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

August 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

 

  2Q23 Earnings Release  

Banco Macro Announces Results for the Second Quarter of 2023

Buenos Aires, Argentina, August 23, 2023 – Banco Macro S.A. (NYSE: BMA; BYMA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the second quarter ended June 30, 2023 (“2Q23”). 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. For ease of comparison, figures of previous quarters of 2022 and 2023 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through June 30, 2023.

Summary

● The Bank’s net income totaled Ps.44.2 billion in 2Q23. This result was 265% higher than the Ps.12.1 billion posted in 1Q23 and 394% higher than the Ps.8.9 billion posted in 2Q22. In 2Q23, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 15.5% and 3.9%, respectively.

● In 2Q23 Operating Income (before G&A and personnel expenses) totaled Ps.264.1 billion, 27% or Ps.56.4 billion higher than in 1Q23 and 50% or Ps.88.5 billion higher than the same period of last year.

● In 2Q23 Operating Income (after G&A and personnel expenses) totaled Ps.173.1 billion, 35% or Ps.44.4 billion higher than in 1Q23 and 81% or Ps.77.2 billion higher than the same period of last year.

● In 2Q23, Banco Macro’s total financing increased 3% or Ps.29.5 billion quarter over quarter (“QoQ”) totaling Ps.893.2 billion and decreased 8% or Ps.75.9 billion year over year (“YoY”).

● In 2Q23, Banco Macro’s total deposits increased 5% or Ps.90.2 billion QoQ and increased 3% or Ps.52.8 billion YoY, totaling Ps.1.9 trillion and representing 81% of the Bank’s total liabilities. Private sector deposits increased 6% or Ps.94.7 billion QoQ.

● Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.570.7 billion, 35.9% regulatory capital ratio – Basel III and 33 % Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 95% of its total deposits in 2Q23.

● In 2Q23, the Bank’s non-performing to total financing ratio was 1.37% and the coverage ratio remained stable at 146.05%.

● As of 2Q23, through its 462 branches and 7.797 employees Banco Macro serves 4.7 million retail customers (1.8 million digital customers) across 23 of the 24 Provinces in Argentina and over 123,700 corporate customers.

2Q23 Earnings Release Conference Call Friday, August 25, 2023 Time: 11:00 a.m. Eastern Time | 12:00 p.m. Buenos Aires Time		IR Contacts in Buenos Aires: Jorge Scarinci Chief Financial Officer
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 08/25/2023 through 09/08/2023	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

2

  2Q23 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

  2Q23 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 2022a and 2023 have been restated in accordance with said Communication in order to make a comparison possible

Results

Earnings per outstanding share were Ps.69.02 in 2Q23, 264% higher than in 1Q23 and 394% higher than the result posted a year ago.

EARNINGS PER SHARE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22		3Q22		4Q22		1Q23		2Q23		QoQ			YoY
Net income -Parent Company- (M $)		8,935		15,699		25,035		12,102		44,161		265	%		394	%
Average # of shares outstanding (M)		639		639		639		639		639		0	%		0	%
Average #of treasury stocks (shares repurchased) (M)		-		-		-		-		-		0	%		0	%
Book value per avg. Outstanding share ($)		1,145		1,175		1,209		1,226		1,163		-5	%		2	%
Shares Outstanding (M)		639		639		639		639		639		0	%		0	%
Earnings per avg.  outstanding share ($)		13.98		24.57		39.18		18.94		69.02		264	%		394	%
EOP FX (Pesos per USD)		125.2150		147.3150		177.1283		208.9883		256.6750		23	%		105	%
Book value per avg. issued ADS (USD)		91.44		79.76		68.26		58.66		45.31		-23	%		-50	%
Earnings per avg. outstanding ADS (USD)		1.12		1.67		2.21		0.91		2.69		197	%		141	%

Banco Macro’s 2Q23 net income of Ps.44.2 billion was 265% or Ps.32.1 billion higher than the previous quarter and 394% or Ps.35.2 billion higher YoY due to a higher income from Government Securities (financial assets at fair value through profit or loss) and higher FX gains. This result represented an accumulated annualized ROAE and ROAA of 15.5% and 3.9% respectively. Total comprehensive income for the quarter totaled Ps.46.3 billion.

Net operating income (before G&A and personnel expenses) was Ps.264.1 billion in 2Q23, increasing 27% or Ps.56.4 billion compared to 1Q23. On a yearly basis, Net Operating Income (before G&A and personnel expenses) increased 50% or Ps.88.5billion.

In 2Q23, Provision for loan losses totaled Ps.5.5 billion, 28% or Ps.1.2 billion higher than in 1Q23. On a yearly basis provision for loan losses increased 232% or Ps.3.9 billion.

Operating income (after G&A and personnel expenses) was Ps.173.1 billion in 2Q23, 35% or Ps.44.4 billion higher than in 1Q23 and 81% or Ps.77.2 billion higher than a year ago.

It is important to emphasize that this result was obtained with a leverage of only 4.3x assets to equity ratio.

4

  2Q23 Earnings Release  

INCOME STATEMENT	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22		3Q22		4Q22		1Q23		2Q23		QoQ			YoY
Net Interest Income		115,858		112,208		125,973		120,887		107,942		-11	%		-7	%
Net fee income		25,728		25,172		25,714		27,271		26,339		-3	%		2	%
Net Interest Income + Net Fee Income		141,586		137,380		151,687		148,158		134,281		-9	%		-5	%
Net Income from financial instruments at fair value through P&L		15,918		45,123		-5,073		11,382		51,885		356	%		226	%
Income from assets at amortized cost		0		0		256		0		0		0	%		0	%
Differences in quoted prices of gold and foreign currency		11,597		28,332		46,104		45,394		75,826		67	%		554	%
Other operating income		8,229		6,620		8,677		7,075		7,651		8	%		-7	%
Provision for loan losses		1,665		2,519		3,814		4,306		5,520		28	%		232	%
Net Operating Income		175,665		214,936		197,837		207,703		264,123		27	%		50	%
Employee benefits		32,658		31,204		28,313		29,049		30,687		6	%		-6	%
Administrative expenses		14,715		14,661		15,680		14,421		17,193		19	%		17	%
Depreciation and impairment of assets		5,696		5,809		5,929		6,057		6,180		2	%		8	%
Other operating expenses		26,762		30,533		30,109		29,504		36,981		25	%		38	%
Operating Income		95,834		132,729		117,806		128,672		173,082		35	%		81	%
Result from associates & joint ventures		-86		-171		177		-272		-190		-			-
Result from net monetary postion		-82,347		-103,101		-85,843		-109,406		-109,429		0	%		33	%
Result before taxes from continuing operations		13,401		29,457		32,140		18,994		63,463		234	%		374	%
Income tax		4,466		13,758		7,105		6,892		19,302		180	%		332	%
Net income from continuing operations		8,935		15,699		25,035		12,102		44,161		265	%		394	%
				-		-
Net Income of the period		8,935		15,699		25,035		12,102		44,161		265	%		394	%
Net income of the period attributable to parent company		8,941		15,667		25,020		12,086		44,130		265	%		394	%
Net income of the period attributable to minority interest		-6		32		15		16		31		94	%		-
Other Comprehensive Income		-6,777		3,675		-3,763		-1,029		2,152		-			-
Foreign currency translation differences in financial statements conversion		-334		-314		218		-262		-61		-			-
Profits or losses from financial assets measured at fair value  through other comprehensive income (FVOCI)  (IFRS 9(4.1.2)(a)		-6,443		3,989		-3,981		-767		2,213		-			-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		2,158		19,374		21,272		11,073		46,313		318	%		2046	%
Total Comprehensive Income attributable to parent Company		2,164		19,342		21,257		11,057		46,282		319	%		2039	%
Total Comprehensive Income attributable to non-controlling interests		-6		32		15		16		31		94	%		-

The Bank’s 2Q23 net interest income totaled Ps.107.9 billion, 11% or Ps.12.9 billion lower than in 1Q23 and 7% or Ps.7.9 lower YoY.

In 2Q23 interest income totaled Ps.307.1 billion, 9% or Ps.24.1 billion higher than in 1Q23 and 48% or Ps.100.1 billion higher than in 2Q22.

Income from interest on loans and other financing totaled Ps.119.1 billion, 12% or Ps.13.1 billion higher compared with the previous quarter mainly due a 760 basis points increase in the average lending rate, while the average volume of private sector loans decreased 3%. On a yearly basis Income from interest on loans increased 34% or Ps.30 billion.

In 2Q23 income from government and private securities decreased 1% or Ps.1.9 billion QoQ (due to lower income from Government securities) and increased 43% or Ps.49.7 billion compared with the same period of last year. This result is explained 8% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 92% is explained by income from government and private securities in pesos at amortized cost.

In 2Q23, income from Repos totaled Ps.18.4 billion, 120% or Ps.10 billion higher than the previous quarter and Ps.16.8 higher than a year ago.

5

  2Q23 Earnings Release  

In 2Q23 FX income totaled Ps.75.8 billion, 67% or Ps.30.4 billion higher than the previous quarter and Ps.64.2 billion higher than a year ago. FX income gain was due to the 18% argentine peso depreciation against the US dollar, the Bank’s long dollar position during the quarter (including dollar linked and dual bonds).

FX INCOME	MACRO Consolidated						Variation
In MILLION $ (Measuring Unit Current at EOP)	2Q22		1Q23		2Q23		QoQ			YoY
(1) Differences in quoted prices of gold and foreign currency		11,597		45,394		75,826		67	%		554	%
Translation of FX assets and liabilities to Pesos		11,277		45,123		75,479		67	%		569	%
Income from foreign currency exchange		320		271		347		28	%		8	%
(2) Net Income from financial assets and liabilities at fair value through P&L		-		-516		-2430		371	%		-
Income from investment in derivative financing instruments		-		-516		-2,430		371	%		-
(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency		11,597		44,878		73,396		64	%		533	%

INTEREST INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22		3Q22		4Q22		1Q23		2Q23		QoQ			YoY
Interest on Cash and due from Banks		34		171		391		681		752		10	%		2112	%
Interest from government securities		115,669		137,305		183,426		167,224		165,290		-1	%		43	%
Interest from private securities		48		58		121		131		129		-2	%		169	%
Interest on loans and other financing
To the financial sector		169		147		259		132		247		87	%		46	%
To the public non financial sector		554		528		501		479		3,230		574	%		483	%
Interest on overdrafts		8,298		11,562		12,005		11,559		15,970		38	%		92	%
Interest on documents		8,002		10,906		11,926		11,241		13,909		24	%		74	%
Interest on mortgages loans		15,148		15,029		14,683		13,621		17,087		25	%		13	%
Interest on pledged loans		1,182		1,067		925		993		1,121		13	%		-5	%
Interest on personal loans		34,157		32,836		32,772		32,118		30,386		-5	%		-11	%
Interest on credit cards loans		13,789		15,307		19,393		22,512		23,395		4	%		70	%
Interest on financial leases		100		133		171		143		121		-15	%		21	%
Interest on other loans		8,399		10,465		12,208		13,823		17,131		24	%		104	%
Interest on Repos
From the BCRA		1,242		6,772		10,021		8,309		18,353		121	%		1378	%
Other financial institutions		266		128		496		20		0		-100	%		-100	%
Total Interest income		207,057		242,414		299,298		282,986		307,121		9	%		48	%
Income from Interest on loans		89,075		97,305		104,083		106,010		119,120		12	%		34	%

The Bank’s 2Q23 interest expense totaled Ps.199.2 billion, increasing 23% or Ps.37.1 billion compared to the previous quarter and 118% (Ps.108 billion) higher compared to 2Q22.

In 2Q23, interest on deposits represented 97% of the Bank’s total interest expense, increasing 23% or Ps.36 billion QoQ, due to a 3% increase in the average volume of deposits from the private sector (in pesos), while the average rate paid on said deposits increased 940 basis points. On a yearly basis, interest on deposits increased 120% or Ps.106 billion.

6

  2Q23 Earnings Release  

INTEREST EXPENSE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22		3Q22		4Q22		1Q23		2Q23		QoQ			YoY
Deposits
Interest on checking accounts		2,852		5,936		13,444		7,316		13,414		83	%		370	%
Interest on saving accounts		1,448		1,601		1,695		1,586		2,141		35	%		48	%
Interest on time deposits		83,902		120,243		155,569		149,254		178,600		20	%		113	%
Interest on other financing from BCRA and financial inst.		156		210		284		263		220		-16	%		41	%
Repos
Other financial institutions		689		155		78		1,535		2,266		48	%		229	%
Interest on corporate bonds		122		20		20		20		20		0	%		-84	%
Interest on subordinated bonds		1,739		1,695		1,703		1,663		1,620		-3	%		-7	%
Interest on other financial liabilities		291		346		532		462		898		94	%		209	%
Total financial expense		91,199		130,206		173,325		162,099		199,179		23	%		118	%
Expenses from interest on deposits		88,202		127,780		170,708		158,156		194,155		23	%		120	%

In 2Q23, the Bank’s net interest margin (including FX) was 38.3%, higher than the 33.6% posted in 1Q23 and the 24.7% posted in 2Q22.

In 2Q23, Net Interest Margin (excluding FX) was 22.5%, lower than the 24.4% posted in 1Q23 and unchanged from the Net Interest Margin posted in 2Q22.

In 2Q23, Net Interest Margin (Pesos) was 24.8%, lower than the 26.8% posted in 1Q23 and than the 25.1% in 2Q22; meanwhile Net Interest Margin (USD) was 7.4%, higher than the 6.6% posted in 1Q23 and than the 3.5% registered in 2Q22.

ASSETS & LIABILITIES PERFORMANCE (AR$)	MACRO Consolidated
In MILLION $	2Q22								3Q22								4Q22								1Q23								2Q23
(Measuring Unit Current at EOP)	AVERAGE		REAL INT			NOMINAL			AVERAGE		REAL INT			NOMINAL			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			BALANCE		RATE			INT RATE			BALANCE		RATE			INT RATE
Interest-earning assets
Loans & Other Financing
Public Sector		4,965		-14.5	%		44.8	%		4,845		-23.5	%		43.2	%		3,985		-11.1	%		49.9	%		3,290		-15.5	%		59.0	%		15,072		-4.8	%		86.0	%
Financial Sector		1,941		-20.5	%		34.7	%		1,703		-28.3	%		34.2	%		2,136		-12.3	%		47.9	%		1,320		-25.8	%		39.6	%		1,867		-22.2	%		52.0	%
Private Sector		862,489		-17.5	%		39.7	%		856,748		-23.5	%		43.2	%		805,374		-11.6	%		49.1	%		782,003		-18.8	%		52.7	%		759,626		-18.0	%		60.3	%
Other debt securities
Central Bank Securities (Leliqs)		564,033		-10.7	%		51.2	%		676,746		-9.8	%		68.8	%		733,393		6.3	%		79.2	%		723,371		-6.3	%		76.2	%		692,675		-4.3	%		86.9	%
Government & Private Securities		369,077		-13.0	%		47.4	%		185,927		-24.0	%		42.2	%		247,360		-5.5	%		59.3	%		217,157		-16.1	%		57.8	%		121,299		-24.0	%		48.5	%
Repos		16,001		-18.7	%		37.8	%		45,738		-14.6	%		59.9	%		59,706		0.8	%		69.9	%		47,415		-9.0	%		71.2	%		83,608		-3.8	%		88.0	%
Total interest-earning assets		1,818,506		-14.5	%		44.8	%		1,771,707		-18.1	%		53.3	%		1,851,954		-3.3	%		63.0	%		1,774,556		-13.1	%		63.4	%		1,674,147		-11.9	%		72.1	%
Fin. Assets through P&L and equity inv.		108,740		-41.2	%		-0.4	%		92,553		-58.4	%		-22.2	%		56,547		-71.5	%		-52.0	%		27,966		-35.4	%		21.5	%		10,014		303.5	%		688.4	%
Other Non interest-earning assets		210,257								232,991								181,273								179,239								162,241
Total Non interest-earning assets		318,997								325,544								237,820								207,205								172,255
Total Average Assets		2,137,503								2,097,251								2,089,774								1,981,761								1,846,402
Interest-bearing liabilities
Deposits
Public Sector		93,737		-20.9	%		34.0	%		110,026		-21.6	%		46.8	%		121,850		-5.6	%		59.1	%		83,633		-14.7	%		60.4	%		81,886		-11.9	%		72.1	%
Private Sector		997,566		-21.9	%		32.3	%		1,081,510		-24.1	%		42.1	%		1,193,443		-10.6	%		50.7	%		1,141,945		-19.4	%		51.7	%		1,177,857		-17.5	%		61.1	%
BCRA and other financial institutions		1,638		-18.4	%		38.2	%		1,131		-7.2	%		73.7	%		1,130		18.3	%		99.4	%		649		40.5	%		164.3	%		447		52.2	%		197.4	%
Corporate bonds		3,057		-32.6	%		14.2	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%
Repos		7,906		-20.3	%		35.0	%		1,339		-22.1	%		45.9	%		576		-8.8	%		53.7	%		9,725		-12.8	%		64.0	%		12,019		-10.1	%		75.6	%
Other financial liabilities		7511		-0.321			0.15			5552		-0.351			0.214			141584		-0.399			0.014			150451		-0.463			0.011			180268		-0.479			0.018
Total int.-bearing liabilities		1,111,415		-21.9	%		32.3	%		1,199,558		-23.9	%		42.5	%		1,458,583		-13.0	%		46.7	%		1,386,403		-21.9	%		46.9	%		1,452,477		-20.9	%		54.5	%
Total non int.-bearing liabilities		600,154								556,421								414,164								369,230								382,151
Total Average Liabilities		1,711,569								1,755,979								1,872,747								1,755,633								1,834,628
Assets Performance				203,110								237,998								294,202								277,435								300,765
Liabilities Performance				89,415								128,428								171,560								160,347								197,448
Net Interest Income				113,695								109,570								122,642								117,088								103,317
Total interest-earning assets				1,818,506								1,771,707								1,851,954								1,774,556								1,674,147
Net Interest Margin (NIM)				25.1	%							24.5	%							26.3	%							26.8	%							24.8	%

7

  2Q23 Earnings Release  

ASSETS & LIABILITIES PERFORMANCE USD	MACRO Consolidated
In MILLION $	2Q22								3Q22								4Q22								1Q23								2Q23
(Measuring Unit Current at EOP)	AVERAGE		REAL INT			NOMINAL			AVERAGE		REAL INT			NOMINAL			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			BALANCE		RATE			INT RATE			BALANCE		RATE			INT RATE
Interest-earning assets
Cash and Deposits in Banks		119,492		-10.5	%		0.1	%		115,637		-8.6	%		0.6	%		115,778		8.3	%		1.3	%		113,685		-5.9	%		2.4	%		112,963		0.7	%		2.7	%
Loans & Other Financing
Financial Sector		72		-5.6	%		5.6	%		0		0.0	%		0.0	%		47		15.9	%		8.4	%		210		-2.7	%		5.8	%		290		4.8	%		6.9	%
Private Sector		42,730		21.1	%		35.5	%		47,185		21.7	%		34.0	%		49,735		45.1	%		35.7	%		55,652		21.2	%		31.8	%		56,320		32.5	%		35.2	%
Other debt securities
Central Bank		0		0			0			6,762		0			0			57,486		0.0	%		0.0	%		45860		0			0			63876		0			0
Government & Private Securities		86,288		-10.1	%		0.6	%		39,520		-7.4	%		2.0	%		13,523		14.1	%		6.7	%		16,882		3.0	%		12.0	%		15,697		14.6	%		16.9	%
Total interest-earning assets		248,582		-4.9	%		6.4	%		209,104		-1.5	%		8.4	%		236,569		16.0	%		8.5	%		232,289		0.8	%		9.7	%		249,146		8.0	%		10.2	%
Fin. Assets through P&L and equity inv.		7,362		770.2	%		873.3	%		138,377		121.8	%		144.2	%		246,456		11.0	%		3.8	%		272,964		6.2	%		15.5	%		423,971		32.4	%		35.1	%
Other Non interest-earning assets		416,148								397,580								402,069								421,463								404,129
Total Non interest earning assets		423,510								535,957								648,525								694,427								828,100
Total Average Assets		672,092								738,299								827,608								880,856								1,013,370
Interest-bearing liabilities
Deposits
Public Sector		8,779		-10.5	%		0.1	%		6,835		-9.1	%		0.1	%		6,758		7.0	%		0.1	%		6,693		-8.0	%		0.1	%		6,346		-1.9	%		0.1	%
Private Sector		152,920		-10.6	%		0.0	%		133,839		-9.2	%		0.0	%		139,926		6.9	%		0.0	%		151,226		-8.1	%		0.0	%		131,860		-2.0	%		0.0	%
BCRA and other financial institutions		1,173		-7.2	%		3.8	%		3,885		-4.9	%		4.7	%		3,196		10.2	%		3.1	%		4,123		-3.5	%		5.0	%		4,487		4.5	%		6.6	%
Issued corporate bonds		2,812		-8.8	%		2.0	%		3,936		-7.4	%		2.0	%		3,944		9.1	%		2.0	%		3,935		-6.1	%		2.1	%		3,630		0.2	%		2.2	%
Subordinated bonds		109,177		-4.9	%		6.4	%		104,431		-3.4	%		6.4	%		104,605		13.9	%		6.5	%		104,450		-2.1	%		6.5	%		100,377		4.4	%		6.5	%
Total int.-bearing liabilities		274,861		-8.3	%		2.6	%		252,926		-6.6	%		2.8	%		258,429		9.8	%		2.7	%		270,427		-5.7	%		2.6	%		246,700		0.8	%		2.8	%
Total non int.-bearing liabilities		116,213								120,957								115,387								131,281								129,460
Total Average liabilities		391,074								373,883								373,816								401,708								376,160
Assets Performance				3,947								4,416								5,096								5,550								6,356
Liabilities Performance				1,784								1,778								1,765								1,752								1,731
Net Interest Income				2,163								2,638								3,331								3,798								4,625
Total interest-earning assets				248,582								209,104								236,569								232,289								249,146
Net Interest Margin (NIM)				3.5	%							5.0	%							5.6	%							6.6	%							7.4	%

In 2Q23 Banco Macro’s net fee income totaled Ps.26.3 billion, 3% or Ps.932 million lower than in 1Q23 and was 2% or Ps.611 million higher than the same period of last year.

In the quarter, fee income totaled Ps.29.2 billion, 3% or Ps.875 million lower than in 1Q23. Credit card fees ,ATM transaction fees, and fees charged on deposits accounts stood out with 7% (Ps.431 million), 14% (Ps.279 million) and 2% (Ps.263 million) decreased respectively which were partially offset by a 13% (Ps.186 million) increase in Financial agent fees. On a yearly basis, fee income increased 2% or Ps.657 million.

In the quarter, total fee expense increased 2% or Ps.57 million. On a yearly basis, fee expenses increased 2% or Ps.46 million.

NET FEE INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22		3Q22		4Q22		1Q23		2Q23		QoQ			YoY
Fees charged on deposit accounts		10,617		10,459		10,712		11,134		10,871		-2	%		2	%
Credit card fees		5,122		5,213		5,595		6,569		6,138		-7	%		20	%
Corporate services fees		3,815		4,016		3,932		4,361		4,264		-2	%		12	%
ATM transactions fees		2,516		2,362		2,149		2,037		1,758		-14	%		-30	%
Insurance fees		1,698		1,487		1,531		1,621		1,515		-7	%		-11	%
Debit card fees		1,845		1,817		1,606		1,363		1,246		-9	%		-32	%
Financial agent fees (Provinces)		1,637		1,541		1,624		1,477		1,663		13	%		2	%
Credit related fees		715		625		771		705		841		19	%		18	%
Mutual funds & securities fees		443		363		556		712		824		16	%		86	%
AFIP & Collection services		93		87		79		72		59		-18	%		-37	%
ANSES fees		36		27		23		18		15		-17	%		-58	%
Total fee income		28,537		27,997		28,578		30,069		29,194		-3	%		2	%
Total fee expense		2,809		2,825		2,864		2,798		2,855		2	%		2	%
Net fee income		25,728		25,172		25,714		27,271		26,339		-3	%		2	%

8

  2Q23 Earnings Release  

In 2Q23 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.51.9 billion gain, mainly due to the mark to market of some government securities (dual bonds) (Ps.43.9 billion) and private securities (Ps.8 billion). Income from Government and Private securities increased 326% or Ps.39.8 billion in the quarter. On a yearly basis Net Income from financial assets and liabilities at fair value through profit or loss increased 226% or Ps.36 billion.

NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22		3Q22		4Q22		1Q23		2Q23		QoQ			YoY
Profit or loss from government securities		6,240		32,208		-14,353		15,978		43,942		175	%		604	%
Profit or loss from private securities		8,784		12,457		8,121		-3,781		7,999		-			-9	%
Profit or loss from investment in derivative financing instruments		15		186		933		241		418		73	%		2687	%
Profit or loss from other financial assets		-10		-61		37		21		151		619	%		-
Profit or loss from investment in equity instruments		572		-144		76		63		-38		-160	%		-107	%
Profit or loss from the sale of financial assets at fair value		317		477		113		-624		1,843		-			481	%
Income from financial assets at fair value through profit or loss		15,918		45,123		-5,073		11,898		54,315		357	%		241	%
Profit or loss from derivative financing instruments		-		-		-		-516		-2,430		-			-
Income from financial liabilities at fair value through profit or loss		-		-		-		-516		-2,430		-			-
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS		15,918		45,123		-5,073		11,382		51,885		356	%		226	%

In the quarter, Other Operating Income totaled Ps.7.7 billion, 8% or Ps.576 million higher than in 1Q23. On a yearly basis, Other Operating Income decreased 7% or Ps.578 million.

OTHER OPERATING INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22		3Q22		4Q22		1Q23		2Q23		QoQ			YoY
Credit and debit cards		491		516		1,264		787		935		19	%		90	%
Lease of safe deposit boxes		819		770		770		865		813		-6	%		-1	%
Other service related fees		1,944		1,980		2,528		2,197		2,427		10	%		25	%
Other adjustments and interest from other receivables		1,346		1,715		1,970		1,818		1,927		6	%		43	%
Initial recognition of loans		-901		-178		0		0		0		-			-
Sale of property, plant and equipment		0		0		53		7		57		714	%		-
Others		4,523		1,820		2,129		1,401		1,492		6	%		-67	%
Other Operating Income		8,229		6,620		8,677		7,075		7,651		8	%		-7	%

In 2Q23 Banco Macro’s administrative expenses plus employee benefits totaled Ps.47.9 billion, 10% or Ps.4.4 billion higher than the previous quarter, due to higher administrative expenses (+19%) and a 6% increase in employee benefits. On a yearly basis, administrative expenses plus employee benefits increased 1% or Ps.507 million.

Employee benefits increased 6% or Ps.1.6 billion QoQ, remunerations increased 7% or Ps.1.5 billion. On a yearly basis, Employee benefits decreased 6% or Ps.2 billion.

In 2Q23, administrative expenses increased 19% or Ps.2.8 billion, due to higher Directors and auditors fees, higher advertising and publicity fees, higher hired administrative services fees, and higher taxes.

In 2Q23, the efficiency ratio reached 21.7%, improving from the 25.5% posted in 1Q23 and much better than the 32.7% posted a year ago. In 2Q23 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) increased 9%, 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 28% compared to 1Q23.

9

  2Q23 Earnings Release  

PERSONNEL & ADMINISTRATIVE EXPENSES	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22			3Q22			4Q22			1Q23			2Q23			QoQ			YoY
Employee benefits		32,658			31,204			28,313			29,049			30,687			6	%		-6	%
Remunerations		22,917			21,211			19,738			19,581			21,031			7	%		-8	%
Social Security Contributions		5,393			5,395			5,244			4,980			5,076			2	%		-6	%
Compensation and bonuses		3,226			3,551			2,353			3,514			3,546			1	%		10	%
Employee services		1,122			1,047			978			974			1,034			6	%		-8	%
Administrative Expenses		14,715			14,661			15,680			14,421			17,193			19	%		17	%
Taxes		2,471			2,533			2,481			2,448			2,662			9	%		8	%
Maintenance, conservation fees		2,310			2,317			2,521			2,232			2,397			7	%		4	%
Directors & statutory auditors fees		477			646			1,155			582			1,947			235	%		308	%
Security services		1,394			1,407			1,422			1,379			1,377			0	%		-1	%
Electricity & Communications		1,291			1,322			1,231			1,319			1,275			-3	%		-1	%
Other professional fees		1,318			1,355			1,734			1,562			1,724			10	%		31	%
Rental agreements		71			59			60			57			73			28	%		3	%
Advertising & publicity		1,208			770			958			590			961			63	%		-20	%
Personnel allowances		226			291			344			297			315			6	%		39	%
Stationary & Office Supplies		100			96			117			129			113			-12	%		13	%
Insurance		148			164			143			119			148			24	%		0	%
Hired administrative services		88			112			105			103			446			333	%		407	%
Other		3,613			3,589			3,409			3,604			3,755			4	%		4	%
Total Administrative Expenses		47,373			45,865			43,993			43,470			47,880			10	%		1	%
Total Employees		7,925			7,857			7,796			7,756			7,797
Branches		466			466			467			463			462
Efficiency ratio		32.7	%		25.8	%		27.2	%		25.5	%		21.7	%
Accumulated efficiency ratio		31.2	%		29.1	%		28.6	%		25.5	%		23.4	%

In 2Q23, Other Operating Expenses totaled Ps.37 billion, increasing 25% or Ps.7.5 million QoQ, due to higher Turnover tax (18% or Ps.3 billion) higher initial loan recognition charges (Ps.3.4 billion) and higher other expenses (11% or Ps.1.1 billion). On a yearly basis, Other Operating Expenses increased 38% or Ps.10.2 billion.

OTHER OPERATING EXPENSES	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22		3Q22		4Q22		1Q23		2Q23		QoQ			YoY
Turnover Tax		14,297		16,649		17,297		17,322		20,357		18	%		42	%
Other provision charges		1,141		1,801		-433.00		819		966		18	%		-15	%
Deposit Guarantee Fund Contributions		695		720		773		750		698		-7	%		0	%
Donations		28		246		42		256		198		-23	%		607	%
Insurance claims		126		172		224		284		285		0	%		126	%
Initial loan recognition		0		680		172		270		3,618		1240	%		100	%
Others		10,475		10,265		12,034		9,803		10,859		11	%		4	%
Other Operating Expenses		26,762		30,533		30,109		29,504		36,981		25	%		38	%

10

  2Q23 Earnings Release  

In 2Q23, the result from the net monetary position totaled a Ps.109.4 billion loss, slightly higher than the loss posted in 1Q23 and 33% or Ps.27.1 billion higher than the loss posted one year ago. Higher inflation was observed during the quarter (205 b.p. above 1Q23 level, up to 23.78% from 21.73% in 1Q23).

OPERATING RESULT	MACRO consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22		3Q22		4Q22		1Q23		2Q23		QoQ			YoY
Operating Result (exc. Loss from net monetary position)		95,834		132,729		117,806		128,672		173,082		35	%		81	%
Result from net monetary position (i.e. inflation adjustment)		-82,347		-103,101		-85,843		-109,406		-109,429		0	%		33	%
Operating Result (Inc. Loss from net monetary position)		13,401		29,457		32,140		18,994		63,463		234	%		374	%

In 2Q23, Banco Macro's effective income tax rate 30.4%. For more information, please see Note 22 “Income Tax” of our Financial Statements.

Financial Assets

Loans and other financing

The volume of financing (including loans, financial trust and leasing portfolio) totaled Ps.893.2 billion, increasing 3% or Ps.29.5 billion QoQ and decreasing 8% or Ps.75.9 billion YoY. In 2Q23 Private sector loans increased 1% or Ps.12.3 billion. On a yearly basis Private sector loans decreased 9% or Ps.88 billion.

Within commercial loans, Overdrafts, Documents and Others stand out with a 32% or Ps.21.5 billion increase and an 11% or Ps.13.7 billion and a 6% or Ps.7 billion increase respectively.

Within consumer lending, personal loans decreased 12% or Ps.23.8 billion while credit card loans decreased 1% or Ps.3.9 billion.

Within private sector financing, peso financing increased 4% or Ps.34.8 billion, while US dollar financing decreased 25% or USD 78 million.

As of 2Q23, Banco Macro’s market share over private sector loans was 7.8%.

LOANS AND OTHER FINANCING	MACRO Consilidated															Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22			3Q22			4Q22			1Q23			2Q23			QoQ			YoY
Public Sector		6,990			3,145			3,325			1,745			18,564			964	%		166	%
Finacial Sector		1,581			1,659			1,397			2,298			2,108			-8	%		33	%
Financial Sector		1,587			1,666			1,409			2,313			2,127			-8	%		34	%
Less: Expected Credit Losses		-6			-7			-12			-15			-19			27	%		217	%
Private Sector		960,488			893,601			897,258			859,682			872,502			1	%		-9	%
Overdrafts		88,579			75,187			74,211			66,589			88,134			32	%		-1	%
Discounted documents		109,544			119,987			123,218			124,319			137,997			11	%		26	%
Mortgage loans		101,683			93,456			93,281			88,397			87,293			-1	%		-14	%
Pledged loans		17,995			14,700			14,437			13,578			13,680			1	%		-24	%
Personal loans		260,908			230,892			214,766			199,031			175,232			-12	%		-33	%
Credit Card loans		289,303			272,369			287,469			267,588			263,649			-1	%		-9	%
Leasing		1,372			1,895			2,090			1,665			1,436			-14	%		5	%
Others		109,922			101,840			104,352			115,856			122,868			6	%		12	%
Less: Expected Credit Losses		-18,818			-16,725			-16,566			-17,341			-17,787			3	%		-5	%
Total loans and other financing		969,059			898,405			901,980			863,725			893,174			3	%		-8	%
Total loans in Pesos		916,049			852,294			847,825			799,322			834,140			4	%		-9	%
Total loans in foreign currency		53,010			46,111			54,155			64,403			59,034			-8	%		11	%
EOP FX (Pesos per USD)		125.2150			147.3150			177.1283			208.9883			256.6750			23	%		105	%
Total loans in foreign currency (USD)		423			313			306			308			230			-25	%		-46	%
USD financing / Financing to the private sector		5	%		5	%		6	%		7	%		7	%

11

  2Q23 Earnings Release  

Public Sector Assets

In 2Q23, the Bank’s public sector assets (excluding LELIQs) to total assets ratio was 22.4%, higher than the 17% registered in the previous quarter, and higher than the 19% posted in 2Q22.

In 2Q23, a 36% or Ps.184 billion increase in Other government securities stand out while Central Bank Notes decreased 23% or Ps.184.5 billion. Provincial loans increased Ps.16.6 billion in the quarter.

PUBLIC SECTOR ASSETS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22			3Q22			4Q22			1Q23			2Q23			QoQ			YoY
Central Bank Notes		46,595.00			62,439			18,241			-			-			-			-100	%
Leliqs		606,214			738,267			740,631			797,024			612,559			-23	%		1	%
Other		557,144			552,674			580,087			510,876			694,895			36	%		25	%
Government securities		1,209,953			1,353,380			1,338,959			1,307,900			1,307,454			0	%		8	%
Provincial loans		6,233			2,529			2,594			1,157			17,739			1433	%		185	%
Loans		6,233			2,529			2,594			1,157			17,739			1433	%		185	%
TOTAL PUBLIC SECTOR ASSETS		1,216,186			1,355,909			1,341,553			1,309,057			1,325,193			1	%		9	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)		563,377			555,203			582,681			512,033			712,634			39	%		26	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS		19.0	%		17.8	%		18.5	%		17.0	%		22.4	%

Funding

Deposits

Banco Macro’s deposit base totaled Ps.1.9 trillion in 2Q23, increasing 5% or Ps.90.2 billion QoQ and a 3% or Ps.52.8 billion increase YoY and representing 78% of the Bank’s total liabilities.

On a quarterly basis private sector deposits increased 6% or Ps.94.7 billion while public sector deposits decreased 4% or Ps.5 billion.

The increase in private sector deposits was led by demand deposits, which increased 9% or Ps.64.6 billion, while time deposits increased 2% or Ps.20.5 billion QoQ.

Within private sector deposits, peso deposits increased 7% or Ps.106.3 billion, while US dollar deposits decreased 24% or USD 288 million.

As of 2Q23, Banco Macro´s market share over private sector deposits was 6.5%.

12

  2Q23 Earnings Release  

DEPOSITS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22			3Q22			4Q22			1Q23			2Q23			QoQ			YoY
Public sector		180,609			238,196			165,678			137,471			132,458			-4	%		-27	%
Financial sector		2,637			2,251			2,491			2,365			2,940			24	%		11	%
Private sector		1,666,758			1,746,836			1,783,749			1,672,734			1,767,396			6	%		6	%
Checking accounts		286,887			263,500			239,770			207,318			193,085			-7	%		-33	%
Savings accounts		510,282			553,431			632,470			523,678			602,496			15	%		18	%
Time deposits		733,051			818,319			857,410			915,816			936,284			2	%		28	%
Other		112,261			88,114			30,866			2,162			12,786			491	%		-89	%
Total		1,850,004			1,987,283			1,951,918			1,812,570			1,902,794			5	%		3	%
Pesos		1,590,361			1,757,047			1,694,221			1,559,193			1,665,488			7	%		5	%
Foreign Currency (Pesos)		259,643			230,236			257,697			253,377			237,306			-6	%		-9	%
EOP FX (Pesos per USD)		125.2150			147.3150			177.1283			208.9883			256.6750			23	%		105	%
Foreign Currency (USD)		2,074			1,563			1,455			1,212			925			-24	%		-55	%
USD Deposits / Total Deposits		14	%		12	%		13	%		14	%		12	%

Banco Macro’s transactional deposits represent approximately 39% of its total deposit base as of 2Q23. These accounts are low cost and are not sensitive to interest rate increases.

Other sources of funds

In 2Q23, the total amount of other sources of funds decreased 5% or Ps.45.4 billion compared to 1Q23 mainly due to a 5% or Ps.40.3 decrease in Shareholders’ equity due to the dividend distribution that was approved by the Shareholders’ meeting in April 2023, which was partially offset by the positive net income registered during the period. On a yearly basis, other sources of funds increased Ps.3.6 billion.

OTHER SOURCES OF FUNDS	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22		3Q22		4Q22		1Q23		2Q23		QoQ			YoY
Central Bank of Argentina		70		55		70		61		53		-13	%		-24	%
Banks and international institutions		4,151		3,097		3,590		5,470		3,400		-38	%		-18	%
Financing received from Argentine financial institutions		904		1,147		31		48		488		917	%		-46	%
Subordinated corporate bonds		110,016		107,799		108,686		106,939		104,299		-2	%		-5	%
Corporate bonds		4,106		4,074		4,092		4,068		3,270		-20	%		-20	%
Shareholders' equity		731,508		750,850		772,107		783,163		742,836		-5	%		2	%
Total other source of funds		850,755		867,022		888,576		899,749		854,346		-5	%		0	%

13

  2Q23 Earnings Release  

Liquid Assets

In 1Q23, the Bank’s liquid assets amounted to Ps.1.8 trillion, showing a 3% or Ps.50.3 billion increase QoQ, and a 9% or Ps.141 billion increase on a yearly basis.

In 2Q23, Other government & private securities increased 36% or Ps.184 billion while Repos increased 202% or Ps.90.4 billion. In the quarter Leliqs decreased 23% or Ps.180.4 billion.

In 2Q23, Banco Macro’s liquid assets to total deposits ratio reached 95%.

LIQUID ASSETS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22			3Q22			4Q22			1Q23			2Q23			QoQ			YoY
Cash		391,712			355,352			376,838			368,382			331,679			-10	%		-15	%
Guarantees for compensating chambers		36,816			40,396			37,406			31,741			25,336			-20	%		-31	%
Call		-			-			-			743.00			80			-			-
Leliq own portfolio		606,214			738,267			740,631			792,915			612,559			-23	%		1	%
Net Repos		66,736			109,807			93,316			44,715			135,119			202	%		-
Other government & private securities		557,144			552,674			580,087			510,876			694,895			36	%		25	%
Total		1,658,622			1,796,496			1,828,278			1,749,372			1,799,668			3	%		9	%
Liquid assets to total deposits		90	%		90	%		94	%		97	%		95	%

Solvency

Banco Macro continued showing high solvency levels in 2Q23 with an integrated capital (RPC) of Ps.737.6 billion over a total capital requirement of Ps.166.8 billion. Banco Macro’s excess capital in 2Q23 was 342% or Ps.570.7 billion.

The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 35.9% in 4Q22; TIER1 Ratio stood at 33%.

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

MINIMUM CAPITAL REQUIREMENT	MACRO Consolidated															Change
In MILLION $	2Q22			3Q22			4Q22			1Q23			2Q23			QoQ			YoY
Credit risk requirement		45,204			52,233			60,581			73,119			92,213			26	%		104	%
Market risk requirement		4,643			9,998			11,709			11,531			25,821			124	%		456	%
Operational risk requirement		21,817			26,568			32,771			38,935			48,802			25	%		124	%
Total capital requirements		71,664			88,800			105,061			123,585			166,836			35	%		133	%
Ordinary Capital Level 1 (COn1)		336,826			418,322			500,504			627,056			717,831			14	%		113	%
Deductible concepts Level 1 (COn1)		-21,154			-24,630			-27,620			-33,553			-41,726			24	%		97	%
Capital Level 2 (COn2)		40,243			47,051			42,447			50,063			61,480			23	%		53	%
Integrated capital - RPC (i)		355,914			440,743			515,330			643,566			737,585			15	%		107	%
Excess capital		284,250			351,943			410,269			519,981			570,749			10	%		101	%
Risk-weighted assets - RWA (ii)		879,341			1,090,977			1,291,206			1,518,189			2,051,880			35	%		133	%
Regulatory Capital ratio [(i)/(ii)]		40.5	%		40.4	%		39.9	%		42.4	%		35.9	%
Ratio TIER 1 [Capital Level 1/RWA]		35.9	%		36.1	%		36.6	%		39.1	%		33.0	%

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

14

  2Q23 Earnings Release  

Asset Quality

In 1Q23, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 1.37%, down from 1.41% in 1Q23, and lower than the 1.43% posted in 2Q22.

Consumer portfolio non-performing loans deteriorated 9b.p. (up to 1.43% from 1.34%) while Commercial portfolio non-performing loans improved 55 b.p. in 2Q23 (down to 1.18% from 1.73%).

The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) remained stable at to 146.05% in 2Q23. Write-offs over total loans totaled 0.19%.

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)	2Q22			3Q22			4Q22			1Q23			2Q23			QoQ			YoY
Commercial portfolio		210,730			183,291			170,399			169,753			217,622			28	%		3	%
Non-performing		2,688			2,616			3,325			2,937			2,566			-13	%		-5	%
Consumer portfolio		792,005			747,635			763,543			731,113			724,906			-1	%		-8	%
Non-performing		9,848			9,240			8,375			9,805			10,343			5	%		5	%
Total portfolio		1,002,735			930,926			933,942			900,866			942,528			5	%		-6	%
Non-performing		12,536			11,856			11,700			12,742			12,909			1	%		3	%
Commercial non-perfoming ratio		1.28	%		1.43	%		1.95	%		1.73	%		1.18	%
Consumer non-perfoming ratio		1.24	%		1.24	%		1.10	%		1.34	%		1.43	%
Total non-performing/ Total portfolio		1.25	%		1.27	%		1.25	%		1.41	%		1.37	%
Total allowances		20,010			18,144			17,740			18,503			18,854			2	%		-6	%
Coverage ratio w/allowances		159.62	%		153.04	%		151.62	%		145.21	%		146.05	%
Write Offs		1,188			1,287			960			567			1,760			210	%		48	%
Write Offs/ Total portfolio		0.12	%		0.14	%		0.10	%		0.06	%		0.19	%

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 2022 20-F)

15

  2Q23 Earnings Release  

CER Exposure and Foreign Currency Position

CER EXPOSURE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22		3Q22		4Q22		1Q23		2Q23		QoQ			YoY
CER adjustable ASSETS
Government Securities		402,697		279,960		207,903		42,984		62,645		46	%		-84	%
Loans (*)		71,325		67,904		67,935		65,377		65,835		1	%		-8	%
Private sector loans		15,103		12,479		11,035		10,026		9,556		-5	%		-37	%
Mortgage loans (UVA adjusted)		56,170		55,376		56,859		55,296		56,222		2	%		0	%
Other loans		52		49		41		55		57		4	%		10	%
Total CER adjustable assets		474,022		347,864		275,838		108,361		128,480		19	%		-73	%
CER adjustable LIABILITIES
Deposits (*)		35,009		28,513		18,480		10,401		7,283		-30	%		-79	%
UVA Unemployment fund		5,566		6,108		6,576		6,887		7,506		9	%		35	%
Total CER adjustable liabilities		40,575		34,621		25,056		17,288		14,789		-14	%		-64	%
NET CER EXPOSURE		433,447		313,243		250,782		91,073		113,691		25	%		-74	%

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

FOREIGN CURRENCY POSITION	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22		3Q22		4Q22		1Q23		2Q23		QoQ			YoY
Cash and deposits in Banks		320,862		295,125		317,386		298,662		276,584		-7	%		-14	%
Cash		29,579		27,268		8,230		10,382		50,712		388	%		71	%
Central Bank of Argentina		173,019		148,866		190,200		187,991		125,386		-33	%		-28	%
Other financial institutions local and abroad		118,047		118,973		118,937		100,272		100,341		0	%		-15	%
Others		217		18		19		17		145		753	%		-33	%
Financial instruments at fair value through P&L		10,517		259,102		268,116		344,292		577,971		68	%		5396	%
Other financial assets		21,204		20,736		23,618		26,108		26,355		1	%		24	%
Loans and other financing		53,010		46,111		54,155		64,403		59,034		-8	%		11	%
Non financial private sector & foreign residents		53,010		46,111		54,155		64,403		59,034		-8	%		11	%
Other debt securities		84,788		71,828		81,119		49,435		103,506		109	%		22	%
Guarantees received		5,692		6,016		7,380		7,265		9,379		29	%		65	%
Investment in equity instruments		155		215		241		243		180		-26	%		16	%
Total Assets		496,228		699,133		752,015		790,408		1,053,009		33	%		112	%
Deposits		259,643		230,236		257,697		253,377		237,306		-6	%		-9	%
Non financial public sector		10,960		9,462		9,287		9,981		9,770		-2	%		-11	%
Financial sector		2,132		2,057		2,108		2,044		2,256		10	%		6	%
Non financial private sector & foreign residents		246,551		218,717		246,302		241,352		225,280		-7	%		-9	%
Financial liabiities at fair value through P&L		1,158		1,180		793		3,066		1,437		-53	%		24	%
Other liabilities from financial intermediation		20,149		21,498		24,258		25,846		26,597		3	%		32	%
Financing from the Central Bank and other fin. Inst		4,162		3,124		3,613		5,516		3,488		-37	%		-16	%
Issued corporate bonds		4,106		4,074		4,092		4,068		3,270		-20	%		-20	%
Subordinated corporate bonds		110,016		107,799		108,686		106,939		104,299		-2	%		-5	%
Other non financial liabilities		131		111		80		163		857		426	%		554	%
Total Liabilities		399,365		368,022		399,219		398,975		377,254		-5	%		-6	%
NET FX POSITION (Pesos)		96,863		331,111		352,796		391,433		675,755		73	%		598	%
EOP FX (Pesos per USD)		125.2150		147.3150		177.1283		208.9883		256.6750		23	%		105	%
NET FX POSITION (USD)		774		2,248		1,992		1,873		2,633		41	%		240	%

16

  2Q23 Earnings Release  

2Q23 Snapshot

In AR$ Million. Figures of previous quarters have been restated to reflect the accumulated effect of the inflation adjustment for each period through June 30, 2023

17

  2Q23 Earnings Release  

18

  2Q23 Earnings Release  

Relevant and Recent Events

· Dividend in kind payment. Schedule. Pursuant to the resolution adopted by the General and Special Shareholders’ Meeting held on April 25th 2023 and the authorization granted by the Superintendence of Financial and Exchange Entities of the Central Bank of the Republic of Argentina last May 12th, the Board of Directors of Banco Macro S.A. approved the payment of a dividend in kind through the delivery of 346,680,043.74 nominal values of Bono de la Nación Argentina en Moneda Dual (Argentina's Dual Currency Public Bond) due 30 April 2024 (Bond Code TDA24).  Accordingly, the Board established the following schedule for the payment of such dividend:

Year 2023
Installment	Local Payment Date	Dual Bond TDA24 Nominal Value to be delivered
1	May 31st	57,780,007.29
2	June 9th	57,780,007.29
3	July 3rd	57,780,007.29
4	August 1st	57,780,007.29
5	September 1st	57,780,007.29
6	October 2nd	57,780,007.29

Each time the Board resolves to make such dividend available, it shall issue the relevant payment notice, which notice shall include the following information: 1) the number of bonds made available to the shareholders; ii) the number of bonds per share; and iii) whether the dividend paid is subject to any kind of tax withholding. Fractions under 1 shall be liquidated in Pesos, at the closing price on the Record Date.

It is worth noting that this in kind dividend distribution was carried out considering the price of TDA24 bonds on April 26^th which was Ps.216.455834 per 1 nominal value and as of June 30^th 2023 the price of 1 nominal value of TDA24 was Ps.284.5 (31.44% higher than April 26) generating an additional Ps.23.6 billion gain for shareholders. In the case, that this dividend was paid in cash this additional gain would have been reflected in 2Q23 net income.

· Interest Payment Series E Dollar denominated Notes. In August 2023, the Bank paid quarterly interest on Class E dollar denominated notes in the amount of USD 62,131.51.

Regulatory Changes

· Interest Rates. On August 14, 2023, through Communication “A” 7822 the Central Bank of Argentina decided to increase monetary policy rate by 2,100 basis points from 97% to 118%. Therefore interest rates paid on deposits were affected:

o Time deposits: Individuals up to Ps.30 million the interest rate was set at 118% and for all others 111% APR

19

  2Q23 Earnings Release  

QUARTERLY BALANCE SHEET	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22		3Q22		4Q22		1Q23		2Q23		QoQ			YoY
ASSETS
Cash and deposits in Banks		391,712		355,352		376,838		368,382		331,679		-10	%		-15	%
Cash		62,562		59,365		41,607		43,559		79,232		82	%		27	%
Central Bank of Argentina		210,863		176,723		216,268		224,370		151,953		-32	%		-28	%
Other local & foreign entities		118,071		119,246		118,945		100,436		100,349		0	%		-15	%
Other		216		18		18		17		145		753	%		-33	%
Debt securities at fair value through profit & loss		212,084		316,662		318,019		355,203		586,706		65	%		177	%
Derivatives		21		244		65		1		264		-100	%		1157	%
Repo Transactions		67,475		110,426		93,316		48,421		135,280		179	%		100	%
Other financial assets		60,522		57,314		87,312		102,105		137,277		34	%		127	%
Loans & other receivables		969,059		898,405		901,980		863,725		893,174		3	%		-8	%
Non Financial Public Sector		6,990		3,145		3,325		1,745		18,564		964	%		166	%
Financial Sector		1,581		1,659		1,397		2,298		2,108		-8	%		33	%
Non Financial private sector and foreign		960,488		893,601		897,258		859,682		872,502		1	%		-9	%
Other debt securities		1,013,797		1,117,600		1,111,284		1,007,565		838,562		-17	%		-17	%
Financial assets in guarantee		44,120		48,176		46,139		46,416		42,710		-8	%		-3	%
Income tax assets		2,742		0		0		0		0
Investments in equity instruments		1,262		1,197		1,265		1,328		1,417		7	%		12	%
Investments in other companies (subsidiaries and joint ventures)		1,484		1,703		1,720		1,846		1,119		-39	%		-25	%
Property, plant and equipment		153,841		152,948		153,490		154,016		153,852		0	%		0	%
Intangible assets		26,048		26,541		26,278		26,995		27,007		0	%		4	%
Deferred income tax assets		214		159		111		110		155		41	%		-28	%
Other non financial assets		12,787		23,634		18,763		18,886		18,161		-4	%		42	%
Non-current assets held for sale		9,468		9,301		13,345		13,035		13,035		0	%		38	%
TOTAL ASSETS		2,966,636		3,119,662		3,149,925		3,008,034		3,180,398		6	%		7	%
LIABILITIES
Deposits		1,850,004		1,987,283		1,951,918		1,812,570		1,902,794		5	%		3	%
Non Financial Public Sector		180,609		238,196		165,678		137,471		132,458		-4	%		-27	%
Financial Sector		2,637		2,251		2,491		2,365		2,940		24	%		11	%
Non Financial private sector and foreign		1,666,758		1,746,836		1,783,749		1,672,734		1,767,396		6	%		6	%
Liabilities at fair value through profit & loss		1,164		1,180		793		3,066		1,437		-53	%		23	%
Derivatives		2		3		4		124		11		-91	%		450	%
Repo Transactions		739		620		-		5,553		7,289		-			-86	%
Other financial liabilities		152,092		150,183		203,557		189,394		235,305		24	%		55	%
Financing received from Central Bank and Other Financial Institutions		5,125		4,299		3,691		5,579		3,941		-29	%		-23	%
Issued Corporate Bonds		4,106		4,074		4,092		4,068		3,270		-20	%		-20	%
Current income tax liabilities		1,381		11,899		16,348		14,091		22,693		61	%		1543	%
Subordinated corporate bonds		110,016		107,799		108,686		106,939		104,299		-2	%		-5	%
Provisions		5,055		5,556		4,088		3,919		3,630		-7	%		-28	%
Deferred income tax liabilities		20,614		23,289		20,008		20,488		19,769		-4	%		-4	%
Other non financial liabilities		84,755		72,514		64,505		58,936		133,021		126	%		57	%
TOTAL LIABILITIES		2,235,053		2,368,699		2,377,690		2,224,727		2,437,459		10	%		9	%
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		267,739		267,739		267,739		267,739		267,739		0	%		0	%
Reserves		426,194		426,194		426,194		426,194		404,346		-5	%		-5	%
Retained earnings		206		206		206		65,057		295		-100	%		43	%
Other accumulated comprehensive income		136		3,811		48		-981		1,171		-			-
Net income for the period / fiscal year		24,164		39,831		64,851		12,085		56,216		365	%		133	%
Shareholders' Equity attributable to parent company		731,508		750,850		772,107		783,163		742,836		-5	%		2	%
Shareholders' Equity attributable to non controlling interest		75		113		128		144		103		-28	%		37	%
TOTAL SHAREHOLDERS' EQUITY		731,583		750,963		772,235		783,307		742,939		-5	%		2	%

20

  2Q23 Earnings Release  

INCOME STATEMENT	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q22		3Q22		4Q22		1Q23		2Q23		QoQ			YoY
Interest Income		207,057		242,414		299,298		282,986		307,121		9	%		48	%
Interest Expense		91,199		130,206		173,325		162,099		199,179		23	%		118	%
Net Interest Income		115,858		112,208		125,973		120,887		107,942		-11	%		-7	%
Fee income		28,537		27,997		28,578		30,069		29,194		-3	%		2	%
Fee expense		2,809		2,825		2,864		2,798		2,855		2	%		2	%
Net Fee Income		25,728		25,172		25,714		27,271		26,339		-3	%		2	%
Subtotal (Net Interest Income + Net Fee Income)		141,586		137,380		151,687		148,158		134,281		-9	%		-5	%
Net Income from financial instruments  at Fair Value Through Profit & Loss		15,918		45,123		-5,073		11,382		51,885		-			226	%
Result from assets at amortised cost		-		-		256		-		-		-			-
Difference in quoted prices of gold and foreign currency		11,597		28,332		46,104		45,394		75,826		67	%		554	%
Other operating income		8,229		6,620		8,677		7,075		7,651		8	%		-7	%
Provision for loan losses		1,665		2,519		3,814		4,306		5,520		28	%		232	%
Net Operating Income		175,665		214,936		197,837		207,703		264,123		27	%		50	%
Personnel expenses		32,658		31,204		28,313		29,049		30,687		6	%		-6	%
Administrative expenses		14,715		14,661		15,680		14,421		17,193		19	%		17	%
Depreciation and impairment of assets		5,696		5,809		5,929		6,057		6,180		2	%		8	%
Other operating expenses		26,762		30,533		30,109		29,504		36,981		25	%		38	%
Operating Income		95,834		132,729		117,806		128,672		173,082		35	%		81	%
Income from associates and joint ventures		-86		-171		177		-272		-190		-			-
Result from net monetary position		-82,347		-103,101		-85,843		-109,406		-109,429		-			-
Net Income before income tax on cont. operations		13,401		29,457		32,140		18,994		63,463		234	%		374	%
Income tax on continuing operations		4,466		13,758		7,105		6,892		19,302		180	%		332	%
Net Income from continuing operations		8,935		15,699		25,035		12,102		44,161		265	%		394	%
Net Income for the period		8,935		15,699		25,035		12,102		44,161		265	%		394	%
Net Income of the period attributable to parent company		8,941		15,667		25,020		12,086		44,130		265	%		394	%
Net income of the period attributable to non-controlling interests		-6		32		15		16		31		94	%		-
Other Comprehensive Income		-6,777		3,675		-3,763		-1,029		2,152		-			-
Foreign currency translation differences in financial statements conversion		-334		-314		218		-262		-61		-			-
Profits or losses from financial assets measured at fair value  through other comprehensive income (FVOCI)  (IFRS 9(4.1.2)(a)		-6,443		3,989		-3,981		-767		2,213		-			-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		2,158		19,374		21,272		11,073		46,313		318	%		2046	%
Total Comprehensive Income attributable to parent Company		2,164		19,342		21,257		11,057		46,282		319	%		2039	%
Total Comprehensive Income attributable to non-controlling interests		-6		32		15		16		31		94	%		-

21

  2Q23 Earnings Release  

QUARTERLY ANNUALIZED RATIOS	MACRO Consolidated
	2Q22			3Q22			4Q22			1Q23			2Q23
Profitability & performance
Net interest margin		24.7	%		28.1	%		32.7	%		33.6	%		38.3	%
Net interest margin adjusted (exc. FX)		22.5	%		22.5	%		23.9	%		24.4	%		22.5	%
Net fee income ratio		11.7	%		7.2	%		8.9	%		8.4	%		5.2	%
Efficiency ratio		32.7	%		25.8	%		27.2	%		25.5	%		21.7	%
Net fee income as % of A&G Expenses		35.7	%		27.9	%		32.7	%		32.9	%		23.9	%
Return on average assets		1.3	%		2.2	%		3.3	%		1.7	%		6.1	%
Return on average equity		5.1	%		8.7	%		13.6	%		6.5	%		24.8	%
Liquidity
Loans as a percentage of total deposits		52.4	%		45.2	%		46.2	%		47.7	%		46.9	%
Liquid assets as a percentage of total deposits		90.0	%		90.0	%		94.0	%		97.0	%		95.0	%
Capital
Total equity as a percentage of total assets		24.7	%		24.1	%		24.5	%		26.0	%		23.4	%
Regulatory capital as % of APR		40.5	%		40.4	%		39.9	%		42.4	%		36.0	%
Asset Quality
Allowances over total loans		2.1	%		2.0	%		2.0	%		2.1	%		2.2	%
Non-performing financing as a percentage of total financing		1.3	%		1.3	%		1.3	%		1.4	%		1.4	%
Coverage ratio w/allowances		159.6	%		153.0	%		151.6	%		145.2	%		146.1	%
Cost of Risk		0.7	%		1.1	%		1.8	%		2.1	%		2.7	%

ACCUMULATED ANNUALIZED RATIOS	MACRO Consolidated
	2Q22			3Q22			4Q22			1Q23			2Q23
Profitability & performance
Net interest margin		23.8	%		25.2	%		27.1	%		33.6	%		35.9	%
Net interest margin adjusted (exc. FX)		21.9	%		22.1	%		22.5	%		24.4	%		23.5	%
Net fee income ratio		12.3	%		10.3	%		10.0	%		8.4	%		6.6	%
Efficiency ratio		31.2	%		29.1	%		28.6	%		25.5	%		23.4	%
Net fee income as % of A&G Expenses		39.5	%		35.5	%		34.8	%		32.9	%		28.2	%
Return on average assets		1.7	%		1.9	%		2.3	%		1.7	%		3.9	%
Return on average equity		7.0	%		7.6	%		9.2	%		6.5	%		15.5	%
Liquidity
Loans as a percentage of total deposits		52.4	%		45.2	%		46.2	%		47.7	%		46.9	%
Liquid assets as a percentage of total deposits		90.0	%		90.0	%		94.0	%		97.0	%		95.0	%
Capital
Total equity as a percentage of total assets		24.7	%		24.1	%		24.5	%		26.0	%		23.4	%
Regulatory capital as % of APR		40.5	%		40.4	%		39.9	%		42.4	%		36.0	%
Asset Quality
Allowances over total loans		2.1	%		2.0	%		2.0	%		2.1	%		2.2	%
Non-performing financing as a percentage of total financing		1.3	%		1.3	%		1.3	%		1.4	%		1.4	%
Coverage ratio w/allowances		159.6	%		153.0	%		151.6	%		145.2	%		146.1	%
Cost of Risk		0.8	%		0.9	%		1.1	%		2.1	%		2.4	%

22

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: August 23, 2023

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