SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

November 22, 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

 

3Q23 Earnings Release

Banco Macro Announces Results for the Third Quarter of 2023

Buenos Aires, Argentina, November 22, 2023 – Banco Macro S.A. (NYSE: BMA; BYMA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the third quarter ended September 30, 2023 (“3Q23”). 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 September 30, 2023.

Summary

●  The Bank’s net income totaled Ps.7.5 billion in 3Q23. This result was 87% lower than the Ps.59.5 billion posted in 2Q23 and 65% lower than the Ps.21.2 billion posted in 3Q22. In 3Q23, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 11.3% and 2.8%, respectively.

● In 3Q23 Operating Income (before G&A and personnel expenses) totaled Ps.356.5 billion, Ps.364 million higher than in 2Q23 and 23% or Ps.66.7 billion higher than the same period of last year.

● In 3Q23 Operating Income (after G&A and personnel expenses) totaled Ps.235 billion, 1% or Ps.1.7 billion higher than in 2Q23 and 31% or Ps.56.1 billion higher than the same period of last year.

●  In 3Q23, Banco Macro’s total financing decreased 4% or Ps.50.8 billion quarter over quarter (“QoQ”) totaling Ps.1.2 trillion and decreased 5% or Ps.57.8 billion year over year (“YoY”).

●  In 3Q23, Banco Macro’s total deposits decreased 22% or Ps.556.2 billion QoQ and decreased 25% or Ps.670.1 billion YoY, totaling Ps.2 trillion and representing 74% of the Bank’s total liabilities. Private sector deposits decreased 23% or Ps.554.8 billion QoQ.

● Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.788.3 billion, 37.9% regulatory capital ratio – Basel III and 34.8 % Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 99% of its total deposits in 3Q23.

●  In 3Q23, the Bank’s non-performing to total financing ratio was 1.39% and the coverage ratio remained stable at 133.93%.

●  As of 3Q23, through its 461 branches and 7.765 employees Banco Macro serves 4.8 million retail customers (1.9 million digital customers) across 23 of the 24 Provinces in Argentina and over 131,500 corporate customers.

		IR Contacts in Buenos Aires:
3Q23 Earnings Release Conference Call Monday, November 27, 2023 Time: 11:00 a.m. Eastern Time | 1:00 p.m. Buenos Aires Time		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 11/27/2023 through 12/11/2023	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

3Q23 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

3Q23 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 2022 and 2023 have been restated in accordance with said Communication in order to make a comparison possible

Results

Earnings per outstanding share were Ps.11.71 in 3Q23, 87% lower than in 2Q23 and 65% lower than the result posted a year ago.

EARNINGS PER SHARE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22		4Q22		1Q23		2Q23		3Q23		QoQ			YoY
Net income -Parent Company- (M $)		21,167		33,753		16,317		59,538		7,511		-87	%		-65	%
Average # of shares outstanding (M)		639		639		639		639		639		0	%		0	%
Average #of treasury stocks (shares repurchased) (M)		-		-		-		-		-		0	%		0	%
Book value per avg. Outstanding share ($)		1,584		1,629		1,653		1,568		1,577		1	%		0	%
Shares Outstanding (M)		639		639		639		639		639		0	%		0	%
Earnings per avg.  outstanding share ($)		33.13		52.82		25.54		93.17		11.71		-87	%		-65	%
EOP FX (Pesos per USD)		147.3150		177.1283		208.9883		256.6750		350.0083		36	%		138	%
Book value per avg. issued ADS (USD)		107.52		91.97		79.10		61.09		45.06		-26	%		-58	%
Earnings per avg. outstanding ADS (USD)		2.25		2.98		1.22		3.63		0.33		-91	%		-85	%

Banco Macro’s 3Q23 net income of Ps.7.5 billion was 87% or Ps.52 billion lower than the previous quarter and 65% or Ps.13.7 billion lower YoY due to a Ps.36 billion loss from the mark to market of Government Securities (financial assets at fair value through profit or loss) and a higher loss related to the net monetary position, which was partially offset by higher FX gains. This result represented an accumulated annualized ROAE and ROAA of 11.3% and 2.8% respectively. Total comprehensive income for the quarter totaled Ps.6.1 billion.

Net operating income (before G&A and personnel expenses) was Ps.356.5 billion in 3Q23, practically unchanged or Ps.364 million higher compared to 2Q23. On a yearly basis, Net Operating Income (before G&A and personnel expenses) increased 23% or Ps.66.7 billion.

In 3Q23, Provision for loan losses totaled Ps.4.9 billion, 35% or Ps.2.6 billion lower than in 2Q23. On a yearly basis provision for loan losses increased 43% or Ps.1.5 billion.

Operating income (after G&A and personnel expenses) was Ps.235 billion in 3Q23, 1% or Ps.1.7 billion higher than in 2Q23 and 31% or Ps.56.1 billion higher than a year ago.

It is important to emphasize that this result was obtained with a leverage of only 3.7x assets to equity ratio.

4

3Q23 Earnings Release

INCOME STATEMENT	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22		4Q22		1Q23		2Q23		3Q23		QoQ			YoY
Net Interest Income		151,281		169,839		162,982		145,529		112,692		-23	%		-26	%
Net fee income		33,937		34,669		36,768		35,511		35,491		0	%		5	%
Net Interest Income + Net Fee Income		185,218		204,508		199,750		181,040		148,183		-18	%		-20	%
Net Income from financial instruments at fair value through P&L		60,836		-6,839		15,345		69,952		-36,358		-152	%		-160	%
Income from assets at amortized cost		0		345		0		0		137		0	%		0	%
Differences in quoted prices of gold and foreign currency		38,197		62,158		61,201		102,230		238,078		133	%		523	%
Other operating income		8,925		11,698		9,539		10,315		11,283		9	%		26	%
Provision for loan losses		3,396		5,143		5,805		7,442		4,864		-35	%		43	%
Net Operating Income		289,780		266,727		280,030		356,095		356,459		0	%		23	%
Employee benefits		42,070		38,173		39,164		41,373		43,120		4	%		2	%
Administrative expenses		19,766		21,140		19,443		23,179		23,077		0	%		17	%
Depreciation and impairment of assets		7,832		7,993		8,165		8,332		8,256		-1	%		5	%
Other operating expenses		41,164		40,592		39,780		49,859		46,994		-6	%		14	%
Operating Income		178,948		158,829		173,478		233,352		235,012		1	%		31	%
Result from associates & joint ventures		-230		238		-367		-256		-71		-			-
Result from net monetary postion		-139,002		-115,735		-147,503		-147,534		-215,919		46	%		55	%
Result before taxes from continuing operations		39,716		43,332		25,608		85,562		19,022		-78	%		-52	%
Income tax		18,549		9,579		9,291		26,024		11,511		-56	%		-38	%
Net income from continuing operations		21,167		33,753		16,317		59,538		7,511		-87	%		-65	%
				-		-
Net Income of the period		21,167		33,753		16,317		59,538		7,511		-87	%		-65	%
Net income of the period attributable to parent company		21,123		33,733		16,295		59,497		7,484		-87	%		-65	%
Net income of the period attributable to minority interest		44		20		22		41		27		-34	%		-
Other Comprehensive Income		4,956		-5,075		-1,387		2,902		-1,417		-			-
Foreign currency translation differences in financial statements conversion		-423		293		-354		-82		128		-			-
Profits or losses from financial assets measured at fair value  through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a)		5,379		-5,368		-1,033		2,984		-1,545		-			-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		26,122		28,678		14,930		62,440		6,094		-90	%		-77	%
Total Comprehensive Income attributable to parent Company		26,078		28,658		14,908		62,399		6,067		-90	%		-77	%
Total Comprehensive Income attributable to non-controlling interests		44		20		22		41		27		-34	%		-

The Bank’s 3Q23 net interest income totaled Ps.112.7 billion, 23% or Ps.32.8 billion lower than in 2Q23 and 26% or Ps.38.6 lower YoY.

In 3Q23 interest income totaled Ps.429.1 billion, 4% or Ps.15.1 billion higher than in 2Q23 and 31% or Ps.102.3 billion higher than in 3Q22.

Income from interest on loans and other financing totaled Ps.178.7 billion, 11% or Ps.18.1 billion higher compared with the previous quarter mainly due a 574 basis points increase in the average lending rate, while the average volume of private sector loans was practically unchanged. On a yearly basis Income from interest on loans increased 36% or Ps.47.5 billion.

In 3Q23 income from government and private securities decreased 7% or Ps.16 billion QoQ (due to lower income from Government securities) and increased 12% or Ps.21.8 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 3Q23, income from Repos totaled Ps.37.6 billion, 52% or Ps.12.8 billion higher than the previous quarter and 304% or Ps.28.3 higher than a year ago.

5

  3Q23 Earnings Release

In 3Q23 FX income totaled Ps.238.1 billion,133% or Ps.135.8 billion higher than the previous quarter and Ps.199.9 billion higher than a year ago. FX income gain was due to the 36.4% argentine peso depreciation against the US dollar and 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		38,197		102,230		238,078		133	%		523	%
Translation of FX assets and liabilities to Pesos		37,407		101,762		237,474		133	%		535	%
Income from foreign currency exchange		790		467		604		29	%		-24	%
(2) Net Income from financial assets and liabilities at fair value through P&L		250		-3,276		-1,047		-68	%		-
Income from investment in derivative financing instruments		250		-3,276		-1,047		-68	%		-
(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency		38,448		98,953		237,031		140	%		517	%

INTEREST INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22		4Q22		1Q23		2Q23		3Q23		QoQ			YoY
Interest on Cash and due from Banks		231		527		918		1,014		1,270		25	%		450	%
Interest from government securities		185,117		247,298		225,453		222,846		206,843		-7	%		12	%
Interest from private securities		79		163		176		173		132		-24	%		67	%
Interest on loans and other financing
To the financial sector		198		349		178		333		568		71	%		187	%
To the public non financial sector		711		676		646		4,355		4,010		-8	%		464	%
Interest on overdrafts		15,588		16,185		15,585		21,531		27,341		27	%		75	%
Interest on documents		14,704		16,079		15,155		18,752		28,208		50	%		92	%
Interest on mortgages loans		20,262		19,796		18,364		23,037		21,805		-5	%		8	%
Interest on pledged loans		1,439		1,247		1,338		1,512		1,706		13	%		19	%
Interest on personal loans		44,270		44,183		43,302		40,967		38,195		-7	%		-14	%
Interest on credit cards loans		20,637		26,146		30,351		31,542		32,045		2	%		55	%
Interest on financial leases		179		231		192		163		364		123	%		103	%
Interest on other loans		14,109		16,459		18,638		23,097		29,060		26	%		106	%
Interest on Repos		0
From the BCRA		9,130		13,511		11,202		24,744		37,563		52	%		311	%
Other financial institutions		173		669		27		0		17		-			-90	%
Total Interest income		326,827		403,519		381,525		414,066		429,127		4	%		31	%
Income from Interest on loans		131,188		140,326		142,925		160,601		178,724		11	%		36	%

The Bank’s 3Q23 interest expense totaled Ps.316.4 billion, increasing 18% or Ps.48.9 billion compared to the previous quarter and 80% (Ps.140.9 billion) higher compared to 3Q22.

In 3Q23, interest on deposits represented 98% of the Bank’s total interest expense, increasing 19% or Ps.48.7 billion QoQ, due to a 1,072 basis points increase in the average rate paid on deposits while the average volume od deposits from the private sector decreased 3%. On a yearly basis, interest on deposits increased 80% or Ps.138.2 billion.

6

  3Q23 Earnings Release

INTEREST EXPENSE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22		4Q22		1Q23		2Q23		3Q23		QoQ			YoY
Deposits
Interest on checking accounts		8,004		18,126		9,863		18,085		21,220		17	%		165	%
Interest on saving accounts		2,158		2,286		2,138		2,887		2,739		-5	%		27	%
Interest on time deposits		162,113		209,740		201,227		240,792		286,508		19	%		77	%
Interest on other financing from BCRA and financial inst.		284		382		354		297		236		-21	%		-17	%
Repos
Other financial institutions		208		105		2,070		3,055		2,157		-29	%		937	%
Interest on corporate bonds		27		28		27		26		28		8	%		4	%
Interest on subordinated bonds		2,286		2,295		2,242		2,185		2,361		8	%		3	%
Interest on other financial liabilities		466		718		622		1,210		1,186		-2	%		155	%
Total financial expense		175,546		233,680		218,543		268,537		316,435		18	%		80	%
Expenses from interest on deposits		172,275		230,152		213,228		261,764		310,467		19	%		80	%

In 3Q23, the Bank’s net interest margin (including FX) was 58.7%, higher than the 38.3% posted in 2Q23 and the 28.1% posted in 3Q22.

In 3Q23, Net Interest Margin (excluding FX) was 18.8%, lower than the 22.5% posted in 2Q23 and the 22.5% Net Interest Margin posted in 2Q22.

In 3Q23, Net Interest Margin (Pesos) was 19.7%, lower than the 24.8% posted in 2Q23 and than the 24.5% in 3Q22; meanwhile Net Interest Margin (USD) was 13.7%, higher than the 7.4% posted in 2Q23 and than the 5% registered in 3Q22.

ASSETS & LIABILITIES PERFORMANCE (AR$)	MACRO Consolidated
In MILLION $	3Q22								4Q22								1Q23								2Q23								3Q23
(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		6,532		-23.5	%		43.2	%		5,373		-11.1	%		49.9	%		4,436		-15.4	%		59.1	%		20,320		-4.8	%		86.0	%		17,045		-18.8	%		93.3	%
Financial Sector		2,296		-28.3	%		34.2	%		2,880		-12.3	%		47.9	%		1,780		-25.9	%		39.4	%		2,517		-22.2	%		52.1	%		3,696		-32.6	%		60.5	%
Private Sector		1,155,081		-23.5	%		43.2	%		1,085,817		-11.6	%		49.1	%		1,054,308		-18.8	%		52.7	%		1,024,139		-18.0	%		60.3	%		1,020,635		-30.3	%		66.1	%
Other debt securities
Central Bank Securities (Leliqs)		912,399		-9.8	%		68.8	%		988,772		6.3	%		79.2	%		975,260		-6.3	%		76.2	%		933,875		-4.3	%		86.9	%		706,172		-15.2	%		102.0	%
Government & Private Securities		250,670		-24.0	%		42.2	%		333,495		-5.5	%		59.3	%		292,774		-16.1	%		57.8	%		163,537		-24.0	%		48.5	%		150,540		-34.2	%		56.8	%
Repos		61,665		-14.6	%		59.9	%		80,497		0.8	%		69.9	%		63,926		-9.0	%		71.2	%		112,722		-3.8	%		88.0	%		146,052		-15.1	%		102.1	%
Total interest-earning assets		2,388,643		-18.1	%		53.3	%		2,496,834		-3.3	%		63.0	%		2,392,484		-13.1	%		63.4	%		2,257,110		-11.9	%		72.1	%		2,044,140		-24.2	%		80.6	%
Fin. Assets through P&L and equity inv.		124,781		-58.4	%		-22.2	%		76,238		-71.5	%		-52.0	%		37,705		-35.4	%		21.5	%		13,501		303.5	%		688.4	%		11,455		223.6	%		670.6	%
Other Non interest-earning assets		314,122								244,395								241,652								218,736								224,175
Total Non interest-earning assets		438,903								320,633								279,357								232,237								235,630
Total Average Assets		2,827,546								2,817,467								2,671,841								2,489,347								2,279,770
Interest-bearing liabilities
Deposits
Public Sector		148,339		-21.6	%		46.8	%		164,280		-5.6	%		59.1	%		112,755		-14.7	%		60.4	%		110,400		-11.9	%		72.1	%		116,317		-21.1	%		88.0	%
Private Sector		1,458,108		-24.1	%		42.1	%		1,609,018		-10.6	%		50.7	%		1,539,588		-19.4	%		51.7	%		1,588,005		-17.5	%		61.1	%		1,544,906		-27.3	%		73.1	%
BCRA and other financial institutions		1,525		-7.1	%		73.9	%		1,523		18.3	%		99.5	%		875		40.1	%		163.6	%		603		52.0	%		196.9	%		302		72.7	%		311.3	%
Corporate bonds		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%
Repos		1,805		-22.2	%		45.7	%		777		-8.9	%		53.6	%		13,111		-12.8	%		64.0	%		16,204		-10.1	%		75.6	%		10,156		-22.6	%		84.3	%
Other financial liabilities		7485		-0.351			0.214			190886		-0.399			0.014			202840		-0.463			0.011			243040		-0.479			0.018			246789		-0.573			0.018
Total int.-bearing liabilities		1,617,262		-23.9	%		42.5	%		1,966,484		-13.0	%		46.7	%		1,869,169		-21.9	%		46.9	%		1,958,252		-20.9	%		54.5	%		1,918,470		-30.8	%		64.9	%
Total non int.-bearing liabilities		750,175								558,382								497,801								515,222								492,466
Total Average Liabilities		2,367,437								2,524,866								2,366,970								2,473,474								2,410,936
Assets Performance				320,872								396,648								374,041								405,497								415,302
Liabilities Performance				173,147								231,299								216,180								266,203								313,944
Net Interest Income				147,725								165,349								157,861								139,294								101,358
Total interest-earning assets				2,388,643								2,496,834								2,392,484								2,257,110								2,044,140
Net Interest Margin (NIM)				24.5	%							26.3	%							26.8	%							24.8	%							19.7	%

7

  3Q23 Earnings Release

ASSETS & LIABILITIES PERFORMANCE USD	MACRO Consolidated
In MILLION $	3Q22								4Q22								1Q23								2Q23								3Q23
(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		155,904		-8.6	%		0.6	%		156,094		8.3	%		1.3	%		153,272		-5.9	%		2.4	%		152,298		0.7	%		2.7	%		154,135		6.0	%		3.3	%
Loans & Other Financing
Financial Sector		0		0.0	%		0.0	%		63		13.7	%		6.3	%		283		-1.5	%		7.2	%		391		4.1	%		6.2	%		265		8.7	%		6.0	%
Private Sector		63,616		21.7	%		34.0	%		67,053		45.1	%		35.7	%		75,031		21.2	%		31.8	%		75,931		32.5	%		35.2	%		82,215		46.0	%		42.3	%
Other debt securities
Central Bank		9,117		0			0			77,503		0			0			61,829		0.0	%		0.0	%		86119		0			0			75517		0			0
Government & Private Securities		53,281		-7.4	%		2.0	%		18,232		14.1	%		6.7	%		22,761		3.0	%		12.0	%		21,163		14.6	%		16.9	%		16,263		97.3	%		92.4	%
Total interest-earning assets		281,918		-1.5	%		8.4	%		318,945		16.0	%		8.5	%		313,176		0.8	%		9.7	%		335,902		8.0	%		10.2	%		328,395		19.7	%		16.7	%
Fin. Assets through P&L and equity inv.		186,561		121.8	%		144.2	%		332,276		11.0	%		3.8	%		368,015		6.2	%		15.5	%		571,605		32.4	%		35.1	%		786,126		-26.0	%		-27.9	%
Other Non interest-earning assets		536,024								542,075								568,222								544,852								539,762
Total Non interest earning assets		722,585								874,351								936,237								1,116,457								1,325,888
Total Average Assets		1,004,503								1,193,296								1,249,413								1,452,359								1,654,283
Interest-bearing liabilities
Deposits
Public Sector		9,215		-9.1	%		0.1	%		9,111		7.0	%		0.1	%		9,024		-8.0	%		0.1	%		8,556		-1.9	%		0.1	%		8,626		2.7	%		0.1	%
Private Sector		180,444		-9.2	%		0.0	%		188,650		6.9	%		0.0	%		203,885		-8.1	%		0.0	%		177,776		-2.0	%		0.0	%		174,891		2.6	%		0.0	%
BCRA and other financial institutions		5,238		-4.9	%		4.7	%		4,309		10.2	%		3.1	%		5,559		-3.5	%		5.0	%		6,049		4.5	%		6.6	%		4,911		9.2	%		6.5	%
Issued corporate bonds		5,307		-7.4	%		2.0	%		5,317		9.2	%		2.1	%		5,305		-6.1	%		2.1	%		4,894		0.1	%		2.1	%		5,037		4.8	%		2.2	%
Subordinated bonds		140,795		-3.4	%		6.4	%		141,030		13.9	%		6.5	%		140,821		-2.1	%		6.5	%		135,330		4.4	%		6.5	%		142,983		9.3	%		6.6	%
Total int.-bearing liabilities		340,999		-6.6	%		2.8	%		348,417		9.8	%		2.7	%		364,594		-5.7	%		2.6	%		332,605		0.8	%		2.8	%		336,448		5.5	%		2.9	%
Total non int.-bearing liabilities		163,076								155,567								176,995								174,540								194,545
Total Average liabilities		504,075								503,984								541,589								507,145								530,993
Assets Performance				5,955								6,871								7,483								8,569								13,825
Liabilities Performance				2,399								2,381								2,363								2,334								2,491
Net Interest Income				3,556								4,490								5,120								6,235								11,334
Total interest-earning assets				281,918								318,945								313,176								335,902								328,395
Net Interest Margin (NIM)				5.0	%							5.6	%							6.6	%							7.4	%							13.7	%

In 3Q23 Banco Macro’s net fee income totaled Ps.35.5 billion, Ps.20 million lower than in 2Q23 and was 5% or Ps.1.6 billion higher than the same period of last year.

In the quarter, fee income totaled Ps.39.4 billion, Ps.71 million higher than in 2Q23. In the quarter Debit card fees increased 51% or Ps.856 million while Corporate services fees increased 5% or Ps.282 million, fees charged on deposits accounts decreased 3% or Ps.464 million while credit card fees decreased 4% or Ps.362 million. On a yearly basis, fee income increased 4% or Ps.1.7 billion.

In the quarter, total fee expense increased 2% or Ps.91 million. On a yearly basis, fee expenses increased 3% or Ps.131 million.

NET FEE INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22		4Q22		1Q23		2Q23		3Q23		QoQ			YoY
Fees charged on deposit accounts		14,101		14,444		15,013		14,657		14,193		-3	%		1	%
Credit card fees		7,028		7,543		8,856		8,275		7,913		-4	%		13	%
Corporate services fees		5,414		5,301		5,880		5,748		6,030		5	%		11	%
ATM transactions fees		3,185		2,897		2,746		2,370		2,314		-2	%		-27	%
Insurance fees		2,005		2,064		2,185		2,043		1,902		-7	%		-5	%
Debit card fees		2,450		2,165		1,838		1,680		2,536		51	%		4	%
Financial agent fees (Provinces)		2,078		2,189		1,991		2,243		2,142		-5	%		3	%
Credit related fees		842		1,040		950		1,133		958		-15	%		14	%
Mutual funds & securities fees		490		749		960		1,112		1,347		21	%		175	%
AFIP & Collection services		117		106		97		79		76		-4	%		-35	%
ANSES fees		36		31		24		20		20		0	%		-44	%
Total fee income		37,746		38,529		40,540		39,360		39,431		0	%		4	%
Total fee expense		3,809		3,860		3,772		3,849		3,940		2	%		3	%
Net fee income		33,937		34,669		36,768		35,511		35,491		0	%		5	%

8

3Q23 Earnings Release

In 3Q23 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.36.4 billion loss, mainly due to the mark to market of some government securities (dual bonds) (Ps.60.8 billion). On a yearly basis Net Income from financial assets and liabilities at fair value through profit or loss decreased Ps.97.2 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)	3Q22		4Q22		1Q23		2Q23	3Q23		QoQ			YoY
Profit or loss from government securities		43,423		-19,350		21,541	59,244		-60,767		-			-240	%
Profit or loss from private securities		16,795		10,949		-5,098	10,785		16,024		49	%		-5	%
Profit or loss from investment in derivative financing instruments		251		1,258		325	564		827		47	%		229	%
Profit or loss from other financial assets		-82		50		28	204		-1,047		-			-
Profit or loss from investment in equity instruments		-194		103		85	-51		1,791		-			-
Profit or loss from the sale of financial assets at fair value		643		151		-840	2,482		7,248		-			1027	%
Income from financial assets at fair value through profit or loss		60,836		-6,839		16,041	73,228		-35,924		-149	%		-159	%
Profit or loss from derivative financing instruments		-		-		-696	-3,276		-434		-			-
Income from financial liabilities at fair value through profit or loss		-		-		-696	-3,276		-434		-			-
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS		60,836		-6,839		15,345	69,952		-36,358		-152	%		-160	%

In the quarter, Other Operating Income totaled Ps.11.3 billion, 9% or Ps.1 billion higher than in 2Q23. On a yearly basis, Other Operating Income increased 26% or Ps.2.6 billion.

OTHER OPERATING INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22		4Q22		1Q23		2Q23		3Q23		QoQ			YoY
Credit and debit cards		695		1,705		1,060		1,260		1,570		25	%		126	%
Lease of safe deposit boxes		1,039		1,038		1,166		1,097		1,049		-4	%		1	%
Other service related fees		2,670		3,408		2,962		3,272		4,155		27	%		56	%
Sale of real estate and other non-financial assets		-3		-49		-		-		-		-			-
Other adjustments and interest from other receivables		2,312		2,655		2,451		2,597		2,956		14	%		28	%
Initial recognition of loans		-240		0		0		0		0		-			-
Sale of property, plant and equipment		0		72		10		77		-2		-103	%		-
Others		2,452		2,869		1,890		2,012		1,555		-23	%		-37	%
Other Operating Income		8,925		11,698		9,539		10,315		11,283		9	%		26	%

In 3Q23 Banco Macro’s administrative expenses plus employee benefits totaled Ps.66.2 billion, 3% or Ps.1.6 billion higher than the previous quarter, due to higher employee benefits (+4%) which were partially offset by a Ps.102 decrease in administrative expenses. On a yearly basis, administrative expenses plus employee benefits increased 7% or Ps.4.4 billion.

Employee benefits increased 4% or Ps.1.7 billion QoQ, remunerations increased 5% or Ps.1.5 billion while social security contributions increased 8% or Ps.557 million. On a yearly basis, Employee benefits increased 2% or Ps.1 billion.

In 3Q23, administrative expenses decreased Ps.102 billion, due to lower Directors and auditors fees, lower hired administrative services fees, and lower other administrative expenses. On a yearly basis administrative expenses increased 17% or Ps.3.3 billion.

9

3Q23 Earnings Release

In 3Q23, the efficiency ratio reached 22.4%, deteriorating from the 21.7% posted in 2Q23 and much better than the 25.8% posted a year ago. In 3Q23 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) increased 3%, while income (net interest income + net fee income + differences in quoted prices of gold and foreign currency + other operating income + net income from financial assets at fair value through profit or loss – (Turnover Tax + Insurance on deposits)) decreased 1% compared to 2Q23.

PERSONNEL & ADMINISTRATIVE EXPENSES	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22			4Q22			1Q23			2Q23			3Q23			QoQ			YoY
Employee benefits		42,070			38,173			39,164			41,373			43,120			4	%		2	%
Remunerations		28,597			26,613			26,399			28,354			29,835			5	%		4	%
Social Security Contributions		7,274			7,070			6,714			6,844			7,401			8	%		2	%
Compensation and bonuses		4,788			3,172			4,738			4,781			4,466			-7	%		-7	%
Employee services		1,411			1,318			1,313			1,394			1,418			2	%		0	%
Administrative Expenses		19,766			21,140			19,443			23,179			23,077			0	%		17	%
Taxes		3,416			3,345			3,301			3,589			4,816			34	%		41	%
Maintenance, conservation fees		3,123			3,398			3,010			3,231			3,230			0	%		3	%
Directors & statutory auditors fees		871			1,557			785			2,624			1,323			-50	%		52	%
Security services		1,897			1,917			1,860			1,856			1,955			5	%		3	%
Electricity & Communications		1,782			1,660			1,778			1,719			1,688			-2	%		-5	%
Other professional fees		1,827			2,337			2,106			2,324			2,517			8	%		38	%
Rental agreements		80			81			76			98			69			-30	%		-14	%
Advertising & publicity		1,039			1,291			795			1,296			1,854			43	%		78	%
Personnel allowances		392			464			401			425			455			7	%		16	%
Stationary & Office Supplies		129			157			174			152			160			5	%		24	%
Insurance		220			192			161			199			203			2	%		-8	%
Hired administrative services		152			141			139			602			398			-34	%		162	%
Other		4,838			4,600			4,857			5,064			4,409			-13	%		-9	%
Total Administrative Expenses		61,836			59,313			58,607			64,552			66,197			3	%		7	%
Total Employees		7,857			7,796			7,756			7,797			7,765
Branches		466			467			463			462			461
Efficiency ratio		25.8	%		27.2	%		25.5	%		21.7	%		22.4	%
Accumulated efficiency ratio		29.1	%		28.6	%		25.5	%		23.4	%		23.0	%
In 3Q23, Other Operating Expenses totaled Ps.47 billion, decreasing 4% or Ps.2.9 billion QoQ, due to lower initial loan recognition charges (89% or Ps.4.3 billion) which was offset by higher Other expenses. On a yearly basis, Other Operating Expenses increased 14% or Ps.5.8 billion.
OTHER OPERATING EXPENSES	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22			4Q22			1Q23			2Q23			3Q23			QoQ			YoY
Turnover Tax		22,447			23,320			23,354			27,446			27,512			0	%		23	%
Other provision charges		2,428			-584			1,105.00			1,302			881			-32	%		-64	%
Deposit Guarantee Fund Contributions		971			1,042			1,012			941			962			2	%		-1	%
Donations		332			56			345			266			91			-66	%		-73	%
Insurance claims		232			302			383			384			387			1	%		67	%
Initial loan recognition		917			232			364			4,878			555			-89	%		100	%
Others		13,837			16,224			13,217			14,642			16,606			13	%		20	%
Other Operating Expenses		41,164			40,592			39,780			49,859			46,994			-6	%		14	%

In 3Q23, the result from the net monetary position totaled a Ps.215.9 billion loss, Ps.68.4 billion higher than the loss posted in 2Q23 and 55% or Ps.76.9 billion higher than the loss posted one year ago. Higher inflation was observed during the quarter (1,104 b.p. above 2Q23 level, up to 34.82% from 23.78% in 2Q23).

10

3Q23 Earnings Release

OPERATING RESULT	MACRO consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22		4Q22		1Q23		2Q23		3Q23		QoQ			YoY
Operating Result (exc. Loss from net monetary position)		178,948		158,829		173,478		233,352		235,012		1	%		31	%
Result from net monetary position (i.e. inflation adjustment)		-139,002		-115,735		-147,503		-147,534		-215,919		46	%		55	%
Operating Result (Inc. Loss from net monetary position)		39,946		43,094		25,975		85,818		19,093		-78	%		-52	%

In 3Q23, Banco Macro's effective income tax rate was 60.5%. 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.1.2 triillion, decreasing 4% or Ps.50.8 billion QoQ and decreasing 5% or Ps.57.8 billion YoY. In 3Q23 Private sector loans decreased 3% or Ps.40.6 billion. On a yearly basis Private sector loans decreased 6% or Ps.69.1 billion.

Within commercial loans, Overdrafts stand out with a 5% or Ps.5.9 billion decrease and Documents with a 16% or Ps.30.2 billion increase.

Within consumer lending, personal loans decreased 16% or Ps.37.9 billion while credit card loans decreased 4% or Ps.14.1 billion.

Within private sector financing, peso financing decreased 4% or Ps.48.3 billion, while US dollar financing decreased 29% or USD 90 million.

As of 3Q23, Banco Macro’s market share over private sector loans was 7.7%.

LOANS AND OTHER FINANCING	MACRO Consilidated															Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22			4Q22			1Q23			2Q23			3Q23			QoQ			YoY
Public Sector		4,240			4,483			2,353			25,028			3,161			-87	%		-25	%
Finacial Sector		2,237			1,884			3,099			2,842			14,538			412	%		550	%
Financial Sector		2,246			1,901			3,120			2,867			14,561			408	%		548	%
Less: Expected Credit Losses		-9			-17			-21			-25			-23			-8	%		156	%
Private Sector		1,204,766			1,209,696			1,159,036			1,176,321			1,135,713			-3	%		-6	%
Overdrafts		101,368			100,052			89,776			118,824			112,880			-5	%		11	%
Discounted documents		161,768			166,124			167,608			186,049			216,240			16	%		34	%
Mortgage loans		125,999			125,762			119,178			117,690			108,865			-7	%		-14	%
Pledged loans		19,818			19,464			18,305			18,444			18,738			2	%		-5	%
Personal loans		311,292			289,550			268,337			236,250			198,376			-16	%		-36	%
Credit Card loans		367,212			387,569			360,766			355,455			341,325			-4	%		-7	%
Leasing		2,554			2,817			2,245			1,936			1,451			-25	%		-43	%
Others		137,304			140,693			156,200			165,654			159,528			-4	%		16	%
Less: Expected Credit Losses		-22,549			-22,335			-23,379			-23,981			-21,690			-10	%		-4	%
Total loans and other financing		1,211,243			1,216,063			1,164,488			1,204,191			1,153,412			-4	%		-5	%
Total loans in Pesos		1,149,075			1,143,050			1,077,659			1,124,601			1,076,311			-4	%		-6	%
Total loans in foreign currency		62,168			73,013			86,829			79,590			77,101			-3	%		24	%
EOP FX (Pesos per USD)		147.3150			177.1283			208.9883			256.6750			350.0083			36	%		138	%
Total loans in foreign currency (USD)		422			412			415			310			220			-29	%		-48	%
USD financing / Financing to the private sector		5	%		6	%		7	%		7	%		7	%

11

3Q23 Earnings Release

Public Sector Assets

In 3Q23, the Bank’s public sector assets (excluding LELIQs) to total assets ratio was 25%, higher than the 22.4% registered in the previous quarter, and higher than the 17.8% posted in 3Q22.

In 3Q23, a 49% or Ps.402.9 billion decrease in Central Bank Notes stands out while Provincial loans decreased Ps.21.8 billion in the quarter.

PUBLIC SECTOR ASSETS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22			4Q22			1Q23			2Q23			3Q23			QoQ			YoY
Central Bank Notes		84,182.00			24,593			-			-			-			-			-100	%
Leliqs		995,343			998,530			1,074,560			825,861			422,952			-49	%		-58	%
Other		745,124			782,082			688,771			936,868			924,013			-1	%		24	%
Government securities		1,824,649			1,805,205			1,763,331			1,762,729			1,346,965			-24	%		-26	%
Provincial loans		3,409			3,497			1,560			23,916			2,163			-91	%		-37	%
Loans		3,409			3,497			1,560			23,916			2,163			-91	%		-37	%
TOTAL PUBLIC SECTOR ASSETS		1,828,058			1,808,702			1,764,891			1,786,645			1,349,128			-24	%		-26	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)		748,533			785,579			690,331			960,784			926,176			-4	%		24	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS		17.8	%		18.5	%		17.0	%		22.4	%		25.0	%

Funding

Deposits

Banco Macro’s deposit base totaled Ps.2 trillion in 3Q23, decreasing 22% or Ps.556.2 billion QoQ and a 25% or Ps.670.1 billion decrease YoY and representing 74% of the Bank’s total liabilities.

On a quarterly basis private sector deposits decreased 23% or Ps.554.8 billion while public sector deposits decreased Ps.875 million.

The decrease in private sector deposits was led by time deposits, which increased 30% or Ps.374.2 billion, while demand deposits decreased 16% or Ps.174.3 billion QoQ.

Within private sector deposits, peso deposits increased 24% or Ps.549.7 billion, while US dollar deposits decreased 28% or USD 351 million.

As of 3Q23, Banco Macro´s market share over private sector deposits was 5.3%.

12

3Q23 Earnings Release

DEPOSITS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22			4Q22			1Q23			2Q23			3Q23			QoQ			YoY
Public sector		321,140			223,369			185,340			178,582			177,707			0	%		-45	%
Financial sector		3,035			3,359			3,189			3,964			3,452			-13	%		14	%
Private sector		2,355,110			2,404,878			2,255,206			2,382,830			1,827,996			-23	%		-22	%
Checking accounts		355,255			323,261			279,510			260,320			251,560			-3	%		-29	%
Savings accounts		746,144			852,705			706,031			812,294			646,789			-20	%		-13	%
Time deposits		1,103,269			1,155,973			1,234,718			1,262,312			888,090			-30	%		-20	%
Other		118,797			41,614			2,915			17,239			6,525			-62	%		-95	%
Total		2,679,285			2,631,606			2,443,735			2,565,376			2,009,155			-22	%		-25	%
Pesos		2,368,878			2,284,175			2,102,128			2,245,437			1,695,742			-24	%		-28	%
Foreign Currency (in Pesos)		310,407			347,431			341,607			319,939			313,413			-2	%		1	%
EOP FX (Pesos per USD)		147.3150			177.1283			208.9883			256.6750			350.0083			36	%		138	%
Foreign Currency (USD)		2,107			1,961			1,635			1,246			895			-28	%		-58	%
USD Deposits / Total Deposits		12	%		13	%		14	%		12	%		16	%

Banco Macro’s transactional deposits represent approximately 46% of its total deposit base as of 3Q23. These accounts are low cost and are not sensitive to interest rate increases.

Other sources of funds

In 3Q23, the total amount of other sources of funds increased 1% or Ps.11.2 billion compared to 2Q23 mainly due to a 1% or Ps.6.1 increase in Shareholders’ generated by the positive net income registered during the period. On a yearly basis, other sources of funds decreased 1% or Ps.5.9 billion.

OTHER SOURCES OF FUNDS	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22		4Q22		1Q23		2Q23		3Q23		QoQ			YoY
Central Bank of Argentina		74		94		82		72		54		-25	%		-27	%
Banks and international institutions		4,176		4,840		7,375		4,584		5,189		13	%		24	%
Financing received from Argentine financial institutions		1,547		41		65		658		263		-60	%		-83	%
Subordinated corporate bonds		145,336		146,532		144,176		140,617		144,483		3	%		-1	%
Corporate bonds		5,492		5,517		5,485		4,408		5,453		24	%		-1	%
Shareholders' equity		1,012,308		1,040,966		1,055,872		1,001,503		1,007,570		1	%		0	%
Total other source of funds		1,168,933		1,197,990		1,213,055		1,151,842		1,163,012		1	%		-1	%

13

  3Q23 Earnings Release

Liquid Assets

In 3Q23, the Bank’s liquid assets amounted to Ps.2 trillion, showing an 18% or Ps.446.2 billion decrease QoQ, and an 18% or Ps.441.9 billion decrease on a yearly basis.

In 3Q23 Leliqs decreased 49% or Ps.402.9 billion.

In 3Q23, Banco Macro’s liquid assets to total deposits ratio reached 99%.

LIQUID ASSETS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22			4Q22			1Q23			2Q23			3Q23			QoQ			YoY
Cash		479,091			508,058			496,659			447,175			447,528			0	%		-7	%
Guarantees for compensating chambers		54,462			50,431			42,793			34,159			32,901			-4	%		-40	%
Call		-			-			1,001			108			-			-100	%		-
Leliq own portfolio		995,343			998,530			1,074,560			825,861			422,952			-49	%		-58	%
Net Repos		148,043			125,810			60,285			182,169			152,747			-16	%		-
Other government & private securities		745,124			782,082			688,771			936,868			924,013			-1	%		24	%
Total		2,422,063			2,464,911			2,364,069			2,426,340			1,980,141			-18	%		-18	%
Liquid assets to total deposits		90	%		94	%		97	%		95	%		99	%

Solvency

Banco Macro continued showing high solvency levels in 3Q23 with an integrated capital (RPC) of Ps.1 trillion over a total capital requirement of Ps.215.3 billion. Banco Macro’s excess capital in 3Q23 was 366% or Ps.788.3 billion.

The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 37.9% in 3Q23; TIER1 Ratio stood at 34.8%.

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

MINIMUM CAPITAL REQUIREMENT	MACRO Consolidated															Change
In MILLION $	3Q22			4Q22			1Q23			2Q23			3Q23			QoQ			YoY
Credit risk requirement		52,233			60,581			73,119			92,213			124,155			35	%		138	%
Market risk requirement		9,998			11,709			11,531			25,821			19,898			-23	%		99	%
Operational risk requirement		26,568			32,771			38,935			48,802			71,224			46	%		168	%
Total capital requirements		88,800			105,061			123,585			166,836			215,276			29	%		142	%
Ordinary Capital Level 1 (COn1)		418,322			500,504			627,056			717,831			979,304			36	%		134	%
Deductible concepts Level 1 (COn1)		-24,630			-27,620			-33,553			-41,726			-59,469			43	%		141	%
Capital Level 2 (COn2)		47,051			42,447			50,063			61,480			83,763			36	%		78	%
Integrated capital - RPC (i)		440,743			515,330			643,566			737,585			1,003,598			36	%		128	%
Excess capital		351,943			410,269			519,981			570,749			788,322			38	%		124	%
Risk-weighted assets - RWA (ii)		1,090,977			1,291,206			1,518,189			2,051,880			2,645,752			29	%		143	%
Regulatory Capital ratio [(i)/(ii)]		40.4	%		39.9	%		42.4	%		35.9	%		37.9	%
Ratio TIER 1 [Capital Level 1/RWA]		36.1	%		36.6	%		39.1	%		33.0	%		34.8	%

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

14

  3Q23 Earnings Release

Asset Quality

In 3Q23, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 1.39%, up from 1.37% in 2Q23, and the 1.27% posted in 3Q22.

Consumer portfolio non-performing loans deteriorated 5b.p. (up to 1.48% from 1.43%) while Commercial portfolio non-performing loans improved 4 b.p. in 3Q23 (down to 1.14% from 1.18%).

The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) remained stable at to 133.93% in 3Q23. Write-offs over total loans totaled 0.08%.

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)	3Q22			4Q22			1Q23			2Q23			3Q23			QoQ			YoY
Commercial portfolio		247,116			229,735			228,864			293,400			303,894			4	%		23	%
Non-performing		3,527			4,484			3,960			3,460			3,471			0	%		-2	%
Consumer portfolio		1,007,972			1,029,420			985,697			977,331			916,994			-6	%		-9	%
Non-performing		12,457			11,291			13,219			13,944			13,528			-3	%		9	%
Total portfolio		1,255,088			1,259,155			1,214,561			1,270,731			1,220,888			-4	%		-3	%
Non-performing		15,984			15,775			17,179			17,404			16,999			-2	%		6	%
Commercial non-perfoming ratio		1.43	%		1.95	%		1.73	%		1.18	%		1.14	%
Consumer non-perfoming ratio		1.24	%		1.10	%		1.34	%		1.43	%		1.48	%
Total non-performing/ Total portfolio		1.27	%		1.25	%		1.41	%		1.37	%		1.39	%
Total allowances		24,462			23,917			24,946			25,419			22,767			-10	%		-7	%
Coverage ratio w/allowances		153.04	%		151.61	%		145.21	%		146.05	%		133.93	%
Write Offs		1,735			1,294			764			2,373			990			-58	%		-43	%
Write Offs/ Total portfolio		0.14	%		0.10	%		0.06	%		0.19	%		0.08	%

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

  3Q23 Earnings Release

CER Exposure and Foreign Currency Position

CER EXPOSURE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22		4Q22		1Q23		2Q23		3Q23		QoQ			YoY
CER adjustable ASSETS
Government Securities		377,447		280,297		57,952		84,459		59,351		-30	%		-84	%
Loans (*)		91,549		91,591		88,142		88,761		81,108		-9	%		-11	%
Private sector loans		16,824		14,878		13,517		12,884		11,967		-7	%		-29	%
Mortgage loans (UVA adjusted)		74,659		76,658		74,551		75,800		69,076		-9	%		-7	%
Other loans		66		55		74		77		65		-16	%		-2	%
Total CER adjustable assets		468,996		371,888		146,094		173,220		140,459		-19	%		-70	%
CER adjustable LIABILITIES
Deposits (*)		38,441		24,915		14,023		9,820		4,801		-51	%		-88	%
UVA Unemployment fund		8,234		8,866		9,284		10,120		9,819		-3	%		19	%
Total CER adjustable liabilities		46,675		33,781		23,307		19,940		14,620		-27	%		-69	%
NET CER EXPOSURE		422,321		338,107		122,787		153,280		125,839		-18	%		-70	%

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

FOREIGN CURRENCY POSITION	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22		4Q22		1Q23		2Q23		3Q23		QoQ			YoY
Cash and deposits in Banks		397,892		427,904		402,661		372,894		382,775		3	%		-4	%
Cash		36,763		11,096		13,997		68,370		71,777		5	%		95	%
Central Bank of Argentina		200,704		256,430		253,453		169,048		190,235		13	%		-5	%
Other financial institutions local and abroad		160,401		160,353		135,189		135,281		120,739		-11	%		-25	%
Others		24		25		22		195		24		-88	%		0	%
Financial instruments at fair value through P&L		349,325		361,479		464,179		779,230		800,745		3	%		129	%
Other financial assets		27,956		31,842		35,199		35,532		33,830		-5	%		21	%
Loans and other financing		62,168		73,013		86,829		79,590		77,101		-3	%		24	%
Non financial private sector & foreign residents		62,168		73,013		86,829		79,590		77,101		-3	%		24	%
Other debt securities		96,839		109,366		66,650		139,549		50,680		-64	%		-48	%
Guarantees received		8,111		9,950		9,795		12,646		14,568		15	%		80	%
Investment in equity instruments		291		324		328		242		446		84	%		53	%
Total Assets		942,582		1,013,878		1,065,641		1,419,683		1,360,145		-4	%		44	%
Deposits		310,407		347,431		341,607		319,939		313,413		-2	%		1	%
Non financial public sector		12,757		12,520		13,456		13,172		12,231		-7	%		-4	%
Financial sector		2,773		2,843		2,755		3,041		3,076		1	%		11	%
Non financial private sector & foreign residents		294,877		332,068		325,396		303,726		298,106		-2	%		1	%
Financial liabiities at fair value through P&L		1,590		1,069		4,133		1,937		10,535		444	%		563	%
Other liabilities from financial intermediation		28,984		32,705		34,846		35,859		38,881		8	%		34	%
Financing from the Central Bank and other fin. Inst		4,211		4,871		7,437		4,702		5,270		12	%		25	%
Issued corporate bonds		5,492		5,517		5,485		4,408		5,453		24	%		-1	%
Subordinated corporate bonds		145,336		146,532		144,176		140,617		144,483		3	%		-1	%
Other non financial liabilities		153		108		220		1,158		1,204		4	%		687	%
Total Liabilities		496,173		538,233		537,904		508,620		519,239		2	%		5	%
NET FX POSITION (Pesos)		446,409		475,645		527,737		911,063		840,906		-8	%		88	%
EOP FX (Pesos per USD)		147.3150		177.1283		208.9883		256.6750		350.0083		36	%		138	%
NET FX POSITION (USD)		3,030		2,685		2,525		3,549		2,403		-32	%		-21	%

16

  3Q23 Earnings Release

3Q23 Snapshot

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

17

  3Q23 Earnings Release

18

3Q23 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) in 6 consecutive monthly installments. As of this date the Bank has paid all installments.

• New Issuance Series F Dollar denominated Notes. On October 31^st 2023 the Bank issued 5% Series F dollar denominated notes due in 2024 in the amount of USD 53,000,000. Interest will be paid semiannually on April 30^th and at maturity.

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

• Interest Payment Series A Subordinated Notes. In November 2023, the Bank paid semiannual interest on Class A subordinated notes in the amount of USD 13,286,000.

• Banco Itaú Argentina. On August 23 Banco Macro announced that it had entered into a stock purchase agreement with Itaú Unibanco Holding S.A., through its affiliates Itaú Unibanco S.A., Banco Itaú BBA S.A. and Itaú Consultoria de Valores Mobiliários e Participaçoes S.A. (collectively, “Itaú”), pursuant to which, subject to the satisfaction of certain conditions (substantially the approval of the transaction by the Central Bank of Argentina), the Purchaser will acquire from Itaú the shares representing 100% of the capital stock and votes of Banco Itaú Argentina S.A., Itaú Asset Management S.A. and Itaú Valores S.A.

• Banco Itaú Argentina (Now Banco BMA). On November 2, 2023 the Central Bank of Argentina approved the sale of Itaú Argentina to Banco Macro.

1. Banco Itaú Argentina S.A.: 100% of the capital stock and votes was acquired the capital stock is represented by 729,166,165 ordinary shares and 14,565,089 preferred shares, from which: (i) 721,697,119 ordinary shares and 14,565,089 preferred shares were acquired from Itaú Unibanco S.A., representing 98.995733% of the capital stock, and (ii) 7,469,046 ordinary shares were acquired from Itaú BBA S.A., representing 1.004267% of the capital stock.

2. Itaú Asset Management S.A.: 100% of the capital stock represented by 91,950 shares was acquired, from which: (i) 80,000 shares were acquired from Banco Itaú Argentina S.A., representing 87.00% of the capital stock, and (ii) 11,950 shares were acquired from Itaú Unibanco S.A., representing 13.00% of the capital stock.

3. Itaú Valores S.A.: 100% the capital stock represented by 52,419,500 ordinary shares was acquired, from which: (i) 45,604,965 were acquired from Banco Itaú Argentina S.A., representing 87.00% of the capital stock, and (ii) 6,814,535 shares were acquired from Itaú Consultoria de Valores Mobiliários e Participações S.A., representing 13.00% of the capital stock.

The price of the Agreement was set at US$50,000,000, which was paid on November 3, 2023, and an additional amount resulting from a potential adjustment that will be eventually set based on the results obtained by Banco Itaú Argentina S.A., Itaú Asset Management S.A. and Itaú Valores S.A. between April 1, 2023, and the Closing Date

19

3Q23 Earnings Release

Regulatory Changes

· Interest Rates. On October 12, 2023, through Communication “A” 7862 the Central Bank of Argentina decided to increase monetary policy rate by 1,500 basis points from 118% to 133%. Therefore interest rates paid on deposits were affected:

o Time deposits: Individuals up to Ps.30 million the interest rate was set at 133% and for all others 126% APR

o Productive Investment Line for SMEs: 112% APR for capex; 124% APR for working capital

o Credit Cards: 122% APR for individuals

· Net Fx Global Position. In October 2023, through Communication “A” 7863 the Central Bank of Argentina established that between October 13 and October 31 financial institutions cannot increase their spot fx position in relation to October 12 close. On October 26, 2023 through Communication “A” 7872, the Central Bank extended this regulation until November 30, 2023.

20

3Q23 Earnings Release

QUARTERLY BALANCE SHEET	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22		4Q22		1Q23		2Q23		3Q23		QoQ			YoY
ASSETS
Cash and deposits in Banks		479,091		508,058		496,659		447,175		447,528		0	%		-7	%
Cash		80,037		56,095		58,727		106,821		107,386		1	%		34	%
Central Bank of Argentina		238,260		291,575		302,500		204,866		219,374		7	%		-8	%
Other local & foreign entities		160,770		160,363		135,410		135,292		120,744		-11	%		-25	%
Other		24		25		22		196		24		-88	%		0	%
Debt securities at fair value through profit & loss		426,928		428,758		478,890		791,006		808,538		2	%		89	%
Derivatives		329		87		1		356		769		-100	%		134	%
Repo Transactions		148,879		125,810		65,281		182,386		157,365		-14	%		6	%
Other financial assets		77,272		117,715		137,660		185,078		186,990		1	%		142	%
Loans & other receivables		1,211,243		1,216,063		1,164,488		1,204,190		1,153,412		-4	%		-5	%
Non Financial Public Sector		4,240		4,483		2,353		25,028		3,161		-87	%		-25	%
Financial Sector		2,237		1,884		3,099		2,842		14,538		412	%		550	%
Non Financial private sector and foreign		1,204,766		1,209,696		1,159,036		1,176,321		1,135,713		-3	%		-6	%
Other debt securities		1,506,765		1,498,250		1,358,415		1,130,561		604,074		-47	%		-60	%
Financial assets in guarantee		64,952		62,205		62,579		57,582		58,194		1	%		-10	%
Investments in equity instruments		1,614		1,705		1,790		1,910		2,375		24	%		47	%
Investments in other companies (subsidiaries and joint ventures)		2,296		2,319		2,489		1,509		1,438		-5	%		-37	%
Property, plant and equipment		206,207		206,937		207,646		207,426		208,243		0	%		1	%
Intangible assets		35,783		35,429		36,394		36,411		35,765		-2	%		0	%
Deferred income tax assets		214		149		149		209		365		75	%		71	%
Other non financial assets		31,863		25,299		25,463		24,488		26,347		8	%		-17	%
Non-current assets held for sale		12,540		17,992		17,573		17,573		16,871		-4	%		35	%
TOTAL ASSETS		4,205,976		4,246,776		4,055,477		4,287,860		3,708,274		-14	%		-12	%
LIABILITIES
Deposits		2,679,285		2,631,606		2,443,735		2,565,376		2,009,155		-22	%		-25	%
Non Financial Public Sector		321,140		223,369		185,340		178,582		177,707		0	%		-45	%
Financial Sector		3,035		3,359		3,189		3,964		3,452		-13	%		14	%
Non Financial private sector and foreign		2,355,110		2,404,878		2,255,206		2,382,830		1,827,996		-23	%		-22	%
Liabilities at fair value through profit & loss		1,590		1,069		4,133		1,937		10,535		444	%		563	%
Derivatives		5		5		168		15		40		167	%		700	%
Repo Transactions		835		-		7,487		9,827		38,795		-			-86	%
Other financial liabilities		202,479		274,439		255,343		317,241		321,016		1	%		59	%
Financing received from Central Bank and Other Financial Institutions		5,796		4,976		7,522		5,313		5,507		4	%		-5	%
Issued Corporate Bonds		5,492		5,517		5,485		4,408		5,453		24	%		-1	%
Current income tax liabilities		16,043		22,041		18,998		30,595		25,035		-18	%		56	%
Subordinated corporate bonds		145,336		146,532		144,176		140,617		144,483		3	%		-1	%
Provisions		7,491		5,512		5,283		4,894		3,940		-19	%		-47	%
Deferred income tax liabilities		31,398		26,975		27,622		26,653		25,238		-5	%		-20	%
Other non financial liabilities		97,766		86,966		79,459		179,343		111,342		-38	%		14	%
TOTAL LIABILITIES		3,193,516		3,205,638		2,999,411		3,286,219		2,700,539		-18	%		-15	%
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		365,521		365,521		365,521		365,521		365,521		0	%		0	%
Reserves		574,601		574,601		574,601		545,146		545,146		0	%		-5	%
Retained earnings		278		278		87,711		398		398		0	%		43	%
Other accumulated comprehensive income		5,138		64		-1,323		1,578		161		-			-
Net income for the period / fiscal year		53,701		87,433		16,293		75,791		83,275		10	%		55	%
Shareholders' Equity attributable to parent company		1,012,308		1,040,966		1,055,872		1,001,503		1,007,570		1	%		0	%
Shareholders' Equity attributable to non controlling interest		152		172		194		139		165		19	%		9	%
TOTAL SHAREHOLDERS' EQUITY		1,012,460		1,041,138		1,056,066		1,001,642		1,007,735		1	%		0	%

21

3Q23 Earnings Release

INCOME STATEMENT	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q22		4Q22		1Q23		2Q23		3Q23		QoQ			YoY
Interest Income		326,827		403,519		381,525		414,066		429,127		4	%		31	%
Interest Expense		175,546		233,680		218,543		268,537		316,435		18	%		80	%
Net Interest Income		151,281		169,839		162,982		145,529		112,692		-23	%		-26	%
Fee income		37,746		38,529		40,540		39,360		39,431		0	%		4	%
Fee expense		3,809		3,860		3,772		3,849		3,940		2	%		3	%
Net Fee Income		33,937		34,669		36,768		35,511		35,491		0	%		5	%
Subtotal (Net Interest Income + Net Fee Income)		185,218		204,508		199,750		181,040		148,183		-18	%		-20	%
Net Income from financial instruments at Fair Value Through Profit & Loss		60,836		-6,839		15,345		69,952		-36,358		-			-160	%
Result from assets at amortised cost		-		345		-		-		137		-			-
Difference in quoted prices of gold and foreign currency		38,197		62,158		61,201		102,230		238,078		133	%		523	%
Other operating income		8,925		11,698		9,539		10,315		11,283		9	%		26	%
Provision for loan losses		3,396		5,143		5,805		7,442		4,864		-35	%		43	%
Net Operating Income		289,780		266,727		280,030		356,095		356,459		0	%		23	%
Personnel expenses		42,070		38,173		39,164		41,373		43,120		4	%		2	%
Administrative expenses		19,766		21,140		19,443		23,179		23,077		0	%		17	%
Depreciation and impairment of assets		7,832		7,993		8,165		8,332		8,256		-1	%		5	%
Other operating expenses		41,164		40,592		39,780		49,859		46,994		-6	%		14	%
Operating Income		178,948		158,829		173,478		233,352		235,012		1	%		31	%
Income from associates and joint ventures		-230		238		-367		-256		-71		-			-
Result from net monetary position		-139,002		-115,735		-147,503		-147,534		-215,919		-			-
Net Income before income tax on cont. operations		39,716		43,332		25,608		85,562		19,022		-78	%		-52	%
Income tax on continuing operations		18,549		9,579		9,291		26,024		11,511		-56	%		-38	%
Net Income from continuing operations		21,167		33,753		16,317		59,538		7,511		-87	%		-65	%
Net Income for the period		21,167		33,753		16,317		59,538		7,511		-87	%		-65	%
Net Income of the period attributable to parent company		21,123		33,733		16,295		59,497		7,484		-87	%		-65	%
Net income of the period attributable to non-controlling interests		44		20		22		41		27		-34	%		-
Other Comprehensive Income		4,956		-5,075		-1,387		2,902		-1,417		-			-
Foreign currency translation differences in financial statements conversion		-423		293		-354		-82		128		-			-
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI)  (IFRS 9(4.1.2)(a)		5,379		-5,368		-1,033		2,984		-1,545		-			-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		26,122		28,678		14,930		62,440		6,094		-90	%		-77	%
Total Comprehensive Income attributable to parent Company		26,078		28,658		14,908		62,399		6,067		-90	%		-77	%
Total Comprehensive Income attributable to non-controlling interests		44		20		22		41		27		-34	%		-

22

3Q23 Earnings Release

	MACRO Consolidated
QUARTERLY ANNUALIZED RATIOS	3Q22			4Q22			1Q23			2Q23			3Q23
Profitability & performance
Net interest margin		28.1	%		32.7	%		33.6	%		38.3	%		58.7	%
Net interest margin adjusted (exc. FX)		22.5	%		23.9	%		24.4	%		22.5	%		18.8	%
Net fee income ratio		7.2	%		8.9	%		8.4	%		5.2	%		5.5	%
Efficiency ratio		25.8	%		27.2	%		25.5	%		21.7	%		22.4	%
Net fee income as % of A&G Expenses		27.9	%		32.7	%		32.9	%		23.9	%		24.6	%
Return on average assets		2.2	%		3.3	%		1.7	%		6.1	%		0.8	%
Return on average equity		8.7	%		13.6	%		6.5	%		24.8	%		3.0	%
Liquidity
Loans as a percentage of total deposits		45.2	%		46.2	%		47.7	%		46.9	%		57.4	%
Liquid assets as a percentage of total deposits		90.0	%		94.0	%		97.0	%		95.0	%		99.0	%
Capital
Total equity as a percentage of total assets		24.1	%		24.5	%		26.0	%		23.4	%		27.2	%
Regulatory capital as % of APR		40.4	%		39.9	%		42.4	%		36.0	%		37.9	%
Asset Quality
Allowances over total loans		2.0	%		2.0	%		2.1	%		2.1	%		2.0	%
Non-performing financing as a percentage of total financing		1.3	%		1.3	%		1.4	%		1.4	%		1.4	%
Coverage ratio w/allowances		153.0	%		151.6	%		145.2	%		146.1	%		133.9	%
Cost of Risk		1.1	%		1.8	%		2.1	%		2.7	%		1.7	%

	MACRO Consolidated
ACCUMULATED ANNUALIZED RATIOS	3Q22			4Q22			1Q23			2Q23			3Q23
Profitability & performance
Net interest margin		25.2	%		27.1	%		33.6	%		35.9	%		43.0	%
Net interest margin adjusted (exc. FX)		22.1	%		22.5	%		24.4	%		23.5	%		22.0	%
Net fee income ratio		10.3	%		10.0	%		8.4	%		6.6	%		6.2	%
Efficiency ratio		29.1	%		28.6	%		25.5	%		23.4	%		23.0	%
Net fee income as % of A&G Expenses		35.5	%		34.8	%		32.9	%		28.2	%		26.9	%
Return on average assets		1.9	%		2.3	%		1.7	%		3.9	%		2.8	%
Return on average equity		7.6	%		9.2	%		6.5	%		15.5	%		11.3	%
Liquidity
Loans as a percentage of total deposits		45.2	%		46.2	%		47.7	%		46.9	%		57.4	%
Liquid assets as a percentage of total deposits		90.0	%		94.0	%		97.0	%		95.0	%		99.0	%
Capital
Total equity as a percentage of total assets		24.1	%		24.5	%		26.0	%		23.4	%		27.2	%
Regulatory capital as % of APR		40.4	%		39.9	%		42.4	%		36.0	%		37.9	%
Asset Quality
Allowances over total loans		2.0	%		2.0	%		2.1	%		2.1	%		2.0	%
Non-performing financing as a percentage of total financing		1.3	%		1.3	%		1.4	%		1.4	%		1.4	%
Coverage ratio w/allowances		153.0	%		151.6	%		145.2	%		146.1	%		133.9	%
Cost of Risk		0.9	%		1.1	%		2.1	%		2.4	%		2.1	%

23

SIGNATURE

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

Date: November 22, 2023

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