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

May 22, 2024

Commission File Number: 001-32827

MACRO BANK INC.

(Translation of registrant’s name into English)

Avenida Eduardo Madero 1182

Ciudad Autónoma de Buenos Aires C1106 ACY

Tel: 54 11 5222 6500 

(Address of registrant’s principal executive offices)

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

Form 20-F x Form 40-F ¨

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

Yes ¨ No x

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

Yes ¨ No x

 

BANCO MACRO 1Q24 EARNINGS RELEASE

Index 

01	Summary
02	Disclaimer
03	Results
04	Financial Assets
05	Public Sector Assets
06	Funding
07	Liquid Assets
08	Solvency
09	Asset Quality
10	1Q24 Snapshot
11	Relevant and Recent Events
12	Regulatory Changes
13	CER Exposure and Foreign Currency Position

2

 

BANCO MACRO 1Q24 EARNINGS RELEASE

 

4

BANCO MACRO 1Q24 EARNINGS RELEASE

 

5

BANCO MACRO 1Q24 EARNINGS RELEASE

Summary .01

· THE BANK’S NET INCOME totaled Ps.275.2 billion in 1Q24. This result was 61% lower than the Ps.679.3 billion posted in 4Q23 and 626% higher than the Ps.37.9 billion posted in 1Q23. In 1Q24 the annualized return on average equity (“ROAE”) and the annualized return on average assets (“ROAA”) were 37.4% and 11.9%, respectively.

· In 1Q24, OPERATING INCOME (before G&A and personnel expenses) totaled Ps.1.62 trillion, 19% or Ps.388 billion lower than in 4Q23 and 149% or Ps.969.3 billion higher than the same period of last year.

· In 1Q24, OPERATING INCOME (after G&A and personnel expenses) totaled Ps.1.25 trillion, 20% or Ps.322.7 billion lower than in 4Q23 and 211% or Ps.850.8 billion higher than the same period of last year.

· In 1Q24, BANCO MACRO’S TOTAL FINANCING decreased 10% or Ps.279.6 billion quarter over quarter (“QoQ”) totaling Ps.2.5 trillion and decreased 8% or Ps.205.9 billion year over year (“YoY”). In 1Q24 peso financing decreased 20% while USD financing increased 75%.

· In 1Q24, BANCO MACRO’S TOTAL DEPOSITS decreased 1% or Ps.74.3 billion QoQ and 11% or Ps.644 billion YoY, totaling Ps.5 trillion and representing 76% of the Bank’s total liabilities. Private sector deposits decreased 6% or Ps.291.2 billion QoQ. In 1Q24, Peso deposits increased, 10% while USD deposits decreased 32%.

· Banco Macro continued showing a strong solvency ratio, with an EXCESS CAPITAL of Ps.2.6 trillion, 46.5% Capital Adequacy Ratio – Basel III and 44.5 % Tier 1 Ratio. In addition, the Bank’s LIQUID ASSETS remained at an adequate level, reaching 124% of its total deposits in 1Q24.

· In 1Q24, the Bank’s NON-PERFORMING TO TOTAL FINANCING RATIO was 1.14% and the COVERAGE RATIO reached 222.7%.

· As of 1Q24, through its 517 branches and 9.166 employees Banco Macro serves 5.18 million retail customers (2.19 million digital customers) across 23 of the 24 Provinces in Argentina and over 149,770 corporate customers.

 

As of December 2023, Banco Macro consolidated includes Banco Macro + subsidiaries + Banco BMA (formerly Banco Itaú Argentina)

6  

BANCO MACRO 1Q24 EARNINGS RELEASE

Disclaimer .02

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

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

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

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

This Earnings Release has been prepared in accordance with the accounting framework established by the Central Bank of Argentina (“BCRA”), based on International Financial Reporting Standards (“I.F.R.S.”) and the resolutions adopted by the International Accouting Standards Board (“I.A.S.B”) and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (“F.A.C.P.E.”). As of January 2020 the Bank started reporting with the application of (i) Expected losses of IFRS 9 “Financial Instruments” and (ii) IAS 29 “Financial Reporting in Hyperinflationary Economies”. Data and figures shown in this Earnings Release may differ from the ones shown in the 20-F annual report. As of fiscal year 2021, the monetary result accrued by items of a monetary nature measured at fair value with changes in Other Comprehensive Income (OCI), is recorded in the Result form the Net Monetary Position integrating the Net Result of the period in accordance with Communication “A” 7211 of the Central Bank of Argentina. Previous quarters of 20223 have been restated in accordance with said Communication in order to make a comparison possible

7  

BANCO MACRO 1Q24 EARNINGS RELEASE

1Q24 Earnings Release Conference Call

Friday, May 24, 2024

Time:

12:00 a.m. Eastern Time

01:00 p.m. Buenos Aires Time

To participate, please dial:

Argentina Toll Free:

(011) 3984 5677

Participants Dial In (Toll Free):

+1 (844) 450 3847

Participants International Dial In:

+1 (412) 317 6370

Conference ID: Banco Macro

Webcast: click here

Webcast Replay: click here

Available from 05/24/2024 through 06/7/2024

IR Contacts in Buenos Aires:

Jorge Scarinci

Chief Financial Officer

Nicolás A. Torres

Investor Relations

Phone: (54 11) 5222 6682

E-mail: investorelations@macro.com.ar

Visit our website at:

www.macro.com.ar/relaciones-inversores

8  

BANCO MACRO 1Q24 EARNINGS RELEASE

Results .03

As of December 2023, Banco Macro consolidated includes Banco Macro + subsidiaries + Banco BMA (formerly Banco Itaú Argentina)

Earnings per outstanding share were Ps.430.74 in 1Q24, 61% lower than in 4Q23 but 627% higher than the result posted a year ago.

EARNINGS PER SHARE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23		2Q23		3Q23		4Q23		1Q24		QoQ			YoY
Net income -Parent Company- (M $)		37,921		138,379		17,458		697,255		275,235		-61	%		626	%
Average # of shares outstanding (M)		639		639		639		639		639		0	%		0	%
Book value per avg. Outstanding share ($)		3,841		3,643		3,665		4,851		5,259		8	%		37	%
Shares Outstanding (M)		639		639		639		639		639		0	%		0	%
Earnings per avg. outstanding share ($)		59.22		216.56		27.32		1,091.17		430.74		-61	%		627	%
EOP FX (Pesos per USD)		208.9883		256.6750		350.0083		808.4833		857.4167		6	%		310	%
Book value per avg. issued ADS (USD)		183.79		141.93		104.71		60.00		61.34		2	%		-67	%
Earnings per avg. outstanding ADS (USD)		2.83		8.44		0.78		13.50		5.02		-63	%		77	%

Banco Macro’s 1Q24 net income of Ps.275.2 billion was 61% or Ps.422 billion lower than the previous quarter and 626% or Ps.237.3 billion higher YoY mainly due to the mark to market of Government Securities (financial assets at fair value through profit or loss). This result represented an annualized ROAE and ROAA of 37.4% and 11.9% respectively. Total comprehensive income for the quarter totaled Ps.260.5 billion, 66% lower than the result posted in the previous quarter.

Net operating income (before G&A and personnel expenses) was Ps.1.62 trillion in 1Q24, 19% or Ps.388 billion lower compared to 4Q23. On a yearly basis, Net Operating Income (before G&A and personnel expenses) increased 149% or Ps.969.3 billion.

In 1Q24, Provision for loan losses totaled Ps.18.9 billion, 32% or Ps.8.7 billion lower than in 4Q23. On a yearly basis provision for loan losses increased 40% or Ps.5.4 billion.

Operating income (after G&A and personnel expenses) was Ps.1.25 trillion in 1Q24, 20% or Ps.322.7 billion lower than in 4Q23 and 211% or Ps.850.8 billion higher than a year ago.

It is important to emphasize that this result was obtained with a leverage of only 3x assets to equity ratio.  

9  

BANCO MACRO 1Q24 EARNINGS RELEASE

INCOME STATEMENT	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23		2Q23		3Q23		4Q23		1Q24		QoQ			YoY
Net Interest Income		378,801		338,239		261,918		278,516		167,515		-40	%		-56	%
Net fee income		85,455		82,535		82,488		84,256		74,061		-12	%		-13	%
Net Interest Income + Net Fee Income		464,256		420,774		344,406		362,772		241,576		-33	%		-48	%
Net Income from financial instruments  at fair value through P&L		35,664		162,583		-84,503		1,357,364		1,272,438		-6	%		3468	%
Income from assets at amortized cost		-		-		319		200		21		0	%		0	%
Differences in quoted prices of gold  and foreign currency		142,244		237,601		553,341		277,087		80,592		-71	%		-43	%
Other operating income		22,170		23,975		26,223		38,150		44,350		16	%		100	%
Provision for loan losses		13,492		17,296		11,305		27,569		18,857		-32	%		40	%
Net Operating Income		650,842		827,637		828,481		2,008,004		1,620,120		-19	%		149	%
Employee benefits		91,026		96,158		100,219		134,878		133,392		-1	%		47	%
Administrative expenses		45,189		53,873		53,635		96,306		68,910		-28	%		52	%
Depreciation and impairment of assets		18,981		19,364		19,185		30,560		24,284		-21	%		28	%
Other operating expenses		92,454		115,885		109,226		169,603		139,584		-18	%		51	%
Operating Income		403,192		542,357		546,216		1,576,657		1,253,950		-20	%		211	%
Result from associates & joint ventures		-851		-597		-165		237,238		-214		-			-
Result from net monetary postion		-342,825		-342,898		-501,839		-797,250		-888,994		12	%		159	%
Result before taxes from continuing operations		59,516		198,862		44,212		1,016,645		364,742		-64	%		513	%
Income tax		21,595		60,483		26,754		319,390		89,507		-72	%		314	%
Net income from continuing operations		37,921		138,379		17,458		697,255		275,235		-61	%		626	%
				-		-
Net Income of the period		37,921		138,379		17,458		697,255		275,235		-61	%		626	%
Net income of the period attributable  to parent company		37,869		138,284		17,396		696,933		275,419		-60	%		627	%
Net income of the period attributable  to minority interest		52		95		62		322		-184		-157	%		-
Other Comprehensive Income		-3,224		6,744		-3,294		60,678		-14,706		-			-
Foreign currency translation differences in financial statements conversion		-822		-192		298		15,513		-14,063		-			-
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a)		-2,402		6,936		-3,592		45,165		-643		-			-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		34,697		145,123		14,164		757,933		260,529		-66	%		651	%
Total Comprehensive Income attributable to parent Company		34,645		145,028		14,102		757,611		260,713		-66	%		653	%
Total Comprehensive Income attributable to non-controlling interests		52		95		62		322		-184		-157	%		-

The Bank’s 1Q24 net interest income totaled Ps.167.5 billion, 40% or Ps.111 billion lower than in 4Q23 and 56% or Ps.211.3 billion lower YoY. Interest income decreased 18% while interest expenses decreased 7%.

10  

BANCO MACRO 1Q24 EARNINGS RELEASE

In 1Q24 interest income totaled Ps714.8 billion, 18% or Ps.154.5 billion lower than in 4Q23 and 19% or Ps.172 billion lower than in 1Q23.

Income from interest on loans and other financing totaled Ps.462 billion, 18% or Ps102.8 billion lower compared with the previous quarter mainly due to a 16% decrease in the average volume of private sector loans and a 118 basis points decease in the average lending rate. On a yearly basis Income from interest on loans increased 39% or Ps.129.8 billion.

In 1Q24, income from government and private securities decreased 42% or Ps.68.3 billion QoQ (due to the unwinding of our Leliq portfolio) and decreased 82% or Ps.429.33 billion compared with the same period of last year. This result is explained 68% by income from government and private securities through other comprehensive income (Other government securities) and the remaining 32% is explained by income from government and private securities in pesos at amortized cost.

In 1Q24, income from Repos totaled Ps.151.9 billion, 19% or Ps.24.3 billion higher than the previous quarter and 482% or Ps.125.8 billion higher than a year ago.

In 1Q43 FX income totaled Ps.80.6 billion,71% or Ps.196.5 billion lower than the previous quarter and 43% or Ps.61.6 billion lower than a year ago. FX income gain was due to the 6.1% argentine peso depreciation against the US dollar and the Bank’s long dollar position during the quarter. It is important to notice that the Bank’s long dollar position decreased 96% during the quarter.

FX INCOME	MACRO Consolidated						Variation
In MILLION $ (Measuring Unit Current at EOP)	1Q23		4Q23		1Q24		QoQ			YoY
(1) Differences in quoted prices of  gold and foreign currency		142,244		277,087		80,592		-71	%		-43	%
Translation of FX assets and liabilities to Pesos		141,393		275,980		80,391		-71	%		-43	%
Income from foreign currency exchange		851		1,107		201		-82	%		-76	%
(2) Net Income from financial assets and liabilities at fair value through P&L		754		23,363		5,165		-78	%		585	%
Income from investment in derivative financing instruments		754		23,363		5,165		-78	%		585	%
(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency		142,998		300,450		85,757		-71	%		-40	%

11  

BANCO MACRO 1Q24 EARNINGS RELEASE

INTEREST INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23		2Q23		3Q23		4Q23		1Q24		QoQ			YoY
Interest on Cash and due from Banks		2,135		2,357		2,953		2,938		3,135		7	%		47	%
Interest from government securities		524,026		518,059		480,857		162,143		94,022		-42	%		-82	%
Interest from private securities		381		281		193		1,244		1,050		-16	%		176	%
Interest on loans and other financing
To the financial sector		413		775		1,321		2,468		1,027		-58	%		149	%
To the public non financial sector		1,501		10,122		9,320		8,064		1,666		-79	%		11	%
Interest on overdrafts		36,222		50,041		63,546		115,119		71,365		-38	%		97	%
Interest on documents		35,223		43,583		65,561		93,445		56,909		-39	%		62	%
Interest on mortgages loans		42,682		53,543		50,679		74,171		108,751		47	%		155	%
Interest on pledged loans		3,110		3,514		3,964		4,434		3,143		-29	%		1	%
Interest on personal loans		100,643		95,216		88,773		85,783		69,749		-19	%		-31	%
Interest on credit cards loans		70,542		73,310		74,478		83,491		64,917		-22	%		-8	%
Interest on financial leases		447		378		845		3,553		3,510		-1	%		685	%
Interest on other loans		43,315		53,681		67,541		104,764		83,613		-20	%		93	%
Interest on Repos		0
From the BCRA		26,036		57,510		87,304		126,637		151,842		20	%		483	%
Other financial institutions		62		0		39		982		65		-			5	%
Total Interest income		886,738		962,370		997,374		869,236		714,764		-18	%		-19	%
Income from Interest on loans		332,184		373,266		415,387		564,760		461,957		-18	%		39	%

The Bank’s 1Q24 interest expense totaled Ps.547.3 billion, decreasing 7% or Ps.43.5 billion compared to the previous quarter and 8% (Ps.39.3 billion) higher compared to 1Q23.

In 1Q24, interest on deposits represented 96% of the Bank’s total interest expense, decreasing 8% or Ps.46.5 billion QoQ, due to a 970 basis points decrease in the average rate paid on deposits while the average volume of deposits from the private sector increased 5%. On a yearly basis, interest on deposits increased 6% or Ps.31.5billion.

INTEREST EXPENSE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23		2Q23		3Q23		4Q23		1Q24		QoQ			YoY
Deposits
Interest on checking accounts		22,924		42,034		49,320		54,310		64,109		18	%		180	%
Interest on saving accounts		4,969		6,709		6,366		9,429		13,088		39	%		163	%
Interest on time deposits		467,690		559,647		665,900		509,882		449,935		-12	%		-4	%
Interest on other financing from BCRA and financial inst.		824		691		550		1,043		2,137		105	%		159	%
Repos
Other financial institutions		4,811		7,101		5,012		4,111		4,109		0	%		-15	%
Interest on corporate bonds		62		61		66		2,477		4,746		92	%		7555	%
Interest on subordinated bonds		5,211		5,078		5,487		5,726		6,035		5	%		16	%
Interest on other financial liabilities		1,446		2,810		2,755		3,742		3,090		-17	%		114	%
Total financial expense		507,937		624,131		735,456		590,720		547,249		-7	%		8	%
Expenses from interest on deposits		495,583		608,390		721,586		573,621		527,132		-8	%		6	%

12  

BANCO MACRO 1Q24 EARNINGS RELEASE

In 1Q24, the Bank’s net interest margin (including FX) was 26%, lower than the 33.8% posted in 4Q23 and the 33.6% posted in 1Q23.

1Q24 NET INTEREST MARGIN*	17.6%	LOWER THAN THE 26.1% POSTED IN 4Q23 AND LOWER THAN THE 24.4% IN 1Q23
1Q24 NET INTEREST MARGIN PESOS	20.6%	LOWER THAN THE 28.1% POSTED IN 4Q23 AND LOWER THAN THE 26.8% IN 1Q23
1Q234NET INTEREST MARGIN USD	7.5%	LOWER THAN THE 15.3% POSTED IN 4Q23 AND HIGHER THAN THE 6.7% IN 1Q23

* EXCLUDING FX GAINS

ASSETS & LIABILITIES PERFORMANCE (AR$)	MACRO Consolidated
In MILLION $	1Q23								4Q23								1Q24
(Measuring Unit Current at EOP)	AVERAGE		REAL INT			NOMINAL			AVERAGE		REAL INT			NOMINAL			AVERAGE		REAL INT			NOMINAL
Yields & rates in annualized nominal %	BALANCE		RATE			INT RATE			BALANCE		RATE			INT RATE			BALANCE		RATE			INT RATE
Interest-earning assets
Loans & Other Financing
Public Sector		10,310		-15.5	%		59.0	%		29,472		-33.0	%		108.6	%		7,272		-37.6	%		92.1	%
Financial Sector		4,138		-25.9	%		39.4	%		17,790		-50.3	%		54.7	%		13,315		-57.7	%		30.2	%
Private Sector		2,450,418		-18.8	%		52.7	%		2,542,513		-40.9	%		84.1	%		1,916,282		-37.3	%		92.9	%
Other debt securities
Central Bank Securities (Leliqs)		2,266,694		-6.3	%		76.2	%		330,214		-26.0	%		130.6	%		0		0.0	%		0.0	%
Government & Private Securities		680,464		-16.1	%		57.8	%		286,568		-44.5	%		72.7	%		423,066		-39.9	%		84.9	%
Repos		148,576		-9.0	%		71.2	%		385,326		-25.7	%		131.4	%		599,248		-34.3	%		102.0	%
Total interest-earning assets		5,560,600		-13.1	%		63.4	%		3,591,883		-38.2	%		92.6	%		2,959,183		-36.9	%		94.0	%
Fin. Assets through P&L and equity inv.		87,634		-35.4	%		21.5	%		23,852		200.6	%		836.0	%		1,962,707		5.3	%		224.0	%
Other Non interest-earning assets		561,646								741,409								558,592
Total Non interest-earning assets		649,280								765,261								2,521,299
Total Average Assets		6,209,880								4,357,144								5,480,482
Interest-bearing liabilities
Deposits
Public Sector		262,065		-14.7	%		60.4	%		166,285		-35.3	%		101.4	%		241,012		-38.4	%		89.6	%
Private Sector		3,578,302		-19.4	%		51.7	%		2,505,946		-40.9	%		84.1	%		2,444,959		-42.2	%		77.9	%
BCRA and other financial institutions		2,033		40.4	%		164.2	%		3,086		-29.4	%		119.8	%		4,860		-9.3	%		179.0	%
Corporate bonds		0		0.0	%		0.0	%		5,640		-24.5	%		135.2	%		8,069		-3.2	%		197.8	%
Repos		30,473		-12.8	%		64.0	%		-15,023		-102.8	%		-108.6	%		19,621		-40.1	%		84.2	%
Other financial liabilities		471439		-0.463			0.011			595806		-0.672			0.023			524592		-0.668			0.021
Total int.-bearing liabilities		4,344,312		-21.9	%		46.9	%		3,261,740		-45.1	%		71.0	%		3,243,113		-45.7	%		67.0	%
Total non int.-bearing liabilities		1,156,987								1,250,165								1,209,769
Total Average Liabilities		5,501,299								4,511,905								4,452,882
Assets Performance				869,305								838,012								691,365
Liabilities Performance				502,447								583,944								540,033
Net Interest Income				366,858								254,068								151,332
Total interest-earning assets				5,560,600								3,591,883								2,959,183
Net Interest Margin (NIM)				26.8	%							28.1	%							20.6	%

13 

BANCO MACRO 1Q24 EARNINGS RELEASE

ASSETS & LIABILITIES PERFORMANCE USD	MACRO Consolidated
In MILLION $	1Q23								4Q23								1Q24
(Measuring Unit Current at EOP)	AVERAGE		REAL INT			NOMINAL			AVERAGE		REAL INT			NOMINAL			AVERAGE		REAL INT			NOMINAL
Yields & rates in annualized nominal %	BALANCE		RATE			INT RATE			BALANCE		RATE			INT RATE			BALANCE		RATE			INT RATE
Interest-earning assets
Cash and Deposits in Banks		356,234		-5.9	%		2.4	%		308,343		106.6	%		3.8	%		399,785		-58.3	%		3.2	%
Loans & Other Financing
Financial Sector		658		-1.8	%		6.8	%		6,191		100.6	%		0.8	%		255		-41.7	%		44.2	%
Private Sector		174,386		21.3	%		31.9	%		188,132		208.6	%		55.1	%		381,142		-51.4	%		20.2	%
Other debt securities
Central Bank		143,703		0			0			75335		0			0			19884		0			0
Government & Private Securities		52,901		3.0	%		12.0	%		51,219		132.2	%		16.7	%		61,479		-56.7	%		7.0	%
Total interest-earning assets		727,882		0.8	%		9.7	%		635,749		137.8	%		19.5	%		862,545		-55.2	%		10.9	%
Fin. Assets through P&L and equity inv.		855,340		6.2	%		15.5	%		2,124,428		585.3	%		244.4	%		1,306,440		-36.3	%		57.5	%
Other Non interest-earning assets		1,320,657								1,500,938								1,654,935
Total Non interest earning assets		2,175,997								3,625,366								2,961,375
Total Average Assets		2,903,879								4,261,115								3,823,920
Interest-bearing liabilities
Deposits
Public Sector		20,974		-8.0	%		0.1	%		7,140		99.2	%		0.1	%		6,741		-59.5	%		0.1	%
Private Sector		473,868		-8.1	%		0.0	%		504,525		99.0	%		0.0	%		712,809		-59.6	%		0.0	%
BCRA and other financial institutions		12,920		-3.5	%		5.0	%		18,160		117.9	%		9.5	%		16,043		-56.3	%		8.1	%
Issued corporate bonds		12,330		-6.2	%		2.0	%		38,651		110.3	%		5.7	%		62,930		-57.6	%		5.0	%
Subordinated bonds		327,296		-2.1	%		6.5	%		323,986		112.9	%		7.0	%		381,664		-57.0	%		6.4	%
Total int.-bearing liabilities		847,388		-5.7	%		2.6	%		892,462		105.0	%		3.0	%		1,180,187		-58.6	%		2.5	%
Total non int.-bearing liabilities		411,371								613,192								719,071
Total Average liabilities		1,258,759								1,505,654								1,899,258
Assets Performance				17,433								31,224								23,399
Liabilities Performance				5,490								6,776								7,216
Net Interest Income				11,943								24,448								16,183
Total interest-earning assets				727,882								635,749								862,545
Net Interest Margin (NIM)				6.7	%							15.3	%							7.5	%

In 1Q24 Banco Macro’s net fee income totaled Ps.74.1 billion, 12% or Ps.10.2 billion lower than in 4Q23 and was 13% or Ps.11.4 billion lower than the same period of last year.

In the quarter, fee income totaled Ps.84.2 billion, 12% or Ps.11 billion lower than in 4Q23. In the quarter fees charged on deposit accounts decreased 13% or Ps.4.2 billion, credit card fees decreased 14% or Ps.2.8 billion and Mutual funds and securities fees decreased 31% or Ps.1.3 billion. On a yearly basis, fee income decreased 11% or Ps.10 billion.

In the quarter, total fee expense decreased 7% or Ps.820 million. On a yearly basis, fee expenses increased 16% or Ps.1.4 billion.

14 

BANCO MACRO 1Q24 EARNINGS RELEASE

NET FEE INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23		2Q23		3Q23		4Q23		1Q24		QoQ			YoY
Fees charged on deposit accounts		34,893		34,068		32,990		33,182		28,945		-13	%		-17	%
Credit card fees		20,583		19,233		18,391		19,810		17,044		-14	%		-17	%
Corporate services fees		13,665		13,360		14,016		13,859		13,715		-1	%		0	%
Debit card fees		4,272		3,904		5,893		6,633		5,589		-16	%		31	%
ATM transaction fees		6,383		5,508		5,378		5,110		5,115		0	%		-20	%
Insurance fees		5,078		4,748		4,420		4,268		3,629		-15	%		-29	%
Credit related fees		2,209		2,634		2,227		3,351		3,604		8	%		63	%
Financial agent fees (provinces)		4,628		5,212		4,977		4,556		3,474		-24	%		-25	%
Mutual funds & securities fees		2,232		2,583		3,130		4,248		2,936		-31	%		32	%
AFIP & Collection services		225		184		176		156		125		-20	%		-44	%
ANSES fees		55		46		47		33		15		-55	%		-73	%
Total fee income		94,223		91,480		91,645		95,206		84,191		-12	%		-11	%
Total fee expense		8,768		8,945		9,157		10,950		10,130		-7	%		16	%
Net fee income		85,455		82,535		82,488		84,256		74,061		-12	%		-13	%

In 1Q43 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.1.27 trillion gain, decreasing 6% or Ps.84.9 billion in the quarter. This gain was mainly due to the mark to market of some government securities (CER inflation adjusted bonds) (Ps.1.28 trillion).

On a yearly basis Net Income from financial assets and liabilities at fair value through profit or loss increased Ps.1.24 trillion.  

NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23		2Q23		3Q23		4Q23		1Q24		QoQ			YoY
Profit or loss from government securities		50,067		137,694		-141,234		1,266,336		1,279,205		1	%		2455	%
Profit or loss from private securities		-11,849		25,065		37,242		54,781		6,579		-88	%		-156	%
Profit or loss from investment in derivative financing instruments		754		1,311		1,921		23,363		5,165		-78	%		585	%
Profit or loss from other financial assets		66		474		-2,433		3,708		3,165		-15	%		4695	%
Profit or loss from investment in equity instruments		197		-119		4,163		1,046		435		-58	%		121	%
Profit or loss from the sale of financial assets at fair value		-1,954		5,772		16,846		9,736		-14,503		-			-
Income from financial assets at fair value through profit or loss		37,281		170,197		-83,495		1,358,970		1,280,046		-6	%		3334	%
Profit or loss from derivative financing instruments		-1,617		-7,614		-1,008		-1,606		-7,608		-			-
Income from financial liabilities at fair value through profit or loss		-1,617		-7,614		-1,008		-1,606		-7,608		-			-
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS		35,664		162,583		-84,503		1,357,364		1,272,438		-6	%		3468	%

15 

BANCO MACRO 1Q24 EARNINGS RELEASE

In the quarter, Other Operating Income totaled Ps.44.4 billion, 16% or Ps.6.2 billion higher than in 4Q23 (Other adjustments and interest from other receivables increased 5.2 billion while Other adjustments and interest from receivables increased 54% or Ps.5 billion).On a yearly basis, Other Operating Income increased 100% or Ps.22.2 billion.

OTHER OPERATING INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23		2Q23		3Q23		4Q23		1Q24		QoQ			YoY
Credit and debit cards		2,465		2,929		3,649		4,629		3,796		-18	%		54	%
Lease of safe deposit boxes		2,711		2,549		2,438		2,805		2,606		-7	%		-4	%
Other service related fees		6,884		7,605		9,656		11,344		12,841		13	%		87	%
Other adjustments and interest from other receivables		5,696		6,037		6,869		9,296		14,321		54	%		151	%
Initial recognition of loans		-		-		-		-		5,162		-			-
Sale of property, plant and equipment		23		180		-5		53		1		-98	%		-
Others		4,391		4,675		3,616		10,023		5,623		-44	%		28	%
Other Operating Income		22,170		23,975		26,223		38,150		44,350		16	%		100	%

In 1Q24 Banco Macro’s administrative expenses plus employee benefits totaled Ps.202.3 billion, 12% or Ps.28.9 billion lower than the previous quarter, due to lower employee benefits (-1%) and lower (+28%) administrative expenses. On a yearly basis, administrative expenses plus employee benefits increased 49% or Ps.66.1 billion.

Employee benefits decreased 1% or Ps.1.5 billion QoQ, social security contributions and compensation and bonuses decreased 7% or Ps.1.6 billion while Compensation and bonuses decreased 7% or Ps.1.3 billion. On a yearly basis, Employee benefits increased 47% or Ps.42.4 billion.

In 1Q24, administrative expenses decreased 28% or Ps.27.4 billion, due to lower Directors and auditors fees(-60%), lower other professional fees (-37%) lower advertisement and publicity fees (-43%) and lower other administrative expenses (-16%). On a yearly basis administrative expenses increased 52% or Ps.23.7 billion.

In 1Q24, the efficiency ratio reached 14.7%, improving significantly from the 18.6% posted in 4Q23 and much better than the 25.5% posted a year ago. In 1Q24 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) decreased 13%, while income (net interest income + net fee income + differences in quoted prices of gold and foreign currency + other operating income + net income from financial assets at fair value through profit or loss – (Turnover Tax + Insurance on deposits)) decreased 11% compared to 4Q23.

16 

BANCO MACRO 1Q24 EARNINGS RELEASE

PERSONNEL & ADMINISTRATIVE EXPENSES	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23			2Q23			3Q23			4Q23			1Q24			QoQ			YoY
Employee benefits		91,026			96,158			100,219			134,878			133,392			-1	%		47	%
Remunerations		61,357			65,900			69,341			89,747			91,400			2	%		49	%
Social Security Contributions		15,605			15,907			17,202			23,505			21,913			-7	%		40	%
Compensation and bonuses		11,012			11,112			10,379			18,067			16,820			-7	%		53	%
Employee services		3,052			3,239			3,297			3,559			3,259			-8	%		7	%
Administrative Expenses		45,189			53,873			53,635			96,306			68,910			-28	%		52	%
Taxes		7,672			8,343			11,194			13,640			11,788			-14	%		54	%
Maintenance, conservation fees		6,996			7,510			7,508			10,497			9,673			-8	%		38	%
Directors & statutory auditors fees		1,824			6,100			3,076			29,825			12,035			-60	%		560	%
Security services		4,322			4,314			4,544			4,862			4,013			-17	%		-7	%
Electricity & Communications		4,132			3,995			3,923			3,712			5,106			38	%		24	%
Other professional fees		4,894			5,401			5,849			8,984			5,666			-37	%		16	%
Rental agreements		177			228			160			148			433			193	%		145	%
Advertising & publicity		1,848			3,012			4,309			4,920			2,783			-43	%		51	%
Personnel allowances		931			988			1,057			1,314			755			-43	%		-19	%
Stationary & Office Supplies		405			354			372			491			362			-26	%		-11	%
Insurance		374			463			471			477			337			-29	%		-10	%
Hired administrative services		324			1,398			924			1,941			2,872			48	%		786	%
Other		11,290			11,767			10,248			15,495			13,087			-16	%		16	%
Total Administrative Expenses		136,215			150,031			153,854			231,184			202,302			-12	%		49	%
Total Employees		7,756			7,797			7,765			9,192			9,166
Branches		463			462			461			519			517
Efficiency ratio		25.5	%		21.7	%		22.4	%		13.6	%		14.7	%
Accumulated efficiency ratio		25.5	%		23.4	%		23.0	%		18.6	%		14.7	%

In 1Q24, Other Operating Expenses totaled Ps.139.6 billion, decreasing 18% or Ps.30 billion QoQ, due to lower turnover tax (13% or Ps.13.5 billion), lower initial loan recognition charges (Ps.9 billion) and lower Other expenses (12% or Ps.5.4 billion). On a yearly basis, Other Operating Expenses increased 51% or Ps.47.1 billion.

OTHER OPERATING EXPENSES	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23		2Q23		3Q23		4Q23		1Q24		QoQ			YoY
Turnover Tax		54,278		63,790		63,942		106,298		92,800		-13	%		71	%
Other provision charges		2,568		3,026		2,047.00		5,738		3,720		-35	%		45	%
Deposit Guarantee Fund Contributions		2,352		2,187		2,237		1,879		1,687		-10	%		-28	%
Donations		801		619		213		282		530		88	%		-34	%
Insurance claims		890		893		900		1,213		1,128		-7	%		27	%
Initial loan recognition		846		11,337		1,289		9,028		-		-100	%		100	%
Others		30,719		34,032		38,597		45,149		39,716		-12	%		29	%
Other Operating Expenses		92,454		115,885		109,226		169,603		139,584		-18	%		51	%

17 

BANCO MACRO 1Q24 EARNINGS RELEASE

In 1Q24, the result from the net monetary position totaled a Ps.889 billion loss, 12% or Ps.91 billion higher than the loss posted in 4Q23 and 159% or Ps.546.2 billion higher than the loss posted one year ago. This result is a consequence of a higher net monetary position (+84%) which was partially offset by lower inflation during the quarter(167 b.p. below 4Q23 level, down to 51.6% from 53.3% in 4Q23).

OPERATING RESULT	MACRO consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23		2Q23		3Q23		4Q23		1Q24		QoQ			YoY
Operating Result (exc. Loss from net monetary position)		403,192		542,357		546,216		1,576,657		1,253,950		-20	%		211	%
Result from net monetary position (i.e. inflation adjustment)		-342,825		-342,898		-501,839		-797,250		-888,994		12	%		159	%
Operating Result (Inc. Loss from net monetary position)		60,367		199,459		44,377		779,407		364,956		-53	%		505	%

In 1Q24, Banco Macro's effective income tax rate was 24.5%, lower than the 31.4% registered in 4Q23.

For more information, please see note 21 “Income Tax” of our Financial Statements.  

18 

BANCO MACRO 1Q24 EARNINGS RELEASE

Financial Assets .04

Loans and other financing

The volume of financing (including loans, financial trust and leasing portfolio) totaled Ps.2.5 triillion, decreasing 10% or Ps.279.6 billion QoQ and decreasing 8% or Ps.205.9 billion YoY. In 1Q24 Private sector loans decreased 10% or Ps.279.8 billion. On a yearly basis Private sector loans decreased 8% or Ps.215.7 billion.

Within commercial loans, Overdrafts stand out with a 21% or Ps.92.6 billion decrease, Documents decreased 2% or Ps.10 billion while Others increased 2% or Ps.9.3 billion.

Within consumer lending, personal loans decreased 12% or Ps.44.8 billion while credit card loans decreased 18% or Ps.132.1 billion.

Within private sector financing, peso financing decreased 20% or Ps.513.9 billion, while US dollar financing increased 75% or USD 254 million.

As of 1Q24, Banco Macro’s market share over private sector loans was 9.4%.

LOANS AND OTHER FINANCING	MACRO Consilidated															Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23			2Q23			3Q23			4Q23			1Q24			QoQ			YoY
Public Sector		5,468			58,171			7,346			7,152			2,817			-61	%		-48	%
Finacial Sector		7,202			6,607			33,789			15,109			19,637			30	%		173	%
Financial Sector		7,250			6,666			33,843			15,144			19,659			30	%		171	%
Less: Expected Credit Losses		-48			-59			-54			-35			-22			-37	%		-54	%
Private Sector		2,693,826			2,733,995			2,639,619			2,757,967			2,478,131			-10	%		-8	%
Overdrafts		208,656			276,170			262,354			436,518			343,943			-21	%		65	%
Discounted documents		389,554			432,414			502,585			512,966			502,960			-2	%		29	%
Mortgage loans		276,994			273,534			253,024			253,600			245,941			-3	%		-11	%
Pledged loans		42,545			42,867			43,551			42,647			32,928			-23	%		-23	%
Personal loans		623,668			549,091			461,065			361,214			316,391			-12	%		-49	%
Credit Card loans		838,490			826,147			793,305			735,017			602,881			-18	%		-28	%
Leasing		5,217			4,499			3,374			14,387			10,057			-30	%		93	%
Others		363,039			385,009			370,772			482,925			492,211			2	%		36	%
Less: Expected Credit Losses		-54,337			-55,736			-50,411			-81,307			-69,181			-15	%		27	%
Total loans and other financing		2,706,496			2,798,773			2,680,754			2,780,228			2,500,585			-10	%		-8	%
Total loans in Pesos		2,504,688			2,613,790			2,501,555			2,507,337			1,993,425			-20	%		-20	%
Total loans in foreign currency		201,808			184,983			179,199			272,891			507,160			86	%		151	%
EOP FX (Pesos per USD)		208.9883			256.6750			350.0083			808.4833			857.4167			6	%		310	%
Total loans in foreign currency (USD)		966			721			512			338			591			75	%		-39	%
USD financing / Financing to the private sector		7	%		7	%		7	%		10	%		20	%

19 

BANCO MACRO 1Q24 EARNINGS RELEASE

Public Sector Assets .05

In 1Q24, the Bank’s public sector assets (excluding Central Bank notes) to total assets ratio was 47.3%, higher than the 31% registered in the previous quarter, and higher than the 17% posted in 1Q23. Other government securities increased 50% (CER inflation linked bonds) which were partially offset by a decrease in Dual Bond holdings.

In 1Q24, a 50% or Ps.1.58 trillion increase in Government Securities stands out.

PUBLIC SECTOR ASSETS	MACRO Consolidated											Change
In MILLION $ (Measuring Unit Current at EOP)		1Q23		2Q23		3Q23		4Q23		1Q24			QoQ		YoY
Leliqs		2,497,487		1,919,463		983,024		-		-			-		-100	%
Other		1,600,837		2,177,464		2,147,586		3,149,227		4,732,151			50	%	196	%
Government securities		4,098,324		4,096,927		3,130,610		3,149,227		4,732,151			50	%	15	%
Provincial loans		3,626		55,585		5,027		4,882		952			-80	%	-74	%
Loans		3,626		55,585		5,027		4,882		952			-80	%	-74	%
TOTAL PUBLIC SECTOR ASSETS		4,101,950		4,152,512		3,135,637		3,154,109		4,733,103			50	%	15	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)		1,604,463		2,233,049		2,152,613		3,154,109		4,733,103			50	%	195	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS		17.0	%	22.4	%	25.0	%	31.0	%	47.3	%

20 

BANCO MACRO 1Q24 EARNINGS RELEASE

Funding .06

Deposits

Banco Macro’s deposit base totaled Ps.5 trillion in 1Q24, decreasing 1% or Ps.74.3 billion QoQ and an 11% or Ps.644 billion decrease YoY and representing 76% of the Bank’s total liabilities.

On a quarterly basis private sector deposits decreased 6% or Ps.291.2 billion while public sector deposits decreased 83% or Ps.234.2 billion.

The decrease in private sector deposits was led by demand deposits, which decreased 26% or Ps.777.3 billion, while time deposits increased 27% or Ps.422.6 billion QoQ.

Within private sector deposits, peso deposits increased 10% or Ps.365.2 billion, while US dollar deposits decreased 32% or USD 622 million.

As of 1Q24, Banco Macro´s market share over private sector deposits was 7.5%.

DEPOSITS	MACRO Consolidated											Change
In MILLION $ (Measuring Unit Current at EOP)		1Q23		2Q23		3Q23		4Q23		1Q24			QoQ		YoY
Public sector		430,767		415,060		413,026		283,686		517,846			83	%	20	%
Financial sector		7,412		9,214		8,024		30,606		13,371			-56	%	80	%
Private sector		5,241,536		5,538,160		4,248,617		4,795,731		4,504,544			-6	%	-14	%
Checking accounts		649,635		605,034		584,674		772,698		541,276			-30	%	-17	%
Savings accounts		1,640,953		1,887,931		1,503,265		2,168,236		1,622,337			-25	%	-1	%
Time deposits		2,869,724		2,933,859		2,064,094		1,589,204		2,011,772			27	%	-30	%
Investment accounts		6,776		40,066		15,165		189,853		262,273			38	%	3771	%
Other		74,448		71,270		81,419		75,740		66,886
Total		5,679,715		5,962,434		4,669,667		5,110,023		5,035,761			-1	%	-11	%
Pesos		4,885,753		5,218,833		3,941,234		3,558,225		3,923,408			10	%	-20	%
Foreign Currency (in Pesos)		793,962		743,601		728,433		1,551,798		1,112,353			-28	%	40	%
EOP FX (Pesos per USD)		208.9883		256.6750		350.0083		808.4833		857.4167			6	%	310	%
Foreign Currency (USD)		3,799		2,897		2,081		1,919		1,297			-32	%	-66	%
USD Deposits / Total Deposits		14	%	12	%	16	%	30	%	22	%

Banco Macro’s transactional deposits represent approximately 46% of its total deposit base as of 1Q24. These accounts are low cost and are not sensitive to interest rate increases.

21 

BANCO MACRO 1Q24 EARNINGS RELEASE

Other sources of funds

In 1Q24, the total amount of other sources of funds increased 2% or Ps.84.3 billion compared to 4Q23 mainly due to a 8% or Ps.260.7 billion increase in Shareholders’ equity generated by the positive net income registered during the peiod. On a yearly basis, other sources of funds increased 35% or Ps.981.2 billion.

OTHER SOURCES OF FUNDS	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23		2Q23		3Q23		4Q23		1Q24		QoQ			YoY
Central Bank of Argentina		190		167		126		131		62		-53	%		-67	%
Banks and international institutions		17,142		10,654		12,061		23,079		18,551		-20	%		8	%
Financing received from Argentine financial institutions		151		1,528		612		6,810		1,130		-83	%		648	%
Subordinated corporate bonds		335,094		326,821		335,807		497,665		353,563		-29	%		6	%
Corporate bonds		12,747		10,246		12,675		89,251		67,179		-25	%		427	%
Shareholders' equity		2,454,052		2,327,687		2,341,790		3,099,400		3,360,113		8	%		37	%
Total other source of funds		2,819,376		2,677,103		2,703,071		3,716,336		3,800,598		2	%		35	%

 

22 

BANCO MACRO 1Q24 EARNINGS RELEASE

Liquid Assets .07

In 1Q24, the Bank’s liquid assets amounted to Ps.6.25 trillion, showing a 4% or Ps.9239.7 billion increase QoQ, and a 14% or Ps.755.7 billion increase on a yearly basis.

In 1Q24 Other Government securities increased 50% or Ps.1.58 trillion while Net Repos decreased 70% or Ps.650 billion.
In 1Q24, Banco Macro’s liquid assets to total deposits ratio reached 124%.

LIQUID ASSETS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23			2Q23			3Q23			4Q23			1Q24			QoQ			YoY
Cash		1,154,332			1,039,322			1,040,143			1,824,171			1,149,472			-37	%		0	%
Guarantees for compensating chambers		99,460			79,392			76,467			103,281			99,616			-4	%		0	%
Call		2,327.00			251.00			-			8,188			-8,461.00			-			-
Leliq own portfolio		2,497,487			1,919,463			983,024			-			-			-			-100	%
Net Repos		140,114			423,397			355,015			925,673			277,483			-70	%		-
Other government & private securities		1,600,837			2,177,464			2,147,586			3,149,227			4,732,151			50	%		196	%
Total		5,494,557			5,639,289			4,602,235			6,010,540			6,250,261			4	%		14	%
Liquid assets to total deposits		97	%		95	%		99	%		118	%		124	%

23 

BANCO MACRO 1Q24 EARNINGS RELEASE

Solvency .08

Banco Macro continued showing high solvency levels in 1Q24 with an integrated capital (RPC) of Ps.3.2 trillion over a total capital requirement of Ps.548.9billion. Banco Macro’s excess capital in 1Q24 was 472% or Ps.2.59 trillion.

The Capital Adequacy Ratio (as a percentage of risk-weighted assets- RWA) was 46.5% in 1Q24; TIER1 Ratio stood at 44.5%.

The Bank’s aim is to make THE BEST USE OF THIS EXCESS CAPITAL.

MINIMUM CAPITAL REQUIREMENT	MACRO Consolidated															Change
In MILLION $	1Q23			2Q23			3Q23			4Q23			1Q24			QoQ			YoY
Credit risk requirement		73,119			92,213			124,155			250,774			312,304			25	%		327	%
Market risk requirement		11,531			25,821			19,898			38,335			39,647			3	%		244	%
Operational risk requirement		38,935			48,802			71,224			114,388			196,966			72	%		406	%
Total capital requirements		123,585			166,836			215,276			403,497			548,917			36	%		344	%
Ordinary Capital Level 1 (COn1)		627,056			717,831			979,304			1,745,360			3,184,428			82	%		408	%
Deductible concepts Level 1 (COn1)		-33,553			-41,726			-59,469			-121,538			-180,391			48	%		438	%
Capital Level 2 (COn2)		50,063			61,480			83,763			128,995			136,797			6	%		173	%
Integrated capital - RPC (i)		643,566			737,585			1,003,598			1,752,832			3,140,849			79	%		388	%
Excess capital		519,981			570,749			788,322			1,349,335			2,591,932			92	%		398	%
Risk-weighted assets - RWA (ii)		1,518,189			2,051,880			2,645,752			4,952,407			6,747,756			36	%		344	%
Regulatory Capital ratio [(i)/(ii)]		42.4	%		35.9	%		37.9	%		35.4	%		46.5	%
Ratio TIER 1 [Capital Level 1/RWA]		39.1	%		33.0	%		34.8	%		32.8	%		44.5	%

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

24 

BANCO MACRO 1Q24 EARNINGS RELEASE

Asset Quality .09

In 1Q24, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 1.14%, down from 1.29% in 4Q23, from the 1.41% posted in 1Q23.

Consumer portfolio non-performing loans deteriorated 12 b.p. (up to 1.47% from 1.35%) while Commercial portfolio non-performing loans improved 49 b.p. in 1Q24 (down to 0.72% from 1.2%).

The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) reached 222.7% in 1Q24. Write-offs over total loans totaled 0.06%.

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

ASSET QUALITY	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23			2Q23			3Q23			4Q23			1Q24			QoQ			YoY
Commercial portfolio		531,924			681,922			706,309			1,372,953			1,248,032			-9	%		135	%
Non-performing		9,204			8,041			8,067			16,539			8,972			-46	%		-3	%
Consumer portfolio		2,290,952			2,271,503			2,131,273			1,919,565			1,600,661			-17	%		-30	%
Non-performing		30,723			32,410			31,442			25,900			23,486			-9	%		-24	%
Total portfolio		2,822,876			2,953,425			2,837,582			3,292,518			2,848,693			-13	%		1	%
Non-performing		39,927			40,451			39,509			42,439			32,458			-24	%		-19	%
Commercial non-perfoming ratio		1.73	%		1.18	%		1.14	%		1.20	%		0.72	%
Consumer non-perfoming ratio		1.34	%		1.43	%		1.48	%		1.35	%		1.47	%
Total non-performing/ Total portfolio		1.41	%		1.37	%		1.39	%		1.29	%		1.14	%
Total allowances		57,979			59,079			52,915			85,266			72,285			-15	%		25	%
Coverage ratio w/allowances		145.21	%		146.05	%		133.93	%		200.91	%		222.70	%
Write Offs		1,776			5,515			2,301			2,552			1,831			-28	%		3	%
Write Offs/ Total portfolio		0.06	%		0.19	%		0.08	%		0.08	%		0.06	%

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

The Bank records an allowance for expected credit losses for all loans and other debt financial assets not held at fair value through profit or loss, together with loan commitments and financial guarantee contracts, in this section all referred to as ‘financial instruments’. Equity instruments are not subject to impairment under IFRS 9. The ECL allowance is based on the credit losses expected to arise over the life of the asset (the lifetime expected credit loss), unless there has been no significant increase in credit risk since origination, in which case, the allowance is based on the 12 months expected credit loss.(For further information please see our 2023 20-F)

25 

BANCO MACRO 1Q24 EARNINGS RELEASE

1Q24 Snapshot .10

In AR$ Million. Figures of previous quarters have been restated to reflect the accumulated effect of the inflation adjustment for each period through March 31, 2024

 

26 

BANCO MACRO 1Q24 EARNINGS RELEASE

 

27 

BANCO MACRO 1Q24 EARNINGS RELEASE

 

28 

BANCO MACRO 1Q24 EARNINGS RELEASE

Relevant and Recent Events .11

· Interest Payment Series F Dollar denominated Notes On April 30^th, 2024 the Bank paid semiannual interest on Series F dollar denominated notes in the amount of USD 1,321,370. · Interest Payment Series A Subordinated Notes On May 4^th, 2024 the Bank paid semiannual interest on Series A subordinated notes in the amount of USD 13,286,000. · Principal and Interest Payment Series E Dollar denominated Notes On May 2^nd, 2024 the Bank paid principal and interest on Class E dollar denominated notes in the amount of USD 17,060,781

· Ordinary and Special Shareholders’ meeting. Dividend payment schedule

On April 12, 2024 the Shareholders’ Meeting held resolved to separate a portion of the Optional Reserve Fund for Future Profit Distributions, in order to pay a cash or in kind dividend, in the latter case valued at market price, or in any combination of both options, in the amount of  Ps.294,130,167,680 (amount expressed in constant currency as of 31 December 2023), which expressed in constant currency as of 29 February 2024 amounts to Ps.401,735,819,252 and represents AR$ 628.2880750164 per share, subject to prior authorization from the Banco Central de la República Argentina (BCRA). The above stated amount is subject to a 7% tax withholding under section 97 of the Income Tax Law as revised in 2019.

On May 6, 2024 the Superintendencia de Entidades Financieras y Cambiarias of the Central Bank of the Republic of Argentina informed us that it has decided to authorize Banco Macro S.A. to distribute profits for an aggregate amount of Ps.294,130,168,000, in cash or in kind, as requested by the Bank, which distribution shall be carried out in the terms provided by the standard set by Distribution of Results. Pursuant to Communication "A" 7984, such amount shall be paid in constant currency of the payment date/s, after re-expression of the relevant payable amount by applying the most recently published rate before the date on which each of the above-mentioned instalments is made available according to the payment schedule duly fixed by the Board.

On May 14, 2024 the Board of Banco Macro S.A. resolved to apply the amount of  Ps.294,130,167,680 to the payment of a cash dividend in 3 equal and consecutive monthly instalments. The amount of each one of such instalments shall be paid in constant currency, using the most recently published consumer price index (CPI) as determined by Instituto Nacional de Estadísticas y Censos (INDEC) to the date each instalment is made available to the shareholders.

29 

BANCO MACRO 1Q24 EARNINGS RELEASE

Year 2024
Instalment #		Available on (date)	Amount (i)
	1	May 22nd	$	98,043,389,226.67
	2	June 26th	$	98,043,389,226.67
	3	July 22nd	$	98,043,389,226.67

(i)      The amount shall be expressed in constant currency to the date of the resolution that determines the availability of such instalments.

Each time the Board resolves to make available a dividend instalment, it shall issue the relevant notice of payment, containing the following information: i) the amount to be made available to the shareholders; ii) the amount per share; and iii) whether the dividend to be paid is subject to any kind of tax withholding.

In addition, please be advised that pursuant to Communication “A” 7997 of the Central Bank of the Republic of Argentina, in connection with the option to be granted to the non-resident shareholders to apply the funds derived from the dividends received to the acquisition of BOPREALs, the Bank shall inform such possibility at the time of issuing the relevant notice of payment of each dividend instalment.

The amount to be paid as dividend is subject to a 7% tax withholding under section 97 of the Argentine Income Tax Law as revised in 2019 and, in the case of non-resident shareholders who choose to acquire BOPREALs, an additional 17.5% tax withholding shall apply as Tax for an Inclusive and Solidarity-based Argentina (PAÍS) pursuant to Decree No. 385/2024.

Simultaneously with this notice, we published the notice of payment of the first dividend installment.

On May 6, 2024  the Special Shareholders’ meeting approved the following: (i) the Preliminary Merger Agreement entered into on March 6th 2024 by and between Banco Macro S.A. and Banco BMA S.A.U., pursuant to which the company named in the first place shall absorb the second one, with retroactive effect to January 1st 2024; (ii) the special consolidated financial statements of merger of Banco Macro S.A. and Banco BMA S.A.U. as of 31 December 2023, based on the information contained in the individual financial statements of each company to the same date, as duly submitted to the Central Bank of the Republic of Argentina, the Argentine Securities Exchange Commission (Comisión Nacional de Valores) and Bolsas y Mercados S.A.; and (iii) to omit reading the above mentioned documents since they have been made available to the shareholders duly in advance and are copied on the relevant corporate books.

Pending the authorizations by the Central Bank of the Republic of Argentina and the Argentine Securities Exchange Commission, the resolutions adopted at the present Shareholders’ Meeting shall be subject to the granting of such authorizations.

30 

BANCO MACRO 1Q24 EARNINGS RELEASE

Regulatory Changes .12

· Floor on deposit rates On March 11, 2024, through Communication “A” 7978 the Central Bank of Argentina decided to remove floors on deposit rates, therefore Banks can freely determine what they pay for time deposits. · Monetary Policy Rate · On April 25, 2024: The Central Bank of Argentina decided to cut the monetary policy rate by 10 percentage points. Repo rate was cut from 70% to 60% APR. · On May 2, 2024. The Central Bank of Argentina decided to cut the monetary policy rate by 10 percentage points. Repo rate was cut from 60% to 50% APR. · On May 14, 2024: The Central Bank of Argentina decided to cut the monetary policy rate by 10 percentage points. Repo rate was cut from 50% to 40% APR.

· Minimum Reserve Requirements On May 2, 2024, The Central Bank of Argentina through Communication “A” 8000 decided to increase reserve requirements for securities guaranteed loans effective as of May 15. ·  Up to 29 days: 15% ·  More than 30 days: 10% At the same time the Central Bank of Argentina decided to increase reserve requirements for Money Market funds to 15%

31 

BANCO MACRO 1Q24 EARNINGS RELEASE

CER Exposure and Foreign Currency Position .13

CER EXPOSURE	MACRO Consolidated					Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23	2Q23	3Q23	4Q23	1Q24	QoQ		YoY
CER adjustable ASSETS
Government Securities	134,691	196,299	137,943	372,417	4,467,255	1100	%	3217	%
Loans (*)	204,857	206,298	188,513	188,306	202,407	7	%	-1	%
Private sector loans	31,415	29,944	27,815	29,549	21,793	-26	%	-31	%
Mortgage loans (UVA adjusted)	173,271	176,174	160,547	158,663	180,611	14	%	4	%
Other loans	171	180	151	94	3	-97	%	-98	%
Total CER adjustable assets	339,548	402,597	326,456	560,723	4,669,662	733	%	1275	%
CER adjustable LIABILITIES
Deposits (*)	32,592	22,823	11,159	52,317	37,918	-28	%	16	%
UVA Unemployment fund	21,579	23,521	22,822	18,953	19,122	1	%	-11	%
Total CER adjustable liabilities	54,171	46,344	33,981	71,270	57,040	-20	%	5	%
NET CER EXPOSURE	285,377	356,253	292,475	489,453	4,612,622	842	%	1516	%

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

FOREIGN CURRENCY POSITION	MACRO Consolidated					Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23	2Q23	3Q23	4Q23	1Q24	QoQ		YoY
Cash and deposits in Banks	935,863	866,679	889,643	1,698,725	992,394	-42	%	6	%
Cash	32,532	158,906	166,824	511,973	252,960	-51	%	678	%
Central Bank of Argentina	589,073	392,900	442,144	747,594	381,503	-49	%	-35	%
Other financial institutions local and abroad	314,205	314,419	280,620	439,074	357,436	-19	%	14	%
Others	53	453	55	85	493	480	%	830	%
Financial instruments at fair value through P&L	1,078,843	1,811,082	1,861,087	2,634,253	122,006	-95	%	-89	%
Other financial assets	81,810	82,584	78,627	120,057	104,394	-13	%	28	%
Loans and other financing	201,808	184,983	179,199	272,891	507,160	86	%	151	%
Non financial private sector & foreign residents	201,808	184,983	179,199	272,891	507,160	86	%	151	%
Other debt securities	154,906	324,339	117,790	134,407	63,578	-53	%	-59	%
Guarantees received	22,765	29,391	33,859	84,550	24,429	-71	%	7	%
Investment in equity instruments	761	562	1,036	520	374	-28	%	-51	%
Total Assets	2,476,756	3,299,619	3,161,241	4,945,404	1,814,333	-63	%	-27	%
Deposits	793,962	743,601	728,433	1,551,798	1,112,353	-28	%	40	%
Non financial public sector	31,275	30,615	28,428	52,057	20,913	-60	%	-33	%
Financial sector	6,404	7,069	7,150	10,774	7,536	-30	%	18	%
Non financial private sector & foreign residents	756,282	705,917	692,855	1,488,966	1,083,903	-27	%	43	%
Financial liabiities at fair value through P&L	9,607	4,502	24,485	20,951	14,204	-32	%	48	%
Other liabilities from financial intermediation	80,988	83,342	90,368	130,959	146,918	12	%	81	%
Financing from the Central Bank and other fin. Inst	17,284	10,929	12,249	23,310	18,829	-19	%	9	%
Issued corporate bonds	12,747	10,246	12,675	81,650	58,645	-28	%	360	%
Subordinated corporate bonds	335,094	326,821	335,807	497,665	353,563	-29	%	6	%
Other non financial liabilities	513	2,691	2,797	6,864	4,240	-38	%	727	%
Total Liabilities	1,250,194	1,182,132	1,206,814	2,313,196	1,713,878	-26	%	37	%
NET FX POSITION (Pesos)	1,226,562	2,117,487	1,954,427	2,632,208	100,455	-96	%	-92	%
EOP FX (Pesos per USD)	208.9883	256.6750	350.0083	808.4833	857.4167	6	%	310	%
NET FX POSITION (USD)	5,869	8,250	5,584	3,256	117	-96	%	-98	%

32 

BANCO MACRO      1Q24 EARNINGS RELEASE

QUARTERLY BALANCE SHEET	MACRO Consolidated					Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23	2Q23	3Q23	4Q23	1Q24	QoQ		YoY
ASSETS
Cash and deposits in Banks	1,154,332	1,039,322	1,040,143	1,824,171	1,149,472	-37	%	0	%
Cash	136,492	248,274	249,587	602,481	340,204	-44	%	149	%
Central Bank of Argentina	703,068	476,148	509,868	782,287	451,327	-42	%	-36	%
Other local & foreign entities	314,719	314,446	280,633	439,317	357,446	-19	%	14	%
Other	53	454	55	86	495	476	%	834	%
Debt securities at fair value through profit & loss	1,113,034	1,838,452	1,879,200	2,656,588	4,332,995	63	%	289	%
Derivatives	2	828	1,787	19,928	57,581	-100	%	2878950	%
Repo Transactions	151,727	423,902	365,746	933,358	279,193	-70	%	84	%
Other financial assets	319,949	430,158	434,602	305,338	228,231	-25	%	-29	%
Loans & other receivables	2,706,496	2,798,773	2,680,754	2,780,228	2,500,585	-10	%	-8	%
Non Financial Public Sector	5,468	58,171	7,346	7,152	2,817	-61	%	-48	%
Financial Sector	7,202	6,607	33,789	15,109	19,637	30	%	173	%
Non Financial private sector and foreign	2,693,826	2,733,995	2,639,619	2,757,967	2,478,131	-10	%	-8	%
Other debt securities	3,157,220	2,627,645	1,403,986	654,693	487,432	-26	%	-85	%
Financial assets in guarantee	145,445	133,831	135,253	201,494	170,195	-16	%	17	%
Income tax assets	0	0	0	1,331	1,033
Investments in equity instruments	4,161	4,439	5,521	4,873	3,318	-32	%	-20	%
Investments in other companies (subsidiaries and joint ventures)	5,786	3,507	3,342	2,555	2,163	-15	%	-63	%
Property, plant and equipment	482,610	482,098	483,998	540,968	542,983	0	%	13	%
Intangible assets	84,588	84,626	83,124	113,975	110,471	-3	%	31	%
Deferred income tax assets	345	486	849	1,509	1,263	-16	%	266	%
Other non financial assets	59,179	56,913	61,236	83,062	67,602	-19	%	14	%
Non-current assets held for sale	40,844	40,844	39,211	63,513	63,549	0	%	56	%
TOTAL ASSETS	9,425,718	9,965,824	8,618,752	10,187,584	9,998,066	-2	%	6	%
LIABILITIES
Deposits	5,679,715	5,962,434	4,669,667	5,110,023	5,035,761	-1	%	-11	%
Non Financial Public Sector	430,767	415,060	413,026	283,686	517,846	83	%	20	%
Financial Sector	7,412	9,214	8,024	30,606	13,371	-56	%	80	%
Non Financial private sector and foreign	5,241,536	5,538,160	4,248,617	4,795,731	4,504,544	-6	%	-14	%
Liabilities at fair value through profit & loss	9,607	4,502	24,485	20,962	19,867	-5	%	107	%
Derivatives	389	35	92	4,303	5,950	38	%	1430	%
Repo Transactions	17,402	22,840	90,167	35,785	20,857	-		-86	%
Other financial liabilities	593,468	737,331	746,104	567,812	474,250	-16	%	-20	%
Financing received from Central Bank and Other Financial Institutions	17,482	12,349	12,799	30,020	19,743	-34	%	13	%
Issued Corporate Bonds	12,747	10,246	12,675	89,251	67,179	-25	%	427	%
Current income tax liabilities	44,155	71,109	58,187	324,295	319,764	-1	%	624	%
Subordinated corporate bonds	335,094	326,821	335,807	497,665	353,563	-29	%	6	%
Provisions	12,280	11,374	9,157	13,257	11,757	-11	%	-4	%
Deferred income tax liabilities	64,198	61,947	58,658	69,354	59,921	-14	%	-7	%
Other non financial liabilities	184,677	416,827	258,780	324,751	249,079	-23	%	35	%
TOTAL LIABILITIES	6,971,214	7,637,815	6,276,578	7,087,478	6,637,691	-6	%	-5	%
SHAREHOLDERS' EQUITY
Capital Stock	639	639	639	639	639	0	%	0	%
Issued Shares premium	12,430	12,430	12,430	12,430	12,430	0	%	0	%
Adjustment to Shareholders' Equity	866,849	866,849	866,849	866,849	866,849	0	%	0	%
Reserves	1,335,485	1,267,024	1,267,024	1,267,024	1,267,024	0	%	-5	%
Retained earnings	203,857	925	925	925	891,406	96268	%	337	%
Other accumulated comprehensive income	-3,077	3,668	375	61,051	46,345	-24	%	-
Net income for the period / fiscal year	37,869	176,152	193,548	890,482	275,420	-69	%	627	%
Shareholders' Equity attributable to parent company	2,454,052	2,327,687	2,341,790	3,099,400	3,360,113	8	%	37	%
Shareholders' Equity attributable to non controlling interest	452	322	384	706	262	-63	%	-42	%
TOTAL SHAREHOLDERS' EQUITY	2,454,504	2,328,009	2,342,174	3,100,106	3,360,375	8	%	37	%

33

BANCO MACRO      1Q24 EARNINGS RELEASE

INCOME STATEMENT	MACRO Consolidated					Change
In MILLION $ (Measuring Unit Current at EOP)	1Q23	2Q23	3Q23	4Q23	1Q24	QoQ		YoY
Interest Income	886,738	962,370	997,374	869,236	714,764	-18	%	-19	%
Interest Expense	507,937	624,131	735,456	590,720	547,249	-7	%	8	%
Net Interest Income	378,801	338,239	261,918	278,516	167,515	-40	%	-56	%
Fee income	94,223	91,480	91,645	95,206	84,191	-12	%	-11	%
Fee expense	8,768	8,945	9,157	10,950	10,130	-7	%	16	%
Net Fee Income	85,455	82,535	82,488	84,256	74,061	-12	%	-13	%
Subtotal (Net Interest Income + Net Fee Income)	464,256	420,774	344,406	362,772	241,576	-33	%	-48	%
Net Income from financial instruments  at Fair Value Through Profit & Loss	35,664	162,583	-84,503	1,357,364	1,272,438	-		3468	%
Result from assets at amortised cost	-	-	319	200	21	-		-
Difference in quoted prices of gold and foreign currency	142,244	237,601	553,341	277,087	80,592	-71	%	-43	%
Other operating income	22,170	23,975	26,223	38,150	44,350	16	%	100	%
Provision for loan losses	13,492	17,296	11,305	27,569	18,857	-32	%	40	%
Net Operating Income	650,842	827,637	828,481	2,008,004	1,620,120	-19	%	149	%
Personnel expenses	91,026	96,158	100,219	134,878	133,392	-1	%	47	%
Administrative expenses	45,189	53,873	53,635	96,306	68,910	-28	%	52	%
Depreciation and impairment of assets	18,981	19,364	19,185	30,560	24,284	-21	%	28	%
Other operating expenses	92,454	115,885	109,226	169,603	139,584	-18	%	51	%
Operating Income	403,192	542,357	546,216	1,576,657	1,253,950	-20	%	211	%
Income from associates and joint ventures	-851	-597	-165	237,238	-214	-		-
Result from net monetary position	-342,825	-342,898	-501,839	-797,250	-888,994	-		-
Net Income before income tax on cont. operations	59,516	198,862	44,212	1,016,645	364,742	-64	%	513	%
Income tax on continuing operations	21,595	60,483	26,754	319,390	89,507	-72	%	314	%
Net Income from continuing operations	37,921	138,379	17,458	697,255	275,235	-61	%	626	%
Net Income for the period	37,921	138,379	17,458	697,255	275,235	-61	%	626	%
Net Income of the period attributable to parent company	37,869	138,284	17,396	696,933	275,419	-60	%	627	%
Net income of the period attributable to non-controlling interests	52	95	62	322	-184	-		-
Other Comprehensive Income	-3,224	6,744	-3,294	60,678	-14,706	-		-
Foreign currency translation differences in financial statements conversion	-822	-192	298	15,513	-14,063	-		-
Profits or losses from financial assets measured at fair value  through other comprehensive income (FVOCI)  (IFRS 9(4.1.2)(a)	-2,402	6,936	-3,592	45,165	-643	-		-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	34,697	145,123	14,164	757,933	260,529	-66	%	651	%
Total Comprehensive Income attributable to parent Company	34,645	145,028	14,102	757,611	260,713	-66	%	653	%
Total Comprehensive Income attributable to non-controlling interests	52	95	62	322	-184	-		-

34

BANCO MACRO      1Q24 EARNINGS RELEASE

QUARTERLY ANNUALIZED RATIOS	MACRO Consolidated
	1Q23		2Q23		3Q23		4Q23		1Q24
Profitability & performance
Net interest margin	33.6	%	38.3	%	58.7	%	52.1	%	26.0	%
Net interest margin adjusted (exc. FX)	24.4	%	22.5	%	18.8	%	26.1	%	17.6	%
Net fee income ratio	8.4	%	5.2	%	5.5	%	0.7	%	1.5	%
Efficiency ratio	25.5	%	21.7	%	22.4	%	13.6	%	14.7	%
Net fee income as % of A&G Expenses	32.9	%	23.9	%	24.6	%	5.4	%	10.6	%
Return on average assets	1.7	%	6.1	%	0.8	%	32.1	%	11.9	%
Return on average equity	6.5	%	24.8	%	3.0	%	106.3	%	37.4	%
Liquidity
Loans as a percentage of total deposits	47.7	%	46.9	%	57.4	%	54.4	%	49.7	%
Liquid assets as a percentage of total deposits	97.0	%	95.0	%	99.0	%	118.0	%	124.0	%
Capital
Total equity as a percentage of total assets	26.0	%	23.4	%	27.2	%	30.4	%	33.6	%
Regulatory capital as % of APR	42.4	%	36.0	%	37.9	%	35.4	%	46.6	%
Asset Quality
Allowances over total loans	2.1	%	2.1	%	2.0	%	3.1	%	2.9	%
Non-performing financing as a percentage of total financing	1.4	%	1.4	%	1.4	%	1.3	%	1.1	%
Coverage ratio w/allowances	145.2	%	146.1	%	133.9	%	200.9	%	222.7	%
Cost of Risk	2.1	%	2.7	%	1.7	%	3.9	%	3.3	%

ACCUMULATED ANNUALIZED RATIOS	MACRO Consolidated
	1Q23		2Q23		3Q23		4Q23		1Q24
Profitability & performance
Net interest margin	33.6	%	35.9	%	43.0	%	44.8	%	26.0	%
Net interest margin adjusted (exc. FX)	24.4	%	23.5	%	22.0	%	22.8	%	17.6	%
Net fee income ratio	8.4	%	6.6	%	6.2	%	3.6	%	1.5	%
Efficiency ratio	25.5	%	23.4	%	23.0	%	18.6	%	14.7	%
Net fee income as % of A&G Expenses	32.9	%	28.2	%	26.9	%	19.5	%	10.6	%
Return on average assets	1.7	%	3.9	%	2.8	%	9.9	%	11.9	%
Return on average equity	6.5	%	15.5	%	11.3	%	37.5	%	37.4	%
Liquidity
Loans as a percentage of total deposits	47.7	%	46.9	%	57.4	%	54.4	%	49.7	%
Liquid assets as a percentage of total deposits	97.0	%	95.0	%	99.0	%	118.0	%	124.0	%
Capital
Total equity as a percentage of total assets	26.0	%	23.4	%	27.2	%	30.4	%	33.6	%
Regulatory capital as % of APR	42.4	%	36.0	%	37.9	%	35.4	%	46.6	%
Asset Quality
Allowances over total loans	2.1	%	2.1	%	2.0	%	3.1	%	2.9	%
Non-performing financing as a percentage of total financing	1.4	%	1.4	%	1.4	%	1.3	%	1.1	%
Coverage ratio w/allowances	145.2	%	146.1	%	133.9	%	200.9	%	222.7	%
Cost of Risk	2.1	%	2.4	%	2.1	%	2.6	%	3.3	%

35

 

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: May 22, 2024

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