,514
Irrecoverable		867,503		1,027,669
With senior “A” collateral and counter-collateral		9,859		14,073
With senior “B” collateral and counter-collateral		229,944		300,540
Without senior collateral or counter-collateral		627,700		713,056
Subtotal consumer and mortgage		212,442,757		243,068,344
Total		285,676,583		338,968,685

  - 111 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT B

(continued)

CLASSIFICATION OF LOANS AND OTHER FINANCING

 BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

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

	06/30/2021			12/31/2020
Loans and other financing		272,650,001			322,577,439
Added:
Allowances for loans and other financing		10,192,602			12,562,138
Adjustment  amortized cost and fair value		227,529			169,289
Debt securities of financial trust - Measured at amortized cost		75,777			208,905
Corporate bonds		200,675			457,861
Subtract:
Interest and other accrued items receivable from financial assets with impaired credit value		(73,254	)		(73,068	)
Guarantees provided and contingent liabilities		2,403,253			3,066,121
Total computable items		285,676,583			338,968,685

  - 112 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT C

CONCENTRATION OF LOANS AND FINANCING FACILITIES

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	06/30/2021				12/31/2020
Number of customers	Cut off balance		% of total portfolio		Cut off balance		% of total portfolio
10 largest customers		22,415,849		7.85		37,853,756		11.17
50 next largest customers		25,764,135		9.02		29,837,978		8.80
100 next largest customers		16,203,980		5.67		17,115,435		5.05
Other customers		221,292,619		77.46		254,161,516		74.98
Total (1)		285,676,583		100.00		338,968,685		100.00

(1) See reconciliation in Exhibit B        

  - 113 - Jorge Pablo Brito
Vice Chairperson

                EXHIBIT D

 BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

			Remaining terms to maturity
Item	Matured		Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Non-financial government sector				911,657		682,813		629,935		1,025,019		1,707,924				4,957,348
Financial sector				338,920		10,569		17,616		1,035,282		613,637		110,905		2,126,929
Non-financial private sector and foreign residents		2,699,460		101,882,129		37,267,271		34,438,093		45,390,753		57,507,549		91,423,335		370,608,590
Total		2,699,460		103,132,706		37,960,653		35,085,644		47,451,054		59,829,110		91,534,240		377,692,867

 BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

			Remaining terms to maturity
Item	Matured		Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Non-financial government sector				300,857		889,539		904,997		1,632,602		2,807,529		595,523		7,131,047
Financial sector				91,692		458,821		679,870		421,382		1,260,402				2,912,167
Non-financial private sector and foreign residents		1,633,463		118,233,607		38,914,669		52,566,052		62,048,081		58,986,885		95,988,333		428,371,090
Total		1,633,463		118,626,156		40,263,029		54,150,919		64,102,065		63,054,816		96,583,856		438,414,304

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

  - 114 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT F

CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Original value at beginning of fiscal		Total life estimated in						Depreciation for the period								Residual value at the end of
Item	year		years		Increases		Decreases		Accumulated		Decrease		Of the period		At the end		the period
Cost
Real property		38,192,383		50		395,541				3,127,733		4		393,749		3,521,478		35,066,446
Furniture and facilities		4,917,062		10		239,614		1,205		2,196,801		407		228,592		2,424,986		2,730,485
Machinery and equipment		6,867,415		5		383,582		38,574		4,320,247		3,069		536,031		4,853,209		2,359,214
Vehicles		1,043,473		5		48,968		48,051		857,051		40,604		42,501		858,948		185,442
Work in progress		1,050,867				1,020,426		570,014										1,501,279
Right of use (1)		2,586,844		5		351,089		6,141		1,119,859		3,290		320,763		1,437,332		1,494,460
Total property, plant and equipment		54,658,044				2,439,220		663,985		11,621,691		47,374		1,521,636		13,095,953		43,337,326

CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Original value at beginning of fiscal		Total life estimated in						Depreciation for the fiscal year								Residual value at the end of the
Item	year		years		Increases		Decreases		Accumulated		Decrease		For the fiscal year		At the end		fiscal year
Cost
Real property		37,374,182		50		849,817		31,616		2,368,630		15,158		774,261		3,127,733		35,064,650
Furniture and facilities		4,531,853		10		386,010		801		1,739,965		36		456,872		2,196,801		2,720,261
Machinery and equipment		6,077,355		5		790,151		91		3,227,391		23		1,090,665		4,318,033		2,549,382
Vehicles		1,020,739		5		101,439		78,705		841,734		73,097		88,414		857,051		186,422
Work in progress		1,490,377				582,916		1,022,426										1,050,867
Right of use		2,066,343		5		649,908		129,407		505,124		31,490		645,591		1,119,225		1,467,619
Total property, plant and equipment		52,560,849				3,360,241		1,263,046		8,682,844		119,804		3,055,803		11,618,843		43,039,201

(1) During the fiscal year 2021, this item observed transfers from intangible assets.

  - 115 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT F

(Continued)

 CHANGE IN INVESTMENT PROPERTY

AS OF JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Original Value at beginning of fiscal		Useful life estimated in						Depreciation for the period								Residual value at the end of the
Item	year		years		Increases		Decreases		Accumulated		Decrease		Of the period		At the end		period
Cost
Rented properties		275,988		50						45,311				1,542		46,853		229,135
Other investment properties		791,113		50		2,326		21,908		52,795		3,222		5,914		55,487		716,044
Total investment property		1,067,101				2,326		21,908		98,106		3,222		7,456		102,340		945,179

 CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Original Value at beginning of fiscal		Useful life estimated in						Depreciation for the fiscal year								Residual value at the end of the
Item	year		years		Increases		Decreases		Accumulated		Decrease		For the fiscal year		At the end		fiscal year
Cost
Rented properties		275,987		50		1				42,227				3,084		45,311		230,677
Other investment properties		781,896		50		87,297		78,080		40,543		11		12,263		52,795		738,318
Total investment property (1)		1,057,883				87,298		78,080		82,770		11		15,347		98,106		968,995

(1) During the fiscal year 2020, this item observed transfers to and from property, plant and equipment.

  - 116 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT G

 CHANGE IN INTANGIBLE ASSETS

AS OF JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Original Value at beginning of fiscal		Useful life estimated in						Depreciation for the period								Residual value at the end of the
Item	year		years		Increases		Decreases		Accumulated		Decrease		Of the period		At the end		period
Cost
Licenses		3,445,772		5		471,459		13,332		1,787,817		608		373,538		2,160,747		1,743,152
Other intangible assets (1)		10,801,159		5		1,112,907				6,064,971				946,791		7,011,762		4,902,304
Total intangible assets		14,246,931				1,584,366		13,332		7,852,788		608		1,320,329		9,172,509		6,645,456

 CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Original Value at beginning of fiscal		Useful life estimated					Depreciation for the fiscal year								Residual value at the end of the
Item	year		in years		Increases		Decreases	Accumulated		Decrease		For the fiscal year		At the end		fiscal year
Cost
Licenses		2,788,167		5		657,605			1,142,931		1		644,592		1,787,522		1,658,250
Other intangible assets		8,686,387		5		2,114,772			4,290,319		1		1,774,653		6,064,971		4,736,188
Total intangible assets		11,474,554				2,772,377			5,433,250		2		2,419,245		7,852,493		6,394,438

(1) During the fiscal year 2021, this item was transferred to Property, Plant and equipment.

  - 117 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT H 

 DEPOSIT CONCENTRATION

AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	06/30/2021				12/31/2020
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		38,387,065		7.84		117,304,161		19.30
50 next largest customers		30,688,240		6.26		58,146,330		9.56
100 next largest customers		20,357,348		4.16		26,472,711		4.35
Other customers		400,507,645		81.74		406,026,187		66.79
Total		489,940,298		100.00		607,949,389		100.00

  - 118 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT I

BREAKDOWN OF FINANCIAL LIABILITIES
FOR RESIDUAL TERMS
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish – See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Remaining terms to maturity
Item	Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Deposits		440,102,165		46,468,092		6,667,438		1,080,556		11,607		2,539		494,332,397
From the non-financial government sector		48,766,130		2,314,673		881,017		2,187						51,964,007
From the financial sector		719,603												719,603
From the non-financial private sector and foreign residents		390,616,432		44,153,419		5,786,421		1,078,369		11,607		2,539		441,648,787
Derivative instruments						1,700								1,700
Repo transactions		276,548												276,548
Other financial institutions		276,548												276,548
Other financial liabilities		34,724,568		282,307		148,113		239,609		348,375		545,781		36,288,753
Financing received from the Central Bank of Argentina and other financial institutions		194,615		267,878		219,835		31,774		14,042				728,144
Issued corporate bonds						208,048		2,585,744						2,793,792
Subordinated corporate bonds						1,292,310		1,421,159		2,842,317		48,238,790		53,794,576
Total		475,297,896		47,018,277		8,537,444		5,358,842		3,216,341		48,787,110		588,215,910

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

  - 119 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT I

(Continued)

BREAKDOWN OF FINANCIAL LIABILITIES
FOR RESIDUAL TERMS
AS OF DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish – See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Remaining terms to maturity
Item	Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Deposits		546,739,181		56,455,722		6,995,250		3,791,585		43,622		2,741		614,028,101
From the non-financial government sector		85,061,780		6,966,749		1,130,393		2,667						93,161,589
From the financial sector		872,778												872,778
From the non-financial private sector and foreign residents		460,804,623		49,488,973		5,864,857		3,788,918		43,622		2,741		519,993,734
Derivative instruments		52		236										288
Repo transactions		777,499												777,499
Other financial institutions		777,499												777,499
Other financial liabilities		39,969,026		164,494		153,507		397,179		331,596		644,611		41,660,413
Financing received from the Central Bank of Argentina and other financial institutions		525,381		249,986		255,754		101,141		50,246		7,174		1,189,682
Issued corporate bonds		262,362				3,461,582		260,735		3,240,567				7,225,246
Subordinated corporate bonds						1,423,631		1,423,632		3,131,145		54,706,254		60,684,662
Total		588,273,501		56,870,438		12,289,724		5,974,272		6,797,176		55,360,780		725,565,891

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

  - 120 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT J

CHANGES IN PROVISIONS
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish – See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Amounts at beginning of				Decreases			Monetary effects generated by
Item	fiscal year		Increases		Reversals	Charge off		provisions			06/30/2021
Provisions for eventual commitments		21,564		182			1,055		(4,506	)		16,185
For Administrative, disciplinary and criminal penalties		900		34,566			34,033		(215	)		1,218
Other		1,612,422		623,174			975,482		(314,055	)		946,059
Total Provisions		1,634,886		657,922			1,010,570		(318,776	)		963,462

 CHANGES IN PROVISIONS

AS OF DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Amounts at beginning of				Decreases				Monetary effects generated by
Item	fiscal year		Increases		Reversals		Charge off		provisions			12/31/2020
Provisions for eventual commitments		29,469		9,866				10,052		(7,719	)		21,564
For  Administrative, disciplinary and criminal penalties		1,224								(324	)		900
Other		2,483,379		1,406,154		10		1,580,476		(696,625	)		1,612,422
Total Provisions		2,514,072		1,416,020		10		1,590,528		(704,668	)		1,634,886

  - 121 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT K

COMPOSITION OF CAPITAL STOCK

AS OF JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 40)

Shares							Capital Stock
Class	Stock number		Face value		Votes per share		Issued outstanding		Paid in
Registered common stock A		11,235,670		1		5		11,236		11,236
Registered common stock B		628,177,738		1		1		628,177		628,177
Total		639,413,408						639,413		639,413

COMPOSITION OF CAPITAL STOCK

AS OF DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

Shares							Capital Stock
Class	Stock number		Face value		Votes per share		Issued outstanding		Paid in
Registered common stock A		11,235,670		1		5		11,236		11,236
Registered common stock B		628,177,738		1		1		628,177		628,177
Total		639,413,408						639,413		639,413

  - 122 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT L

 FOREIGN CURRENCY AMOUNTS
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(Translation of the Financial statements originally issued in Spanish – See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	06/30/2021
	Total parent company and		Total per currency								12/31/2020
Item	local branches		US dollar		Euro		Real		Other		Total
Assets
Cash and deposits in banks		109,626,959		108,911,006		517,776		23,052		175,125		113,105,708
Debt securities at fair value through profit or loss		704,150		704,150
Other financial assets		5,249,990		5,249,990								5,855,089
Loans and other financing		18,886,690		18,869,379		17,311						28,667,773
Other financial institutions												26,606
From the non-financial private sector and foreign residents		18,886,690		18,869,379		17,311						28,641,167
Other debt securities		1,059,997		1,059,997								1,132,104
Financial assets delivered as guarantee		1,859,170		1,859,170								2,201,702
Equity instruments at fair value through profit or loss		13,335		13,335								14,571
Investments in associates and joint ventures		2,832,826		2,832,826								3,264,382
Total assets		140,233,117		139,499,853		535,087		23,052		175,125		154,241,329
Liabilities
Deposits		85,432,907		85,432,907								91,783,949
Non-financial government sector		5,342,156		5,342,156								5,261,720
Financial sector		659,413		659,413								719,227
Non-financial private sector and foreign residents		79,431,338		79,431,338								85,803,002
Other financial  liabilities		4,898,407		4,608,693		276,888				12,826		5,528,742
Financing from the Central Bank and other financial institutions		609,811		592,403		17,354				54		588,260
Subordinated corporate bonds		39,093,191		39,093,191								42,986,620
Other non-financial liabilities		7,217		7,217								8,128
Total liabilities		130,041,533		129,734,411		294,242				12,880		140,895,699

  - 123 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT O

 DERIVATIVE FINANCIAL INSTRUMENTS

AS OF JUNE 30, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

Type of contract

Purpose of the transactions performed

Underlying asset

Type of settlement

Negotiation environment or counter-party

Originally agreed weighted monthly average term

Residual weighted monthly average term

Weighted daily average term settlement of differences (days)

Amount (1)

Futures

Intermediation - own account

Foreign currency

Daily settlement of differences

ROFEX (over-the-counter electronic market)

2

2

1

2,591,443

Repo transactions

Intermediation - own account

Local government securities

With delivery of underlying asset

Other countries of local

1

1

14,877,506

Options

Intermediation - own account

Other

With delivery of underlying asset

Over The Counter - Residents in Argentina – Non-financial sector

36

9

-

281,436

(1) Related to the valuation of the underlying traded, exposed in absolute value.

  - 124 - Jorge Pablo Brito
Vice Chairperson

EXHIBIT Q

BREAKDOWN  OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Net financial Income/ (Loss)
	Mandatory measurement
Items	Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021			Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
For measurement of financial assets at fair value through profit or loss
Gain from government securities		5,029,267			9,591,592			3,094,813		5,225,829
Gain from private securities		82,285			113,819			58,120		198,899
Gain from derivative financial instruments
Forward transactions								28,574		85,569
(Loss) / Gain from other financial assets		(3,071	)		(5,931	)		28,473		2,125
(Loss) / Gain from equity instruments at fair value through profit or loss		(38,930	)		403,081			122,136		265,221
Gain / (Loss) from sales or decreases of financial assets at fair value (1)		26,535			(6,620	)		54,584		6,711
For measurement of financial liabilities at fair value through profit or loss
Loss from derivative financial instruments
Forward transactions		(5,353	)		(5,353	)
Total		5,090,733			10,090,588			3,386,700		5,784,354

(1) Includes reclassifications of instruments classified at fair value through other comprehensive income that were derecognized or collected during the period.

  - 125 - Jorge Pablo Brito
Vice Chairperson

	EXHIBIT Q
	(Continued)
BREAKDOWN  OF STATEMENT OF INCOME
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish – See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Net financial income/ (Loss)
Interest and adjustment for the application of the effective interest rate of financial assets measured at amortized cost	Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021			Quarter ended 06/30/2020			Accumulated from beginning of year up to 06/30/2020
Interest income
for cash and bank deposits		2,906			5,822			21,195			117,594
for government securities		1,301,418			3,936,041			1,530,827			4,226,213
for private securities		64,970			179,453			520,459			1,444,575
for loans and other financing
Non-financial public sector		407,815			920,033			933,977			2,273,804
Financial sector		132,464			318,891			375,490			774,166
Non-financial private sector
Overdrafts		1,456,198			3,339,572			3,947,078			9,917,020
Documents		1,639,706			3,175,212			1,371,086			3,385,740
Mortgage loans		3,395,475			6,783,784			2,239,626			5,084,143
Pledge loans		145,487			268,252			144,736			313,382
Personal loans		9,897,620			20,156,534			10,473,230			21,011,584
Credit cards		2,851,401			5,842,254			3,422,806			7,753,053
Financial leases		12,703			25,025			17,197			45,378
Other		3,156,960			7,012,605			4,156,846			7,299,527
for repo transactions
Central Bank of Argentina		1,343,123			3,648,604			2,200,817			2,710,473
Other financial institutions		15,910			31,914			1,405			67,598
Total		25,824,156			55,643,996			31,356,775			66,424,250
Interest expenses
for deposits
Non-financial private sector
Checking accounts		(78,959	)		(885,162	)		(167,234	)		(357,675	)
Saving accounts		(280,341	)		(536,293	)		(184,803	)		(415,422	)
Time deposits and investments accounts		(17,465,676	)		(38,758,412	)		(12,656,714	)		(26,094,873	)
for Financing received from Central Bank of Argentina and other financial institutions		(43,478	)		(91,830	)		(21,072	)		(56,029	)
For repo transactions
Other financial institutions		(66,966	)		(127,455	)		(30,277	)		(134,100	)
for other financial liabilities		(4,049	)		(10,006	)		(17,441	)		(50,740	)
Issued corporate bonds		(132,267	)		(523,165	)		(539,018	)		(989,847	)
for subordinated corporate bonds		(698,642	)		(1,435,902	)		(747,765	)		(1,473,104	)
Total		(18,770,378	)		(42,368,225	)		(14,364,324	)		(29,571,790	)

  - 126 - Jorge Pablo Brito
Vice Chairperson

	EXHIBIT Q
	(Continued)
BREAKDOWN  OF STATEMENT OF INCOME
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(Translation of the Financial statements originally issued in Spanish – See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

	Income for the period				Other comprehensive income					Income for the period				Other comprehensive income
Interest and adjustment for the application of the effective interest rate of financial assets measured at fair value through other comprehensive income	Quarter ended 06/30/2021		Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020		Quarter ended 06/30/2020		Accumulated from beginning of year up to 06/30/2020
From debt government securities		18,375,810		38,537,963		(90,247	)		371,068		12,995,993		26,809,111		1,173,764		(602,246	)
Total		18,375,810		38,537,963		(90,247	)		371,068		12,995,993		26,809,111		1,173,764		(602,246	)

	Income for the period
Items	Quarter ended 06/30/2021			Accumulated from beginning of year up to 06/30/2021			Quarter ended 06/30/2020			Accumulated from beginning of year up to 06/30/2020
Commissions income
Commissions related to obligations		4,214,838			8,092,328			3,966,920			8,139,550
Commissions related to credits		36,187			57,317			125,788			150,890
Commissions related to loans commitments and financial guarantees		1,122			1,336			280			489
Commissions related to securities value		59,788			111,390			44,153			79,413
Commissions to credit cards		2,408,814			4,952,962			2,625,088			5,370,616
Commissions to insurances		468,755			946,997			502,884			991,335
Commissions related to trading and foreign exchange transactions		179,889			355,577			163,844			301,667
Total		7,369,393			14,517,907			7,428,957			15,033,960
Commissions expenses
Commissions related to trading and foreign exchange transactions		(17,186	)		(30,207	)		(40,334	)		(73,524	)
Other
Commissions paid ATM exchange		(392,704	)		(805,324	)		(319,243	)		(733,532	)
Checkbooks commissions and compensating cameras		(130,249	)		(250,831	)		(122,165	)		(252,958	)
Commissions Credit cards and foreign trade		(80,452	)		(150,899	)		(58,886	)		(166,046	)
Total		(620,591	)		(1,237,261	)		(540,628	)		(1,226,060	)

  - 127 - Jorge Pablo Brito
Vice Chairperson

	EXHIBIT R
VALUE ADJUSTMENT FOR CREDIT LOSSES - ALLOWANCES FOR UNCOLLECTIBILITY RISK
AS OF JUNE 30, 2021
(Translation of the Financial statements originally issued in Spanish – See Note 40)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

			Movements between stages of period
						ECL of remanent life of financial asset
Item	Amounts at beginning of the fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk			Financial instruments with impairment			Effect monetary generated for provisions			06/30/2021
Other financial assets		23,721		2,087									(4,961	)		20,847
Loans and other financing		12,562,138		(2,510,413	)		906,750			1,757,278			(2,523,151	)		10,192,602
Other financial institutions		20,819		(7,210	)								(3,848	)		9,761
To the non-financial private sector and foreign residents
Overdrafts		859,392		13,318			234,134			(516,224	)		(130,412	)		460,208
Documents		670,012		(22,627	)		(21,319	)		8,199			(124,983	)		509,282
Mortgage loans		943,629		(27,164	)		91,880			38,483			(200,658	)		846,170
Pledge loans		168,368		11,599			(11,272	)		23,952			(35,538	)		157,109
Personal loans		3,566,403		(370,186	)		908,326			855,052			(821,712	)		4,137,883
Credit cards		4,247,077		(1,597,818	)		(369,121	)		1,022,863			(815,991	)		2,487,010
Financial leases		12,592		853			430			(4,612	)		(2,240	)		7,023
Other		2,073,846		(511,178	)		73,692			329,565			(387,769	)		1,578,156
Eventual commitments		21,564		(188	)		(530	)					(4,661	)		16,185
Other debt securities		1,683		(761	)								(246	)		676
Total allowances		12,609,106		(2,509,275	)		906,220			1,757,278			(2,533,019	)		10,230,310

VALUE ADJUSTMENT FOR CREDIT LOSSES - ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF DECEMBER 31, 2020

(Translation of the Financial statements originally issued in Spanish – See Note 40)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of June 30, 2021, except that indicated otherwise)

			Movements between stages of period
						ECL of remanent life of financial asset
Item	Amounts at beginning of the fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk			Financial instruments with impairment			Effect monetary generated for provisions			12/31/2020
Other financial assets		17,585		14,184									(8,048	)		23,721
Loans and other financing		8,641,945		5,281,632			2,523,653			(598,287	)		(3,286,805	)		12,562,138
Other financial institutions		47,087		(16,357	)								(9,911	)		20,819
To the non-financial private sector and foreign residents
Overdrafts		1,316,690		17,042			1,582			(26,954	)		(448,968	)		859,392
Documents		626,667		173,801			105,706			(38,823	)		(197,339	)		670,012
Mortgage loans		653,538		131,583			378,483			4,923			(224,898	)		943,629
Pledge loans		220,184		30,850			8,992			(21,617	)		(70,041	)		168,368
Personal loans		3,134,887		1,145,451			625,984			(294,605	)		(1,045,314	)		3,566,403
Credit cards		1,353,095		2,712,340			1,007,702			(92,146	)		(733,914	)		4,247,077
Financial leases		9,130		(2,439	)		(989	)		9,685			(2,795	)		12,592
Other		1,280,667		1,089,361			396,193			(138,750	)		(553,625	)		2,073,846
Eventual commitments		29,469		6,666			(6,819	)		437			(8,189	)		21,564
Other debts securities		3,305		333									(1,955	)		1,683
Total allowances		8,692,304		5,302,815			2,516,834			(597,850	)		(3,304,997	)		12,609,106

  - 128 - Jorge Pablo Brito
Vice Chairperson

SIGNATURE

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

Date: September 27, 2021

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