SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

November 28, 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 June 30, 2023 together with the reports on review of interim Financial Statements

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF JUNE 30, 2023

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

Note 31: Earnings per share – Dividends

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF JUNE 30, 2023

CONTENT (contd.)

Notes to the condensed consolidated interim Financial Statements (contd.)

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 Bank 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: Events after reporting period

Note 45: 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

Reports

Review report on condensed consolidated interim Financial Statements

Review report on condensed separate interim Financial Statements

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 (Argentine regulatory agency of business associations): Under No. 9777 – Corporations Book No. 119 Volume A of Sociedades Anónimas, dated October 8, 1996

Personal tax identification number: 30-50001008-4

Registration dates of amendments to by-laws:

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

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

Items	Notes	Exhibits	06/30/2023		12/31/2022
ASSETS
Cash and deposits in banks	11			331,679,268		376,837,561
Cash				79,231,755		41,607,054
Central Bank of Argentina				151,953,420		216,267,696
Other local and foreign entities				100,349,294		118,944,551
Other				144,799		18,260
Debt securities at fair value through profit or loss	5 and 11			586,706,145		318,019,140
Derivative financial instruments	11			264,165		64,641
Repo transactions	11			135,279,894		93,315,915
Other financial assets	6, 8 and 11	R		137,276,660		87,311,574
Loans and other financing	7, 8 and 11	B, C, D and R		893,173,585		901,979,975
Non-financial public sector				18,564,047		3,325,438
Other financial entities				2,108,339		1,397,225
Non-financial private sector and foreign residents				872,501,199		897,257,312
Other debt securities	8, 9 and 11	R		838,561,533		1,111,283,873
Financial assets delivered as guarantee	11 and 33			42,709,695		46,139,041
Equity instruments at fair value through profit or loss	10 and 11			1,416,756		1,264,906
Investment in associates and joint arrangements	13			1,119,310		1,720,176
Property, plant and equipment		F		153,852,291		153,489,630
Intangible assets		G		27,006,857		26,278,465
Deferred income tax assets	22			155,094		110,854
Other non-financial assets	14			18,162,254		18,764,151
Non-current assets held for sale				13,034,615		13,344,711
TOTAL ASSETS				3,180,398,122		3,149,924,613

1 Jorge Pablo Brito
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

Items	Notes	Exhibits	06/30/2023		12/31/2022
LIABILITIES
Deposits	11 and 16	H and I		1,902,794,156		1,951,918,479
Non-financial public sector				132,458,127		165,677,514
Financial sector				2,940,365		2,491,436
Non-financial private sector and foreign residents				1,767,395,664		1,783,749,529
Liabilities at fair value through profit or loss	11	I		1,436,683		792,624
Derivative financial instruments	11	I		11,049		3,572
Repo transactions	11	I		7,288,936
Other financial liabilities	11 and 17	I		235,304,710		203,557,390
Financing received from the Central Bank of Argentina and other financial institutions	11	I		3,940,981		3,690,701
Issued corporate bonds	11 and 38	I		3,269,680		4,091,837
Current income tax liabilities	22			22,693,094		16,348,079
Subordinated corporate bonds	11 and 38	I		104,298,538		108,686,196
Provisions	18	J and R		3,629,775		4,088,102
Deferred income tax liabilities	22			19,769,318		20,007,767
Other non-financial liabilities	19			133,022,562		64,505,604
TOTAL LIABILITIES				2,437,459,482		2,377,690,351
SHAREHOLDERS’ EQUITY
Capital stock	30			639,413		639,413
Non-capital contributions				12,429,781		12,429,781
Adjustments to shareholders’ equity				267,739,472		267,739,472
Earnings reserved				404,346,106		426,193,840
Unappropriated retained earnings				295,066		205,840
Accumulated Other Comprehensive Income				1,170,407		47,294
Net Income of the period / fiscal year				56,215,583		64,851,011
Net shareholders’ equity attributable to controlling interest				742,835,828		772,106,651
Net shareholders’ equity attributable to non-controlling interests				102,812		127,611
TOTAL SHAREHOLDERS’ EQUITY				742,938,640		772,234,262
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES				3,180,398,122		3,149,924,613

The notes 1 to 45 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 Jorge Pablo Brito
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

Items	Notes	Exhibits	Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023			Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022
Interest income		Q		307,121,461			590,106,643			207,056,746			381,158,288
Interest expense		Q		(199,179,369	)		(361,277,649	)		(91,198,278	)		(159,271,125	)
Net interest income				107,942,092			228,828,994			115,858,468			221,887,163
Commissions income	23	Q		29,194,046			59,263,394			28,536,500			57,042,643
Commissions expense		Q		(2,854,650	)		(5,652,709	)		(2,808,670	)		(5,482,131	)
Net commissions income				26,339,396			53,610,685			25,727,830			51,560,512
Subtotal (Net interest income plus Net commissions income)				134,281,488			282,439,679			141,586,298			273,447,675
Net gain from measurement of financial instruments at fair value through profit or loss		Q		51,885,138			63,266,643			15,917,522			32,045,180
Profit from sold or derecognized assets at amortized cost				1			75			(9	)		(9	)
Differences in quoted prices of gold and foreign currency	24			75,825,899			121,220,212			11,597,137			19,399,102
Other operating income	25			7,651,030			14,726,168			8,229,300			16,612,326
Allowance for loan losses				(5,519,714	)		(9,825,534	)		(1,664,712	)		(3,548,532	)
Net operating income				264,123,842			471,827,243			175,665,536			337,955,742
Employee benefits	26			(30,686,971	)		(59,735,997	)		(32,657,697	)		(57,468,654	)
Administrative expenses	27			(17,192,503	)		(31,613,557	)		(14,715,290	)		(28,658,872	)
Depreciation and amortization of fixed assets		F and G		(6,179,731	)		(12,237,238	)		(5,696,242	)		(11,239,266	)
Other operating expenses	28			(36,982,241	)		(66,487,123	)		(26,762,222	)		(52,360,408	)
Operating income				173,082,396			301,753,328			95,834,085			188,228,542
Loss from associates and joint arrangements	13			(189,862	)		(461,812	)		(86,130	)		(177,072	)
Loss on net monetary position				(109,429,198	)		(218,834,965	)		(82,346,724	)		(155,472,626	)
Income before tax on continuing operations				63,463,336			82,456,551			13,401,231			32,578,844
Income tax on continuing operations	22.c)			(19,302,256	)		(26,193,873	)		(4,466,142	)		(8,451,043	)
Net income from continuing operations				44,161,080			56,262,678			8,935,089			24,127,801
Net income of the period				44,161,080			56,262,678			8,935,089			24,127,801
Net income of the period attributable to controlling interest				44,130,579			56,215,583			8,941,524			24,164,134
Net income / (loss) of the period attributable to non-controlling interest				30,501			47,095			(6,435	)		(36,333	)

3 Jorge Pablo Brito
Chairperson

CONSOLIDATED EARNINGS PER SHARE

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

Items	Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022
Net profit attributable to Parent’s shareholders		44,130,579		56,215,583		8,941,524		24,164,134
Plus: Potential diluted earnings per common share
Net profit attributable to Parent’s shareholders adjusted as per diluted earnings		44,130,579		56,215,583		8,941,524		24,164,134
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)		69.0173		87.9175		13.9840		37.7911

4 Jorge Pablo Brito
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

Items	Notes	Exhibits		Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023			Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022
Net income of the period					44,161,080			56,262,678			8,935,089			24,127,801
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences in Financial Statements conversion					(61,131	)		(323,498	)		(334,398	)		(987,120	)
Foreign currency translation differences of the period					(61,131	)		(323,498	)		(334,398	)		(987,120	)
Profit or loss from financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a))					2,213,212			1,446,611			(6,443,099	)		(7,301,223	)
Profit or loss of the period from financial instruments at fair value through other comprehensive income (FVOCI)			Q		3,517,211			1,189,476			(8,397,735	)		(12,498,093	)
Adjustment for reclassification of period					(141,369	)		982,780			(1,326,854	)		1,491,949
Income tax	22.c)				(1,162,630	)		(725,645	)		3,281,490			3,704,921
Total Other Comprehensive Income / (Loss) that will be reclassified to profit or loss					2,152,081			1,123,113			(6,777,497	)		(8,288,343	)
Total Other Comprehensive Income / (Loss)					2,152,081			1,123,113			(6,777,497	)		(8,288,343	)
Total comprehensive income of the period					46,313,161			57,385,791			2,157,592			15,839,458
Total comprehensive income attributable to controlling interest					46,282,660			57,338,696			2,164,027			15,875,791
Total Comprehensive Income / (Loss) attributable to non-controlling interest					30,501			47,095			(6,435	)		(36,333	)

The notes 1 to 45 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 Jorge Pablo Brito
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

			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	267,739,472	678,162		(630,868	)	152,859,531	273,334,309		65,056,851		772,106,651		127,611		772,234,262
Total comprehensive income of the period
-	Net income of the period												56,215,583		56,215,583		47,095		56,262,678
-	Other comprehensive income of the period					(323,498	)	1,446,611							1,123,113				1,123,113
Distribution of unappropriated retained earnings, as approved by the shareholders’ meeting held on April 25, 2023
-	Legal reserve									12,970,203			(12,970,203	)
-	Reserve for dividends pending Central Bank of Argentina’s authorization	31									(34,817,937	)	(50,868,381	)	(85,686,318	)			(85,686,318	)
-	Personal assets tax on shares and equity interests												(923,201	)	(923,201	)			(923,201	)
-	Other changes																(71,894	)	(71,894	)
Amount at the end of the period			639,413	12,429,781	267,739,472	354,664		815,743		165,829,734	238,516,372		56,510,649		742,835,828		102,812		742,938,640

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

			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	267,739,472	1,761,544		6,661,993		142,174,241	215,406,165	53,426,448		700,239,057		111,183		700,350,240
Total comprehensive income of the period
-	Net income of the period											24,164,134		24,164,134		(36,333	)	24,127,801
-	Other comprehensive loss of the period					(987,120	)	(7,301,223	)					(8,288,343	)			(8,288,343	)
Distribution of unappropriated retained earnings, as approved by the shareholders’ meeting held on April 29, 2022
-	Legal reserve									10,685,290		(10,685,290	)
-	Reserve for dividends pending Central Bank of Argentina’s authorization										57,928,144	(41,643,812	)	16,284,332				16,284,332
-	Personal assets tax on shares and equity interests											(891,506	)	(891,506	)			(891,506	)
Amount at the end of the period			639,413	12,429,781	267,739,472	774,424		(639,230	)	152,859,531	273,334,309	24,369,974		731,507,674		74,850		731,582,524

The notes 1 to 45 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 Jorge Pablo Brito
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

Items	Notes		06/30/2023			06/30/2022
Cash flows from operating activities
Income of the period before income tax				82,456,551			32,578,844
Adjustment for the total monetary effect of the period				218,834,965			155,472,626
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation				12,237,238			11,239,266
Allowance for loan losses				9,825,534			3,548,532
Difference in quoted prices of foreign currency				(77,905,849	)		(43,081,834	)
Other adjustments				191,747,486			74,838,921
Net increase / (decrease) from operating assets:
Debt securities at fair value through profit or loss				(268,687,005	)		(116,979,065	)
Derivative financial instruments				(199,524	)		(17,016	)
Repo transactions				(41,963,979	)		24,706,806
Loans and other financing
Non-financial public sector				(15,238,609	)		(16,127	)
Other financial entities				(711,114	)		2,851,615
Non-financial private sector and foreign residents				14,879,457			58,447,134
Other debt securities		31		116,132,435			36,009,862
Financial assets delivered as guarantee				3,429,346			8,608,155
Equity instruments at fair value through profit or loss				(151,850	)		5,135,087
Other assets				(49,190,302	)		38,748,638
Net increase / (decrease) from operating liabilities:
Deposits
Non-financial public sector				(33,219,387	)		15,058,269
Financial sector				448,929			(184,104	)
Non-financial private sector and foreign residents				(16,353,865	)		106,753,212
Liabilities at fair value through profit or loss				644,059			(3,613,225	)
Derivative financial instruments				7,477			(5,503	)
Repo transactions				7,288,936			738,890
Other liabilities				33,176,742			(44,617,662	)
Income tax payments				(11,805,950	)		(1,739,079	)
Total cash from operating activities (A)				175,681,721			364,482,242

7 Jorge Pablo Brito
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

Items	Notes		06/30/2023			06/30/2022
Cash flows from investing activities
Payments:
Acquisition of PPE, intangible assets and other assets				(11,919,158	)		(14,475,884	)
Total cash used in investing activities (B)				(11,919,158	)		(14,475,884	)
Cash flows from financing activities
Payments:
Dividends		31		(76,248	)		(15,699,625	)
Non-subordinated corporate bonds				(1,979,363	)		(7,539,905	)
Subordinated corporate bonds				(3,308,317	)		(3,682,023	)
Other payments related to financing activities				(1,278,426	)		(663,900	)
Collections / Incomes:
Non subordinated corporate bonds				449,182			4,444,440
Financing to local financial entities				360,218			4,182,953
Total cash used in financing activities (C)				(5,832,954	)		(18,958,060	)
Effect of exchange rate fluctuations (D)				119,867,960			66,275,192
Monetary effect on cash and cash equivalents (E)				(450,208,463	)		(295,611,742	)
Net (decrease) / increase in cash and cash equivalents (A+B+C+D+E)				(172,410,894	)		101,711,748
Cash and cash equivalents at the beginning of the fiscal year		29		1,130,000,882			909,702,671
Cash and cash equivalents at the end of the period		29		957,589,988			1,011,414,419

The notes 1 to 45 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 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 45) 

(Figures stated in thousands of pesos in constant currency)

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 payment 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 2022, 2021 and 2020, the Bank made contributions in the company Play Digital SA for a total amount of 629,854 (not restated). On October 4, 2022, the Bank sold 22,112,340 shares for an amount of 61,889. In addition, on October 27, 2022, the Bank subscribed 178,911,312 shares for a face value of ARS 1 related to the abovementioned irrevocable capital contributions. As a consequence, the Bank’s new interest in this company is 9.6984%. Additionally, on February 23, 2023, the Bank made a new irrevocable capital contribution for an amount of 347,371 (not restated). 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.

Furthermore, on May 18, 2023, Banco Macro SA acquired 100% of Comercio Interior SA’s capital stock at USD 5,218,800 payable with the proceeds of this Company’s dividends. The main purpose of this company is grain brokerage. For further information see also note 12.

On August 23, 2023, the Board of Directors approved the issuance of these condensed consolidated interim Financial Statements.

2. OPERATIONS OF THE BANK

2.1. Agreement with the Misiones Provincial Government

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

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

As of June 30, 2023 and December 31, 2022, the deposits held by the Misiones Provincial Government with the Bank amounted to 17,218,740 and 32,096,884 (including 2,528,822 and 2,434,694, related to court deposits), respectively.

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.

9

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 45) 

(Figures stated in thousands of pesos in constant currency)

As of June 30, 2023 and December 31, 2022, the deposits held by the Salta Provincial Government with the Bank amounted to 26,315,321 and 52,001,018 (including 4,847,371 and 5,208,793, related to court deposits), respectively.

2.3. Agreement with the Jujuy Provincial Government

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

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

As of June 30, 2023 and December 31, 2022, the deposits held by the Jujuy Provincial Government with the Bank amounted to 13,415,132 and 11,718,286 (including 3,375,374 and 3,351,908, 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, 2028 and 2025, respectively. As established in the original agreement, the service agreement with the Municipality of San Miguel de Tucumán was extended until 2028.

As of June 30, 2023 and December 31, 2022, 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 20,430,586 and 52,262,464 (including 12,621,225 and 13,957,691, related to court deposits), respectively.

Additionally, the Bank granted loans to the Tucumán Provincial Government and the Municipalities of San Miguel de Tucumán and Yerba Buena as of June 30, 2023 and December 31, 2022 for an amount of 13,441,703 and 790,024, 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:

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.

10

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 45) 

(Figures stated in thousands of pesos in constant currency)

b) In March 2022, the Bank’s holdings in Prisma Medios de Pago SA (Prisma) was transferred. That company was measured according to the Memorandums received from the BCRA on March 12 and 22, 2021, which established specific guidelines related to the measurement at fair value of such holding. If, for the fair value measurement purpose previously mentioned, IFRS had been applied, the profit or loss for the six-month period ended June 30, 2022, should have been modified. However, this situation did not generate differences in the shareholders’ equity as of June 30, 2022.

c) Through Communiqué “A” 7014 dated May 14, 2020, the BCRA established for financial institutions that received debt securities of the public sector in a swap transaction, they must be initially recognized at their carrying amount as of the date of the swap transaction, without assessing if they qualify or not for derecognition under IFRS 9 standards and as a consequence, do not eventually recognize the new instruments at the market value as provided by such IFRS (see also notes 9 and 43 to the condensed consolidated interim Financial Statements).

If IFRS 9 had applied, and according an estimation calculated by the Bank, the Statement of income for the period ended June 30, 2023, would have recorded a decrease in “other operating income” for an amount of 1,728,719 and in “Loss on net monetary position” for an amount of 123,314 and an increase in “Net gain from measurement of financial instruments at fair value through profit or loss” for an amount of 1,618,901, and as a counterpart an increase in “Other comprehensive income” of that period. These changes would not have resulted into modifications to the total shareholder equity as of that date nor the total comprehensive income for the six-month period ended June 30, 2023.

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” 7642. Generally, the BCRA does not allow the anticipated application of any IFRS, unless otherwise expressly stated.

Basis for the preparation and consolidation

These condensed consolidated interim Financial Statements as of June 30, 2023, 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, 2022, 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, 2022, 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, 2022, already issued.

As of June 30, 2023 and December 31, 2022, 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

11

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 45) 

(Figures stated in thousands of pesos in constant currency)

Subsidiaries	Principal Place of Business	Country	Main Activity
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
Argenpay SAU	Ave. Eduardo Madero 1182 – CABA	Argentina	Electronic payment services
Fintech SGR (Structured entity)	San Martín 140- 2nd floor – CABA	Argentina	Granting of guarantees
Comercio Interior SA (3)	Santa Fe 1219 – 4th floor - Rosario – Santa Fe	Argentina	Grain Brokerage

(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: 24,347).
(3)	Consolidated with the Bank since May 2023, as control was obtained in such month (see note 12).

As of June 30, 2023 and December 31, 2022, the Bank consolidated its Financial Statements with the following Companies:

	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	Common		341,200,000		100.00	%		100.00	%
Fintech SGR (Structured entity)	Common		119,993		24.999	%		24.999	%		75.001	%		75.001	%
Comercio Interior SA (1)	Common		615,519		100.00	%		100.00	%

(1) Interest acquired in May 2023 (see note 12).

Total assets, liabilities and Shareholders’ equity of the Bank and all its subsidiaries as of June 30, 2023 and December 31, 2022 are as follows:

12

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 45) 

(Figures stated in thousands of pesos in constant currency)

	Balances as of 06/30/2023
Entity	Assets			Liabilities			Equity attributable to the owners of the Bank			Equity attributable to non-controlling interests
Banco Macro SA		3,096,036,895			2,353,201,067			742,835,828
Macro Bank Limited		31,461,155			23,680,248			7,780,907
Macro Securities SAU (1)		83,376,786			65,653,979			17,142,399			580,408
Macro Fiducia SAU		281,532			11,361			270,171
Argenpay SAU		4,830,463			3,027,434			1,803,029
Fintech SGR		8,864,685			8,727,593			137,092
Comercio Interior SA		4,819,064			4,351,570			467,494
Eliminations		(49,272,458	)		(21,193,770	)		(27,601,092	)		(477,596	)
Consolidated		3,180,398,122			2,437,459,482			742,835,828			102,812

(1) Includes the balance amounts of its subsidiary Macro Fondos SGFCISA.

	Balances as of 12/31/2022
Entity	Assets			Liabilities			Equity attributable to the owners of the Bank			Equity attributable to non-controlling interests
Banco Macro SA		3,100,849,841			2,328,743,190			772,106,651
Macro Bank Limited		24,193,883			16,720,835			7,473,048
Macro Securities SAU (1)		51,112,356			35,294,079			15,055,078			763,199
Macro Fiducia SAU		297,883			7,424			290,459
Argenpay SAU		3,819,658			2,407,987			1,411,671
Fintech SGR		8,003,089			7,832,937			170,152
Eliminations		(38,352,097	)		(13,316,101	)		(24,400,408	)		(635,588	)
Consolidated		3,149,924,613			2,377,690,351			772,106,651			127,611

(1) Includes the balance amounts of its subsidiary Macro Fondos SGFCISA.

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 Financial Statements 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 June 30, 2023, and are rounded up to the nearest amount in thousands of pesos, except as otherwise indicated (see section “Measuring unit” of this note).

13

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 45) 

(Figures stated in thousands of pesos in constant currency)

Comparative information

The condensed consolidated interim statement of financial position as of June 30, 2023, is presented comparatively with year-end data of the immediately preceding fiscal year, while the statement of income and the statement of other comprehensive income for the three and six-month periods ended June 30, 2023, and the statement of changes in shareholders’ equity and the statement of cash flows and cash equivalents for the six-month period ended June 30, 2023, 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”).

Measuring unit

These condensed consolidated interim Financial Statements have been restated for the changes in the general purchasing power of the functional currency (Argentine pesos) of the Bank, as of June 30, 2023, 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, for 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 50.68% and 36.15% for the six-month periods ended June 30, 2023 and 2022, respectively, and 94.79% for the fiscal year ended on December 31, 2022.

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 of 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.

14

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

(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 of 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.

(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 of 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 of the period and deferred tax related to the revaluation is recognized in other comprehensive income of 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 are 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 fiscal year 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”.

15

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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 give rise 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, 2022, already issued.

New standards adopted in the fiscal year

For the fiscal year beginning on January 1, 2023, the following amendments to IFRS are effective and they did not have a material impact on these condensed consolidated interim Financial Statements:

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. They also explain how an entity can identify material accounting policy information and give examples of when accounting policy information is likely to be material. Therefore, a guidance with explanations and examples denominated “four-step materiality process” was as described in the Practice Statement 2.

This amendment did not have a material impact on the disclosures of these condensed consolidated interim Financial Statements or the annual consolidated Financial Statements.

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 would be applicable if the Bank performs a change in an accounting estimate, but it is not expected to have a material impact on the Financial Statements.

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 did not have a material impact on the Financial Statements.

16

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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 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.

b) Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 ”Financial Instruments: Disclosures” – Supplier Finance Arrangement: the amendments specify disclosure requirements to enhance the current requirements, which are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. 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 June 30, 2023 and December 31, 2022, the Bank maintains the following maximum exposures to credit risk related to this type of transactions:

Composition	06/30/2023			12/31/2022
Undrawn commitments of credit cards and checking accounts		802,774,449			1,007,924,251
Guarantees granted (1)		21,066,888			10,862,349
Overdraft and unused agreed commitments (1)		3,480,947			924,120
Subtotal		827,322,284			1,019,710,720
Less: Allowance for Expected Credit Losses (ECL)		(900,993	)		(1,049,898	)
Total		826,421,291			1,018,660,822

(1) Includes transactions not covered by BCRA debtor classification standard. The guarantees granted include an amount of 61,783 and 55,618 as of June 30, 2023 and December 31, 2022, respectively. The Overdraft and unused agreed commitments include an amount of 547,398 and 683,351 as of June 30, 2023 and December 31, 2022, respectively.

Risks related to the abovementioned contingent transactions have been assessed and are controlled within the framework of the Bank’s credit risk policy, as described in note 45 to the consolidated Financial Statements as of December 31, 2022, already issued.

17

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Disclosures related to the 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”.

5. DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

The composition of debt securities at fair value through profit or loss as of June 30, 2023 and December 31, 2022 is as follows:

Composition	06/30/2023		12/31/2022
Government securities (1)		563,205,049		308,645,413
Private securities (2)		23,501,096		9,373,727
Total		586,706,145		318,019,140

(1) During March and June 2023, the Bank decided to enter into voluntary debt swaps in terms of Article 11 of Decree No. 331/2022 of the Argentine Ministry of Economy. The instruments that entered into those swaps are as follows:

· Argentine government Treasury bills in pesos adjusted by CER – Maturity: 05-19-2023 (X19Y3) for a face value of 1,145,882,575.

· Argentine government discount bonds in dual currency – Maturity: 07-21-2023 (TDL23) for a face value of 344,498,105.

· Argentine government discount Treasury bills in pesos – Maturity: 05-31-2023 (S31Y3) for a face value of 295,000,000.

· Argentine government discount Treasury bills in pesos – Maturity: 04-28-2023 (S28A3) for a face value of 210,000,000.

· Argentine government discount Treasury bills in pesos – Maturity: 03-31-2023 (S31M3) for a face value of 200,000,000.

· Argentine government Treasury bills in pesos adjusted by CER – Maturity: 06-16-2023 (X16J3) for a face value of 159,305,395.

· Argentine government discount bonds in dual currency – Maturity: 09-29-2023 (TDS23) for a face value of 120,244,752.

· Argentine government Treasury bonds tied to the US dollar - Maturity: 07-31-2023 (T2V3) for a face value of 3,000,000.

In addition, with almost all the instruments received, the Bank purchased put options with the BCRA. These options provide to the Bank with the opportunity to sell (put options) the underlying asset at a value established by the BCRA’s rules. In this transaction, the options could be exercised up to one day before the maturity of the underlying instrument. As of June 30, 2023, the notional value amounted to 570,819,099 (see Exhibits A and O to the condensed separate interim Financial Statements).

(2) During July 2023, the Bank decided to enter into a swap of the following instrument: Aeropuertos Argentina 2000 US dollars 4% class 3 - Maturity: 09-08-2023 (AER3D) for a total face value of 4,555,434.

18

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

6. OTHER FINANCIAL ASSETS

The composition of the other financial assets as of June 30, 2023 and December 31, 2022 is as follows:

Composition	06/30/2023			12/31/2022
Receivables from spot sales of foreign currency pending settlement		45,036,495			24,117,194
Sundry debtors (see note 10)		39,764,085			39,787,045
Receivables from other spot sales pending settlement		36,443,549			15,438,600
Private securities		14,810,843			6,793,115
Receivables from spot sales of government securities pending settlement		928,529			736,223
Other		406,433			576,578
Subtotal		137,389,934			87,448,755
Less: Allowances for ECL		(113,274	)		(137,181	)
Total		137,276,660			87,311,574

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 June 30, 2023 and December 31, 2022 is as follows:

Composition	06/30/2023			12/31/2022
Non-financial public sector (1)		18,564,047			3,325,438
Other financial entities		2,108,339			1,397,225
Other financial entities		2,127,232			1,409,492
Less: allowance for ECL		(18,893	)		(12,267	)
Non-financial private sector and foreign residents		872,501,199			897,257,312
Overdrafts		88,134,280			74,210,638
Documents		137,996,569			123,217,784
Mortgage loans		87,293,164			93,280,642
Pledge loans		13,680,198			14,437,197
Personal loans		175,231,814			214,765,569
Credit cards		263,648,571			287,468,546
Financial leases		1,435,664			2,089,651
Other		122,868,097			104,353,487
Less: allowance for ECL		(17,787,158	)		(16,566,202	)
Total		893,173,585			901,979,975

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

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.

19

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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 what was detailed in note 3 “Basis for the preparation of these Financial Statements and applicable accounting standards”, to the consolidated Financial Statements as of December 31, 2022, already issued. In addition, 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	06/30/2023			12/31/2022
Loans and other financing		910,979,636			918,558,444
Individual assessment		205,957,222			164,143,152
Collective assessment		705,022,414			754,415,292
Less: Allowance for ECL (1)		(17,806,051	)		(16,578,469	)
Total		893,173,585			901,979,975

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

As of June 30, 2023 and December 31, 2022, the Bank decided to record an adjustment on a forward-looking basis, based on expert judgment. The estimated amounts were 3,135,000 and 2,281,315, as of June 30, 2023 and December 31, 2022, respectively.

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 paragraph. The amounts are presented gross of the impairment allowances.

		06/30/2023
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			859,921,637		24,629,635				884,551,272	97.10
High grade	0.00% - 3.50%		812,622,914		8,568,740				821,191,654	90.14
Standard grade	3.51% - 7.00%		25,378,782		5,209,957				30,588,739	3.36
Sub-standard grade	7.01% - 33.00%		21,919,941		10,850,938				32,770,879	3.60
Past due but not impaired (1)	33.01% - 99.99%		7,145,266		10,467,306				17,612,572	1.94
Impaired	100%						8,815,792		8,815,792	0.96
Total			867,066,903		35,096,941		8,815,792		910,979,636	100
%			95.18		3.85		0.97		100

20

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

		12/31/2022
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			874,937,919		18,964,770				893,902,689	97.32
High grade	0.00% - 3.50%		813,834,117		3,716,625				817,550,742	89.00
Standard grade	3.51% - 7.00%		36,091,723		4,590,318				40,682,041	4.43
Sub-standard grade	7.01% - 33.00%		25,012,079		10,657,827				35,669,906	3.89
Past due but not impaired (1)	33.01% - 99.99%		5,706,535		11,396,828				17,103,363	1.86
Impaired	100%						7,552,392		7,552,392	0.82
Total			880,644,454		30,361,598		7,552,392		918,558,444	100
%			95.87		3.31		0.82		100

(1) It also includes transactions, under collective assessment, which are more than 5 days past due independently of the PD range assigned.

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 45, “Credit risk” section, to the consolidated Financial Statements as of December 31, 2022, already issued.

		06/30/2023
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			201,116,488		3,233,397				204,349,885	99.22
High grade	0.00% - 3.50%		184,897,427		2,255,164				187,152,591	90.87
Standard grade	3.51% - 7.00%		5,405,975						5,405,975	2.62
Sub-standard grade	7.01% - 33.00%		10,813,086		978,233				11,791,319	5.73
Past due but not impaired	33.01% - 99.99%
Impaired	100%						1,607,337		1,607,337	0.78
Total			201,116,488		3,233,397		1,607,337		205,957,222	100
%			97.65		1.57		0.78		100

		12/31/2022
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			158,198,405		3,872,794				162,071,199	98.74
High grade	0.00% - 3.50%		147,832,432		1,869,871				149,702,303	91.20
Standard grade	3.51% - 7.00%		5,489,589		944,433				6,434,022	3.92
Sub-standard grade	7.01% - 33.00%		4,876,384		1,058,490				5,934,874	3.62
Past due but not impaired	33.01% - 99.99%
Impaired	100%						2,071,953		2,071,953	1.26
Total			158,198,405		3,872,794		2,071,953		164,143,152	100
%			96.38		2.36		1.26		100

21

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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 45, “Credit risk” section to the consolidated Financial Statements as of December 31, 2022, already issued.

		06/30/2023
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			658,805,149		21,396,238				680,201,387	96.48
High grade	0.00% - 3.50%		627,725,487		6,313,576				634,039,063	89.92
Standard grade	3.51% - 7.00%		19,972,807		5,209,957				25,182,764	3.58
Sub-standard grade	7.01% - 33.00%		11,106,855		9,872,705				20,979,560	2.98
Past due but not impaired (1)	33.01% - 99.99%		7,145,266		10,467,306				17,612,572	2.50
Impaired	100%						7,208,455		7,208,455	1.02
Total			665,950,415		31,863,544		7,208,455		705,022,414	100
%			94.46		4.52		1.02		100

		12/31/2022
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			716,739,514		15,091,976				731,831,490	97.01
High grade	0.00% - 3.50%		666,001,685		1,846,754				667,848,439	88.53
Standard grade	3.51% - 7.00%		30,602,134		3,645,885				34,248,019	4.54
Sub-standard grade	7.01% - 33.00%		20,135,695		9,599,337				29,735,032	3.94
Past due but not impaired (1)	33.01% - 99.99%		5,706,535		11,396,828				17,103,363	2.27
Impaired	100%						5,480,439		5,480,439	0.72
Total			722,446,049		26,488,804		5,480,439		754,415,292	100
%			95.76		3.51		0.73		100

(1) It also includes transactions which are more than 5 days past due independently of the PD range assigned.

8.2 Other debt securities at amortized cost

The criterion used to calculate ECL of financial trusts and corporate bonds is based on the rating granted by risk rating agencies to each debt security type making up the financial trusts or each corporate bond series, respectively. This means that the factor to be used will vary depending on the debt securities holdings (A or B). The EAD is assumed to be equal to the outstanding balance.

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

22

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

	06/30/2023
Composition	Stage 1		Stage 2	Stage 3	Total		%
Corporate bonds		2,312,820				2,312,820	92.25
Financial trust		194,247				194,247	7.75
Total		2,507,067				2,507,067	100
%		100				100

	12/31/2022
Composition	Stage 1		Stage 2	Stage 3	Total		%
Corporate bonds		1,565,591				1,565,591	77.11
Financial trust		464,647				464,647	22.89
Total		2,030,238				2,030,238	100
%		100				100

The related ECL for corporate bonds as of June 30, 2023 and December 31, 2022 amounted to 3,147 and 835, respectively. The ECL related to financial trusts as of June 30, 2023 and December 31, 2022 amounted to 124 and 364, 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 9.

8.4 Other financial assets

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

	06/30/2023
Composition	Stage 1		Stage 2	Stage 3	Total		%
Other financial assets		122,579,091				122,579,091	100
Total		122,579,091				122,579,091	100
%		100				100

	12/31/2022
Composition	Stage 1		Stage 2	Stage 3	Total		%
Other financial assets		80,655,639				80,655,639	100
Total		80,655,639				80,655,639	100
%		100				100

23

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

The ECL related to these types of instruments amounted to 113,274 and 137,181 as of June 30, 2023 and December 31, 2022, respectively, including the ECL related to the payments to be collected for the transaction mentioned in note 10.

8.5 Loans commitment

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

	06/30/2023
Composition	Stage 1		Stage 2		Stage 3		Total		%
Undrawn commitments of credit cards and checking accounts		796,874,226		5,897,713		2,510		802,774,449		97.10
Guarantees granted		21,005,105						21,005,105		2.54
Overdraft and unused agreed commitments		2,933,549						2,933,549		0.36
Total		820,812,880		5,897,713		2,510		826,713,103		100
%		99.29		0.71				100

	12/31/2022
Composition	Stage 1		Stage 2		Stage 3		Total		%
Undrawn commitments of credit cards and checking accounts		991,652,719		16,269,269		2,263		1,007,924,251		98.92
Guarantees granted		10,806,731						10,806,731		1.06
Overdraft and unused agreed commitments		240,769						240,769		0.02
Total		1,002,700,219		16,269,269		2,263		1,018,971,751		100
%		98.40		1.60				100

The related ECL for undrawn commitments of credit cards and checking accounts as of June 30, 2023 and December 31, 2022 amounted to 801,138 and 981,308, respectively. The ECL related to guarantees granted as of June 30, 2023 and December 31, 2022 amounted to 90,417 and 68,480, respectively. The ECL related to overdraft and unused agreed commitments as of June 30, 2023 and December 31, 2022 amounted to 9,438 and 110, 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 JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

9. OTHER DEBT SECURITIES

The composition of other debt securities as of June 30, 2023 and December 31, 2022 is as follows:

Composition	06/30/2023		12/31/2022
At fair value through OCI
Government securities		56,472,619		196,610,021
Government securities – Foreign		12,068,268		11,197,599
Total at fair value through OCI (1)		68,540,887		207,807,620
At amortized cost
Central Bank of Argentina Bills		700,741,998		808,202,074
Government securities		66,774,852		75,003,761
Private securities		2,503,796		2,029,039
Central Bank of Argentina Notes				18,241,379
Total at amortized cost		770,020,646		903,476,253
Total		838,561,533		1,111,283,873

(1) During January 2023, the Bank decided to enter into a voluntary debt swap in terms of Article 11 of Decree No. 331/2022 of the Argentine Ministry of Economy. The instruments that entered into that swap are as follows:

· Argentine government Treasury bills in pesos adjusted by CER – Maturity: 02-17-2023 (X17F3) for a face value of 20,900,000,000.

· Argentine government discount Treasury bills in pesos – Maturity: 02-28-2023 (S28F3) for a face value of 12,893,000,000.

· Argentine government Treasury bills in pesos adjusted by CER – Maturity: 01-20-2023 for a face value of 290,000,000.

As mentioned in note 5, during March 2023, the following instruments entered into the swap:

· Argentine government discount Treasury bills in pesos – Maturity: 06-30-2023 (S3OJ3) for a face value of 26,640,975,851.

· Argentine government Treasury bills in pesos adjusted by CER – Maturity: 06-16-2023 (X16J3) for a face value of 4,516,000,000.

· Argentine government Treasury bills in pesos adjusted by CER – Maturity: 05-19-2023 (X19Y3) for a face value of 1,759,369,713.

In addition, with almost all the instruments received, the Bank purchased put options with the BCRA that could be exercised up to one day before the maturity of the underlying instrument (see also note 5).

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

On January 21, 2019, the Bank, together with the other shareholders of Prisma, 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 ARS 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 were deferred for 5 years.

During July 2019, the process to determine the final selling price of the shares of 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.

25

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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.

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 thousands) 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 “Net gain 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, the agreement was amended to include 100% of the shares.

On May 22, 2023, the Bank, together with the remaining creditors arising from the abovementioned sales, authorized Prisma to undergo a merger-spinoff process involving two of its business units: (I) ATM and transfer management services, payment management services for 3.0 transfers, service payment collection and other related services will be handled through the new company Newpay SAU, and (ii) the acquiring business, through which electronic and digital payment solutions are provided (credit cards, debit cards, and prepaid cards, immediate transfers), early collection of sales, point-of-sale terminals network management and other related services, which are rendered to various businesses and/or suppliers, will be handled through the company Payway SAU. Prisma retains the remaining issuer processing services business unit involving credit cards, debit cards, prepaid cards and other related services.

Both Prisma and the new companies Newpay SAU and Payway SAU are direct or indirect subsidiaries of AI ZENITH (Netherlands) BV. Furthermore, these new companies, like Prisma, have been allocated their respective share of dividends to be reported in the subsequent fiscal years, under the commitment to vote in favor of the distribution of certain minimum percentages. These percentages will also be subject to the guarantee trust aimed at repaying the deferred price.

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 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.

26

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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 that 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 on a recurring basis, as of June 30, 2023 and December 31, 2022:

	Financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2023
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		586,706,145		572,914,476		12,963,324		828,345
Derivatives financial instruments		264,165		82,002		182,163
Other financial assets		14,810,843		14,747,442				63,401
Financial assets delivered as guarantee		8,738,796		8,738,796
Equity instruments at fair value through profit or loss		1,416,756		588,996				827,760
At fair value through OCI
Other debt Securities		68,540,887		68,540,887
Total		680,477,592		665,612,599		13,145,487		1,719,506
Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		1,436,683		1,436,683
Derivatives financial instruments		11,049		11,049
Total		1,447,732		1,447,732

27

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

	Financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 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		318,019,140		311,247,207		5,217,106		1,554,827
Derivatives financial instruments		64,641		28,920		35,721
Other financial assets		6,793,116		6,718,656				74,460
Equity instruments at fair value through profit or loss		1,264,906		232,765				1,032,141
At fair value through OCI
Other debt Securities		207,807,621		207,807,621
Total		533,949,424		526,035,169		5,252,827		2,661,428
Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		792,624		792,624
Derivatives financial instruments		3,572				3,572
Total		796,196		792,624		3,572

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 June 30, 2023 and December 31, 2022, the Bank has neither changed the techniques nor the assumptions used to estimate the fair value of the financial instruments.

28

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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:

	As of June 30, 2023
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		1,554,827			74,459			1,032,141
Transfers to level 3
Transfers from level 3 (1)								(68,046	)
Profit and loss		93,806			18,030			247,112
Recognition and derecognition		(350,197	)					11,437
Monetary effects		(470,091	)		(29,088	)		(394,884	)
Amount at the end of the period		828,345			63,401			827,760

	As of December 31, 2022
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		3,277,860			91,052			6,199,093
Transfers to level 3
Transfers from level 3
Profit and loss		1,101,844			7,631			5,419
Recognition and derecognition		(1,208,410	)		31,735			(3,779,144	)
Monetary effects		(1,616,467	)		(55,959	)		(1,393,227	)
Amount at the end of the fiscal year		1,554,827			74,459			1,032,141

(1) Transfer of equity instruments at fair value through profit or loss from level 3 to level 1 that were measured using quoted prices (unadjusted) observable in active markets as of June 30, 2023.

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.

					Range of inputs
	Fair value of			Significant	06/30/2023
	Level 3 Assets		Valuation	unobservable	Range of inputs
Composition	06/30/2023		technique	inputs	Low		High		Unit
Provisional Debt Securities of Financial Trusts		823,129	Income approach (discounted cash flow)	Discount rate in pesos		84.83		113.42		%

29

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

					Range of inputs
	Fair value of			Significant	12/31/2022
	Level 3 Assets		Valuation	unobservable	Range of inputs
Composition	12/31/2022		technique	inputs	Low		High		Unit
Provisional Debt Securities of Financial Trusts		893,721	Income approach (discounted cash flow)	Discount rate in pesos		69.99		83.83		%
Corporate bonds		654,979	Income approach (discounted cash flow)	Discount rate in pesos		76.98		86.47		%

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.

	06/30/2023					12/31/2022
Composition	Favorable changes		Unfavorable changes			Favorable Changes		Unfavorable changes
Provisional Debt Securities of Financial Trusts		2,406		(2,254	)		1,843		(1,772	)
Corporate bonds							3,951		(3,823	)

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.

Except for the foregoing, as of June 30, 2023 and December 31, 2022, 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 JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

The following table shows a comparison between the fair value and the carrying amount of financial instruments not measured at fair value as of June 30, 2023 and December 31, 2022:

	06/30/2023
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		331,679,268		331,679,268						331,679,268
Repo transactions		135,279,894		135,279,894						135,279,894
Other financial assets		122,465,817		122,465,817						122,465,817
Loans and other financing		893,173,585						769,039,691		769,039,691
Other debt securities		770,020,646		768,877,851		1,576,291		128,669		770,582,811
Financial assets delivered as guarantee		33,970,899		33,970,899						33,970,899
Total		2,286,590,109		1,392,273,729		1,576,291		769,168,360		2,163,018,380
Financial liabilities
Deposits		1,902,794,156		858,126,389				1,031,902,536		1,890,028,925
Repo transactions		7,288,936		7,288,936						7,288,936
Other financial liabilities		235,304,710		229,919,571		5,438,705				235,358,276
Financing received from the BCRA and other financial institutions		3,940,981		3,374,824		566,157				3,940,981
Issued corporate bonds		3,269,680				3,246,153				3,246,153
Subordinated corporate bonds		104,298,538				87,616,188				87,616,188
Total		2,256,897,001		1,098,709,720		96,867,203		1,031,902,536		2,227,479,459

	12/31/2022
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		376,837,561		376,837,564						376,837,564
Repo transactions		93,315,915		93,315,915						93,315,915
Other financial assets		80,518,458		80,518,458						80,518,458
Loans and other financing		901,979,975						786,465,634		786,465,634
Other debt securities		903,476,252		771,070,624		124,567,745		145,112		895,783,481
Financial assets delivered as guarantee		46,139,041		46,139,041						46,139,041
Total		2,402,267,202		1,367,881,602		124,567,745		786,610,746		2,279,060,093
Financial liabilities
Deposits		1,951,918,479		978,036,819				972,288,446		1,950,325,265
Other financial liabilities		203,557,390		197,063,244		6,587,643				203,650,887
Financing received from the BCRA and other financial institutions		3,690,701		3,589,457		78,298				3,667,755
Issued corporate bonds		4,091,837				3,975,804				3,975,804
Subordinated corporate bonds		108,686,196				88,623,875				88,623,875
Total		2,271,944,603		1,178,689,520		99,265,620		972,288,446		2,250,243,586

31

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

12. BUSINESS COMBINATIONS

On May 18, 2023, the Bank acquired to Inversora Juramento SA 100% of the capital stock and voting rights of Comercio Interior SA, a company engaged in grains brokerage.

Assets acquired and liabilities assumed

The fair value of the assets identified and liabilities assumed as of the acquisition date is as follows:

Composition	Fair value recognized on acquisition
Assets
Cash and deposits in banks		23,120
Debt securities at fair value through profit or loss		477,323
Loans and other financing		66,797
Financial assets delivered as guarantee		919,157
Other financial assets		3,577,332
Property, plant and equipment		64,593
Intangible assets		14,359
Other non-financial assets		53,065
		5,195,746
Liabilities
Other financial liabilities		3,544,762
Provisions		10,000
Current income tax liabilities		60,238
Deferred income tax liabilities		71,181
Other non-financial liabilities		985,279
		4,671,460
Net assets acquired at fair value		524,286

The goodwill resulting from the acquisition of Comercio Interior SA amounted to 164,496.

This transaction’s price was set at USD 5,218,800. Such price will be paid in variable annual installments using the proceeds from Comercio Interior SA dividends. Thus, the Bank assigns 100% of the rights over the dividends in favor of the seller, up to the full payment of the purchase price. Each installment will become due within fifteen days as from the Shareholders’ Meeting approval of Comercio Interior SA’s financial statements. The first installment will become due in 2024.

To measure the liabilities arising from this transaction the Bank estimated the Company's future income, discounting them at its own business rate. As a consequence, at the acquisition date, the liability amounted to USD 2,973,375.

On the other hand, as of the date of issuance of these condensed consolidated interim Financial Statements, negotiations are underway with Banco Itaú Unibanco regarding the acquisition of Banco Itaú Argentina S.A. and its local subsidiaries.

32

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

13. INVESTMENT IN ASSOCIATES AND JOINT ARRANGEMENTS

13.1 Associates

The following table provides summarized financial information about the Bank’s investment in its associates:

	Proportional Bank’s			Financial position				Loss of the period
Entity	interest			06/30/2023		31/12/2022		06/30/2023			06/30/2022
Macro Warrants SA		5	%		6,856		8,384		(1,527	)		(3,484	)	(1) and (2)
Play Digital		9.6984	%		630,844		637,320		(469,458	)		(348,544	)	(1) and (2)

(1) The existence of significant influence is evidenced by the representation the Bank has in the Board of Directors of this associate.

(2) This associate's accounting information as of March 31, 2023, has been used to measure the investment. Additionally, significant transactions conducted or events that occurred between April 1, 2023, and June 30, 2023, have been considered.

13.2 Joint ventures

The following table provides summarized financial information about the Bank’s investment in its joint ventures:

	Proportional Bank’s			Financial position				Profit or (loss) of the period
Entity	interest			06/30/2023		31/12/2022		06/30/2023			06/30/2022
Banco Macro SA – Worldline Argentina SA Unión transitoria		50	%		453,019		968,494		153,554			188,516
Finova SA		50	%		28,591		105,978		(77,386	)		(13,560	)

14. OTHER NON-FINANCIAL ASSETS

The composition of the other non-financial assets as of June 30, 2023 and December 31, 2022 is as follows:

Composition	06/30/2023		12/31/2022
Investment property (see Exhibit F)		13,584,550		13,094,125
Advanced prepayments		2,997,167		3,537,419
Tax advances		1,312,586		1,853,598
Other		267,951		279,009
Total		18,162,254		18,764,151

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.

33

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

As of June 30, 2023 and December 31, 2022, amounts balances related to transactions generated with related parties are as follows:

	As of June 30, 2023
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SAU (2)		Argenpay SAU		Fintech SGR		Comercio Interior SA		Associates		Key management personnel (3)		Other related parties		Total
Assets
Cash and deposits in banks		2,057																2,057
Other financial assets								5,066,303						273,933		749,910		6,090,146
Loans and other financing (4)
Documents																6,346		6,346
Overdraft										17,324				100,681		1,927,314		2,045,319
Credit cards														242,365		36,958		279,323
Lease										15,822						46,313		62,135
Personal loans														962				962
Mortgage loans														759,264		1,093		760,357
Other loans (5)				10,469,692										216,486		1,147,896		11,834,074
Guarantee granted																5,271,370		5,271,370
Total assets		2,057		10,469,692				5,066,303		33,146				1,593,691		9,187,200		26,352,089
Liabilities
Deposits				3,324,823		59,703		74		6,486		122,089		7,062,931		9,210,753		19,786,859
Liabilities at fair value through profit or loss																718,915		718,915
Other financial liabilities														330,339		113,769		444,108
Issued corporate bonds				1,090,821														1,090,821
Subordinated corporate bonds								248,392		39,220								287,612
Other non-financial liabilities														1,592		814,030		815,622
Total liabilities				4,415,644		59,703		248,466		45,706		122,089		7,394,862		10,857,467		23,143,937

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

(2) It includes the balance amounts from its subsidiary Macro Fondos SGFCISA.

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

(4) The maximum financing amount for loans and other financing as of June 30, 2023 for Macro Securities SAU, Comercio Interior SA, key management personnel and other related parties amounted to 10,469,692, 33,146, 1,423,426 and 10,259,302, respectively.

(5) It is related to Loans and other financing not disclosed in other items, mainly other loans, financing of foreign exchange transactions and loans with government securities.

34

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

	As of December 31, 2022
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SAU (2)		Argenpay SAU		Fintech SGR		Associates		Key management personnel (3)		Other related parties		Total
Assets
Cash and deposits in banks		2,138														2,138
Other financial assets								4,546,108				350,384		29		4,896,521
Loans and other financing (4)
Overdraft												84,785		634,233		719,018
Credit cards												285,867		75,069		360,936
Lease														100,483		100,483
Personal loans												1,751				1,751
Mortgage loans												817,570				817,570
Other loans (5)				3,184,458								228,808		2,109,721		5,522,987
Other non-financial assets														2,320,524		2,320,524
Total assets		2,138		3,184,458				4,546,108				1,769,165		5,240,059		14,741,928
Liabilities
Deposits				4,522,938		87,603		175		127,642		6,270,961		3,464,675		14,473,994
Liabilities at fair value through profit or loss														248,029		248,029
Other financial liabilities												77,887		18,124		96,011
Issued corporate bonds				434,236												434,236
Subordinated corporate bonds								217,808								217,808
Other non-financial liabilities														30,462		30,462
Total liabilities				4,957,174		87,603		217,983		127,642		6,348,848		3,761,290		15,500,540

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

(2) It includes the balance amounts from its subsidiary Macro Fondos SGFCISA.

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

(4) The maximum financing amount for loans and other financing as of December 31, 2022 for Macro Securities SAU, Fintech SGR, key management personnel and other related parties amounted to 6,823,491, 3,820,483, 1,988,047 and 25,374,987, respectively.

(5) It is related to Loans and other financing not disclosed in other items, mainly other loans, financing of foreign exchange transactions and loans with government securities.

Profit or loss related to transactions generated during the six-month periods ended June 30, 2023 and 2022 with related parties are as follows:

35

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

	As of June 30, 2023
	Main subsidiaries (1)
	Macro Bank Limited	Macro Securities SAU (2)		Argenpay SAU		Fintech SGR			Comercio Interior SA		Associate			Key management personnel (3)			Other related parties			Total
Income / (Loss)
Interest income			3,500							4,561					322,312			1,069,346			1,399,719
Interest expense												(21,880	)		(71,599	)		(27,483	)		(120,962	)
Commissions income			24,136									365			86			171,152			195,739
Commissions expense							(11,328	)							(27	)		(23,882	)		(35,237	)
Other operating income			62,179		16		1,408,893			302								45			1,471,435
Allowance for loan losses			56,808																		56,808
Administrative expense																		(588,848	)		(588,848	)
Other operating expense																		(66,171	)		(66,171	)
Total Income / (Loss)			146,623		16		1,397,565			4,863		(21,515	)		250,772			534,159			2,312,483

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

(2) It includes the balance amounts from its subsidiary Macro Fondos SGFCISA.

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

	As of June 30, 2022
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SAU (2)			Argenpay SAU		Fintech SGR			Associates			Key management personnel (3)			Other related parties			Total
Income / (Loss)
Interest income				2,352											228,368			1,326,521			1,557,241
Interest expense												(12,605	)		(74,388	)		(6,871	)		(93,864	)
Commissions income				3,544					425			153			39			64,609			68,770
Commissions expense									(6,776	)					(13	)		(1,720	)		(8,509	)
Other operating income		6		13,062			45											45			13,158
Administrative expense																		(374,810	)		(374,810	)
Other operating expense				(21,864	)													(67,009	)		(88,873	)
Total Income / (Loss)		6		(2,906	)		45		(6,351	)		(12,452	)		154,006			940,765			1,073,113

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

(2) It includes the balance amounts from its subsidiary Macro Fondos SGFCISA.

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

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

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

Total remunerations received as salary and bonus by the key management personnel as of June 30, 2023 and 2022, totaled 823,401 and 780,842, respectively.

36

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

In addition, fees received by the Directors as of June 30, 2023 and 2022 amounted to 1,785,547 and 1,709,513, respectively.

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

Composition	06/30/2023		12/31/2022
Board of Directors		22		22
Senior managers of the key management personnel		12		12
Total		34		34

16. DEPOSITS

The composition of deposits as of June 30, 2023 and December 31, 2022 is as follows:

Composition	06/30/2023		12/31/2022
Non-financial public sector		132,458,127		165,677,514
Financial sector		2,940,365		2,491,436
Non-financial private sector and foreign residents		1,767,395,664		1,783,749,529
Checking accounts		193,084,652		239,769,797
Saving accounts		602,496,136		632,469,875
Time deposits		936,283,828		857,409,872
Investment accounts		12,786,259		30,866,227
Other		22,744,789		23,233,758
Total		1,902,794,156		1,951,918,479

17. OTHER FINANCIAL LIABILITIES

The composition of the other financial liabilities as of June 30, 2023 and December 31, 2022 is as follows:

Composition	06/30/2023		12/31/2022
Credit and debit card settlement - due to merchants		105,951,974		110,768,068
Amounts payable for other spot purchases pending settlement		56,016,332		22,203,540
Amounts payable for spot purchases of foreign currency pending settlement		44,857,513		24,184,990
Payment orders pending to foreign exchange settlement		8,272,818		8,578,016
Collections and other transactions on account and behalf of others		5,252,879		4,228,029
Finance leases liabilities		3,088,707		2,961,277
Amounts payable for spot purchases of government securities pending settlement		513,568		14,737,377
Other		11,350,919		15,896,093
Total		235,304,710		203,557,390

37

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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.

Exhibit J “Changes in provisions” presents the changes in provisions as of June 30, 2023 and December 31, 2022.

The expected terms to settle these obligations are as follows:

	06/30/2023
Composition	Within 12 months		Over 12 months		06/30/2023		12/31/2022
For administrative, disciplinary and criminal penalties				500		500		754
Letters of credits, guarantees and other commitments (1)		900,993				900,993		1,049,898
Commercial claims in progress (2)		390,726		389,831		780,557		745,284
Labor lawsuits		354,044		152,033		506,077		401,364
Pension funds - reimbursement		462,877		347,397		810,274		781,268
Other		5,400		625,974		631,374		1,109,534
Total		2,114,040		1,515,735		3,629,775		4,088,102

(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 June 30, 2023 and December 31, 2022 is as follows:

Composition	06/30/2023		12/31/2022
Dividends payable (see note 31)		65,779,118
Withholdings		23,534,614		23,905,177
Salaries, bonuses and payroll taxes payables		14,937,479		16,527,838
Taxes payables		13,618,779		11,619,663
Miscellaneous payables		6,300,558		4,451,941
Retirement pension payment orders pending settlement		2,098,522		1,695,008
Directors’ and syndics’ fees payable		1,602,507		1,033,761
Other		5,150,985		5,272,216
Total		133,022,562		64,505,604

38

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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 June 30, 2023 and December 31, 2022:

06/30/2023	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		331,679,268
Debt securities at fair value through profit or loss				288,199,131		298,507,014
Derivative financial instruments				264,165
Repo transactions				135,279,894
Other financial assets		24,344,051		95,594,382		17,338,227
Loans and other financing (1)		2,264,217		667,818,660		223,090,708
Other debt securities				748,278,756		90,282,777
Financial assets delivered as guarantee		33,970,899		8,738,796
Equity instruments at fair value through profit or loss		1,416,756
Total assets		393,675,191		1,944,173,784		629,218,726
Liabilities
Deposits		845,981,115		1,056,769,744		43,297
Financial liabilities at fair value through profit or loss				1,436,683
Derivative financial instruments				11,049
Repo transactions				7,288,936
Other financial liabilities				231,581,690		3,723,020
Financing received from the BCRA and other financial institutions				3,940,981
Issued corporate bonds				3,269,680
Subordinated corporate bonds				1,910,881		102,387,657
Total liabilities		845,981,115		1,306,209,644		106,153,974

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

12/31/2022	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		376,837,561
Debt securities at fair value through profit or loss				287,310,038		30,709,102
Derivative financial instruments				64,641
Repo transactions				93,315,915
Other financial assets		17,253,575		52,341,273		17,716,726
Loans and other financing (1)		2,194,524		646,662,686		253,122,765
Other debt securities				1,033,119,055		78,164,818
Financial assets delivered as guarantee		46,139,041
Equity instruments at fair value through profit or loss		1,264,906
Total assets		443,689,607		2,112,813,608		379,713,411

39

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

12/31/2022	Without due date		Total up to 12 months		Total over 12 months
Liabilities
Deposits		964,834,012		987,053,309		31,158
Liabilities at fair value through profit or loss				792,624
Derivative financial instruments				3,572
Other financial liabilities				198,788,499		4,768,891
Financing received from the BCRA and other financial institutions				3,690,701
Issued corporate bonds				9,776		4,082,061
Subordinated corporate bonds				2,140,006		106,546,190
Total liabilities		964,834,012		1,192,478,487		115,428,300

(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 fiscal year 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 CPI 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 June 30, 2023 and December 31, 2022, all the conditions established by the income tax Law to practice the inflation adjustment are met (see section “Fiscal years 2019 and 2020” and “Fiscal year 2021” of this note).

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 progressive basis, to the taxable accumulated net profit at the end of each fiscal year.

40

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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

	06/30/2023						06/30/2022
Description	Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023			Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022
Current income tax expense		18,474,855			24,394,312			2,957,468			4,289,793
(Income) / Loss for deferred income taxes		(763,188	)		(282,689	)		1,389,288			3,833,241
Monetary effects		1,590,589			2,082,250			119,386			328,009
Income tax loss recorded in the statement of income		19,302,256			26,193,873			4,466,142			8,451,043
Income tax loss / (profit) recorded in other comprehensive income		1,162,630			725,645			(3,281,490	)		(3,704,921	)
Total		20,464,886			26,919,518			1,184,652			4,746,122

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, which is in progress.

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.

Fiscal year 2021

On October 17, 2022, Banco Macro SA filed a reimbursement action with the AFIP requesting that 382,189 (not restated) paid as income tax for the 2021 tax period be reimbursed.

On January 3, 2023, the AFIP notified the beginning of an income tax audit related to the abovementioned fiscal year, which is in progress.

Fiscal year 2022

On June 30, 2023, Banco Macro SA filed a reimbursement action with the AFIP requesting that 654,673 paid as income tax for the 2022 tax period be reimbursed.

41

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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). Currently, in connection with the file for the fiscal year 2018, the evidence stage is closed and the process for allegation was delivered.

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

	06/30/2023				06/30/2022
Description	Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022
Performance obligations satisfied at a point in time
Commissions related to obligations		16,899,606		33,847,460		16,120,063		32,045,972
Commissions related to credit cards		9,057,359		18,927,187		9,298,338		18,685,763
Commissions related to insurance		1,515,262		3,135,926		1,697,726		3,349,440
Commissions related to securities value		824,427		1,536,640		443,017		984,960
Commissions related to trading and foreign exchange transactions		608,402		1,243,617		592,721		1,205,839
Commissions related to loans and other financing		128,259		226,869		163,018		280,450
Commissions related to financial guarantees granted		15,397		17,625		541		1,963
Performance obligations satisfied over certain time period
Commissions related to credit cards		115,460		248,978		203,120		447,255
Commissions related to trading and foreign exchange transactions		25,436		50,907		12,831		35,169
Commissions related to loans and other financing		3,868		27,041		4,584		4,712
Commissions related to obligations		570		1,144		541		1,120
Total		29,194,046		59,263,394		28,536,500		57,042,643

42

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

24. DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

	06/30/2023				06/30/2022
Description	Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022
Translation of foreign currency assets and liabilities into pesos		75,479,252		120,602,109		11,277,258		18,446,667
Income from foreign currency exchange		346,647		618,103		319,879		952,435
Total		75,825,899		121,220,212		11,597,137		19,399,102

25. OTHER OPERATING INCOME

	06/30/2023				06/30/2022
Description	Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022
Services		4,179,219		8,066,741		3,287,626		6,687,595
Adjustments and interest from other receivables		1,028,941		2,167,435		630,160		1,406,751
Adjustments from other receivables with CER clauses		897,561		1,576,948		715,988		1,024,326
Other receivables for financial intermediation		323,923		480,956		414,792		926,871
Sale of investment in properties and other non-financial assets						6,554		39,133
Other		1,221,386		2,434,088		3,174,180		6,527,650
Total		7,651,030		14,726,168		8,229,300		16,612,326

26. EMPLOYEE BENEFITS

	06/30/2023				06/30/2022
Description	Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022
Remunerations		21,030,699		40,611,320		22,917,188		39,784,414
Payroll taxes		5,076,480		10,056,513		5,392,934		9,282,010
Compensations and bonuses to employees		3,546,041		7,060,423		3,225,945		6,323,728
Employee services		1,033,751		2,007,741		1,121,630		2,078,502
Total		30,686,971		59,735,997		32,657,697		57,468,654

43

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

27. ADMINISTRATIVE EXPENSES

	06/30/2023				06/30/2022
Description	Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022
Taxes		2,662,382		5,110,807		2,470,613		4,653,181
Maintenance, conservation and repair expenses		2,396,549		4,629,034		2,309,536		4,559,939
Fees to directors and syndics		1,946,640		2,528,646		476,824		1,174,927
Armored truck, documentation and events		1,828,399		3,839,248		2,035,779		4,002,737
Other fees		1,723,733		3,285,442		1,318,278		2,604,553
Security services		1,376,824		2,756,151		1,394,427		2,840,190
Electricity and communications		1,274,868		2,593,620		1,290,637		2,667,785
Software		1,243,739		2,212,127		943,183		2,012,318
Advertising and publicity		961,248		1,550,994		1,208,309		1,850,186
Hired administrative services		446,263		549,601		88,142		184,850
Representation, travel and transportation expenses		315,219		612,419		226,255		394,545
Insurance		147,729		267,184		148,186		315,588
Stationery and office supplies		112,861		242,162		100,374		197,119
Leases		72,778		129,390		71,397		142,109
Other		683,271		1,306,732		633,350		1,058,845
Total		17,192,503		31,613,557		14,715,290		28,658,872

28. OTHER OPERATING EXPENSES

	06/30/2023				06/30/2022
Description	Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022
Turnover tax		20,357,260		37,679,113		14,297,481		28,333,791
From credit cards		7,060,197		13,434,191		6,467,886		12,516,100
Charges for other provisions		965,667		1,785,078		1,140,992		2,222,966
Other adjustments and interests for miscellaneous obligations		923,994		1,517,111		606,258		744,769
Deposit guarantee fund contributions		697,997		1,448,469		695,284		1,389,857
Insurance claims		285,082		569,175		125,567		261,593
Donations		197,664		453,207		28,334		345,195
Taxes		62,518		119,721		138,017		317,305
Loss from sale or impairment of investment in properties and other non-financial assets		1		55,827
Loss from sale or impairment of property, plant and equipment						15,453		15,453
Other		6,431,861		9,425,231		3,246,950		6,213,379
Total		36,982,241		66,487,123		26,762,222		52,360,408

44

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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	06/30/2023		12/31/2022		06/30/2022		12/31/2021
Cash and deposits in banks		331,679,268		376,837,561		391,711,711		505,825,332
Debt Securities at fair value through profit or loss								14,265
Other debt securities		624,627,345		751,828,824		618,353,014		402,355,133
Loans and other financing		1,283,375		1,334,497		1,349,694		1,507,941
Total		957,589,988		1,130,000,882		1,011,414,419		909,702,671

30. CAPITAL STOCK

The Bank’s subscribed and paid-in capital from December 31, 2020 to June 30, 2023, amounted to 639,413. The capital stock composition is detailed in Exhibit K to the condensed separate 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.

In calculating the weighted average of outstanding common shares, the number of shares at the beginning of the year is adjusted, if applicable, by the number of common shares issued or withdrawn during the period, weighted by the number of days those shares have been outstanding. Note 30 provides a breakdown of the changes in the Bank's capital stock.

The calculation of basic earnings per share is provided in the “Earnings per share” table of the condensed consolidated interim income Statement. See also note 41.

45

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Dividends paid and proposed

During 2020 and 2021, the BCRA issued Communiqués that suspended the payment of earnings distributions resolved by the Shareholders’ Meetings. 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.

On December 16, 2021, the BCRA issued Communiqué “A” 7421, which established: (i) from January 1, 2022, through December 31, 2022, financial institutions were 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), which was paid during the fiscal year ended December 31, 2022 according to the schedule. Additionally, the balance of the dividends approved pending payment because they exceeded 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), representing 22,18 pesos per share, subject to prior authorization from the BCRA which, added to the dividends still to be paid because they exceeded the abovementioned limit, amounted to 21,016,844 (not restated) and were recorded in a “Reserve for dividends pending authorization from the BCRA”. Through Communiqué “A” 7719 issued on March 9, 2023, the BCRA established that from April 1, 2023 up to December 31, 2023, financial institutions, which have the BCRA’s authorization, will be allowed to distribute up to 40% of the amount of earnings that should have been distributed if the “Earnings distributions” rules had been applied, in 6 equal, monthly and consecutive installments.

Finally, the Shareholders’ Meeting held on April 25, 2023, decided to distribute a cash dividend and/or a dividend in kind, in this case measured at market value, for an amount of 75,040,918, representing 117.36 pesos per share, prior to BCRA authorization. On May 12, 2023 the BCRA authorized this earning distribution that shall be paid in 6 equal, monthly and consecutive installments. As of the date of issuance of these condensed consolidated interim financial statements, installments 5 and 6 are pending payment. See also note 41.

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 7.6859% interest in the capital stock of Sedesa according to the percentages disclosed by BCRA Communiqué “B” 12503 on March 22, 2023.

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 6,000 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.

46

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

33. RESTRICTED ASSETS

As of June 30, 2023 and December 31, 2022, the following Bank’s assets are restricted:

Composition		06/30/2023		12/31/2022
Cash and deposits in banks
·	Fondo de Riesgo Fintech SGR – Deposits in other entities (1).		118		87
Subtotal cash and deposits in banks			118		87
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).		8,548,930		7,143,886
·	Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07/25/2023, securing Interbanking SA.		5,224,082
·	Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07/25/2023, securing Coelsa SA.		3,134,449
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, to guarantee the Credit Program for Production Reactivation of the Province of San Juan. Auction N° 2.		332,572
·	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).		136,551		139,917
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, as of June 30, 2023 and Federal Government Treasury Bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023 as of December 31, 2022, securing the sectoral Credit Program of the Province of San Juan, production investment financing fund.		53,325		125,546
·	Federal government bonds in dual currency at discount - Maturity: 02/28/2024 as of June 30, 2023 and Government Treasury Bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023, as of December 31, 2022, 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).		22,137		22,438
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, as of June 30, 2023 and Federal Government Treasury Bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023 as of December 31, 2022, to guarantee the Regional Economies Competitiveness Program – IDB loan No. 3174/OC-AR.		5,625		50,752
·	Letters of National Estate in pesos adjusted by CER – Maturity: 02/17/2023.				224,395
	Subtotal Debt securities at fair value through profit or loss and Other debt securities		17,457,671		7,706,934
Other financial assets
·	Interests derived from contributions made as protector partner (2).		3,893,463		3,636,783
·	Financial instruments 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.		546,992		219,167
·	Fondo de Riesgo Fintech SGR – Mutual fund shares (1).		84,574		181,574
·	Sundry debtors – other.		12,732		13,240
·	Sundry debtors – attachment within the scope of the claim filed by the DGR against the CABA for turnover tax differences.		827		1,246
	Subtotal Other financial assets		4,538,588		4,052,010
Loans and other financing – non-financial private sector and foreign residents
·	Fondo de Riesgo Fintech SGR – Loans and other financing (1).		17,923		7,685
	Subtotal Loans and other financing		17,923		7,685

47

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Composition (contd.)		06/30/2023		12/31/2022
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.		25,336,295		37,405,957
·	For securities forward contracts		8,738,796
·	Guarantee deposits related to credit and debit card transactions.		4,274,442		6,092,894
·	Other guarantee deposits.		4,360,162		2,640,190
	Subtotal Financial assets delivered as guarantee		42,709,695		46,139,041
Other non-financial assets
·	Real property related to a call option sold.		3,773,628		3,700,961
·	Fondo de Riesgo Fintech SGR – Other non-financial assets (1).		3,252		19,525
	Subtotal Other non-financial assets		3,776,880		3,720,486
Total			68,500,875		61,626,243

(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 June 30, 2023 and December 31, 2022, 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, Total assets, Confibono 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, Confibono, Supercanal, Payway cobro anticipado and Solidario de Infraestructura Nasa IV) and certificates of participation (Arfintech).

As of June 30, 2023 and December 31, 2022, debt securities and certificates of participation in financial trusts for investment, amounted to 1,135,613 and 1,432,827, 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.

48

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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 June 30, 2023 and December 31, 2022, 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 2,636 and 17,600, respectively.

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 June 30, 2023 and December 31, 2022, 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 3,247,375 and 4,100,441, 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 June 30, 2023 and December 31, 2022, 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 31,979,616 and 26,837,355, respectively.

49

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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), and is registered in the “List of Authorized companies to guarantee capital market instruments”.

Additionally, the Bank’s shareholders’ equity as of June 30, 2023 stated in UVAs amounted to 2,723,404,561 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 June 30, 2023 stated in UVAs amounted to 64,547,126 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 June 30, 2023 stated in UVAs amounted to 11,703,580 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 June 30, 2023 stated in UVAs amounted to 994,293 and 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.

50

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

35.1.5 Operations of Comercio Interior SA

As mentioned in notes 1 and 12, on May 18, 2023, Banco Macro SA acquired 100% of Comercio Interior SA. Considering the current operations of this subsidiary and according to the provisions established by CNV effective as of the approval of General Resolution 622/2013, as amended, issued by such agency, this company is registered as its own clearing and settlement agent (“ALyC Propio”).

Additionally, the shareholders’ equity of such company as of June 30, 2023 stated in UVAs amounted to 1,779,412 and exceeds the minimum amount required by such General Resolution established in 470,350 UVAs. The minimum statutory guarantee account required a minimum of 50% of the minimum amount of Shareholders’ equity, which the company paid-in with Equity Instruments at fair value through profit or loss.

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. 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 in digital format is stored in CD rom, DVD rom and the Bank’s own servers.

35.3 As depositary of mutual funds

As of June 30, 2023 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		3,402,689,988		18,227,524
Argenfunds Ahorro Pesos		132,291,143		4,192,521
Argenfunds Gestión Pesos		100,000		100
Argenfunds Infraestructura		5,160,032		60,737
Argenfunds Inversión Dólares		1,000		218
Argenfunds Inversión Pesos		1,160,424,161		1,597,079
Argenfunds Liquidez		8,920,006,839		42,495,204
Argenfunds Renta Argentina		147,207,686		4,340,148
Argenfunds Renta Balanceada		472,571,819		7,450,465
Argenfunds Renta Capital		17,628,178		4,571,607
Argenfunds Renta Crecimiento		3,426,120		856,251
Argenfunds Renta Dinámica		93,526,001,565		8,269,552
Argenfunds Renta Fija		317,213,810		13,907,324
Argenfunds Renta Flexible		142,708,861		1,427,619
Argenfunds Renta Global		167,668,923		2,062,857
Argenfunds Renta Mixta		78,965		408
Argenfunds Renta Mixta Plus		1,169,551		269,090
Argenfunds Renta Pesos		68,597,805		2,305,295
Argenfunds Renta Total		548,961,979		1,709,435

51

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Funds (contd.)	Number of shares		Equity
Argenfunds Renta Variable		464,860,603		63,685
Argenfunds Retorno Absoluto		227,761,295		1,484,932
Pionero Acciones		26,284,113		6,610,302
Pionero Ahorro Dólares		22,352,950		5,519,323
Pionero Argentina Bicentenario		424,876,097		4,249,998
Pionero Capital		158,090,533		517,534
Pionero Crecimiento		1,594,736,601		2,551,723
Pionero Desarrollo		6,090,465,036		10,974,026
Pionero Empresas FCI Abierto Pymes		237,915,955		3,803,909
Pionero FF		52,813,222		2,671,309
Pionero Gestión		2,143,404,543		10,594,728
Pionero Infraestructura		1,044,848,171		1,471,788
Pionero Pesos		1,885,727,403		48,754,861
Pionero Pesos Plus		17,355,910,923		269,293,670
Pionero Recovery		100,000		100
Pionero Renta		64,932,874		13,829,448
Pionero Renta Ahorro		246,576,603		15,595,502
Pionero Renta Ahorro Plus		1,252,821,281		14,196,087
Pionero Renta Balanceado		9,953,117,732		24,980,329
Pionero Renta Estratégico		702,465,882		8,905,671
Pionero Renta Fija Dólares		3,464,737		696,344
Pionero Renta Mixta I		173,248,886		3,402,067
Pionero Retorno		3,837,907		6,340

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 June 2023 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		151,953,420
Other debt securities
Government securities computable for the minimum cash requirements		259,017,509
Financial assets delivered as guarantee
Special guarantee accounts with the BCRA		25,336,294
Total		436,307,223

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 June 30, 2023:

52

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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).

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). The fine imposed on Mr. Jorge Horacio Brito was abrogated due to his passing. On 02/09/2023 the CNACAF issued a sentence, dismissing the direct appeals, with cost. For this reason, the Bank filed a Federal extraordinary appeal, which was granted for the federal law interpretation but rejected on the grounds of alleged arbitrariness. Following the rejection, on 04/20/2023, the corresponding petition for denied appeal was filed with the Argentine Supreme Court of Justice (CSJN, for its acronym in Spanish). 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. 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. On 04/04/2023, the Bank filed a Defense Statement, being closed the evidence stage. As of the date of issuance of these condensed consolidated interim Financial Statements, the file is still pending.

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. On 01/26/2017 the fines imposed were paid. 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 CSJN which, as of the date of issuance of these condensed consolidated interim Financial Statements, 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).

53

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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”. As of the date of issuance of these condensed consolidated interim Financial Statements, court fees have been paid, the Attorney General has issued a resolution (stating that there were no formal restrictions to considering the appeals admissible) and the CNV has responded to the appeals. However, the notification to the Argentine Attorney General’s Office is still 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), Penalty amount: 50 (not restated).

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 resolved the lack of responsibility of Mr. Juan Martín Monge Varela, Luis Maria Blaquier and Mario Luis Vicens, and also imposed fines to the rest 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. The file was submitted to Courtroom V of CNACAF. On 05/11/2021, such Courtroom 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 submitted the file to the CSJN 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 was filed to CNACAF which was dismissed. On 08/27/2021 a Federal extraordinary appeal against such decision was filed. On 10/07/2021, the CNACAF dismissed the extraordinary appeal filed, passing the complaint appeal to CSJN. As of the date of issuance of these condensed consolidated interim Financial Statements, the petition file has not been resolved by the CSJN.

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.

54

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 45) 

(Figures stated in thousands of pesos in constant currency)

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 08/18/2021, it was resolved to set the case for the production of evidence. 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 06/30/2023		06/30/2023		12/31/2022
Subordinated Resettable – Class A	USD	400,000,000	(1)	USD	400,000,000		104,298,538		108,686,196
Non-subordinated – Class E	USD	17,000,000	(2)	USD	17,000,000		3,269,680		4,091,837
Total							107,568,218		112,778,033

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, in face value, 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.

55

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 45) 

(Figures stated in thousands of pesos in constant currency)

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 abovementioned Global Program, the Bank issued Class E non-subordinated simple corporate bonds 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, according to the current regulations, particularly the BCRA’s foreign exchange regulations, the Bank may opt to redeem, Class E Corporate Bonds in full, not partially, at a price equal to (a) 102% of the outstanding principal if the Bank decides to make the redemption from the date of issuance and settlement through the term of 9 months therefrom, including the last business day; (b) 101% of outstanding principal if the Bank decides to make the redemption within the term starting 9 months after the date of issuance and settlement until the Class E maturity date, in all cases, along with the additional amount and accrued and unpaid interest, excluding the redemption date.

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 June 30, 2023 and December 31, 2022, is as follows:

Composition	06/30/2023		12/31/2022
Custody of government and private securities and other assets held by third parties		1,208,906,860		1,092,392,603
Preferred and other collaterals received from customers (1)		300,089,793		282,530,990
Outstanding checks not yet paid		41,410,745		30,050,589
Checks already deposited and pending clearance		35,104,594		25,357,437

(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).

56

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 45) 

(Figures stated in thousands of pesos in constant currency)

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.

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.

57

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 45) 

(Figures stated in thousands of pesos in constant currency)

b) Through Communiqué “A” 6464, as amended, 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.

Additionally, 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. Moreover, 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 June 30, 2023 was 32,248,988 (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).

According to BCRA Communiqué “A” 7312, the earning distribution was suspended up to December 31, 2021. Through Communiqué “A” 7421, effective since January 1 and up to December 31, 2022, the BCRA allowed financial institutions, which had its authorization, to distribute their earnings up to 20% of the amount that would have been distributed in 12 equal, monthly and consecutive installments.

In addition, through Communiqué “A” 7659 the BCRA suspended the earnings distribution from January 1, 2023 up to December 31, 2023. Finally, through Communiqué “A” 7719, the BCRA established that from April 1, 2023 up to December 31, 2023, financial institutions, which have the BCRA’s authorization, will be allowed to distribute up to 40% of the amount of earnings that should have been distributed if the “Earnings distributions” rules had been applied, in 6 equal, monthly and consecutive installments.

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 previous comments, the General Regular Shareholders’ Meeting of Banco Macro SA held on April 29, 2022 considering that at the end of the fiscal year ended December 31, 2021, the Bank recorded a negative adjustment to unappropriated retained earnings as of December 31, 2021 for 8,920,325 (not restated) because the monetary effect accrued in relation to monetary items measured at fair value through other comprehensive income had been recorded in the previous period, resolved to distribute the unappropriated retained earnings for 18,202,171 (not restated) as follows (the abovementioned figures are stated in constant pesos 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.

58

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 45) 

(Figures stated in thousands of pesos in constant currency)

As it is also mentioned in note 31, the Shareholders’ Meeting of Banco Macro SA held on April 25, 2023 decided to applied the unappropriated retained earnings for an amount of 43,175,125 (not restated) as follows (the abovementioned figures are stated in constant pesos as of December 31, 2022):

a) 8,607,704 to the legal reserve;

b) 808,505 to the Personal Asset Tax on Business Companies (Impuesto sobre los Bienes Personales Sociedades y Participaciones), and;

c) 33,758,916 to a Facultative reserve for future distribution of earnings.

In addition, the shareholders decided to partially apply the Facultative reserve for future distribution of dividends up to 75,040,918 to pay cash dividends and/or a dividend in kind prior to BCRA authorization. On May 12, 2023 the BCRA authorized this earning distribution that shall be paid in 6 equal, monthly and consecutive installments. As of the date of issuance of these condensed consolidated interim Financial Statements, installments 5 and 6 were pending payment.

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

As a 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 45 to the consolidated Financial Statements as of December 31, 2022, already issued.

Additionally, the table below shows the minimum capital requirements measured on a consolidated basis, effective for the month of June 2023, together with the integration thereof (computable equity) as of the end of such month:

Item	06/30/2023
Minimum capital requirements	166,836,252
Computable equity	737,585,197
Capital surplus	570,748,945

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

During the second half of 2019, started a period with significant volatility for the market values of government and private financial instruments and also started a process of rescheduling maturities and swaps of certain government debt instruments. 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 debt restructuring process continued both under local and foreign legislation, including various voluntary swaps and the agreements reached regarding obligations with the Paris Club and the International Monetary Fund. At present, the Argentine Ministry of Economy is also engaged in entering into agreements within the framework of the review process carried out by the agency’s staff, among others. In particular, during March 2023, it was established that the jurisdictions, entities and funds related to the National Public Sector must proceed to the sale or auction of their holdings of certain national government securities denominated and payable in US dollars under domestic legislation. In turn, it was provided that certain holdings of securities under foreign legislation held by such jurisdictions, entities and funds must be delivered in exchange to the National Treasury for the government securities issued. Finally, the issuance of government securities payable in Pesos of the National Treasury was authorized up to the amount necessary for the exchange.

59

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 45) 

(Figures stated in thousands of pesos in constant currency)

Particularly, as from the end of 2019, the gap between the official exchange rate for the US dollar (primarily used for foreign trade) and alternative market values began to significantly widen, leading to increases in inflation levels and interest rates.

Finally, on August 13, 2023 the open primary elections was held to define, among other things, the political parties that will compete in the upcoming national general elections in October 2023. The day following this electoral event, there was an increase of about 22% in the US dollar official exchange rate and a decrease in the market price of government debt instruments in general. As of the date of issuance of these consolidated condensed interim financial statements, the abovementioned gap stands at about 99%

In addition, the local and international macroeconomic context generates certain degree of uncertainty regarding its future progress, considering the residual effects of the military conflict between Russia and Ukraine in the level of the global economic recovery.

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

44. 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 of the period, not disclosed in these condensed consolidated interim Financial Statements.

45. 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.

60 Jorge Pablo Brito
Chairperson

EXHIBIT B

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

COMMERCIAL	06/30/2023		12/31/2022
In normal situation		215,055,440		167,074,656
With senior “A” collateral and counter-collateral		24,040,722		21,699,597
With senior “B” collateral and counter-collateral		31,017,103		27,669,003
Without senior collateral or counter-collateral		159,997,615		117,706,056
Troubled		1,587,729		2,110,462
With senior “A” collateral and counter-collateral				108,240
With senior “B” collateral and counter-collateral		1,157,241		1,394,587
Without senior collateral or counter-collateral		430,488		607,635
With high risk of insolvency		978,347		1,214,910
With senior “A” collateral and counter-collateral				131,209
With senior “B” collateral and counter-collateral		861,145		895,446
Without senior collateral or counter-collateral		117,202		188,255
Subtotal commercial		217,621,516		170,400,028

61 Jorge Pablo Brito
Chairperson

EXHIBIT B

(continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

CONSUMER AND MORTGAGE	06/30/2023	12/31/2022
Performing	707,075,751	749,307,079
With senior “A” collateral and counter-collateral	55,682,713	49,754,933
With senior “B” collateral and counter-collateral	36,867,788	44,637,610
Without senior collateral or counter-collateral	614,525,250	654,914,536
Low risk	7,426,592	5,816,408
With senior “A” collateral and counter-collateral	172,503	89,472
With senior “B” collateral and counter-collateral	322,714	127,424
Without senior collateral or counter-collateral	6,931,375	5,599,512
Low risk - in special treatment	61,504	44,279
Without senior collateral or counter-collateral	61,504	44,279
Medium risk	4,774,630	3,981,935
With senior “A” collateral and counter-collateral	160,619	27,707
With senior “B” collateral and counter-collateral	65,627	102,768
Without senior collateral or counter-collateral	4,548,384	3,851,460
High risk	3,810,041	3,033,349
With senior “A” collateral and counter-collateral	30,905	34,215
With senior “B” collateral and counter-collateral	72,606	117,896
Without senior collateral or counter-collateral	3,706,530	2,881,238
Irrecoverable	1,758,185	1,359,230
With senior “A” collateral and counter-collateral	41,306	46,221
With senior “B” collateral and counter-collateral	242,790	215,060
Without senior collateral or counter-collateral	1,474,089	1,097,949
Subtotal consumer and mortgage	724,906,703	763,542,280
Total	942,528,219	933,942,308

62 Jorge Pablo Brito
Chairperson

EXHIBIT B

(continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

This exhibit discloses the contractual figures as established by the BCRA. The conciliation with the condensed consolidated interim Financial Statements is listed below.

	06/30/2023			12/31/2022
Loans and other financing		893,173,585			901,979,975
Added:
Allowances for loans and other financing		17,806,051			16,578,469
Adjustment amortized cost and fair value		5,359,615			2,542,156
Debt securities of financial trust - Measured at amortized cost		194,247			464,647
Corporate bonds		2,312,820			1,565,591
Subtract:
Interest and other accrued items receivable from financial assets with impaired credit value		(256,753	)		(236,030	)
Guarantees provided and contingent liabilities		23,938,654			11,047,500
Total computable items		942,528,219			933,942,308

63 Jorge Pablo Brito
Chairperson

EXHIBIT C

CONSOLIDATED CONCENTRATION OF LOANS AND FINANCING FACILITIES

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	06/30/2023				12/31/2022
Number of customers	Cut off balance		% of total portfolio		Cut off balance		% of total portfolio
10 largest customers		69,774,361		7.40		32,799,056		3.51
50 next largest customers		65,170,801		6.91		60,331,562		6.46
100 next largest customers		51,875,590		5.50		49,353,723		5.28
Other customers		755,707,467		80.19		791,457,967		84.75
Total (1)		942,528,219		100.00		933,942,308		100.00

(1) See reconciliation in Exhibit B.

64 Jorge Pablo Brito
Chairperson

EXHIBIT D

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

		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	108	17,442,379	902,787	105,599	185,997	250,411	87,705	18,974,986
Financial sector		215,739	243,630	388,130	2,323,085	1,742,655	968,025	5,881,264
Non-financial private sector and foreign residents	5,604,262	410,888,807	111,454,631	127,345,775	173,048,941	178,278,792	194,990,358	1,201,611,566
Total	5,604,370	428,546,925	112,601,048	127,839,504	175,558,023	180,271,858	196,046,088	1,226,467,816

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

		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	163	2,040,936	866,061	156,770	281,756	441,061	260,536	4,047,283
Financial sector		74,012	99,680	841,834	306,653	460,695	140,745	1,923,619
Non-financial private sector and foreign residents	5,243,178	395,737,193	109,642,520	133,258,481	168,534,686	180,475,431	228,427,090	1,221,318,579
Total	5,243,341	397,852,141	110,608,261	134,257,085	169,123,095	181,377,187	228,828,371	1,227,289,481

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

65 Jorge Pablo Brito
Chairperson

EXHIBIT F

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

									Depreciation of the period
Item	Original value at beginning of fiscal year	Total life estimated in years	Increases	Decreases	Transfers		Difference for conversion		Accumulated	Transfers	Decrease	Difference for conversion	Of the period	At the end	Residual value at the end of the period
Cost
Real property	143,454,133	50	99,208	74,229	451,540				17,075,601		10,273		1,612,816	18,678,144	125,252,508
Furniture and facilities	22,274,915	10	309,744		358,727		3		11,318,084				929,739	12,247,823	10,695,566
Machinery and equipment	32,341,418	5	1,907,256	1,031	61,316		46		23,133,235		1,031	168	2,091,413	25,223,785	9,085,220
Vehicles	4,332,050	5	740,410	248,601			(446	)	3,482,767		201,006	1	219,710	3,501,472	1,321,941
Other	1,248	3					33		494			23	203	720	561
Work in progress	1,953,460		2,072,528		(871,583	)									3,154,405
Right of use real property	12,238,229	5	761,241	600,337			(1,585	)	8,215,312		302,680	5,782	1,092,670	9,011,084	3,386,464
Right of use furniture		5	992,443										36,817	36,817	955,626
Total property, plant and equipment	216,595,453		6,882,830	924,198			(1,949	)	63,225,493		514,990	5,974	5,983,368	68,699,845	153,852,291

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

									Depreciation of the fiscal year
Item	Original value at beginning of fiscal year	Total life estimated in years	Increases	Decreases	Transfers		Difference for conversion		Accumulated	Transfers		Decrease	Difference for conversion		For the fiscal year	At the end	Residual value at the end of the fiscal year
Cost
Real property	140,679,206	50	897,336	184,086	2,061,677				14,140,809	(118,326	)	31,634			3,084,752	17,075,601	126,378,532
Furniture and facilities	19,406,500	10	623,258	2,492	2,247,921		(272	)	9,560,711	7		827	(220	)	1,732,649	11,292,320	10,982,595
Machinery and equipment	27,602,012	5	3,162,732	8,424	1,585,370		(272	)	19,056,143	(2,313	)	8,075	(688	)	4,056,514	23,101,581	9,239,837
Vehicles	3,922,231	5	677,987	265,954	(13,875	)	11,661		3,216,143	(1,053	)	173,802	22		396,366	3,437,676	894,374
Other	2,620	3					(1,372	)	1,248				(1,595	)	841	494	754
Work in progress	4,655,780		4,083,108		(6,785,428	)											1,953,460
Right of use real property	11,081,057	5	1,306,783	144,947			(4,664	)	6,185,415			89,945	(383	)	2,103,064	8,198,151	4,040,078
Total property, plant and equipment	207,349,406		10,751,204	605,903	(904,335	)	5,081		52,160,469	(121,685	)	304,283	(2,864	)	11,374,186	63,105,823	153,489,630

66 Jorge Pablo Brito
Chairperson

EXHIBIT F

(Continued)

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

							Depreciation of the period
Item	Original Value at beginning of fiscal year	Useful life estimated in years	Increases	Decreases	Transfers	Difference for conversion	Accumulated	Transfers	Decrease	Of the period	At the end	Residual value at the end of the period
Cost
Leased properties	597,631	50					90,350			5,159	95,509	502,122
Other investment properties	13,007,131	50	669,952	27,894		18	420,287		18,368	164,860	566,779	13,082,428
Total investment property	13,604,762		669,952	27,894		18	510,637		18,368	170,019	662,288	13,584,550

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

									Depreciation for the fiscal year
Item	Original Value at beginning of fiscal year	Useful life estimated in years	Increases	Decreases	Transfers (1)		Difference for conversion		Accumulated	Transfers (1)		Decrease	For the fiscal year	At the end	Residual value at the end of the fiscal year
Cost
Leased properties	678,049	50	1,743		(82,161	)			24,495	57,918			7,937	90,350	507,281
Other investment properties	2,065,597	50	15,032,690	39,665	(4,051,485	)	(6	)	166,405	(8,589	)	3,462	265,933	420,287	12,586,844
Total investment property	2,743,646		15,034,433	39,665	(4,133,646	)	(6	)	190,900	49,329		3,462	273,870	510,637	13,094,125

(1) During the fiscal year 2022, under this item transfers were made to Non-current assets held for sale.

67 Jorge Pablo Brito
Chairperson

EXHIBIT G

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

										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		16,818,699		5		1,024,447					11,777,652					1,442,156		13,219,808		4,623,338
Other intangible assets		58,564,717		5		5,891,530		67,102			37,364,039			108		4,641,695		42,005,626		22,383,519
Total intangible assets		75,383,416				6,915,977		67,102			49,141,691			108		6,083,851		55,225,434		27,006,857

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

												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		14,706,600		5		1,976,494				135,605			8,996,308		5,087					2,776,257		11,777,652		5,041,047
Other intangible assets		47,736,461		5		10,999,000		50,567		(120,177	)		28,778,762		(2,006	)		1,979		8,552,522		37,327,299		21,237,418
Total intangible assets		62,443,061				12,975,494		50,567		15,428			37,775,070		3,081			1,979		11,328,779		49,104,951		26,278,465

68 Jorge Pablo Brito
Chairperson

EXHIBIT H

CONSOLIDATED DEPOSIT CONCENTRATION

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	06/30/2023				12/31/2022
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		241,257,153		12.68		231,517,557		11.86
50 next largest customers		227,148,016		11.94		198,776,322		10.18
100 next largest customers		89,192,618		4.69		92,761,665		4.75
Other customers		1,345,196,369		70.69		1,428,862,935		73.21
Total		1,902,794,156		100.00		1,951,918,479		100.00

69 Jorge Pablo Brito
Chairperson

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	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		1,794,777,285		140,909,040		13,062,430		1,613,699		94,926		6,493		1,950,463,873
From the non-financial government sector		130,696,596		3,752,438		1,558,394		5,922				1,697		136,015,047
From the financial sector		2,940,365												2,940,365
From the non-financial private sector and foreign residents		1,661,140,324		137,156,602		11,504,036		1,607,777		94,926		4,796		1,811,508,461
Liabilities at fair value through profit or loss		1,436,683												1,436,683
Derivative instruments				125		10,624		300						11,049
Repo transactions		7,409,956		13,334										7,423,290
Other financial institutions		7,409,956		13,334										7,423,290
Other financial liabilities		229,863,908		576,201		551,093		946,641		1,477,806		2,996,162		236,411,811
Financing received from the Central Bank of Argentina and other financial institutions		1,596,838		1,141,583		1,116,623		147,955						4,002,999
Issued corporate bonds				12,018		12,018		3,312,062						3,336,098
Subordinated corporate bonds						3,402,433		3,402,433		6,804,866		112,643,944		126,253,676
Total		2,035,084,670		142,652,301		18,155,221		9,423,090		8,377,598		115,646,599		2,329,339,479

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

70 Jorge Pablo Brito
Chairperson

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	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		1,788,334,918		171,081,522		29,764,822		2,866,191		18,526		55,511		1,992,121,490
From the non-financial government sector		162,420,440		5,100,503		1,536,493		6,776						169,064,212
From the financial sector		2,491,436												2,491,436
From the non-financial private sector and foreign residents		1,623,423,042		165,981,019		28,228,329		2,859,415		18,526		55,511		1,820,565,842
Liabilities at fair value through profit or loss		792,624												792,624
Derivative instruments		2,584		988										3,572
Other financial liabilities		197,050,522		642,327		583,245		1,109,777		1,846,783		4,265,784		205,498,438
Financing received from the Central Bank of Argentina and other financial institutions		440,565		779,713		2,436,354		67,760						3,724,392
Issued corporate bonds				15,029		14,539		30,058		4,142,017				4,201,643
Subordinated corporate bonds						3,540,309		3,540,309		7,080,617		120,748,858		134,910,093
Total		1,986,621,213		172,519,579		36,339,269		7,614,095		13,087,943		125,070,153		2,341,252,252

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

71 Jorge Pablo Brito
Chairperson

EXHIBIT J

CONSOLIDATED CHANGES IN PROVISIONS

AS OF JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

					Decreases
Item	Amounts at beginning of fiscal year		Increases		Reversals	Charge off		Monetary effects generated by provisions			06/30/2023
Provisions for eventual commitments		1,049,898		233,044					(381,949	)		900,993
For administrative, disciplinary and criminal penalties		754							(254	)		500
Other		3,037,450		1,566,259			751,391		(1,124,036	)		2,728,282
Total provisions		4,088,102		1,799,303			751,391		(1,506,239	)		3,629,775

CONSOLIDATED CHANGES IN PROVISIONS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

					Decreases
Item	Amounts at beginning of fiscal year		Increases		Reversals	Charge off		Monetary effects generated by provisions			12/31/2022
Provisions for eventual commitments		1,001,196		723,288					(674,586	)		1,049,898
For administrative, disciplinary and criminal penalties		1,464							(710	)		754
Other		3,815,638		3,959,670			2,690,031		(2,047,827	)		3,037,450
Total provisions		4,818,298		4,682,958			2,690,031		(2,723,123	)		4,088,102

72 Jorge Pablo Brito
Chairperson

EXHIBIT L

CONSOLIDATED FOREIGN CURRENCY AMOUNTS

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	06/30/2023										12/31/2022
			Total per currency								Total
Item	Total parent company and local branches		US dollar		Euro		Real		Other
Assets
Cash and deposits in banks		276,583,698		273,774,477		1,982,236		63,300		763,685		317,385,745
Debt securities at fair value through profit or loss (1)		577,971,428		577,971,428								268,116,488
Other financial assets		26,355,202		26,354,669		533						23,618,241
Loans and other financing		59,033,775		58,980,547		53,228						54,155,162
From the non-financial private sector and foreign residents		59,033,775		58,980,547		53,228						54,155,162
Other debt securities		103,506,381		103,506,381								81,119,074
Financial assets delivered as guarantee		9,379,492		9,362,676		16,816						7,380,203
Equity Instruments at fair value through profit or loss		179,035		179,035								240,185
Total assets		1,053,009,011		1,050,129,213		2,052,813		63,300		763,685		752,015,098
Liabilities
Deposits		237,305,738		236,463,995		841,743						257,696,701
Non-financial government sector		9,770,247		9,770,247								9,286,633
Financial sector		2,255,941		2,255,941								2,108,483
Non-financial private sector and foreign residents		225,279,550		224,437,807		841,743						246,301,585
Liabilities at fair value through profit or loss		1,436,683		1,436,683								792,624
Other financial liabilities		26,597,059		26,114,575		342,495				139,989		24,257,643
Financing from Central Bank of Argentina and other financial institutions		3,487,715		3,434,327		53,388						3,612,791
Issued corporate bonds		3,269,680		3,269,680								4,091,837
Subordinated corporate bonds		104,298,538		104,298,538								108,686,196
Other non-financial liabilities		858,930		858,930								81,464
Total liabilities		377,254,343		375,876,728		1,237,626				139,989		399,219,256

(1) Mainly including Argentine government discount bonds in dual currency for 508,095,538 and Argentine government Treasury bonds tied to the US dollar for 41,797,361.

73 Jorge Pablo Brito
Chairperson

EXHIBIT Q

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	Net financial Income / (Loss)
	Mandatory measurement
Item	Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023			Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022
For measurement of financial assets at fair value through profit or loss
Gain from government securities		43,942,350			59,920,137			6,240,001			9,786,600
Gain from private securities		7,999,145			4,217,889			8,784,431			9,165,641
Gain from derivative financial instruments
Forward transactions		418,374			659,104			15,218			15,218
Gain / (Loss) from other financial assets		151,215			172,206			(9,610	)		(15,988	)
(Loss) / Gain from equity instruments at fair value through profit or loss		(37,983	)		25,012			571,463			10,233,660
Gain from sales or decreases of financial assets at fair value (1)		1,842,048			1,218,397			316,019			2,860,049
For measurement of financial liabilities at fair value through profit or loss
Loss from derivative financial instruments
Options		(2,430,011	)		(2,946,102	)
Total		51,885,138			63,266,643			15,917,522			32,045,180

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

74 Jorge Pablo Brito
Chairperson

EXHIBIT Q

(Continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	Net financial Income / (Loss)
Interest and adjustment for the application of the effective interest rate of financial assets and financial liabilities measured at amortized cost	Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022
Interest income
for cash and bank deposits	752,047		1,433,308		33,613		40,780
for government securities	152,698,248		290,413,213		45,827,846		49,945,486
for private securities	89,780		211,502		47,759		111,294
for loans and other financing
Non-financial public sector	3,230,125		3,709,289		553,794		1,252,438
Financial sector	247,176		378,944		168,981		401,984
Non-financial private sector	0
Overdrafts	15,969,747		27,529,211		8,297,703		14,705,798
Documents	13,908,553		25,149,130		8,002,344		15,717,222
Mortgage loans	17,087,245		30,708,216		15,147,645		26,968,562
Pledge loans	1,121,495		2,114,012		1,182,408		2,493,017
Personal loans	30,386,395		62,504,756		34,156,893		69,062,862
Credit cards	23,395,307		45,907,459		13,789,373		26,638,147
Financial leases	120,702		263,333		99,842		215,429
Other	17,131,241		30,954,243		8,400,130		17,902,809
for repo transactions
Central Bank of Argentina	18,353,302		26,662,312		1,241,601		2,246,434
Other financial institutions			19,916		265,820		353,912
Total	294,491,363		547,958,844		137,215,752		228,056,174
Interest expenses
for Deposits
Non-financial Private sector
Checking accounts	(13,414,202	)	(20,730,055	)	(2,852,357	)	(3,941,432	)
Saving accounts	(2,141,022	)	(3,726,794	)	(1,447,739	)	(2,441,697	)
Time deposits and investments accounts	(178,600,455	)	(327,854,541	)	(83,901,690	)	(146,997,761	)
for financing received from Central Bank of Argentina and other financial institutions	(220,457	)	(483,341	)	(155,535	)	(268,131	)
for repo transactions
Other financial institutions	(2,266,299	)	(3,801,516	)	(688,594	)	(1,237,664	)
for other financial liabilities	(896,959	)	(1,358,530	)	(291,187	)	(404,099	)
for issued corporate bonds	(19,554	)	(39,451	)	(121,836	)	(404,485	)
for other subordinated corporate bonds	(1,620,421	)	(3,283,421	)	(1,739,340	)	(3,575,856	)
Total	(199,179,369	)	(361,277,649	)	(91,198,278	)	(159,271,125	)

75 Jorge Pablo Brito
Chairperson

EXHIBIT Q

(Continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	Income of the period				Other comprehensive income				Income of the period				Other comprehensive income
Interest and adjustment for the application of the effective interest rate of financial assets measured at fair value through other comprehensive income	Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022
for debt government securities		12,630,098		42,147,799		3,517,211		1,189,476		69,840,994		153,102,114		(8,397,735	)		(12,498,093	)
Total		12,630,098		42,147,799		3,517,211		1,189,476		69,840,994		153,102,114		(8,397,735	)		(12,498,093	)

	Income of the period
Item	Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023			Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022
Commissions income
Commissions related to obligations		16,900,176			33,848,604			16,120,604			32,047,092
Commissions related to credits		132,127			253,910			167,602			285,162
Commissions related to loans commitments and financial guarantees		15,397			17,625			541			1,963
Commissions related to securities value		824,426			1,536,640			443,017			984,960
Commissions for credit cards		9,172,820			19,176,165			9,501,458			19,133,018
Commissions for insurances		1,515,262			3,135,926			1,697,726			3,349,440
Commissions related to trading and foreign exchange transactions		633,838			1,294,524			605,552			1,241,008
Total		29,194,046			59,263,394			28,536,500			57,042,643
Commissions expenses
Commissions related to trading with debt securities		(38,768	)		(76,515	)		(4,958	)		(9,362	)
Commissions related to trading and foreign exchange transactions		(211,951	)		(339,793	)		(45,276	)		(136,140	)
Other
Commissions paid ATM exchange		(1,712,474	)		(3,482,523	)		(1,973,752	)		(3,797,634	)
Checkbooks commissions and clearing houses		(593,757	)		(1,182,013	)		(502,835	)		(977,586	)
Credit cards and foreign trade commissions		(297,700	)		(571,865	)		(281,849	)		(561,409	)
Total		(2,854,650	)		(5,652,709	)		(2,808,670	)		(5,482,131	)

76 Jorge Pablo Brito
Chairperson

EXHIBIT R

VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

			Movements between stages of the period
						ECL of remaining 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 allowances			06/30/2023
Other financial assets		137,181		28,830								(52,737	)		113,274
Loans and other financing		16,578,469		3,160,056			1,322,844		3,548,276			(6,803,594	)		17,806,051
Other financial institutions		12,267		12,551								(5,925	)		18,893
To the non-financial private sector and foreign residents
Overdrafts		793,892		358,244			32,048		232,461			(361,169	)		1,055,476
Documents		853,118		388,559			190,757		77,887			(354,231	)		1,156,090
Mortgage loans		1,799,008		(267,541	)		245,617		412,557			(686,245	)		1,503,396
Pledge loans		285,751		(38,673	)		54,437		(22,798	)		(118,483	)		160,234
Personal loans		6,249,758		1,150,100			121,205		1,362,475			(2,476,566	)		6,406,972
Credit cards		4,167,522		1,076,664			358,828		1,407,212			(1,819,531	)		5,190,695
Financial leases		32,601		(4,756	)		1,608		6,566			(17,313	)		18,706
Other		2,384,552		484,908			318,344		71,916			(964,131	)		2,295,589
Eventual commitments		1,049,898		248,293			1,674					(398,872	)		900,993
Other debt securities		1,199		2,900								(828	)		3,271
Total of allowances		17,766,747		3,440,079			1,324,518		3,548,276			(7,256,031	)		18,823,589

VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

			Movements between stages for the fiscal year
						ECL of remaining 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 allowances			12/31/2022
Other financial assets		77,628		125,665									(66,112	)		137,181
Loans and other financing		28,269,683		3,566,441			(3,702,469	)		2,011,570			(13,566,756	)		16,578,469
Other financial institutions		10,714		6,562									(5,009	)		12,267
To the non-financial private sector and foreign residents
Overdrafts		2,079,110		395,882			6,743			(837,075	)		(850,768	)		793,892
Documents		2,822,438		(46,752	)		(689,379	)		29,642			(1,262,831	)		853,118
Mortgage loans		5,864,996		427,073			(3,652,496	)		1,285,477			(2,126,042	)		1,799,008
Pledge loans		362,655		141,109			(26,338	)		(19,712	)		(171,963	)		285,751
Personal loans		7,280,881		1,496,495			796,214			825,045			(4,148,877	)		6,249,758
Credit cards		4,741,037		1,000,862			802,927			480,854			(2,858,158	)		4,167,522
Financial leases		42,910		19,884			54			(7,076	)		(23,171	)		32,601
Other		5,064,942		125,326			(940,194	)		254,415			(2,119,937	)		2,384,552
Eventual commitments		1,001,196		650,722			144,549						(746,569	)		1,049,898
Other debt securities		1,593		583			0						(977	)		1,199
Total of allowances		29,350,100		4,343,411			(3,557,920	)		2,011,570			(14,380,414	)		17,766,747

77 Jorge Pablo Brito
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

Items	Notes		Exhibits	06/30/2023		12/31/2022
ASSETS
Cash and deposits in banks		9			313,700,287		361,653,785
Cash					79,230,083		41,605,402
Central Bank of Argentina					151,953,420		216,267,696
Other local and foreign entities					82,371,985		103,762,427
Other					144,799		18,260
Debt securities at fair value through profit or loss		9	A		557,484,620		296,445,772
Derivative financial instruments		9			264,165		64,641
Repo transactions		9			135,279,894		93,315,915
Other financial assets		5, 7 and 9	R		88,167,509		65,186,103
Loans and other financing		6, 7 and 9	B, C, D and R		895,368,221		901,640,769
Non-financial public sector					18,564,047		3,325,438
Other financial entities					2,108,339		1,397,322
Non-financial private sector and foreign residents					874,695,835		896,918,009
Other debt securities		7 and 9	A and R		825,515,196		1,099,161,165
Financial assets delivered as guarantee		9 and 30			39,937,418		45,349,084
Equity instruments at fair value through profit or loss		8 and 9	A		1,071,888		1,063,719
Investment in subsidiaries, associates and joint arrangements		11			29,362,493		26,823,165
Property, plant and equipment			F		153,662,660		153,379,706
Intangible assets			G		26,640,931		26,102,136
Other non-financial assets		12			16,546,998		17,319,170
Non-current assets held for sale					13,034,615		13,344,711
TOTAL ASSETS					3,096,036,895		3,100,849,841

78 Jorge Pablo Brito
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

Items	Notes		Exhibits	06/30/2023		12/31/2022
LIABILITIES
Deposits		9 and 14	H and I		1,884,223,265		1,940,609,656
Non-financial public sector					132,458,127		165,677,514
Financial sector					2,940,365		2,491,436
Non-financial private sector and foreign residents					1,748,824,773		1,772,440,706
Liabilities at fair value through profit or loss		9			36,856		0
Derivative financial instruments		9	I		11,049		3,572
Repo transactions		9	I		7,288,936		0
Other financial liabilities		9 and 15	I		176,082,776		173,141,448
Financing received from the Central Bank of Argentina and other financial institutions		9	I		3,940,285		3,689,992
Issued corporate bonds		9 and 35	I		4,360,501		4,526,074
Current income tax liabilities		20			22,030,349		13,494,818
Subordinated corporate bonds		9 and 35	I		104,586,151		108,904,004
Provisions		16	J and R		3,604,679		4,072,668
Deferred income tax liabilities					19,692,480		19,921,013
Other non-financial liabilities		17			127,343,740		60,379,945
TOTAL LIABILITIES					2,353,201,067		2,328,743,190
SHAREHOLDERS’ EQUITY
Capital stock		28	K		639,413		639,413
Non-capital contributions					12,429,781		12,429,781
Adjustments to shareholders’ equity					267,739,472		267,739,472
Earnings reserved					404,346,106		426,193,840
Unappropriated retained earnings					295,066		205,840
Accumulated Other Comprehensive Income					1,170,407		47,294
Net income of the period / fiscal year					56,215,583		64,851,011
TOTAL SHAREHOLDERS’ EQUITY					742,835,828		772,106,651
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES					3,096,036,895		3,100,849,841

The notes 1 to 42 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.

79 Jorge Pablo Brito
Chairperson

CONDENSED SEPARATE STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

Items	Notes		Exhibits		Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023			Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022
Interest income				Q		306,336,768			588,691,166			206,776,735			380,581,585
Interest expense				Q		(198,352,170	)		(360,037,499	)		(90,918,199	)		(158,882,980	)
Net interest income						107,984,598			228,653,667			115,858,536			221,698,605
Commissions income		21		Q		28,565,688			58,109,096			28,271,874			56,416,994
Commissions expense				Q		(2,222,608	)		(4,498,392	)		(2,347,572	)		(4,562,014	)
Net commissions income						26,343,080			53,610,704			25,924,302			51,854,980
Subtotal (Net interest income plus Net commissions income)						134,327,678			282,264,371			141,782,838			273,553,585
Net gain from measurement of financial instruments at fair value through profit or loss				Q		48,487,987			55,235,019			12,141,315			26,802,320
Profit from sold or derecognized assets at amortized cost						1			75			(9	)		(9	)
Differences in quoted prices of gold and foreign currency		22				75,169,953			120,161,077			10,850,780			18,758,614
Other operating income		23				5,567,048			10,677,193			7,180,860			13,575,115
Allowances for loan losses						(5,526,227	)		(9,819,667	)		(1,653,728	)		(3,537,036	)
Net operating income						258,026,440			458,518,068			170,302,056			329,152,589
Employee benefits		24				(29,697,700	)		(57,872,381	)		(32,046,507	)		(56,318,348	)
Administrative expenses		25				(16,487,476	)		(30,319,017	)		(14,341,362	)		(27,992,353	)
Depreciation and amortization of fixed assets				F and G		(6,063,012	)		(12,021,089	)		(5,610,271	)		(11,073,221	)
Other operating expenses		26				(36,153,776	)		(64,920,237	)		(25,981,112	)		(51,563,496	)
Operating income						169,624,476			293,385,344			92,322,804			182,205,171
Income from subsidiaries, associates and joint arrangements		11				389,933			1,930,150			1,407,501			2,451,254
Loss on net monetary position						(106,899,626	)		(214,164,188	)		(81,349,266	)		(153,737,306	)
Income before tax on continuing operations						63,114,783			81,151,306			12,381,039			30,919,119
Income tax on continuing operations		20.b)				(18,984,204	)		(24,935,723	)		(3,439,515	)		(6,754,985	)
Net income from continuing operations						44,130,579			56,215,583			8,941,524			24,164,134
Net income of the period						44,130,579			56,215,583			8,941,524			24,164,134

80 Jorge Pablo Brito
Chairperson

SEPARATE EARNINGS PER SHARE

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

Items	Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022
Net profit attributable to parent’s shareholders		44,130,579		56,215,583		8,941,524		24,164,134
Plus: Potential diluted earnings per common share
Net profit attributable to parent’s shareholders adjusted as per diluted earnings		44,130,579		56,215,583		8,941,524		24,164,134
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)		69.0173		87.9175		13.9840		37.7911

81 Jorge Pablo Brito
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

Items	Notes		Exhibits		Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023			Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022
Net income of the period						44,130,579			56,215,583			8,941,524			24,164,134
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences in Financial Statements conversion						(61,131	)		(323,498	)		(334,398	)		(987,120	)
Foreign currency translation differences of the period						(61,131	)		(323,498	)		(334,398	)		(987,120	)
Profit or loss from financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a))						2,159,169			1,347,627			(6,094,195	)		(6,880,567	)
Income / (Loss) of the period from interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method				Q		3,463,168			1,090,492			(8,048,831	)		(12,077,437	)
Adjustment for reclassification of the period						(141,369	)		982,780			(1,326,854	)		1,491,949
Income tax		20.b)				(1,162,630	)		(725,645	)		3,281,490			3,704,921
Interest in Other Comprehensive Income / (Loss) of associates and joint ventures accounted for using the participation method						54,043			98,984			(348,904	)		(420,656	)
Income / (Loss) of the period from interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method						54,043			98,984			(348,904	)		(420,656	)
Total Other Comprehensive Income / (Loss) that will be reclassified to profit or loss						2,152,081			1,123,113			(6,777,497	)		(8,288,343	)
Total Other Comprehensive Income / (Loss)						2,152,081			1,123,113			(6,777,497	)		(8,288,343	)
Total Comprehensive Income of the period						46,282,660			57,338,696			2,164,027			15,875,791

The notes 1 to 42 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.

82 Jorge Pablo Brito
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

			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	267,739,472	678,162		(630,868	)	152,859,531	273,334,309		65,056,851		772,106,651
Total comprehensive income of the period
-	Net income of the period												56,215,583		56,215,583
-	Other comprehensive income of the period					(323,498	)	1,446,611							1,123,113
Distribution of unappropriated retained earnings, as approved by the shareholders’ meeting held on April 25, 2023
-	Legal reserve									12,970,203			(12,970,203	)
-	Reserve for dividends pending Central Bank of Argentina’s authorization (1)										(34,817,937	)	(50,868,381	)	(85,686,318	)
-	Personal assets tax on shares and equity interests												(923,201	)	(923,201	)
Amount at the end of the period			639,413	12,429,781	267,739,472	354,664		815,743		165,829,734	238,516,372		56,510,649		742,835,828

(1) See Note 31 to the condensed consolidated interim Financial Statements.

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

			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	267,739,472	1,761,544		6,661,993		142,174,241	215,406,165	53,426,448		700,239,057
Total comprehensive income of the period
-	Net income of the period											24,164,134		24,164,134
-	Other comprehensive loss of the period					(987,120	)	(7,301,223	)					(8,288,343)
Distribution of unappropriated retained earnings, as approved by the shareholders’ meeting held on April 29, 2022
-	Legal reserve									10,685,290		(10,685,290	)
-	Reserve for dividends pending Central Bank of Argentina’s authorization										57,928,144	(41,643,812	)	16,284,332
-	Personal assets tax on shares and equity interests											(891,506	)	(891,506)
Amount at the end of the period			639,413	12,429,781	267,739,472	774,424		(639,230)		152,859,531	273,334,309	24,369,974		731,507,674

The notes 1 to 42 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.

83 Jorge Pablo Brito
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

Items	Notes	06/30/2023			06/30/2022
Cash flows from operating activities
Income of the period before income tax			81,151,306			30,919,119
Adjustment for the total monetary effect of the period			214,164,188			153,737,306
Adjustments to obtain cash flows from operating activities:						-
Amortization and depreciation			12,021,089			11,073,221
Allowance for loan losses			9,819,667			3,537,036
Difference in quoted prices of foreign currency			(72,505,732	)		(40,218,887	)
Other adjustments			183,835,877			68,756,488
Net increase / (decrease) from operating assets:
Debt securities at fair value through profit or loss			(261,038,848	)		(112,112,426	)
Derivative financial instruments			(199,524	)		(17,016	)
Repo transactions			(41,963,979	)		24,706,806
Loans and other financing						-
Non-financial public sector			(15,238,609	)		(16,127	)
Other financial entities			(711,017	)		2,851,615
Non-financial private sector and foreign residents			12,402,507			59,758,111
Other debt securities			116,185,395			35,489,152
Financial assets delivered as guarantee			5,411,666			8,299,568
Equity instruments at fair value through profit or loss			(8,169	)		5,094,821
Other assets			(24,532,024	)		32,933,035
Net increase / (decrease) from operating liabilities:
Deposits
Non-financial public sector			(33,219,387	)		15,058,269
Financial sector			448,929			(184,104	)
Non-financial private sector and foreign residents			(23,615,933	)		106,307,238
Liabilities at fair value through profit or loss			36,856			6,000
Derivative financial instruments			7,477			(5,503	)
Repo transactions			7,288,936			738,890
Other liabilities			2,759,178			(48,997,371	)
Income tax payments			(9,227,646	)		(684,381	)
Total cash from operating activities (A)			163,272,203			357,030,860

84 Jorge Pablo Brito
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

Items	Notes		06/30/2023			06/30/2022
Cash flows from investing activities
Payments:
Acquisition of PPE, intangible assets and other assets				(11,579,464	)		(14,296,956	)
Total cash used in investing activities (B)				(11,579,464	)		(14,296,956	)
Cash flows from financing activities
Payments:
Dividends		38		(4,353	)		(15,699,625	)
Non-subordinated corporate bonds				(29,841	)		(7,132,195	)
Subordinated corporate bonds				(3,176,508	)		(3,494,634	)
Other payments related to financing activities				(1,266,480	)		(653,047	)
Collections / Incomes:
Non subordinated corporate bonds							4,444,440
Financing to local financial entities				360,597			4,182,811
Total cash used in financing activities (C)				(4,116,585	)		(18,352,250	)
Effect of exchange rate fluctuations (D)				114,467,843			63,412,245
Monetary effect on cash and cash equivalents (E)				(438,069,643	)		(287,513,232	)
Net (decrease) / increase in cash and cash equivalents (A+B+C+D+E)				(176,025,646	)		100,280,667
Cash and cash equivalents at the beginning of the fiscal year		27		1,102,285,010			882,911,559
Cash and cash equivalents at the end of the period		27		926,259,364			983,192,226

The notes 1 to 42 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 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

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. During the fiscal year 2006, the Bank acquired control over Banco del Tucumán SA, which was merged with Banco Macro SA in October 2019. Additionally, on October 1, 2021, the Bank acquired the control of Fintech SGR that, as explained in note 3 to the consolidated Financial Statements as of December 31, 2022, already issued, this is a structured entity in which the Bank has control.

During 2022, 2021 and 2020 the Bank made irrevocable capital contributions in the company Play Digital SA for a total amount of 629,854 (not restated). On October 4, 2022, the Bank sold 22,112,340 shares for an amount of 61,889. In addition, on October 27, 2022, the Bank subscribed 178,911,312 shares for a face value of ARS 1 related to the abovementioned irrevocable capital contributions. As a consequence, the Bank’s new interest in this company is 9.6984%. Additionally, on February 23, 2023, the Bank made a new irrevocable capital contribution for an amount of 347,371 (not restated). See also note 1 to the condensed consolidated interim Financial Statements.

Furthermore, on May 18, 2023, Banco Macro SA acquired 100% of Comercio Interior SA’s capital stock at USD 5,218,800 payable with the proceeds of this Company’s dividends. The main purpose of this company is grain brokerage. For further information see also note 10.

On August 23, 2023, the 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.

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).

86

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

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) In March 2022, the Bank’s holding in Prisma Medios de Pago SA (Prisma) was transferred. That company was measured according to the Memorandums received from the BCRA on March 12 and 22, 2021, which established specific guidelines related to the measurement at fair value of such holding. If, for the fair value measurement purpose previously mentioned, IFRS had been applied, the profit or loss for the six-month period ended June 30, 2022, should have been modified. However, this situation did not generate differences in the shareholders’ equity as of June 30, 2022.

c) Through Communiqué “A 7014 dated May 14, 2020, the BCRA established for financial institutions that received debt securities of the public sector in a swap transaction, they must be initially recognized at their carrying amount as of the date of the swap transaction, without assessing if they qualify or not for derecognition under IFRS 9 standards and as a consequence, do not eventually recognize the new instruments at the market value as provided by such IFRS (see also notes 9 and 43 to the condensed consolidated interim Financial Statements).

If IFRS 9 had applied, and according an estimation calculated by the Bank, the Statement of income of the period ended June 30, 2023, would have recorded a decrease in “other operating income” for an amount of 1,728,719 and in “Loss on net monetary position” for an amount of 123,314 and an increase in “Net gain from measurement of financial instruments at fair value through profit or loss” for an amount of 1,618,901, and as a counterpart an increase in “Other comprehensive income” of that period. These changes would not have resulted into modifications to the total shareholder equity as of that date nor the total comprehensive income for the six-month period ended June 30, 2023.

Applicable Accounting Standards

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” 7642. 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, 2022, 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.

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.

87

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

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) of the period from interest in other comprehensive income of subsidiaries, associates and joint ventures accounted for using the participation method”, in the condensed separate interim statement of other comprehensive income.

Transcription into books

As of the date of issuance of these condensed separate interim Financial Statements, they are in the process of being transcribed into the Financial Statements book (“Libro Balances”) 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 June 30, 2023 and December 31, 2022, the Bank maintains the following maximum exposures to credit risk related to this type of transactions:

Composition	06/30/2023			12/31/2022
Undrawn commitments of credit cards and checking accounts		802,774,449			1,007,924,251
Guarantees granted (1)		17,501,156			7,825,120
Overdraft and unused agreed commitments (1)		3,480,947			924,120
Subtotal		823,756,552			1,016,673,491
Less: Allowance for ECL		(890,122	)		(1,034,464	)
Total		822,866,430			1,015,639,027

(1) Includes transactions not covered by BCRA debtor classification standard. The Guarantees granted include an amount of 61,783 and 55,618 as of June 30, 2023 and December 31, 2022, respectively. The Overdraft and unused agreed commitments include an amount of 547,398 and 683,351 as of June 30, 2023 and December 31, 2022, respectively,

Risks related to the abovementioned contingent transactions have been assessed and are controlled within the framework of the Bank’s credit risk policy, as described in note 45 to the consolidated Financial Statements as of December 31, 2022, already issued.

88

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

5. OTHER FINANCIAL ASSETS

The composition of the other financial assets as of June 30, 2023 and December 31, 2022 is as follows:

Composition	06/30/2023			12/31/2022
Receivables from spot sales of foreign currency pending settlement		44,604,323			24,112,370
Sundry debtors (see note 8)		41,870,414			40,228,398
Receivables from other spot sales		805,483
Receivables from spot sales of government securities pending settlement		530,729			331,479
Private securities		63,401			74,459
Other		406,433			576,578
Subtotal		88,280,783			65,323,284
Less: Allowances for ECL		(113,274	)		(137,181	)
Total		88,167,509			65,186,103

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 June 30, 2023 and December 31, 2022 is as follows:

Composition	06/30/2023			12/31/2022
Non-financial public sector (1)		18,564,047			3,325,438
Other financial entities		2,108,339			1,397,322
Other financial entities		2,127,232			1,409,589
Less: allowance for ECL		(18,893	)		(12,267	)
Non-financial private sector and foreign residents		874,695,835			896,918,009
Overdrafts		88,151,604			74,185,499
Documents		137,482,031			122,203,870
Mortgage loans		87,293,164			93,280,642
Pledge loans		13,680,198			14,437,197
Personal loans		175,231,814			214,765,569
Credit cards		263,648,571			287,468,546
Financial leases		1,451,486			2,089,651
Other		125,538,842			105,034,458
Less: allowance for ECL		(17,781,875	)		(16,547,423	)
Total		895,368,221			901,640,769

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

89

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

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.

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 June 30, 2023 and December 31, 2022, 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 that are significant to the entire measurement, the Bank will classify the instruments as Level 3.

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

The following tables show the hierarchy in the Bank’s financial asset and liability at fair value measurement, as of June 30, 2023 and December 31, 2022:

	Financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2023
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		557,484,620		547,620,409		9,035,866		828,345
Derivative financial instruments		264,165		82,002		182,163
Other financial assets		63,401						63,401
Financial assets delivered as guarantee		8,738,796		8,738,796
Equity instruments at fair value through profit or loss		1,071,888		254,923				816,965

90

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 42) 

(Figures stated in thousands of pesos in constant currency)

	Financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2023
Description (contd.)	Total		Level 1		Level 2		Level 3
Financial assets (contd.)
At fair value through OCI
Other debt Securities		55,494,550		55,494,550
Total		623,117,420		612,190,680		9,218,029		1,708,711
Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		36,856		36,856
Derivatives financial instruments		11,049		11,049
Total		47,905		47,905

	Financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 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		296,445,772		294,890,946				1,554,826
Derivatives financial instruments		64,641		28,920		35,721
Other financial assets		74,459						74,459
Equity instruments at fair value through profit or loss		1,063,719		31,578				1,032,141
At fair value through OCI
Other debt Securities		195,684,912		195,684,912
Total		493,333,503		490,636,356		35,721		2,661,426
Financial liabilities
At fair value through profit or loss
Derivatives financial instruments		3,572				3,572
Total		3,572				3,572

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:

91

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 42) 

(Figures stated in thousands of pesos in constant currency)

	As of June 30, 2023
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		1,554,827			74,459			1,032,141
Transfers to level 3
Transfers from level 3 (1)								(68,046	)
Profit and loss		93,806			18,030			247,112
Recognition and derecognition		(350,197	)
Monetary effects		(470,091	)		(29,088	)		(394,242	)
Amount at the end of the period		828,345			63,401			816,965

	As of December 31, 2022
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		3,277,860			91,052			6,199,093
Transfers to level 3
Transfers from level 3
Profit and loss		1,101,844			7,631			5,419
Recognition and derecognition		(1,208,410	)		31,735			(3,779,144	)
Monetary effects		(1,616,467	)		(55,959	)		(1,393,227	)
Amount at the end of the fiscal year		1,554,827			74,459			1,032,141

(1) Transfer of equity instruments at fair value through profit or loss from level 3 to level 1 that were measured using quoted prices (unadjusted) observable in active markets as of June 30, 2023.

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 period or fiscal year, as applicable.

Except for the foregoing, as of June 30, 2023 and December 31, 2022, the Bank has not recognized any transfers between levels 1, 2 and 3.

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 June 30, 2023 and December 31, 2022:

92

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 42) 

(Figures stated in thousands of pesos in constant currency)

	06/30/2023
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		313,700,287		313,700,287						313,700,287
Repo transactions		135,279,894		135,279,894						135,279,894
Other financial assets		88,104,108		88,104,108						88,104,108
Loans and other financing		895,368,221						769,039,691		769,039,691
Other debt securities		770,020,646		768,877,851		1,576,291		128,669		770,582,811
Financial assets delivered as guarantee		31,198,622		31,198,622						31,198,622
Total		2,233,671,778		1,337,160,762		1,576,291		769,168,360		2,107,905,413
Financial liabilities
Deposits		1,884,223,265		840,464,135				1,030,993,899		1,871,458,034
Repo transactions		7,288,936		7,288,936						7,288,936
Other financial liabilities		176,082,776		170,713,560		5,422,782				176,136,342
Financing received from the BCRA and other financial institutions		3,940,285		3,374,824		565,461				3,940,285
Issued corporate bonds		4,360,501				4,329,125				4,329,125
Subordinated corporate bonds		104,586,151				87,857,798				87,857,798
Total		2,180,481,914		1,021,841,455		98,175,166		1,030,993,899		2,151,010,520

	12/31/2022
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		361,653,785		361,653,785						361,653,785
Repo transactions		93,315,915		93,315,915						93,315,915
Other financial assets		65,111,644		65,111,646						65,111,646
Loans and other financing		901,640,769						786,465,634		786,465,634
Other debt securities		903,476,253		771,070,624		124,567,745		145,112		895,783,481
Financial assets delivered as guarantee		45,349,084		45,349,084						45,349,084
Total		2,370,547,450		1,336,501,054		124,567,745		786,610,746		2,247,679,545
Financial liabilities
Deposits		1,940,609,656		967,662,246				971,354,197		1,939,016,443
Other financial liabilities		173,141,448		166,662,340		6,587,643				173,249,983
Financing received from the BCRA and other financial institutions		3,689,992		3,589,457		77,589				3,667,046
Issued corporate bonds		4,526,074				4,420,198				4,420,198
Subordinated corporate bonds		108,904,004				88,881,728				88,881,728
Total		2,230,871,174		1,137,914,043		99,967,158		971,354,197		2,209,235,398

93

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 42) 

(Figures stated in thousands of pesos in constant currency)

10. BUSINESS COMBINATIONS

On May 18, 2023, the Bank acquired to Inversora Juramento SA 100% of the capital stock and voting rights of Comercio Interior SA. Detailed information on this transaction is included 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 June 30, 2023 and December 31, 2022 is as follows:

Composition	06/30/2023		12/31/2022
Investment property (see Exhibit F)		12,440,193		11,989,236
Advanced prepayments		2,875,802		3,474,200
Tax advances		1,199,694		1,794,492
Other		31,309		61,242
Total		16,546,998		17,319,170

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.

As of June 30, 2023 and December 31, 2022, amounts balances related to transactions generated with related parties are as follows:

94

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 42) 

(Figures stated in thousands of pesos in constant currency)

	As of June 30, 2023
	Main subsidiaries
	Macro Bank Limited		Macro Securities SAU (1)		Argenpay SAU		Fintech SGR		Comercio Interior SA		Associates		Key management personnel (2)		Other related parties		Total
Assets
Cash and deposits in banks		2,057															2,057
Other financial assets								5,066,303									5,066,303
Loans and other financing (3)
Documents																6,346	6,346
Overdraft										17,324				100,678		1,927,314	2,045,316
Credit cards														201,517		36,717	238,234
Lease										15,822						46,313	62,135
Personal loans														631			631
Mortgage loans														759,264			759,264
Other loans (4)				10,469,692										216,486		1,119,541	11,805,719
Guarantee granted																5,271,370	5,271,370
Total assets		2,057		10,469,692				5,066,303		33,146				1,278,576		8,407,601	25,257,375
Liabilities
Deposits				3,324,823		59,703		74		6,486		122,089		884,345		7,339,364	11,736,884
Other financial liabilities														946		10,327	11,273
Issued corporate bonds				1,090,821													1,090,821
Subordinated corporate bonds								248,392		39,220							287,612
Other non-financial liabilities																814,030	814,030
Total liabilities				4,415,644		59,703		248,466		45,706		122,089		885,291		8,163,721	13,940,620

(1) It includes the balance amounts from its subsidiary Macro Fondos SGFCISA.

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

(3) The maximum financing amount for loans and other financing as of June 30, 2023 for Macro Securities SAU, Comercio Interior SA, key management personnel and other related parties amounted to 10,469,692, 33,146, 1,371,359 and 10,256,418, respectively.

(4) It is related to Loans and other financing not disclosed in other items, mainly other loans, financing of foreign exchange transactions and loans with government securities.

	As of December 31, 2022
	Main subsidiaries
	Macro Bank Limited		Macro Securities SAU (1)		Argenpay SAU	Fintech SGR		Associates	Key management personnel (2)		Other related parties		Total
Assets
Cash and deposits in banks		2,138											2,138
Other financial assets							4,546,108						4,546,108
Loans and other financing (3)
Overdraft										84,760		634,258	719,018
Credit cards										245,932		75,069	321,001
Lease												100,483	100,483
Personal loans										1,751			1,751
Mortgage loans										817,570			817,570
Other loans (4)				3,184,458						228,808		2,109,721	5,522,987
Other non-financial assets												2,320,524	2,320,524
Total assets		2,138		3,184,458			4,546,108			1,378,821		5,240,055	14,351,580

95

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

	As of December 31, 2022
	Main subsidiaries
	Macro Bank Limited	Macro Securities SAU (1)		Argenpay SAU		Fintech SGR		Associates		Key management personnel (2)		Other related parties		Total
Liabilities
Deposits			4,522,938		87,603		175		127,642		1,510,305		1,802,583		8,051,246
Other financial liabilities											773		17,588		18,361
Issued corporate bonds			434,236												434,236
Subordinated corporate bonds							217,808								217,808
Other non-financial liabilities													30,462		30,462
Total liabilities			4,957,174		87,603		217,983		127,642		1,511,078		1,850,633		8,752,113

(1)	It Includes the balance amounts from its subsidiary Macro Fondos SGFCISA.
(2)	Includes close family members of the key management personnel.
(3)	The maximum financing amount for loans and other financing as of December 31, 2022 for Macro Securities SAU, Fintech SGR, key management personnel and other related parties amounted to 6,823,491, 3,820,483, 1,910,421 and 25,374,987, respectively.
(4)	It is related to Loans and other financing not disclosed in other items, mainly other loans, financing of foreign exchange transactions and loans with governments securities.

Profit or loss related to transactions generated during the six-month periods ended June 30, 2023 and 2022 with related parties are as follows:

	As of June 30, 2023
	Main subsidiaries
	Macro Bank Limited	Macro Securities SAU (1)	Argenpay SAU	Fintech SGR		Comercio Interior SA	Associates		Key management personnel (2)		Other related parties		Total
Income / (Loss)
Interest income		3,500				4,561			314,588		996,500		1,319,149
Interest expense							(21,880	)	(68,514	)	(27,148	)	(117,542	)
Commissions income		24,136					365		84		16,447		41,032
Commissions expense				(11,328	)				(27	)	(14	)	(11,369	)
Other operating income		62,179	16	1,408,893		302					45		1,471,435
Allowance for loan losses		56,808											56,808
Administrative expense											(588,848	)	(588,848	)
Other operating expense											(66,171	)	(66,171	)
Total Income / (Loss)		146,623	16	1,397,565		4,863	(21,515	)	246,131		330,811		2,104,494

(1) Includes the balance amounts of its subsidiary Macro Fondos SGFCISA.

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

96

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

	As of June 30, 2022
	Main subsidiaries
	Macro Bank Limited		Macro Securities SAU (1)			Argenpay SAU		Fintech SGR			Associates			Key management personnel (2)			Other related parties			Total
Income / (Loss)
Interest income				2,352											225,176			1,290,959			1,518,487
Interest expense												(12,605	)		(73,062	)		(6,873	)		(92,540	)
Commissions income				3,544					425			153			39			41,557			45,718
Commissions expense									(6,776	)					(13	)		(619	)		(7,408	)
Other operating income		6		13,062			45											45			13,158
Administrative expense																		(374,810	)		(374,810	)
Other operating expense				(21,864	)													(67,009	)		(88,873	)
Total Income / (Loss)		6		(2,906	)		45		(6,351	)		(12,452	)		152,140			883,250			1,013,732

(1)	It includes the balance amounts from its subsidiary Macro Fondos SGFCISA.
(2)	Includes close family members of the key management personnel.

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

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

Total remunerations received as salary and bonus by the key management personnel as of June 30, 2023 and 2022, totaled 679,855 and 657,853, respectively.

In addition, fees received by the Directors as of June 30, 2023 and 2022 amounted to 1,507,310 and 1,599,440, respectively.

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

Composition	06/30/2023		12/31/2022
Board of Directors		12		12
Senior managers of the key management personnel		11		11
Total		23		23

14. DEPOSITS

The composition of deposits as of June 30, 2023 and December 31, 2022 is as follows:

Composition	06/30/2023		12/31/2022
Non-financial public sector		132,458,127		165,677,514
Financial sector		2,940,365		2,491,436
Non-financial private sector and foreign residents		1,748,824,773		1,772,440,706
Checking accounts		172,246,004		225,524,662
Saving accounts		605,672,530		636,340,435
Time deposits		935,375,191		856,475,624
Investment accounts		12,786,259		30,866,227
Other		22,744,789		23,233,758
Total		1,884,223,265		1,940,609,656

97

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

15. OTHER FINANCIAL LIABILITIES

The composition of other financial liabilities as of June 30, 2023 and December 31, 2022 is as follows:

Composition	06/30/2023		12/31/2022
Credit and debit card settlement - due to merchants		105,951,974		110,768,068
Amounts payable for spot purchases of foreign currency pending settlement		44,857,513		24,184,990
Payment orders pending to foreign exchange settlement		8,067,458		7,777,264
Collections and other transactions on account and behalf of others		5,252,770		4,227,864
Finance leases liabilities		3,072,784		2,946,239
Amounts payable for spot purchases of government securities pending settlement		513,558		14,737,377
Other		8,366,719		8,499,646
Total		176,082,776		173,141,448

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 June 30, 2023 and December 31, 2022.

The expected terms to settle these obligations are as follows:

	06/30/2023
Composition	Within 12 months		Over 12 months		06/30/2023		12/31/2022
For administrative, disciplinary and criminal penalties				500		500		754
Letters of credits, guarantees and other commitments (1)		890,122				890,122		1,034,464
Commercial claims in progress (2)		376,501		389,831		766,332		745,284
Labor lawsuits		354,044		152,033		506,077		401,364
Pension funds - reimbursement		462,877		347,397		810,274		781,268
Other		5,400		625,974		631,374		1,109,534
Total		2,088,944		1,515,735		3,604,679		4,072,668

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

98

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 42) 

(Figures stated in thousands of pesos in constant currency)

17. OTHER NON-FINANCIAL LIABILITIES

The composition of other non-financial liabilities as of June 30, 2023 and December 31, 2022 is as follows:

Composition	06/30/2023		12/31/2022
Dividends payable		65,779,118
Withholdings		23,303,754		23,739,720
Salaries, bonuses and payroll taxes payables		14,489,060		16,061,776
Taxes payables		13,618,779		11,619,663
Miscellaneous payables		6,143,080		4,205,224
Retirement pension payment orders pending settlement		2,098,522		1,695,008
Directors’ and syndics’ fees payable		1,363,000		844,011
Other		548,427		2,214,543
Total		127,343,740		60,379,945

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 June 30, 2023 and December 31, 2022:

06/30/2023	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		313,700,287
Debt securities at fair value through profit or loss				275,682,338		281,802,282
Derivative financial instruments				264,165
Repo transactions				135,279,894
Other financial assets		14,662,912		56,166,370		17,338,227
Loans and other financing (1)		2,264,217		670,013,296		223,090,708
Other debt securities				736,210,488		89,304,708
Financial assets delivered as guarantee		31,198,622		8,738,796
Equity instruments at fair value through profit or loss		1,071,888
Total assets		362,897,926		1,882,355,347		611,535,925
Liabilities
Deposits		828,318,861		1,055,861,107		43,297
Liabilities at fair value through profit or loss				36,856
Derivative financial instruments				11,049
Repo transactions				7,288,936
Other financial liabilities				172,359,756		3,723,020
Financing received from the BCRA and other financial institutions				3,940,285
Issued corporate bonds				4,360,501
Subordinated corporate bonds				1,916,151		102,670,000
Total liabilities		828,318,861		1,245,774,641		106,436,317

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

99

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 42) 

(Figures stated in thousands of pesos in constant currency)

12/31/2022	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		361,653,785
Debt securities at fair value through profit or loss				276,392,666		20,053,106
Derivative financial instruments				64,641
Repo transactions				93,315,915
Other financial assets		15,081,047		32,388,330		17,716,726
Loans and other financing (1)		2,194,524		646,323,480		253,122,765
Other debt securities				1,021,828,783		77,332,382
Financial assets delivered as guarantee		45,349,084
Equity instruments at fair value through profit or loss		1,063,719
Total assets		425,342,159		2,070,313,815		368,224,979
Liabilities
Deposits		954,459,437		986,119,061		31,158
Derivative financial instruments				3,572
Other financial liabilities				168,372,557		4,768,891
Financing received from the BCRA and other financial institutions				3,689,992
Issued corporate bonds				10,815		4,515,259
Subordinated corporate bonds				2,144,295		106,759,709
Total liabilities		954,459,437		1,160,340,292		116,075,017

(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.

b) The main items of income tax expense in the condensed consolidated interim Financial Statements are as follows:

100

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 42) 

(Figures stated in thousands of pesos in constant currency)

	06/30/2023						06/30/2022
				Accumulated
				from						Accumulated
	Quarter			beginning of			Quarter			from beginning
	ended			year up to			ended			of year up to
Description	06/30/2023			06/30/2023			06/30/2022			06/30/2022
Current income tax expense		18,113,879			23,253,157			1,920,495			2,668,278
(Income) / Loss for deferred income taxes		(620,072	)		(228,533	)		1,490,168			3,859,616
Monetary effects		1,490,397			1,911,099			28,852			227,091
Income tax loss recorded in the statement of income		18,984,204			24,935,723			3,439,515			6,754,985
Income tax loss / (profit) recorded in other comprehensive income		1,162,630			725,645			(3,281,490	)		(3,704,921	)
Total		20,146,834			25,661,368			158,025			3,050,064

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, which is in progress.

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.

Fiscal year 2021

On October 17, 2022, the Bank filed a reimbursement action with the AFIP requesting that 382,189 (not restated) paid as income tax for the 2021 tax period be reimbursed.

On January 3, 2023, the AFIP notified the beginning of an income tax audit related to the abovementioned fiscal year, which is in progress.

Fiscal year 2022

On June 30, 2023, the Bank filed a reimbursement action with the AFIP requesting that 654,673 paid as income tax for the 2021 tax period be reimbursed.

101

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 42) 

(Figures stated in thousands of pesos in constant currency)

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). Currently, in connection with the file for the fiscal year 2018, the evidence stage is closed and the process for allegation was delivered.

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

	06/30/2023				06/30/2022
Description	Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022
Performance obligations satisfied at a point in time
Commissions related to obligations		16,845,207		33,752,449		16,066,738		31,941,419
Commissions related to credit cards		9,057,359		18,927,187		9,298,338		18,685,763
Commissions related to insurance		1,515,262		3,135,926		1,697,726		3,349,440
Commissions related to trading and foreign exchange transactions		608,402		1,243,617		592,721		1,205,839
Commissions related to securities value		253,017		504,413		236,247		477,628
Commissions related to loans and other financing		125,710		199,809		158,487		266,686
Commissions related to financial guarantees granted		15,397		17,625		541		1,963
Performance obligations satisfied over certain time period
Commissions related to credit cards		115,460		248,978		203,120		447,255
Commissions related to trading and foreign exchange transactions		25,436		50,907		12,831		35,169
Commissions related to loans and other financing		3,868		27,041		4,584		4,712
Commissions related to obligations		570		1,144		541		1,120
Total		28,565,688		58,109,096		28,271,874		56,416,994

102

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 42) 

(Figures stated in thousands of pesos in constant currency)

22. DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

	06/30/2023				06/30/2022
Description	Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022
Translation of foreign currency assets and liabilities into pesos		74,823,306		119,542,974		10,530,903		17,806,180
Income from foreign currency exchange		346,647		618,103		319,877		952,434
Total		75,169,953		120,161,077		10,850,780		18,758,614

23. OTHER OPERATING INCOME

	06/30/2023				06/30/2022
Description	Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022
Adjustments and interest from other receivables		1,908,809		3,570,171		1,380,211		2,022,501
Services		1,318,864		2,778,663		1,499,977		3,046,292
Adjustments from other receivables with CER clauses		897,561		1,576,948		715,988		1,024,326
Other receivables for financial intermediation		323,923		480,956		414,792		926,871
Sale of investment in properties and other non-financial assets						6,554		39,133
Other		1,117,891		2,270,455		3,163,338		6,515,992
Total		5,567,048		10,677,193		7,180,860		13,575,115

24. EMPLOYEE BENEFITS

	06/30/2023				06/30/2022
Description	Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022
Remunerations		20,520,763		39,730,541		22,567,671		39,175,769
Payroll taxes		4,930,249		9,771,496		5,304,733		9,098,934
Compensations and bonuses to employees		3,220,800		6,372,249		3,053,045		5,965,978
Employee services		1,025,888		1,998,095		1,121,058		2,077,667
Total		29,697,700		57,872,381		32,046,507		56,318,348

103

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 42) 

(Figures stated in thousands of pesos in constant currency)

25. ADMINISTRATIVE EXPENSES

	06/30/2023				06/30/2022
Description	Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022
Taxes		2,580,037		4,951,378		2,414,371		4,563,647
Maintenance, conservation and repair expenses		2,356,766		4,553,602		2,276,497		4,489,214
Armored truck, documentation and events		1,824,325		3,832,372		2,030,437		3,993,216
Fees to directors and syndics		1,718,400		2,211,245		412,647		1,051,568
Other fees		1,655,572		3,130,358		1,270,763		2,503,219
Security services		1,376,824		2,756,151		1,394,427		2,840,190
Electricity and communications		1,270,464		2,586,533		1,287,516		2,661,472
Software		1,241,451		2,207,787		941,292		2,008,504
Advertising and publicity		932,450		1,495,843		1,206,006		1,839,927
Hired administrative services		446,172		549,423		88,028		184,564
Representation, travel and transportation expenses		284,774		548,464		210,653		370,077
Insurance		144,327		261,661		143,649		308,848
Stationery and office supplies		111,618		240,101		99,585		195,712
Leases		72,778		129,390		71,397		142,068
Other		471,518		864,709		494,094		840,127
		16,487,476		30,319,017		14,341,362		27,992,353

26. OTHER OPERATING EXPENSES

	06/30/2023				06/30/2022
Composition	Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022
Turnover tax		20,074,738		37,171,470		14,146,820		28,034,421
From credit cards		7,060,197		13,434,191		6,467,886		12,516,100
Charges for other provisions		971,220		1,783,285		1,134,389		2,209,096
Deposit guarantee fund contributions		697,997		1,448,469		695,284		1,389,857
Other adjustments and interests for miscellaneous obligations		392,970		518,939		10,809		310,600
Insurance claims		285,082		569,175		125,567		261,593
Donations		197,054		452,477		28,132		344,749
Taxes		58,164		115,318		138,017		317,305
Loss from sale or impairment of investment in properties and other non-financial assets		1		55,827
Loss from sale or impairment of property, plant and equipment						15,453		15,453
Other		6,416,353		9,371,086		3,218,755		6,164,322
Total		36,153,776		64,920,237		25,981,112		51,563,496

104

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 42) 

(Figures stated in thousands of pesos in constant currency)

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.

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	06/30/2023		12/31/2022		06/30/2022		12/31/2021
Cash and deposits in banks		313,700,287		361,653,785		376,978,442		492,605,599
Debt Securities at fair value through profit or loss								14,265
Other debt securities		612,559,077		740,631,225		606,213,784		390,291,695
Total		926,259,364		1,102,285,010		983,192,226		882,911,559

28. CAPITAL STOCK

The Bank’s subscribed and paid-in capital from December 31, 2020 to June 30, 2023, 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 7.6859% interest in the capital stock according to the percentages disclosed by BCRA Communiqué “B” 12503 issued on March 22, 2023.

30. RESTRICTED ASSETS

As of June 30, 2023 and December 31, 2022 the following Bank’s assets are restricted:

105

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42) 

(Figures stated in thousands of pesos in constant currency)

Composition		06/30/2023		12/31/2022
Debt securities at fair value through profit or loss and other debt securities
·	Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07/25/2023, securing Interbanking SA.		5,224,082
·	Liquidity letters of Central Bank of Argentina in pesos - Maturity: 07/25/2023, securing Coelsa SA.		3,134,449
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, securing the Credit Program for the production reactivation of the Province of San Juan. Auction N° 2.		332,572
·	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).		136,551		139,917
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, as of June 30, 2023 and Federal Government Treasury Bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023 as of December 31, 2022, securing the sectoral Credit Program of the Province of San Juan, production investment financing fund.		53,325		125,546
·	Federal government bonds in dual currency at discount - Maturity: 02/28/2024 as of June 30, 2023 and Government Treasury Bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023, as of December 31, 2022, 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).		22,137		22,438
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, as of June 30, 2023 and Federal Government Treasury Bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023 as of December 31, 2022, securing the regional economies Competitiveness Program – IDB loan No.3174/OC-AR.		5,625		50,752
	Subtotal Debt securities at fair value through profit or loss and Other debt securities		8,908,741		338,653
Other financial assets
·	Interests derived from contributions made as protector partner (1).		3,893,463		3,636,783
·	Sundry debtors – attachment within the scope of the claim filed by the DGR against the CABA for turnover tax differences.		827		1,246
	Subtotal Other financial assets		3,894,290		3,638,029
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.		25,336,294		37,405,955
·	For securities forward contracts.		8,738,796
·	Guarantee deposits related to credit and debit card transactions.		4,274,442		6,092,894
·	Other guarantee deposits.		1,587,886		1,850,235
	Subtotal Financial assets delivered as guarantee		39,937,418		45,349,084
Other non-financial assets
·	Real property related to a call option sold.		3,773,628		3,700,961
	Subtotal Other non-financial assets		3,773,628		3,700,961
Total			56,514,077		53,026,727

(1) As of June 30, 2023 and December 31, 2022 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.

106

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

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 June 30, 2023 and December 31, 2022, the debt securities with investment purposes and certificate of participation in financial trusts amounted to 1,080,778 and 1,432,827, 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 June 30, 2023 and December 31, 2022, 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 2,636 and 17,600, respectively.

31.3 Trusts guaranteeing loans granted by the Bank

As of June 30, 2023 and December 31, 2022, 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 3,247,375 and 4,100,441, respectively.

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

As of June 30, 2023 and December 31, 2022, 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 5,506,138 and 6,157,969, 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 is registered in the “List of Authorized companies to guarantee capital market instruments”, 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 June 30, 2023 stated in Units of Purchasing Power (UVA, for its acronym in Spanish) amounted to 2,723,404,561 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 June 2023 are described in note 36 to the condensed consolidated interim Financial Statements.

107

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

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.

- Summary proceedings before the CNV and 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 06/30/2023		06/30/2023		12/31/2022
Subordinated Resettable – Class A	USD	400,000,000	USD	400,000,000		104,586,151		108,904,004
Non-subordinated – Class E	USD	17,000,000	USD	17,000,000		4,360,501		4,526,074
Total						108,946,652		113,430,078

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 June 30, 2023 and December 31, 2022 is as follows:

Composition	06/30/2023		12/31/2022
Custody of government and private securities and other assets held by third parties		1,038,711,656		934,182,722
Preferred and other collaterals received from customers (1)		293,669,547		281,424,319
Outstanding checks not yet paid		41,410,745		30,050,589
Checks already deposited and pending clearance		35,104,594		25,357,437

(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.

108

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

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 and the decisions made by the Shareholders’ Meeting held on April 25, 2023.

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.

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. 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 of the period, not disclosed in these condensed separate interim Financial Statements.

42. 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.

109 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPATATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2020

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

(Figures stated in thousands of pesos in terms of purchasing power of Argentine pesos as of September 30, 2020)

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2023 AND DECEMBER 31,2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

		Holdings				Position
		06/30/2023			12/31/2022	06/30/2023
			Fair			Position
		Fair	value	Book	Book	without			Final
Name	Identification	value	level	amounts	amounts	options	options		position
DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
- Local
Government securities
Argentine government discount bonds in dual currency - Maturity: 08-30-2024	9201		1	269,543,294		269,543,294	(270,398,820	)	(855,526	)
Argentine government discount bonds in dual currency - Maturity: 04-30-2024	9186		1	134,085,679		144,839,810	(190,615,000	)	(45,775,190	)
Argentine government discount bonds in dual currency - Maturity: 02-28-2024	9156		1	98,468,729	17,292,549	99,569,475	(76,313,233	)	23,256,242
Argentine government Treasury bonds tied to the US dollar - Maturity: 04-30-2024	9120		1	29,728,281	123,813	29,728,281			29,728,281
Argentine government Treasury bonds tied to the US dollar - Maturity: 07-31-2023	9143		1	11,954,850	4,356	11,954,850	(2,538,296	)	9,416,554
Argentine government Treasury bonds in pesos adjusted by CER - Maturity: 11-09-2026	5925		1	2,061,139	1,899,053	2,061,139			2,061,139
Argentine government Treasury bonds in pesos adjusted by CER 4.25% - Maturity: 10-14-2024	9179		1	1,082,652		1,082,652			1,082,652
Argentine government Treasury bills in pesos adjusted by CER - Maturity: 11-23-2023	9197		1	496,409		507,725			507,725
Discount bonds in pesos 5.83% - Maturity: 12-31-2033	45696		1	59,864	97,953	59,864			59,864
Argentine government Treasury bonds in pesos adjusted by CER - Maturity: 03-25-2024	5493		1	48,105	389,168	48,105			48,105
Other				91,407	275,084,053	7,348,154			7,348,154
Subtotal local government securities (1)				547,620,409	294,890,945	566,743,349	(539,865,349	)	26,878,000
Private securities
Corporate bonds YPF SA C025 - Maturity: 02-13-2026	57118		2	9,035,866		9,035,866			9,035,866
Debt Securities in Financial Trusts Secubono			3	312,535	264,738	312,535			312,535
Debt Securities in Financial Trusts Confibono			3	232,547	628,983	232,547			232,547
Debt Securities in Financial Trusts Assets II - Maturity: 12-28-2023			3	197,247		197,247			197,247
Debt Securities in Financial Trusts Accicom Personal Loans			3	80,800		80,800			80,800
Securities of companies of public services			3	5,216	6,127	5,216			5,216
Corporate bonds Tarjeta Naranja S.A. Class 53 Series 01- Maturity: 04-05-2023	56056				654,979
Subtotal local private securities				9,864,211	1,554,827	9,864,211			9,864,211
TOTAL DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS				557,484,620	296,445,772	576,607,560	(539,865,349	)	36,742,211

110 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT A

(continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2023 AND DECEMBER 31,2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

		Holdings				Position
		06/30/2023			12/31/2022	06/30/2023
			Fair			Position
		Fair	value	Book	Book	without			Final
Name	Identification	value	level	amounts	amounts	options	Options		position
OTHER DEBT SECURITIES
Measured at fair value through other comprehensive income
- Local
Government securities
Argentine government Treasury bonds in pesos adjusted by CER 4.25% - Maturity: 10-14-2024	9179		1	17,712,808		17,712,808	(17,712,808	)
Argentine government Treasury bonds in pesos adjusted by CER 4.25% - Maturity: 02-14-2025	9180		1	13,240,942		13,240,942	(13,240,942	)
Argentine government Treasury bonds in pesos adjusted by CER 3.75% - Maturity: 04-14-2024	9178		1	12,349,200		12,349,200			12,349,200
Argentine government Treasury bills in pesos adjusted by CER - Maturity: 11-23-2023	9197		1	11,087,400		11,087,400			11,087,400
Argentine government Treasury bonds in pesos adjusted by CER - Maturity: 08-13-2023	5497		1	1,097,254	13,263,424	1,097,254			1,097,254
Argentine government US dollar step-up bonds - Maturity: 07-09-2030	5921		1	6,946	5,967	6,946			6,946
Argentine government discount bills in pesos adjusted by CER - Maturity: 02-17-2023	9111				67,714,407
Argentine government Treasury bonds in pesos adjusted by CER - Maturity: 03-25-2023	5492				51,934,513
Argentine government discount bills in pesos adjusted by CER - Maturity: 01-20-2023	9105				20,075,543
Argentine government Treasury bills in pesos - Maturity: 02-28-2023	9141				17,426,327
Other					25,264,731
Subtotal local government securities (1)				55,494,550	195,684,912	55,494,550	(30,953,750	)	24,540,800
Total Other debt securities measured at fair value through other comprehensive income				55,494,550	195,684,912	55,494,550	(30,953,750	)	24,540,800
Measured at amortized cost
- Local
Government securities
Argentine government Treasury bonds in pesos - Maturity: 05-23-2027	9132	40,465,922	1	40,407,319	60,980,159	40,407,319			40,407,319
Argentine government Treasury bonds in pesos - Maturity: 08-23-2025	9196	12,242,400	1	12,591,770		12,591,770			12,591,770
Argentine government Treasury bonds in pesos BADLAR x 0.7 - Maturity: 11-23-2027	9166	12,579,082	1	12,468,265	12,657,780	12,468,265			12,468,265
Discount bonds in pesos 5.83% - Maturity: 12-31-2033	45696	1,020,145	1	745,586	763,968	745,586			745,586
Province of Tierra del Fuego Treasury bills 30 days - Maturity: 07-06-2023	42694	306,000	1	321,106		321,106			321,106
Province of Río Negro Treasury bills S.03 - Maturity: 06-14-2024	42698	156,014	2	240,806		240,806			240,806
Province of Río Negro debt securities in pesos - Maturity: 04-12-2023	42534				301,932
Province of Río Negro Treasury bills S.02 in pesos - Maturity: 06-15-2023	42555				299,922
Subtotal local government securities				66,774,852	75,003,761	66,774,852			66,774,852

(1) In January, March and June 2023, the Bank entered voluntary debt swaps under the terms of section 11, Decree No. 331/2022 issued by the Ministry of Economy. The securities involved in such swap transactions were as follows:

· Argentine government discount Treasury bills in pesos - Maturity: 06-30-2023 (S3OJ3) for a face value of 26,640,975,851.

· Argentine government discount Treasury bills in pesos adjusted by CER - Maturity: 02-17-2023 (X17F3) for a face value of 20,900,000,000.

· Argentine government discount Treasury bills in pesos - Maturity: 02-28-2023 (S28F3) for a face value of 12,893,000,000.

· Argentine government discount Treasury bills in pesos adjusted by CER - Maturity: 06-16-2023 (X16J3) for a face value of 4,675,305,395.

· Argentine government discount Treasury bills in pesos adjusted by CER - Maturity: 05-19-2023 (X19Y3) for a face value of 2,905,252,288.

· Argentine government discount bonds in dual currency - Maturity: 07-21-2023 (TDL23) for a face value of 344,098,105.

· Argentine government discount bonds in dual currency - Maturity: 09-29-2023 (TDS23) for a face value of 119,447,946.

111 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT A

(continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2023 AND DECEMBER 31,2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

		Holdings				Position
		06/30/2023			12/31/2022	06/30/2023
			Fair			Position
		Fair	value	Book	Book	without			Final
Name	Identification	value	level	amounts	amounts	options	Options		position
OTHER DEBT SECURITIES (continued)
BCRA bills
BCRA liquidity bills in pesos - Maturity: 07-18-2023		79,252,882	1	79,456,506		79,456,506			79,456,506
BCRA liquidity bills in pesos - Maturity: 07-20-2023		78,852,158	1	79,054,524		79,054,524			79,054,524
BCRA liquidity bills in pesos - Maturity: 07-13-2023		77,378,080	1	77,576,687		77,576,687			77,576,687
BCRA liquidity bills in pesos - Maturity: 07-25-2023		75,972,087	1	76,167,115		76,167,115			76,167,115
BCRA liquidity bills in pesos - Maturity: 07-27-2023		75,583,611	1	75,777,635		75,777,635			75,777,635
BCRA liquidity bills in pesos - Maturity: 07-04-2023		75,224,724	1	75,417,807		75,417,807			75,417,807
BCRA liquidity bills in pesos - Maturity: 07-06-2023		74,840,088	1	75,032,159		75,032,159			75,032,159
BCRA liquidity bills in pesos - Maturity: 07-11-2023		73,886,972	1	74,076,644		74,076,644			74,076,644
BCRA internal bills at benchmark exchange rate, at zero rate - Maturity: 05-30-2024		25,667,499	1	25,667,499		25,667,499			25,667,499
BCRA internal bills at benchmark exchange rate, at zero rate - Maturity: 05-06-2024		6,194,337	1	6,194,337		6,194,337			6,194,337
Other				56,321,085	808,202,074	56,321,085			56,321,085
Subtotal BCRA bills				700,741,998	808,202,074	700,741,998			700,741,998
BCRA notes
BCRA liquidity notes in pesos - Maturity: 01-04-2023					18,241,379
Subtotal BCRA notes					18,241,379
Private securities
Corporate bonds Vista Energy Argentina SAU C20 - Maturity: 07-20-2025 (2)	57081	1,532,831	1	818,718		818,718			818,718
Corporate bonds Vista Energy Argentina SAU C13 - Maturity: 08-08-2024 (2)	56207	1,557,948	1	754,817	786,435	754,817			754,817
Corporate bonds Vista Oil y Gas Argentina SAU C15 -Maturity: 01-20-2025 (2)	56637	1,305,561	2	696,642	725,788	696,642			696,642
Debt Securities in Financial Trusts Secubono S226 Class A - Maturity: 01-29-2024	57127	76,890	3	76,087		76,087			76,087
Debt Securities in Financial Trusts Supercanal II Class A - Maturity: 03-21-2024	56949	66,494	2	70,137		70,137			70,137
Corporate bonds YPF SA C043 -Maturity: 10-21-2023	50939	39,890	2	39,495	52,532	39,495			39,495
Debt Securities in Financial Trusts Secubono S223 Class A - Maturity: 09-28-2023	56771	45,384	3	33,262		33,262			33,262
Debt Securities in Financial Trusts Payway Cobro Ant. S01 Class B - Maturity: 04-15-2024	57059	8,332	2	8,221		8,221			8,221
Debt Securities in Financial Trusts Confibono S65 Class A - Maturity: 07-20-2023	56428	6,395	3	6,417	175,518	6,417			6,417
Debt Securities in Financial Trusts Secubono S221 Class A - Maturity: 07-28-2023	56583				137,031
Other					151,735
Subtotal local private securities				2,503,796	2,029,039	2,503,796			2,503,796
Total Other debt securities measured at cost amortized				770,020,646	903,476,253	770,020,646			770,020,646
TOTAL OTHER DEBT SECURITIES				825,515,196	1,099,161,165	825,515,196	(30,953,750	)	794,561,446

(2) Fair value obtained from the use of quotes in pesos.

112 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT A

(continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF JUNE 30, 2023 AND DECEMBER 31,2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

		Holdings				Position
		06/30/2023			12/31/2022	06/30/2023
			Fair			Position
		Fair	value	Book	Book	without			Final
Name	Identification	value	level	amounts	amounts	options	Options		position
EQUITY INSTRUMENTS
Measured at fair value through profit or loss
- Local
Mercado Abierto Electrónico SA			3	649,014	696,955	649,014			649,014
Matba Rofex SA			1	213,569	87,856	213,569			213,569
C.O.E.L.S.A			3	87,563	131,941	87,563			87,563
Sedesa			3	21,291	32,083	21,291			21,291
AC Inversora SA			3	19,583	29,508	19,583			19,583
Provincanje SA			3	15,290	21,858	15,290			15,290
Mercado a Término Rosario SA			3	14,627	22,040	14,627			14,627
Argencontrol SA			3	856	720	856			856
San Juan Tennis Club SA			3	437	658	437			437
Garantizar SGR			3	10	15	10			10
Other				1		1			1
Subtotal local				1,022,241	1,023,634	1,022,241			1,022,241
-  Foreign
Banco Latinoamericano de Comercio Exterior SA			1	41,354	31,578	41,354			41,354
Sociedad de Telecomunicaciones Financieras Interbancarias Mundiales			3	8,293	8,507	8,293			8,293
Subtotal foreign				49,647	40,085	49,647			49,647
Total measured at fair value through profit or loss				1,071,888	1,063,719	1,071,888			1,071,888
TOTAL EQUITY INSTRUMENTS				1,071,888	1,063,719	1,071,888			1,071,888
TOTAL GOVERNMENT AND PRIVATE SECURITIES				1,384,071,704	1,396,670,656	1,403,194,644	(570,819,099	)	832,375,545

113 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT B

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

COMMERCIAL	06/30/2023		12/31/2022
In normal situation		217,294,858		166,728,205
With senior “A” collateral and counter-collateral		24,040,722		21,699,597
With senior “B” collateral and counter-collateral		25,672,880		27,669,003
Without senior collateral or counter-collateral		167,581,256		117,359,605
Troubled		1,587,729		2,110,462
With senior “A” collateral and counter-collateral				108,240
With senior “B” collateral and counter-collateral		1,157,241		1,394,587
Without senior collateral or counter-collateral		430,488		607,635
With high risk of insolvency		978,347		1,214,910
With senior “A” collateral and counter-collateral				131,209
With senior “B” collateral and counter-collateral		861,145		895,446
Without senior collateral or counter-collateral		117,202		188,255
Subtotal commercial		219,860,934		170,053,577

114 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT B

(continued)

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

CONSUMER AND MORTGAGE	06/30/2023		12/31/2022
Performing		703,502,957		746,267,599
With senior “A” collateral and counter-collateral		54,790,334		49,040,880
With senior “B” collateral and counter-collateral		36,725,554		44,559,074
Without senior collateral or counter-collateral		611,987,069		652,667,645
Low risk		7,426,592		5,812,839
With senior “A” collateral and counter-collateral		172,503		89,472
With senior “B” collateral and counter-collateral		322,714		127,424
Without senior collateral or counter-collateral		6,931,375		5,595,943
Low risk - in special treatment		61,504		44,279
Without senior collateral or counter-collateral		61,504		44,279
Medium risk		4,763,132		3,981,935
With senior “A” collateral and counter-collateral		160,619		27,707
With senior “B” collateral and counter-collateral		65,627		102,768
Without senior collateral or counter-collateral		4,536,886		3,851,460
High risk		3,810,041		3,032,870
With senior “A” collateral and counter-collateral		30,905		34,215
With senior “B” collateral and counter-collateral		72,606		117,896
Without senior collateral or counter-collateral		3,706,530		2,880,759
Irrecoverable		1,726,680		1,353,995
With senior “A” collateral and counter-collateral		41,306		46,221
With senior “B” collateral and counter-collateral		242,790		215,060
Without senior collateral or counter-collateral		1,442,584		1,092,714
Subtotal consumer and mortgage		721,290,906		760,493,517
Total		941,151,840		930,547,094

115 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT B

(continued)

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

This exhibit discloses the contractual figures as established by the BCRA. The reconciliation with the condensed separate interim Financial Statements is listed below:

	06/30/2023			12/31/2022
Loans and other financing		895,368,221			901,640,769
Added:
Allowances for loans and other financing		17,800,768			16,559,690
Adjustment amortized cost and fair value		5,359,615			2,542,156
Debt securities of financial trust - Measured at amortized cost		194,247			464,647
Corporate bonds		2,312,820			1,565,591
Subtract:
Interest and other accrued items receivable from financial assets with impaired credit value		(256,753	)		(236,030	)
Guarantees provided and contingent liabilities		20,372,922			8,010,271
Total computable items		941,151,840			930,547,094

116 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT C

CONCENTRATION OF LOANS AND FINANCING FACILITIES

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	06/30/2023				12/31/2022
Number of customers	Cut off balance		% of total portfolio		Cut off balance		% of total portfolio
10 largest customers		75,633,452		8.04		33,843,118		3.64
50 next largest customers		64,166,703		6.82		60,864,726		6.54
100 next largest customers		50,733,877		5.39		48,265,641		5.19
Other customers		750,617,808		79.75		787,573,609		84.63
Total (1)		941,151,840		100.00		930,547,094		100.00

(1) See reconciliation in Exhibit B.

117 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS 

AS OF JUNE 30, 2023 

(Translation of Financial Statements originally issued in Spanish – See Note 42) 

(Figures stated in thousands of pesos in constant currency)

EXHIBIT D

BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

			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		108		17,442,379		902,787		105,599		185,997		250,411		87,705		18,974,986
Financial sector				215,739		243,630		388,130		2,323,085		1,742,655		968,025		5,881,264
Non-financial private sector and foreign residents		5,535,396		431,403,188		108,125,585		125,828,374		162,342,729		172,848,395		193,660,410		1,199,744,077
Total		5,535,504		449,061,306		109,272,002		126,322,103		164,851,811		174,841,461		194,716,140		1,224,600,327

BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

			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		163		2,040,936		866,061		156,770		281,756		441,061		260,536		4,047,283
Financial sector				74,012		99,680		841,834		306,653		460,695		140,745		1,923,619
Non-financial private sector and foreign residents		5,227,108		405,267,018		106,538,950		130,411,304		162,823,792		180,221,506		227,281,879		1,217,771,557
Total		5,227,271		407,381,966		107,504,691		131,409,908		163,412,201		181,123,262		227,683,160		1,223,742,459

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

118 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT F

CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

											Depreciation of the period
Item	Original value at beginning of fiscal year		Total life estimated in years	Increases		Decreases		Transfers			Accumulated		Transfers	Decreases		Of the period		At the end		Residual value at the end of the period
Cost
Real property		143,454,133	50		99,208		74,229		451,540			17,075,601			10,273		1,612,816		18,678,144		125,252,508
Furniture and facilities		22,044,053	10		269,316				358,727			11,117,508					923,561		12,041,069		10,631,027
Machinery and equipment		32,303,654	5		1,860,989				61,316			23,067,647					2,088,236		25,155,883		9,070,076
Vehicles		4,235,344	5		634,721		248,601					3,366,684			201,006		210,328		3,376,006		1,245,458
Work in progress		1,953,460			2,072,528				(871,583	)											3,154,405
Right of use real property		12,183,627	5		715,980		584,366					8,167,125			286,709		1,081,266		8,961,682		3,353,559
Right of use furniture			5		992,443												36,816		36,816		955,627
Total property, plant and equipment		216,174,271			6,645,185		907,196					62,794,565			497,988		5,953,023		68,249,600		153,662,660

CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

											Depreciation for the fiscal year
Item	Original value at beginning of fiscal year		Total life estimated in years	Increases		Decreases		Transfers			Accumulated		Transfers			Decreases		For the fiscal year		At the end		Residual value at the end of the fiscal year
Cost
Real property		140,679,206	50		897,336		184,086		2,061,677			14,140,809		(118,326	)		31,634		3,084,752		17,075,601		126,378,532
Furniture and facilities		19,174,649	10		623,258		1,775		2,247,921			9,395,476		7			110		1,722,135		11,117,508		10,926,545
Machinery and equipment		27,557,548	5		3,161,174		438		1,585,370			19,019,293		(2,313	)		99		4,050,766		23,067,647		9,236,007
Vehicles		3,837,186	5		677,987		265,954		(13,875	)		3,158,253		(1,053	)		173,802		383,286		3,366,684		868,660
Work in progress		4,655,780			4,083,108				(6,785,428	)													1,953,460
Right of use real property		11,021,791	5		1,289,781		127,945					6,161,868					72,943		2,078,200		8,167,125		4,016,502
Total property, plant and equipment		206,926,160			10,732,644		580,198		(904,335	)		51,875,699		(121,685	)		278,588		11,319,139		62,794,565		153,379,706

119 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT F

(Continued)

CHANGE IN INVESTMENT PROPERTY

AS OF JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	Original							Depreciation of the period
Item	Value at beginning of fiscal year		Useful life estimated in years	Increases		Decreases	Transfers	Accumulated		Transfers	Of the period		At the end		Residual value at the end of the period
Cost
Leased properties		597,631	50						90,350			5,159		95,509		502,122
Other investment properties		11,541,190	50		460,153				59,235			4,037		63,272		11,938,071
Total investment property		12,138,821			460,153				149,585			9,196		158,781		12,440,193

CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

											Depreciation for the fiscal year
Item	Original Value at beginning of fiscal year		Useful life estimated in years	Increases		Decreases		Transfers (1)			Accumulated		Transfers (1)			For the fiscal year		At the end		Residual value at the end of the fiscal year
Cost
Leased properties		678,049	50		1,743				(82,161	)		24,495		57,918			7,937		90,350		507,281
Other investment properties		746,883	50		14,875,904		30,112		(4,051,485	)		58,081		(8,589	)		9,743		59,235		11,481,955
Total investment property		1,424,932			14,877,647		30,112		(4,133,646	)		82,576		49,329			17,680		149,585		11,989,236

(1) During the fiscal year 2022, under this item transfers were made to Non-current assets held for sale.

120 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT G

CHANGE IN INTANGIBLE ASSETS

AS OF JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	Original							Depreciation of the period
Item	Value at beginning of fiscal year		Useful life estimated in years	Increases		Decreases	Transfers	Accumulated		Transfers	Decreases	Of the period		At the end		Residual value at the end of the period
Cost
Licenses		16,818,699	5		1,024,447				11,777,652				1,442,156		13,219,808		4,623,338
Other intangible assets		58,322,484	5		5,573,218				37,261,395				4,616,714		41,878,109		22,017,593
Total intangible assets		75,141,183			6,597,665				49,039,047				6,058,870		55,097,917		26,640,931

CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

											Depreciation for the fiscal year
Item	Original Value at beginning of fiscal year		Useful life estimated in years	Increases		Decreases		Transfers			Accumulated		Transfers			Decreases		For the fiscal year		At the end		Residual value at the end of the fiscal year
Cost
Licenses		14,706,600	5		1,976,494				135,605			8,996,308		5,087					2,776,257		11,777,652		5,041,047
Other intangible assets		47,616,514	5		10,876,454		50,307		(120,177	)		28,732,277		(2,006	)		1,979		8,533,103		37,261,395		21,061,089
Total intangible assets		62,323,114			12,852,948		50,307		15,428			37,728,585		3,081			1,979		11,309,360		49,039,047		26,102,136

121 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	06/30/2023				12/31/2022
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		241,257,153		12.80		231,517,557		11.93
50 next largest customers		228,512,997		12.13		201,560,941		10.39
100 next largest customers		90,455,635		4.80		93,806,907		4.83
Other customers		1,323,997,480		70.27		1,413,724,251		72.85
Total		1,884,223,265		100.00		1,940,609,656		100.00

122 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT I

BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	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		1,776,206,394		140,909,040		13,062,430		1,613,699		94,926		6,493		1,931,892,982
From the non-financial government sector		130,696,596		3,752,438		1,558,394		5,922				1,697		136,015,047
From the financial sector		2,940,365												2,940,365
From the non-financial private sector and foreign residents		1,642,569,433		137,156,602		11,504,036		1,607,777		94,926		4,796		1,792,937,570
Liabilities at fair value through profit or loss		36,856												36,856
Derivative instruments				125		10,624		300						11,049
Repo transactions		7,409,956		13,334										7,423,290
Other financial institutions		7,409,956		13,334										7,423,290
Other financial liabilities		170,668,468		573,313		546,707		938,971		1,474,330		2,988,088		177,189,877
Financing received from the Central Bank of Argentina and other financial institutions		1,596,142		1,141,583		1,116,623		147,955						4,002,303
Issued corporate bonds				15,948		15,948		4,395,024						4,426,920
Subordinated corporate bonds						3,410,184		3,410,184		6,820,368		112,900,552		126,541,288
Total		1,955,917,816		142,653,343		18,162,516		10,506,133		8,389,624		115,895,133		2,251,524,565

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

123 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT I

BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	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		1,777,026,095		171,081,522		29,764,822		2,866,191		18,526		55,511		1,980,812,667
From the non-financial government sector		162,420,440		5,100,503		1,536,493		6,776						169,064,212
From the financial sector		2,491,436												2,491,436
From the non-financial private sector and foreign residents		1,612,114,219		165,981,019		28,228,329		2,859,415		18,526		55,511		1,809,257,019
Derivative instruments		2,584		988										3,572
Other financial liabilities		166,647,234		637,230		577,001		1,108,629		1,846,783		4,265,784		175,082,661
Financing received from the Central Bank of Argentina and other financial institutions		439,855		779,713		2,436,354		67,760						3,723,682
Issued corporate bonds				16,582		16,042		33,165		4,570,092				4,635,881
Subordinated corporate bonds						3,546,024		3,546,024		7,092,047		120,943,803		135,127,898
Total		1,944,115,768		172,516,035		36,340,243		7,621,769		13,527,448		125,265,098		2,299,386,361

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

124 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT J

CHANGES IN PROVISIONS

AS OF JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	Amounts at beginning of fiscal				Decreases			Monetary effects generated by
Item	year		Increases		Reversals	Charge off		provisions			06/30/2023
Provisions for eventual commitments		1,034,464		231,251					(375,593	)		890,122
For administrative, disciplinary and criminal penalties		754							(254	)		500
Other		3,037,450		1,552,034			751,391		(1,124,036	)		2,714,057
Total provisions		4,072,668		1,783,285			751,391		(1,499,883	)		3,604,679

CHANGES IN PROVISIONS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	Amounts at beginning of fiscal				Decreases			Monetary effects generated by
Item	year		Increases		Reversals	Charge off		provisions			12/31/2022
Provisions for eventual commitments		977,242		785,223					(728,001	)		1,034,464
For administrative, disciplinary and criminal penalties		1,464							(710	)		754
Other		3,815,638		3,556,858			1,768,297		(2,566,749	)		3,037,450
Total provisions		4,794,344		4,342,081			1,768,297		(3,295,460	)		4,072,668

125 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT K

COMPOSITION OF CAPITAL STOCK

AS OF JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

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, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

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

126 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT L

FOREIGN CURRENCY AMOUNTS

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	06/30/2023										12/31/2022
	Total parent company and local		Total per currency
Items	branches		US dollar		Euro		Real		Other		Total
Assets
Cash and deposits in banks		258,607,130		256,640,526		1,139,619		63,300		763,685		302,203,194
Debt securities at fair value through profit or loss (1)		552,833,745		552,833,745								255,427,110
Other financial assets		19,526,977		19,526,444		533						19,856,692
Loans and other financing		61,424,390		61,371,162		53,228						51,537,166
From the non-financial private sector and foreign residents		61,424,390		61,371,162		53,228						51,537,166
Other debt securities		90,460,044		90,460,044								69,089,039
Financial assets delivered as guarantee		7,642,257		7,642,257								6,613,341
Equity instruments at fair value through profit or loss		49,647		49,647								40,085
Investments in subsidiaries, associates and joint ventures		7,780,908		7,780,908								7,473,048
Total assets		998,325,098		996,304,733		1,193,380		63,300		763,685		712,239,675
Liabilities
Deposits		218,523,324		218,523,324								245,638,932
Non-financial government sector		9,770,247		9,770,247								9,286,633
Financial sector		2,255,941		2,255,941								2,108,483
Non-financial private sector and foreign residents		206,497,136		206,497,136								234,243,816
Liabilities at fair value through profit or loss		36,856		36,856
Other financial liabilities		12,618,130		12,135,646		342,495				139,989		11,904,489
Financing from the Central Bank and other financial institutions		3,487,032		3,433,644		53,388						3,612,082
Issued corporate bonds		4,360,501		4,360,501								4,526,074
Subordinated corporate bonds		104,586,151		104,586,151								108,904,004
Other non-financial liabilities		798,757		798,757								21,378
Total liabilities		344,410,751		343,874,879		395,883				139,989		374,606,959

(1) Mainly including Argentine government discount bonds in dual currency for 502,114,748 and Argentine government Treasury bonds tied to the US dollar for 41,683,131.

127 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

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)

2

2

1

14,868,110

Forward (2)

Intermediation - own account

Foreign currency

Maturity settlement of differences

Over The Counter - Residents in Argentina - Non financial sector

6

5

30

1,909,135

Repo transactions

Intermediation - own account

Local government securities

With delivery of underlying asset

Other local markets

1

1

158,208,837

Options

Intermediation - own account

Other

With delivery of underlying asset

Over The Counter – Residents in Argentina - Non financial sector

30

16

3,516,838

Options (3)

Intermediation - own account

Local government securities

With delivery of underlying asset

Over The Counter – Residents in Argentina - financial sector

13

12

570,819,099

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

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

(3) See Notes 5 and 9 to the condensed consolidated interim Financial Statements.

128 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT Q

BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	Net financial Income / (Loss)
	Mandatory measurement
Items	Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023			Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022
For measurement of financial assets at fair value through profit or loss
Gain from government securities		50,033,175			57,464,927			11,580,989			21,086,692
(Loss) / Gain from private securities		(1,330,112	)		(1,063,042	)		200,754			491,676
Gain from derivative financial instruments
Forward transactions		418,374			659,104			15,218			15,218
Loss from other financial assets		(18,784	)		(37,217	)		(18,115	)		(24,707	)
(Loss) / Gain from equity instruments at fair value through profit or loss		(50,824	)		12,095			60,464			2,398,954
Gain from sales or decreases of financial assets at fair value (1)		1,866,169			1,145,254			302,005			2,834,487
For measurement of financial liabilities at fair value through profit or loss
Loss from derivative financial instruments
Options		(2,430,011	)		(2,946,102	)
Total		48,487,987			55,235,019			12,141,315			26,802,320

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

129 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT Q

(Continued)

BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

	Net financial income / (Loss)
Interest and adjustment for the application of the effective interest rate of financial assets and financial liabilities measured at amortized cost	Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023			Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022
Interest income
for cash and bank deposits		752,047			1,433,308			33,614			40,778
for government securities		152,698,248			290,413,213			45,827,846			49,945,486
for private securities		89,780			211,276			47,759			111,294
for loans and other financing
Non-financial public sector		3,230,125			3,709,289			553,794			1,252,438
Financial sector		247,176			378,944			168,981			401,984
Non-financial private sector
Overdrafts		15,976,591			27,536,708			8,294,566			14,701,098
Documents		13,873,506			25,079,194			8,002,344			15,717,222
Mortgage loans		17,087,245			30,708,216			15,147,645			26,968,562
Pledge loans		1,121,495			2,114,012			1,182,408			2,493,017
Personal loans		30,386,395			62,504,756			34,156,893			69,062,862
Credit cards		23,395,307			45,907,459			13,620,203			26,318,922
Financial leases		120,643			263,274			99,842			215,409
Other		16,992,711			30,706,503			8,391,053			17,892,484
for repo transactions
Central Bank of Argentina		18,353,302			26,662,312			1,241,601			2,246,434
Other financial institutions					18,879			265,820			353,912
Total		294,324,571			547,647,343			137,034,369			227,721,902
Interest expenses
for Deposits
Non-financial private sector
Checking accounts		(13,414,202	)		(20,730,055	)		(2,852,357	)		(3,941,432	)
Saving accounts		(2,141,022	)		(3,726,794	)		(1,447,739	)		(2,441,697	)
Time deposits and investments accounts		(178,598,810	)		(327,852,069	)		(83,901,690	)		(146,997,761	)
for Financing received from Central Bank of Argentina and other financial institutions		(219,817	)		(482,701	)		(155,534	)		(268,130	)
for repo transactions
Other financial institutions		(2,266,299	)		(3,801,516	)		(688,594	)		(1,237,664	)
for other financial liabilities		(72,045	)		(121,492	)		(11,109	)		(15,955	)
for issued corporate bonds		(19,554	)		(39,451	)		(121,836	)		(404,485	)
for other subordinated corporate bonds		(1,620,421	)		(3,283,421	)		(1,739,340	)		(3,575,856	)
Total		(198,352,170	)		(360,037,499	)		(90,918,199	)		(158,882,980	)

130 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT Q

(Continued)

BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

Interest and adjustment for the application of the effective interest rate of financial assets measured at fair value through other comprehensive income	Income of the period				Other comprehensive income				Income of the period				Other comprehensive income
	Quarter ended 06/30/2023		Accumulated  from beginning of year up to 06/30/2023		Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2022		Accumulated from beginning of year up to 06/30/2022		Quarter ended 06/30/2022			Accumulated from beginning of year up to 06/30/2022
for debt government securities		12,012,197		41,043,823		3,463,168		1,090,492		69,742,366		152,859,683		(8,048,831	)		(12,077,437	)
Total		12,012,197		41,043,823		3,463,168		1,090,492		69,742,366		152,859,683		(8,048,831	)		(12,077,437	)

	Income of the period
				Accumulated from						Accumulated from
				beginning of year						beginning of year
	Quarter ended			up to			Quarter ended			up to
Items	06/30/2023			06/30/2023			06/30/2022			06/30/2022
Commissions income
Commissions related to obligations		16,845,777			33,753,593			16,067,279			31,942,539
Commissions related to credits		129,578			226,850			163,071			271,398
Commissions related to loans commitments and financial guarantees		15,397			17,625			541			1,963
Commissions related to securities value		253,017			504,413			236,247			477,628
Commissions to credit cards		9,172,819			19,176,165			9,501,458			19,133,018
Commissions to insurances		1,515,262			3,135,926			1,697,726			3,349,440
Commissions related to trading and foreign exchange transactions		633,838			1,294,524			605,552			1,241,008
Total		28,565,688			58,109,096			28,271,874			56,416,994
Commissions expenses
Commissions related to trading and foreign exchange transactions		(211,951	)		(339,793	)		(45,276	)		(136,140	)
Other
Commissions paid ATM exchange		(1,130,219	)		(2,423,891	)		(1,526,133	)		(2,905,714	)
Checkbooks commissions and clearing houses		(593,757	)		(1,182,013	)		(502,835	)		(977,586	)
Credit cards and foreign trade commissions		(286,681	)		(552,695	)		(273,328	)		(542,574	)
Total		(2,222,608	)		(4,498,392	)		(2,347,572	)		(4,562,014	)

131 Jorge Pablo Brito
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

EXHIBIT R

VALUE ADJUSTMENT FOR CREDIT LOSSES - ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

		Movements between stages of the period
				ECL of remaining life of
				financial asset
				Financial
				instruments
				with a	Financial		Monetary
	Amounts at	ECL of the		significant	instruments		effect
	beginning of	next 12		increase in	with		generated by
Item	the fiscal year	months		credit risk	impairment		allowances		06/30/2023
Other financial assets	137,181	28,830					(52,737	)	113,274
Loans and other financing	16,559,690	3,195,881		1,322,844	3,519,218		(6,796,865	)	17,800,768
Other financial institutions	12,267	12,551					(5,925	)	18,893
To the non-financial private sector and foreign residents
Overdrafts	793,686	358,399		32,048	232,461		(361,118	)	1,055,476
Documents	844,831	391,747		190,757	77,887		(352,395	)	1,152,827
Mortgage loans	1,799,008	(267,541	)	245,617	412,557		(686,245	)	1,503,396
Pledge loans	285,751	(38,673	)	54,437	(22,798	)	(118,483	)	160,234
Personal loans	6,249,758	1,150,100		121,205	1,362,475		(2,476,566	)	6,406,972
Credit cards	4,167,522	1,076,665		358,828	1,407,212		(1,819,532	)	5,190,695
Financial leases	32,601	(4,756	)	1,608	6,566		(17,313	)	18,706
Other	2,374,266	517,389		318,344	42,858		(959,288	)	2,293,569
Eventual commitments	1,034,464	246,051		1,674			(392,067	)	890,122
Other debt securities	1,199	2,900					(828	)	3,271
Total allowances	17,732,534	3,473,662		1,324,518	3,519,218		(7,242,497	)	18,807,435

VALUE ADJUSTMENT FOR CREDIT LOSSES - ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of June 30, 2023)

		Movements between stages for the fiscal year
				ECL of remaining life of
				financial asset
				Financial
				instruments
				with a		Financial		Monetary
	Amounts at	ECL of the		significant		instruments		effect
	beginning of	next 12		increase in		with		generated by
Item	the fiscal year	months		credit risk		impairment		allowances		12/31/2022
Other financial assets	77,628	125,665						(66,112	)	137,181
Loans and other financing	28,266,938	3,545,882		(3,702,469	)	2,011,570		(13,562,231	)	16,559,690
Other financial institutions	10,714	6,562						(5,009	)	12,267
To the non-financial private sector and foreign residents
Overdrafts	2,078,212	396,488		6,743		(837,075	)	(850,682	)	793,686
Documents	2,822,438	(55,451	)	(689,379	)	29,642		(1,262,419	)	844,831
Mortgage loans	5,864,996	427,073		(3,652,496	)	1,285,477		(2,126,042	)	1,799,008
Pledge loans	362,655	141,109		(26,338	)	(19,712	)	(171,963	)	285,751
Personal loans	7,280,881	1,496,495		796,214		825,045		(4,148,877	)	6,249,758
Credit cards	4,741,037	1,000,862		802,927		480,854		(2,858,158	)	4,167,522
Financial leases	42,910	19,884		54		(7,076	)	(23,171	)	32,601
Other	5,063,095	112,860		(940,194	)	254,415		(2,115,910	)	2,374,266
Eventual commitments	977,242	639,469		144,549				(726,796	)	1,034,464
Other debt securities	1,593	583						(977	)	1,199
Total allowances	29,323,401	4,311,599		(3,557,920	)	2,011,570		(14,356,116	)	17,732,534

132 Jorge Pablo Brito
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: November 28, 2023

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