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

January 27, 2023

Commission File Number: 001-32827

MACRO BANK INC.

(Translation of registrant’s name into English)

Avenida Eduardo Madero 1182

Ciudad Autónoma de Buenos Aires C1106 ACY

Tel: 54 11 5222 6500

(Address of registrant’s principal executive offices)

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

Form 20-F x Form 40-F o

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 o 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 o No x

BANCO MACRO SA

Condensed interim financial statements as of September 30, 2022

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022

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: Loans and other financing

Note 8: Loss allowance for expected credit losses on credit exposures not measured at fair value through profit or loss

Note 9: Other debt securities

Note 10: Equity instruments at fair value through profit or loss – Prisma Medios de Pago SA

Note 11: Fair value quantitative and qualitative disclosures

Note 12: Business combinations

Note 13: Investment in associates and joint arrangements

Note 14: Other non-financial assets

Note 15: Related parties

Note 16: Deposits

Note 17: Other financial liabilities

Note 18: Provisions

Note 19: Other non-financial liabilities

Note 20: Analysis of financial assets to be recovered and financial liabilities to be settled

Note 21: Disclosures by operating segment

Note 22: Income tax

Note 23: Commissions income

Note 24: Differences in quoted prices of gold and foreign currency

Note 25: Other operating income

Note 26: Employee benefits

Note 27: Administrative expenses

Note 28: Other operating expenses

Note 29: Additional disclosures in the statement of cash flows

Note 30: Capital stock

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022

CONTENT (contd.)

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

Note 31: Earnings per share – Dividends

Note 32: Deposit guarantee insurance

Note 33: Restricted assets

Note 34: Trust activities

Note 35: Compliance with CNV regulations

Note 36: Accounting items that identify the compliance with minimum cash requirements

Note 37: Penalties applied to the entity and summary proceedings initiated by the BCRA

Note 38: Corporate bonds issuance

Note 39: Off balance sheet transactions

Note 40: Tax and other claims

Note 41: Restriction on dividends distribution

Note 42: Capital management, corporate governance transparency policy and risk management

Note 43: Changes in the Argentine macroeconomic environment and financial and capital markets

Note 44: Effects of the coronavirus (COVID–19) outbreak

Note 45: Events after reporting period

Note 46: Accounting principles – explanation added for translation into English

Condensed 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 terms

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

Condensed 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 SEPTEMBER 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Items	Notes	Exhibits	09/30/2022		12/31/2021
ASSETS
Cash and Deposits in Banks	11			201,060,245		286,198,757
Cash				33,589,225		44,216,243
Central Bank of Argentina				99,990,766		177,102,629
Other Local and Foreign Entities				67,470,237		64,869,212
Other				10,017		10,673
Debt Securities at fair value through profit or loss	5 and 11			179,168,900		53,818,758
Derivative Financial Instruments	11			137,969		2,152
Repo transactions	11			62,479,868		52,156,714
Other Financial Assets	6, 8 and 11	R		32,428,809		58,398,215
Loans and other financing	7, 8 and 11	B, C, D and R		508,322,478		585,138,386
Non-financial Public Sector				1,779,501		3,945,923
Other Financial Entities				938,788		2,508,135
Non-financial Private Sector and Foreign Residents				505,604,189		578,684,328
Other Debt Securities	8, 9 and 11	R		632,344,264		474,936,715
Financial Assets delivered as guarantee	11 and 33			27,258,317		29,833,871
Current Income Tax Assets	22					902,508
Equity Instruments at fair value through profit or loss	10 and 11			677,340		3,619,566
Investment in associates and joint arrangements	13			963,760		812,936
Property, plant and equipment		F		86,539,076		87,806,754
Intangible Assets		G		15,016,914		13,957,282
Deferred Income Tax Assets	22			89,904		79,367
Other Non-financial Assets	14			13,371,438		3,872,210
Non-current Assets held for sale				5,262,823		5,383,308
TOTAL ASSETS				1,765,122,105		1,656,917,499

- 1 - Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Items	Notes	Exhibits	09/30/2022		12/31/2021
LIABILITIES
Deposits	11 and 16	H and I		1,124,415,761		977,925,020
Non-financial Public Sector				134,772,827		93,669,657
Financial Sector				1,273,497		1,596,286
Non-financial Private Sector and Foreign Residents				988,369,437		882,659,077
Liabilities at fair value through profit or loss	11	I		667,404		2,703,232
Derivative Financial Instruments	11	I		1,896		4,206
Repo Transactions	11	I		350,517
Other Financial Liabilities	11 and 17	I		84,974,505		111,923,128
Financing received from the Central Bank of Argentina and other financial institutions	11	I		2,432,547		726,946
Issued Corporate Bonds	11 and 38	I		2,305,037		4,966,943
Current Income Tax Liabilities	22			6,732,719		583,413
Subordinated Corporate Bonds	11 and 38	I		60,993,263		69,707,975
Provisions	18	J and R		3,143,618		2,726,220
Deferred Income Tax Liabilities	22			13,176,904		9,452,983
Other Non-financial Liabilities	19			41,028,792		79,935,410
TOTAL LIABILITIES				1,340,222,963		1,260,655,476
SHAREHOLDERS’ EQUITY
Capital Stock	30			639,413		639,413
Non-capital contributions				12,429,781		12,429,781
Adjustments to Shareholders’ Equity				145,813,896		145,813,896
Earnings Reserved				241,142,821		202,320,962
Unappropriated Retained Earnings				116,465		(14,814,298	)
Accumulated Other Comprehensive Income				2,156,181		4,766,085
Net Income of the period / fiscal year				22,536,711		45,043,274
Net Shareholders’ Equity attributable to controlling interest				424,835,268		396,199,113
Net Shareholders’ Equity attributable to non-controlling interests				63,874		62,910
TOTAL SHAREHOLDERS’ EQUITY				424,899,142		396,262,023
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES				1,765,122,105		1,656,917,499

The notes 1 to 46 to the condensed consolidated interim Financial Statements and exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim Financial Statements.

- 2 - Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Items	Notes	Exhibits	Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022			Quarter ended 09/30/2021			Accumulated from beginning of year up to 09/30/2021
Interest income		Q		137,159,372			352,820,835			91,318,204			279,909,353
Interest expense		Q		(73,671,493	)		(163,787,973	)		(36,871,927	)		(121,609,942	)
Net Interest income				63,487,879			189,032,862			54,446,277			158,299,411
Commissions income	23	Q		15,840,920			48,115,963			15,862,928			45,236,572
Commissions expense		Q		(1,598,643	)		(4,700,464	)		(1,540,721	)		(4,227,689	)
Net Commissions income				14,242,277			43,415,499			14,322,207			41,008,883
Subtotal (Net Interest income + Net Commissions income)				77,730,156			232,448,361			68,768,484			199,308,294
Profit from measurement of financial instruments at fair value through profit or loss		Q		25,530,947			43,662,286			6,326,748			27,014,254
Profit or loss from sold or derecognized assets at amortized cost							(5	)		2			254,689
Differences in quoted prices of gold and foreign currency	24			16,030,295			27,006,413			1,082,748			5,061,667
Other operating income	25			3,745,446			13,144,758			3,227,957			9,706,948
Allowance for loan losses				(1,425,160	)		(3,432,938	)		(387,164	)		(817,555	)
Net Operating Income				121,611,684			312,828,875			79,018,775			240,528,297
Employee benefits	26			(17,655,491	)		(50,171,572	)		(16,516,281	)		(49,414,774	)
Administrative expenses	27			(8,295,397	)		(24,510,743	)		(8,222,663	)		(23,574,786	)
Depreciation and amortization of fixed assets		F and G		(3,286,644	)		(9,645,884	)		(3,033,151	)		(8,760,442	)
Other Operating Expenses	28			(17,275,303	)		(46,901,100	)		(13,803,936	)		(40,449,056	)
Operating Income				75,098,849			181,599,576			37,442,744			118,329,239
Loss / Income from associates and joint arrangements	13			(96,673	)		(196,861	)		(2,366	)		86,852
Loss on net monetary position				(58,335,118	)		(146,302,385	)		(23,457,985	)		(82,627,465	)
Income before tax on continuing operations				16,667,058			35,100,330			13,982,393			35,788,626
Income tax on continuing operations	22.c)			(7,784,265	)		(12,565,911	)		(521,701	)		(8,238,252	)
Net Income from continuing operations				8,882,793			22,534,419			13,460,692			27,550,374
Net Income of the period				8,882,793			22,534,419			13,460,692			27,550,374
Net Income of the period attributable to controlling interest				8,864,526			22,536,711			13,460,477			27,549,834
Net Income of the period attributable to non-controlling interest				18,267			(2,292	)		215			540

- 3 - Delfín Jorge Ezequiel Carballo
Chairperson

CONSOLIDATED EARNINGS PER SHARE

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Items	Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021		Accumulated from beginning of year up to 09/30/2021
Net Profit attributable to Parent’s shareholders		8,864,526		22,536,711		13,460,477		27,549,834
Plus: Potential diluted earnings per common share
Net Profit attributable to Parent’s shareholders adjusted as per diluted earnings		8,864,526		22,536,711		13,460,477		27,549,834
Weighted average of outstanding common shares of 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 of the period adjusted as per dilution effect		639,413		639,413		639,413		639,413
Basic earnings per share (in pesos)		13.8635		35.2459		21.0513		43.0861

- 4 - Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Items	Notes	Exhibits	Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022			Quarter ended 09/30/2021			Accumulated from beginning of year up to 09/30/2021
Net Income of the period				8,882,793			22,534,419			13,460,692			27,550,374
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences in financial statements conversion				(177,530	)		(736,048	)		(337,335	)		(952,522	)
Foreign currency translation differences of the period				(177,530	)		(736,048	)		(337,335	)		(952,522	)
Profit or loss for financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a))				2,257,215			(1,873,856	)		441,914			2,787,542
Profit or loss for the period from financial instruments at fair value through other comprehensive income (FVOCI)		Q		8,445,316			1,373,827			(470,459	)		53,451
Adjustment for reclassification of period				(4,938,677	)		(4,094,524	)		1,133,908			4,037,847
Income tax	22.c)			(1,249,424	)		846,841			(221,535	)		(1,303,756	)
Total Other Comprehensive Income / (Loss) that is subsequently reclassified to profit or loss				2,079,685			(2,609,904	)		104,579			1,835,020
Total Other Comprehensive Income / (Loss)				2,079,685			(2,609,904	)		104,579			1,835,020
Total Comprehensive Income of the period				10,962,478			19,924,515			13,565,271			29,385,394
Total Comprehensive Income attributable to controlling interest				10,944,211			19,926,807			13,565,056			29,384,854
Total Comprehensive Income / (Loss) attributable to non-controlling interest				18,267			(2,292	)		215			540

The notes 1 to 46 to the condensed consolidated interim Financial Statements and exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim Financial Statements.

- 5 - Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

			Capital stock		Non-capital Contributions				Other Comprehensive Income						Earnings Reserved
Changes	Notes		Outstanding shares		Additional paid-in capital		Adjustments to Shareholders’ Equity		Accumulated foreign currency translation difference in financial statements conversion			Other			Legal		Other		Unappropriated Retained Earnings			Total Controlling Interests			Total Non- Controlling Interests			Total Equity
Restated amount at the beginning of the fiscal year				639,413		12,429,781		145,813,896		996,692			3,769,393			80,442,968		121,877,994		30,228,976			396,199,113			62,910			396,262,023
Total comprehensive income of the period
- Net income of the period																				22,536,711			22,536,711			(2,292	)		22,534,419
Other comprehensive loss of the period										(736,048	)		(1,873,856	)									(2,609,904	)					(2,609,904	)
Distribution of unappropriated retained earnings as approved by Shareholders´ Meeting held on April 29, 2022
Legal reserve																6,045,796				(6,045,796	)
Reserve for dividends pending authorization from the BCRA		31																32,776,063		(23,562,298	)		9,213,765						9,213,765
Personal property tax on business corporation																				(504,417	)		(504,417	)					(504,417	)
Other changes																										3,256			3,256
Amount at the end of the period				639,413		12,429,781		145,813,896		260,644			1,895,537			86,488,764		154,654,057		22,653,176			424,835,268			63,874			424,899,142

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

			Capital stock		Non-capital Contributions				Other Comprehensive Income					Earnings Reserved
Changes	Notes		Outstanding shares		Additional paid-in capital		Adjustments to Shareholders’ Equity		Accumulated foreign currency translation difference in financial statements conversion			Other		Legal		Other			Unappropriated Retained Earning			Total Controlling Interests			Total Non- Controlling Interests		Total Equity
Restated amount at the beginning of the fiscal year				639,413		12,429,781		145,813,896		2,269,370			547,530		80,442,968		194,838,512			(65,785,988	)		371,195,482			4,683		371,200,165
Total comprehensive income of the period
- Net income of the period																				27,549,834			27,549,834			540		27,550,374
- Other comprehensive income of the period										(952,522	)		2,787,542										1,835,020					1,835,020
Distribution of unappropriated retained earnings as approved by Shareholders´ Meeting held on April 30, 2021
- Dividends		31															(21,323,677	)					(21,323,677	)				(21,323,677	)
- Absorption of loss accumulated		41
Facultative reserve																	(1,108	)		1,108
Facultative reserve for future distribution of earnings																	(50,970,582	)		50,970,582
Personal property tax on business corporation																	(665,151	)					(665,151	)				(665,151	)
Amount at the end of the period				639,413		12,429,781		145,813,896		1,316,848			3,335,072		80,442,968		121,877,994			12,735,536			378,591,508			5,223		378,596,731

The notes 1 to 46 to the condensed consolidated interim Financial Statements and exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim Financial Statements.

- 6 - Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Items	Notes	09/30/2022			09/30/2021
Cash flows from operating activities
Income of the period before Income Tax			35,100,330			35,788,626
Adjustment for the total monetary effect of the period			146,302,385			82,627,465
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation			9,645,884			8,760,442
Allowance for loan losses			3,432,938			817,555
Difference in quoted prices of foreign currency			(50,809,035	)		(23,184,680	)
Other adjustments			88,758,693			66,498,843
Net increase / (decrease) from operating assets:
Debt Securities at fair value through profit or loss			(125,358,213	)		99,071,755
Derivative financial instruments			(135,817	)		16,417
Repo transactions			(10,323,154	)		57,763,808
Loans and other financing
Non-financial public sector			2,166,422			4,160,607
Other financial entities			1,569,347			1,452,641
Non-financial private sector and foreign residents			69,462,317			70,890,957
Other debt securities			36,311,227			(57,321,760	)
Financial assets delivered as guarantee			2,575,554			1,322,962
Equity instruments at fair value through profit or loss			2,942,226			351,674
Other assets			25,250,002			7,791,812
Net increase / (decrease) from operating liabilities:
Deposits
Non-financial public sector			41,103,170			(85,701,641	)
Financial sector			(322,789	)		(226,981	)
Non-financial private sector and foreign residents			105,710,360			(146,914,220	)
Liabilities at fair value through profit or loss			(2,035,828	)		4,063,543
Derivative financial instruments			(2,310	)		3,889
Repo transactions			350,517			1,762,709
Other liabilities			(25,640,999	)		(41,463,172	)
Income Tax Payments			(1,122,259	)		(15,612,845	)
Total cash from operating activities (A)			354,930,968			72,720,406

- 7 - Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Items	Notes		09/30/2022			09/30/2021
Cash flows from investing activities Payments:
Acquisition of PPE, intangible assets and other assets				(17,181,463	)		(9,785,723	)
Other payments related to investing activities				(3,256	)
Total cash used in investing activities (B)				(17,184,719	)		(9,785,723	)
Cash flows from financing activities Payments:
Dividends				(12,876,598	)		-
Non-subordinated corporate bonds				(4,266,120	)		(6,356,012	)
Financing to local financial entities				-			(991,910	)
Subordinated Corporate Bonds				(2,083,309	)		(2,609,780	)
Other payments related to financing activities				(659,088	)		(1,065,131	)
Collections / Incomes:
Non-subordinated corporate bonds				2,514,689
Financing to local financial entities				2,047,123
Total cash used in financing activities (C)				(15,323,303	)		(11,022,833	)
Effect of exchange rate fluctuations (D)				74,453,692			36,656,542
Monetary effect on cash and cash equivalents (E)				(283,988,983	)		(187,231,088	)
Net increase / (decrease) in cash and cash equivalents (A+B+C+D+E)				112,887,655			(98,662,696	)
Restated cash and cash equivalents at the beginning of the fiscal year		29		514,714,779			660,788,726
Cash and cash equivalents at the end of the period		29		627,602,434			562,126,030

The notes 1 to 46 to the condensed consolidated interim financial statements and exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim financial statements.

- 8 - Delfín Jorge Ezequiel Carballo
Chairperson

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

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, electronic payments services and granting of guarantees.

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 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 has 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.

During 2020 and 2021, the Bank made contributions in the company Play Digital SA for a total amount of 253,557 (not restated). On July 21 and January 17, 2022, the Bank made irrevocable capital contributions for an amount of 245,539 and 130,758 (not restated), respectively. On October 7, 2022, the Bank sold 22,112,340 shares for an amount of 61,889. As a consequence, the Bank’s new interest in this company is 8.9927%. 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.

Additionally, on October 1, 2021, Banco Macro SA decided to exercise a call option to reach 24.99% of the equity interest in Fintech SGR. The amount paid on October 15, 2021 was 33,488 (not restated). As it was explained in note 3 to the consolidated financial statements as of December 31, 2021, already issued, Fintech SGR is a structured entity in which the Bank has control. The purpose of this company is to enable small and medium-sized companies (PyMES, for its acronym in Spanish), to have access to credit by granting guarantees.

In addition, on October 1, 2021 Banco Macro SA paid 50,850 (not restated) in order to purchase shares representing 50% of the capital stock and votes of Finova SA. The main purpose of this company is to develop and market the website www.facturbo.com.ar, a digital solution that allows customers to negotiate credit instruments issued and accepted by large companies in favor of small and medium-sized companies (MiPyMES, for its acronym in Spanish). See also note 13.

On November 23, 2022, 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 September 30, 2022 and December 31, 2021, the deposits held by the Misiones Provincial Government with the Bank amounted to 27,831,737 and 15,066,848 (including 1,323,626 and 1,720,407, related to court deposits), respectively.

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

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 September 30, 2022 and December 31, 2021, the deposits held by the Salta Provincial Government with the Bank amounted to 55,508,712 and 10,721,256 (including 2,910,930 and 3,654,976, 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 September 30, 2022 and December 31, 2021, the deposits held by the Jujuy Provincial Government with the Bank amounted to 7,728,600 and 13,995,475 (including 2,242,998 and 3,170,129, 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 Municipal Governments are effective through years 2031, 2023 and 2025, respectively.

As of September 30, 2022 and December 31, 2021, 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 33,814,890 and 29,071,161 (including 7,931,101 and 8,519,343, related to court deposits), respectively.

Additionally, as of September 30, 2022 and December 31, 2021, the Bank granted loans to the Tucumán Provincial Government for an amount of 1,150,681 and 3,052,798, 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 the Central Bank of Argentina (BCRA, for its acronym in Spanish) in its Communiqué “A” 6114 as supplemented. 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).

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

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

a) According to Communiqué “A” 6114, as supplemented, and in the convergence process through IFRS, the BCRA established that since fiscal years beginning on or after January 1, 2020, 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 abovementioned standard.

b) As of December 31, 2021 the Bank measured its holding in Prisma Medios de Pago SA (Prisma), according to the Memorandums received from the BCRA on March 12 and 22, 2021, which established specific guidelines related to the measurement of such holding. Taking into account such guidelines, the Bank adjusted its fair value previously determined (see note 10). In March 2022, the shares related to the abovementioned holding were transferred, recording the profit for this transaction in the quarter ended March 31, 2022. If, for the fair value measurement purpose before mentioned, IFRS had been applied, the profit or loss for the previous fiscal years and for the period ended September 30, 2022, should have been modified. However, this situation does not generate differences in the shareholders’ equity as of September 30, 2022.

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” 7411. 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 September 30, 2022, 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 section “measuring unit” 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, 2021, 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, 2021, 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, 2021, already issued.

As of September 30, 2022 and December 31, 2021, 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 SAU (1)	Ave. Eduardo Madero 1182 – CABA	Argentina	Stock exchange services
Macro Fiducia SAU	Ave. Eduardo Madero 1182 – 2nd floor. CABA	Argentina	Services
Macro Fondos SGFCISA	Ave. Eduardo Madero 1182 – 24th floor, Office B–. CABA	Argentina	Management and administration of mutual funds
Macro Bank Limited (2)	Caves Village, Building 8 Office 1 – West Bay St., Nassau	Bahamas	Banking entity

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Subsidiaries	Principal Place of Business	Country	Main Activity
Argenpay SAU	Ave. Eduardo Madero 1182 – CABA	Argentina	Electronic payments services
Fintech SGR (Structured entity)	Esmeralda 320 – 6th floor – Office A – CABA	Argentina	Granting of guarantees

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

(2) Consolidated with Sud Asesores (ROU) SA (100% voting rights – Equity interest: 32,247).

As of September 30, 2022 and December 31, 2021, the Bank’s equity interest and voting rights in the companies it consolidates is as follows:

· As of September 30, 2022:

	Shares			Bank’s interest						Non-controlling interest
Subsidiaries	Type	Number		Total capital stock			Voting rights			Total capital stock		Voting rights
Macro Securities SAU	Common		12,885,683		100.00	%		100.00	%
Macro Fiducia SAU	Common		47,387,236		100.00	%		100.00	%
Macro Fondos SGFCISA	Common		327,183		100.00	%		100.00	%
Macro Bank Limited	Common		39,816,899		100.00	%		100.00	%
Argenpay SAU (1)	Common		341,200,000		100.00	%		100.00	%
Fintech SGR (Structured entity)	Common		119,993		24.999	%		24.999	%	75.001	%		75.001	%

(1) On November 7, 2022, the Bank made an irrevocable capital contribution in this company for an amount of 260,000 in order to absorb losses.

· As of December 31, 2021:

	Shares			Bank’s interest						Non-controlling interest
Subsidiaries	Type	Number		Total capital stock			Voting rights			Total capital stock		Voting rights
Macro Securities SAU	Common		12,776,680		99.925	%		99.932	%	0.075	%		0.068	%
Macro Fiducia SAU	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		341,200,000		100.00	%		100.00	%
Fintech SGR (Structured entity)	Common		119,993		24.999	%		24.999	%	75.001	%		75.001	%

Total assets, liabilities and Shareholders’ equity of the Bank and all its subsidiaries as of September 30, 2022 and December 31, 2021 are as follows:

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Balances as of 09/30/2022	Banco Macro SA		Macro Bank Limited		Macro Securities SAU		Macro Fiducia SAU		Argenpay SAU		Fintech SGR		Eliminations			Consolidated
Assets		1,739,846,599		15,710,683		24,966,981		170,811		1,732,773		3,041,086		(20,346,828	)		1,765,122,105
Liabilities		1,315,011,331		11,742,697		16,855,921		3,664		980,693		2,955,919		(7,327,262	)		1,340,222,963
Equity attributable to the owners of the Bank		424,835,268		3,967,986		7,774,838		167,147		752,080		85,167		(12,747,218	)		424,835,268
Equity attributable to non-controlling interests						336,222								(272,348	)		63,874

Balances as of 12/31/2021	Banco Macro SA		Macro Bank Limited		Macro Securities SAU		Macro Fiducia SAU		Argenpay SAU		Fintech SGR		Eliminations			Consolidated
Assets		1,631,273,654		15,192,151		25,051,707		203,218		1,967,175		2,316,930		(19,087,336	)		1,656,917,499
Liabilities		1,235,074,541		10,260,275		19,448,859		4,769		1,153,682		2,240,375		(7,527,025	)		1,260,655,476
Equity attributable to the owners of the Bank		396,199,113		4,931,876		5,316,724		198,449		813,493		76,555		(11,337,097	)		396,199,113
Equity attributable to non-controlling interests						286,124								(223,214	)		62,910

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, they are in the process of being transcribed into the Bank’s balance book (“Libro Balances”) 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 September 30, 2022, and are rounded up to the nearest amount in thousands of pesos, except as otherwise indicated (see section “Measuring unit” of this note).

Comparative information

The condensed consolidated interim statement of financial position as of September 30, 2022, 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 nine-month periods ended September 30, 2022, and the statement of changes in shareholders’ equity and the statement of cash flows and cash equivalents for the nine-month period ended September 30, 2022, 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 current measuring unit at the end of the reporting period (see the following section “Measuring unit”).

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

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 September 30, 2022, as established by IAS 29 “Financial Reporting in Hyperinflationary Economies” and considering, in addition, specific rules established by BCRA through Communiqués “A” 6651, 6849, as amended, which established the obligation to apply this method, from fiscal years beginning on or after January 1, 2020, and determined as the transition date 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 nonexclusive qualitative indicators, consisting in analyzing the general population behavior, prices, interest rates and wages with changes in price indexes 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 exceeded that figure and the Argentine government goals and other available estimates also indicate that this trend will not be reversed in the short term.

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 of Economic Sciences (FACPCE, for its acronym in Spanish), which combines the 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 66.07% and 36.96% for the nine-month periods ended September 30, 2022 and 2021, respectively, and 50.94% for the fiscal year ended on December 31, 2021.

Below is a description of the restatement mechanism provided by IAS 29 “Financial Reporting in Hyperinflationary Economies” and the restatement process for financial statements established by BCRA Communiqué “A” 6849, as supplemented:

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 to some extent 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 are 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 assets 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.

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

(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.

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 determined 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 restatement on the abovementioned transition date in (i) above, all equity 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 in any other way, and the accumulated OCI balances are redetermined according to the items that give rise to it.

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 equivalents”.

Reclassification of financial assets and liabilities – Changes in business model

During August 2022, the Bank’s Management decided to update the objective related to the investments in Federal government treasury bonds linked to dollar 0.30% maturing April 28, 2023 (TV23). These investments were reclassified from fair value through OCI to fair value through profit or loss. The change in the business model was performed taking into account, mainly, the changing expectations in connection with macroeconomic policies and the possible issuance of Federal government bonds in pesos with dual currency yield in its future biddings, with the objective to optimize the administration of the bonds portfolio, thus take advantage of the eventual opportunities in the primary/secondary market.

At the reclassification date abovementioned, the fair value of these investments amounted to 40,978,036.

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

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, 2021, already issued.

New standards adopted in the fiscal year

For the fiscal year beginning on January 1, 2022, the following amendment to IFRS are effective and they did not have a material impact on these condensed consolidated interim financial statements:

Amendments to IFRS 3 - Reference to the Conceptual Framework.

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 did not have a material impact on these condensed consolidated interim financial statements since currently, the Bank has not performed business combination transactions with contingent assets and liabilities.

Amendments to IAS 16 - Property, Plant and Equipment (PP&E): proceeds before Intended Use.

The amendment prohibits entities to deduct 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 under the conditions required 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 did not have a material impact on these condensed consolidated interim financial statements as the Bank does not have these type of items.

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 did not have a material impact on these condensed consolidated interim financial statements as the Bank does not have these type of contracts.

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

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 did not have a material impact on these condensed consolidated interim financial statements.

• 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 the 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 did not have a material impact on these condensed consolidated interim financial statements.

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 the FACPCE, 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 become effective.

a) 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.

b) 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.

c) 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 judgment (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 judgment 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.

- 17 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

d) Amendments to IFRS 16 “Leases” – Sale and Leaseback: the amendment to IFRS 16 specifies the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendment does not prescribe specific measurement requirements for lease liabilities arising from a leaseback. The initial measurement of the lease liability arising from a leaseback may result in a seller-lessee determining ‘lease payments’ that are different from the general definition of lease payments. The seller lessee will need to develop and apply an accounting policy that results in information that is relevant and reliable in accordance with IAS 8. This amendment is applicable as of January 1, 2024. 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 the statement of financial position and, therefore, they are an integral part of the total risk of the Bank.

As of September 30, 2022 and December 31, 2021, the Bank maintains the following maximum exposures to credit risk related to this type of transactions:

Composition	09/30/2022			12/31/2021
Undrawn commitments of credit cards and checking accounts		504,858,909			368,544,780
Guarantees granted (1)		5,514,153			3,771,828
Overdraft and unused agreed commitments (1)		1,674,351			1,449,062
Subtotal		512,047,413			373,765,670
Less: Allowance for Expected Credit Losses (ECL)		(761,280	)		(566,482	)
Total		511,286,133			373,199,188

(1) Includes transactions not covered by BCRA debtor classification standard. The Guarantees granted include an amount of 42,677 and 43,332 as of September 30, 2022 and December 31, 2021, respectively. The Overdraft and unused agreed commitments include an amount of 371,998 and 159,778 as of September 30, 2022 and December 31, 2021, respectively.

Disclosures related to allowance for ECL are detailed in item 8.5 of note 8 “Loss allowance for expected credit losses on credit exposures not measured at fair value through profit or loss”.

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 43 to the consolidated financial statements as of December 31, 2021, already issued.

5. DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

The composition of debt securities at fair value through profit or loss as of September 30, 2022 and December 31, 2021 is as follows:

Composition	09/30/2022		12/31/2021
Government securities (1)		173,808,748		50,870,266
Private securities		5,360,152		2,948,492
Total		179,168,900		53,818,758

(1) In addition, during November 2022, the Bank entered into a voluntary debt swap. The instrument that entered into the swap for a nominal amount 171,999,963 was the Letter of National Estate in pesos adjusted by CER to discount – Maturity: 12-16-2022 (X16D2).

- 18 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated) 

6. OTHER FINANCIAL ASSETS

The composition of the other financial assets as of September 30, 2022 and December 31, 2021 is as follows:

Composition	09/30/2022			12/31/2021
Sundry debtors (see note 10)		21,520,115			16,709,705
Receivables from other spot sales pending settlement		7,815,735			11,425,202
Private securities		2,186,148			3,438,635
Receivables from spot sales of government securities pending settlement		533,854			150,874
Receivables from spot sales of foreign currency pending settlement		43,634			25,687,889
Other		383,409			1,029,833
Subtotal		32,482,895			58,442,138
Less: Allowances for ECL		(54,086	)		(43,923	)
Total		32,428,809			58,398,215

Disclosures related to allowance for ECL are detailed in item 8.4 of note 8 “Loss allowance for expected credit losses on credit exposures not measured at fair value through profit or loss”.

7. LOANS AND OTHER FINANCING

The composition of loans and other financing as of September 30, 2022 and December 31, 2021 is as follows:

Composition	09/30/2022			12/31/2021
Non-financial Public sector (1)		1,779,501			3,945,923
Other Financial Entities		938,788			2,508,135
Other Financial Entities		942,499			2,514,198
Less: allowance for ECL		(3,711	)		(6,063	)
Non-financial Private Sector and Foreign Residents		505,604,189			578,684,328
Overdrafts		42,541,245			40,510,690
Documents		67,889,361			70,258,836
Mortgage loans		52,877,908			69,239,282
Pledge loans		8,317,105			12,556,216
Personal loans		130,639,719			162,565,428
Credit cards		154,107,826			157,708,508
Financial leases		1,071,926			793,814
Other		57,622,267			81,040,636
Less: allowance for ECL		(9,463,168	)		(15,989,082	)
Total		508,322,478			585,138,386

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

- 19 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

8. 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.

Note 11 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, 2021, already issued. Additionally, note 11 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 credit risk of financial assets and items not recognized in the statement of financial position are as follows:

8.1 Loans and other financing measured at amortized cost

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

Composition	09/30/2022			12/31/2021
Loans and other financing		517,789,357			601,133,531
Individual assessment		99,708,701			143,171,809
Collective assessment		418,080,656			457,961,722
Less: Allowance for ECL (1)		(9,466,879	)		(15,995,145	)
Total		508,322,478			585,138,386

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

As explained in note 43.1.3 “Additional Forward-looking allowances based on expert credit judgment”, section “Adjustment for uncertainty in external obligation restructuring”, to the consolidated financial statements as of December 31, 2021, already issued, the Bank decided to record an adjustment on a forward-looking basis. Such adjustment amounted to 3,298,220 as of December 31, 2021.

The following table shows the credit quality and the carrying amount of 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 what was mentioned in the previous paragraphs. The amounts are presented gross of the impairment allowances.

- 20 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

		09/30/2022
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			487,956,806		10,191,790				498,148,596		96.20
High grade	0.00% - 3.50%		403,274,571		647,871				403,922,442		78.01
Standard grade	3.51% - 7.00%		66,380,151		3,597,529				69,977,680		13.51
Sub-standard grade	7.01% - 33.00%		18,302,084		5,946,390				24,248,474		4.68
Past due but not impaired	33.01% - 99.99%		7,661,018		7,228,667				14,889,685		2.88
Impaired	100%						4,751,076		4,751,076		0.92
	Total		495,617,824		17,420,457		4,751,076		517,789,357		100
	%		95.72		3.36		0.92		100

		12/31/2021
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			567,314,794		14,359,846				581,674,640		96.76
High grade	0.00% - 3.50%		476,782,036		1,377,847				478,159,883		79.54
Standard grade	3.51% - 7.00%		70,626,908		4,173,915				74,800,823		12.44
Sub-standard grade	7.01% - 33.00%		19,905,850		8,808,084				28,713,934		4.78
Past due but not impaired	33.01% - 99.99%		5,254,351		8,726,227				13,980,578		2.33
Impaired	100%						5,478,313		5,478,313		0.91
	Total		572,569,145		23,086,073		5,478,313		601,133,531		100
	%		95.25		3.84		0.91		100

8.1.1 Loans on an individual assessment

The table below shows the credit quality and the debt balance to credit risk of commercial loans by grade on the Bank’s internal credit rating system, PD range and year-end stage classification. The Bank’s internal credit rating systems and the evaluation and measurement approaches are explained in note 43, “Credit risk” section, to the consolidated financial statements as of December 31, 2021, already issued.

		09/30/2022
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			95,950,488		2,244,881				98,195,369		98.48
High grade	0.00% - 3.50%		70,280,235						70,280,235		70.49
Standard grade	3.51% - 7.00%		22,427,547		1,797,629				24,225,176		24.30
Sub-standard grade	7.01% - 33.00%		3,242,706		447,252				3,689,958		3.69
Past due but not impaired	33.01% - 99.99%
Impaired	100%						1,513,332		1,513,332		1.52
	Total		95,950,488		2,244,881		1,513,332		99,708,701		100
	%		96.23		2.25		1.52		100

- 21 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

		12/31/2021
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			134,038,374		5,943,872				139,982,246		97.77
High grade	0.00% - 3.50%		101,057,163		718,539				101,775,702		71.09
Standard grade	3.51% - 7.00%		27,123,530		2,086,509				29,210,039		20.40
Sub-standard grade	7.01% - 33.00%		5,857,681		3,138,824				8,996,505		6.28
Past due but not impaired	33.01% - 99.99%				1,921,447				1,921,447		1.34
Impaired	100%						1,268,116		1,268,116		0.89
	Total		134,038,374		7,865,319		1,268,116		143,171,809		100
	%		93.62		5.49		0.89		100

8.1.2 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 year-end stage classification. The Bank’s internal credit rating systems and the evaluation and measurement approaches are explained in note 43, “Credit risk” section, to the consolidated financial statements as of December 31, 2021, already issued.

		09/30/2022
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			392,006,318		7,946,909				399,953,227		95.66
High grade	0.00% - 3.50%		332,994,336		647,871				333,642,207		79.80
Standard grade	3.51% - 7.00%		43,952,604		1,799,900				45,752,504		10.94
Sub-standard grade	7.01% - 33.00%		15,059,378		5,499,138				20,558,516		4.92
Past due but not impaired	33.01% - 99.99%		7,661,018		7,228,667				14,889,685		3.56
Impaired	100%						3,237,744		3,237,744		0.78
	Total		399,667,336		15,175,576		3,237,744		418,080,656		100
	%		95.60		3.63		0.77		100

		12/31/2021
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			433,276,420		8,415,974				441,692,394		96.45
High grade	0.00% - 3.50%		375,724,873		659,308				376,384,181		82.19
Standard grade	3.51% - 7.00%		43,503,378		2,087,406				45,590,784		9.95
Sub-standard grade	7.01% - 33.00%		14,048,169		5,669,260				19,717,429		4.31
Past due but not impaired	33.01% - 99.99%		5,254,351		6,804,780				12,059,131		2.63
Impaired	100%						4,210,197		4,210,197		0.92
	Total		438,530,771		15,220,754		4,210,197		457,961,722		100
	%		95.76		3.32		0.92		100

- 22 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

8.2 Other debt securities at amortized cost

For purchased corporate bonds, 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 type of debt securities that compose each financial trust. That is, the factor to be used will vary in relation to the holding debt securities class (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 stage:

	09/30/2022
Composition	Stage 1		Stage 2	Stage 3	Total		%
Corporate bonds		509,078				509,078		69.64
Financial trust		221,962				221,962		30.36
Total		731,040				731,040		100
%		100				100
	12/31/2021
Composition	Stage 1		Stage 2	Stage 3	Total		%
Corporate bonds		143,632				143,632		32.67
Financial trust		295,950				295,950		67.33
Total		439,582				439,582		100
%		100				100

The related ECL for corporate bonds as of September 30, 2022 and December 31, 2021 amounted to 788 and 880, respectively. The ECL related to financial trusts as of September 30, 2022 and December 31, 2021 amounted to 94 and 21, respectively.

8.3 Government securities at amortized cost or fair value through OCI

This group includes federal government securities, provincial or BCRA 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 breakdown of these investments and their characteristics is disclosed in note 8.

8.4 Other financial assets

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

	09/30/2022
Composition	Stage 1		Stage 2	Stage 3	Total		%
Other financial assets		30,296,747				30,296,747		100
Total		30,296,747				30,296,747		100
%		100				100

- 23 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	12/31/2021
Composition	Stage 1		Stage 2	Stage 3	Total		%
Other financial assets		55,003,503				55,003,503		100
Total		55,003,503				55,003,503		100
%		100				100

The ECL related to these types of instruments amounted to 54,086 and 43,923 as of September 30, 2022 and December 31, 2021, respectively, including the ECL related to the payments to be collected for the transaction mentioned in note 10.

8.5 Contingent transaction

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

	09/30/2022
Composition	Stage 1		Stage 2		Stage 3		Total		%
Undrawn commitments of credit cards and checking accounts		499,742,979		5,114,130		1,800		504,858,909		98.68
Guarantees granted		5,471,476						5,471,476		1.07
Overdraft and unused agreed commitments		1,302,353						1,302,353		0.25
Total		506,516,808		5,114,130		1,800		511,632,738		100
%		99.00		1.00		0.00		100

	12/31/2021
Composition	Stage 1		Stage 2		Stage 3		Total		%
Undrawn commitments of credit cards and checking accounts		365,592,054		2,947,109		5,617		368,544,780		98.65
Guarantees granted		3,633,289		95,207				3,728,496		1.00
Overdraft and unused agreed commitments		1,289,284						1,289,284		0.35
Total		370,514,627		3,042,316		5,617		373,562,560		100
%		99.18		0.82		0.00		100

The related ECL for undrawn commitments of credit cards and checking accounts as of September 30, 2022 and December 31, 2021 amounted to 706,726 and 533,551, respectively. The ECL related to guarantees granted as of September 30, 2022 and December 31, 2021 amounted to 52,377 and 27,949, respectively. The ECL related to overdraft and unused agreed commitments as of September 30, 2022 and December 31, 2021 amounted to 2,177 and 4,982, respectively.

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

- 24 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

9. OTHER DEBT SECURITIES

The composition of other debt securities as of September 30, 2022 and December 31, 2021 is as follows:

Composition	09/30/2022		12/31/2021
At fair value through OCI
Government securities		95,880,340		207,349,155
Government securities – Foreign		8,089,836		6,825,559
Central Bank internal bills				220,829,190
Total at fair value through OCI		103,970,176		435,003,904
At amortized cost
Central Bank internal bills		449,472,258
Government securities		42,843,113		39,494,130
Central Bank notes		35,328,559
Private securities		730,158		438,681
Total at amortized cost		528,374,088		39,932,811
Total		632,344,264		474,936,715

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

The composition of equity instruments at fair value through profit or loss as of September 30, 2022 and December 31, 2021 is as follows:

Composition	09/30/2022		12/31/2021
Prisma Medios de Pago SA (1)				2,974,481
Other		677,340		645,085
Total		677,340		3,619,566

(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.

On October 1, 2021, the Bank, together with the other class B Shareholders of Prisma, gave notice with respect to the exercise of the existing put option and therefore started the procedure to sell the remaining 49% of the capital stock of Prisma.

- 25 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

As of December 31, 2021, the holding of the Bank in Prisma (equivalent to 49%), was 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 on March 12 and 22, 2021.

On March 18, 2022, the Bank completed the transfer of all remaining shares held in Prisma in favor of AI ZENITH (Netherlands) BV, representing 4.4941% of Prisma’s capital stock.

The price of such shares is (in thousand) USD 33,018 and shall be paid as follows: (i) 30% in Pesos at UVA plus a nominal annual rate of 15% that shall be paid 50% on March 18, 2027 and the remaining on March 18, 2028, and (ii) 70% in US Dollars at a nominal annual rate of 10% that shall be paid 50% on March 18, 2027 and the remaining on March 18, 2028. The profit generated for the sale of those shares is recorded in the statement of income under “Profit from measurement of financial instruments at fair value through profit or loss”.

On the other hand, the parties agreed that: (i) the 40% of the outstanding balance of the sale of 51% mentioned in the first paragraph of this note was paid on March 30, 2022 and (ii) the remaining balance shall be paid in two installments, on January 31, 2026 and January 31, 2027, respectively.

Finally, sellers retained the usufruct (dividends) of the shares sold to be declared by Prisma for the year ended December 31, 2018, which were collected on April 26, 2019. 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 March 18, 2022 an agreement updated was performed for the 100% of the shares.

11. 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 respect 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.

- 26 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

- 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 September 30, 2022 and December 31, 2021:

	Financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2022
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		179,168,900		175,807,168		2,030,505		1,331,227
Derivatives financial instruments		137,969		19,153		118,816
Other financial assets		2,186,148		2,141,808				44,340
Equity instruments at fair value through profit or loss		677,340		117,973				559,367
At fair value through OCI
Other debt Securities		103,970,176		103,970,176
Financial assets delivered as guarantee		388,501		388,501
Total		286,529,034		282,444,779		2,149,321		1,934,934
Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		667,404		667,404
Derivatives financial instruments		1,896		1,630		266
Total		669,300		669,034		266

	Financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 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		53,818,758		51,484,160		479,967		1,854,631
Derivatives financial instruments		2,152		657		1,495
Other financial assets		3,438,635		3,387,117				51,518
Equity instruments at fair value through profit or loss		3,619,566		112,085				3,507,481
At fair value through OCI
Other debt Securities		435,003,904		241,662,776		193,341,128
Total		495,883,015		296,646,795		193,822,590		5,413,630
Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		2,703,232		2,703,232
Derivatives financial instruments		4,206				4,206
Total		2,707,438		2,703,232		4,206

- 27 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Description of the 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 September 30, 2022 and December 31, 2021, 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 or fiscal year, as applicable, of the financial assets recognized at fair value categorized as level 3:

- 28 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	As of September 30, 2022
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		1,854,631			51,518			3,507,481
Transfers to Level 3
Transfers from Level 3
Profit and loss		444,406			(208	)		2,217
Recognition and derecognition		(245,158	)		18,127			(2,245,247	)
Monetary effects		(722,652	)		(25,097	)		(705,084	)
Amount at the end of the period		1,331,227			44,340			559,367

	As of December 31, 2021
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		948,662			65,624			4,144,049
Transfers to Level 3
Transfers from Level 3
Profit and loss		585,519			3,037			1,032,602
Recognition and derecognition		834,403			8,527			(37,033	)
Monetary effects		(513,953	)		(25,670	)		(1,632,137	)
Amount at the end of the fiscal year		1,854,631			51,518			3,507,481

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 10 as of December 31, 2021).

				Range of inputs
	Fair value of		Significant	09/30/2022
	Level 3 Assets	Valuation	unobservable	Range of inputs
Composition	09/30/2022	technique	inputs	Low	High	Unit
Provisional Debt Securities of Financial Trusts	885,273	Income approach (discounted cash flow)	Discount rate in pesos	63.90	77.42	%
Corporate bonds	442,223	Income approach (discounted cash flow)	Discount rate in pesos	69.31	103.69	%

- 29 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

				Range of inputs
	Fair value of		Significant	12/31/2021
	Level 3 Assets	Valuation	unobservable	Range of inputs
Composition	12/31/2021	technique	inputs	Low	High	Unit
Provisional Debt Securities of Financial Trusts	534,216	Income approach (discounted cash flow)	Discount rate in pesos	43.32	46.14	%
Corporate bonds	1,315,508	Income approach (discounted cash flow)	Discount rate in pesos	26.19	40.99	%

The table below describes the effect of changing the significant unobservable inputs to reasonably 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.

	09/30/2022					12/31/2021
	Favorable		Unfavorable			Favorable		Unfavorable
	changes		changes			changes		changes
Provisional Debt Securities of Financial Trusts		3,354		(3,155	)		256		(252	)
Corporate bonds		16,916		(14,736	)		25,386		(23,402	)

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 September 30, 2022 and December 31, 2021, the Bank has not recognized any transfers between levels 1, 2 and 3.

Financial assets and liabilities not measured 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 renowned pricing providers, the fair value was determined based on such prices.

- 30 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

The following table shows a comparison between the fair value and the carrying amount of financial instruments not measured at fair value as of September 30, 2022 and December 31, 2021:

	09/30/2022
Composition	Carrying amount	Level 1	Level 2	Level 3	Fair value
Financial assets
Cash and deposits in banks	201,060,245	201,060,245			201,060,245
Repo transactions	62,479,868	62,479,868			62,479,868
Other financial assets	30,242,661	30,242,661			30,242,661
Loans and other financing	508,322,478			440,530,557	440,530,557
Other debt securities	528,374,088	148,370,955	382,385,094	69,304	530,825,353
Financial assets delivered as guarantee	26,869,816	26,869,816			26,869,816
Total	1,357,349,156	469,023,545	382,385,094	440,599,861	1,292,008,500
Financial liabilities
Deposits	1,124,415,761	525,560,362		596,598,953	1,122,159,315
Repo transactions	350,517	350,517			350,517
Other financial liabilities	84,974,505	81,853,164	3,405,526		85,258,690
Financing received from the BCRA and other financial institutions	2,432,547	1,721,142	682,573		2,403,715
Issued corporate bonds	2,305,037		1,883,446		1,883,446
Subordinated corporate bonds	60,993,263		51,089,776		51,089,776
Total	1,275,471,630	609,485,185	57,061,321	596,598,953	1,263,145,459

	12/31/2021
Composition	Carrying amount	Level 1	Level 2	Level 3	Fair value
Financial assets
Cash and deposits in banks	286,198,757	286,198,757			286,198,757
Repo transactions	52,156,714	52,156,714			52,156,714
Other financial assets	54,959,580	54,959,580			54,959,580
Loans and other financing	585,138,386			543,700,641	543,700,641
Other debt securities	39,932,811	37,982,411	1,079,249	259,312	39,320,972
Financial assets delivered as guarantee	29,833,871	29,833,871			29,833,871
Total	1,048,220,119	461,131,333	1,079,249	543,959,953	1,006,170,535
Financial liabilities
Deposits	977,925,020	554,205,114		423,168,724	977,373,838
Other financial liabilities	111,923,128	110,421,036	2,382,841		112,803,877
Financing received from the BCRA and other financial institutions	726,946	658,000	63,731		721,731
Issued corporate bonds	4,966,943		4,372,103		4,372,103
Subordinated corporate bonds	69,707,975		57,227,424		57,227,424
Total	1,165,250,012	665,284,150	64,046,099	423,168,724	1,152,498,973

- 31 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

12. BUSINESS COMBINATIONS

On October 1, 2021, the Bank exercised a call option to reach 24.99% of the equity interest in Fintech SGR, being this a structured entity in which the Bank has control (see also note 1).

Assets acquired and liabilities assumed

The fair value of the identifiable assets and liabilities of Fintech SGR and the risk fund (“Fondo de Riesgo”), as of the date of acquisition, were as follows:

	Fair value recognized on acquisition
Composition	SGR		Risk fund
Assets		98,583		1,426,596
Cash and deposits in Banks		415		154,083
Debt Securities at fair value through profit or loss				1,033,266
Other financial assets		65,717		238,581
Property, plant and equipment		945
Deferred tax assets		6,585
Other non-financial assets		24,921		666
Liabilities		83,361		1,426,596
Other financial liabilities				1,413,983
Other non-financial liabilities		83,361		12,613
Net assets acquired at fair value		15,222

The goodwill generated by the acquisition of Fintech SGR amounted to 37,905.

The total consideration transferred amounted to 33,488 (not restated) and it was performed through an irrevocable capital contribution made by the Bank in order to increase the capital stock of Fintech SGR, which was approved by the Fintech SGR’s Ordinary and Special Shareholders’ Meeting involving class “A” and class “B”, held on October 18, 2021.

13. INVESTMENT IN ASSOCIATES AND JOINT ARRANGEMENTS

13.1 Associates

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 June 30, 2022. Additionally, the Bank has considered, when applicable, the material transactions or events occurring between July 1, 2022 and September 30, 2022.

- 32 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

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

Summarized statement of financial position	09/30/2022			12/31/2021
Total assets		93,875			147,636
Total liabilities		12,288			20,939
Shareholders’ equity		81,587			126,697
Proportional Bank’s interest		5	%		5	%
Investment carrying amount		4,079			6,335

As of September 30, 2022 and 2021, the investment carrying amount in the net income for the periods amounted to (2,256) and 595, respectively.

b) Play Digital SA

As explained 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. In order to measure this investment, the Bank used accounting information of Play Digital SA as of June 30, 2022. Additionally, the Bank has considered, when applicable, the material transactions or events occurring between July 1, 2022 and September 30, 2022.

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

Summarized statement of financial position	09/30/2022			12/31/2021
Total assets		2,736,811			3,095,280
Total liabilities		505,789			261,396
Shareholders’ equity		2,231,022			2,833,884
Effects of the irrevocable capital contributions made during 2022 pending capitalization (see note 1)		(2,191,510	)
Adjusted Shareholders’ equity		39,512			2,833,884
Proportional Bank’s interest		10.0197	%		10.0197	%
Equity interest		3,959			283,947
Irrevocable capital contribution made in January and July 2022 (see note 1)		416,924
Investment carrying amount		420,883			283,947

As of September 30, 2022 and 2021, the investment carrying amount in the net income for the periods amounted to (350,963) and (122,722), respectively.

13.2. Joint ventures

The Bank participates in the following joint ventures:

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 joint venture (UTE, for its acronym in Spanish) 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.

- 33 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

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

Summarized statement of financial position	09/30/2022			12/31/2021
Total assets		1,177,643			1,177,647
Total liabilities		218,404			273,687
Shareholders’ equity		959,239			903,960
Proportional Bank’s interest		50	%		50	%
Investment carrying amount		479,620			451,980

As of September 30, 2022 and 2021, the investment carrying amount in the net income for the periods amounted to 174,803 and 209,071, respectively.

b) Finova SA

As explained in note 1, on October 1, 2021, the Bank acquired the 50% of Finova SA. The Bank has common control over this company, as the decisions about the relevant activities require unanimous consent.

The following table presents the summarized financial information on the Bank in this company, which as explained in note 3, section 3.5 “Investment in associates and joint arrangements” to the consolidated financial statements as of December 31, 2021, already issued, is measured at equity method plus goodwill:

Summarized statement of financial position	09/30/2022			12/31/2021
Total assets		38,887			64,581
Total liabilities		4,090			6,792
Shareholders’ equity		34,797			57,789
Proportional Bank’s interest		50	%		50	%
Equity interest		17,399			28,895
Goodwill		41,779			41,779
Investment carrying amount		59,178			70,674

As of September 30, 2022, the investment carrying amount in the net income for the period amounted to (11,496).

14. OTHER NON-FINANCIAL ASSETS

The composition of the other non-financial assets as of September 30, 2022 and December 31, 2021 is as follows:

Composition	09/30/2022		12/31/2021
Investment property (see Exhibit F)		9,969,844		1,444,358
Advanced prepayments		2,432,655		1,378,687
Tax advances		702,178		729,528
Other		266,761		319,637
Total		13,371,438		3,872,210

- 34 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

15. 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.

As of September 30, 2022 and December 31, 2021, amounts balances related to transactions generated with related parties are as follows:

	As of September 30, 2022
		Main subsidiaries (1)
		Macro Bank Limited	Macro Securities SAU	Macro Fondos SGFCISA	Argenpay SAU	Fintech SGR	Associates	Key management personnel (2)	Other related parties	Total
Assets
Cash and deposits in banks		1,180								1,180
Other financial assets						1,649,483		385,783	48	2,035,314
Loans and other financing (3)
Documents									129,056	129,056
Overdraft								109,484	590,557	700,041
Credit cards								147,250	58,804	206,054
Lease									49,359	49,359
Personal loans								1,244		1,244
Mortgage loans								368,320		368,320
Other loans			1,796,556					107,152	1,666,621	3,570,329
Other receivables from financial intermediation									17,862	17,862
Guarantee granted									1,300,610	1,300,610
Other non-financial assets
Total assets		1,180	1,796,556			1,649,483		1,119,233	3,812,917	8,379,369
Liabilities
Deposits			3,008,296	58,739	69,691	103	81,253	5,994,187	2,453,136	11,665,405
Other financial liabilities								164,923	65,698	230,621
Issued corporate bonds			42,203	148,660						190,863
Subordinated corporate bonds						122,231				122,231
Other non-financial liabilities									20,404	20,404
Total liabilities			3,050,499	207,399	69,691	122,334	81,253	6,159,110	2,539,238	12,229,524

(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 September 30, 2022 for Macro Securities SAU, Fintech SGR, Key management personnel and other related parties amounted to 3,860,769, 2,161,650, 1,065,891 and 13,894,451, respectively.

- 35 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022 

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	As of December 31, 2021
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SAU		Macro Fondos SGFCISA		Argenpay SAU		Fintech SGR		Associates		Key management personnel (2)		Other related parties		Total
Assets
Cash and deposits in banks		1,367																1,367
Other financial assets										1,259,377				247,343		240,197		1,746,917
Loans and other financing (3)
Documents																47,399		47,399
Overdraft														133,528		420,061		553,589
Credit cards														119,294		89,637		208,931
Lease																47,706		47,706
Personal loans														2,367				2,367
Mortgage loans														426,143				426,143
Other loans				2,299,987										126,784		2,627,331		5,054,102
Other receivables from financial intermediation																11,459		11,459
Guarantee granted																1,699,525		1,699,525
Other non-financial assets														40				40
Total assets		1,367		2,299,987						1,259,377				1,055,499		5,183,315		9,799,545
Liabilities
Deposits		7		2,641,200		271,896		113,921		51		87,752		6,135,986		2,847,013		12,097,826
Financial liabilities at fair value through profit or loss																2,702,532		2,702,532
Other financial liabilities														81,007		413,928		494,935
Subordinated corporate bonds										69,777								69,777
Other non-financial liabilities																25,545		25,545
Total liabilities		7		2,641,200		271,896		113,921		69,828		87,752		6,216,993		5,989,018		15,390,615

(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, 2021 for Macro Securities SAU, Fintech SGR, Key management personnel and other related parties amounted to 2,319,329, 1,259,377, 1,189,860 and 10,155,848, respectively.

- 36 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Profit or loss related to transactions generated during the nine-month periods ended September 30, 2022 and 2021 with related parties are as follows:

	As of September 30, 2022
		Main subsidiaries (1)
		Macro Bank Limited	Macro Securities SAU		Macro Fondos SGFCISA	Argenpay SAU	Fintech SGR		Associates		Key management personnel (2)		Other related parties		Total
Income / (loss)
Interest income			3,685								188,591		1,272,920		1,465,196
Interest expense									(12,185	)	(70,124	)	(10,543	)	(92,852	)
Commissions income			12,868		103		576		234		49		56,667		70,497
Commissions expense							(5,388	)			(17	)	(974	)	(6,379	)
Other operating income		4	2,111			26	788,709						37		790,887
Administrative expense													(321,453	)	(321,453	)
Other operating expense			(12,371	)									(49,224	)	(61,595	)
Total Income / (loss)		4	6,293		103	26	783,897		(11,951	)	118,499		947,430		1,844,301

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

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

	As of September 30, 2021
		Main subsidiaries (1)
		Macro Bank Limited	Macro Securities SAU		Macro Fondos SGFCISA	Argenpay SAU	Associates		Key management personnel (2)		Other related parties		Total
Income / (loss)
Interest income			4,607						195,158		1,731,015		1,930,780
Interest expense			(6,995	)			(23,814	)	(56,137	)	(104,360	)	(191,306)
Commissions income			25,154		152		254		26		25,626		51,212
Commissions expense									(38	)	(291	)	(329)
Other operating income		4	11,857								40		11,901
Administrative expense											(313,347	)	(313,347)
Other operating expense											(96,168	)	(96,168)
Total Income / (loss)		4	34,623		152		(23,560	)	139,009		1,242,515		1,392,743

(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 September 30, 2022 and 2021, totaled 679,115 and 751,179, respectively.

In addition, fees received by the Directors as of September 30, 2022 and 2021 amounted to 1,189,579 and 1,695,699, respectively.

- 37 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

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

Composition	09/30/2022		12/31/2021
Board of Directors		23		21
Senior managers of the key management personnel		12		12
Total		35		33

16. DEPOSITS

The composition of deposits as of September 30, 2022 and December 31, 2021 is as follows:

Composition	09/30/2022		12/31/2021
Non-financial Public Sector		134,772,827		93,669,657
Financial sector		1,273,497		1,596,286
Non-financial Private Sector and Foreign Residents		988,369,437		882,659,077
Checking accounts		149,089,707		167,515,876
Saving accounts		313,134,481		307,644,523
Time deposits		463,009,137		381,394,547
Investment accounts		49,855,531		11,285,397
Other		13,280,581		14,818,734
Total		1,124,415,761		977,925,020

17. OTHER FINANCIAL LIABILITIES

The composition of the other financial liabilities as of September 30, 2022 and December 31, 2021 is as follows:

Composition	09/30/2022		12/31/2021
Credit and debit card settlement - due to merchants		51,453,900		54,880,454
Amounts payable for other spot purchases pending settlement		10,571,367		11,745,251
Payment orders pending to foreign exchange settlement		5,335,706		4,939,703
Amounts payable for spot purchases of government securities pending settlement		4,929,993		2,695,040
Collections and other transactions on account and behalf of others		3,440,002		4,038,514
Finance leases liabilities		1,769,990		2,358,526
Amounts payable for spot purchases of foreign currency pending settlement		59,291		25,760,991
Other		7,414,256		5,504,649
Total		84,974,505		111,923,128

18. PROVISIONS

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

- 38 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Exhibit J “Changes in Provisions” presents the changes in provisions as of September 30, 2022 and December 31, 2021.

The expected terms to settle these obligations are as follows:

	09/30/2022
Composition	Within 12 months		Over 12 months		09/30/2022		12/31/2021
For administrative, disciplinary and criminal penalties				500		500		829
Letters of credits, guarantees and other commitments (1)		761,280				761,280		566,482
Commercial claims in progress (2)		117,372		353,351		470,723		527,345
Labor lawsuits		206,878		55,342		262,220		357,712
Pension funds - reimbursement		213,815		189,785		403,600		176,470
Other		13,026		1,232,269		1,245,295		1,097,382
Total		1,312,371		1,831,247		3,143,618		2,726,220

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

(2) See also note 40.2.

In the opinion of the Bank’s Management and its legal counsel, there are no other significant effects other 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.

19. OTHER NON-FINANCIAL LIABILITIES

The composition of other non-financial liabilities as of September 30, 2022 and December 31, 2021 is as follows:

Composition	09/30/2022		12/31/2021
Withholdings		12,290,336		11,664,344
Salaries, bonuses and payroll taxes payables		11,913,248		10,933,005
Taxes payables		5,751,912		5,339,619
Dividends payables (see note 31)		4,937,861		44,143,028
Miscellaneous payables		2,710,818		3,154,565
Retirement pension payment orders pending settlement		1,058,693		702,524
Fees payables		274,893		517,248
Other		2,091,031		3,481,077
Total		41,028,792		79,935,410

- 39 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

20. 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 September 30, 2022 and December 31, 2021:

09/30/2022	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		201,060,245
Debt securities at fair value through profit or loss				156,876,892		22,292,008
Derivatives financial instruments				137,840		129
Repo transactions				62,479,868
Other financial assets		7,930,308		14,797,065		9,701,436
Loans and other financing (1)		753,020		358,047,343		149,522,115
Other debt securities				584,547,396		47,796,868
Financial assets delivered as guarantee		26,869,816		388,501
Equity instruments at fair value through profit or loss		677,340
Total assets		237,290,729		1,177,274,905		229,312,556
Liabilities
Deposits		517,471,642		606,559,395		384,724
Financial liabilities at fair value through profit or loss				667,404
Derivative financial instruments				1,896
Repo transactions				350,517
Other financial liabilities				82,749,523		2,224,982
Financing received from the BCRA and other financial institutions				2,432,547
Issued corporate bonds				5,513		2,299,524
Subordinated corporate bonds				1,584,354		59,408,909
Total liabilities		517,471,642		694,351,149		64,318,139

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

12/31/2021	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		286,198,757
Debt securities at fair value through profit or loss				36,013,743		17,805,015
Derivative financial instruments				2,152
Repo transactions				52,156,714
Other financial assets		6,713,862		43,598,136		8,086,217
Loans and other financing (1)		272,083		384,787,427		200,078,876
Other debt securities				397,011,632		77,925,083
Financial assets delivered as guarantee		29,833,871
Equity instruments at fair value through profit or loss		3,619,566
Total assets		326,638,139		913,569,804		303,895,191

- 40 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

12/31/2021	Without due date		Total up to 12 months		Total over 12 months
Liabilities
Deposits		544,228,273		433,644,550		52,197
Liabilities at fair value through profit or loss				2,703,232
Derivative financial instruments				4,206
Other financial liabilities				110,046,882		1,876,246
Financing received from the BCRA and other financial institutions				718,473		8,473
Issued corporate bonds				4,966,943
Subordinated corporate bonds				1,520,020		68,187,955
Total liabilities		544,228,273		553,604,306		70,124,871

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

21. 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.

22. INCOME TAX

a) Inflation adjustment on income tax

Tax Reform Law 27430, amended by Laws 27468 and 27541, established the following, regarding 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 is higher than 100% for the thirty-six months before the end of the tax period.

ii) Regarding 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 years of application, respectively.

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 is determined.

As of September 30, 2022 and December 31, 2021, 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 section “Tax inflation adjustment – Fiscal years 2019 and 2020” of this note).

- 41 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

b) Income tax rate

On June 16, 2021, through Decree No. 387/2021, Law No. 27630 was issued. This law established for fiscal years beginning on or after January 1, 2021, 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 fiscal year.

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

		09/30/2022					09/30/2021
Description	Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022			Quarter ended 09/30/2021			Accumulated from beginning of year up to 09/30/2021
Current income tax expense		5,766,528		8,193,717			3,717,055			8,310,800
Loss / (Profit) for deferred income taxes		1,544,515		3,713,384			(3,834,297	)		(1,470,909	)
Monetary effects		473,222		658,810			638,943			1,398,361
Income tax loss recorded in the statement of income		7,784,265		12,565,911			521,701			8,238,252
Income tax loss / (profit) recorded in other comprehensive income		1,249,424		(846,841	)		221,535			1,303,756
Total		9,033,689		11,719,070			743,236			9,542,008

Tax inflation adjustment – Fiscal years 2019 and 2020

As decided by the Board of Directors in the meeting held on May 11, 2020, considering certain case law on the matter assessed by its legal counsel and tax advisors, on May 26 of that year, 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 accrued income tax for Banco Macro SA for such fiscal year that amounted to 9,933,210 (not restated).

In addition, on July 23, 2021, the Bank filed a reimbursement action with the AFIP requesting that 254,305 (not restated) paid as income tax for the 2020 tax period be reimbursed.

As to the tax periods mentioned in previous paragraphs, on November 1, 2021, the AFIP notified the beginning of an income tax audit.

Along with the filings mentioned in the first paragraph of this section, on December 28, 2021, the Bank filed petitions for declaratory judgment with the Federal Administrative Contentious Court for the periods under analysis. The file 22274/2021, for the fiscal year 2019, is in process in Court No. 12 and the file 22278/2021, for the fiscal year 2020, is in process in Court No. 1.

Moreover, on October 17, 2022, the Bank filed a reimbursement action with the AFIP requesting that 382,189 paid as income tax for the 2021 tax period be reimbursed.

- 42 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Reimbursement actions – Fiscal years 2013 to 2017 and 2018

On October 24, 2019, Banco Macro SA filed with the AFIP-DGI (Argentine tax authorities) two reimbursement actions under the terms established by the first paragraph of section 81, Law No. 11683 requesting the reimbursement of 4,782,766 and 5,015,451 (not restated amounts) paid to tax authorities as income tax during tax periods 2013 through 2017 and 2018, respectively, arising from the impossibility to apply the adjustment for inflation and other adjustment mechanisms set forth by Income Tax Law (prior to the amendments introduced by Laws No. 27430 and 27468 for periods 2013 through 2017, and as revised in 2019 and amended for the 2018 tax period), plus the related compensatory interest (SIGEA [case and file management system] files No. 19144-14224/2019 and 19144-14222/2019). Since tax authorities have not yet issued a resolution with respect to the abovementioned claims, on August 7, 2020, the Bank filed both reimbursement requests under the terms of section 81, Law No. 11683 with the Federal Contentious and Administrative Trial Courts, which are pending in Courts No. 8 and 2 of such jurisdiction, respectively (cases No. 11285/2020 and 11296/2020). Both cases are currently at the trial stage.

In connection with the tax periods mentioned in the previous paragraph, on December 19, 2019, the AFIP notified the beginning of the income tax audit for the 2018 tax period, and on May 3, 2021, it notified the beginning of the income tax audit for periods 2013 through 2017. On October 4, 2021, the AFIP ended the audit for periods 2013 through 2017 as the Bank had exercised in due time its right to resort to justice, and that the admission of reimbursement is subject to a court decision.

23. COMMISSIONS INCOME

		09/30/2022				09/30/2021
Description	Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021		Accumulated from beginning of year up to 09/30/2021
Performance obligations satisfied at a point in time
Commissions related to obligations		9,028,584		27,160,372		8,827,477		25,012,199
Commissions related to credit cards		5,240,852		15,813,359		5,153,085		14,739,843
Commissions related to insurance		841,554		2,736,685		916,854		2,811,038
Commissions related to trading and foreign exchange transactions		304,471		986,740		384,768		1,060,750
Commissions related to securities value		205,478		762,774		356,100		901,186
Commissions related to loans and other financing		90,320		249,001		53,863		181,291
Commissions related to financial guarantees granted		1,900		3,011		1,794		4,310
Performance obligations satisfied over certain time period
Commissions related to credit cards		99,641		352,701		150,191		470,359
Commissions related to trading and foreign exchange transactions		24,501		44,401		14,754		49,997
Commissions related to loans and other financing		3,269		5,935		3,373		3,988
Commissions related to obligations		350		984		669		1,454
Commissions related to financial guarantees granted								157
Total		15,840,920		48,115,963		15,862,928		45,236,572

- 43 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

24. DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

		09/30/2022				09/30/2021
Description	Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021		Accumulated from beginning of year up to 09/30/2021
Translation of foreign currency assets and liabilities into pesos		15,698,776		26,136,001		840,138		4,417,549
Income from foreign currency exchange		331,519		870,412		242,610		644,118
Total		16,030,295		27,006,413		1,082,748		5,061,667

25. OTHER OPERATING INCOME

	09/30/2022			09/30/2021
Description	Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022	Quarter ended 09/30/2021	Accumulated from beginning of year up to 09/30/2021
Services	1,849,539		5,633,416	2,080,393	5,223,743
Adjustments and interest from other receivables	546,903		1,342,850	379,611	1,486,844
Adjustments from other receivables with CER clauses	423,460		1,003,029	127,303	448,223
Other receivables for financial intermediation	169,179		693,608	235,039	1,279,065
Sale of investment in properties and other non-financial assets	(1,420	)	20,722
Other	757,785		4,451,133	405,611	1,269,073
Total	3,745,446		13,144,758	3,227,957	9,706,948

26. EMPLOYEE BENEFITS

		09/30/2022				09/30/2021
Description	Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021		Accumulated from beginning of year up to 09/30/2021
Remunerations		12,001,127		34,511,369		11,567,825		35,339,931
Payroll taxes		3,052,778		8,304,590		2,669,559		8,070,208
Compensations and bonuses to employees		2,009,454		5,587,453		1,816,489		4,825,865
Employee services		592,132		1,768,160		462,408		1,178,770
Total		17,655,491		50,171,572		16,516,281		49,414,774

- 44 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2022 (Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

27. ADMINISTRATIVE EXPENSES

	09/30/2022				09/30/2021
Description	Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021		Accumulated from beginning of year up to 09/30/2021
Taxes		1,433,455		4,066,251		1,234,395		3,633,080
Maintenance, conservation and repair expenses		1,310,793		3,890,831		1,416,328		4,031,914
Armored truck, documentation and events		1,136,569		3,401,340		1,263,528		3,455,182
Security services		795,945		2,402,940		857,719		2,526,320
Other fees		766,937		2,240,607		669,101		2,006,178
Electricity and communications		747,715		2,257,162		826,786		2,574,383
Software		507,449		1,646,030		680,261		2,000,255
Advertising and publicity		435,925		1,482,769		402,042		870,130
Fees to directors and syndics		365,596		1,030,377		222,026		658,022
Representation, travel and transportation expenses		164,665		387,902		90,129		235,950
Insurance		92,529		271,090		134,824		345,979
Hired administrative services		63,597		168,186		55,186		138,613
Stationery and office supplies		54,236		165,766		54,327		149,137
Leases		33,553		113,959		38,083		145,494
Other		386,433		985,533		277,928		804,149
Total		8,295,397		24,510,743		8,222,663		23,574,786

28. OTHER OPERATING EXPENSES

	09/30/2022					09/30/2021
Description	Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021		Accumulated from beginning of year up to 09/30/2021
Turnover tax		9,420,200			25,451,615		7,347,063		22,335,872
For credit cards		3,805,791			10,887,470		3,394,268		8,763,768
Charges for other provisions		1,018,799			2,276,564		612,030		1,856,756
Deposit guarantee fund contributions		407,430			1,193,819		411,322		1,326,832
Interest on lease liabilities		317,834			739,228		93,214		279,498
Donations		139,396			334,709		12,614		16,553
Insurance claims		97,204			245,215		35,131		87,122
Taxes		59,682			239,215		148,917		526,828
Loss from sale or impairment of property, plant and equipment		(1,891	)		6,852
Loss from sale or impairment of investment in properties and other non-financial assets							16,565		130,731
Other		2,010,858			5,526,413		1,732,812		5,125,096
Total		17,275,303			46,901,100		13,803,936		40,449,056

- 45 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(Translation of Financial statements originally issued in Spanish – See Note 46) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

29. 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:

Reconciliation	09/30/2022		12/31/2021		09/30/2021		12/31/2020
Cash and deposits in banks		201,060,245		286,198,757		303,844,321		325,794,776
Debt Securities at fair value through profit or loss				8,071		124,720
Other debt securities		425,805,614		227,654,749		257,253,416		333,939,302
Loans and other financing		736,575		853,202		903,573		1,054,648
Total		627,602,434		514,714,779		562,126,030		660,788,726

30. CAPITAL STOCK

The Bank’s subscribed and paid-in capital from December 31, 2019 to September 30, 2022, amounted to 639,413. The capital stock composition is detailed in Exhibit K to the condensed separated interim financial statements.

31. 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 fiscal year 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 30 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 condensed consolidated interim statement of income. See additionally note 41.

- 46 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(Translation of Financial statements originally issued in Spanish – See Note 46) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Dividends paid and proposed

During 2020 and 2021, the BCRA issued Communiqués that suspended the payment of earnings distributions resolved by the Shareholders’ Meetings, being the last one the Communiqué “A” 7312, which suspended the payment up to December 31, 2021. As a consequence of the abovementioned suspensions, as of December 31, 2021 dividends pending distribution amounted to 26,580,415 (not restated), which had been approved by the Shareholders’ Meetings held on April 30 and October 21, 2020 and April 30, 2021, and were recorded under other non-financial liabilities (see note 19).

In addition, on December 16, 2021, the BCRA issued Communiqué “A” 7421, which established as follows: (i) from January 1, 2022, through December 31, 2022, financial institutions will be allowed to distribute up to 20% of the amount of earnings that should have been distributed if the “Earnings distributions” rules had been applied, and (ii) financial institutions that have the BCRA’s authorization for the earnings distributions have to perform it in 12 equal, monthly and consecutive installments.

On May 12, 2022, the BCRA approved the dividends distribution requested by the Bank in accordance with the Communiqué mentioned in the previous paragraph for an amount of 19,751,444 (not restated). As of the date of issuance of these condensed consolidated interim financial statements is pending to pay the installment 12 for an amount of 1,645,954. Additionally, the balance of the dividends approved that are pending to pay due to they exceed the abovementioned limit, amounted to 6,828,971 (not restated).

Moreover, the Shareholders’ Meeting held on April 29, 2022, resolved to distribute cash dividends or dividends in kind, in this case, measured at market value for an amount of 14,187,873 (not restated), represented 22.18 pesos per share, subject to prior authorization from the BCRA which adding the dividends pending to pay due to they exceed the abovementioned limited, amounted to 21,016,844 (not restated) and were recorded in an “Reserve for dividends pending authorization from the BCRA”, as decided in the abovementioned Shareholders Meeting held on April 29, 2022 and delegating on the Board of Directors the power to make available such amount after BCRA´s authorization.

32. 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 abovementioned 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 a 7.7330% interest in the capital stock of Sedesa according to the percentages disclosed by BCRA Communiqué “B” 12305 on March 17, 2022.

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 determine from time to time. On the other hand, the BCRA provided from 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.

33. RESTRICTED ASSETS

As of September 30, 2022 and December 31, 2021, the following Bank’s assets are restricted:

Composition	09/30/2022		12/31/2021
Cash and Deposits in Banks
· Fondo de Riesgo Fintech SGR – Deposits in other entities (1).		378		2
Subtotal Cash and Deposits in Banks		378		2

- 47 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(Translation of Financial statements originally issued in Spanish – See Note 46) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Composition (contd.)		09/30/2022		12/31/2021
Debt securities at fair value through profit or loss and other debt securities
·	Fondo de Riesgo Fintech SGR – Debt securities at fair value through profit or loss and other debt securities (1).		2,492,895		1,760,984
·	Letters of National Estate in pesos adjusted by CER – Maturity: 02/17/2023.		126,650
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033 for the minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/2013, as amended, of the Argentine Securities Commission (CNV).		83,459		80,863
·	Federal Government Treasury Bonds in pesos adjusted by CER 1.40%, maturity 03/27/2023, securing the sectoral Credit Program of the Province of San Juan, production investment financing fund.		70,735		74,152
·	Federal Government Treasury Bonds in pesos adjusted by CER 1.40%, maturity 03/27/2023, securing the regional economies Competitiveness Program – IDB loan No. 3174/OC-AR.		28,595		29,976
·	Federal Government Treasury Bonds in pesos adjusted by CER 1.40%, maturity 03/27/2023, 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).		12,642		13,253
Subtotal debt securities at fair value through profit or loss and other debt securities			2,814,976		1,959,228
Other financial assets
·	Interests derived from contributions made as protector partner (2).		1,411,831		1,266,311
·	Fondo de Riesgo Fintech SGR – Mutual fund shares (1).		201,062		338,082
·	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.		122,172		250,349
·	Sundry debtors – Other.		7,844		8,348
·	Sundry debtors – attachment within the scope of the claim filed by the DGR against the CABA for turnover tax differences.		827		1,373
Subtotal Other financial assets			1,743,736		1,864,463
Loans and other financing – non-financial private sector and foreign residents
·	Fondo de Riesgo Fintech SGR – Loans and other financing (1).		1,273		3,441
Subtotal loans and other financing			1,273		3,441
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.		22,856,130		25,783,223
·	Guarantee deposits related to credit and debit card transactions.		3,238,440		2,188,631
·	For securities forward contracts.		388,501
·	Other guarantee deposits.		775,246		1,862,017
Subtotal Financial assets delivered as guarantee			27,258,317		29,833,871

- 48 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(Translation of Financial statements originally issued in Spanish – See Note 46) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Composition (contd.)		09/30/2022		12/31/2021
Other non-financial assets
·	Real property related to a call option sold.		2,094,025		359,416
·	Fondo de Riesgo Fintech SGR – Other non-financial assets (1).		1,316		558
Subtotal other non-financial assets			2,095,341		359,974
Total			33,914,021		34,020,979

(1) According to Law 24467, as amended, and Fintech SGR By-Law, this entity has a risk fund (“Fondo de Riesgo”) which its main objective is to cover the guarantees granted to the protector partners and third parties. The assets of the risk fund could only be applied to partners’ withdrawals, to cover guarantees and other direct expenses.

(2) As of September 30, 2022 and December 31, 2021 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.

34. 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:

34.1. 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 (Accicom, Confibono, Red Surcos and Secubono). 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, Accicom and Confibono) and certificates of participation (Arfintech).

As of September 30, 2022 and December 31, 2021, debt securities and certificates of participation in financial trusts for investment, amounted to 1,151,575 and 881,683, 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.

34.2. 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 September 30, 2022 and December 31, 2021, considering the latest available accounting information as of the date of issuance of these condensed consolidated interim financial statements, the assets managed through Macro Fiducia SAU (subsidiary) of this type of trusts amounted to 11,680 and 15,950, respectively.

- 49 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(Translation of Financial statements originally issued in Spanish – See Note 46) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

34.3 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 such cash 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 the 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 September 30, 2022 and December 31, 2021, considering the latest available accounting information as of the date of issuance of these condensed consolidated interim financial statements, the assets managed by the Bank amounted to 2,491,731 and 3,361,203, respectively.

34.4 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.

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 September 30, 2022 and December 31, 2021, considering the latest available accounting information as of the date of issuance of these condensed consolidated interim financial statements, the assets managed by the Bank amounted to 17,361,871 and 20,197,991, respectively.

35. COMPLIANCE WITH CNV REGULATIONS

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

35.1.1 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) – Comprehensive Depositary company, clearing and settlement agent and trading agent (ALyC and AN – comprehensive, for their acronyms in Spanish and Guarantee Entity (in the process of being registered).

- 50 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(Translation of Financial statements originally issued in Spanish – See Note 46) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

On November 4, 2022 the CNV authorized the Bank to be included into the “List of Authorized companies to guarantee capital market instruments”, under Chapter VII, Title II of the Standards (NT 2013 as amended).

Additionally, the Bank’s shareholders’ equity as of September 30, 2022 stated in UVAs amounted to 2,745,832,911 and exceeds the minimum amount required by such regulation for the different categories of agents in which the Bank is registered, amounting to 470,350 UVAs as of that date, and the minimum required statutory guarantee account of 235,175 UVAs, which the Bank paid-in with government securities as described in note 33 and the cash deposits in BCRA accounts 000285 and 80285 belonging to the Bank.

35.1.2 Operations of Macro Securities SAU

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 and comprehensive mutual investment funds placement and distribution agent (ALyC, AN – comprehensive, ACyD FCI and ACyDI FCI).

Additionally, the shareholders’ equity of such Company as of September 30, 2022 stated in UVAs amounted to 50,535,269 and exceeds the minimum amount required by such 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, as result of the Company acting as “ACyD FCI and ACyDI FCI” an amount of 163,500 UVAs will be added to minimum Shareholder’s equity.

35.1.3 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 September 30, 2022 stated in UVAs amounted to 11,993,746 and exceeds the minimum amount required by such 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.

35.1.4 Operations of Macro Fiducia SAU

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 September 30, 2022 stated in UVAs amounted to 1,093,418 an exceeds the minimum amount required by General Resolution 795 established in 950,000 UVAs. 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.

- 51 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(Translation of Financial statements originally issued in Spanish – See Note 46) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

35.2 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 four fiscal years ended. In compliance with CNV General Resolution No. 629 requirements, the Bank has placed (i) the Inventory Books for fiscal years ended up to and including December 31, 2017, and (ii) certain documentation supporting the economic transactions for fiscal years ended up to and including December 31, 2017, 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.

35.3 As depositary of mutual funds

As of September 30, 2022 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
Argenfunds Abierto Pymes		3,341,452,532		11,503,507
Argenfunds Ahorro Pesos		88,842,728		1,629,420
Argenfunds Infraestructura		250,475,339		347,845
Argenfunds Liquidez		6,779,005,143		19,697,531
Argenfunds Renta Argentina		102,720,806		1,533,628
Argenfunds Renta Balanceada		933,334,495		8,527,156
Argenfunds Renta Capital		17,354,408		2,566,115
Argenfunds Renta Crecimiento		13,190,811		1,932,251
Argenfunds Renta Dinámica		26,266,166,194		1,222,438
Argenfunds Renta Fija		386,588,080		10,094,798
Argenfunds Renta Flexible		29,866,692		168,184
Argenfunds Renta Global		109,754,251		780,895
Argenfunds Renta Mixta		6,192,073,489		6,899,726
Argenfunds Renta Mixta Plus		1,163,592		143,266
Argenfunds Renta Pesos		150,240,213		3,037,339
Argenfunds Renta Total		548,961,979		1,160,183
Argenfunds Renta Variable		272,791,751		12,777
Argenfunds Retorno Absoluto		325,193,754		1,244,105
Pionero Acciones		12,847,445		1,090,061
Pionero Ahorro Dólares		11,720,792		1,572,949
Pionero Argentina Bicentenario		424,876,097		2,311,761
Pionero Capital		3,413,461,192		6,264,407
Pionero Desarrollo		1,989,663,950		2,027,392
Pionero Empresas FCI Abierto Pymes		208,090,616		2,035,625
Pionero FF		55,817,736		1,681,804
Pionero Gestión		1,644,903,009		4,270,854
Pionero Pesos		895,336,306		14,132,230
Pionero Pesos Plus		14,632,606,184		139,099,403
Pionero Renta		66,143,062		7,818,712
Pionero Renta Ahorro		227,459,711		8,492,177
Pionero Renta Ahorro Plus		1,464,599,326		8,606,234
Pionero Renta Balanceado		11,702,500,511		16,752,118
Pionero Renta Estratégico		688,682,300		4,964,324
Pionero Renta Fija Dólares		2,663,588		232,501
Pionero Renta Mixta I		70,320,151		658,131
Pionero Retorno		3,746,901,172		3,815,304

- 52 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(Translation of Financial statements originally issued in Spanish – See Note 46) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

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

The items recognized by the Bank to constitute the minimum cash requirement effective for September 2022 are listed below, indicating the amounts as of month-end of the related items:

Items	Banco Macro SA
Cash and deposits in banks
Amounts in BCRA accounts		99,990,766
Other debt securities
Government securities computable for the minimum cash requirements		143,129,498
Financial assets delivered as guarantee
Special guarantee accounts with the BCRA		22,856,130
Total		265,976,394

37. 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.

There follows a description of the situation of Banco Macro SA as of September 30, 2022:

Summary proceedings filed by the BCRA

Financial summary proceedings: No. 1496 dated 02/24/2016. 

Reason: control observations over subsidiaries. Penalty amount: 30,608 (not restated).

- 53 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(Translation of Financial statements originally issued in Spanish – See Note 46) 

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

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: On 04/07/2016, the Bank filed the defenses and evidence on the BCRA. On 05/18/2016 the Bank 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, the BCRA filed Resolution No. 132/20 (notified on 02/22/2021) 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 resolution is pending. The fine imposed to Mr. Jorge Horacio Brito was abrogated due to his passing. On 12/03/2021, the BCRA answered the notice of the direct appeal, requesting the dismissal. At the same date the CNACAF decided to include the process into the agreement to issue a sentence. As of the date of issuance of these condensed consolidated interim financial statements, this proceeding is pending resolution.

Criminal foreign exchange summary proceedings: No. 7642 dated 10/18/2021.

Reason: Supposed non-compliance with article 1 incs. e) and f) of the Criminal Foreign Exchange Regime (TO by Decree No. 480/95), together with points 5, 9 15 and 18 of BCRA Communiqué “A” 6770, and points 1.2 and 5.3 of the BCRA Communiqué “A” 6844.

Responsibles: Banco Macro SA, Foreign Exchange Team Leader (Alfredo Muscari), head of Foreign Exchange and Banking Operations manager (Eduardo Roque Covello) and Compliance manager (Gustavo Emilio Pessagno).

Status: On 12/29/2021, Banco Macro SA and the natural persons subject to summary proceedings filed their joint defenses, offering evidence and requesting an acquittal. Such filing established that: (i) the crime charged in the summary proceedings is inadmissible and inappropriate; ii) the Criminal Foreign Exchange System is unconstitutional; iii) the infringements charged are barred by the statute of limitations; iv) the charge is null because it was filed by the director of the SEFyC (Financial Institutions and Foreign Exchange Regulatory Agency); v) the accusation made by the BCRA lacks the minimum requirements for the criminal charge to be valid; vi) there are no arguments or evidence proving a criminal behavior by Banco Macro SA’s staff; therefore, this would be an objective charge; vii) the parties charged have not participated in the events under investigation, and viii) the infringements under investigation are atypical from the objective and subjective perspectives. On 03/15/2022, the BCRA dismissed the previous defenses performed by the Bank and the rest of the responsibles who, on 03/25/2022, filed an extraordinary appeal and a nullity request which was dismissed by the BCRA. Against such resolution, on 04/25/2022 a complaint appeal was filed to the Economic Federal Court, Courtroom No. 5, which dismissed the abovementioned appeal and submitted the file to an administrative area to continue with the proceeding. As of the date of issuance of these condensed consolidated interim financial statements, the file is on evidence stage.

Penalties imposed by the Financial Information Unit (UIF)

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 individuals liable 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. On 08/15/2019, the Bank filed a federal extraordinary appeal which was dismissed through resolution dated 09/26/2019. On 10/03/2019 the Bank filed a complaint appeal before Argentine Supreme Court (CSJN, for its acronym in Spanish), which is still pending resolution.

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 (not restated).

- 54 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

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 the 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. In December 2021, the CNV referred the proceedings to the Federal Civil and Commercial Court of Appeals (CNACCF, for its acronym in Spanish), under the file number 14633/2021, styled “Szekely, Ladislao et al v. CNV on appealed administrative resolution” which as of the date of issuance of these condensed consolidated interim financial statements, is pending.

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 those liable. On 05/15/2019 the imposed fines were paid and on 06/12/2019, the Bank, its Board of Directors and its statutory audits filed a direct appeal against such resolution, 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. On 05/11/2021, 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. On 12/09/2021 the CNACAF decided to allow the imposed Extraordinary appeal, on 12/10/2021, ordered that the case file be submitted to the CSJN, which took place on 12/30/2021, and the case file was received by the latter on 02/03/2022. As of the date of issuance of these condensed consolidated interim financial statements, the CSJN had not issued a decision on the appeal filed.

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

Reason: alleged failure to comply with 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 the BCRA. On 06/15/2018, the liable parties filed their defenses. On 07/02/2018, the UIF sustained the lack of capacity to be sued by Delfín Jorge Ezequiel Carballo, discarding his responsibility in this summary proceeding. On 01/08/2021 UIF filed Resolution No. 80 which imposed a fine to the Bank and the other liable parties. On 01/26/2021 through the BCRA account, the fine was paid for an amount of 60 (not restated). On 03/02/2021, against such resolution a direct appeal to CNACAF was deducted. The proceedings will be decided at Room IV of such jurisdiction. On 05/05/2021, the UIF became a party to the case file and answered the notice served of the direct appeal imposed by the responsibles. On 08/12/2021, the CNACAF dismissed the direct appeal filed by the Bank. On 08/27/2021 a Federal extraordinary appeal against such decision was filed. On 10/04/2021, the CNACAF dismissed the extraordinary appeal filed, where it was held that there was no federal grievance and no manifest arbitrariness in the resolution. On 10/18/2021 Banco Macro SA filed a petition for the denied extraordinary appeal to CSJN. The petition file has not been resolved by the CSJN.

- 55 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

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

Reason: alleged failure to comply with 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 liable individuals were notified about the initiation of the proceedings. On 10/31/2019, the Bank and the individuals subject to summary proceedings filed their defense. 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 the Covid-19 pandemic (DNU 297/2020), up to and including 11/29/2020. On 11/30/2020, terms were resumed (DNU 876/2020). On 03/02/2021, the passing of Mr. Jorge Horacio Brito was informed and the lapse of the action against him was requested. In addition, as part of the BCRA summary proceedings styled “File No. 100889/15 – Banco Macro SA, Summary Proceedings No. 1496”, Resolution No. 2020-132-E-GDEBCRA-SEFYC#BCRA was issued, whereby penalties were imposed on Banco Macro SA and the parties subject to those proceedings, currently pending before the CNACAF, Courtroom I (File No. 3784/2021). The transactions for which the parties are investigated have already been subject to penalties in the abovementioned BCRA summary proceedings; therefore, there cannot be simultaneous penalties based on the same subject matter. As a result, a request was made to prevent the application of all types of penalties to the parties subject to the summary proceedings. On 04/22/2021, the judge in charge of the summary proceedings informed that the pleas filed will be resolved in the final ruling; therefore, the brief will be added to the case file without analyzing the issue, expecting the issuance of a resolution. On 05/26/2021, it was advised that the terms of the summary proceedings pending with the UIF would be suspended from 05/26/2021, up to and including 05/28/2021. On 08/18/2021, it was resolved to set the case for the production of evidence and to summon all the parties involved to give testimony as parties subject to the summary proceedings. As of the date of issuance of these condensed consolidated interim financial statements, the case is on the final report stage.

Although the penalties described above 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 500 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.

38. CORPORATE BONDS ISSUANCE

The corporate bonds liabilities recorded by the Bank are as follows:

Corporate Bonds	Original value			Residual face value as of 09/30/2022		09/30/2022		12/31/2021
Subordinated Resettable – Class A	USD	400,000,000	(1)	USD	400,000,000		60,993,263		69,707,975
Non-subordinated – Class E	USD	17,000,000	(2)	USD	17,000,000		2,305,037
Non-subordinated – Class B	$	4,620,570,000	(3)						4,966,943
Total							63,298,300		74,674,918

- 56 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

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 or power units, 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), and on April 27, 2018, the abovementioned Shareholders’ Meeting resolved to increase the maximum amount of the Global Program for the Issuance of Corporate Bonds for, in face values, from USD 1,500,000,000 to USD 2,500,000,000 or an equal amount in other currencies, as determined by the Board of Directors in due time. Finally, on October 20, 2021 due to a Board of Director resolution, the Bank required from the CNV a five-year extension of the abovementioned program, which was approved by the Regulator through a note issued on December 15, 2021.

(1) On November 4, 2016, under the abovementioned Global Program, the Bank 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 was November 4, 2021.

As of the date of issuance of these condensed consolidated interim financial statements, the reset rate was established until the maturity date at 6.643% as a result of the benchmark reset rate plus 546.3 basis points, according to the abovementioned terms and conditions. As the Bank had not exercised the option to fully or partially redeem the issuance on the reset date and under the conditions established in the pricing supplement, it was established up to maturity.

On the other hand, it could be fully redeemed, not partially, and only for tax or regulatory purposes. The Bank used the funds derived from such issuance to grant loans in accordance with BCRA guidelines.

(2) On May 2, 2022, under the Global Program abovementioned, the Bank issued non-subordinated simple corporate bonds Class E not convertible into shares, for a face value of USD 17,000,000 at a fixed rate of 1.45%, fully amortizable upon maturity (May 2, 2024), under the terms and conditions set forth in the price supplement dated April 21, 2022. Interest is paid quarterly on August 2, 2022, November 2, 2022, February 2, 2023, May 2, 2023, August 2, 2023, November 2, 2023, February 2, 2024, and May 2, 2024.

At any time and according to the current regulations and by the foreign exchange regime issued by the BCRA, in particular, the Bank will be able to redeem, fully but not partially, the Class E Corporate Bonds to a price equally to (a) 102% of the remaining principal if the Bank will decide to redeem during the term between the Issuance and the Settlement date up to 9 (nine) month, including the last day; (b) 101 % of the remaining principal, if the Bank will decide to redeem during the terms beginning after the 9 (nine) month since the Issuance date up to maturity date of the Class E, in all cases with expenses and accrued interest not paid, excluding the redeem date.

(3) On May 8, 2017, under the Global Program mentioned in 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.

On the other hand, 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 1,229,518,000 and 501,861,000, respectively, equivalent to the amount of purchases made as of those dates.

On May 9, 2022, the Bank fully paid the principal and interest for a face value of 2,889,191,000.

- 57 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

39. OFF BALANCE SHEET TRANSACTIONS

In addition to note 4, the Bank maintains different off balance sheet transactions, pursuant to the BCRA standards. The composition of the amounts of the main off balance sheet transactions as of September 30, 2022 and December 31, 2021, is as follows:

Composition	09/30/2022		12/31/2021
Custody of government and private securities and other assets held by third parties		619,883,439		645,717,701
Preferred and other collaterals received from customers (1)		157,306,655		200,099,503
Outstanding checks not yet paid		21,284,661		13,467,261
Checks already deposited and pending clearance		20,831,725		18,514,022

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

40. TAX AND OTHER CLAIMS

40.1. 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 from June 30, 1995, through June 30, 1999, and for the irregular six-month period ended December 31, 1999) and by former Banco Macro SA (for the fiscal years ended from 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) The AFIP’s ex-officio undocumented expenses determinations for the periods February, April, May 2015 and from July 2015 through January 2018, both included of date April 19, 2021. On October 5, 2021, the Bank filed an appeal to the Federal Tax Court which is in process in Courtroom B, Office 6, under file 2021-96970075.

c) Ex-officio turnover tax determinations 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 abovementioned proceedings other than those disclosed in these condensed consolidated interim financial statements.

- 58 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

40.2. Other claims

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, who also submitted them to the trial court, which received them on 09/27/2021 and were requested as effectum vivendi in proceedings “Estado Nacional – Ministerio Producción de la Nación c/ Asociación de Defensa de los Consumidores y Usuarios de la R.A y otros s/Ordinario” (File No. 6757/2013), in which the Bank is not a party, by the commercial court, clerk’s office No. 11. As of the date of issuance of these condensed consolidated interim financial statements, resolution is still pending.

Moreover, the Bank is subject to a class actions for the same purpose, currently pending with Commercial Court No. 7 in and for the CABA, Clerk’s Office No. 13, styled Unión de Usuarios y Consumidores v. Nuevo Banco Bisel on ordinary proceedings, File No. 44704/2008.

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.

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

41. 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, the earnings distribution approved by the Shareholders’ Meeting of the Bank could only be formalized once the Superintendence of Financial and Foreign Exchange Institutions approved it.

- 59 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

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, for which a normative reserve was created, and its balance as of September 30, 2022 was 18,246,655 (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).

Additionally to what was previously mentioned, and according to BCRA Communiqué “A” 7312, the earning distribution was suspended up to December 31, 2021. In accordance with BCRA Communiqué “A” 7421, effective since January 1 and up to December 31, 2022, financial institutions will be allowed to distribute their earnings up to 20% of the amount that would have been distributed in 12 equal, monthly and consecutive installments. As a consequence, the Board of Directors of Banco Macro SA issued a payment schedule for those dividends. See also note 31.

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 29, 2022 and taking into account that at the end of the fiscal year ended December 31, 2021, the Bank had negative unappropriated retained earnings for 8,920,325 (not restated) as a consequence of recording in the income for the previous period the accrued monetary effect which were measured at fair value through other comprehensive income (OCI), for which the unappropriated retaining earnings amounted to 18,202,171 (not restated), were applied as follows (figures stated at purchase power as of December 31, 2021):

a) 3,640,434 to the legal reserve;

b) 373,864 to the Personal Asset Tax on Business Companies (Impuesto sobre los Bienes Personales Sociedades y Participaciones), and;

c) 14,187,873 to pay a cash dividend and/or a dividend in kind, in the latter case valued at market value, prior BCRA authorization.

For further information see note 31.

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

As financial institution, Banco Macro SA is governed by 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 43 to the consolidated financial statements as of December 31, 2021, already issued.

- 60 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

Additionally, the table below shows the minimum capital requirements measured on a consolidated basis, effective for the month of September 2022, together with the integration thereof (computable equity) as of the end of such month:

Item	09/30/2022
Minimum capital requirements		88,799,515
Computable equity		440,743,145
Capital surplus		351,943,630

43. 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, the existing volatile was accentuated for the market values of government and private financial instruments and a process of rescheduling maturities and swaps of certain government debt instruments started. In addition, material increases were observed in the country’s risk and in the exchange rate between the Argentine peso and the US dollar.

Subsequently, 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 material restrictions to the exchange market access were also established.

At the same time, the government’s debt restructuring process continued under domestic and foreign legislation, including several voluntary swaps and reached agreements regarding the country’s indebtedness with the International Monetary Fund and the Paris Club, among others.

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 85% as of the date of issuance of these condensed consolidated interim financial statements.

Even though, at the date of issuance of these condensed consolidated interim financial statements certain volatility levels previously mentioned have been decreased, the local and international macroeconomic context generates certain degree of uncertainty regarding its future progress, and also considering the effects of the military conflict between Russian and Ukraine in the level of the global economic recovery, after the pandemic as mentioned in note 44.

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.

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

In early March 2020, the World Health Organization declared Coronavirus (Covid-19) a pandemic. This emergency situation over public health was worldwide expanded and several countries took 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 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.

Considering the size of the abovementioned situation, the Bank's Management estimates, on an ongoing basis, the effects on its operations, the financial situation and in its profit or loss.

- 61 -

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(Translation of Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

45. 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.

46. 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 to accounting principles generally accepted in other countries.

- 62 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT B

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

 BY SITUATION AND COLLATERAL RECEIVED

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

COMMERCIAL	09/30/2022	12/31/2021
In normal situation	102,014,123	139,713,531
With senior “A” collateral and counter-collateral	15,974,625	19,039,261
With senior “B” collateral and counter-collateral	15,738,944	26,851,103
Without senior collateral or counter-collateral	70,300,554	93,823,167
Subject to special monitoring	212,770	3,539,375
In observation
With senior “A” collateral and counter-collateral		2,448
With senior “B” collateral and counter-collateral	166,985	2,928,331
Without senior collateral or counter-collateral	45,785	608,596
Troubled	1,190,075	1,247,096
With senior “B” collateral and counter-collateral	805,130	182,864
Without senior collateral or counter-collateral	384,945	1,064,232
With high risk of insolvency	289,945	191,746
With senior “A” collateral and counter-collateral		167,723
With senior “B” collateral and counter-collateral	138,650	11,451
Without senior collateral or counter-collateral	151,295	12,572
Subtotal Commercial	103,706,913	144,691,748

- 63 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT B

(Continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

CONSUMER AND MORTGAGE	09/30/2022	12/31/2021
Performing	414,681,545	453,821,830
With senior “A” collateral and counter-collateral	31,518,137	31,724,461
With senior “B” collateral and counter-collateral	25,966,177	38,574,267
Without senior collateral or counter-collateral	357,197,231	383,523,102
Low risk	3,094,384	3,212,254
With senior “A” collateral and counter-collateral	81,198	104,346
With senior “B” collateral and counter-collateral	164,424	191,368
Without senior collateral or counter-collateral	2,848,762	2,916,540
Low risk - in special treatment	12,751	103,492
With senior “B” collateral and counter-collateral	941	33,960
Without senior collateral or counter-collateral	11,810	69,532
Medium risk	1,935,361	2,410,472
With senior “A” collateral and counter-collateral	64,450	15,315
With senior “B” collateral and counter-collateral	34,334	99,450
Without senior collateral or counter-collateral	1,836,577	2,295,707
High risk	2,306,820	2,759,263
With senior “A” collateral and counter-collateral	284,919	35,178
With senior “B” collateral and counter-collateral	90,498	187,221
Without senior collateral or counter-collateral	1,931,403	2,536,864
Irrecoverable	985,351	1,303,415
With senior “A” collateral and counter-collateral	26,535	31,860
With senior “B” collateral and counter-collateral	145,721	317,234
Without senior collateral or counter-collateral	813,095	954,321
Subtotal consumer and mortgage	423,016,212	463,610,726
Total	526,723,125	608,302,474

- 64 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT B

(Continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

 BY SITUATION AND COLLATERAL RECEIVED

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

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

	09/30/2022			12/31/2021
Loans and other financing		508,322,478			585,138,386
Added:
Allowances for loans and other financing		9,466,879			15,995,145
Adjustment amortized cost and fair value		1,581,969			1,875,796
Debt securities of financial trust - Measured at amortized cost		221,962			295,950
Corporate bonds		509,078			143,632
Subtract:
Interest and other accrued items receivable from financial assets with impaired credit value		(153,070	)		(164,215	)
Guarantees provided and contingent liabilities		6,773,829			5,017,780
Total computable items		526,723,125			608,302,474

- 65 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT C

CONSOLIDATED CONCENTRATION OF LOANS AND FINANCING FACILITIES

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	09/30/2022				12/31/2021
Number of customers	Cut off balance		% of total portfolio		Cut off balance		% of total portfolio
10 largest customers		20,678,633		3.93		30,515,602		5.02
50 next largest customers		37,805,888		7.18		48,374,806		7.95
100 next largest customers		28,979,253		5.50		35,125,241		5.77
Other customers		439,259,351		83.39		494,286,825		81.26
Total (1)		526,723,125		100.00		608,302,474		100.00

(1) See reconciliation in Exhibit B.

- 66 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT D

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF SEPTEMBER 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

			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				343,490		1,077,693		517,430								1,938,613
Financial sector				40,712		64,847		101,016		648,489		382,601		136,167		1,373,832
Non-financial private sector and foreign residents		2,361,566		212,623,978		60,877,311		70,058,562		101,405,490		102,194,238		136,964,459		686,485,604
Total		2,361,566		213,008,180		62,019,851		70,677,008		102,053,979		102,576,839		137,100,626		689,798,049

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

			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				385,065		1,036,199		808,697		2,043,754		793,411				5,067,126
Financial sector				424,688		1,106,267		62,145		215,670		1,210,599		222,641		3,242,010
Non-financial private sector and foreign residents		2,513,280		224,006,384		70,241,730		80,231,458		105,946,194		125,016,340		190,861,792		798,817,178
Total		2,513,280		224,816,137		72,384,196		81,102,300		108,205,618		127,020,350		191,084,433		807,126,314

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

- 67 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT F

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF SEPTEMBER 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	Original
	value at														Depreciation of the period														Residual
	beginning		Total life									Difference										Difference							value at
	of fiscal		estimated									for										for			Of the				the end of
Item	year		in years		Increases		Decreases		Transfers			conversion			Accumulated		Transfers			Decrease		conversion			period		At the end		the period
Cost
Real property		79,597,069		50		165,512				456,888						8,000,948		(50,218	)							1,299,446		9,250,176		70,969,293
Furniture and facilities		10,980,306		10		182,849		827		728,411			(26	)		5,409,506		5			423		(18	)		720,838		6,129,908		5,760,805
Machinery and equipment		15,617,370		5		1,029,468		259		693,409			(174	)		10,782,071		(1,309	)		55		(180	)		1,696,605		12,477,132		4,862,682
Vehicles		2,219,220		5		290,779		120,981		(7,850	)					1,819,711		(596	)		82,042					165,356		1,902,429		478,739
Other		1,483		3									34			706							(70	)		357		993		524
Work in progress		2,634,266				1,615,276				(2,236,910	)																			2,012,632
Right of use real property		6,269,723		5		607,067		67,008					(3,621	)		3,499,741					42,840		(832	)		895,691		4,351,760		2,454,401
Total property, plant and equipment		117,319,437				3,890,951		189,075		(366,052	)		(3,787	)		29,512,683		(52,118	)		125,360		(1,100	)		4,778,293		34,112,398		86,539,076

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	Original																												Residual
	value at														Depreciation for the fiscal year														value at
	beginning		Total life									Difference										Difference			For the				the end of
	of fiscal		estimated									for										for			fiscal				the fiscal
Item	year		in years		Increases		Decreases		Transfers			conversion			Accumulated		Transfers			Decrease		conversion			year		At the end		year
Cost
Real property		76,392,490		50		495,739		145,150		2,853,990						6,256,102		163,186			18,349					1,600,009		8,000,948		71,596,121
Furniture and facilities		9,954,534		10		323,082		3,338		706,251			(223	)		4,479,085		222			1,739		(185	)		932,123		5,409,506		5,570,800
Machinery and equipment		13,767,204		5		1,061,060		51,125		841,509			(1,278	)		8,660,949		(1,168	)		7,681		(838	)		2,130,809		10,782,071		4,835,299
Vehicles		2,138,286		5		213,292		137,699		5,342			(1	)		1,750,131		297			121,264					190,547		1,819,711		399,509
Other		2,209		3		523		689					(560	)		1,022					689		(301	)		674		706		777
Work in progress		2,101,948				3,659,821				(3,127,503	)																			2,634,266
Right of use real property		5,204,204		5		1,086,827		40,573		26,668			(7,403	)		2,258,258		1,215			34,309		(2,240	)		1,276,817		3,499,741		2,769,982
Total property, plant and equipment		109,560,875				6,840,344		378,574		1,306,257			(9,465	)		23,405,547		163,752			184,031		(3,564	)		6,130,979		29,512,683		87,806,754

(1) During the fiscal year 2021, under this item transfers were made to Non-current assets held for sale.

- 68 - Delfín Jorge Ezequiel Carballo
Chairperson

	EXHIBIT F
	(Continued)
CONSOLIDATED CHANGE IN INVESTMENT PROPERTY
AS OF SEPTEMBER 30, 2022
(Translation of the Financial statements originally issued in Spanish – See Note 46)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	Original
	Value at												Depreciation for the period												Residual
	beginning		Useful life							Difference										Difference					value at
	of fiscal		estimated in							for										for	Of the		At the		the end of
Item	year		years	Increases		Decreases		Transfers		conversion				Accumulated		Transfers		Decrease		conversion	period		end		the period
Cost
Leased properties		383,644	50		986				337,157						13,859		50,374					3,572		67,805		653,982
Other investment properties		1,168,725	50		8,351,469		18,181		20,166		(26	)			94,152				144			112,283		206,291		9,315,862
Total investment property		1,552,369			8,352,455		18,181		357,323		(26	)			108,011		50,374		144			115,855		274,096		9,969,844

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	Original																									Residual
	Value at													Depreciation for the fiscal year												value at
	beginning		Useful life								Difference										Difference	For the				the end of
	of fiscal		estimated in								for										for	fiscal		At the		the fiscal
Item	year		years	Increases		Decreases		Transfers			conversion			Accumulated		Transfers			Decrease		conversion	year		end		year
Cost
Leased properties		552,032	50						(168,388	)					90,632		(82,382	)					5,609		13,859		369,785
Other investment properties		2,122,911	50		211,119		39,397		(1,125,797	)		(111	)		127,266		(80,807	)		6,452			54,145		94,152		1,074,573
Total investment property		2,674,943			211,119		39,397		(1,294,185	)		(111	)		217,898		(163,189	)		6,452			59,754		108,011		1,444,358

- 69 - Delfín Jorge Ezequiel Carballo
Chairperson

	EXHIBIT G
CONSOLIDATED CHANGE IN INTANGIBLE ASSETS
AS OF SEPTEMBER 30, 2022
(Translation of the Financial statements originally issued in Spanish – See Note 46)
(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	Original
	Value at		Useful life								Depreciation of the period											Residual value
	beginning  of		estimated in															Of the				at the end of
Item	fiscal year		years	Increases		Decreases		Transfers			Accumulated		Transfers			Decrease		period		At the end		the period
Cost
Licenses		8,321,075	5		1,038,223				76,726			5,090,161		2,878					1,168,548		6,261,587		3,174,437
Other intangible assets		27,009,551	5		4,792,280		27,142		(67,997	)		16,283,183		(1,134	)		1,022		3,583,188		19,864,215		11,842,477
Total intangible assets		35,330,626			5,830,503		27,142		8,729			21,373,344		1,744			1,022		4,751,736		26,125,802		15,016,914

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	Original
	Value at		Useful life								Depreciation of the fiscal year											Residual value
	beginning  of		estimated in															For the				at the end of
Item	fiscal year		years	Increases		Decreases		Transfers			Accumulated		Transfers			Decrease		fiscal year		At the end		the fiscal year
Cost
Licenses		6,892,242	5		1,445,563				(16,730	)		3,575,405		(563	)				1,515,319		5,090,161		3,230,914
Other intangible assets		21,633,079	5		5,376,631		159					12,155,362					37		4,127,858		16,283,183		10,726,368
Total intangible assets		28,525,321			6,822,194		159		(16,730	)		15,730,767		(563	)		37		5,643,177		21,373,344		13,957,282

- 70 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT H

CONSOLIDATED DEPOSIT CONCENTRATION

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	09/30/2022				12/31/2021
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		188,428,869		16.76		76,136,594		7.79
50 next largest customers		119,990,236		10.67		58,659,624		6.00
100 next largest customers		53,980,969		4.80		37,267,823		3.81
Other customers		762,015,687		67.77		805,860,979		82.40
Total		1,124,415,761		100.00		977,925,020		100.00

- 71 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF SEPTEMBER 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	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		995,122,134		93,402,203		58,856,373		11,461,337		416,704		2,667		1,159,261,418
From the non-financial government sector		130,179,068		6,418,253		859,182		3,740						137,460,243
From the financial sector		1,273,497												1,273,497
From the non-financial private sector and foreign residents		863,669,569		86,983,950		57,997,191		11,457,597		416,704		2,667		1,020,527,678
Liabilities at fair value through profit or loss		667,404												667,404
Derivative instruments		266		1,500		130								1,896
Repo transactions		351,649												351,649
Other financial institutions		351,649												351,649
Other Financial Liabilities		81,845,627		307,531		298,109		542,941		886,850		1,861,712		85,742,770
Financing received from the Central Bank of Argentina and other financial institutions		1,592,954		373,777		427,834		38,033						2,432,598
Issued corporate bonds				8,473		8,473		16,669		2,343,450				2,377,065
Subordinated corporate bonds				1,954,101				1,954,101		3,908,203		68,602,406		76,418,811
Total		1,079,580,034		96,047,585		59,590,919		14,013,081		7,555,207		70,466,785		1,327,253,611

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

- 72 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES

FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	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		887,517,645		86,774,336		10,698,221		913,569		71,855		2,099		985,977,725
From the non-financial government sector		88,773,856		3,509,200		1,965,076		4,328						94,252,460
From the financial sector		1,596,286												1,596,286
From the non-financial private sector and foreign residents		797,147,503		83,265,136		8,733,145		909,241		71,855		2,099		890,128,979
Liabilities at fair value through profit or loss		2,703,232												2,703,232
Derivative instruments						4,206								4,206
Other Financial Liabilities		110,391,789		293,274		262,673		428,480		627,565		826,468		112,830,249
Financing received from the Central Bank of Argentina and other financial institutions		390,784		303,835		22,451		13,814		9,506				740,390
Issued corporate bonds						5,218,021								5,218,021
Subordinated corporate bonds						2,265,389		2,265,390		4,530,781		81,796,173		90,857,733
Total		1,001,003,450		87,371,445		18,470,961		3,621,253		5,239,707		82,624,740		1,198,331,556

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

- 73 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT J

CONSOLIDATED CHANGES IN PROVISIONS

AS OF SEPTEMBER 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	Amounts
	at
	beginning							Monetary effects
	of fiscal				Decreases			generated by
Item	year		Increases		Reversals	Charge off		provisions			09/30/2022
Provisions for eventual commitments		566,482		512,810					(318,012	)		761,280
For Administrative, disciplinary and criminal penalties		829							(329	)		500
Other		2,158,909		1,763,754			448,155		(1,092,670	)		2,381,838
Total Provisions		2,726,220		2,276,564			448,155		(1,411,011	)		3,143,618

CONSOLIDATED CHANGES IN PROVISIONS

AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	Amounts
	at
	beginning								Monetary effects
	of fiscal				Decreases				generated by
Item	year		Increases		Reversals		Charge off		provisions			12/31/2021
Provisions for eventual commitments		43,133		614,047				2,111		(88,587	)		566,482
For Administrative, disciplinary and criminal penalties		1,800		69,138		419		69,047		(643	)		829
Other		3,225,169		2,418,402				2,492,582		(992,080	)		2,158,909
Total Provisions		3,270,102		3,101,587		419		2,563,740		(1,081,310	)		2,726,220

- 74 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT L

CONSOLIDATED FOREIGN CURRENCY AMOUNTS

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	09/30/2022										12/31/2021
	Total parent company and		Total per currency
Item	local branches		US dollar		Euro		Real		Other		Total
Assets
Cash and deposits in banks		166,983,143		165,936,538		688,793		33,072		324,740		202,658,925
Debt securities at fair value through profit or loss		146,601,375		146,601,375								2,049,242
Other financial assets		11,732,440		11,732,060		380						9,947,327
Loans and other financing		26,089,886		25,920,535		169,351						25,466,982
From the non-financial private sector and foreign residents		26,089,886		25,920,535		169,351						25,466,982
Other debt securities		40,640,411		40,640,411								56,250,274
Financial assets delivered as guarantee		3,404,125		3,395,454		8,671						3,814,400
Equity Instruments at fair value through profit or loss		122,204		122,204								116,248
Total assets		395,573,584		394,348,577		867,195		33,072		324,740		300,303,398
Liabilities
Deposits		130,268,563		130,123,430		145,133						160,431,842
Non-financial government sector		5,353,794		5,353,794								12,748,607
Financial sector		1,163,742		1,163,742								1,263,117
Non-financial private sector and foreign residents		123,751,027		123,605,894		145,133						146,420,118
Liabilities at fair value through profit or loss		667,395		667,395								209,769
Other financial liabilities		12,163,753		12,037,696		100,852				25,205		10,807,260
Financing from Central Bank and other financial institutions		1,767,436		1,579,522		187,914						459,495
Issued corporate bonds		2,305,037		2,305,037
Subordinated corporate bonds		60,993,263		60,993,263								69,707,975
Other non-financial liabilities		63,430		63,430								67,158
Total liabilities		208,228,877		207,769,773		433,899				25,205		241,683,499

- 75 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT Q

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	Net financial Income/ (Loss)
	Mandatory measurement
Items	Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021		Accumulated from beginning of year up to 09/30/2021
For measurement of financial assets at fair value through profit or loss
Gain from government securities	18,223,351		23,760,664		4,900,626		23,530,676
Gain from private securities	7,045,283		12,231,253		892,139		2,139,238
Gain from derivative financial instruments
Forward transactions	105,175		113,785
Loss from other financial assets	(34,568	)	(43,614	)	(2,017	)	(13,884	)
(Loss) / Gain from equity instruments at fair value through profit or loss	(78,273	)	5,711,987		(91,615	)	754,083
Gain from sales or decreases of financial assets at fair value	269,979		1,888,211		758,474		745,707
For measurement of financial liabilities at fair value through profit or loss
Loss from derivative financial instruments
Forward transactions					(130,859	)	(141,566	)
Total	25,530,947		43,662,286		6,326,748		27,014,254

- 76 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT Q

(Continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	Net financial Income/(Loss)
Interest and adjustment for the application of the effective interest rate of financial assets measured at amortized cost	Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022			Quarter ended 09/30/2021			Accumulated from beginning of year up to 09/30/2021
Interest income
for cash and bank deposits		96,952			120,028			5,327			16,972
for government securities		66,601,336			94,860,767			2,326,916			10,199,794
for debt securities		32,985			95,955			79,926			438,925
for loans and other financing
Non-financial public sector		298,480			1,007,116			658,605			2,498,856
Financial sector		83,071			310,517			254,254			892,100
Non-financial private sector
Overdrafts		6,541,776			14,862,397			3,318,543			9,995,175
Documents		6,170,692			15,063,583			4,237,944			10,589,012
Mortgage loans		8,503,223			23,762,184			5,488,585			19,057,528
Pledge loans		603,814			2,014,377			468,175			1,004,733
Personal loans		18,578,699			57,654,847			19,421,627			59,738,771
Credit cards		8,660,684			23,732,693			5,882,376			17,667,695
Financial leases		74,996			196,887			(1,699	)		78,120
Other		5,933,874			16,071,170			5,889,803			19,898,568
for repo transactions
Central Bank of Argentina		3,831,747			5,102,792			4,000,824			11,298,769
Other financial institutions		72,482			272,727			9,875			73,709
Total		126,084,811			255,128,040			52,041,081			163,448,727
Interest expenses
for Deposits
Non-financial private sector
Checking accounts		(3,358,901	)		(5,588,984	)		(179,498	)		(1,949,999	)
Saving accounts		(905,783	)		(2,287,310	)		(475,546	)		(1,548,239	)
Time deposits and investments accounts		(68,034,033	)		(151,206,175	)		(34,484,201	)		(112,001,865	)
for financing received from Central Bank of Argentina and other financial institutions		(119,093	)		(270,801	)		(42,256	)		(225,936	)
for repo transactions
Other financial institutions		(87,471	)		(787,748	)		(134,538	)		(389,473	)
for other financial liabilities		(206,955	)		(443,340	)		(12,208	)		(32,218	)
for issued corporate bonds					(221,119	)		(201,431	)		(1,247,869	)
for subordinated corporate bonds		(959,257	)		(2,982,496	)		(1,342,249	)		(4,214,343	)
Total		(73,671,493	)		(163,787,973	)		(36,871,927	)		(121,609,942	)

- 77 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT Q

(Continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

	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 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021		Accumulated from beginning of year up to 09/30/2021		Quarter ended 09/30/2021			Accumulated from beginning of year up to 09/30/2021
from debt government securities		11,074,561		97,692,795		8,445,316		1,373,827		39,277,123		116,460,626		(470,459	)		53,451
Total		11,074,561		97,692,795		8,445,316		1,373,827		39,277,123		116,460,626		(470,459	)		53,451

	Income for the period
Items	Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022			Quarter ended 09/30/2021			Accumulated from beginning of year up to 09/30/2021
Commissions income
Commissions related to obligations		9,028,934			27,161,356			8,828,145			25,013,653
Commissions related to credits		93,589			254,936			57,235			185,279
Commissions related to loans commitments and financial guarantees		1,900			3,011			1,794			4,467
Commissions related to securities value		205,478			762,774			356,100			901,186
Commissions for credit cards		5,340,493			16,166,060			5,303,278			15,210,202
Commissions for insurances		841,554			2,736,685			916,854			2,811,038
Commissions related to trading and foreign exchange transactions		328,972			1,031,141			399,522			1,110,747
Total		15,840,920			48,115,963			15,862,928			45,236,572
Commissions expenses
Commissions related to securities transactions		(38,951	)		(44,248	)
Commissions related to trading and foreign exchange transactions		(91,433	)		(168,462	)		(84,915	)		(145,334	)
Other
Commissions paid ATM exchange		(1,007,376	)		(3,156,101	)		(1,016,087	)		(2,831,677	)
Checkbooks commissions and compensating cameras		(302,317	)		(855,439	)		(285,255	)		(786,968	)
Commissions credit cards and foreign trade		(158,566	)		(476,214	)		(154,464	)		(463,710	)
Total		(1,598,643	)		(4,700,464	)		(1,540,721	)		(4,227,689	)

- 78 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT R

VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK AS OF SEPTEMBER 30, 2022

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

			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			Monetary effect generated by provisions			09/30/2022
Other financial assets		43,923		38,028									(27,865	)		54,086
Loans and other financing		15,995,145		1,342,260			(2,474,532	)		819,315			(6,215,309	)		9,466,879
Other financial institutions		6,063		(252	)								(2,100	)		3,711
To the non-financial private sector and foreign residents
Overdrafts		1,176,375		195,558			1,188			(475,411	)		(407,550	)		490,160
Documents		1,596,950		311,558			(395,234	)		429			(593,889	)		919,814
Mortgage loans		3,318,446		(15,336	)		(2,013,630	)		710,337			(1,052,844	)		946,973
Pledge loans		205,190		5,811			(4,415	)		(22,076	)		(78,079	)		106,431
Personal loans		4,119,560		392,237			193,018			348,025			(1,833,456	)		3,219,384
Credit cards		2,682,507		407,320			277,100			241,310			(1,252,459	)		2,355,778
Financial leases		24,278		7,512			(123	)		(3,929	)		(10,368	)		17,370
Other		2,865,776		37,852			(532,436	)		20,630			(984,564	)		1,407,258
Eventual commitments		566,482		443,979			63,724						(312,905	)		761,280
Other debt securities		901		407									(426	)		882
Total of allowances		16,606,451		1,824,674			(2,410,808	)		819,315			(6,556,505	)		10,283,127

VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK AS OF DECEMBER 31, 2021

(Translation of the Financial statements originally issued in Spanish – See Note 46)

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2022, except as otherwise indicated)

			Movements between stages for 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			Monetary effect generated by provisions			12/31/2021
Other financial assets		47,445		14,573									(18,095	)		43,923
Loans and other financing		25,124,069		(4,044,979	)		842,375			2,372,163			(8,298,483	)		15,995,145
Other financial institutions		41,643		(25,851	)								(9,729	)		6,063
To the non-financial private sector and foreign residents
Overdrafts		1,718,958		202,473			113,720			(433,917	)		(424,859	)		1,176,375
Documents		1,340,158		434,458			299,004			12,128			(488,798	)		1,596,950
Mortgage loans		1,887,450		82,389			1,788,437			301,541			(741,371	)		3,318,446
Pledge loans		336,771		(4,685	)		(66,116	)		57,084			(117,864	)		205,190
Personal loans		7,133,525		(1,372,835	)		(552,870	)		1,799,626			(2,887,886	)		4,119,560
Credit cards		8,495,000		(2,940,747	)		(1,294,960	)		749,848			(2,326,634	)		2,682,507
Financial leases		25,187		16,910			(7	)		(10,718	)		(7,094	)		24,278
Other		4,145,377		(437,091	)		555,167			(103,429	)		(1,294,248	)		2,865,776
Eventual commitments		43,133		525,903			75,645						(78,199	)		566,482
Other debts securities		3,366		(1,797	)								(668	)		901
Total of allowances		25,218,013		(3,506,300	)		918,020			2,372,163			(8,395,445	)		16,606,451

- 79 - Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

Items	Notes	Exhibits	09/30/2022		12/31/2021
ASSETS
Cash and Deposits in Banks	9			193,015,892		278,718,961
Cash				33,588,154		44,214,770
Central Bank of Argentina				99,990,766		177,102,629
Other Local and Foreign Entities				59,426,955		57,390,889
Other				10,017		10,673
Debt Securities at fair value through profit or loss	9	A		168,197,321		46,993,646
Derivative Financial Instruments	9			137,969		2,152
Repo transactions	9			62,479,868		52,156,714
Other Financial Assets	5, 7 and 9	R		22,450,283		43,316,415
Loans and other financing	6, 7 and 9	B, C, D and R		508,933,150		586,409,038
Non-financial Public Sector				1,779,501		3,945,923
Other Financial Entities				938,786		2,508,135
Non-financial Private Sector and Foreign Residents				506,214,863		579,954,980
Other Debt Securities	7 and 9	A and R		623,897,008		467,386,978
Financial Assets delivered as guarantee	9 and 30			26,940,524		29,388,504
Current Income Tax Assets	20					902,508
Equity Instruments at fair value through profit or loss	8 and 9	A		573,418		3,528,170
Investment in subsidiaries, associates and joint arrangements	11			14,021,230		12,369,778
Property, plant and equipment		F		86,476,249		87,728,404
Intangible Assets		G		14,913,235		13,915,720
Other Non-financial Assets	12			12,547,629		3,073,358
Non-current Assets held for sale				5,262,823		5,383,308
TOTAL ASSETS				1,739,846,599		1,631,273,654

- 80 - Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

Items	Notes	Exhibits	09/30/2022		12/31/2021
LIABILITIES
Deposits	9 and 14	H and I		1,116,281,574		971,632,634
Non-financial Public Sector				134,772,827		93,669,657
Financial Sector				1,273,497		1,596,286
Non-financial Private Sector and Foreign Residents				980,235,250		876,366,691
Derivative Financial Instruments	9	I		1,896		4,206
Repo Transactions	9	I		350,517
Other Financial Liabilities	9 and 15	I		71,263,700		98,022,864
Financing received from the Central Bank of Argentina and other financial institutions	9	I		2,432,155		726,492
Issued Corporate Bonds	9 and 35	I		2,495,901		4,966,943
Current Income Tax Liabilities	20			5,429,101
Subordinated Corporate Bonds	9 and 35	I		61,115,494		69,777,753
Provisions	16	J and R		3,119,831		2,712,667
Deferred Income Tax Liabilities				13,134,308		9,452,983
Other Non-financial Liabilities	17			39,386,854		77,777,999
TOTAL LIABILITIES				1,315,011,331		1,235,074,541
SHAREHOLDERS’ EQUITY
Capital Stock	28	K		639,413		639,413
Non-capital contributions				12,429,781		12,429,781
Adjustments to Shareholders’ Equity				145,813,896		145,813,896
Earnings Reserved				241,142,821		202,320,962
Unappropriated Retained Earnings				116,465		(14,814,298	)
Accumulated Other Comprehensive Income				2,156,181		4,766,085
Net Income of the period / fiscal year				22,536,711		45,043,274
TOTAL SHAREHOLDERS’ EQUITY				424,835,268		396,199,113
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES				1,739,846,599		1,631,273,654

The notes 1 to 43 to the condensed separate interim Financial Statements and exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim Financial Statements.

- 81 - Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED SEPARATE STATEMENT OF INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 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 September 30, 2022, except as otherwise indicated)

Items	Notes	Exhibits	Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022			Quarter ended 09/30/2021			Accumulated from beginning of year up to 09/30/2021
Interest income		Q		136,899,076			352,234,237			91,220,305			279,603,277
Interest expense		Q		(73,501,892	)		(163,398,757	)		(36,868,587	)		(121,613,597	)
Net Interest income				63,397,184			188,835,480			54,351,718			157,989,680
Commissions income	21	Q		15,740,412			47,661,459			15,636,310			44,675,057
Commissions expense		Q		(1,361,466	)		(3,942,679	)		(1,394,920	)		(3,869,691	)
Net Commissions income				14,378,946			43,718,780			14,241,390			40,805,366
Subtotal (Net Interest income + Net Commissions income)				77,776,130			232,554,260			68,593,108			198,795,046
Profit from measurement of financial instruments at fair value through profit or loss		Q		22,652,438			37,817,339			5,964,462			26,147,681
Profit or loss from sold or derecognized assets at amortized cost							(5	)		2			254,689
Differences in quoted prices of gold and foreign currency	22			15,811,735			26,425,462			971,611			4,777,976
Other operating income	23			3,167,415			10,848,268			2,437,449			7,561,380
Allowance for loan losses				(1,429,387	)		(3,430,661	)		(389,657	)		(816,628	)
Net Operating Income				117,978,331			304,214,663			77,576,975			236,720,144
Employee benefits	24			(17,364,967	)		(49,230,199	)		(16,274,266	)		(48,637,787	)
Administrative expenses	25			(8,038,791	)		(23,877,020	)		(8,099,519	)		(23,222,252	)
Depreciation and amortization of fixed assets		F and G		(3,242,777	)		(9,508,067	)		(3,009,051	)		(8,708,468	)
Other Operating Expenses	26			(16,930,541	)		(46,105,448	)		(13,690,154	)		(40,127,371	)
Operating Income				72,401,255			175,493,929			36,503,985			116,024,266
Income from associates and joint arrangements	11			892,850			2,279,783			363,923			963,662
Loss on net monetary position				(57,518,714	)		(144,504,128	)		(23,156,762	)		(81,754,150	)
Income before tax on continuing operations				15,775,391			33,269,584			13,711,146			35,233,778
Income tax on continuing operations	20.b)			(6,910,865	)		(10,732,873	)		(250,669	)		(7,683,944	)
Net Income from continuing operations				8,864,526			22,536,711			13,460,477			27,549,834
Net Income of the period				8,864,526			22,536,711			13,460,477			27,549,834

- 82 - Delfín Jorge Ezequiel Carballo
Chairperson

SEPARATE EARNINGS PER SHARE

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 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 September 30, 2022, except as otherwise indicated)

Items	Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021		Accumulated from beginning of year up to 09/30/2021
Net Profit attributable to Parent’s shareholders		8,864,526		22,536,711		13,460,477		27,549,834
Plus: Potential diluted earnings per common share
Net Profit attributable to Parent’s shareholders adjusted as per diluted earnings		8,864,526		22,536,711		13,460,477		27,549,834
Weighted average of outstanding common shares of 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 of the period adjusted as per dilution effect		639,413		639,413		639,413		639,413
Basic earnings per share (in pesos)		13.8635		35.2459		21.0513		43.0861

- 83 - Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 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 September 30, 2022, except as otherwise indicated)

Items	Notes	Exhibits	Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022			Quarter ended 09/30/2021			Accumulated from beginning of year up to 09/30/2021
Net Income of the period				8,864,526			22,536,711			13,460,477			27,549,834
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences in financial statements conversion				(177,530	)		(736,048	)		(337,335	)		(952,522	)
Foreign currency translation differences of the period				(177,530	)		(736,048	)		(337,335	)		(952,522	)
Profit or loss for financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a))				2,320,357			(1,572,705	)		455,966			3,019,894
Profit or loss for the period from financial instruments at fair value through other comprehensive income (FVOCI)		Q		8,508,458			1,674,978			(456,407	)		285,803
Adjustment for reclassification of period				(4,938,677	)		(4,094,524	)		1,133,908			4,037,847
Income tax	20.b)			(1,249,424	)		846,841			(221,535	)		(1,303,756	)
Interest in Other Comprehensive Loss of associates and joint ventures accounted for using the participation method				(63,142	)		(301,151	)		(14,052	)		(232,352	)
Loss for the period from interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method				(63,142	)		(301,151	)		(14,052	)		(232,352	)
Total Other Comprehensive Income /(Loss) that is subsequently reclassified to profit or loss				2,079,685			(2,609,904	)		104,579			1,835,020
Total Other Comprehensive Income / (Loss)				2,079,685			(2,609,904	)		104,579			1,835,020
Total Comprehensive Income of the period				10,944,211			19,926,807			13,565,056			29,384,854

The notes 1 to 43 to the condensed separate interim financial statements and exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim Financial Statements.

- 84 - Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2022

(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 September 30, 2022, except as otherwise indicated)

		Capital stock	Non-capital Contributions		Other Comprehensive Income				Earnings Reserved
Changes	Notes	Outstanding shares	Additional paid-in capital	Adjustments to Shareholders’ Equity	Accumulated foreign currency translation difference in financial statements conversion		Other		Legal	Other	Unappropriated Retained Earnings		Total Equity
Restated amount at the beginning of the fiscal year		639,413	12,429,781	145,813,896	996,692		3,769,393		80,442,968	121,877,994	30,228,976		396,199,113
Total comprehensive income of the period
- Net income of the period											22,536,711		22,536,711
- Other comprehensive loss of the period					(736,048	)	(1,873,856	)					(2,609,904	)
Distribution of unappropriated retained earnings as approved by Shareholders´ Meeting held on April 29, 2022
Legal reserve									6,045,796		(6,045,796	)
Reserve for dividends pending authorization from the BCRA (1)										32,776,063	(23,562,298	)	9,213,765
Personal property tax on business corporation											(504,417	)	(504,417	)
Amount at the end of the period		639,413	12,429,781	145,813,896	260,644		1,895,537		86,488,764	154,654,057	22,653,176		424,835,268

(1) See note 31 to the condensed consolidated interim financial statements.

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 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 September 30, 2022, except as otherwise indicated)

		Capital stock	Non-capital Contributions		Other Comprehensive Income			Earnings Reserved
Changes	Notes	Outstanding shares	Additional paid-in capital	Adjustments to Shareholders’ Equity	Accumulated foreign currency translation difference in financial statements conversion		Other	Legal	Other		Unappropriated Retained Earnings		Total Equity
Restated amount at the beginning of the fiscal year		639,413	12,429,781	145,813,896	2,269,370		547,530	80,442,968	194,838,512		(65,785,988	)	371,195,482
Total comprehensive income of the period
- Net income of the period											27,549,834		27,549,834
- Other comprehensive loss of the period					(952,522	)	2,787,542						1,835,020
Distribution of unappropriated retained earnings as approved by Shareholders´ Meeting held on April 30, 2021
- Dividends									(21,323,677	)			(21,323,677	)
- Absorption of loss accumulated
Facultative reserve									(1,108	)	1,108
Facultative reserve for future distribution of earnings									(50,970,582	)	50,970,582
Personal property tax on business corporation									(665,151	)			(665,151	)
Amount at the end of the period		639,413	12,429,781	145,813,896	1,316,848		3,335,072	80,442,968	121,877,994		12,735,536		378,591,508

The notes 1 to 43 to the condensed separate interim Financial Statements and exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim Financial Statements.

- 85 - Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 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 September 30, 2022, except as otherwise indicated)

Items	Notes	09/30/2022		09/30/2021
Cash flows from operating activities
Income of the period before Income Tax		33,269,584		35,233,778
Adjustment for the total monetary effect of the period		144,504,128		81,754,150
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation		9,508,067		8,708,468
Allowance for loan losses		3,430,661		816,628
Difference in quoted prices of foreign currency		(48,275,353	)	(22,067,950	)
Other adjustments		83,201,322		56,015,467
Net increase / (decrease) from operating assets:
Debt Securities at fair value through profit or loss		(121,211,746	)	97,325,838
Derivative financial instruments		(135,817	)	16,417
Repo transactions		(10,323,154	)	59,687,446
Loans and other financing
Non-financial public sector		2,166,422		4,160,607
Other financial entities		1,569,349		1,452,641
Non-financial private sector and foreign residents		70,241,199		70,979,081
Other debt securities		35,944,469		(57,624,243	)
Financial assets delivered as guarantee		2,447,980		1,448,452
Equity instruments at fair value through profit or loss		2,954,752		351,760
Other assets		18,723,027		8,626,993
Net increase / (decrease) from operating liabilities:
Deposits
Non-financial public sector		41,103,170		(85,701,641	)
Financial sector		(322,789	)	(226,981	)
Non-financial private sector and foreign residents		103,868,559		(152,657,804	)
Derivative Financial Instruments		(2,310	)	3,889
Repo transactions		350,517		1,762,709
Other liabilities		(24,955,914	)	(10,006,378	)
Income Tax Payments		(387,226	)	(14,987,854	)
Total cash from operating activities (A)		347,668,897		85,071,473

- 86 - Delfín Jorge Ezequiel Carballo
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 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 September 30, 2022, except as otherwise indicated)

Items	Notes		09/30/2022			09/30/2021
Cash flows from investing activities
Payments:
Acquisition of PPE, intangible assets and other assets				(17,024,807	)		(9,562,187	)
Other payments related to investing activities				(38,117	)
Total cash used in investing activities (B)				(17,062,924	)		(9,562,187	)
Cash flows from financing activities
Payments:
Dividends				(12,876,598	)
Non-subordinated corporate bonds				(4,035,435	)		(6,356,012	)
Financing to local financial entities							(991,996	)
Subordinated corporate bonds				(1,977,283	)		(2,609,780	)
Other payments related to financing activities				(651,128	)		(1,056,196	)
Collections / Incomes:
Non-subordinated corporate bonds				2,514,689			1,095,341
Financing to local financial entities				2,046,980
Total cash used in financing activities (C)				(14,978,775	)		(9,918,643	)
Effect of exchange rate fluctuations (D)				71,920,010			35,539,812
Monetary effect on cash and cash equivalents (E)				(276,371,760	)		(175,901,549	)
Net increase / (decrease) in cash and cash equivalents (A+B+C+D+E)				111,175,448			(74,771,094	)
Restated Cash and cash equivalents at the beginning of the fiscal year		27		499,556,222			609,571,657
Cash and cash equivalents at the end of the period		27		610,731,670			534,800,563

The notes 1 to 43 to the condensed separate interim Financial Statements and exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim Financial Statements.

- 87 - Delfín Jorge Ezequiel Carballo
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(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 September 30, 2022, except as otherwise indicated)

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 SAU, Macro Fiducia SAU, Macro Fondos SGFCISA, Argenpay SAU and Fintech SGR.

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 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 has 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.

During 2020 and 2021 the Bank made irrevocable capital contributions in the company Play Digital SA for a total amount of 253,557 (not restated). On July 18 and January 17, 2022, the Bank made irrevocable capital contributions in Play Digital SA for 245,539 and 130,758 (not restated). On October 7, 2022, the Bank sold 22,112,340 shares for an amount of 61,889. As a consequence, the Bank’s new interest in this company is 8.9927%. See note 1 to the condensed consolidated interim financial statements.

In addition, on October 1, 2021 the Bank decided to exercise a call option to increase up to 24.99% the Bank’s interest in the capital stock of Fintech SGR. As it was explained in note 3 under “Basis for consolidation” to the consolidated financial statements as of December 31, 2021, already issued, Fintech SGR is a structured entity in which the Bank has control. See note 1 to the condensed consolidated interim financial statements.

Additionally, on October 1, 2021, the Bank paid 50,850 (not restated) in order to purchase shares representing 50% of the capital stock and votes of Finova SA. See also note 1 to the condensed consolidated interim financial statements.

On November 23, 2022, 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 Municipal governments.

- 88 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(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 September 30, 2022, except as otherwise indicated)

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 the Central Bank of Argentina (BCRA, for its acronym in Spanish), in its Communiqué “A” 6114 as supplemented. 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).

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

a) According to Communiqué “A” 6114, as supplemented, and in the convergence process through IFRS, the BCRA established that since fiscal years beginning on or after January 1, 2020, 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 abovementioned standard.

b) As of December 31, 2021 the Bank measured its holding in Prisma Medios de Pago SA (Prisma), according to the Memorandums received from the BCRA on March 12 and 22, 2021, which established specific guidelines related to the measurement of such holding. Taking into account such guidelines, the Bank adjusted its fair value previously determined (see note 8). In March 2022, the shares related to the abovementioned holding were transferred, recording the profit for this transaction in the quarter ended March 31, 2022. If, for the fair value measurement purpose before mentioned, IFRS had been applied, the profit or loss for the previous fiscal years and for the period ended September 30, 2022, should have been modified. However, this situation does not generate differences in the shareholders’ equity as of September 30, 2022.

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” 7411. Generally, the BCRA does not allow the anticipated application of any IFRS, unless otherwise expressly stated.

Note 3 to the consolidated financial statements as of December 31, 2021, already issued, 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, except for the goodwill generated by the business combination, as mentioned in note 10, which according to BCRA Communiqué “A” 6618, in the condensed separate interim financial statements, is included in the net investment of the subsidiary.

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.

- 89 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(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 September 30, 2022, except as otherwise indicated)

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 profit and loss of the entity after the date of acquisition or creation.

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

Transcription into books

As of the date of issuance of these condensed separate interim financial statements, they are in process of being transcribed into the inventory book (“Libro Inventario”) of Banco Macro SA.

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 the statement of financial position and, therefore, they are an integral part of the total risk of the Bank.

As of September 30, 2022 and December 31, 2021, the Bank maintains the following maximum exposures to credit risk related to this type of transactions:

Composition	09/30/2022		12/31/2021
Undrawn commitments of credit cards and checking accounts	504,858,909		368,544,780
Guarantees granted (1)	4,092,473		3,090,360
Overdraft and unused agreed commitments (1)	1,674,351		1,449,062
Subtotal	510,625,733		373,084,202
Less: Allowance for Expected credit losses (ECL)	(737,493	)	(552,929	)
Total	509,888,240		372,531,273

(1) Includes transactions not covered by BCRA debtor classification standard. The Guarantees granted include an amount of 42,677 and 43,332 as of September 30, 2022 and December 31, 2021, respectively. The Overdraft and unused agreed commitments include an amount of 371,998 and 159,778 as of September 30, 2022 and December 31, 2021, 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 43 to the consolidated financial statements as of December 31, 2021, already issued.

- 90 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(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 September 30, 2022, except as otherwise indicated)

5. OTHER FINANCIAL ASSETS

The composition of the other financial assets as of September 30, 2022 and December 31, 2021 is as follows:

Composition	09/30/2022		12/31/2021
Sundry debtors (see note 8)	21,501,598		16,440,237
Receivables from spot sales of government securities pending settlement	533,854		150,874
Private securities	44,340		51,518
Receivables from spot sales of foreign currency pending settlement	41,168		25,687,876
Other	383,409		1,029,833
Subtotal	22,504,369		43,360,338
Less: Allowances for ECL	(54,086	)	(43,923	)
Total	22,450,283		43,316,415

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

6. LOANS AND OTHER FINANCING

The composition of loans and other financing as of September 30, 2022 and December 31, 2021 is as follows:

Composition	09/30/2022			12/31/2021
Non-financial Public sector (1)		1,779,501			3,945,923
Other Financial Entities		938,786			2,508,135
Other Financial Entities		942,497			2,514,198
Less: allowance for ECL		(3,711	)		(6,063	)
Non-financial Private Sector and Foreign Residents		506,214,863			579,954,980
Overdrafts		42,541,245			40,467,219
Documents		67,889,361			70,258,836
Mortgage loans		52,877,908			69,239,282
Pledge loans		8,317,105			12,556,216
Personal loans		130,639,719			162,565,428
Credit cards		154,107,826			157,708,508
Financial leases		1,071,926			793,814
Other		58,229,812			82,353,204
Less: allowance for ECL		(9,460,039	)		(15,987,527	)
Total		508,933,150			586,409,038

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

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

Note 8 to the condensed consolidated interim financial statements, details the allowances recognized by the Bank under this concept.

- 91 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(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 September 30, 2022, except as otherwise indicated)

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

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

The composition of equity instruments at fair value through profit or loss, as of September 30, 2022 and December 31, 2021, is detailed in Exhibit A. For the Bank’s investment in Prisma Medios de Pago SA see also note 10 to the condensed consolidated interim financial statements.

9. FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES

Note 11 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 respect 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 September 30, 2022 and December 31, 2021:

 

	Financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2022
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		168,197,321	166,866,094		1,331,227
Derivatives financial instruments		137,969	19,153	118,816
Other financial assets		44,340			44,340
Equity instruments at fair value through profit or loss		573,418	14,051		559,367

- 92 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(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 September 30, 2022, except as otherwise indicated)

	Financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2022
Description (contd.)	Total		Level 1	Level 2	Level 3
Financial assets (contd.)
At fair value through OCI
Other debt Securities		95,522,920	95,522,920
Financial assets delivered as guarantee		388,501	388,501
Total		264,864,469	262,810,719	118,816	1,934,934
Financial liabilities
At fair value through profit or loss
Derivatives financial instruments		1,896	1,630	266
Total		1,896	1,630	266

	Financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 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		46,993,646	45,139,015		1,854,631
Derivatives financial instruments		2,152	657	1,495
Other financial assets		51,518			51,518
Equity instruments at fair value through profit or loss		3,528,170	20,689		3,507,481
At fair value through OCI
Other debt Securities		427,454,167	234,113,039	193,341,128
Total		478,029,653	279,273,400	193,342,623	5,413,630
Financial liabilities
At fair value through profit or loss
Derivatives financial instruments		4,206		4,206
Total		4,206		4,206

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

- 93 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(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 September 30, 2022, except as otherwise indicated)

	As of September 30, 2022
Reconciliation		Debt instruments		Other financial assets		Equity instruments at fair value through profit or loss
Amount at the beginning		1,854,631		51,518		3,507,481
Transfers to Level 3
Transfers from Level 3
Profit and loss		444,406		(208	)	2,217
Recognition and derecognition		(245,158	)	18,127		(2,245,247	)
Monetary effects		(722,652	)	(25,097	)	(705,084	)
Amount at the end of the period		1,331,227		44,340		559,367

	As of December 31, 2021
Reconciliation		Debt instruments		Other financial assets		Equity instruments at fair value through profit or loss
Amount at the beginning		948,662		65,624		4,144,049
Transfers to Level 3
Transfers from Level 3
Profit and loss		585,519		3,037		1,032,602
Recognition and derecognition		834,403		8,527		(37,033	)
Monetary effects		(513,953	)	(25,670	)	(1,632,137	)
Amount at the end of the fiscal year		1,854,631		51,518		3,507,481

Note 11 to the condensed consolidated interim financial statements, details 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 fiscal year.

As of September 30, 2022 and December 31, 2021, the Bank has not recognized any transfers between levels 1, 2 and 3 of the fair value hierarchy.

- 94 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(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 September 30, 2022, except as otherwise indicated)

Financial assets and liabilities not measured 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 September 30, 2022 and December 31, 2021:

	09/30/2022
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		193,015,892		193,015,892						193,015,892
Repo transactions		62,479,868		62,479,868						62,479,868
Other financial assets		22,405,943		22,405,943						22,405,943
Loans and other financing		508,933,150						440,530,557		440,530,557
Other debt securities		528,374,088		148,370,955		382,385,094		69,304		530,825,353
Financial assets delivered as guarantee		26,552,023		26,552,023						26,552,023
Total		1,341,760,964		452,824,681		382,385,094		440,599,861		1,275,809,636

Financial liabilities
Deposits	1,116,281,574	517,941,834		596,083,294	1,114,025,128
Repo transactions	350,517	350,517			350,517
Other financial liabilities	71,263,700	68,154,879	3,405,526		71,560,405
Financing received from the BCRA and other financial institutions	2,432,155	1,721,142	682,181		2,403,323
Issued corporate bonds	2,495,901		2,049,012		2,049,012
Subordinated corporate bonds	61,115,494		51,212,162		51,212,162
Total	1,253,939,341	588,168,372	57,348,881	596,083,294	1,241,600,547

	12/31/2021
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		278,718,961		278,718,961						278,718,961
Repo transactions		52,156,714		52,156,714						52,156,714
Other financial assets		43,264,897		41,965,307						41,965,307
Loans and other financing		586,409,038						543,700,641		543,700,641
Other debt securities		39,932,811		37,982,411		1,079,249		259,312		39,320,972
Financial assets delivered as guarantee		29,388,504		29,388,504						29,388,504
Total		1,029,870,925		440,211,897		1,079,249		543,959,953		985,251,099

Financial liabilities
Deposits	971,632,634	548,380,795		422,700,487	971,081,282
Other financial liabilities	98,022,864	95,640,084	2,382,841		98,022,925
Financing received from the BCRA and other financial institutions	726,492	657,546	63,731		721,277
Issued corporate bonds	4,966,943		4,372,103		4,372,103
Subordinated corporate bonds	69,777,753		57,284,708		57,284,708
Total	1,145,126,686	644,678,425	64,103,383	422,700,487	1,131,482,295

- 95 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(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 September 30, 2022, except as otherwise indicated)

10. BUSINESS COMBINATIONS

On October 1, 2021, the Bank exercised the call option to reach 24.99% of the equity interest in Fintech SGR, being this a structured entity in which the Bank has control. Details generated by this transaction are described in note 12 to the condensed consolidated interim financial statements.

11. INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT ARRANGEMENTS

The Bank’s interests in associates and joint ventures are disclosed in note 13 to the condensed consolidated interim financial statements.

12. OTHER NON-FINANCIAL ASSETS

The composition of other non-financial assets as of September 30, 2022 and December 31, 2021 is as follows:

Composition	09/30/2022		12/31/2021
Investment property (see Exhibit F)		9,305,923		759,513
Advanced prepayments		2,411,399		1,362,131
Tax advances		668,123		711,790
Other		162,184		239,924
Total		12,547,629		3,073,358

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 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.

- 96 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(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 September 30, 2022, except as otherwise indicated)

As of September 30, 2022 and December 31, 2021, amounts balances related to transactions generated with related parties are as follows:

	As of September 30, 2022
	Main subsidiaries
	Macro Bank Limited		Macro Securities SAU		Macro Fondos SGFCISA		Argenpay SAU		Fintech SGR		Associates		Key management personnel (1)		Other related parties		Total
Assets
Cash and deposits in banks		1,180															1,180
Other financial assets										1,649,483							1,649,483
Loans and other financing (2)
Documents																129,056	129,056
Overdraft														109,484		590,557	700,041
Credit cards														134,183		58,804	192,987
Lease																49,359	49,359
Personal loans														1,244			1,244
Mortgage loans														368,320			368,320
Other loans				1,796,556										107,152		1,666,621	3,570,329
Other receivables from financial intermediation																17,862	17,862
Guarantee granted																1,300,610	1,300,610
Total assets		1,180		1,796,556						1,649,483				720,383		3,812,869	7,980,471
Liabilities
Deposits				3,008,296		58,739		69,691		103		81,253		682,776		1,010,009	4,910,867
Other financial liabilities														416		65,198	65,614
Issued corporate bonds				42,203		148,660											190,863
Subordinated corporate bonds										122,231							122,231
Other non-financial liabilities																20,404	20,404
Total liabilities				3,050,499		207,399		69,691		122,334		81,253		683,192		1,095,611	5,309,979

(1)	Includes close family members of the key management personnel.
(2)	The maximum financing amount for loans and other financing as of September 30, 2022 for Macro Securities SAU, Fintech SGR, Key management personnel and other related parties amounted to 3,860,769, 2,161,650, 1,024,984 and 13,894,451, respectively.

	As of December 31, 2021
	Main subsidiaries
	Macro Bank Limited		Macro Securities SAU		Macro Fondos SGFCISA		Argenpay SAU		Fintech SGR		Associates		Key management personnel (1)		Other related parties		Total
Assets
Cash and deposits in banks		1,367															1,367
Other financial assets										1,259,377							1,259,377
Loans and other financing (2)
Documents																47,399	47,399
Overdraft														133,528		420,026	553,554
Credit cards														119,294		74,517	193,811
Lease																47,706	47,706
Personal loans														2,367			2,367
Mortgage loans														426,143			426,143
Other loans				2,299,987										126,784		2,627,331	5,054,102
Other receivables from financial intermediation																11,459	11,459
Guarantee granted																1,696,029	1,696,029
Total assets		1,367		2,299,987						1,259,377				808,116		4,924,467	9,293,314
Liabilities
Deposits		7		2,641,200		271,896		113,921		51		87,752		777,089		1,811,382	5,703,298
Other financial liabilities														326		8,830	9,156
Subordinated corporate bonds										69,777							69,777
Other non-financial liabilities																25,545	25,545
Total liabilities		7		2,641,200		271,896		113,921		69,828		87,752		777,415		1,845,757	5,807,776

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

(2) The maximum financing amount for loans and other financing as of December 31, 2021 for Macro Securities SAU, Fintech SGR, Key management personnel and other related parties amounted to 2,319,329, 1,259,377, 1,143,433 and 10,155,848, respectively.

- 97 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022

(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 September 30, 2022,

except as otherwise indicated)

Profit or loss related to transactions generated during the nine-month periods ended September 30, 2022 and 2021 with related parties are as follows:

	As of September 30, 2022
	Main subsidiaries
	Macro Bank Limited		Macro Securities SAU			Macro Fondos SGFCISA		Argenpay SAU		Fintech SGR			Associates			Key management personnel (1)			Other related parties			Total
Income / (loss)
Interest income				3,685													185,634			1,241,942		1,431,261
Interest expense														(12,185	)		(69,373	)		(10,541	)	(92,099	)
Commissions income				12,868			103				576			234			48			35,594		49,423
Commissions expense											(5,388	)					(17	)		(351	)	(5,756	)
Other operating income		4		2,111					26		788,709									37		790,887
Administrative expense																				(321,453	)	(321,453	)
Other operating expense				(12,371	)															(49,224	)	(61,595	)
Total Income / (loss)		4		6,293			103		26		783,897			(11,951	)		116,292			896,004		1,790,668

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

- 98 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(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 September 30, 2022, except as otherwise indicated)

	As of September 30, 2021
	Main subsidiaries
	Macro Bank Limited		Macro Securities SAU			Macro Fondos SGFCISA		Argenpay SAU	Associates			Key management personnel (1)			Other related parties			Total
Income / (loss)
Interest income				4,607									192,377			1,649,571		1,846,555
Interest expense				(6,995	)					(23,814	)		(47,623	)		(104,360	)	(182,792	)
Commissions income				25,154			152			254			22			25,626		51,208
Commissions expense													(38	)		(291	)	(329	)
Other operating income		4		11,857												40		11,901
Administrative expense																(313,347	)	(313,347	)
Other operating expense																(96,168	)	(96,168	)
Total Income / (loss)		4		34,623			152			(23,560	)		144,738			1,161,071		1,317,028

(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 September 30, 2022 and 2021, totaled 582,233 and 656,750, respectively.

In addition, fees received by the Directors as of September 30, 2022 and 2021 amounted to 1,099,623 and 1,628,415, respectively.

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

Composition	09/30/2022		12/31/2021
Board of Directors		13		13
Senior managers of the key management personnel		11		11
Total		24		24

14. DEPOSITS

The composition of deposits as of September 30, 2022 and December 31, 2021 is as follows:

Composition	09/30/2022		12/31/2021
Non-financial Public Sector		134,772,827		93,669,657
Financial sector		1,273,497		1,596,286
Non-financial Private Sector and Foreign Residents		980,235,250		876,366,691
Checking accounts		139,166,903		159,647,805
Saving accounts		315,438,756		309,688,279
Time deposits		462,493,479		380,926,476
Investment accounts		49,855,531		11,285,397
Other		13,280,581		14,818,734
Total		1,116,281,574		971,632,634

- 99 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(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 September 30, 2022, except as otherwise indicated)

15. OTHER FINANCIAL LIABILITIES

The composition of other financial liabilities as of September 30, 2022 and December 31, 2021 is as follows:

Composition	09/30/2022		12/31/2021
Credit and debit card settlement - due to merchants		51,453,900		54,880,454
Payment orders pending to foreign exchange settlement		5,335,706		4,939,703
Amounts payable for spot purchases of government securities pending settlement		4,929,993		2,641,013
Collections and other transactions on account and behalf of others		3,439,893		4,038,029
Finance leases liabilities		1,757,470		2,340,108
Amounts payable for spot purchases of foreign currency pending settlement		59,291		25,760,991
Other		4,287,447		3,422,566
Total		71,263,700		98,022,864

16. 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 September 30, 2022 and December 31, 2021.

The expected terms to settle these obligations are as follows:

	09/30/2022
Composition	Within 12 months		Over 12 months		09/30/2022		12/31/2021
For administrative, disciplinary and criminal penalties				500		500		829
Letters of credits, guarantees and other commitments (1)		737,493				737,493		552,929
Commercial claims in progress (2)		117,372		353,351		470,723		527,345
Labor lawsuits		206,878		55,342		262,220		357,712
Pension funds - reimbursement		213,815		189,785		403,600		176,470
Other		13,026		1,232,269		1,245,295		1,097,382
Total		1,288,584		1,831,247		3,119,831		2,712,667

(1)	These amounts correspond to the ECL calculated for contingent transactions, which are mentioned in note 4.
(2)	See also note 37.2.

- 100 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(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 September 30, 2022, except as otherwise indicated)

17. OTHER NON-FINANCIAL LIABILITIES

The composition of other non-financial liabilities as of September 30, 2022 and December 31, 2021 is as follows:

Composition	09/30/2022		12/31/2021
Withholdings		12,226,117		11,602,069
Salaries, bonuses and payroll taxes payables		11,714,986		10,717,352
Taxes payables		5,751,912		5,339,619
Dividends payables (see note 38)		4,937,861		44,143,028
Miscellaneous payables		2,600,419		3,044,032
Retirement pension payment orders pending settlement		1,058,693		702,524
Fees payables		190,065		432,007
Other		906,801		1,797,368
Total		39,386,854		77,777,999

18. 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 September 30, 2022 and December 31, 2021:

09/30/2022	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		193,015,892
Debt securities at fair value through profit or loss				150,700,029		17,497,292
Derivatives financial instruments				137,840		129
Repo transactions				62,479,868
Other financial assets		7,437,983		5,310,864		9,701,436
Loans and other financing (1)		753,020		358,658,015		149,522,115
Other debt securities				576,457,560		47,439,448
Financial assets delivered as guarantee		26,552,023		388,501
Equity instruments at fair value through profit or loss		573,418
Total assets		228,332,336		1,154,132,677		224,160,420
Liabilities
Deposits		509,853,113		606,043,737		384,724
Derivative financial instruments				1,896
Repo transactions				350,517
Other financial liabilities				69,038,718		2,224,982
Financing received from the BCRA and other financial institutions				2,432,155
Issued corporate bonds				5,969		2,489,932
Subordinated corporate bonds				1,587,529		59,527,965
Total liabilities		509,853,113		679,460,521		64,627,603

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

- 101 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(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 September 30, 2022, except as otherwise indicated)

12/31/2021	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		278,718,961
Debt securities at fair value through profit or loss				30,537,349		16,456,297
Derivative financial instruments				2,152
Repo transactions				52,156,714
Other financial assets		3,326,745		31,903,453		8,086,217
Loans and other financing (1)		272,083		386,058,079		200,078,876
Other debt securities				390,186,073		77,200,905
Financial assets delivered as guarantee		29,388,504
Equity instruments at fair value through profit or loss		3,528,170
Total assets		315,234,463		890,843,820		301,822,295
Liabilities
Deposits		538,403,958		433,176,479		52,197
Derivative financial instruments				4,206
Other financial liabilities				96,574,277		1,448,587
Financing received from the BCRA and other financial institutions				718,019		8,473
Issued corporate bonds				4,966,943
Subordinated corporate bonds				1,521,541		68,256,212
Total liabilities		538,403,958		536,961,465		69,765,469

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

19. DISCLOSURES BY OPERATING SEGMENT

The Bank has an approach of its banking business that is described in note 21 to the condensed consolidated interim financial statements.

20. INCOME TAX

a) Inflation adjustment and tax rate on income tax

Note 22 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.

- 102 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(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 September 30, 2022, except as otherwise indicated)

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

	09/30/2022					09/30/2021
Description	Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022			Quarter ended 09/30/2021			Accumulated from beginning of year up to 09/30/2021
Current income tax expense		5,149,043		6,658,769			3,546,795			7,890,263
Loss / (Profit) for deferred income taxes		1,497,533		3,681,325			(3,816,916	)		(1,471,759	)
Monetary effects		264,289		392,779			520,790			1,265,440
Income tax loss recorded in the statement of income		6,910,865		10,732,873			250,669			7,683,944
Income tax loss / (profit)  recorded in other comprehensive income		1,249,424		(846,841	)		221,535			1,303,756
Total		8,160,289		9,886,032			472,204			8,987,700

Tax inflation adjustment – Fiscal years 2019 and 2020.

As decided by the Board of Directors in the meeting held on May 11, 2020, considering certain case law on the matter assessed by its legal counsel 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 22 to the condensed consolidated interim financial statements). 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 accrued income tax for Banco Macro SA for such fiscal year that amounted to 9,933,210 (not restated).

In addition, on July 23, 2021, the Bank filed a reimbursement action with the AFIP requesting that 254,305 (not restated) paid as income tax for the 2020 tax period be reimbursed.

As to the tax periods mentioned in previous paragraphs, on November 1, 2021, the AFIP notified the beginning of an income tax audit.

Along with the filings mentioned in the first paragraph of this section, on December 28, 2021, the Bank filed petitions for declaratory judgment with the Federal Administrative Contentious Court for the periods under analysis. The file 22274/2021, for the fiscal year 2019, is in process in Court No. 12 and the file 22278/2021, for the fiscal year 2020, is in process in Court No. 1.

Moreover, on October 17, 2022, the Bank filed a reimbursement action with the AFIP requesting that 382,189 paid as income tax for the 2021 tax period be reimbursed.

Reimbursement actions – Fiscal years 2013 to 2017 and 2018

On October 24, 2019, Banco Macro SA filed with the AFIP-DGI (Argentine tax authorities) two reimbursement actions under the terms established by the first paragraph of section 81, Law No. 11683 requesting the reimbursement of 4,782,766 and 5,015,451 (not restated amounts) paid to tax authorities as income tax during tax periods 2013 through 2017 and 2018, respectively, arising from the impossibility to apply the adjustment for inflation and other adjustment mechanisms set forth by Income Tax Law (prior to the amendments introduced by Laws No. 27430 and 27468 for periods 2013 through 2017, and as revised in 2019 and amended for the 2018 tax period), plus the related compensatory interest (SIGEA [case and file management system] files No. 19144-14224/2019 and 19144-14222/2019). Since tax authorities have not yet issued a resolution with respect to the abovementioned claims, on August 7, 2020, the Bank filed both reimbursement requests under the terms of section 81, Law No. 11683 with the Federal Contentious and Administrative Trial Courts, which are pending in Courts No. 8 and 2 of such jurisdiction, respectively (cases No. 11285/2020 and 11296/2020). Both cases are currently at the trial stage.

- 103 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(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 September 30, 2022, except as otherwise indicated)

In connection with the tax periods mentioned in the previous paragraph, on December 19, 2019, the AFIP notified the beginning of the income tax audit for the 2018 tax period, and on May 3, 2021, it notified the beginning of the income tax audit for periods 2013 through 2017. On October 4, 2021, the AFIP ended the audit for periods 2013 through 2017 as the Bank had exercised in due time its right to resort to justice, and that the admission of reimbursement is subject to a court decision.

21. COMMISSIONS INCOME

	09/30/2022				09/30/2021
Description	Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021		Accumulated from beginning of year up to 09/30/2021
Performance obligations satisfied at a point in time
Commissions related to obligations		9,015,836		27,088,467		8,828,302		25,013,810
Commissions related to credit cards		5,240,852		15,813,359		5,153,085		14,739,843
Commissions related to insurance		841,554		2,736,685		916,854		2,811,038
Commissions related to trading and foreign exchange transactions		304,471		986,740		384,768		1,060,750
Commissions related to securities value		119,024		389,269		119,765		342,567
Commissions related to loans and other financing		89,014		239,907		62,755		176,784
Commissions related to financial guarantees granted		1,900		3,011		1,794		4,310
Performance obligations satisfied over certain time period
Commissions related to credit cards		99,641		352,701		150,191		470,359
Commissions related to trading and foreign exchange transactions		24,501		44,401		14,754		49,997
Commissions related to loans and other financing		3,269		5,935		3,373		3,988
Commissions related to obligations		350		984		669		1,454
Commissions related to financial guarantees granted								157
Total		15,740,412		47,661,459		15,636,310		44,675,057

22. DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

	09/30/2022				09/30/2021
Description	Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021		Accumulated from beginning of year up to 09/30/2021
Translation of foreign currency assets and liabilities into pesos		15,480,215		25,555,049		729,003		4,133,857
Income from foreign currency exchange		331,520		870,413		242,608		644,119
Total		15,811,735		26,425,462		971,611		4,777,976

- 104 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(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 September 30, 2022, except as otherwise indicated)

23. OTHER OPERATING INCOME

	09/30/2022					09/30/2021
Description	Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021		Accumulated from beginning of year up to 09/30/2021
Adjustments and interest from other receivables		979,170			2,123,512		379,611		1,486,844
Services		850,675			2,574,284		1,285,357		3,077,421
Adjustments from other receivables with CER clauses		423,460			1,003,029		127,303		448,223
Other receivables for financial intermediation		169,179			693,608		235,039		1,279,065
Sale of investment in properties and other non-financial assets		(1,420	)		20,722
Other		746,351			4,433,113		410,139		1,269,827
Total		3,167,415			10,848,268		2,437,449		7,561,380

24. EMPLOYEE BENEFITS

	09/30/2022				09/30/2021
Description	Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021		Accumulated from beginning of year up to 09/30/2021
Remunerations		11,842,218		34,008,084		11,419,266		34,902,560
Payroll taxes		3,006,600		8,154,827		2,632,420		7,953,672
Compensations and bonuses to employees		1,924,566		5,300,149		1,760,398		4,603,414
Employee services		591,583		1,767,139		462,182		1,178,141
Total		17,364,967		49,230,199		16,274,266		48,637,787

25. ADMINISTRATIVE EXPENSES

	09/30/2022				09/30/2021
Description	Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021		Accumulated from beginning of year up to 09/30/2021
Taxes		1,405,179		3,987,316		1,204,310		3,567,021
Maintenance, conservation and repair expenses		1,294,236		3,834,258		1,401,023		3,982,330
Armored truck, documentation and events		1,132,204		3,391,588		1,259,590		3,443,265
Security services		795,945		2,402,940		857,719		2,526,320
Electricity and communications		746,109		2,251,985		825,413		2,569,428
Other fees		734,530		2,150,865		643,064		1,932,801
Software		506,607		1,643,029		680,261		2,000,255
Advertising and publicity		421,032		1,462,072		401,628		866,728
Fees to directors and syndics		332,741		927,724		196,047		575,423

- 105 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(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 September 30, 2022, except as otherwise indicated)

	09/30/2022				09/30/2021
Description (contd.)	Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021		Accumulated from beginning of year up to 09/30/2021
Representation, travel and transportation expenses		149,037		358,429		87,668		226,377
Insurance		90,775		265,523		132,120		339,242
Hired administrative services		63,552		167,980		55,136		138,451
Stationery and office supplies		53,803		164,538		53,997		147,926
Leases		33,553		113,936		38,083		145,494
Other		279,488		754,837		263,460		761,191
Total		8,038,791		23,877,020		8,099,519		23,222,252

26. OTHER OPERATING EXPENSES

	09/30/2022					09/30/2021
Description	Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021			Accumulated from beginning of year up to 09/30/2021
Turnover tax		9,328,663			25,190,693		7,285,789			22,170,181
For credit cards		3,805,791			10,887,470		3,394,268			8,763,768
Charges for other provisions		1,007,797			2,257,715		612,030			1,856,756
Deposit guarantee fund contributions		407,430			1,193,819		411,322			1,326,832
Donations		139,300			334,361		12,446			15,991
Interest on lease liabilities		79,524			255,263		93,214			279,498
Insurance claims		97,204			245,215		35,131			87,122
Taxes		59,521			239,054		148,918			526,663
Loss from sale or impairment of investments in properties and other non-financial assets							(23,668	)		11,245
Loss from sale or impairment of property, plant and equipment		(1,891	)		6,852
Other		2,007,202			5,495,006		1,720,704			5,089,315
Total		16,930,541			46,105,448		13,690,154			40,127,371

27. 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.

- 106 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(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 September 30, 2022, except as otherwise indicated)

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:

Reconciliation	09/30/2022		12/31/2021		09/30/2021		12/31/2020
Cash and deposits in banks		193,015,892		278,718,961		296,035,815		287,014,999
Debt Securities at fair value through profit or loss				8,071		124,720
Other debt securities		417,715,778		220,829,190		238,640,028		322,556,658
Total		610,731,670		499,556,222		534,800,563		609,571,657

28. CAPITAL STOCK

The Bank’s subscribed and paid-in capital from December 31, 2019 to September 30, 2022, amounted to 639,413. See also Exhibit K.

29. DEPOSIT GUARANTEE INSURANCE

Note 32 to the condensed consolidated interim financial statements describes the Deposit Guarantee Insurance System and the scope thereof.

Banco Macro SA holds a 7.7330% interest in the capital stock according to the percentages disclosed by BCRA Communiqué “B” 12305 issued on March 17, 2022.

30. RESTRICTED ASSETS

As of September 30, 2022 and December 31, 2021 the following Bank’s assets are restricted:

Composition		09/30/2022		12/31/2021
Debt securities at fair value through profit or loss and other debt securities
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033 for the minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/2013, as amended, of the CNV.		83,459		80,863
·	Federal Government Treasury Bonds in pesos adjusted by CER 1.40%, maturity 03/27/2023, securing the sectoral Credit Program of the Province of San Juan, production investment financing fund.		70,735		74,152
·	Federal Government Treasury Bonds in pesos adjusted by CER 1.40%, maturity 03/27/2023, securing the regional economies Competitiveness Program – IDB loan No. 3174/OC-AR.		28,595		29,976
·	Federal Government Treasury Bonds in pesos adjusted by CER 1.40%, maturity 03/27/2023, 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).		12,642		13,253
	Subtotal debt securities at fair value through profit or loss and other debt securities		195,431		198,244

- 107 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(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 September 30, 2022, except as otherwise indicated)

Composition		09/30/2022		12/31/2021
Other financial assets
·	Interests derived from contributions made as protector partner (1).		1,411,831		1,266,311
·	Sundry debtors – attachment within the scope of the claim filed by the DGR against the CABA for turnover tax differences.		827		1,373
	Subtotal Other financial assets		1,412,658		1,267,684
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.		22,856,130		25,783,223
·	Guarantee deposits related to credit and debit card transactions.		3,238,440		2,188,631
·	For securities forward contracts.		388,501
·	Other guarantee deposits.		457,453		1,416,650
	Subtotal Financial assets delivered as guarantee		26,940,524		29,388,504
Other non-financial assets
·	Real property related to a call option sold.		2,094,025		359,416
	Subtotal other non-financial assets		2,094,025		359,416
Total			30,642,638		31,213,848

(1) As of September 30, 2022 and December 31, 2021 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.

31. TRUST ACTIVITIES

Note 34 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:

31.1 Financial trusts for investment purposes

As of September 30, 2022 and December 31, 2021, the debt securities with investment purposes and certificate of participation in financial trusts amounted to 1,151,575 and 881,683, 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.

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

As of September 30, 2022 and December 31, 2021, considering the latest available accounting information as of the date of issuance of these condensed separate interim financial statements, the assets managed through Macro Fiducia SAU of this type of trusts amounted to 11,680 and 15,950, respectively.

31.3 Trusts guaranteeing loans granted by the Bank

As of September 30, 2022 and December 31, 2021, considering the latest available accounting information as of the date of issuance of these condensed separate interim financial statements, the assets managed by the Bank amounted to 2,491,731 and 3,361,203, respectively.

- 108 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(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 September 30, 2022, except as otherwise indicated)

31.4 Trusts in which the Bank acts as Trustee (Management)

As of September 30, 2022 and December 31, 2021, considering the latest available accounting information as of the date of issuance of these condensed separate interim financial statements, the assets managed by the Bank amounted to 3,801,559 and 4,933,506, respectively.

32. 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) – Comprehensive Depositary Company, clearing and settlement agent and trading agent (ALyC and AN – comprehensive for their acronyms in Spanish) and Guarantee Entity as described in note 35.1.1 to the condensed consolidated interim financial statements. Note 35.3 to the mentioned financial statements describes the number of shares subscribed by third parties and the assets held by the Bank in its capacity as depositary company.

Additionally, the Bank’s shareholders’ equity as of September 30, 2022 stated in Units of Purchasing Power (UVA, for its acronym in Spanish) amounted to 2,745,832,911 and exceeds the minimum amount required by such regulation for the different categories of agents in which the Bank is registered, amounting to 470,350 UVAs as of that date, and the minimum required statutory guarantee account of 235,175 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.

In addition, note 35.2 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.

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 September 2022 are described in note 36 to the condensed consolidated interim financial statements.

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

Note 37 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 previously mentioned, should be recorded or disclosed.

35. CORPORATE BONDS ISSUANCE

The corporate bonds liabilities recorded by the Bank are as follows:

Corporate Bonds	Original value		Residual face value as of 09/30/2022		09/30/2022		12/31/2021
Subordinated Resettable – Class A	USD	400,000,000	USD	400,000,000		61,115,494		69,777,753
Non-subordinated – Class E	USD	17,000,000	USD	17,000,000		2,495,901
Non-subordinated – Class B	$	4,620,570,000						4,966,943
Total						63,611,395		74,744,696

- 109 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(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 September 30, 2022, except as otherwise indicated)

Note 38 to the condensed consolidated interim financial statements describes liabilities for corporate bonds recognized by the Bank.

36. OFF BALANCE SHEET TRANSACTIONS

In addition to note 4, the Bank recognizes different off balance sheet transactions, pursuant to the BCRA standards. The composition of the amounts of the main off balance sheet transactions as of September 30, 2022 and December 31, 2021 is as follows:

Composition	09/30/2022		12/31/2021
Custody of government and private securities and other assets held by third parties		540,528,335		504,197,265
Preferred and other collaterals received from customers (1)		157,416,452		199,643,834
Outstanding checks not yet paid		21,284,661		13,467,261
Checks already deposited and pending clearance		20,831,725		18,514,022

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

37. TAX AND OTHER CLAIMS

37.1. Tax claims

Note 40.1 to the condensed consolidated interim financial statements describes the most relevant claims pending resolution and filed by the AFIP and the tax authorities of the relevant jurisdictions.

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

37.2. Other claims

Note 40.2 to the condensed consolidated interim financial statements describes the most relevant claims pending resolution and filed by the different consumers’ 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.

38. RESTRICTION ON DIVIDENDS DISTRIBUTION

Note 41 to the condensed consolidated interim financial statements describes the main legal provisions regulating the restriction on profit distribution.

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

Note 42 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.

- 110 -

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF SEPTEMBER 30, 2022 

(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 September 30, 2022, except as otherwise indicated)

40. 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 43 to the condensed consolidated interim financial statements.

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

In early March 2020, the World Health Organization declared Coronavirus (Covid-19) a pandemic. This emergency situation over public health was worldwide expanded and several countries took 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 44 to the condensed consolidated interim financial statements.

42. EVENTS AFTER REPORTING PERIOD

No other significant events occurred between the end of the 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.

43. 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 mentioned in note 3. These accounting standards may not conform to accounting principles generally accepted in other countries.

- 111 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

		Holdings						Position
		09/30/2022				12/31/2021		09/30/2022
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 bonds in dual currency to discount - Maturity: 07-21-2023	9146		1		51,283,169				51,283,169			51,283,169
Federal government treasury bonds linked to dollar - Maturity: 04-28-2023	5928		1		44,047,368				44,047,368			44,047,368
Federal government bonds in dual currency at discount - Maturity: 09-29-2023	9147		1		19,527,775				19,527,775			19,527,775
Federal government bonds in dual at discount - Maturity: 06-30-2023	9145		1		14,499,960				14,499,960			14,499,960
Federal government bonds in dual at discount - Maturity: 02-28-2024	9156		1		10,232,679				10,232,679			10,232,679
Federal government treasury bonds in pesos adjusted by CER - Maturity: 03-25-2023	5492		1		6,569,691		6,394,217		8,314,791			8,314,791
Federal government treasury bonds in pesos adjusted by CER - Maturity: 03-25-2024	5493		1		6,117,231		6,161,110		6,117,231			6,117,231
Federal government treasury bonds in pesos adjusted by CER - Maturity: 03-06-2023	5324		1		4,252,432		2,843,218		4,252,432			4,252,432
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 02-17-2023	9111		1		3,900,735				3,900,735			3,900,735
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 01-20-2023	9105		1		2,995,057				3,250,985			3,250,985
Other					3,439,997		29,740,470		3,572,570			3,572,570
Subtotal local government securities					166,866,094		45,139,015		168,999,695			168,999,695
Private securities
Corporate Bonds Tarjeta Naranja S.A. C53 Series 01- Maturity: 04-05-2023	56056		3		442,223				442,223			442,223
Debt Securities in Financial Trusts Secubono			3		295,950		319,373		295,950			295,950
Debt Securities in Financial Trusts Confibono			3		294,414				294,414			294,414
Debt Securities in Financial Trusts Accicom Loans Personal			3		174,041				174,041			174,041
Debt Securities in Financial Trusts Surcos			3		120,868		214,843		120,868			120,868
Securities of companies of public services			3		3,731		4,907		3,731			3,731
Corporate Bonds Tarjeta Naranja S.A. C048- Maturity: 04-26-2022	55317						896,020
Corporate Bonds Ledesma S.A. C010 - Maturity: 05-27-2022	55500						419,488
Subtotal local private securities					1,331,227		1,854,631		1,331,227			1,331,227
TOTAL DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS					168,197,321		46,993,646		170,330,922			170,330,922

- 112 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT A

(continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

		Holdings						Position
		09/30/2022				12/31/2021		09/30/2022
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
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 02-17-2023	9111		1		48,034,811				48,034,811			48,034,811
Federal government treasury bonds in pesos adjusted by CER - Maturity: 03-25-2023	5492		1		26,791,487		17,295,005		26,791,487			26,791,487
Federal government treasury bonds in pesos adjusted by CER - Maturity: 08-13-2023	5497		1		10,979,606		5,141,636		10,979,606			10,979,606
Federal government treasury bonds in pesos adjusted by CER - Maturity: 03-25-2024	5493		1		4,434,393		5,575,945		4,434,393			4,434,393
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 01-20-2023	9105		1		3,746,182				3,746,182			3,746,182
Bonds of treasury of federal government in pesos adjusted by CER - Maturity: 03-06-2023	5324		1		1,134,785				1,134,785			1,134,785
Bonds of treasury of federal government in pesos adjusted by CER - Maturity: 07-26-2023	5405		1		352,448				352,448			352,448
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 10-21-2022	5969		1		38,874				38,874			38,874
Letters of National Estate in pesos adjusted by CER to discount - Maturity: 04-21-2023	9118		1		7,657				7,657			7,657
Bonds of federal government in dollars Step up - Maturity: 07-09-2030	5921		1		2,674		5,245		2,674			2,674
Other					3		178,607,146		3			3
Subtotal local government securities					95,522,920		206,624,977		95,522,920			95,522,920
Central Bank of Argentina Bills
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-04-2022							35,740,313
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-27-2022							31,354,089
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-18-2022							30,952,438
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-11-2022							29,437,074
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-13-2022							29,065,810
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-25-2022							27,488,062
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-06-2022							26,387,053
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 01-20-2022							10,404,351
Subtotal Central Bank of Argentina Bills							220,829,190
Total Other debt securities measured at fair value through  other comprehensive income					95,522,920		427,454,167		95,522,920			95,522,920

- 113 - Delfín Jorge Ezequiel Carballo
Chairperson

  EXHIBIT A

  (continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

		Holdings							Position
		09/30/2022					12/31/2021		09/30/2022
Name	Identification	Fair Value		Fair value level	Book amounts		Book amounts		Position without options		Options	Final position
OTHER DEBT SECURITIES (continued)
Measured at amortized cost
- Local
Government securities
Federal government bonds in pesos - Maturity: 05-23-2027	9132		41,756,988	1		41,723,657				41,723,657			41,723,657
Discount bonds denominated in pesos at 5.83% - Maturity: 12-31-2033	45696		590,134	1		455,697		441,521		455,697			455,697
Treasury bills of Province of Neuquen in pesos Series 1 Class 1 - Maturity: 10-11-2022	42532		283,731	2		275,534				275,534			275,534
Treasury bills of Province of Río Negro Series 2 in pesos - Maturity: 06-15-2023	42555		217,510	2		194,447				194,447			194,447
Debt securities of Province of Río Negro in pesos - Maturity: 04-12-2023	42534		188,171	2		193,778				193,778			193,778
Bonds of treasury of federal government in pesos at 22% - Maturity: 05-21-2022	5496							37,774,131
Treasury bills of Province of Neuquen in pesos Series 1 Class 1 - Maturity: 04-07-2022	42382							517,749
Debt securities of Province of Río Negro in pesos - Maturity: 04-12-2022	42385							363,053
Treasury bill of Province of Río Negro Series 02 Class 01 - Maturity: 06-15-2022	42479							321,523
Treasury bill of Province of Río Negro Series 04 Class 01 - Maturity: 02-28-2022	42426							76,153
Subtotal local government securities						42,843,113		39,494,130		42,843,113			42,843,113
Central Bank of Argentina Bills
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 10-20-2022			55,048,796	2		54,491,770				54,491,770			54,491,770
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 10-27-2022			52,953,368	1		53,165,377				53,165,377			53,165,377
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 10-04-2022			52,379,887	2		52,357,803				52,357,803			52,357,803
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 10-06-2022			52,241,137	2		52,163,907				52,163,907			52,163,907
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 10-11-2022			51,884,003	2		51,682,301				51,682,301			51,682,301
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 10-13-2022			51,737,220	2		51,490,906				51,490,906			51,490,906
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 10-25-2022			52,116,868	2		51,471,871				51,471,871			51,471,871
Liquidity letters of Central Bank of Argentina in pesos - Maturity: 10-18-2022			50,820,465	1		50,891,843				50,891,843			50,891,843
Internal letters of BCRA exchange rate of reference to rate cero - Maturity – Maturity: 09-12-2023			4,677,470	2		4,677,470				4,677,470			4,677,470
Internal letters of BCRA exchange rate of reference to rate 0 - Maturity - Maturity: 09-13-2023			4,581,569	2		4,581,569				4,581,569			4,581,569
Other						22,497,441				22,497,441			22,497,441
Subtotal Central Bank of Argentina Bills						449,472,258				449,472,258			449,472,258
Central Bank of Argentina Notes
Liquidity notes of Central Bank of Argentina in pesos - Maturity: 11-21-2022			25,367,000	2		25,103,237				25,103,237			25,103,237
Liquidity notes of Central Bank of Argentina in pesos - Maturity: 01-04-2023			10,261,408	2		10,225,322				10,225,322			10,225,322
Subtotal Central Bank of Argentina Notes						35,328,559				35,328,559			35,328,559
Private securities
Corporate Bonds Vista Energy Argentina SAU Class 013 -Maturity: 08-08-2024	56207		897,481	2		434,001				434,001			434,001
Debt Securities in Financial Trusts  Confibono Series 065 Class A - Maturity: 07-20-2023	56428		168,491	2		162,712				162,712			162,712
Corporate Bonds YPF SA Class 043 -Maturity: 10-21-2023	50939		85,846	2		73,146		92,514		73,146			73,146
Debt Securities in Financial Trusts  Secubono Series 219 Class A - Maturity: 04-28-2023	56366		64,815	3		56,915				56,915			56,915
Debt Securities in Financial Trusts  Accicom Loans Personal Series 11 Class A - Maturity: 12-20-2022	55645		4,489	3		2,241		32,149		2,241			2,241
Corporate Bonds Banco de la Ciudad de Buenos Aires Class 16 -Maturity: 12-05-2022	92655		1,065	2		1,143		5,980		1,143			1,143
Debt Securities in Financial Trusts Red Surcos Series 020 Class A - Maturity: 07-15-2022	55767							71,574
Debt Securities in Financial Trusts  Secubono Series 209 Class A - Maturity: 05-30-2022	55616							51,280
Corporate Bonds Santander Río Bank S.A. Class 021 -Maturity: 01-26-2022	53219							44,261
Debt Securities in Financial Trusts  Secubono Series 208 Class A - Maturity: 04-28-2022	55519							43,373
Other								97,550
Subtotal local private securities						730,158		438,681		730,158			730,158
Total Other debt securities measured at cost amortized						528,374,088		39,932,811		528,374,088			528,374,088
TOTAL OTHER DEBT SECURITIES						623,897,008		467,386,978		623,897,008			623,897,008

- 114 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT A

(continued)

 DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

		Holdings						Position
		09/30/2022				12/31/2021		09/30/2022
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
Mercado Abierto Electrónico SA			3		373,357		341,871		373,357			373,357
C.O.E.L.S.A			3		87,563		62,435		87,563			87,563
Matba Rofex SA			3		39,437		52,144		39,437			39,437
Sedesa			3		21,291		25,435		21,291			21,291
Provincanje SA			3		14,506		14,709		14,506			14,506
AC Inversora SA			3		10,178		16,903		10,178			10,178
Mercado a Término Rosario SA			3		7,414		12,313		7,414			7,414
Argencontrol SA			3		478		676		478			478
San Juan Tennis Club SA			3		437		726		437			437
Garantizar SGR			3		10		17		10			10
Other							2,975,636
Subtotal local					554,671		3,502,865		554,671			554,671
- Foreign
Banco Latinoamericano de Comercio Exterior SA			1		14,051		20,688		14,051			14,051
Sociedad de Telecomunicaciones Financieras Interbancarias Mundiales			3		4,696		4,617		4,696			4,696
Subtotal foreign					18,747		25,305		18,747			18,747
Total measured at fair value through profit or loss					573,418		3,528,170		573,418			573,418
TOTAL EQUITY INSTRUMENTS					573,418		3,528,170		573,418			573,418
TOTAL GOVERNMENT AND PRIVATE SECURITIES					792,667,747		517,908,794		794,801,348			794,801,348

- 115 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT B

CLASSIFICATION OF LOANS AND OTHER FINANCING

 BY SITUATION AND COLLATERAL RECEIVED

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

COMMERCIAL	09/30/2022		12/31/2021
In normal situation		102,625,251		140,305,644
With senior “A” collateral and counter-collateral		15,974,625		19,039,261
With senior “B” collateral and counter-collateral		15,738,944		26,851,103
Without senior collateral or counter-collateral		70,911,682		94,415,280
Subject to special monitoring		212,770		3,539,375
In observation
With senior “A” collateral and counter-collateral				2,448
With senior “B” collateral and counter-collateral		166,985		2,928,331
Without senior collateral or counter-collateral		45,785		608,596
Troubled		1,190,075		1,244,331
With senior “B” collateral and counter-collateral		805,130		182,864
Without senior collateral or counter-collateral		384,945		1,061,467
With high risk of insolvency		289,945		191,746
With senior “A” collateral and counter-collateral				167,723
With senior “B” collateral and counter-collateral		138,650		11,451
Without senior collateral or counter-collateral		151,295		12,572
Subtotal Commercial		104,318,041		145,281,096

- 116 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT B

(continued)

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

CONSUMER AND MORTGAGE	09/30/2022		12/31/2021
Performing		413,259,864		453,821,830
With senior “A” collateral and counter-collateral		31,341,606		31,724,461
With senior “B” collateral and counter-collateral		25,903,458		38,574,267
Without senior collateral or counter-collateral		356,014,800		383,523,102
Low risk		3,094,384		3,211,815
With senior “A” collateral and counter-collateral		81,198		104,346
With senior “B” collateral and counter-collateral		164,424		191,368
Without senior collateral or counter-collateral		2,848,762		2,916,101
Low risk - in special treatment		12,751		103,492
With senior “B” collateral and counter-collateral		941		33,960
Without senior collateral or counter-collateral		11,810		69,532
Medium risk		1,935,076		2,409,192
With senior “A” collateral and counter-collateral		64,450		15,315
With senior “B” collateral and counter-collateral		34,334		99,450
Without senior collateral or counter-collateral		1,836,292		2,294,427
High risk		2,305,831		2,759,263
With senior “A” collateral and counter-collateral		284,919		35,178
With senior “B” collateral and counter-collateral		90,498		187,221
Without senior collateral or counter-collateral		1,930,414		2,536,864
Irrecoverable		983,041		1,303,415
With senior “A” collateral and counter-collateral		26,535		31,860
With senior “B” collateral and counter-collateral		145,721		317,234
Without senior collateral or counter-collateral		810,785		954,321
Subtotal consumer and mortgage		421,590,947		463,609,007
Total		525,908,988		608,890,103

- 117 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT B

(continued)

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

This exhibit discloses the contractual figures as established by the BCRA. The reconciliation with the separated statement of financial position is listed below:

	09/30/2022			12/31/2021
Loans and other financing		508,933,150			586,409,038
Added:
Allowances for loans and other financing		9,463,750			15,993,590
Adjustment  amortized cost and fair value		1,581,969			1,875,796
Debt securities of financial trust - Measured at amortized cost		221,962			295,950
Corporate bonds		509,078			143,632
Subtract:
Interest and other accrued items receivable from financial assets with impaired credit value		(153,070	)		(164,215	)
Guarantees provided and contingent liabilities		5,352,149			4,336,312
Total computable items		525,908,988			608,890,103

- 118 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT C

CONCENTRATION OF LOANS AND FINANCING FACILITIES

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

	09/30/2022				12/31/2021
Number of customers	Cut off balance		% of total portfolio		Cut off balance		% of total portfolio
10 largest customers		21,183,293		4.03		30,944,794		5.08
50 next largest customers		38,191,191		7.26		49,849,398		8.19
100 next largest customers		28,697,614		5.46		35,125,244		5.77
Other customers		437,836,890		83.25		492,970,667		80.96
Total (1)		525,908,988		100.00		608,890,103		100.00

(1) See reconciliation in Exhibit B.

- 119 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT D

 BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS SEPTEMBER 30, 2022

(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 September 30, 2022, except as otherwise indicated)

			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				343,490		1,077,693		517,430								1,938,613
Financial sector				40,712		64,847		101,016		648,489		382,601		136,167		1,373,832
Non-financial private sector and foreign residents		2,356,520		220,253,327		59,966,971		69,032,655		97,031,748		100,391,731		136,636,633		685,669,585
Total		2,356,520		220,637,529		61,109,511		69,651,101		97,680,237		100,774,332		136,772,800		688,982,030

BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

			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				385,065		1,036,199		808,697		2,043,754		793,411				5,067,126
Financial sector				424,688		1,106,267		62,145		215,670		1,210,599		222,641		3,242,010
Non-financial private sector and foreign residents		2,508,796		226,060,438		69,220,635		80,000,526		105,861,908		125,016,340		190,736,164		799,404,807
Total		2,508,796		226,870,191		71,363,101		80,871,368		108,121,332		127,020,350		190,958,805		807,713,943

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

- 120 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT F

CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF SEPTEMBER 30, 2022

(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 September 30, 2022, except as otherwise indicated)

							Depreciation of the period
Item	Original value at beginning of fiscal year	Total life estimated in years	Increases	Decreases	Transfers		Accumulated	Transfers			Decrease	Of the period	At the end	Residual value at the end of the period
Cost
Real property	79,597,069	50	165,512		456,888		8,000,948		(50,218	)	0	1,299,446	9,250,176	70,969,293
Furniture and facilities	10,849,122	10	182,849	421	728,411		5,316,012		5		17	716,342	6,032,342	5,727,619
Machinery and equipment	15,592,212	5	1,028,586	259	693,409		10,761,221		(1,309	)	55	1,693,660	12,453,517	4,860,431
Vehicles	2,171,101	5	290,779	120,981	(7,850		1,786,957		(596	)	82,042	159,133	1,863,452	469,597
Work in progress	2,634,266		1,615,276		(2,236,910	)								2,012,632
Right of use real property	6,236,190	5	597,447	57,388			3,486,418				33,220	886,374	4,339,572	2,436,677
Total property, plant and equipment	117,079,960		3,880,449	179,049	(366,052	)	29,351,556		(52,118	)	115,334	4,754,955	33,939,059	86,476,249

CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

							Depreciation for the fiscal year
Item	Original value at beginning of fiscal year	Total life estimated in years	Increases	Decreases	Transfers		Accumulated	Transfers			Decrease	For the fiscal year	At the end	Residual value at the end of the fiscal year
Cost
Real property	76,392,490	50	495,739	145,150	2,853,990		6,256,102		163,186		18,349	1,600,009	8,000,948	71,596,121
Furniture and facilities	9,835,118	10	310,160	2,407	706,251		4,394,046		222		808	922,552	5,316,012	5,533,110
Machinery and equipment	13,736,220	5	1,059,035	44,552	841,509		8,636,940		(1,168	)	1,108	2,126,557	10,761,221	4,830,991
Vehicles	2,087,158	5	202,088	123,487	5,342		1,714,276		297		108,058	180,442	1,786,957	384,144
Work in progress	2,101,948		3,659,821		(3,127,503	)								2,634,266
Right of use real property	5,174,212	5	1,048,706	13,396	26,668		2,238,676		1,215		7,132	1,253,659	3,486,418	2,749,772
Total property, plant and equipment	109,327,146		6,775,549	328,992	1,306,257		23,240,040		163,752		135,455	6,083,219	29,351,556	87,728,404

(1) During the fiscal year 2021, under this item transfers were made to Non-current assets held for sale.

- 121 - Delfín Jorge Ezequiel Carballo
Chairperson

	EXHIBIT F
	(Continued)
CHANGE IN INVESTMENT PROPERTY
AS OF SEPTEMBER 30, 2022
(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 September 30, 2022, except as otherwise indicated)

											Depreciation of the period
Item	Original Value at beginning of fiscal year		Useful life estimated in years		Increases		Decreases		Transfers		Accumulated		Transfers		Decrease	Of the period		At the end		Residual value at the end of the period
Cost
Leased properties		383,644		50		986				337,157		13,859		50,374			3,572		67,805		653,982
Other investment properties		422,590		50		8,263,377		17,003		20,166		32,862					4,327		37,189		8,651,941
Total investment property		806,234				8,264,363		17,003		357,323		46,721		50,374			7,899		104,994		9,305,923

CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

												Depreciation for the fiscal year
Item	Original Value at beginning of fiscal year		Useful life estimated in years		Increases		Decreases		Transfers			Accumulated		Transfers			Decrease		For the fiscal year		At the end		Residual value at the end of the fiscal year
Cost
Leased properties		552,032		50						(168,388	)		90,632		(82,382	)				5,609		13,859		369,785
Other investment properties		1,582,382		50		4,726		38,721		(1,125,797	)		105,599		(80,807	)		6,452		14,522		32,862		389,728
Total investment property		2,134,414				4,726		38,721		(1,294,185	)		196,231		(163,189	)		6,452		20,131		46,721		759,513

- 122 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT G

CHANGE IN INTANGIBLE ASSETS

AS OF SEPTEMBER 30, 2022

(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 September 30, 2022, except as otherwise indicated)

												Depreciation of the period
Item	Original Value at beginning of fiscal year		Useful life estimated in years		Increases		Decreases		Transfers			Accumulated		Transfers			Decrease		Of the period		At the end		Residual value at the end of the period
Cost
Licenses		8,321,075		5		1,038,223				76,726			5,090,161		2,878					1,168,548		6,261,587		3,174,437
Other intangible assets		26,941,686		5		4,723,494		26,996		(67,997	)		16,256,880		(1,134	)		1,022		3,576,665		19,831,389		11,738,798
Total intangible assets		35,262,761				5,761,717		26,996		8,729			21,347,041		1,744			1,022		4,745,213		26,092,976		14,913,235

 CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

												Depreciation for the fiscal year
Item	Original Value at beginning of fiscal year		Useful life estimated in years		Increases		Decreases		Transfers			Accumulated		Transfers			Decrease	For the fiscal year		At the end		Residual value at the end of the fiscal year
Cost
Licenses		6,892,242		5		1,445,563				(16,730	)		3,575,405		(563	)			1,515,319		5,090,161		3,230,914
Other intangible assets		21,604,503		5		5,337,305		122					12,131,169						4,125,711		16,256,880		10,684,806
Total intangible assets		28,496,745				6,782,868		122		(16,730	)		15,706,574		(563	)			5,641,030		21,347,041		13,915,720

- 123 - Delfín Jorge Ezequiel Carballo
Chairperson

	EXHIBIT H
DEPOSIT CONCENTRATION
AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

	09/30/2022				12/31/2021
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		188,428,869		16.88		76,136,594		7.84
50 next largest customers		121,988,886		10.93		59,915,575		6.17
100 next largest customers		54,640,973		4.89		37,588,623		3.87
Other customers		751,222,846		67.30		797,991,842		82.12
Total		1,116,281,574		100.00		971,632,634		100.00

- 124 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT I

BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF SEPTEMBER 30, 2022

(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 September 30, 2022, except as otherwise indicated)

	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		986,987,946		93,402,203		58,856,373		11,461,337		416,704		2,667		1,151,127,230
From the non-financial government sector		130,179,068		6,418,253		859,182		3,740						137,460,243
From the financial sector		1,273,497												1,273,497
From the non-financial private sector and foreign residents		855,535,381		86,983,950		57,997,191		11,457,597		416,704		2,667		1,012,393,490
Derivative instruments		266		1,500		130								1,896
Repo transactions		351,649												351,649
Other financial institutions		351,649												351,649
Other financial liabilities		68,146,043		304,718		293,889		538,861		886,850		1,861,712		72,032,073
Financing received from the Central Bank of Argentina and other financial institutions		1,592,562		373,777		427,834		38,033						2,432,206
Issued corporate bonds				9,153		9,153		18,007		2,531,615				2,567,928
Subordinated corporate bonds				1,957,227				1,957,227		3,914,454		68,712,135		76,541,043
Total		1,057,078,466		96,048,578		59,587,379		14,013,465		7,749,623		70,576,514		1,305,054,025

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

- 125 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT I

BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

	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		881,225,250		86,774,336		10,698,221		913,569		71,855		2,099		979,685,330
From the non-financial government sector		88,773,856		3,509,200		1,965,076		4,328						94,252,460
From the financial sector		1,596,286												1,596,286
From the non-financial private sector and foreign residents		790,855,108		83,265,136		8,733,145		909,241		71,855		2,099		883,836,584
Derivative instruments						4,206								4,206
Other financial liabilities		95,608,983		289,569		258,010		423,630		624,217		826,468		98,030,877
Financing received from the Central Bank of Argentina and other financial institutions		390,331		303,835		22,451		13,814		9,506				739,937
Issued corporate bonds						5,218,021								5,218,021
Subordinated corporate bonds						2,267,129		2,267,131		4,534,260		81,858,992		90,927,512
Total		977,224,564		87,367,740		18,468,038		3,618,144		5,239,838		82,687,559		1,174,605,883

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

- 126 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT J

CHANGES IN PROVISIONS

AS OF SEPTEMBER 30, 2022

(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 September 30, 2022, except as otherwise indicated)

					Decreases
Item	Amounts at beginning of fiscal year		Increases		Reversals	Charge off		Monetary effects generated by provisions			09/30/2022
Provisions for eventual commitments		552,929		493,961					(309,397	)		737,493
For Administrative, disciplinary and criminal penalties		829					0		(329	)		500
Other		2,158,909		1,763,754			448,155		(1,092,670	)		2,381,838
Total Provisions		2,712,667		2,257,715			448,155		(1,402,396	)		3,119,831

CHANGES IN PROVISIONS

AS OF DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

					Decreases
Item	Amounts at beginning of fiscal year		Increases		Reversals		Charge off		Monetary effects generated by provisions			12/31/2021
Provisions for eventual commitments		43,133		600,494				2,111		(88,587	)		552,929
For Administrative, disciplinary and criminal penalties		1,800		69,138		419		69,047		(643	)		829
Other		3,225,169		2,418,402				2,492,582		(992,080	)		2,158,909
Total Provisions		3,270,102		3,088,034		419		2,563,740		(1,081,310	)		2,712,667

- 127 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT K

COMPOSITION OF CAPITAL STOCK

AS OF SEPTEMBER 30, 2022

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

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, 2021

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

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

- 128 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT L

 FOREIGN CURRENCY AMOUNTS

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

	09/30/2022										12/31/2021
	Total parent		Total per currency
Items	company and local branches		US dollar		Euro		Real		Other		Total
Assets
Cash and deposits in banks		158,940,280		158,039,255		543,213		33,072		324,740		195,179,941
Debt securities at fair value through profit or loss		139,663,677		139,663,677								89,742
Other financial assets		10,825,257		10,824,877		380						9,275,735
Loans and other financing		25,270,262		25,100,911		169,351						24,581,566
From the non-financial private sector and foreign residents		25,270,262		25,100,911		169,351						24,581,566
Other debt securities		32,193,155		32,193,155								48,700,537
Financial assets delivered as guarantee		3,099,561		3,099,561								3,385,716
Equity instruments at fair value through profit or loss		18,747		18,747								25,305
Investments in subsidiaries, associates and joint ventures		3,967,987		3,967,987								4,931,876
Total assets		373,978,926		372,908,170		712,944		33,072		324,740		286,170,418
Liabilities
Deposits		121,297,738		121,297,738								153,151,190
Non-financial government sector		5,353,794		5,353,794								12,748,607
Financial sector		1,163,742		1,163,742								1,263,117
Non-financial private sector and foreign residents		114,780,202		114,780,202								139,139,466
Other financial liabilities		7,696,427		7,570,370		100,852				25,205		7,943,585
Financing from the Central Bank and other financial institutions		1,767,044		1,579,130		187,914						459,041
Issued corporate bonds		2,495,901		2,495,901
Subordinated corporate bonds		61,115,494		61,115,494								69,777,753
Other non-financial liabilities		16,780		16,780								13,004
Total liabilities		194,389,384		194,075,413		288,766				25,205		231,344,573

- 129 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF SEPTEMBER 30, 2022

(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 September 30, 2022, except as otherwise indicated)

Type of contract

Purpose of the transactions performed

Underlying asset

Type of settlement

Negotiation environment or counter-party

Originally agreed weighted average term (months)

Residual weighted average term (months)

Weighted daily average term settlement of differences (days)

Amount (1)

Futures (2)

Intermediation - own account

Foreign currency

Daily settlement of differences

ROFEX (over-the-counter electronic market)

6

6

1

4,218,717

Forward (2)

Intermediation - own account

Foreign currency

Maturity settlement of differences

Over The Counter  - Residents in Argentina - Non financial sector

4

4

30

1,387,771

Repo transactions

Intermediation - own account

Local government securities

With delivery of underlying asset

Other countries of local

1

1

67,281,798

Options

Intermediation - own account

Other

With delivery of underlying asset

Over The Counter  - Residents in Argentina - Non financial sector

30

24

2,044,880

(1) Related to the valuation of the underlying traded, disclosed in absolute values.

(2) Related to compensated operations forward (OCT).

- 130 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT Q

BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 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 September 30, 2022, except as otherwise indicated)

	Net financial Income/ (Loss)
	Mandatory measurement
Items	Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022			Quarter ended 09/30/2021			Accumulated from beginning of year up to 09/30/2021
For measurement of financial assets at fair value through profit or loss
Gain from government securities		22,206,197			34,137,163			5,440,971			24,626,094
Gain from private securities		172,778			450,971			165,808			393,471
Gain from derivative financial instruments
Forward transactions		105,175			113,785
Loss from other financial assets		(13,058	)		(27,037	)		(2,048	)		(13,911	)
(Loss) / Gain from equity instruments at fair value through profit or loss		(62,888	)		1,294,453			(267,885	)		538,359
Gain from sales or decreases of financial assets at fair value		244,234			1,848,004			758,475			745,234
For measurement of financial liabilities at fair value through profit or loss
Loss from derivative financial instruments
Forward transactions								(130,859	)		(141,566	)
Total		22,652,438			37,817,339			5,964,462			26,147,681

- 131 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT Q

(Continued)

BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 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 September 30, 2022, except as otherwise indicated)

	Net financial Income/(Loss)
Interest and adjustment for the application of the effective interest rate of financial assets measured at amortized cost	Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022			Quarter ended 09/30/2021			Accumulated from beginning of year up to 09/30/2021
Interest income
for cash and bank deposits		96,952			120,025			5,327			16,972
for government securities		66,601,336			94,860,767			2,326,916			10,199,794
for debt securities		32,985			95,955			79,979			438,923
for loans and other financing
Non-financial public sector		298,480			1,007,116			658,605			2,498,856
Financial sector		83,071			310,517			254,254			892,100
Non-financial private sector
Overdrafts		6,544,130			14,862,092			3,317,071			9,996,895
Documents		6,170,692			15,063,583			4,237,944			10,589,012
Mortgage loans		8,503,223			23,762,184			5,488,585			19,057,528
Pledge loans		603,814			2,014,377			468,175			1,004,733
Personal loans		18,578,699			57,654,847			19,421,627			59,738,771
Credit cards		8,540,210			23,431,599			5,816,323			17,502,013
Financial leases		74,995			196,875			28,305			78,359
Other		5,916,865			16,048,320			5,885,593			19,891,278
for repo transactions
Central Bank of Argentina		3,831,747			5,102,792			4,000,824			11,298,769
Other financial institutions		72,482			272,727			9,875			73,709
Total		125,949,681			254,803,776			51,999,403			163,277,712
Interest expenses
for Deposits
Non-financial private sector
Checking accounts		(3,358,901	)		(5,588,984	)		(179,498	)		(1,949,999	)
Saving accounts		(905,783	)		(2,287,310	)		(475,546	)		(1,548,239	)
Time deposits and investments accounts		(68,034,033	)		(151,206,175	)		(34,484,201	)		(112,008,860	)
for financing received from Central Bank of Argentina and other financial institutions		(119,093	)		(270,800	)		(42,256	)		(225,936	)
for repo transactions
Other financial institutions		(87,471	)		(787,748	)		(134,538	)		(389,473	)
for other financial liabilities		(37,354	)		(54,125	)		(8,868	)		(28,878	)
for issued corporate bonds		-			(221,119	)		(201,431	)		(1,247,869	)
for subordinated corporate bonds		(959,257	)		(2,982,496	)		(1,342,249	)		(4,214,343	)
Total		(73,501,892	)		(163,398,757	)		(36,868,587	)		(121,613,597	)

- 132 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT Q

(Continued)

BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 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 September 30, 2022, except as otherwise indicated)

	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 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2021		Accumulated from beginning of year up to 09/30/2021		Quarter ended 09/30/2021			Accumulated from beginning of year up to 09/30/2021
from debt government securities		10,949,395		97,430,461		8,508,458		1,674,978		39,220,902		116,325,565		(456,407	)		285,803
Total		10,949,395		97,430,461		8,508,458		1,674,978		39,220,902		116,325,565		(456,407	)		285,803

	Income for the period
Items	Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022			Quarter ended 09/30/2021			Accumulated from beginning of year up to 09/30/2021
Commissions income
Commissions related to obligations		9,016,186			27,089,451			8,828,971			25,015,264
Commissions related to credits		92,283			245,842			66,128			180,772
Commissions related to loans commitments and financial guarantees		1,900			3,011			1,794			4,467
Commissions related to securities value		119,024			389,269			119,765			342,567
Commissions for credit cards		5,340,493			16,166,060			5,303,276			15,210,202
Commissions for insurances		841,554			2,736,685			916,854			2,811,038
Commissions related to trading and foreign exchange transactions		328,972			1,031,141			399,522			1,110,747
Total		15,740,412			47,661,459			15,636,310			44,675,057
Commissions expenses
Commissions related to securities transactions		(1	)		(1	)
Commissions related to trading and foreign exchange transactions		(91,433	)		(168,462	)		(84,915	)		(145,334	)
Other
Commissions paid ATM exchange		(813,556	)		(2,457,628	)		(873,332	)		(2,484,139	)
Checkbooks commissions and compensating cameras		(302,317	)		(855,439	)		(285,255	)		(786,968	)
Commissions credit cards and foreign trade		(154,159	)		(461,149	)		(151,418	)		(453,250	)
Total		(1,361,466	)		(3,942,679	)		(1,394,920	)		(3,869,691	)

- 133 - Delfín Jorge Ezequiel Carballo
Chairperson

EXHIBIT R

VALUE ADJUSTMENT FOR CREDIT LOSSES - ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF SEPTEMBER 30, 2022

(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 September 30, 2022, except as otherwise indicated)

			Movements between stages of the 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			Monetary effect generated by provisions			09/30/2022
Other financial assets		43,923		38,029									(27,866	)		54,086
Loans and other financing		15,993,590		1,338,979			(2,474,532	)		819,315			(6,213,602	)		9,463,750
Other financial institutions		6,063		(252	)								(2,100	)		3,711
To the non-financial private sector and foreign residents
Overdrafts		1,175,864		196,021			1,188			(475,411	)		(407,502	)		490,160
Documents		1,596,951		311,558			(395,234	)		429			(593,890	)		919,814
Mortgage loans		3,318,448		(15,337	)		(2,013,630	)		710,337			(1,052,845	)		946,973
Pledge loans		205,192		5,809			(4,415	)		(22,076	)		(78,079	)		106,431
Personal loans		4,119,562		392,237			193,018			348,025			(1,833,458	)		3,219,384
Credit cards		2,682,506		407,321			277,100			241,310			(1,252,458	)		2,355,779
Financial leases		24,278		7,512			(123	)		(3,929	)		(10,368	)		17,370
Other		2,864,726		34,110			(532,436	)		20,630			(982,902	)		1,404,128
Eventual commitments		552,929		425,492			63,724						(304,652	)		737,493
Other debt securities		901		407									(426	)		882
Total allowances		16,591,343		1,802,907			(2,410,808	)		819,315			(6,546,546	)		10,256,211

VALUE ADJUSTMENT FOR CREDIT LOSSES - ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF DECEMBER 31, 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 September 30, 2022, except as otherwise indicated)

			Movements between stages for the fiscal year
						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			Monetary effect generated by provisions			12/31/2021
Other financial assets		47,445		14,573									(18,095	)		43,923
Loans and other financing		25,126,812		(4,050,988	)		842,374			2,372,163			(8,296,771	)		15,993,590
Other financial institutions		41,643		(25,851	)								(9,729	)		6,063
To the non-financial private sector and foreign residents
Overdrafts		1,718,957		201,892			113,720			(433,917	)		(424,788	)		1,175,864
Documents		1,340,158		434,458			299,005			12,128			(488,798	)		1,596,951
Mortgage loans		1,887,449		82,389			1,788,437			301,541			(741,368	)		3,318,448
Pledge loans		336,769		(4,685	)		(66,116	)		57,084			(117,860	)		205,192
Personal loans		7,133,528		(1,372,830	)		(552,870	)		1,799,626			(2,887,892	)		4,119,562
Credit cards		8,495,012		(2,940,747	)		(1,294,960	)		749,848			(2,326,647	)		2,682,506
Financial leases		25,187		16,910			(7	)		(10,718	)		(7,094	)		24,278
Other		4,148,109		(442,524	)		555,165			(103,429	)		(1,292,595	)		2,864,726
Eventual commitments		43,133		511,895			75,645						(77,744	)		552,929
Other debts securities		3,366		(1,797	)								(668	)		901
Total allowances		25,220,756		(3,526,317	)		918,019			2,372,163			(8,393,278	)		16,591,343

- 134 - Delfín Jorge Ezequiel Carballo
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: January 27, 2023

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