6-K 1 tm227477d1_6k.htm FORM 6-K

 

 

 

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

 

February 23, 2022

 

 

 

Commission File Number: 001-32827

 

 

 

MACRO BANK INC.

(Translation of registrant’s name into English)

 

 

 

Avenida Eduardo Madero 1182

Ciudad Autónoma de Buenos Aires C1106 ACY

Tel: 54 11 5222 6500

 

(Address of registrant’s principal executive offices)

 

 

 

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

 

  Form 20-F x Form 40-F ¨  

 

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

 

  Yes ¨ No x  

 

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

 

  Yes ¨ No x

 

 

 

 

 

 

 


 

 

 

 

  4Q21 Earnings Release

 

Banco Macro Announces Results for the Fourth Quarter of 2021

 

Buenos Aires, Argentina, February 23, 2022 – Banco Macro S.A. (NYSE: BMA; BYMA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the fourth quarter ended December 31, 2021 (“4Q21”). All figures are in Argentine pesos (Ps.) and have been restated in terms of the measuring unit current at the end of the reporting period. As of 1Q20, the Bank began reporting results applying Hyperinflation Accounting, in accordance with IFRS IAS 29 as established by the Central Bank. For ease of comparison, figures of previous quarters of 2020 and 2021 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through December 31, 2021.

 

Summary

 

● The Bank’s net income totaled Ps.10.5 billion in 4Q21. This result was 30% higher than the Ps.8.1 billion posted in 3Q21 and 120% higher than in 4Q20. In 4Q21, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 12.2% and 2.8%, respectively. Net Income for FY2021 totaled Ps.27.1 billion, 26% lower than the Ps.36.8 posted in FY2020. Total Comprehensive Income for FY2021 totaled Ps.28.3 billion, 26% lower than in FY2020.

 

● In 4Q21, Banco Macro’s financing to the private sector increased 4% or Ps.11.9 billion quarter over quarter (“QoQ”) totaling Ps.349 billion and decreased 8% or Ps.32.1 billion year over year (“YoY”). In the quarter, within consumer loans, Credit card loans stood out; with a 9% increase QoQ, meanwhile within commercial loans Overdrafts stood out with an 8% increase QoQ. In FY2021 Pledged loans stood out with a 49% increase.

 

● In 4Q21, Banco Macro’s total deposits decreased 1% or Ps.8.7 billion QoQ, totaling Ps.588.9 billion and representing 78% of the Bank’s total liabilities. Private sector deposits decreased 1% or Ps.5.7 billion QoQ. In FY2021, within private sector deposits, both time and demand deposits decreased 24% and 7% respectively YoY.

 

● Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.197.8 billion, 36.1% regulatory capital ratio – Basel III and 30.9% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 90% of its total deposits in 4Q21.

 

 ● In 4Q21, the Bank’s non-performing to total financing ratio was 1.3% and the coverage ratio improved to 209.61%.

 

4Q21 Earnings Release Conference Call

 

  IR Contacts in Buenos Aires:
Thursday, February 24, 2022  
Time: 11:00 a.m. Eastern Time | 1:00 p.m. Buenos Aires Time Jorge Scarinci
  Chief Financial Officer
To participate, please dial:  
Argentina Toll Free:

Nicolás A. Torres

(011) 3984 5677 Investor Relations

Participants Dial In (Toll Free):

Webcast Replay: click here

 
+1 (844) 450 3847 Phone: (54 11) 5222 6682
Participants International Dial In: Available from 02/24/2022 through 03/10/2022E-mail: investorelations@macro.com.ar
+1 (412) 317 6370  
Conference ID: Banco Macro Visit our website at:
Webcast: click here www.macro.com.ar/relaciones-inversores

 

2

 

 

  4Q21 Earnings Release

 

Disclaimer

 

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

 

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

 

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

 

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

 

3

 

 

4Q21 Earnings Release

 

This Earnings Release has been prepared in accordance with the accounting framework established by the Central Bank of Argentina (“BCRA”), based on International Financial Reporting Standards (“I.F.R.S.”) and the resolutions adopted by the International Accouting Standards Board (“I.A.S.B”) and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (“F.A.C.P.E.”). As of January 2020 the Bank started reporting with the application of (i) Expected losses of IFRS 9 “Financial Instruments” and (ii) IAS 29 “Financial Reporting in Hyperinflationary Economies”. Data and figures shown in this Earnings Release may differ from the ones shown in the 20-F annual report.

 

Results

 

Earnings per outstanding share were Ps.16.49 in 4Q21, 30% higher than in 3Q21 and 120% higher than the result posted a year ago.

 

In FY2021, earnings per outstanding share were Ps.42.42, 26% lower than in FY2020.

 

EARNINGS PER SHARE  MACRO Consolidated           Change 
In MILLION $ (Measuring Unit Current at EOP)  4Q20   3Q21   4Q21   FY2020   FY2021   QoQ   YoY 
Net income -Parent Company- (M $)   4,791    8,106    10,534    36,782    27,123    30%   120%
Average # of shares outstanding (M)   639    639    639    639    639    0%   0%
Average #of treasury stocks (shares repurchased) (M)   0    -    -    0    0    -    - 
Book value per avg. Outstanding share ($)   350    357    373    350    373    4%   7%
Shares Outstanding (M)   639    639    639    639    639    0%   0%
Earnings per avg. outstanding share ($)   7.50    12.69    16.49    57.52    42.42    30%   120%
EOP FX (Pesos per USD)   84.1450    98.7350    102.7500              4%   22%
Book value per avg. issued ADS (USD)   41.59    36.16    36.30    41.59    36.30    0%   -13%
Earnings per avg. outstanding ADS (USD)   0.89    1.28    1.60    6.84    4.13    25%   80%

 

Banco Macro’s 4Q21 net income of Ps.10.5 billion was 30% or Ps.2.4 billion higher than the previous quarter and 120% or Ps.5.7 billion higher YoY. This result represented an accumulated ROAE and ROAA of 12.2% and 2.8% respectively.

 

In FY2021 net income for the period totaled Ps.27.1 billion, 26% lower than the Ps.36.8 billion posted in FY2020. Total comprehensive income totaled Ps.28.3 billion, 26% lower than a year ago.

 

Net operating income (before G&A and personnel expenses) was Ps.49.7 billion in 4Q21, increasing 4% or Ps.2.1 billion compared to 3Q21 due to higher net interest income, higher Fx gains which were partially offset by higher loan loss provisions. On a yearly basis, Net Operating Income (before G&A and personnel expenses) increased 5% or Ps.2.4 billion.

 

In FY2021 Net operating income (before G&A and personnel expenses) totaled Ps.194.5 billion, 3% lower than the previous year.

 

In 4Q21, Provision for loan losses totaled Ps.2 billion, Ps.1.7 billion higher than in 3Q21. The Bank decided to increase loan loss provisions given the uncertainty and probable adverse macroeconomic scenario arising from a non-agreement with the International Monetary Fund regarding the restructuring of Argentina’s debt. On a yearly basis provision for loan losses decreased 40% or Ps.1.3 billion.

 

In FY2021 Provision for loan losses decreased 80% compared to FY2020 given that in 2020 adjustments were made to expected credit losses model in order to reflect the adverse effects and consequences of the COVID19 pandemic.

 

Operating income (after G&A and personnel expenses) was Ps.22.4 billion in 4Q21, 1% or Ps.167 million lower than in 3Q21 and 2% or Ps.511 million higher than a year ago.

 

It is important to emphasize that this result was obtained with a leverage of only 4.2x assets to equity ratio.

 

4

 

4Q21 Earnings Release

 

INCOME STATEMENT  MACRO Consolidated           Change 
In MILLION $ (Measuring Unit Current at EOP)  4Q20   3Q21   4Q21   FY2020   FY2021   QoQ   YoY 
Net Interest Income   32,860    32,784    35,680    145,275    130,998    9%   9%
Net fee income   8,543    8,624    8,760    34,257    33,453    2%   3%
Net Interest Income + Net Fee Income   41,403    41,408    44,440    179,532    164,451    7%   7%
Net Income from financial instruments at fair value through P&L   4,955    3,810    3,542    16,735    19,809    -7%   -29%
Income from assets at amortized cost   190    0    91    1,951    244    -    -52%
Differences in quoted prices of gold and foreign currency   1,920    652    1,600    6,384    4,648    145%   -17%
Other operating income   2,100    1,943    1,984    8,105    7,829    2%   -6%
Provision for loan losses   3,259    233    1,963    12,080    2,455    742%   -40%
Net Operating Income   47,309    47,580    49,694    200,627    194,526    4%   5%
Employee benefits   10,349    9,945    9,726    40,148    39,481    -2%   -6%
Administrative expenses   5,882    4,951    5,897    21,947    20,092    19%   0%
Depreciation and impairment of assets   1,680    1,826    1,851    6,645    7,126    1%   10%
Other operating expenses   7,530    8,312    9,841    30,895    34,197    18%   31%
Operating Income   21,868    22,546    22,379    100,992    93,630    -1%   2%
Result from associates & joint ventures   -90    -1    35    -10    87    -    - 
Result from net monetary postion   -16,057    -14,125    -15,178    -45,724    -64,931    -    - 
Result before taxes from continuing operations   5,721    8,420    7,236    55,258    28,786    -14%   26%
Income tax   930    314    -3,298    18,476    1,663    -    - 
Net income from continuing operations   4,791    8,106    10,534    36,782    27,123    30%   120%
                                    
Net Income of the period   4,791    8,106    10,534    36,782    27,123    30%   120%
Net income of the period attributable to parent company   4,791    8,106    10,534    36,782    27,122    30%   120%
Net income of the period attributable to minority interest   0    0    0    0    1    -    - 
Other Comprehensive Income   -179    64    69    1,416    1,174    8%   - 
Foreign currency translation differences in financial statements conversion   -33    -203    -193    181    -766    -    - 
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a)   -146    267    262    1,235    1,940    -2%   - 
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD   4,612    8,170    10,603    38,198    28,297    30%   130%
Total Comprehensive Income attributable to parent Company   4,611    8,170    10,603    38,197    28,296    30%   130%
Total Comprehensive Income attributable to non-controlling interests   1    -    -    1    1    -    - 

 

The Bank’s 4Q21 net interest income totaled Ps.35.7 billion, 9% or Ps.2.9 billion higher than in 3Q21 and 9% or Ps.2.8 billion higher YoY.

 

In FY201, net interest income was 10% lower than in FY2020 as a result of different regulations adopted that set caps on lending rates and floors on deposit rates.

 

In 4Q21 interest income totaled Ps.56.9 billion,3% or Ps.1.9 billion higher than in 3Q21 and 9% or Ps.5.9 billion lower than in 4Q20.

 

Income from interest on loans and other financing totaled Ps.29.6 billion, 8% or Ps.2.1 billion higher compared with the previous quarter due to a 5% increase in the average volume of private sector loans and a 93 basis points increase in the average lending rate. On a yearly basis Income from interest on loans was practically unchanged with a Ps.17 million decrease.

 

In FY2021 interest on loans totaled Ps.114.8 billion and decreased 11% compared to FY2020.

 

In 4Q21 income from government and private securities increased 2% or Ps.520 million QoQ (due to higher income from Government securities) and decreased 13% or Ps.3.8 billion compared with the same period of last year. This result is explained 94% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 6% is explained by income from government and private securities in pesos at amortized cost.

5

 

 

4Q21 Earnings Release

 

In FY2021, income from government and private securities increased 5% compared with FY2020.

 

In 4Q21, income from Repos totaled Ps.1.7 billion, 30% or Ps.727 million lower than the previous quarter and 55% or Ps.2.1 higher than a year ago.

 

In 4Q21 FX income totaled Ps.1.6 billion, 145% or Ps.948 million higher than the previous quarter and 17% or Ps.320 million lower than a year ago. FX income gain was due to the 4% argentine peso depreciation against the US dollar, the Bank’s long spot dollar position during the quarter and FX trading results.

 

In FY2021, FX income totaled a Ps.4.6 billion gain, 17% lower than FY2020.

 

FX INCOME  MACRO Consolidated           Change 
In MILLION $ (Measuring Unit Current at EOP)  4Q20   3Q21   4Q21   FY2020   FY2021   QoQ   YoY 
(1) Differences in quoted prices of  gold and foreign currency   1,920    652    1,600    6,384    4,648    145%   -17%
Translation of FX assets and liabilities to Pesos   1,617    506    1,439    4,947    4,099    184%   -11%
Income from foreign currency exchange   303    146    161    1,437    549    10%   -47%
                                    
(2) Net Income from financial assets and liabilities at fair value through P&L   9    0    0    115    0    -    -100%
Income from investment in derivative financing instruments   9    0         115    0    -    -100%
                                    
(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency   1,929    652    1,600    6,499    4,648    145%   -17%

 

INTEREST INCOME  MACRO Consolidated           Change 
In MILLION $ (Measuring Unit Current at EOP)  4Q20   3Q21   4Q21   FY2020   FY2021   QoQ   YoY 
Interest on Cash and due from Banks   3    3    3    193    14    0%   0%
Interest from government securities   29,171    25,046    25,575    94,658    101,825    2%   -12%
Interest from private securities   244    48    39    2,427    303    -19%   -84%
Interest on loans and other financing                                   
To the financial sector   265    153    139    1,528    677    -9%   -48%
To the public non financial sector   744    397    311    4,458    1,816    -22%   -58%
Interest on overdrafts   2,073    1,998    2,054    16,321    8,072    3%   -1%
Interest on documents   1,766    2,552    2,997    7,183    9,373    17%   70%
Interest on mortgages loans   3,456    3,305    3,807    12,187    15,283    15%   10%
Interest on pledged loans   164    282    458    719    1,063    62%   179%
Interest on personal loans   12,012    11,695    12,168    49,344    48,140    4%   1%
Interest on credit cards loans   3,824    3,542    4,092    17,375    14,731    16%   7%
Interest on financial leases   15    -1    37    86    84    -3800%   147%
Interest on other loans   5,280    3,551    3,519    19,953    15,515    -1%   -33%
Interest on Repos                                   
From the BCRA   3,739    2,409    1,680    10,523    8,484    -30%   -55%
Other financial institutions   46    6    8    144    52    33%   -83%
Total Interest income   62,802    54,986    56,887    237,099    225,432    3%   -9%
                                    
Income from Interest on loans   29,599    27,474    29,582    129,154    114,754    8%   0%

 

The Bank’s 4Q21 interest expense totaled Ps.20.3 billion, increasing 4% or Ps.1 billion compared to the previous quarter and 29% (Ps.8.7 billion) compared to 4Q20.

 

6

 

 

4Q21 Earnings Release

 

In 4Q21, interest on deposits represented 96% of the Bank’s total interest expense, decreasing 4% or Ps.894 million QoQ, due to a 3% decrease in the average volume of deposits from the private sector, while the average rate paid on deposits was unchanged. On a yearly basis, interest on deposits increased 28% or Ps.8 billion.

 

In FY2021, interest expense increased 3% compared with FY2020.

 

INTEREST EXPENSE  MACRO Consolidated          

Change

 
In MILLION $ (Measuring Unit Current at EOP)  4Q20   3Q21   4Q21   FY2020   FY2021   QoQ   YoY 
Deposits                                   
              Interest on checking accounts   1,840    108    142    2,982    1,316    31%   -92%
              Interest on saving accounts   278    286    305    987    1,237    7%   10%
              Interest on time deposits   26,147    20,764    19,817    81,358    87,258    -5%   -24%
Interest on other financing from BCRA and financial inst.   54    25    19    149    153    -24%   -65%
Repos                                   
              Other financial institutions   131    81    60    295    295    -26%   -54%
Interest on corporate bonds   560    121    111    2,336    862    -8%   -80%
Interest on subordinated bonds   917    808    707    3,619    3,244    -13%   -23%
Interest on other financial liabilities   15    9    46    98    69    411%   207%
Total financial expense   29,942    22,202    21,207    91,824    94,434    -4%   -29%
                                    
Expenses from interest on deposits   28,265    21,158    20,264    85,327    89,811    -4%   -28%

 

 

In 4Q21, the Bank’s net interest margin (including FX) was 21.2%, higher than the 19.1% posted in 3Q21 and the 16.3% posted in 4Q20.

 

In 4Q21, Net Interest Margin (excluding FX) was 20.3%, higher than the 18.7% posted in 3Q21 and than the 15.4% posted in 4Q20.

 

In 4Q21, Net Interest Margin (Pesos) was 22.9%, higher than the 20.8% posted in 3Q21 and than the 17.7% in 4Q20; meanwhile Net Interest Margin (USD) was 4.1%, higher than the 3.9% posted in 3Q21 and than the 2% registered in 4Q20.

 

ASSETS & LIABILITIES PERFORMANCE (AR$)  MACRO Consolidated 
In MILLION $  4Q20   3Q21   4Q21 
(Measuring Unit Current at EOP)   AVERAGE    REAL INT    NOMINAL    AVERAGE    REAL INT    NOMINAL    AVERAGE    REAL INT    NOMINAL 
Yields & rates in annualized nominal %   BALANCE    RATE    INT RATE    BALANCE    RATE    INT RATE    BALANCE    RATE    INT RATE 
                                              
Interest-earning assets                                             
Loans & Other Financing                                             
Public Sector   6,231    1.7%   47.5%   3,441    6.6%   45.8%   2,911    1.3%   42.4%
Financial Sector   2,826    -5.4%   37.2%   1,702    -0.8%   35.7%   1,682    -5.5%   32.8%
Private Sector   337,989    -9.1%   31.8%   296,874    -2.2%   33.8%   317,478    -4.4%   34.3%
Other debt securities                                             
Central Bank Securities (Leliqs)   181,721    -5.5%   37.1%   142,217    0.5%   37.5%   135,948    -2.1%   37.6%
Government & Private Securities   151,349    -8.5%   32.7%   137,385    -2.4%   33.6%   122,956    0.3%   40.9%
Repos   44,767    -7.9%   33.6%   26,373    -0.4%   36.3%   18,517    -3.1%   36.2%
Total interest-earning assets   724,883    -7.9%   33.6%   607,992    -1.5%   34.8%   599,492    -2.9%   36.5%
                                              
Fin. Assets through P&L and equity inv.   49,836    -3.8%   39.6%   40,138    0.6%   37.7%   31,042    0.6%   37.7%
Other Non interest-earning assets   86,938              72,476              71,750           
Total Non interest-earning assets   136,774              112,614              102,792           
Total Average Assets   861,657              720,606              702,284           
                                              
Interest-bearing liabilities                                             
Deposits                                             
Public Sector   84,560    -12.0%   27.6%   23,733    -6.4%   28.1%   19,888    -9.1%   27.7%
Private Sector   376,200    -14.8%   23.6%   322,016    -9.4%   24.0%   316,547    -12.0%   23.6%
BCRA and other financial institutions   825    -11.4%   28.5%   419    -6.8%   27.5%   310    26.8%   78.1%
Corporate bonds   7,581    -10.8%   29.4%   2,651    -13.7%   18.1%   3,135    -18.9%   14.0%
Repos   1,716    -10.1%   30.4%   1,308    -8.9%   24.6%   825    -8.3%   28.9%
Total int.-bearing liabilities   470,882    -14.2%   24.5%   350,127    -9.2%   24.2%   340,705    -11.8%   23.9%
                                              
Total non int.-bearing liabilities   251,915              223,449              231,158           
                                              
Total Average Liabilities   722,797              573,576              571,863           
                                              
Assets Performance        61,183              53,294              55,133      
Liabilities Performance        28,952              21,369              20,484      
Net Interest Income        32,231              31,925              34,649      
Total interest-earning assets        724,883              607,992              599,492      
Net Interest Margin (NIM)        17.7%             20.8%             22.9%     

 

7

 

 

4Q21 Earnings Release

 

ASSETS & LIABILITIES PERFORMANCE USD  MACRO Consolidated 
In MILLION $  4Q20   3Q21   4Q21 
(Measuring Unit Current at EOP)  AVERAGE   REAL INT   NOMINAL   AVERAGE   REAL INT   NOMINAL   AVERAGE   REAL INT   NOMINAL 
Yields & rates in annualized nominal %  BALANCE   RATE   INT RATE   BALANCE   RATE   INT RATE   BALANCE   RATE   INT RATE 
                                              
Interest-earning assets                                             
Cash and Deposits in Banks   76,657    -2.4%   0.0%   55,553    -17.8%   0.0%   49,850    -17.3%   0.0%
Loans & Other Financing                                             
Financial Sector   40    7.3%   9.9%   0    0.0%   0.0%   0    0.0%   0.0%
Private Sector   36,558    14.8%   17.6%   22,937    5.7%   28.6%   19,175    11.3%   34.6%
Other debt securities                                             
Government & Private Securities   9,004    0.0%   0.0%   8,648    -16.4%   1.7%   29,605    -16.5%   1.0%
Total interest-earning assets   122,259    2.8%   5.3%   87,138    -11.5%   7.7%   98,630    -11.5%   7.1%
                                              
Non interest-earning assets   142,020              155,310              151,310           
Total Average Assets   264,279              242,448              249,940           
                                              
Interest-bearing liabilities                                             
Deposits                                             
Public Sector   1,241    -2.1%   0.3%   2,948    -17.7%   0.1%   4,325    -17.3%   0.1%
Private Sector   71,910    -2.1%   0.3%   68,059    -17.7%   0.1%   60,744    -17.3%   0.1%
BCRA and other financial institutions   851    2.2%   4.7%   557    -14.8%   3.6%   408    -14.1%   3.9%
Subordinated bonds   51,102    4.6%   7.1%   45,442    -12.0%   7.1%   42,558    -11.9%   6.6%
Total int.-bearing liabilities   125,104    0.7%   3.1%   117,006    -15.5%   2.8%   108,035    -15.1%   2.7%
                                              
Total non int.-bearing liabilities   61,350              52,050              44,241           
                                              
Total Average liabilities   186,454              169,056              152,276           
                                              
Assets Performance        1,619              1,692              1,754      
Liabilities Performance        990              833              723      
Net Interest Income        629              859              1,031      
Total interest-earning assets        122,259              87,138              98,630      
Net Interest Margin (NIM)        2.0%             3.9%             4.1%     

 

In 4Q21 Banco Macro’s net fee income totaled Ps.8.8 billion, 2% or Ps.136 million higher than in 3Q21 and 3% or Ps.217 million higher than the same period of last year.

 

In FY2021, net fee income was 2% lower than in the previous year.

 

In the quarter, fee income totaled Ps.9.7 billion, 2% or Ps.193 million higher than in 3Q21. Corporate services fees, credit card fees and debit card fees stood out with with 7%, 4% and 8% increases respectively. On a yearly basis, fee income increased 4% or Ps.204 million.

 

In the quarter, total fee expense increased 6% or Ps.57 million. On a yearly basis, fee expenses increased 21% or Ps.173 million.

 

NET FEE INCOME  MACRO Consolidated           Change 
In MILLION $ (Measuring Unit Current at EOP)   4Q20     3Q21      4Q21     FY2020    FY2021    QoQ    YoY 
Fees charged on deposit accounts   3,340    3,728    3,609    13,930    14,210    -3%   8%
Credit card fees   1,999    1,694    1,762    7,843    6,588    4%   -12%
Corporate services fees   931    1,092    1,165    3,655    4,127    7%   25%
ATM transactions fees   852    880    894    3,232    3,455    2%   5%
Insurance fees   619    552    592    2,417    2,285    7%   -4%
Debit card fees   624    612    660    2,233    2,410    8%   6%
Financial agent fees (Provinces)   509    524    543    1,898    2,064    4%   7%
Credit related fees   207    202    248    1,096    876    23%   20%
Mutual funds & securities fees   224    214    216    822    758    1%   -4%
AFIP & Collection services   33    42    43    141    159    2%   30%
ANSES fees   17    12    13    80    52    8%   -24%
Total fee income   9,355    9,552    9,745    37,347    36,984    2%   4%
                                    
Total fee expense   812    928    985    3,090    3,531    6%   21%
                                    
Net fee income   8,543    8,624    8,760    34,257    33,453    2%   3%

 

8

 

 

 

 

4Q21 Earnings Release

 

In 4Q21, Net Income from financial assets and liabilities at fair value through profit or loss totaled Ps.3.5 billion 7% or Ps.268 million lower than in the previous quarter. On a yearly basis, Net income from financial assets and liabilities at fair value through profit or loss decreased 29% or Ps.1.4 billion.

 

In FY2021, Net Income from financial assets and liabilities at fair value through profit or loss was 18% higher than in FY2020, mainly due to higher income from government securities.

 

NET INCOME FROM FINANCIAL ASSETS AND
LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS		  MACRO Consolidated           Change 
In MILLION $ (Measuring Unit Current at EOP)  4Q20   3Q21   4Q21   FY2020   FY2021   QoQ   YoY 
Profit or loss from government securities   4,675    2,951    2,746    15,210    16,915    -7%   -41%
Profit or loss from private securities   204    537    -45    1,279    1,243    -    - 
Profit or loss from investment in derivative financing instruments   9    0    0    115    0    0%   -100%
Profit or loss from other financial assets   0    -1    -3    4    -10    -    - 
Profit or loss from investment in equity instruments   -67    -55    586    74    1,040    -    - 
Profit or loss from the sale of financial assets at fair value   134    457    266    53    715    -42%   99%
Income from financial assets at fair value through profit or loss   4,955    3,889    3,550    16,735    19,903    -9%   -28%
                                    
Profit or loss from derivative financing instruments   0    -79    -8    0    0    -    - 
Income from financial liabilities at fair value through profit or loss   0    -79    -8    0    -94    -    - 
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS   4,955    3,810    3,542    16,735    19,809    -7%   -29%

 

In the quarter, Other Operating Income totaled Ps.2 billion, 2% or Ps.41 million higher than in 3Q21. On a yearly basis, Other Operating Income decreased 6% or Ps.116 million.

 

In FY2021, Other Operating Income was 3% lower than in FY2020.

 

OTHER OPERATING INCOME  MACRO Consolidated           Change 
In MILLION $ (Measuring Unit Current at EOP)  4Q20   3Q21   4Q21   FY2020   FY2021   QoQ   YoY 
Credit and debit cards   61    97    141    186    386    45%   131%
Lease of safe deposit boxes   297    302    298    1,177    1,172    -1%   0%
Other service related fees   516    853    724    2,823    2,739    -15%   40%
Sale of real estate and other non-financial assets   0    0    39    0    39    -    - 
Other adjustments and interest from other receivables   347    305    299    1,356    1,464    -2%   -14%
Initial recognition of loans   -12    0    0    0    0    -    - 
Sale of property, plant and equipment   2    0    2    11    4    -    - 
Others   889    386    481    2,552    2,025    25%   -46%
Other Operating Income   2,100    1,943    1,984    8,105    7,829    2%   -6%

 

In 4Q21 Banco Macro’s administrative expenses plus employee benefits totaled Ps.15.6 billion, 5% or Ps.727 million higher than the previous quarter, due to higher administrative expenses (19%). On a yearly basis, administrative expenses plus employee benefits decreased 4% or Ps.608 million.

 

In FY2021 administrative expenses plus employee benefits decreased 4% compared to FY2020, showing the strict cost control policies adopted by the Bank’s senior management.

 

Employee benefits decreased 2% or Ps.219 million QoQ. On a yearly basis, Employee benefits decreased 6% or Ps.623 million.

 

9

 

 

4Q21 Earnings Release

 

In 4Q21, administrative expenses increased 19% or Ps.946 million, due to higher Directors and statutory auditors fees (187%) and higher advertising and publicity fees (44%) and higher other administrative expenses (32%).

 

As of 4Q21, the accumulated efficiency ratio reached 37.5%, improving from the 37.6% posted in 3Q21 and deteriorating from the 35.7% posted a year ago. As of 4Q21 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) decreased 3%, while income (net interest income + net fee income + differences in quoted prices of gold and foreign currency + other operating income + net income from financial assets at fair value through profit or loss – (Turnover Tax + Insurance on deposits)) decreased 8% compared to 4Q20.

 

PERSONNEL & ADMINISTRATIVE EXPENSES  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  4Q20   3Q21   4Q21   FY2020   FY2021   QoQ   YoY 
Employee benefits   10,349    9,945    9,726    40,148    39,481    -2%   -6%
              Remunerations   7,462    6,966    6,741    29,700    28,022    -3%   -10%
              Social Security Contributions   1,719    1,607    1,606    6,661    6,465    0%   -7%
              Compensation and bonuses   934    1,094    1,002    2,944    3,908    -8%   7%
              Employee services   234    278    377    843    1,086    36%   61%
Administrative Expenses   5,882    4,951    5,897    21,947    20,092    19%   0%
              Taxes   727    743    741    2,799    2,928    0%   2%
              Maintenance, conservation fees   971    853    890    3,426    3,318    4%   -8%
              Directors & statutory auditors fees   911    134    385    2,450    781    187%   -58%
              Security services   513    516    518    2,136    2,038    0%   1%
              Electricity & Communications   550    498    482    2,308    2,033    -3%   -12%
              Other professional fees   321    403    495    1,341    1,703    23%   54%
              Rental agreements   28    23    29    137    117    26%   4%
              Advertising & publicity   267    242    349    652    873    44%   31%
              Personnel allowances   50    54    99    194    241    83%   98%
              Stationary & Office Supplies   32    33    36    138    126    9%   13%
              Insurance   69    81    63    258    271    -22%   -9%
              Hired administrative services   0    3    11    5    19    267%   - 
             Other   1,443    1,368    1,799    6,103    5,644    32%   25%
Total Administrative Expenses   16,231    14,896    15,623    62,095    59,573    5%   -4%
                                    
Total Employees   8,561    8,167    8,005                     
Branches   463    464    466                     
Efficiency ratio   38.8%   38.8%   37.4%                    
                                    
Accumulated efficiency ratio   34.7%   37.0%   37.5%                    

 

In 4Q21, Other Operating Expenses totaled Ps.9.8 billion, increasing 18% or Ps.1.5 billion QoQ, due to higher initial loan recognition (521% or Ps.672 million) and higher Other operating expenses (16% or Ps.504 million) Turnover Tax (6% or Ps.172 million). On a yearly basis, Other Operating Expenses increased 31% or Ps.2.3 billion.

 

In FY2021, Other Operating Expenses were 11% higher than in FY2020.

 

OTHER OPERATING EXPENSES  MACRO Consolidated           Change 
In MILLION $ (Measuring Unit Current at EOP)  4Q20   3Q21   4Q21   FY2020   FY2021   QoQ   YoY 
Turnover Tax   3,929    4,424    4,618    16,990    18,067    4%   18%
Other provision charges   327    369    505    1,694    1,624    37%   54%
Deposit Guarantee Fund Contributions   317    248    243    1,116    1,043    -2%   -23%
Donations   7    8    20    255    30    150%   186%
Insurance claims   16    21    37    95    89    76%   131%
Initial loan recognition   72    129    801    72    1,002    521%   1013%
Others   2,862    3,113    3,617    10,673    12,342    16%   26%
Other Operating Expenses   7,530    8,312    9,841    30,895    34,197    18%   31%

 

10

 

 

 

4Q21 Earnings Release

 

In 4Q21, the result from the net monetary position totaled a Ps.15.2 billion loss, 7% or Ps.1.1 billion higher than the loss posted in 3Q21. This is the fourth quarter in which the result from net monetary position is shown pursuant to Communication “A” 7211 of the Central Bank of Argentina in which the inflation adjustment on our Leliqs and other government securities holdings is included (previously shown in Net Income from financial instruments at fair value through P&L). Previous quarters of 2020 have been restated in accordance with Communication “A” 7211 in order to make a comparison possible. Also higher inflation was observed during the quarter (93 b.p. above 3Q21 level, up to 10.21% from 9.28% in 3Q21).

 

In FY2021, the result from net monetary position was 42% higher than the one posted in FY2020.

 

In FY2021, Banco Macro's effective income tax rate 5.8%, lower than the 33.1% effective tax rate of FY2020. It should be noted that in FY2021 the effective tax rate was affected by the implications of inflation adjustments on accounting and tax balances and the determination of income tax due and deferred income tax. For more information, please see Note 23 “Income Tax” of our Financial Statements.

 

OPERATING RESULT  MACRO consolidated       Change 
In MILLION $ (Measuring Unit Current at EOP)   4Q20   3Q21   4Q21   FY2020    FY2021    QoQ    YoY 
Operating Result (exc. Loss from net monetary position)   21,868    22,546    22,379    100,992    93,630    -1%   2%
Result from net monetary position (i.e. inflation adjustment)   -16,057    -14,125    -15,178    -45,724    -64,931    7%   -5%
Operating Result (Inc. Loss from net monetary position)   5,811    8,421    7,201    55,268    28,699    -14%   24%

   

Financial Assets

 

Private sector financing

 

The volume of “core” financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.349 billion, increasing 4% or Ps.11.9 billion QoQ and decreasing 8% or Ps.32.1 billion YoY.

 

Within commercial loans, Overdrafts stand out with a 8% or Ps.1.8 billion increase QoQ (mostly due to loans extended to SMEs).

 

Within consumer lending, mortgages increased 13% or Ps.2.6 billion and credit card loans increased 9% or Ps.8 billion QoQ.

 

In FY2021 Pledged loans stand out with a 49% increase while Others decreased 41% (as loans extended to SMEs as part of the COVID19 relief package became due).

 

As of 4Q21, Banco Macro’s market share over private sector loans was 6.9%. 

 

11

 

 

4Q21 Earnings Release

  

FINANCING TO THE PRIVATE SECTOR  MACRO Consilidated   Change 
In MILLION $ (Measuring Unit Current at EOP)   4Q20   3Q21   4Q21   QoQ    YoY 
Overdrafts   25,774    21,492    23,265    8%   -10%
Discounted documents   39,505    41,156    39,660    -4%   0%
Mortgage loans   20,352    19,460    22,015    13%   8%
Pledged loans   4,919    6,682    7,326    10%   49%
Personal loans   101,275    93,375    93,616    0%   -8%
Credit Card loans   96,416    86,956    94,963    9%   -2%
Others   59,486    34,955    35,200    1%   -41%
Interest   29,828    30,063    30,851    3%   3%
Total loan portfolio   377,555    334,139    346,896    4%   -8%
                          
Total loans in Pesos   343,949    313,198    332,129    6%   -3%
                          
Total loans in USD   33,606    20,941    14,767    -29%   -56%
Financial trusts   859    383    531    39%   -38%
Leasing   179    201    478    138%   167%
Others   2,472    2,399    1,101    -54%   -55%
Total other financing   3,510    2,983    2,110    -29%   -40%
                          
Total other financing in Pesos   1,953    1,752    1,512    -14%   -23%
                          
Total other financing in USD   1,557    1,231    598    -51%   -62%
                          
Total financing to the private sector   381,065    337,122    349,006    4%   -8%
                          
EOP FX (Pesos per USD)   84.1450    98.7350    102.7500    4%   22%
                          
USD financing / Financing to the private sector   9%   7%   4%          

 

Public Sector Assets

 

In 4Q21, the Bank’s public sector assets (excluding LELIQs) to total assets ratio was 18.1%, higher than the 17.6% registered in the previous quarter, and higher than the 17.5% posted in 4Q20.

 

In 4Q21, a 4% or Ps.6.7 billion increase in Other government securities stand out. Since 2Q20 the Bank decided to invest in CER adjustable and Badlar bonds.

 

12

 

  

4Q21 Earnings Release

 

 

PUBLIC SECTOR ASSETS  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)   4Q20   3Q21   4Q21   QoQ    YoY 
Leliqs   194,225    143,695    132,971    -7%   -32%
Other   197,705    171,353    178,035    4%   -10%
Government securities   391,930    315,048    311,006    -1%   -21%
Provincial loans   5,197    2,729    2,134    -22%   -59%
Loans   5,197    2,729    2,134    -22%   -59%
Purchase of government bonds   231    193    180    -7%   -22%
Other receivables   231    193    180    -7%   -22%
                          
TOTAL PUBLIC SECTOR ASSETS   397,358    317,970    313,320    -1%   -21%
                          
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)   203,133    174,275    180,349    3%   -11%
                          
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS   17.5%   17.6%   18.1%          

   

Funding

 

Deposits

 

Banco Macro’s deposit base totaled Ps.588.9 billion in 4Q21, decreasing 1% or Ps.8.7 billion QoQ and a 20% or Ps.148.9 billion decrease YoY and representing 78% of the Bank’s total liabilities.

 

On a quarterly basis, both public and private sector deposits decreased with a 5% or Ps.3 billion decrease and a 1% or Ps.5.7 billion decrease respectively.

 

The decrease in private sector deposits was led by time deposits, which decreased 8% or Ps.19.8 billion, while demand deposits increased 5% or Ps.14.6 billion QoQ.

 

Within private sector deposits, peso deposits increased 1% or Ps.5.6 billion, while US dollar deposits decreased 16% or USD 182 million.

 

In FY2021, within private sector deposits, time deposits decreased 24% while demand deposits decreased 7%.

 

As of 4Q21, Banco Macro´s market share over private sector deposits was 5.4%.

 

DEPOSITS  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)   4Q20   3Q21   4Q21   QoQ    YoY 
Public sector   111,041    59,436    56,403    -5%   -49%
                          
Financial sector   1,051    915    961    5%   -9%
                          
Private sector   625,622    537,159    531,487    -1%   -15%
Checking accounts   98,717    108,550    100,869    -7%   2%
Savings accounts   209,134    161,671    183,950    14%   -12%
Time deposits   306,363    253,254    233,448    -8%   -24%
Other   11,408    13,684    13,220    -3%   16%
Total   737,714    597,510    588,851    -1%   -20%
                          
Pesos   621,337    486,680    492,248    1%   -21%
Foreign Currency (Pesos)   116,377    110,830    96,603    -13%   -17%
                          
EOP FX (Pesos per USD)   84.1450    98.7350    102.7500    4%   22%
Foreign Currency (USD)   1,383    1,122    940    -16%   -32%
                          
USD Deposits / Total Deposits   16%   19%   16%          

   

Banco Macro’s transactional deposits represent approximately 55% of its total deposit base as of 4Q21. These accounts are low cost and are not sensitive to interest rate increases.

 

13

 

 

 

4Q21 Earnings Release

 

Other sources of funds

 

In 4Q21, the total amount of other sources of funds increased 3% or Ps.7.3 billion compared to 3Q21. On a yearly basis, other sources of funds were unchanged. In 4Q21 Shareholder’s Equity increased 5% or Ps.10.6 billion; also in the quarter subordinated corporate bonds decreased 7% or Ps.3.3 billion.

 

OTHER SOURCES OF FUNDS  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  4Q20   3Q21   4Q21   QoQ   YoY 
Central Bank of Argentina   30    24    22    -8%   -27%
Banks and international institutions   536    562    275    -51%   -49%
Financing received from Argentine financial institutions   820    69    142    106%   -83%
Subordinated corporate bonds   51,773    45,230    41,974    -7%   -19%
Corporate bonds   7,437    2,797    2,991    7%   -60%
Shareholders' equity   223,513    227,966    238,569    5%   7%
Total other source of funds   284,109    276,648    283,973    3%   0%

 

Liquid Assets

 

In 4Q21, the Bank’s liquid assets amounted to Ps.530.3 billion, showing a 1% or Ps.6.6 billion decrease QoQ, and a 20% or Ps.134.7 billion decrease on a yearly basis.

 

In 4Q21, LELIQs own portfolio decreased 7% or Ps.10.7 billion. Cash decreased 6% or Ps.10.1 billion.

 

In 4Q21, Banco Macro’s liquid assets to total deposits ratio reached 90%.

 

LIQUID ASSETS  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  4Q20   3Q21   4Q21   QoQ   YoY 
Cash   196,175    182,958    172,333    -6%   -12%
Guarantees for compensating chambers   18,175    16,135    15,525    -4%   -15%
Call   75    0    0    -    -100%
Leliq own portfolio   194,225    143,695    132,971    -7%   -32%
Net Repos   58,570    22,727    31,406    38%   -46%
Other government & private securities   197,705    171,353    178,035    4%   -10%
Total   664,925    536,868    530,270    -1%   -20%
                          
Liquid assets to total deposits   90%   90%   90%          

 

14

 

 

4Q21 Earnings Release

 

Solvency

 

Banco Macro continued showing high solvency levels in 4Q21 with an integrated capital (RPC) of Ps.255.5 billion over a total capital requirement of Ps.57.7 billion. Banco Macro’s excess capital in 4Q21 was 342% or Ps.197.8 billion. Since the beginning of 2020 and due to inflation adjustments Equity has increased significantly leading to higher solvency levels (shown under Ordinary Capital Level 1).

 

The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 36.1% in 4Q21; TIER1 Ratio stood at 30.9%.

 

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

 

MINIMUM CAPITAL REQUIREMENT  MACRO Consolidated   Change 
In MILLION $  4Q20   3Q21   4Q21   QoQ   YoY 
Credit risk requirement   28,025    34,030    36,726    8%   31%
Market risk requirement   1,556    1,631    3,585    120%   130%
Operational risk requirement   11,777    15,691    17,438    11%   48%
Total capital requirements   41,358    51,352    57,749    12%   40%
                          
Ordinary Capital Level 1 (COn1)   146,350    203,858    233,700    15%   60%
Deductible concepts Level 1 (COn1)   -9,150    -12,411    -14,585    18%   59%
Capital Level 2 (COn2)   36,248    42,565    36,401    -14%   0%
Integrated capital - RPC (i)   173,449    234,012    255,516    9%   47%
                          
Excess capital   132,091    182,660    197,767    8%   50%
                          
Risk-weighted assets - RWA (ii)   506,766    629,505    708,490    13%   40%
                          
Regulatory Capital ratio [(i)/(ii)]   34.2%   37.2%   36.1%          
                          
Ratio TIER 1 [Capital Level 1/RWA]   27.1%   30.4%   30.9%          

 

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

 

Asset Quality

 

In 4Q21, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 1.30%, down from 1.67% in 3Q21, and higher than the 0.78% posted in 4Q20.

 

Consumer portfolio non-performing loans improved 65b.p. (down to 1.4% from 2.05%) while Commercial portfolio non-performing loans deteriorated 43b.p. in 4Q20 (up to 0.99% from 0.57%).

 

The improvement in Consumer non-performing loans is explained by the sale of part of the consumer portfolio.

 

During 2020 Consumer portfolio non-performing loans ratio were positively impacted by measures adopted by the Central Bank of Argentina in the current Covid19 pandemic context, particularly the 60 day grace period that was added to debtor classification before a loan was considered as non performing and the possibility to refinance outstanding credit card balances. These measures were in place until March 31st, 2021.

 

15

 

 

4Q21 Earnings Release

 

In March 2021 through Communication “A” 7245, the Central Bank established a gradual transition in the definition of debtors for clients who chose to postpone the payment of installments. Financial entities must increase the grace period to classify their debtors in levels 1, 2 and 3, both for the commercial portfolio and for the consumer or housing portfolio, according to the following schedule: i) Until March 31, 2021, in 60 days, ii) Until May 31, 2021, in 30 days, and iii) As of June 1, 21, financial entities must classify their debtors according to the general debtor classification.

 

The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) improved to 209.61 in 4Q21. Write-offs over total loans totaled 0.16%.

 

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

 

ASSET QUALITY  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  4Q20   3Q21   4Q21   QoQ   YoY 
Commercial portfolio   115,400    91,107    87,150    -4%   -24%
  Non-performing   1,041    516    866    68%   -17%
Consumer portfolio   292,753    263,989    279,159    6%   -5%
  Non-performing   2,127    5,404    3,897    -28%   83%
Total portfolio   408,153    355,096    366,309    3%   -10%
  Non-performing   3,168    5,920    4,763    -20%   50%
Commercial non-perfoming ratio   0.90%   0.57%   0.99%          
Consumer non-perfoming ratio   0.73%   2.05%   1.40%          
                          
Total non-performing/ Total portfolio   0.78%   1.67%   1.30%          
                          
Total allowances   15,181    10,413    9,985    -4%   -34%
Coverage ratio w/allowances   479.20%   175.90%   209.61%          
Write Offs   1,499    1,236    573    -54%   -62%
Write Offs/ Total portfolio   0.37%   0.35%   0.16%          

 

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

 

The Bank records an allowance for expected credit losses for all loans and other debt financial assets not held at fair value through profit or loss, together with loan commitments and financial guarantee contracts, in this section all referred to as ‘financial instruments’. Equity instruments are not subject to impairment under IFRS 9. The ECL allowance is based on the credit losses expected to arise over the life of the asset (the lifetime expected credit loss), unless there has been no significant increase in credit risk since origination, in which case, the allowance is based on the 12 months expected credit loss.(For further information please see our 2019 20-F)

 

16

 

 

4Q21 Earnings Release

 

CER Exposure and Foreign Currency Position

 

CER EXPOSURE  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  4Q20   3Q21   4Q21   QoQ   YoY 
CER adjustable ASSETS                         
                          
Government Securities   77,276    82,536    97,940    19%   27%
                          
Loans (*)   28,141    26,802    26,171    -2%   -7%
Private sector loans   10,585    7,723    6,994    -9%   -34%
Mortgage loans (UVA adjusted)   17,545    19,065    19,165    1%   9%
Other loans   11    14    12    -14%   9%
Total CER adjustable assets   105,417    109,338    124,111    14%   18%
                          
CER adjustable LIABILITIES                         
Deposits (*)   2,082    9,314    7,738    -17%   272%
UVA Unemployment fund   1,169    1,560    1,603    3%   37%
Total CER adjustable liabilities   3,251    10,874    9,341    -14%   187%
                          
NET CER EXPOSURE   102,166    98,464    114,770    17%   12%

             

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

 

FOREIGN CURRENCY POSITION  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  4Q20   3Q21   4Q21   QoQ   YoY 
Cash and deposits in Banks   159,576    134,801    122,030    -9%   -24%
       Cash   14,800    12,847    8,882    -31%   -40%
       Central Bank of Argentina   62,449    69,707    74,085    6%   19%
       Other financial institutions local and abroad   82,319    52,241    39,056    -25%   -53%
       Others   8    6    7    17%   -13%
Net Income from financial instruments at fair value through P&L   9    1,021    1,234    21%   13611%
Other financial assets   7,513    6,337    5,990    -5%   -20%
Loans and other financing   35,156    22,136    15,335    -31%   -56%
       Other financial institutions   828    43    21    -51%   -97%
       Non financial private sector & foreign residents   32    0    0    0%   -100%
Other debt securities   35,124    22,136    15,335    -31%   -56%
Guarantees received   8,891    12,933    33,871    162%   281%
Investment in equity instruments   2,751    2,298    2,297    0%   -17%
Investment in associates and joint ventures   18    16    69    331%   283%
Total Assets   213,913    179,542    180,826    1%   -15%
Deposits   116,377    110,830    96,603    -13%   -17%
       Non financial public sector   6,337    6,286    7,676    22%   21%
       Financial sector   866    805    761    -5%   -12%
       Non financial private sector & foreign residents   109,173    103,739    88,166    -15%   -19%
Other liabilities from financial intermediation   27,847    9,334    6,508    -30%   -77%
Financing from the Central Bank and other fin. Inst   709    565    277    -51%   -61%
Subordinated corporate bonds   51,773    45,230    41,974    -7%   -19%
Other non financial liabilities   31    26    40    54%   29%
Total Liabilities   196,737    165,985    145,528    -12%   -26%
                          
NET FX POSITION (Pesos)   17,176    13,557    35,298    160%   106%
EOP FX (Pesos per USD)   84.1450    98.7350    102.7500    4%   22%
NET FX POSITION (USD)   204    137    344    150%   68%

 

17

 

 

4Q21 Earnings Release

 

Relevant and Recent Events

 

·JHB Trust. On December 21, 2021 Banco Macro was informed informed that Fiduciaria JHB S.A., in its capacity as trustee of the trust "Fideicomiso Trust JHB", had transferred: (i) 5,995,996 class A common book-entry shares of par value Ps.1 each and entitled to 5 votes per share of the Bank; and (ii) 104,473,881 class B common book-entry shares of par value Ps.1 each and entitled to 1 vote per share of the Bank , in favor of the beneficiaries of said trust, Ms. Milagros Brito and Ms. Constanza Brito and Messrs. Jorge Pablo Brito, Marcos Brito, Santiago Brito and Mateo Brito, on equal parts to each of the above mentioned individuals, who have agreed to syndicate the exercise of their voting right and contributed the shares to Fideicomiso de Garantía JHB BMA, a trust under which Banco de Servicios y Transacciones S.A. is the trustee

 

·Additional Loan loss Provisions.

 

oCOVID19 Adjustments:

 

During FY2020, in the midst of the COVID19 pandemic, the Bank resolved to record a special adjustment (forward looking) based on the possible credit deterioration of those clients who showed higher vulnerability or complications arising from the COVID19 pandemic. This adjustment (Ps.5.6 billion as of December 31st, 2020) was based on estimations of future behavior of clients that had refinanced their debts or extended their maturities in accordance with Central Bank measures adopted in March 2020.

 

In March 2021, as the period for mandatory refinancing ended, the Bank started to assign loan loss provisions to those clients who were not performing on their loans. Given that as of December 31st 2021 the extraordinary circumstances under which the COVID19 adjustment originated were considered to be over the Bank decided not to record any adjustment.

 

oUncertainty arising from Foreign Debt refinancing:

 

As of December 31s, 2021 the Bank decided to record an adjustment (forward looking) with the intention of increasing loan loss provisions determined by the Expected Credit Losses model, with the intention of reflecting a possible adverse scenario resulting from a non-agreement with the International Monetary Fund and the ongoing foreign debt renegotiation.

 

As of the date of this financial statements the Bank considered the macroeconomic imbalances that could arise from the hefty interest and principal payments due that Argentina should make to the IMF as established in the original loan agreement in 2018, in the event that a deal is not reached for the refinancing of its debt.

 

The Bank also considered the possible effects that a no deal could have on the level of foreign reserves, which are deemed low enough already, uncertainty around the possibility of reaching an agreement, which in addition should be passed as law through Congress.

 

In this context of great uncertainty, which is not fully captured by the forward-looking Expected Credit Losses models used by the Bank, Banco Macro decided to record a Ps.2 billion additional adjustment on Provisions for loan losses based on expert judgement. This amount was estimated using an adverse macroeconomic scenario with a 100% weighing with its implications in GDP, CPI and interest rates, and calculation the effect of the afore mentioned situation in expected credit losses of those clients which show higher vulnerability and are classified as stage 2 and 3.

 

Ajuste Incertidumbre sobre Reestructuración de Obligaciones Externas

 

Frente a este escenario de incertidumbre que no es capturado íntegramente por los modelos prospectivos usados por la Entidad en el ajuste de los parámetros utilizados en el cálculo de las PCE, se decidió registrar al cierre de ejercicio un ajuste adicional, basado en el criterio experto, de $1.986.000.

 

El monto del ajuste fue determinado utilizando (i) un escenario macroeconómico adverso en función de lo mencionado en los párrafos precedentes con una ponderación del 100%, con su consecuente efecto en las variables de construcción de los modelos, en especial los cambios en el PBI y los niveles de precios y tasas de interés futuros y (ii) estimando el efecto de la

 

18

 

 

4Q21 Earnings Release

 

Regulatory Changes

 

·Inflation Adjustment (Other Comprehensive Income) In January 2021 through Communication “A” 7221 with starting in fiscal year 2021, the monetary result accrued with respect to items of a monetary nature that are measured at fair value with changes in Other Comprehensive Income (OCI), must be recorded in results for the period/fiscal year. Consequently, the unallocated results must be adjusted and recorded in the account "Adjustments to results from previous years" at the beginning of fiscal year 2021, in order to incorporate the accumulated monetary results of the aforementioned items as of that date that will be recorded in OCI. All the comparative information for the next periods/fiscal years must consider this change in the exposure criteria.

 

·Later on through Communication “A” 7222 the Central Bank of Argentina allowed Banks, at its own criteria, to record the impact of Communication “A” 7221 as of December 2020. Banco Macro decided not to take this option.

 

·Net global Foreign Exchange position. In November2021, through Communication “A” 7405, the Central Bank determined that as of December 1, 2021 the spot foreign exchange position as defined in Central Bank rules regarding Net global Foreign Exchange position should not exceed 0% of integrated capital registered in the previous month.

 

·Dividend distribution. In December 2021, the Central Bank of Argentina, through Communication “A” 7421 established that financial entities could distribute results for up to 20% of accumulated profits until December 31, 2021. This distribution can be made from January 1 to December 31, 2022, with the prior approval of the Argentine Central Bank, in 12 equal, monthly and consecutive installments

 

·Monetary policy instruments. In January 2022, the Central Bank of Argentina through Communication “A” 7432 established a series of adjustments to monetary policy instruments, which imply a new set of interest rates and a simplification of financial system liquidity management. The Central Bank decided to increase Leliq rates from 38% to 40%, terminate 7 day Repos, and issue a new 180-day Leliq. In addition the Central Bank decided to increase the minimum time deposit rate for time deposits up to Ps.10 million that Banks must pay to individuals (39% vs 37% prior) and 37% (prior 34%) for all other depositors.

 

19

 

 

 

4Q21 Earnings Release

 

QUARTERLY BALANCE SHEET  MACRO Consolidated           Change 
In MILLION $ (Measuring Unit Current at EOP)  4Q20   3Q21   4Q21   FY2020   FY2021   QoQ   YoY 
ASSETS                                   
Cash and deposits in Banks   196,175    182,958    172,333    196,175    172,333    -6%   -12%
           Cash   38,373    27,507    26,625    38,373    26,625    -3%   -31%
           Central Bank of Argentina   75,463    103,178    106,641    75,463    106,641    3%   41%
           Other local & foreign entities   82,331    52,267    39,061    82,331    39,061    -25%   -53%
           Other   8    6    6    8    6    0%   -25%
Debt securities at fair value through profit & loss   82,991    23,411    32,407    82,991    32,407    38%   -61%
Derivatives   11    1    1    11    1    0%   -91%
Repo Transactions   59,504    24,722    31,406    59,504    31,406    27%   -47%
Other financial assets   28,507    23,617    35,140    28,507    35,140    49%   23%
Loans & other receivables   388,413    341,566    352,361    388,413    352,361    3%   -9%
          Non Financial Public Sector   5,456    2,951    2,376    5,456    2,376    -19%   -56%
          Financial Sector   2,751    1,876    1,510    2,751    1,510    -20%   -45%
          Non Financial private sector and foreign   380,206    336,739    348,475    380,206    348,475    3%   -8%
Other debt securities   315,654    303,994    285,980    315,654    285,980    -6%   -9%
Financial assets in guarantee   21,573    20,777    17,964    21,573    17,964    -14%   -17%
Investments in equity instruments   2,510    2,298    2,179    2,510    2,179    -5%   -13%
Investments in other companies (subsidiaries and joint ventures)   308    433    490    308    490    13%   59%
Property, plant and equipment   51,878    53,068    52,872    51,878    52,872    0%   2%
Intangible assets   7,704    8,313    8,404    7,704    8,404    1%   9%
Deferred income tax assets   95    37    48    95    48    30%   -49%
Other non financial assets   3,369    2,431    2,874    3,369    2,874    18%   -15%
Non-current assets held for sale   3,409    3,298    3,242    3,409    3,242    -2%   -5%
TOTAL ASSETS   1,162,101    990,924    997,701    1,162,101    997,701    1%   -14%
                                    
LIABILITIES                                   
Deposits   737,714    597,510    588,851    737,714    588,851    -1%   -20%
         Non Financial Public Sector   111,041    59,436    56,403    111,041    56,403    -5%   -49%
         Financial Sector   1,051    915    961    1,051    961    5%   -9%
         Non Financial private sector and foreign   625,622    537,159    531,487    625,622    531,487    -1%   -15%
Derivatives   -    3    3    -    3    0%   - 
Repo Transactions   934    1,995    -    934    -    -100%   -100%
Other financial liabilities   74,287    51,367    67,935    74,287    67,935    32%   -9%
Financing received from Central Bank and Other Financial Institutions   1,387    656    438    1,387    438    -33%   -68%
Issued Corporate Bonds   7,437    2,797    2,991    7,437    2,991    7%   -60%
Current income tax liabilities   7,766    2,681    351    7,766    351    -87%   -95%
Subordinated corporate bonds   51,773    45,230    41,974    51,773    41,974    -7%   -19%
Provisions   1,969    1,510    1,642    1,969    1,642    9%   -17%
Deferred income tax liabilities   9,496    8,610    5,692    9,496    5,692    -34%   -40%
Other non financial liabilities   45,823    48,148    47,590    45,823    47,590    -1%   4%
TOTAL LIABILITIES   938,586    762,954    759,095    938,586    759,095    -1%   -19%
                                    
SHAREHOLDERS' EQUITY                                   
Capital Stock   639    639    639    639    639    0%   0%
Issued Shares premium   12,430    12,430    12,430    12,430    12,430    0%   0%
Adjustment to Shareholders' Equity   82,601    82,601    82,601    82,601    82,601    0%   0%
Reserves   165,759    121,826    121,826    165,759    121,826    0%   -27%
Retained earnings   -76,394    -8,920    -8,920    -76,394    -8,920    0%   -88%
Other accumulated comprehensive income   1,696    2,801    2,871    1,696    2,871    2%   69%
Net income for the period / fiscal year   36,782    16,589    27,122    36,782    27,122    63%   -26%
Shareholders' Equity attributable to parent company   223,513    227,966    238,569    223,513    238,569    5%   7%
                                    
Shareholders' Equity attributable to non controlling interest   2    4    37    2    37    825%   1750%
TOTAL SHAREHOLDERS' EQUITY   223,515    227,970    238,606    223,515    238,606    5%   7%

20

 

 

4Q21 Earnings Release

 

ANNUAL BALANCE SHEET  Macro Consolidated   Change% 
In MILLION $ (Measuring Unit Current at EOP)  FY2020   FY2021   YoY 
ASSETS               
Cash and deposits in Banks   196,175    172,333    -12%
           Cash   38,373    26,625    -31%
           Central Bank of Argentina   75,463    106,641    41%
           Other local & foreign entities   82,331    39,061    -53%
           Other   8    6    -25%
Debt securities at fair value through profit & loss   82,991    32,407    -61%
Derivatives   11    1    -91%
Repo Transactions   59,504    31,406    -47%
Other financial assets   28,507    35,140    23%
Loans & other receivables   388,413    352,361    -9%
          Non Financial Public Sector   5,456    2,376    -56%
          Financial Sector   2,751    1,510    -45%
          Non Financial private sector and foreign   380,206    348,475    -8%
Other debt securities   315,654    285,980    -9%
Financial assets in guarantee   21,573    17,964    -17%
Investments in equity instruments   2,510    2,179    -13%
Investments in other companies (subsidiaries and joint ventures)   308    490    59%
Property, plant and equipment   51,878    52,872    2%
Intangible assets   7,704    8,404    9%
Deferred income tax assets   95    48    -49%
Other non financial assets   3,369    2,874    -15%
Non-current assets held for sale   3,409    3,242    -5%
TOTAL ASSETS   1,162,101    997,701    -14%
                
LIABILITIES               
Deposits   737,714    588,851    -20%
         Non Financial Public Sector   111,041    56,403    -49%
         Financial Sector   1,051    961    -9%
         Non Financial private sector and foreign   625,622    531,487    -15%
Derivatives   -    3    - 
Repo Transactions   934    -    -100%
Other financial liabilities   74,287    67,935    -9%
Financing received from Central Bank and Other Financial Institutions   1,387    438    -68%
Issued Corporate Bonds   7,437    2,991    -60%
Current income tax liabilities   7,766    351    -95%
Subordinated corporate bonds   51,773    41,974    -19%
Provisions   1,969    1,642    -17%
Deferred income tax liabilities   9,496    5,692    -40%
Other non financial liabilities   45,823    47,590    4%
TOTAL LIABILITIES   938,586    759,095    -19%
                
SHAREHOLDERS' EQUITY               
Capital Stock   639    639    0%
Issued Shares premium   12,430    12,430    0%
Adjustment to Shareholders' Equity   82,601    82,601    0%
Reserves   165,759    121,826    -27%
Retained earnings   -76,394    -8,920    -88%
Other accumulated comprehensive income   1,696    2,871    69%
Net income for the period / fiscal year   36,782    27,122    -26%
Shareholders' Equity attributable to parent company   223,513    238,569    7%
Shareholders' Equity attributable to non controlling interest   2    37    1750%
TOTAL SHAREHOLDERS' EQUITY   223,515    238,606    7%

21

 

 

 

4Q21 Earnings Release

 

INCOME STATEMENT  MACRO Consolidated           Change 
In MILLION $ (Measuring Unit Current at EOP)   4Q20   3Q21   4Q21   FY2020    FY2021    QoQ    YoY 
Interest Income   62,802    54,986    56,887    237,099    225,432    3%   -9%
Interest Expense   29,942    22,202    21,207    91,824    94,434    -4%   -29%
Net Interest Income   32,860    32,784    35,680    145,275    130,998    9%   9%
Fee income   9,355    9,552    9,745    37,347    36,984    2%   4%
Fee expense   812    928    985    3,090    3,531    6%   21%
 Net Fee Income   8,543    8,624    8,760    34,257    33,453    2%   3%
Subtotal (Net Interest Income + Net Fee Income)   41,403    41,408    44,440    179,532    164,451    7%   7%
Net Income from financial instruments
 at Fair Value Through Profit & Loss		   4,955    3,810    3,542    16,735    19,809    -7%   -29%
Result from assets at amortised cost   190    -    91    1,951    244    -    -52%
Difference in quoted prices of gold
and foreign currency		   1,920    652    1,600    6,384    4,648    145%   -17%
Other operating income   2,100    1,943    1,984    8,105    7,829    2%   -6%
Provision for loan losses   3,259    233    1,963    12,080    2,455    742%   -40%
Net Operating Income   47,309    47,580    49,694    200,627    194,526    4%   5%
Personnel expenses   10,349    9,945    9,726    40,148    39,481    -2%   -6%
Administrative expenses   5,882    4,951    5,897    21,947    20,092    19%   0%
Depreciation and impairment of assets   1,680    1,826    1,851    6,645    7,126    1%   10%
Other operating expense   7,530    8,312    9,841    30,895    34,197    18%   31%
Operating Income   21,868    22,546    22,379    100,992    93,630    -1%   2%
Income from associates and joint ventures   -90    -1    35    -10    87    -3600%   -139%
Result from net monetary position   -16,057    -14,125    -15,178    -45,724    -64,931    7%   -5%
Net Income before income tax on cont. operations   5,721    8,420    7,236    55,258    28,786    -14%   26%
Income tax on continuing operations   930    314    -3,298    18,476    1,663    -1150%   -455%
Net Income from continuing operations   4,791    8,106    10,534    36,782    27,123    30%   120%
                                    
Net Income for the period   4,791    8,106    10,534    36,782    27,123    30%   120%
Net Income of the period attributable
to parent company		   4,791    8,106    10,534    36,782    27,122    30%   120%
Net income of the period attributable
to non-controlling interests		   -    -    -    -    1    -    - 
                                    
Other Comprehensive Income   -179    64    69    1,416    1,174    8%   - 
Foreign currency translation differences in
financial statements conversion		   -33    -203    -193    181    -766    -5%   485%
Profits or losses from financial assets measured
at fair value  through other comprehensive income
(FVOCI)  (IFRS 9(4.1.2)(a)		   -146    267    262    1,235    1,940    -    - 
                                    
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD   4,612    8,170    10,603    38,198    28,297    30%   130%
Total Comprehensive Income attributable
to parent Company		   4,611    8,170    10,603    38,197    28,296    30%   130%
Total Comprehensive Income attributable
to non-controlling interests		   1    -    -    1    1    -    - 

 

22

 

 

4Q21 Earnings Release

 

INCOME STATEMENT  Macro Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  FY2020   FY2021   YoY 
Interest Income   237,099    225,432    -5%
Interest Expense   91,824    94,434    3%
 Net Interest Income   145,275    130,998    -10%
Fee income   37,347    36,984    -1%
Fee expense   3,090    3,531    14%
 Net Fee Income   34,257    33,453    -2%
Subtotal (Net Interest Income + Net Fee Income)   179,532    164,451    -8%
Net Income from financial instruments  at Fair Value Through Profit & Loss   16,735    19,809    18%
Result from assets at amortised cost   1,951    244    -87%
Difference in quoted prices of gold and foreign currency   6,384    4,648    -27%
Other operating income   8,105    7,829    -3%
Provision for loan losses   12,080    2,455    -80%
Net Operating Income   200,627    194,526    -3%
Personnel expenses   40,148    39,481    -2%
Administrative expenses   21,947    20,092    -8%
Depreciation and impairment of assets   6,645    7,126    7%
Other operating expense   30,895    34,197    11%
Operating Income   100,992    93,630    -7%
Income from associates and joint ventures   -10    87    -970%
Result from net monetary position   -45,724    -64,931    42%
Net Income before income tax on cont. operations   55,258    28,786    -48%
Income tax on continuing operations   18,476    1,663    -28%
Net Income from continuing operations   36,782    27,123    -26%
                
Net Income for the period   36,782    27,123    -26%
Net Income of the period attributable to parent company   36,782    27,122    -26%
Net income of the period attributable to non-controlling interests   -    1    - 
                
Other Comprehensive Income   1,416    1,174    -17%
Foreign currency translation differences in financial statements conversion   181    -766    -523%
Profits or losses from financial assets measured at fair value  through other comprehensive income (FVOCI)  (IFRS 9(4.1.2)(a)   1,235    1,940    57%
                
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD   38,198    28,297    -26%
Total Comprehensive Income attributable to parent Company   38,197    28,296    -26%
Total Comprehensive Income attributable to non-controlling interests   1    1    0%

 

23

 

 

4Q21 Earnings Release

 

QUARTERLY ANNUALIZED RATIOS   MACRO Consolidated
    4Q20   1Q21   2Q21   3Q21   4Q21
Profitability & performance                         
Net interest margin   16.3%   17.4%   18.8%   19.1%   21.2%
Net interest margin adjusted (exc. FX)   15.4%   16.5%   18.3%   18.7%   20.3%
Net fee income ratio   13.9%   11.5%   12.2%   13.7%   12.6%
Efficiency ratio   38.8%   35.7%   38.4%   38.8%   37.4%
Net fee income as % of A&G Expenses   35.7%   32.2%   31.7%   35.3%   33.7%
Return on average assets   1.7%   1.1%   2.3%   3.3%   4.4%
Return on average equity   8.8%   5.4%   10.3%   14.6%   18.3%
Liquidity                         
Loans as a percentage of total deposits   52.7%   58.0%   55.4%   57.2%   59.8%
Liquid assets as a percentage of total deposits   90.0%   94.0%   93.0%   90.0%   90.0%
Capital                         
Total equity as a percentage of total assets   19.2%   22.2%   22.5%   23.0%   23.9%
Regulatory capital as % of APR   34.2%   37.7%   38.3%   37.2%   36.1%
Asset Quality                         
Allowances over total loans   3.5%   3.7%   3.8%   3.0%   2.8%
Non-performing financing as a percentage of total financing   0.8%   0.9%   1.7%   1.7%   1.3%
Coverage ratio w/allowances   479.3%   387.8%   212.9%   175.9%   209.6%
Cost of Risk   3.4%   0.0%   0.3%   0.3%   2.3%

 

ACCUMULATED ANNUALIZED RATIOS   MACRO Consolidated
    4Q20   1Q21   2Q21   3Q21   4Q21
Profitability & performance                         
Net interest margin   19.2%   17.4%   18.0%   18.4%   19.1%
Net interest margin adjusted (exc. FX)   18.4%   16.5%   17.4%   17.8%   18.4%
Net fee income ratio   12.6%   11.5%   11.8%   12.4%   12.5%
Efficiency ratio   35.7%   35.7%   37.0%   37.6%   37.5%
Net fee income as % of A&G Expenses   35.3%   32.2%   32.0%   33.1%   33.2%
Return on average assets   3.5%   1.1%   1.7%   2.2%   2.8%
Return on average equity   16.8%   5.4%   7.8%   10.1%   12.2%
Liquidity                         
Loans as a percentage of total deposits   52.7%   58.0%   55.4%   57.2%   59.8%
Liquid assets as a percentage of total deposits   90.0%   94.0%   93.0%   90.0%   90.0%
Capital                         
Total equity as a percentage of total assets   19.2%   22.2%   22.5%   23.0%   23.9%
Regulatory capital as % of APR   34.2%   37.7%   38.3%   37.2%   36.1%
Asset Quality                         
Allowances over total loans   3.5%   3.7%   3.8%   3.0%   2.8%
Non-performing financing as a percentage of total financing   0.8%   0.9%   1.7%   1.7%   1.3%
Coverage ratio w/allowances   479.3%   387.8%   212.9%   175.9%   209.6%
Cost of Risk   3.0%   0.0%   0.2%   0.2%   0.7%

 

24

 

 

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: February 23, 2022 

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