SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

February 23, 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    ¨

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

  4Q22 Earnings Release 

Banco Macro Announces Results for the Fourth Quarter of 2022

Buenos Aires, Argentina, February 23, 2023 – Banco Macro S.A. (NYSE: BMA; BYMA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the fourth quarter ended December 31, 2022 (“4Q23”). All figures are in Argentine pesos (Ps.) and have been restated in terms of the measuring unit current at the end of the reporting period. As of 1Q20, the Bank began reporting results applying Hyperinflation Accounting, in accordance with IFRS IAS 29 as established by the Central Bank. For ease of comparison, figures of previous quarters of 2021 and 2022 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through December 31, 2022.

Summary

• The Bank’s net income totaled Ps.16.6 billion in 4Q22. This result was 59% higher than the Ps.10.4 billion posted in 3Q22 and 19% lower than the Ps.20.5 billion posted in 4Q21. Net Income for FY2022 totaled Ps.43 billion, 19% lower than the Ps.52.8 posted in FY2021. In 4Q22, the annualized return on average equity (“ROAE”) and the annualized return on average assets (“ROAA”) were 16.9% and 3.3%, respectively.

•  In 4Q22 Operating Income (after G&A and personnel expenses) totaled Ps.78.2 billion, 79% or Ps.34.6 billion higher than in the same period of last year.

• In 4Q22, Banco Macro’s financing to the private sector increased Ps.2 billion quarter over quarter (“QoQ”) totaling Ps.596.4 billion and decreased 12% or Ps.83.4 billion year over year (“YoY”). In FY2022 peso financing decreased 14% while USD financing decreased 30%.

• In 4Q22, Banco Macro’s total deposits decreased 2% or Ps.23.5 billion QoQ and increased 13% or Ps.148.4 billion YoY, totaling Ps.1.3 trillion and representing 82% of the Bank’s total liabilities. Private sector deposits increased 2% or Ps.24.5 billion QoQ. In FY2022, private sector deposits stand out with a 14% increase (within private sector deposits time deposits grew 28% compared to FY2021)

• Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.410.3 billion, 39.9% regulatory capital ratio – Basel III and 36.6% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 95% of its total deposits in 4Q22.

• In 4Q22, the Bank’s non-performing to total financing ratio was 1.25% and the coverage ratio remained stable at 151.69%.

• As of 4Q22, through its 467 branches and 7.781 employees Banco Macro serves 4.6 million retail customers (1.6 million digital customers) across 23 of the 24 Provinces in Argentina and over 111,700 corporate customers.

4Q22 Earnings Release Conference Call		IR Contacts in Buenos Aires:
Thursday, February 24, 2022		Jorge Scarinci
Time: 11:00 a.m. Eastern Time | 1:00 p.m. Buenos Aires Time		Chief Financial Officer
To participate, please dial:
Argentina Toll Free:		Nicolás A. Torres
(011) 3984 5677		Investor Relations
Participants Dial In (Toll Free):
+1 (844) 450 3847	Webcast Replay: click here	Phone: (54 11) 5222 6682
Participants International Dial In:		E-mail: investorelations@macro.com.ar
+1 (412) 317 6370	Available from 02/24/2023 through 03/10/2023
Conference ID: Banco Macro		Visit our website at:
Webcast: click here		www.macro.com.ar/relaciones-inversores

2 

  4Q22 Earnings Release 

Disclaimer

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

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

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

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

3 

  4Q22 Earnings Release 

This Earnings Release has been prepared in accordance with the accounting framework established by the Central Bank of Argentina (“BCRA”), based on International Financial Reporting Standards (“I.F.R.S.”) and the resolutions adopted by the International Accouting Standards Board (“I.A.S.B”) and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (“F.A.C.P.E.”). As of January 2020 the Bank started reporting with the application of (i) Expected losses of IFRS 9 “Financial Instruments” and (ii) IAS 29 “Financial Reporting in Hyperinflationary Economies”. Data and figures shown in this Earnings Release may differ from the ones shown in the 20-F annual report. 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 2021/2 have been restated in accordance with said Communication in order to make a comparison possible

Results

Earnings per outstanding share were Ps.26 in 4Q22, 59% higher than in 3Q22 and 19% lower than the result posted a year ago.

In FY2022, earnings per outstanding share were Ps.67.31, 19% lower than in FY2021.

EARNINGS PER SHARE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21		3Q22		4Q22		FY2021		FY2022		QoQ			YoY
Net income -Parent Company- (M $)		20,519		10,417		16,614		52,834		43,046		59	%		-19	%
Average # of shares outstanding (M)		639		639		639		639		639		0	%		0	%
Average #of treasury stocks (shares repurchased) (M)		-		-		-		0		0		-			-
Book value per avg. Outstanding share ($)		727		780		802		727		802		3	%		10	%
Shares Outstanding (M)		639		639		639		639		639		0	%		0	%
Earnings per avg.  outstanding share ($)		32.09		16.30		26.00		82.63		67.31		59	%		-19	%
EOP FX (Pesos per USD)		102.7500		147.3150		177.1283						20	%		72	%
Book value per avg. issued ADS (USD)		70.75		52.95		45.28						-14	%		-36	%
Earnings per avg. outstanding ADS (USD)		3.12		1.11		1.47		8.04		3.80		33	%		-53	%

Banco Macro’s 4Q22 net income of Ps.16.6 billion was 59% or Ps.6.2 billion higher than the previous quarter and 19% or Ps.3.9 billion lower YoY. This result represented an accumulated ROAE and ROAA of 9.7% and 2.3% respectively. Net comprehensive income was Ps.14.1 billion, 10% higher than the result posted in 3Q21 and 32% lower than the one registered a year ago.

In FY2022 net income for the period totaled Ps.43 billion, 19% lower than the Ps.52.8 billion posted in FY2021. Total comprehensive income totaled Ps.37.5 billion, 32% lower than a year ago.

Net operating income (before G&A and personnel expenses) was Ps.131.3 billion in 4Q22, decreasing 8% or Ps.11.3 billion compared to 3Q22 due to lower income from financial assets at fair value through profit or loss. On a yearly basis, Net Operating Income (before G&A and personnel expenses) increased 36% or Ps.34.4 billion.

In FY2022 Net operating income (before G&A and personnel expenses) totaled Ps.498.2 billion, 31% higher than the previous year.

In 4Q22, Provision for loan losses totaled Ps.2.5 billion, 51% or Ps.861 million higher than in 4Q21. On a yearly basis provision for loan losses decreased 34% or Ps.1.3 billion.

In FY2022 Provision for loan losses increased 37% compared to FY2021.

Operating income (after G&A and personnel expenses) was Ps.78.2 billion in 4Q22, 11% or Ps.9.9 billion lower than in 3Q22 but 79% or Ps.34.6 billion higher than a year ago.

In FY2022 Operating income totaled Ps.291.2 billion, 60% higher than the previous year.

It is important to emphasize that this result was obtained with a leverage of only 4.1x assets to equity ratio.

4 

  4Q22 Earnings Release 

INCOME STATEMENT	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21		3Q22		4Q22		FY2021		FY2022		QoQ			YoY
Net Interest Income		69,579		74,467		83,602		255,255		305,325		12	%		20	%
Net fee income		17,064		16,705		17,066		65,164		67,989		2	%		0	%
Net Interest Income + Net Fee Income		86,643		91,172		100,668		320,419		373,314		10	%		16	%
Net Income from financial instruments at fair value through P&L		6,891		29,946		-3,366		38,577		47,847		-111	%		-149	%
Income from assets at amortized cost		177		0		170		475		170		-			-4	%
Differences in quoted prices of gold and foreign currency		3,116		18,802		30,597		9,053		62,274		63	%		882	%
Other operating income		3,874		4,394		5,759		15,260		21,177		31	%		49	%
Provision for loan losses		3,824		1,672		2,533		4,783		6,558		51	%		-34	%
Net Operating Income		96,877		142,642		131,295		379,001		498,224		-8	%		36	%
Employee benefits		18,946		20,709		18,790		76,907		77,638		-9	%		-1	%
Administrative expenses		11,486		9,730		10,406		39,138		39,156		7	%		-9	%
Depreciation and impairment of assets		3,607		3,855		3,936		13,880		15,249		2	%		9	%
Other operating expenses		19,247		20,265		19,981		66,691		74,994		-1	%		4	%
Operating Income		43,591		88,083		78,182		182,385		291,187		-11	%		79	%
Result from associates & joint ventures		69		-113		117		170		-114		-			-
Result from net monetary postion		-29,565		-68,423		-56,970		-126,482		-228,573		-			-
Result before taxes from continuing operations		14,095		19,547		21,329		56,073		62,500		9	%		51	%
Income tax		-6,424		9,130		4,715		3,239		19,454		-			-
Net income from continuing operations		20,519		10,417		16,614		52,834		43,046		59	%		-19	%
Net Income of the period		20,519		10,417		16,614		52,834		43,046		59	%		-19	%
Net income of the period attributable to parent company		20,518		10,396		16,604		52,833		43,039		60	%		-19	%
Net income of the period attributable to minority interest		1		21		10		1		7		-52	%		900	%
Other Comprehensive Income		134		2,440		-2,497		2,286		-5,559		-			-
Foreign currency translation differences in financial statements conversion		-376		-208		144		-1,493		-719		-			-
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a)		510		2,648		-2,641		3,779		-4,840		.			-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		20,653		12,857		14,117		55,120		37,487		10	%		-32	%
Total Comprehensive Income attributable to parent Company		20,652		12,836		14,107		55,119		37,480		10	%		-32	%
Total Comprehensive Income attributable to non-controlling interests		1		21		10		1		7		-52	%		900	%

The Bank’s 4Q22 net interest income totaled Ps.83.6 billion, 12% or Ps.9.1 billion higher than in 3Q22 and 20% or Ps.14 billion higher YoY.

In FY2022, net interest income was 20% higher than in FY2021 as a result of different regulations adopted that set caps on lending rates and floors on deposit rates. Interest income increased 39% while interest expense increased 67%.

In 4Q22 interest income totaled Ps.198.6 billion,23% or Ps.37.8 billion higher than in 3Q22 and 79% or Ps.87.8 billion higher than in 4Q21.

Income from interest on loans and other financing totaled Ps.69.6 billion, 7% or Ps.4.5 billion higher compared with the previous quarter mainly due a 570 basis points increase in the average lending rate. On a yearly basis Income from interest on loans increased 21% or Ps.12 billion.

In FY2022 interest on loans totaled Ps.251 billion and increased 12% compared to FY2021.

In 4Q22 income from government and private securities increased 34% or Ps.30.7 billion QoQ (due to higher income from Government securities) and increased 144% or Ps.71.9 billion compared with the same period of last year. This result is explained 20% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 80% is explained by income from government and private securities in pesos at amortized cost.

5 

  4Q22 Earnings Release 

In FY2022, income from government and private securities increased 75% compared with FY2021.

In 4Q22, income from Repos totaled Ps.7 billion, 52% or Ps.2.4 billion higher than the previous quarter and 112% or Ps.3.7 higher than a year ago.

In 4Q22 FX income totaled Ps.31.2 billion, 63% or Ps.11.8 million higher than the previous quarter and Ps.27.5 billion higher than a year ago. FX income gain was due to the 20% argentine peso depreciation against the US dollar, the Bank’s long dollar position during the quarter and FX trading results.

In FY2022, FX income totaled a Ps.62.3 billion gain, 588% higher than FY2021.

FX INCOME	MACRO Consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21		3Q22		4Q22		QoQ			YoY
(1) Differences in quoted prices of gold and foreign currency		3,116		18,802		30,597		63	%		882	%
Translation of FX assets and liabilities to Pesos		2,803		18,414		30,425		65	%		985	%
Income from foreign currency exchange		313		389		172		-56	%		-45	%
(2) Net Income from financial assets and liabilities at fair value through P&L		-		123		619		402	%		-
Income from investment in derivative financing instruments		-		123		619		402	%		-
(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency		3,116		18,926		31,216		65	%		902	%

INTEREST INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21		3Q22		4Q22		FY2021		FY2022		QoQ			YoY
Interest on Cash and due from Banks		6		114		259		26		400		127	%		4217	%
Interest from government securities		49,829		91,109		121,731		198,393		347,584		34	%		144	%
Interest from private securities		75		39		80		590		193		105	%		7	%
Interest on loans and other financing
To the financial sector		270		97		172		1,316		536		77	%		-36	%
To the public non financial sector		606		350		333		3,538		1,515		-5	%		-45	%
Interest on overdrafts		4,000		7,673		7,967		15,724		25,400		4	%		99	%
Interest on documents		5,838		7,238		7,915		18,258		25,584		9	%		36	%
Interest on mortgages loans		7,417		9,974		9,744		29,770		37,616		-2	%		31	%
Interest on pledged loans		893		708		614		2,071		2,977		-13	%		-31	%
Interest on personal loans		23,702		21,792		21,749		93,772		89,374		0	%		-8	%
Interest on credit cards loans		7,970		10,158		12,870		28,693		40,706		27	%		61	%
Interest on financial leases		72		88		114		164		345		30	%		58	%
Interest on other loans		6,845		6,960		8,102		30,185		26,951		16	%		18	%
Interest on Repos		0
From the BCRA		3,272		4,494		6,651		16,525		12,636		48	%		103	%
Other financial institutions		16		85		329		102		648		287	%		1956	%
Total Interest income		110,811		160,879		198,630		439,127		612,465		23	%		79	%
Income from Interest on loans		57,613		65,038		69,580		223,491		251,004		7	%		21	%

The Bank’s 4Q22 interest expense totaled Ps.115 billion, increasing 33% or Ps.28.6 billion compared to the previous quarter and 179% (Ps.73.8 billion) compared to 4Q21.

In 4Q22, interest on deposits represented 98% of the Bank’s total interest expense, increasing 34% or Ps.28.5 billion QoQ, due to a 10% increase in the average volume of deposits from the private sector, while the average rate paid on deposits increased 860 basis points. On a yearly basis, interest on deposits increased 187% or Ps.73.8 billion.

In FY2022, interest expense increased 67% compared with FY2021.

6 

  4Q22 Earnings Release 

INTEREST EXPENSE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21		3Q22		4Q22		FY2021		FY2022		QoQ			YoY
Deposits
Interest on checking accounts		277		3,940		8,922		2,564		15,478		126	%		3121	%
Interest on saving accounts		593		1,062		1,125		2,409		3,808		6	%		90	%
Interest on time deposits		38,603		79,799		103,244		169,974		280,599		29	%		167	%
Interest on other financing from BCRA and financial inst.		40		140		188		305		506		34	%		370	%
Repos
Other financial institutions		117		103		52		574		976		-50	%		-56	%
Interest on corporate bonds		216		13		14		1,679		296		8	%		-94	%
Interest on subordinated bonds		1,378		1,125		1,130		6,321		4,628		0	%		-18	%
Interest on other financial liabilities		8		230		353		46		849		53	%		4313	%
Total financial expense		41,232		86,412		115,028		183,872		307,140		33	%		179	%
Expenses from interest on deposits		39,473		84,801		113,291		174,947		299,885		34	%		187	%

In 4Q22, the Bank’s net interest margin (including FX) was 27.1%, higher than the 25.2% posted in 3Q22 and the 19.1% posted in 4Q21.

In 4Q22, Net Interest Margin (excluding FX) was 22.5%, higher than the 22.1% posted in 3Q22 and than the 18.4% posted in 4Q21.

In 4Q22, Net Interest Margin (Pesos) was 26.3%, higher than the 24.5% posted in 3Q22 and than the 23% in 4Q21; meanwhile Net Interest Margin (USD) was 5.6%, higher than the 5% posted in 3Q22 and than the 4.1% registered in 4Q21.

ASSETS & LIABILITIES PERFORMANCE (AR$)	MACRO Consolidated
In MILLION $	4Q21								3Q22								4Q22
(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		5,671		1.3	%		42.4	%		3,215		-23.5	%		43.2	%		2,644		-11.0	%		50.0	%
Financial Sector		3,276		-5.6	%		32.7	%		1,130		-28.4	%		34.1	%		1,418		-12.3	%		47.8	%
Private Sector		618,284		-4.4	%		34.3	%		568,583		-23.5	%		43.2	%		534,488		-11.6	%		49.1	%
Other debt securities
Central Bank Securities (Leliqs)		264,816		-2.1	%		37.6	%		449,124		-9.8	%		68.8	%		486,718		6.3	%		79.2	%
Government & Private Securities		239,511		0.3	%		40.9	%		123,391		-24.0	%		42.2	%		164,161		-5.5	%		59.3	%
Repos		36,071		-3.1	%		36.2	%		30,354		-14.6	%		59.8	%		39,624		0.8	%		69.9	%
Total interest-earning assets		1,167,629		-2.9	%		36.5	%		1,175,797		-18.1	%		53.3	%		1,229,053		-3.3	%		63.0	%
Fin. Assets through P&L and equity inv.		60,468		-5.8	%		32.4	%		61,424		-58.4	%		-22.2	%		37,528		-71.5	%		-52.0	%
Other Non interest-earning assets		139,763								154,624								120,302
Total Non interest-earning assets		200,231								216,048								157,830
Total Average Assets		1,367,860								1,391,845								1,386,883
Interest-bearing liabilities
Deposits
Public Sector		38,741		-9.1	%		27.7	%		73,019		-21.6	%		46.8	%		80,866		-5.6	%		59.1	%
Private Sector		616,611		-12.0	%		23.6	%		717,747		-24.1	%		42.1	%		792,031		-10.6	%		50.7	%
BCRA and other financial institutions		604		-10.6	%		25.6	%		751		-7.0	%		74.0	%		750		18.0	%		98.9	%
Corporate bonds		6,107		-18.9	%		14.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%
Repos		1,608		-8.3	%		28.9	%		889		-22.0	%		46.0	%		382		-8.7	%		54.0	%
Other financial liabilities		4,277		-28.8	%		0.1	%		3,684		-35.1	%		21.4	%		93,963		-39.9	%		1.4	%
Total int.-bearing liabilities		667,948		-12.0	%		23.7	%		796,090		-23.9	%		42.5	%		967,992		-13.0	%		46.7	%
Total non int.-bearing liabilities		450,280								372,954								368,824
Total Average Liabilities		1,118,228								1,169,044								1,336,816
Assets Performance				107,396								157,948								195,248
Liabilities Performance				39,824								85,231								113,855
Net Interest Income				67,572								72,717								81,393
Total interest-earning assets				1,167,629								1,175,797								1,229,053
Net Interest Margin (NIM)				23.0	%							24.5	%							26.3	%

7 

  4Q22 Earnings Release 

ASSETS & LIABILITIES PERFORMANCE USD	MACRO Consolidated
In MILLION $	4Q21								3Q22								4Q22
(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		97,105		-17.3	%		0.0	%		76,743		-8.6	%		0.6	%		76,837		8.3	%		1.3	%
Loans & Other Financing
Financial Sector		0		0.0	%		0.0	%		0		0.0	%		0.0	%		31		20.6	%		12.8	%
Private Sector		37,351		11.3	%		34.6	%		31,315		21.7	%		34.0	%		33,007		45.1	%		35.7	%
Other debt securities
Central Bank Securities		57,667		-16.5	%		1.0	%		26,227		-7.4	%		2.0	%		8,975		14.1	%		6.7	%
Government & Private Securities		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%
Total interest-earning assets		192,123		-11.5	%		7.1	%		138,773		-1.5	%		8.4	%		157,001		16.0	%		8.5	%
Fin. Assets through P&L and equity inv.		4,094		138.7	%		188.8	%		91,834		121.8	%		144.2	%		163,561		11.0	%		3.8	%
Non interest-earning assets		290,648								263,855								266,834
Total Non interest-earning assets		294,742								355,689								430,395
Total Average Assets		486,865								494,462								587,396
Interest-bearing liabilities
Deposits
Public Sector		8,425		-17.3	%		0.1	%		4,536		-9.1	%		0.1	%		4,485		7.0	%		0.1	%
Private Sector		118,324		-17.3	%		0.1	%		88,823		-9.2	%		0.0	%		92,862		6.9	%		0.0	%
BCRA and other financial institutions		795		-14.0	%		4.0	%		2,579		-4.8	%		4.8	%		2,121		10.3	%		3.2	%
Issued Corporte bonds		0		0.0	%		0.0	%		2,612		-7.4	%		2.0	%		2,617		9.2	%		2.1	%
Subordinated bonds		82,901		-11.9	%		6.6	%		69,306		-3.4	%		6.4	%		69,421		13.9	%		6.5	%
Total int.-bearing liabilities		210,445		-15.1	%		2.7	%		167,856		-6.6	%		2.8	%		171,506		9.8	%		2.7	%
Total non int.-bearing liabilities		86,179								80,274								76,577
Total Average liabilities		296,624								248,130								248,083
Assets Performance				3,415								2,931								3,382
Liabilities Performance				1,408								1,181								1,173
Net Interest Income				2,007								1,750								2,209
Total interest-earning assets				192,123								138,773								157,001
Net Interest Margin (NIM)				4.1	%							5.0	%							5.6	%

In 4Q22 Banco Macro’s net fee income totaled Ps.17.1 billion, 2% or Ps.361 million higher than in 3Q22 and was practically unchanged from the same period of last year.

In FY2022, net fee income was 4% higher than in the previous year.

In the quarter, fee income totaled Ps.19 billion, 2% or Ps.386 million higher than in 3Q22. Fees charged on deposits accounts, credit card fees and mutual funds and securities fees stood out with 2% (Ps.170 million), 7% (Ps.253 million) and 53% (Ps.128 million) increases respectively which were partially offset by a 12% decrease in debit card fees and a 9% decrease in ATM transaction fees. On a yearly basis, fee income was almost unchanged with Ps.17 million decrease.

In the quarter, total fee expense increased 1% or Ps.25 million. On a yearly basis, fee expenses decreased 1% or Ps.19 million.

NET FEE INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21		3Q22		4Q22		FY2021		FY2022		QoQ			YoY
Fees charged on deposit accounts		7,031		6,940		7,110		27,674		28,332		2	%		1	%
Credit card fees		3,431		3,460		3,713		12,831		14,052		7	%		8	%
Corporate services fees		2,269		2,665		2,610		8,040		10,198		-2	%		15	%
ATM transactions fees		1,742		1,568		1,426		6,733		6,300		-9	%		-18	%
Insurance fees		1,154		987		1,016		4,451		4,226		3	%		-12	%
Debit card fees		1,286		1,206		1,066		4,696		4,758		-12	%		-17	%
Financial agent fees (Provinces)		1,058		1,023		1,077		4,020		4,162		5	%		2	%
Credit related fees		484		414		512		1,708		1,798		24	%		6	%
Mutual funds & securities fees		420		241		369		1,477		1,264		53	%		-12	%
AFIP & Collection services		83		58		52		310		233		-10	%		-37	%
ANSES fees		25		18		15		102		80		-17	%		-40	%
Total fee income		18,983		18,580		18,966		72,042		75,403		2	%		0	%
Total fee expense		1,919		1,875		1,900		6,878		7,414		1	%		-1	%
Net fee income		17,064		16,705		17,066		65,164		67,989		2	%		0	%

8 

  4Q22 Earnings Release 

In 4Q22, as opposed to previous quarters Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.3.4 billion loss, mainly due to the mark to market of some government securities. In 4Q22 a Ps.9.5 billion loss was recorded related to government securities which was partially offset by a Ps.5.4 billion gain in private securities.

In FY2022, Net Income from financial assets and liabilities at fair value through profit or loss was 24% higher than in FY2021, mainly due to higher income from private securities.

NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21		3Q22		4Q22		FY2021		FY2022		QoQ			YoY
Profit or loss from government securities		5,349		21,375		-9,525		32,949		18,345		-			-
Profit or loss from private securities		-88		8,267		5,390		2,422		19,740		-35	%		-
Profit or loss from investment in derivative financing instruments		0		123		619		0		752		403	%		0	%
Profit or loss from other financial assets		-12		-41		25		-28		-26		-			-
Profit or loss from investment in equity instruments		1,141		-96		51		2,025		6,746		-			-96	%
Profit or loss from the sale of financial assets at fair value		517		318		74		1,391		2,290		-77	%		-86	%
Income from financial assets at fair value through profit or loss		6,907		29,946		-3,366		38,759		47,847		-			-
Profit or loss from derivative financing instruments		-16		0		0		-182		0		-			-
Income from financial liabilities at fair value through profit or loss		-16		0		0		-182		0		-			-
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS		6,891		29,946		-3,366		38,577		47,847		-			-

In the quarter, Other Operating Income totaled Ps.5.8 billion, 31% or Ps.1.4 billion higher than in 3Q22. On a yearly basis, Other Operating Income increased 49% or Ps.1.9 billion.

In FY2022, Other Operating Income was 39% higher than in FY2021.

OTHER OPERATING INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21		3Q22		4Q22		FY2021		FY2022		QoQ			YoY
Credit and debit cards		275		342		839		753		1,812		145	%		205	%
Lease of safe deposit boxes		580		511		511		2,281		2,143		0	%		-12	%
Other service related fees		1,410		1,314		1,678		5,336		5,655		28	%		19	%
Sale of real estate and other non-financial assets		76		-2		-24		76		0		-			-
Other adjustments and interest from other receivables		591		1,138		1,307		2,861		4,058		15	%		121	%
Initial recognition of loans		0		-118		0		0		0		-			0	%
Sale of property, plant and equipment		4		0		35		9		35		-			775	%
Others		938		1,209		1,413		3,944		7,474		17	%		51	%
Other Operating Income		3,874		4,394		5,759		15,260		21,177		31	%		49	%

In 4Q22 Banco Macro’s administrative expenses plus employee benefits totaled Ps.29.2 billion, 4% or Ps.1.2 billion lower than the previous quarter, due to lower employee expenses (9%) and a 7% increase in administrative expenses. On a yearly basis, administrative expenses plus employee benefits decreased 4% or Ps.1.2 billion.

In FY2022 administrative expenses plus employee benefits increased 1% compared to FY2021, showing the strict cost control policies adopted by the Bank’s senior management.

9 

  4Q22 Earnings Release 

Employee benefits decreased 9% or Ps.1.9 billion QoQ. On a yearly basis, Employee benefits decreased 1% or Ps.156 million.

In 4Q22, administrative expenses increased 7% or Ps.676 million, due to higher Other professional fees (28%) higher maintenance and conservation fees (9%) and higher advertising and publicity fees (24%).

As of 4Q22, the accumulated efficiency ratio reached 28.6%, improving from the 29.1% posted in 3Q22 and much better than the 37.5% posted a year ago. In 4Q22 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) increased 2%, 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)) increased 33% compared to 3Q22.

PERSONNEL & ADMINISTRATIVE EXPENSES	MACRO Consolidated													Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21			3Q22			4Q22			FY2021		FY2022		QoQ			YoY
Employee benefits		18,946			20,709			18,790			76,907		77,638		-9	%		-1	%
Remunerations		13,132			14,076			13,099			54,584		53,578		-7	%		0	%
Social Security Contributions		3,129			3,581			3,480			12,595		13,221		-3	%		11	%
Compensation and bonuses		1,951			2,357			1,562			7,611		8,116		-34	%		-20	%
Employee services		734			695			649			2,117		2,723		-7	%		-12	%
Administrative Expenses		11,486			9,730			10,406			39,138		39,156		7	%		-9	%
Taxes		1,443			1,681			1,646			5,704		6,415		-2	%		14	%
Maintenance, conservation fees		1,733			1,537			1,673			6,462		6,236		9	%		-3	%
Directors & statutory auditors fees		751			429			767			1,523		1,975		79	%		2	%
Security services		1,009			934			943			3,972		3,761		1	%		-7	%
Electricity & Communications		940			877			817			3,960		3,465		-7	%		-13	%
Other professional fees		964			900			1,151			3,317		3,780		28	%		19	%
Rental agreements		57			39			40			228		173		3	%		-30	%
Advertising & publicity		679			511			636			1,700		2,375		24	%		-6	%
Personnel allowances		193			193			228			470		683		18	%		18	%
Stationary & Office Supplies		71			64			77			246		272		20	%		8	%
Insurance		123			109			95			529		413		-13	%		-23	%
Hired administrative services		80			75			69			243		266		-8	%		-
Other		3,443			2,381			2,264			10,784		9,342		-5	%		-34	%
Total Administrative Expenses		30,432			30,439			29,196			116,045		116,794		-4	%		-4	%
Total Employees		8,005			7,857			7,781
Branches		466			466			467
Efficiency ratio		37.4	%		25.8	%		27.2	%
Accumulated efficiency ratio		37.5	%		29.1	%		28.6	%

In 4Q22, Other Operating Expenses totaled Ps.20 billion, decreasing 1% or Ps.284 million QoQ, due to lower other provision charges (Ps.1.5 billion). On a yearly basis, Other Operating Expenses increased 4% or Ps.734 million.

In FY2022, Other Operating Expenses were 12% higher than in FY2021.

OTHER OPERATING EXPENSES	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21		3Q22		4Q22		FY2021		FY2022		QoQ			YoY
Turnover Tax		8,995		11,049		11,479		35,193		41,332		4	%		28	%
Other provision charges		984		1,195		-287		3,162		2,383		-			-
Deposit Guarantee Fund Contributions		473		478		513		2,029		1,913		7	%		8	%
Donations		38		164		28		57		421		-83	%		-26	%
Insurance claims		72		114		148		174		435		30	%		106	%
Initial loan recognition		1,560		451		114		1,952		565		-75	%		-93	%
Others		7,125		6,814		7,986		24,124		27,945		17	%		12	%
Other Operating Expenses		19,247		20,265		19,981		66,691		74,994		-1	%		4	%

10 

  4Q22 Earnings Release 

In 4Q22, the result from the net monetary position totaled a Ps.57 billion loss, 17% or Ps.11.5 billion lower than the loss posted in 3Q22. Lower inflation was observed during the quarter (468 b.p. below 3Q22 level, down to 17.3% from 22% in 3Q22).

In FY2022, the result from net monetary position was 81% higher than the one posted in FY2021 as inflation soared to 94.8% from 50.9% a year ago.

In FY2022, Banco Macro's effective income tax rate 31.1%, higher than the 5.8% effective tax rate of FY2021. It should be noted that in FY2021 the effective tax rate was affected by the implications of inflation adjustments on accounting and tax balances and the determination of income tax due and deferred income tax. For more information, please see Note 25 “Income Tax” of our Financial Statements.

OPERATING RESULT	MACRO consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21		3Q22		4Q22		FY2021		FY2022		QoQ			YoY
Operating Result (exc. Loss from net monetary position)		43,591		88,083		78,182		182,385		291,187		-11	%		79	%
Result from net monetary position (i.e. inflation adjustment)		-29,565		-68,423		-56,970		-126,482		-228,573		-17	%		93	%
Operating Result (Inc. Loss from net monetary position)		14,026		19,660		21,212		55,903		62,614		8	%		51	%

Financial Assets

Private sector financing

The volume of “core” financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.596.4 billion, increasing Ps.2 billion QoQ and decreasing 12% or Ps.83.4 billion YoY.

Within commercial loans, Overdrafts stand out with a 2% or Ps.1.2 billion decrease.

Within consumer lending, credit card loans increased 6% or Ps.10 billion while credit card loans and mortgage loans decreased 7% and 4% respectively QoQ.

Within private sector financing, peso financing decreased 1% or Ps.3.3 billion, while US dollar financing decreased 2% or USD 5 million.

In FY2022 credit card loans stand out with a 3% increase while personal loans decreased 25%.

As of 4Q22, Banco Macro’s market share over private sector loans was 7.4%.

11 

  4Q22 Earnings Release 

FINANCING TO THE PRIVATE SECTOR	MACRO Consilidated									Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21			3Q22			4Q22			QoQ			YoY
Overdrafts		45,319			46,517			45,396			-2	%		0	%
Discounted documents		77,256			74,987			75,911			1	%		-2	%
Mortgage loans		42,884			24,549			23,462			-4	%		-45	%
Pledged loans		14,271			9,374			9,320			-1	%		-35	%
Personal loans		182,357			146,420			136,590			-7	%		-25	%
Credit Card loans		184,982			180,758			190,779			6	%		3	%
Others		68,565			50,488			51,458			2	%		-25	%
Interest		60,095			57,281			60,047			5	%		0	%
Total loan portfolio		675,729			590,374			592,963			0	%		-12	%
Total loans in Pesos		646,963			560,646			557,923			0	%		-14	%
Total loans in USD		28,766			29,728			35,040			18	%		22	%
Financial trusts		1,034			1,351			951			-30	%		-8	%
Leasing		931			1,257			1,387			10	%		49	%
Others		2,098			1,409			1,117			-21	%		-47	%
Total other financing		4,063			4,017			3,455			-14	%		-15	%
Total other financing in Pesos		2,897			3,092			2,505			-19	%		-14	%
Total other financing in USD		1,166			925			950			3	%		-19	%
Total financing to the private sector		679,792			594,391			596,418			0	%		-12	%
EOP FX (Pesos per USD)		102.7500			147.3150			177.1283			20	%		72	%
USD financing / Financing to the private sector		4	%		5	%		6	%

Public Sector Assets

In 4Q22, the Bank’s public sector assets (excluding LELIQs) to total assets ratio was 18.5%, higher than the 17.8% registered in the previous quarter, and higher than the 18.1% posted in 4Q21.

In 4Q22, a 5% or Ps.18.2 billion increase in Other government securities stand out while Central Bank Notes decreased 71% or Ps.29.3 billion.

PUBLIC SECTOR ASSETS	MACRO Consolidated									Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21			3Q22			4Q22			QoQ			YoY
Notaliq / Central Bank Notes		0			41,438			12,106			-71	%		-
Leliqs		259,018			489,953			491,522			0	%		90	%
Other		346,801			366,784			384,976			5	%		11	%
Government securities		605,819			898,175			888,604			-1	%		47	%
Provincial loans		4,157			1,678			1,722			3	%		-59	%
Loans		4,157			1,678			1,722			3	%		-59	%
Purchase of government bonds		351			0			0			-			-100	%
Other receivables		351			0			0			-			-
TOTAL PUBLIC SECTOR ASSETS		610,327			899,853			890,326			-1	%		46	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)		351,309			368,462			386,698			5	%		10	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS		18.1	%		17.8	%		18.5	%

12 

  4Q22 Earnings Release 

Funding

Deposits

Banco Macro’s deposit base totaled Ps.1.3 trillion in 4Q22, decreasing 2% or Ps.23.5 billion QoQ and a 13% or Ps.148.4 billion increase YoY and representing 82% of the Bank’s total liabilities.

On a quarterly basis private sector deposits increased 2% or Ps.24.5 billion while public sector deposits decreased 30% or Ps.48.1 billion.

The increase in private sector deposits was led demand deposits, which increased 5% or Ps.27.6 billion, while time deposits decreased 2% or Ps.9 billion QoQ.

Within private sector deposits, peso deposits decreased 4% or Ps.41.7 billion, while US dollar deposits decreased 7% or USD 72 million.

In FY2022, within private sector deposits, time deposits increased 28% or Ps.129.3 while demand deposits increased 1% or Ps.4.2 billion.

As of 4Q22, Banco Macro´s market share over private sector deposits was 6.3%.

DEPOSITS	MACRO Consolidated									Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21			3Q22			4Q22			QoQ			YoY
Public sector		109,868			158,080			109,952			-30	%		0	%
Financial sector		1,872			1,494			1,653			11	%		-12	%
Private sector		1,035,301			1,159,291			1,183,790			2	%		14	%
Checking accounts		196,485			174,872			159,124			-9	%		-19	%
Savings accounts		358,322			328,102			371,400			13	%		4	%
Time deposits		454,741			593,072			584,033			-2	%		28	%
Other		25,753			63,245			69,233			9	%		169	%
Total		1,147,041			1,318,865			1,295,395			-2	%		13	%
Pesos		958,865			1,166,069			1,124,374			-4	%		17	%
Foreign Currency (Pesos)		188,176			152,796			171,021			12	%		-9	%
EOP FX (Pesos per USD)		102.7500			147.3150			177.1283			20	%		72	%
Foreign Currency (USD)		1,831			1,037			966			-7	%		-47	%
USD Deposits / Total Deposits		16	%		12	%		13	%

Banco Macro’s transactional deposits represent approximately 45% of its total deposit base as of 4Q22. These accounts are low cost and are not sensitive to interest rate increases.

13

  4Q22 Earnings Release 

Other sources of funds

In 4Q22, the total amount of other sources of funds increased 2% or Ps.14.3 billion compared to 3Q22 mainly due to a 3% or Ps.14.1 increase in Shareholders’ equity. On a yearly basis, other sources of funds increased 7% or Ps.36.5 billion.

OTHER SOURCES OF FUNDS	MACRO Consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21		3Q22		4Q22		QoQ			YoY
Central Bank of Argentina		42		36		46		28	%		10	%
Banks and international institutions		535		2,055		2,383		16	%		345	%
Financing received from Argentine financial institutions		276		761		20		-97	%		-93	%
Subordinated corporate bonds		81,763		71,541		72,130		1	%		-12	%
Corporate bonds		5,826		2,704		2,716		0	%		-53	%
Shareholders' equity		464,715		498,304		512,410		3	%		10	%
Total other source of funds		553,157		575,401		589,705		2	%		7	%

Liquid Assets

In 4Q22, the Bank’s liquid assets amounted to Ps.1.2 trillion, showing a 1% or Ps.8.2 billion decrease QoQ, and a 19% or Ps.192.5 billion increase on a yearly basis.

In 4Q22, Other government securities increased 5% or Ps.18.2 billion. Cash increased 6% or Ps.14.3 billion.

In 4Q22, Banco Macro’s liquid assets to total deposits ratio reached 95%.

LIQUID ASSETS	MACRO Consolidated									Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21			3Q22			4Q22			QoQ			YoY
Cash		335,692			235,830			250,089			6	%		-26	%
Guarantees for compensating chambers		30,242			26,809			24,825			-7	%		-18	%
Notaliq / Central Bank Notes		0			41,438			12,106			-71	%		-
Leliq own portfolio		259,018			489,953			491,522			0	%		90	%
Net Repos		61,176			72,874			61,929			-15	%		1	%
Other government & private securities		346,801			366,784			384,976			5	%		11	%
Total		1,032,929			1,233,688			1,225,447			-1	%		19	%
Liquid assets to total deposits		90	%		94	%		95	%

14

  4Q22 Earnings Release 

Solvency

Banco Macro continued showing high solvency levels in 4Q22 with an integrated capital (RPC) of Ps.515.3 billion over a total capital requirement of Ps.105.1 billion. Banco Macro’s excess capital in 4Q22 was 391% or Ps.410.3 billion.

The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 39.9% in 4Q22; TIER1 Ratio stood at 36.6%.

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

MINIMUM CAPITAL REQUIREMENT	MACRO Consolidated									Change
In MILLION $	4Q21			3Q22			4Q22			QoQ			YoY
Credit risk requirement		36,726			52,233			60,581			16	%		65	%
Market risk requirement		3,585			9,998			11,709			17	%		227	%
Operational risk requirement		17,438			26,568			32,771			23	%		88	%
Total capital requirements		57,749			88,800			105,061			18	%		82	%
Ordinary Capital Level 1 (COn1)		233,700			418,322			500,504			20	%		114	%
Deductible concepts Level 1 (COn1)		-14,585			-24,630			-27,620			12	%		89	%
Capital Level 2 (COn2)		36,401			47,051			42,447			-10	%		17	%
Integrated capital - RPC (i)		255,516			440,743			515,330			17	%		102	%
Excess capital		197,767			351,943			410,269			17	%		107	%
Risk-weighted assets - RWA (ii)		708,490			1,090,977			1,291,206			18	%		82	%
Regulatory Capital ratio [(i)/(ii)]		36.1	%		40.4	%		39.9	%
Ratio TIER 1 [Capital Level 1/RWA]		30.9	%		36.1	%		36.6	%
RWA - (ii): Risk Weighted Assets, considering total capital requirements.

15

  4Q22 Earnings Release 

Asset Quality

In 4Q22, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 1.25%, down from 1.27% in 3Q22, and than the 1.30% posted in 4Q21.

Consumer portfolio non-performing loans improved 14b.p. (down to 1.1% from 1.24%) while Commercial portfolio non-performing loans deteriorated 52b.p. in 4Q21 (up to 1.95% from 1.43%).

The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) remained stable at to 151.69% in 4Q22. Write-offs over total loans totaled 0.10%.

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)	4Q21			3Q22			4Q22			QoQ			YoY
Commercial portfolio		169,763			121,641			113,086			-7	%		-33	%
Non-performing		1,688			1,736			2,207			27	%		31	%
Consumer portfolio		543,782			496,170			506,727			2	%		-7	%
Non-performing		7,591			6,127			5,554			-9	%		-27	%
Total portfolio		713,545			617,811			619,813			0	%		-13	%
Non-performing		9,279			7,863			7,761			-1	%		-16	%
Commercial non-perfoming ratio		0.99	%		1.43	%		1.95	%
Consumer non-perfoming ratio		1.40	%		1.23	%		1.10	%
Total non-performing/ Total portfolio		1.30	%		1.27	%		1.25	%
Total allowances		19,448			12,041			11,773			-2	%		-39	%
Coverage ratio w/allowances		209.59	%		153.13	%		151.69	%
Write Offs		1,117			854			637			-25	%		-43	%
Write Offs/ Total portfolio		0.16	%		0.14	%		0.10	%

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 2021 20-F)

16

  4Q22 Earnings Release 

CER Exposure and Foreign Currency Position

CER EXPOSURE	MACRO Consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21		3Q22		4Q22		QoQ			YoY
CER adjustable ASSETS
Government Securities		190,780		185,796		137,975		-26	%		-28	%
Loans (*)		50,981		45,065		45,085		0	%		-12	%
Private sector loans		13,624		8,282		7,324		-12	%		-46	%
Mortgage loans (UVA adjusted)		37,333		36,750		37,734		3	%		1	%
Other loans		24		33		27		-18	%		13	%
Total CER adjustable assets		241,761		230,861		183,060		-21	%		-24	%
CER adjustable LIABILITIES
Deposits (*)		15,072		18,923		12,265		-35	%		-19	%
UVA Unemployment fund		3,123		4,053		4,364		8	%		40	%
Total CER adjustable liabilities		18,195		22,976		16,629		-28	%		-9	%
NET CER EXPOSURE		223,566		207,885		166,431		-20	%		-26	%
(*) Includes Loans &Time Deposits CER adjustable (UVAs)

FOREIGN CURRENCY POSITION	MACRO Consolidated						Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21		3Q22		4Q22		QoQ			YoY
Cash and deposits in Banks		237,705		195,860		210,634		8	%		-11	%
Cash		17,301		18,097		5,462		-70	%		-68	%
Central Bank of Argentina		62,449		69,707		74,085		6	%		19	%
Other financial institutions local and abroad		76,079		78,957		78,933		0	%		4	%
Others		13		12		12		0	%		-8	%
Financial instruments at fair value through P&L		2,404		171,954		177,936		3	%		7302	%
Other financial assets		11,668		13,761		15,674		14	%		34	%
Loans and other financing		29,871		30,602		35,940		17	%		20	%
Other financial institutions		0		0		0		-			-
Non financial private sector & foreign residents		29,871		30,602		35,940		0	%		20	%
Other debt securities		65,978		47,669		53,835		13	%		-18	%
Guarantees received		4,474		3,993		4,898		23	%		9	%
Investment in equity instruments		136		143		160		12	%		18	%
Investment in associates and joint ventures		0		0		0		-			-
Total Assets		352,236		463,982		499,077		8	%		42	%
Deposits		188,176		152,796		171,021		12	%		-9	%
Non financial public sector		14,953		6,280		6,163		-2	%		-59	%
Financial sector		1,482		1,365		1,399		2	%		-6	%
Non financial private sector & foreign residents		171,741		145,151		163,459		13	%		-5	%
Liabilities at fair value through P&L		246		783		526		-33	%		114	%
Other liabilities from financial intermediation		12,676		14,267		16,099		13	%		27	%
Financing from the Central Bank and other fin. Inst		539		2,073		2,398		16	%		345	%
Subordinated corporate bonds		81,763		71,541		72,130		1	%		-12	%
Issued corporate bonds		0		2,704		2,716
Other non financial liabilities		79		75		53		-29	%		-33	%
Total Liabilities		283,479		244,239		264,943		8	%		-7	%
NET FX POSITION (Pesos)		68,757		219,743		234,134		7	%		241	%
EOP FX (Pesos per USD)		102.7500		147.3150		177.1283		20	%		72	%
NET FX POSITION (USD)		669		1,492		1,322		-11	%		98	%

17

  4Q22 Earnings Release 

4Q22 Snapshot

In AR$ Million. Figures of previous quarters have been restated to reflect the accumulated effect of the inflation adjustment for each period through December 31, 2022

18

  4Q22 Earnings Release 

19

  4Q22 Earnings Release 

Relevant and Recent Events

• On April 29th 2022 TheShareholders’ Meetingresolved to distribute as dividend to the shareholders in cash and/or in kind, in the latter case valued at market price, the amount of AR$ 14,187,872,701.21, which represents AR$ 22.18 per share, subject to prior authorization from the Banco Central de la República Argentina (“BCRA”), and delegated to the Board the powers to determine the date of the effective availability thereof to the shareholders, currency, terms and other payment terms and conditions of such dividend.

On May 12th 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 in cash and/or in kind (securities) for an aggregate amount of AR $19,751,444,343.74, which distribution shall be carried out in 12 monthly equal and consecutive instalments.

As of this date the Bank has paid

• On June 7, 2022 a cash dividend in the amount of Ps.9,875,722,171.88 (installments 1 through 6)

• On July 6, 2022 a cash dividend in the amount of Ps.1,645,953,695.31 (installment 7)

• On August 2, 2022 a cash dividend in the amount of Ps.1,645,953,695.31 (installment 8)

• On September 6, 2022 a cash dividend in the amount of Ps.1,645,953,695.31 (installment 9)

• On October 4, 2022 a cash dividend in the amount of Ps.1,645,953,695.31 (installment 10)

• On November 1, 2022 a cash dividend in the amount of Ps. 1,645,953,695.31 (installment 11)

• On December 6, 2022 a cash dividend in the amount of Ps.1,645,953,695.31 (installment 12)

• Interest Payment Series E Dollar denominated Notes. In February 2023, the Bank paid quarterly interest on Class E dollar denominated notes in the amount of USD 62,131.5.

Regulatory Changes

• Minimum Reserve Requirements. In November 2022, through Communication “A” 7637 the Central Bank of Argentina announced that financial institutions could set up reserve requirements (daily and monthly balances) with Government Securities, specifically with "Bonos del Tesoro Nacional en pesos due November 23, 2027" while maintaining the same terms and conditions that “Bonos del Tesoro Nacional en pesos due May 23, 2027”

• Repo Interest Rate. On January 18, 2023, through Communication “C” 94.417 the Central Bank of Argentina established that the 1 day Repo Rate would increase 2% from 70% to 72% and from 95% to 97%.

• CEDIP – Digital Time Deposit. In January 2023, through Communication “A” 7672 the Central Bank established the Digital Certificate of Deposits and Investments. This Certificate is fully divisible, transferable, and digitally registered. The objective is to assimilate time deposits made through home banking or mobile banking with the ones made through the branches.

• Debtor Classification – Agribusiness Emergency Law In February 2023 through Communication “A” 7687 the Central Bank of Argentina established that until December 31, 2023 for all those agro producers included in the Agribusiness emergency law debtor classification should be as follows:

o Stage 1 –normal situation-: loans due up to 75 days.

o Stage 2 –observed or low risk- loans due more than 76 days and up to 135 days.

o Stage 3 – troubled or medium risk- loans due more than 136 days and up to 225 days.

20

  4Q22 Earnings Release 

QUARTERLY BALANCE SHEET	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	4Q21		3Q22		4Q22		FY2021		FY2022		QoQ			YoY
ASSETS
Cash and deposits in Banks		335,692		235,830		250,089		335,692		250,089		6	%		-26	%
Cash		51,863		39,398		27,613		51,863		27,613		-30	%		-47	%
Central Bank of Argentina		207,730		117,283		143,527		207,730		143,527		22	%		-31	%
Other local & foreign entities		82,331		52,267		39,061		82,331		39,061		-25	%		-53	%
Other		12		11		11		12		11		0	%		-8	%
Debt securities at fair value through profit & loss		63,126		210,153		211,054		63,126		211,054		0	%		234	%
Derivatives		3		162		43		3		43		-73	%		1333	%
Repo Transactions		61,176		73,285		61,929		61,176		61,929		-15	%		1	%
Other financial assets		68,497		38,037		57,945		68,497		57,945		52	%		-15	%
Loans & other receivables		686,328		596,228		598,601		686,328		598,601		0	%		-13	%
Non Financial Public Sector		4,628		2,087		2,207		4,628		2,207		6	%		-52	%
Financial Sector		2,942		1,101		927		2,942		927		-16	%		-68	%
Non Financial private sector and foreign		678,758		593,040		595,467		678,758		595,467		0	%		-12	%
Other debt securities		557,069		741,698		737,506		557,069		737,506		-1	%		32	%
Financial assets in guarantee		34,993		31,972		30,620		34,993		30,620		-4	%		-12	%
Investments in equity instruments		4,246		794		839		4,246		839		6	%		-80	%
Investments in other companies (subsidiaries and joint ventures)		954		1,130		1,142		954		1,142		1	%		20	%
Property, plant and equipment		102,991		101,505		101,864		102,991		101,864		0	%		-1	%
Intangible assets		16,371		17,614		17,440		16,371		17,440		-1	%		7	%
Deferred income tax assets		1,059		-		-		1,059		-		-			-100	%
Other non financial assets		4,542		15,685		12,453		4,542		12,453		-21	%		174	%
Non-current assets held for sale		6,314		6,173		8,856		6,314		8,856		43	%		40	%
TOTAL ASSETS		1,943,454		2,070,371		2,090,455		1,943,454		2,090,455		1	%		8	%
LIABILITIES
Deposits		1,147,041		1,318,865		1,295,395		1,147,041		1,295,395		-2	%		13	%
Non Financial Public Sector		109,868		158,080		109,952		109,868		109,952		-30	%		0	%
Financial Sector		1,872		1,494		1,653		1,872		1,653		11	%		-12	%
Non Financial private sector and foreign		1,035,301		1,159,291		1,183,790		1,035,301		1,183,790		2	%		14	%
Liabilities at fair value through profit & loss		3,171		783		526		3,171		526
Derivatives		5		2		2		5		2		0	%		-
Repo Transactions		-		411		-		-		-		-100	%		-
Other financial liabilities		131,278		99,669		135,091		131,278		135,091		36	%		3	%
Financing received from Central Bank and Other Financial Institutions		853		2,853		2,449		853		2,449		-14	%		187	%
Issued Corporate Bonds		5,826		2,704		2,716		5,826		2,716		0	%		-53	%
Current income tax liabilities		684		7,897		10,849		684		10,849		37	%		1486	%
Subordinated corporate bonds		81,763		71,541		72,130		81,763		72,130		1	%		-12	%
Provisions		3,198		3,687		2,713		3,198		2,713		-26	%		-15	%
Deferred income tax liabilities		11,088		15,456		13,278		11,088		13,278		-14	%		20	%
Other non financial liabilities		93,758		48,124		42,811		93,758		42,811		-11	%		-54	%
TOTAL LIABILITIES		1,478,665		1,571,992		1,577,960		1,478,665		1,577,960		0	%		7	%
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		173,290		173,290		173,290		173,290		173,290		0	%		0	%
Reserves		237,309		282,844		282,844		237,309		282,844		0	%		19	%
Retained earnings		-17,376		137		137		-17,376		137		0	%		-
Other accumulated comprehensive income		5,590		2,530		31		5,590		31		-99	%		-99	%
Net income for the period / fiscal year		52,833		26,434		43,039		52,833		43,039		63	%		-19	%
Shareholders' Equity attributable to parent company		464,715		498,304		512,410		464,715		512,410		3	%		10	%
Shareholders' Equity attributable to non controlling interest		74		75		85		74		85		13	%		15	%
TOTAL SHAREHOLDERS' EQUITY		464,789		498,379		512,495		464,789		512,495		3	%		10	%

21

  4Q22 Earnings Release 

ANNUAL BALANCE SHEET	Macro Consolidated				Change%
In MILLION $ (Measuring Unit Current at EOP)	FY2021		FY2022		YoY
ASSETS
Cash and deposits in Banks		335,692		250,089		-26	%
Cash		51,863		27,613		-47	%
Central Bank of Argentina		207,730		143,527		-31	%
Other local & foreign entities		82,331		39,061		-53	%
Other		12		11		-8	%
Debt securities at fair value through profit & loss		63,126		211,054		234	%
Derivatives		3		43		1333	%
Repo Transactions		61,176		61,929		1	%
Other financial assets		68,497		57,945		-15	%
Loans & other receivables		686,328		598,601		-13	%
Non Financial Public Sector		4,628		2,207		-52	%
Financial Sector		2,942		927		-68	%
Non Financial private sector and foreign		678,758		595,467		-12	%
Other debt securities		557,069		737,506		32	%
Financial assets in guarantee		34,993		30,620		-12	%
Investments in equity instruments		4,246		839		-80	%
Investments in other companies (subsidiaries and joint ventures)		954		1,142		20	%
Property, plant and equipment		102,991		101,864		-1	%
Intangible assets		16,371		17,440		7	%
Deferred income tax assets		1,059		-		-100	%
Other non financial assets		4,542		12,453		174	%
Non-current assets held for sale		6,314		8,856		40	%
TOTAL ASSETS		1,943,454		2,090,455		8	%
LIABILITIES
Deposits		1,147,041		1,295,395		13	%
Non Financial Public Sector		109,868		109,952		0	%
Financial Sector		1,872		1,653		-12	%
Non Financial private sector and foreign		1,035,301		1,183,790		14	%
Liabilities at fair value through profit & loss		3,171		526		-83	%
Derivatives		5		2		-60	%
Repo Transactions		-		-		0	%
Other financial liabilities		131,278		135,091		3	%
Financing received from Central Bank and Other Financial Institutions		853		2,449		187	%
Issued Corporate Bonds		5,826		2,716		-53	%
Current income tax liabilities		684		10,849		1486	%
Subordinated corporate bonds		81,763		72,130		-12	%
Provisions		3,198		2,713		-15	%
Deferred income tax liabilities		11,088		13,278		20	%
Other non financial liabilities		93,758		42,811		-54	%
TOTAL LIABILITIES		1,478,665		1,577,960		7	%
SHAREHOLDERS' EQUITY
Capital Stock		639		639		0	%
Issued Shares premium		12,430		12,430		0	%
Adjustment to Shareholders' Equity		173,290		173,290		0	%
Reserves		237,309		282,844		19	%
Retained earnings		-17,376		137		-101	%
Other accumulated comprehensive income		5,590		31		-99	%
Net income for the period / fiscal year		52,833		43,039		-19	%
Shareholders' Equity attributable to parent company		464,715		512,410		10	%
Shareholders' Equity attributable to non controlling interest		74		85		15	%
TOTAL SHAREHOLDERS' EQUITY		464,789		512,495		10	%

22

  4Q22 Earnings Release 

INCOME STATEMENT	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	4Q20		3Q21		4Q21		FY2020		FY2021		QoQ			YoY
Interest Income		110,811		160,879		198,630		439,127		612,465		23	%		79	%
Interest Expense		41,232		86,412		115,028		183,872		307,140		33	%		179	%
Net Interest Income		69,579		74,467		83,602		255,255		305,325		12	%		20	%
Fee income		18,983		18,580		18,966		72,042		75,403		2	%		0	%
Fee expense		1,919		1,875		1,900		6,878		7,414		1	%		-1	%
Net Fee Income		17,064		16,705		17,066		65,164		67,989		2	%		0	%
Subtotal (Net Interest Income + Net Fee Income)		86,643		91,172		100,668		320,419		373,314		10	%		16	%
Net Income from financial instruments at Fair Value Through Profit & Loss		6,891		29,946		-3,366		38,577		47,847		-			-149	%
Result from assets at amortised cost		177		-		170		475		170		-			-4	%
Difference in quoted prices of gold and foreign currency		3,116		18,802		30,597		9,053		62,274		63	%		882	%
Other operating income		3,874		4,394		5,759		15,260		21,177		31	%		49	%
Provision for loan losses		3,824		1,672		2,533		4,783		6,558		51	%		-34	%
Net Operating Income		96,877		142,642		131,295		379,001		498,224		-8	%		36	%
Personnel expenses		18,946		20,709		18,790		76,907		77,638		-9	%		-1	%
Administrative expenses		11,486		9,730		10,406		39,138		39,156		7	%		-9	%
Depreciation and impairment of assets		3,607		3,855		3,936		13,880		15,249		2	%		9	%
Other operating expense		19,247		20,265		19,981		66,691		74,994		-1	%		4	%
Operating Income		43,591		88,083		78,182		182,385		291,187		-11	%		79	%
Income from associates and joint ventures		69		-113		117		170		-114		-204	%		70	%
Result from net monetary position		-29,565		-68,423		-56,970		-126,482		-228,573		-17	%		93	%
Net Income before income tax on cont. operations		14,095		19,547		21,329		56,073		62,500		9	%		51	%
Income tax on continuing operations		-6,424		9,130		4,715		3,239		19,454		-48	%		-173	%
Net Income from continuing operations		20,519		10,417		16,614		52,834		43,046		59	%		-19	%
Net Income for the period		20,519		10,417		16,614		52,834		43,046		59	%		-19	%
Net Income of the period attributable to parent company		20,518		10,396		16,604		52,833		43,039		60	%		-19	%
Net income of the period attributable to non-controlling interests		1		21		10		1		7		-52	%		900	%
Other Comprehensive Income		134		2,440		-2,497		2,286		-5,559		-202	%		-
Foreign currency translation differences in financial statements conversion		-376		-208		144		-1,493		-719		-169	%		-138	%
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a)		510		2,648		-2,641		3,779		-4,840		-			-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		20,653		12,857		14,117		55,120		37,487		10	%		-32	%
Total Comprehensive Income attributable to parent Company		20,652		12,836		14,107		55,119		37,480		10	%		-32	%
Total Comprehensive Income attributable to non-controlling interests		1		21		10		1		7		-52	%		900	%

23

  4Q22 Earnings Release 

INCOME STATEMENT	Macro Consolidated				Change
In MILLION $ (Measuring Unit Current at EOP)	FY2021		FY2022		YoY
Interest Income		439,127		612,465		39	%
Interest Expense		183,872		307,140		67	%
Net Interest Income		255,255		305,325		20	%
Fee income		72,042		75,403		5	%
Fee expense		6,878		7,414		8	%
Net Fee Income		65,164		67,989		4	%
Subtotal (Net Interest Income + Net Fee Income)		320,419		373,314		17	%
Net Income from financial instruments at Fair Value Through Profit & Loss		38,577		47,847		24	%
Result from assets at amortised cost		475		170		-64	%
Difference in quoted prices of gold and foreign currency		9,053		62,274		588	%
Other operating income		15,260		21,177		39	%
Provision for loan losses		4,783		6,558		37	%
Net Operating Income		379,001		498,224		31	%
Personnel expenses		76,907		77,638		1	%
Administrative expenses		39,138		39,156		0	%
Depreciation and impairment of assets		13,880		15,249		10	%
Other operating expense		66,691		74,994		12	%
Operating Income		182,385		291,187		60	%
Income from associates and joint ventures		170		-114		-167	%
Result from net monetary position		-126,482		-228,573		81	%
Net Income before income tax on cont. operations		56,073		62,500		11	%
Income tax on continuing operations		3,239		19,454		-28	%
Net Income from continuing operations		52,834		43,046		-19	%
Net Income for the period		52,834		43,046		-19	%
Net Income of the period attributable to parent company		52,833		43,039		-19	%
Net income of the period attributable to non-controlling interests		1		7		600	%
Other Comprehensive Income		2,286		-5,559		-
Foreign currency translation differences in financial statements conversion		-1,493		-719		-
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a)		3,779		-4,840		-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		55,120		37,487		-32	%
Total Comprehensive Income attributable to parent Company		55,119		37,480		-32	%
Total Comprehensive Income attributable to non-controlling interests		1		7		600	%

24

  4Q22 Earnings Release 

QUARTERLY ANNUALIZED RATIOS	MACRO Consolidated
	4Q21			1Q22			2Q22			3Q22			4Q22
Profitability & performance
Net interest margin		21.2	%		22.8	%		24.7	%		28.1	%		32.7	%
Net interest margin adjusted (exc. FX)		20.3	%		21.2	%		22.5	%		22.5	%		23.9	%
Net fee income ratio		12.6	%		13.0	%		11.7	%		7.2	%		8.9	%
Efficiency ratio		37.4	%		29.6	%		32.7	%		25.8	%		27.2	%
Net fee income as % of A&G Expenses		33.7	%		44.0	%		35.7	%		27.9	%		32.7	%
Return on average assets		4.4	%		2.2	%		1.3	%		2.2	%		3.3	%
Return on average equity		18.5	%		9.1	%		5.1	%		8.8	%		16.9	%
Liquidity
Loans as a percentage of total deposits		59.8	%		55.2	%		52.4	%		45.2	%		46.2	%
Liquid assets as a percentage of total deposits		90.0	%		93.0	%		92.0	%		94.0	%		95.0	%
Capital
Total equity as a percentage of total assets		23.9	%		24.8	%		24.7	%		24.1	%		24.5	%
Regulatory capital as % of APR		36.1	%		38.5	%		40.5	%		40.4	%		39.9	%
Asset Quality
Allowances over total loans		2.8	%		2.8	%		2.1	%		2.0	%		2.0	%
Non-performing financing as a percentage of total financing		1.3	%		1.7	%		1.3	%		1.3	%		1.3	%
Coverage ratio w/allowances		209.6	%		163.2	%		159.7	%		153.1	%		151.7	%
Cost of Risk		2.3	%		0.8	%		0.7	%		1.1	%		1.8	%

ACCUMULATED ANNUALIZED RATIOS	MACRO Consolidated
	4Q21			1Q22			2Q22			3Q22			4Q22
Profitability & performance
Net interest margin		19.1	%		22.8	%		23.8	%		25.2	%		27.1	%
Net interest margin adjusted (exc. FX)		18.4	%		21.2	%		21.9	%		22.1	%		22.5	%
Net fee income ratio		12.5	%		13.0	%		12.3	%		10.3	%		10.0	%
Efficiency ratio		37.5	%		29.6	%		31.2	%		29.1	%		28.6	%
Net fee income as % of A&G Expenses		33.3	%		44.0	%		39.5	%		35.5	%		34.8	%
Return on average assets		2.8	%		2.2	%		1.7	%		1.9	%		2.3	%
Return on average equity		12.3	%		9.1	%		7.1	%		7.7	%		9.7	%
Liquidity
Loans as a percentage of total deposits		59.8	%		55.2	%		52.4	%		45.2	%		46.2	%
Liquid assets as a percentage of total deposits		90.0	%		93.0	%		92.0	%		94.0	%		95.0	%
Capital
Total equity as a percentage of total assets		23.9	%		24.8	%		24.7	%		24.1	%		24.5	%
Regulatory capital as % of APR		36.1	%		38.5	%		40.5	%		40.4	%		39.9	%
Asset Quality
Allowances over total loans		2.8	%		2.8	%		2.1	%		2.0	%		2.0	%
Non-performing financing as a percentage of total financing		1.3	%		1.7	%		1.3	%		1.3	%		1.3	%
Coverage ratio w/allowances		209.6	%		163.2	%		159.7	%		153.1	%		151.7	%
Cost of Risk		0.7	%		0.8	%		0.8	%		0.9	%		1.1	%

25

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

Date: February 23, 2023

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