Banco Macro Announces Results for the First Quarter of 2023

Buenos Aires, Argentina, May 17, 2023 - Banco Macro S.A. (NYSE: BMA; BYMA: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the first quarter ended March 31, 2023 ("1Q23"). All figures are in Argentine pesos (Ps.) and have been restated in terms of the measuring unit current at the end of the reporting period. As of 1Q20, the Bank began reporting results applying Hyperinflation Accounting, in accordance with IFRS IAS 29 as established by the Central Bank. For ease of comparison, figures of previous quarters of 2022 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through March 31, 2023.

Summary

•The Bank's net income totaled Ps.9.8 billion in 1Q23. This result was 52% lower than the Ps.20.2 billion posted in 4Q22 and 20% lower than the Ps.12.3 billion posted in 1Q22. In 1Q23, the annualized return on average equity ("ROAE") and the annualized return on average assets ("ROAA") were 8.2% and 1.7%, respectively.

• In 1Q23 Operating Income (before G&A and personnel expenses) totaled Ps.167.8 billion, 5% or Ps.8 billion higher than in 4Q22 and 28% or Ps.36.7 billion higher than the same period of last year.

• In 1Q23 Operating Income (after G&A and personnel expenses) totaled Ps.104 billion, 9% or Ps.8.8 billion higher than in 4Q22 and 39% or Ps.29.3 billion higher than the same period of last year.

• In 1Q23, Banco Macro's financing to the private sector decreased 4% or Ps.30 billion quarter over quarter ("QoQ") totaling Ps.694.5 billion and decreased 8% or Ps.63.5 billion year over year ("YoY").

•In 1Q23, Banco Macro's total deposits decreased 7% or Ps.112.6 billion QoQ and increased 6% or Ps.80.1 billion YoY, totaling Ps.1.5 trillion and representing 81% of the Bank's total liabilities. Private sector deposits decreased 6% or Ps.89.7 billion QoQ.

•Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.520 billion, 42.4% regulatory capital ratio - Basel III and 39.1 % Tier 1 Ratio. In addition, the Bank's liquid assets remained at an adequate level, reaching 97% of its total deposits in 1Q23.

•In 1Q23, the Bank's non-performing to total financing ratio was 1.41% and the coverage ratio remained stable at 145.33%.

•As of 1Q23, through its 463 branches and 7.756 employees Banco Macro serves 4.6 million retail customers (1.7 million digital customers) across 23 of the 24 Provinces in Argentina and over 117,400 corporate customers.

1Q23 Earnings Release Conference CallIR Contacts in Buenos Aires:
Thursday, May 18, 2023 Jorge Scarinci
Time: 11:00 a.m. Eastern Time | 12:00 p.m. Buenos Aires Time Chief Financial Officer
To participate, please dial:
Argentina Toll Free: Nicolás A. Torres
(011) 3984 5677 Investor Relations
Participants Dial In (Toll Free):
+1 (844) 450 3847 Webcast Replay: click here Phone: (54 11) 5222 6682
Participants International Dial In: E-mail: investorelations@macro.com.ar
+1 (412) 317 6370 Available from 05/18/2023 through 06/02/2023
Conference ID: Banco Macro Visit our website at:
Webcast: click here www.macro.com.ar/relaciones-inversores

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1Q23 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.

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1Q23 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 have been restated in accordance with said Communication in order to make a comparison possible

Results

Earnings per outstanding share were Ps.15.3 in 1Q23, 52% lower than in 4Q22 and 20% lower than the result posted a year ago.

EARNINGS PER SHARE MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Net income -Parent Company- (M $) 12,274 7,218 12,683 20,225 9,777 -52 % -20 %
Average # of shares outstanding (M) 639 639 639 639 639 0 % 0 %
Average #of treasury stocks (shares repurchased) (M) 0 0 0 - - - -100 %
Book value per avg. Outstanding share ($) 903 925 949 976 990 1 % 10 %
Shares Outstanding (M) 639 639 639 639 639 0 % 0 %
Earnings per avg. outstanding share ($) 19.19 11.30 19.85 31.65 15.30 -52 % -20 %
EOP FX (Pesos per USD) 98.7350 102.7500 110.9783 125.2150 147.3150 18 % 49 %
Book value per avg. issued ADS (USD) 91.46 90.02 85.51 77.95 67.20 -14 % -27 %
Earnings per avg. outstanding ADS (USD) 1.94 1.10 1.79 2.53 1.04 -59 % -47 %

Banco Macro's 1Q23 net income of Ps.9.8 billion was 52% or Ps.10.4 billion lower than the previous quarter and 20% or Ps.2.5 billion lower YoY due to a higher loss from the net monetary position (i.e. higher inflation was observed in the quarter) . This result represented an annualized ROAE and ROAA of 8.2% and 1.7% respectively.

Net operating income (before G&A and personnel expenses) was Ps.167.8 billion in 1Q23, increasing 5% or Ps.8 billion compared to 4Q22 due to higher income from financial assets at fair value through profit or loss and higher net fee income. On a yearly basis, Net Operating Income (before G&A and personnel expenses) increased 28% or Ps.36.7billion.

In 1Q23, Provision for loan losses totaled Ps.3.5 billion, 13% or Ps.397 million higher than in 4Q22. On a yearly basis provision for loan losses increased 129% or Ps.2 billion.

Operating income (after G&A and personnel expenses) was Ps.104 billion in 1Q23, 9% or Ps.8.8 billion higher than in 4Q22 and 39% or Ps.29.3 billion higher than a year ago.

It is important to emphasize that this result was obtained with a leverage of only 3.8x assets to equity ratio.

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1Q23 Earnings Release
INCOME STATEMENT MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Net Interest Income 85,658 93,600 90,651 101,771 97,662 -4 % 14 %
Net fee income 20,870 20,785 20,335 20,774 22,032 6 % 6 %
Net Interest Income + Net Fee Income 106,528 114,385 110,986 122,545 119,694 -2 % 12 %
Net Income from financial instruments at fair value through P&L 13,029 12,860 36,454 -4,098 9,195 -324 % -29 %
Income from assets at amortized cost 0 0 0 206 0 0 % 0 %
Differences in quoted prices of gold and foreign currency 6,303 9,369 22,889 37,246 36,673 -2 % 482 %
Other operating income 6,772 6,648 5,348 7,011 5,716 -18 % -16 %
Provision for loan losses 1,522 1,345 2,035 3,082 3,479 13 % 129 %
Net Operating Income 131,110 141,917 173,642 159,828 167,799 5 % 28 %
Employee benefits 20,044 26,384 25,209 22,874 23,468 3 % 17 %
Administrative expenses 11,265 11,888 11,844 12,668 11,650 -8 % 3 %
Depreciation and impairment of assets 4,478 4,602 4,693 4,790 4,894 2 % 9 %
Other operating expenses 20,680 21,621 24,667 24,323 23,835 -2 % 15 %
Operating Income 74,643 77,422 107,229 95,173 103,952 9 % 39 %
Result from associates & joint ventures -73 -70 -138 143 -220 - -
Result from net monetary postion -59,077 -66,526 -83,293 -69,351 -88,387 27 % 50 %
Result before taxes from continuing operations 15,493 10,826 23,798 25,965 15,345 -41 % -1 %
Income tax 3,219 3,608 11,115 5,740 5,568 -3 % 73 %
Net income from continuing operations 12,274 7,218 12,683 20,225 9,777 -52 % -20 %
Net Income of the period 12,274 7,218 12,683 20,225 9,777 -52 % -20 %
Net income of the period attributable to parent company 12,298 7,224 12,657 20,213 9,763 -52 % -21 %
Net income of the period attributable to minority interest -24 -6 26 12 14 17 % -
Other Comprehensive Income -1,221 -5,475 2,970 -3,040 -832 - -
Foreign currency translation differences in financial statements conversion -527 -271 -253 176 -212 - -
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a) -694 -5,204 3,223 -3,216 -620 - -
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 11,053 1,743 15,653 17,185 8,945 -48 % -19 %
Total Comprehensive Income attributable to parent Company 11,077 1,749 15,627 17,173 8,931 -48 % -19 %
Total Comprehensive Income attributable to non-controlling interests -24 -6 26 12 14 17 % -

The Bank's 1Q23 net interest income totaled Ps.97.7 billion, 4% or Ps.4.1 billion lower than in 4Q22 and 14% or Ps.12 billion higher YoY.

In 1Q23 interest income totaled Ps.228.6 billion,5% or Ps.13.2 billion lower than in 4Q22 and 63% or Ps.88 billion higher than in 1Q22.

Income from interest on loans and other financing totaled Ps.85.6 billion, 2% or Ps.1.6 billion higher compared with the previous quarter mainly due a 304 basis points increase in the average lending rate, while the average volume of private sector loans decreased 2%. On a yearly basis Income from interest on loans increased 25% or Ps.17.3 billion.

In 1Q23 income from government and private securities decreased 9% or Ps.13.1 billion QoQ (due to lower income from Government securities) and increased 91% or Ps.64.6 billion compared with the same period of last year. This result is explained 18% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 82% is explained by income from government and private securities in pesos at amortized cost.

In 1Q23, income from Repos totaled Ps.6.7 billion, 21% or Ps.1.8 billion lower than the previous quarter and 662% or Ps.5.8 higher than a year ago.

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1Q23 Earnings Release

In 1Q23 FX income totaled Ps.36.7 billion, 2% or Ps.573 million lower than the previous quarter and Ps.30.4 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 and FX trading results.

FX INCOME MACRO Consolidated Variation
In MILLION $ (Measuring Unit Current at EOP) 1Q22 4Q22 1Q23 QoQ YoY
(1) Differences in quoted prices of gold and foreign currency 6,303 37,246 36,673 -2 % 482 %
Translation of FX assets and liabilities to Pesos 5,792 37,037 36,454 -2 % 529 %
Income from foreign currency exchange 511 209 219 5 % -57 %
(2) Net Income from financial assets and liabilities at fair value through P&L - 753 194 -74 % -
Income from investment in derivative financing instruments - 753 194 -74 % -
(1)+(2) Total Result from Differences in quoted prices of gold and foreign currency 6,303 38,000 36,867 -3 % 485 %
INTEREST INCOME MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Interest on Cash and due from Banks 6 27 138 316 550 74 % 9067 %
Interest from government securities 70,592 93,446 110,926 148,186 135,096 -9 % 91 %
Interest from private securities 51 39 47 98 106 8 % 108 %
Interest on loans and other financing
To the financial sector 188 137 119 209 106 -49 % -44 %
To the public non financial sector 564 447 426 405 387 -4 % -31 %
Interest on overdrafts 5,177 6,704 9,341 9,698 9,339 -4 % 80 %
Interest on documents 6,233 6,465 8,811 9,635 9,081 -6 % 46 %
Interest on mortgages loans 9,550 12,237 12,141 11,862 11,004 -7 % 15 %
Interest on pledged loans 1,059 955 862 747 802 7 % -24 %
Interest on personal loans 28,200 27,595 26,527 26,476 25,948 -2 % -8 %
Interest on credit cards loans 10,380 11,140 12,366 15,667 18,187 16 % 75 %
Interest on financial leases 93 81 107 138 115 -17 % 24 %
Interest on other loans 7,677 6,786 8,457 9,863 11,168 13 % 45 %
Interest on Repos
From the BCRA 812 1,003 5,471 8,096 6,713 -17 % 727 %
Other financial institutions 71 215 103 401 16 -96 % -77 %
Total Interest income 140,653 167,277 195,842 241,797 228,618 -5 % 63 %
Income from Interest on loans 68,369 71,963 78,612 84,086 85,644 2 % 25 %

The Bank's 1Q23 interest expense totaled Ps.131 billion, decreasing 6% or Ps.9.1 billion compared to the previous quarter and 138% (Ps.76 billion) higher compared to 1Q22.

In 1Q23, interest on deposits represented 98% of the Bank's total interest expense, decreasing 7% or Ps.10.1 billion QoQ, due to a 14% decrease in the average volume of deposits from the private sector, while the average rate paid on said deposits increased 537 basis points. On a yearly basis, interest on deposits increased 143% or Ps.75.1 billion.

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1Q23 Earnings Release
INTEREST EXPENSE MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Deposits
Interest on checking accounts 880 2,304 4,796 10,861 5,910 -46 % 572 %
Interest on saving accounts 803 1,170 1,293 1,370 1,281 -6 % 60 %
Interest on time deposits 50,974 67,782 97,142 125,681 120,579 -4 % 137 %
Interest on other financing from BCRA and financial inst. 91 126 170 229 212 -7 % 133 %
Repos
Other financial institutions 444 556 125 63 1,240 1868 % 179 %
Interest on corporate bonds 228 98 16 17 16 -6 % -93 %
Interest on subordinated bonds 1,484 1,405 1,370 1,375 1,344 -2 % -9 %
Interest on other financial liabilities 91 236 279 430 374 -13 % 311 %
Total financial expense 54,995 73,677 105,191 140,026 130,956 -6 % 138 %
Expenses from interest on deposits 52,657 71,256 103,231 137,912 127,770 -7 % 143 %

In 1Q23, the Bank's net interest margin (including FX) was 33.6%, higher than the 32.7% posted in 4Q22 and the 22.8% posted in 1Q22.

In 1Q23, Net Interest Margin (excluding FX) was 24.4%, higher than the 23.9% posted in 4Q22 and than the 21.2% posted in 1Q22.

In 1Q23, Net Interest Margin (Pesos) was 26.8%, higher than the 26.3% posted in 4Q22 and than the 23.7% in 1Q22; meanwhile Net Interest Margin (USD) was 6.6%, higher than the 5.6% posted in 4Q22 and than the 4.1% registered in 1Q22.

ASSETS & LIABILITIES PERFORMANCE (AR$) MACRO Consolidated
In MILLION $ 1Q22 2Q22 3Q22 4Q22 1Q23
(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 5,087 -12.2 % 45.0 % 4,011 -14.6 % 44.7 % 3,914 -23.5 % 43.2 % 3,219 -11.1 % 49.9 % 2,658 -15.5 % 59.0 %
Financial Sector 2,272 -19.1 % 33.6 % 1,568 -20.4 % 34.8 % 1,376 -28.3 % 34.3 % 1,726 -12.3 % 47.8 % 1,066 -26.0 % 39.2 %
Private Sector 727,729 -17.5 % 36.2 % 696,787 -17.5 % 39.7 % 692,149 -23.5 % 43.2 % 650,645 -11.6 % 49.1 % 631,764 -18.8 % 52.7 %
Other debt securities
Central Bank Securities (Leliqs) 390,592 -15.1 % 40.3 % 455,671 -10.7 % 51.2 % 546,729 -9.8 % 68.8 % 592,493 6.3 % 79.2 % 584,397 -6.3 % 76.2 %
Government & Private Securities 296,519 -13.2 % 43.3 % 298,170 -13.0 % 47.4 % 150,207 -24.0 % 42.2 % 199,837 -5.5 % 59.3 % 175,437 -16.1 % 57.8 %
Repos 10,380 -18.6 % 34.5 % 12,927 -18.7 % 37.8 % 36,951 -14.6 % 59.8 % 48,235 0.8 % 69.9 % 38,306 -9.0 % 71.2 %
Total interest-earning assets 1,432,579 -16.0 % 38.8 % 1,469,134 -14.5 % 44.8 % 1,431,326 -18.1 % 53.3 % 1,496,155 -3.3 % 63.0 % 1,433,628 -13.1 % 63.4 %
Fin. Assets through P&L and equity inv. 76,812 -26.3 % 21.8 % 93,796 -41.2 % -0.4 % 186,564 -51.3 % -8.9 % 45,684 -71.5 % -52.0 % 22,593 -35.4 % 21.5 %
Other Non interest-earning assets 174,087 163,915 76,436 146,446 144,804
Total Non interest-earning assets 250,899 257,711 263,000 192,130 167,397
Total Average Assets 1,683,478 1,726,845 1,694,326 1,688,285 1,601,025
Interest-bearing liabilities
Deposits
Public Sector 50,936 -21.4 % 29.8 % 75,728 -20.9 % 34.0 % 88,888 -21.6 % 46.8 % 98,440 -5.6 % 59.1 % 67,565 -14.7 % 60.4 %
Private Sector 769,473 -23.8 % 25.8 % 805,913 -21.9 % 32.3 % 873,730 -24.1 % 42.1 % 964,158 -10.6 % 50.7 % 922,554 -19.4 % 51.7 %
BCRA and other financial institutions 1,149 -20.0 % 32.1 % 1,323 -18.2 % 38.5 % 914 -7.2 % 73.8 % 913 18.3 % 99.5 % 524 40.8 % 164.9 %
Corporate bonds 6,563 -30.9 % 14.1 % 2,470 -32.6 % 14.1 % 0 0.0 % 0.0 % 0 0.0 % 0.0 % 0 0.0 % 0.0 %
Repos 5,723 -20.4 % 31.5 % 6,387 -20.4 % 34.9 % 1,082 -22.1 % 45.8 % 465 -8.8 % 53.8 % 7,857 -12.8 % 64.0 %
Other financial liabilities 5175 -0.353 0.068 6068 -0.322 0.149 4485 -0.351 0.214 114383 -0.399 0.014 121546 -0.463 0.011
Total int.-bearing liabilities 839,019 -23.8 % 25.9 % 897,889 -21.9 % 32.3 % 969,099 -23.9 % 42.5 % 1,178,359 -13.0 % 46.7 % 1,120,046 -21.9 % 46.9 %
Total non int.-bearing liabilities 519,107 490,921 454,006 448,978 419,839
Total Average Liabilities 1,358,126 1,388,810 1,423,105 1,627,337 1,539,885
Assets Performance 137,056 164,088 192,274 237,679 224,133
Liabilities Performance 53,489 72,236 103,754 138,600 129,540
Net Interest Income 83,567 91,852 88,520 99,079 94,593
Total interest-earning assets 1,432,579 1,469,134 1,431,326 1,496,155 1,433,628
Net Interest Margin (NIM) 23.7 % 25.1 % 24.5 % 26.3 % 26.8 %

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1Q23 Earnings Release
ASSETS & LIABILITIES PERFORMANCE USD MACRO Consolidated
In MILLION $ 1Q22 2Q22 3Q22 4Q22 1Q23
(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 99,334 -19.8 % 0.0 % 96,535 -10.5 % 0.1 % 93,421 -8.6 % 0.6 % 93,535 8.3 % 1.3 % 91,844 -5.9 % 2.4 %
Loans & Other Financing
Financial Sector 0 0.0 % 0.0 % 58 -4.4 % 6.9 % 0 0.0 % 0.0 % 38 18.0 % 10.4 % 170 -1.5 % 7.2 %
Private Sector 35,033 12.1 % 39.8 % 34,521 21.1 % 35.5 % 38,120 21.7 % 34.0 % 40,180 45.1 % 35.7 % 44,960 21.2 % 31.8 %
Other debt securities
Central Bank 0 0.0 % 0.0 % 0 0.0 % 0.0 % 5,463 0.0 % 0.0 % 46,442 0.0 % 0.0 % 37,049 0.0 % 0.0 %
Government & Private Securities 70,933 -19.1 % 0.9 % 69,710 -10.1 % 0.6 % 31,927 -7.4 % 2.0 % 10,925 14.1 % 6.7 % 13,639 3.0 % 12.0 %
Total interest-earning assets 205,300 -14.1 % 7.1 % 200,824 -4.9 % 6.4 % 168,931 -1.5 % 8.4 % 191,120 16.0 % 8.5 % 187,662 0.8 % 9.7 %
Fin. Assets through P&L and equity inv. 4,969 562.6 % 726.1 % 5,948 770.2 % 873.3 % 111,792 121.8 % 144.2 % 199,107 11.0 % 3.8 % 220,522 6.2 % 15.5 %
Other Non interest-earning assets 344,476 336,197 321,197 324,823 340,491
Total Non interest earning assets 349,445 342,145 432,989 523,930 561,013
Total Average Assets 554,745 542,969 601,920 715,050 748,675
Interest-bearing liabilities
Deposits
Public Sector 11,504 -19.7 % 0.1 % 7,092 -10.5 % 0.1 % 5,522 -9.1 % 0.1 % 5,460 7.0 % 0.1 % 5,407 -8.0 % 0.1 %
Private Sector 130,548 -19.8 % 0.0 % 123,541 -10.6 % 0.0 % 108,126 -9.2 % 0.0 % 113,043 6.9 % 0.0 % 122,172 -8.1 % 0.0 %
BCRA and other financial institutions 596 -17.6 % 2.7 % 948 -7.2 % 3.8 % 3,139 -4.9 % 4.7 % 2,582 10.2 % 3.1 % 3,331 -3.5 % 5.0 %
Issued corporate bonds 0 0.0 % 0.0 % 2,272 -8.9 % 1.9 % 3,180 -7.4 % 2.0 % 3,186 9.2 % 2.1 % 3,179 -6.2 % 2.0 %
Subordinated bonds 94,793 -14.7 % 6.3 % 88,202 -4.9 % 6.4 % 84,368 -3.4 % 6.4 % 84,508 13.9 % 6.5 % 84,383 -2.1 % 6.5 %
Total int.-bearing liabilities 237,441 -17.7 % 2.6 % 222,055 -8.3 % 2.6 % 204,335 -6.6 % 2.8 % 208,779 9.8 % 2.7 % 218,472 -5.7 % 2.6 %
Total non int.-bearing liabilities 93,540 93,886 97,719 93,219 106,059
Total Average liabilities 330,981 315,941 302,054 301,998 324,531
Assets Performance 3,597 3,189 3,568 4,118 4,485
Liabilities Performance 1,506 1,441 1,437 1,426 1,416
Net Interest Income 2,091 1,748 2,131 2,692 3,069
Total interest-earning assets 205,300 200,824 168,931 191,120 187,662
Net Interest Margin (NIM) 4.1 % 3.5 % 5.0 % 5.6 % 6.6 %

In 1Q23 Banco Macro's net fee income totaled Ps.22 billion, 6% or Ps.1.3 billion higher than in 4Q22 and was 6% or Ps.1.2 billion higher than the same period of last year.

In the quarter, fee income totaled Ps.24.3 billion, 5% or Ps.1.2 billion higher than in 4Q22. Credit card fees ,corporate services fees and fees charged on deposits accounts stood out with 17% (Ps.787 million), 11% (Ps.346 million) and 4% (Ps.343 million) increases respectively which were partially offset by a 15% decrease in debit card fees. On a yearly basis, fee income increased 5% or Ps.1.3 billion.

In the quarter, total fee expense decreased 2% or Ps.53 million. On a yearly basis, fee expenses increased 5% or Ps.100 million.

NET FEE INCOME MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Fees charged on deposit accounts 8,810 8,576 8,450 8,653 8,996 4 % 2 %
Credit card fees 4,236 4,138 4,212 4,520 5,307 17 % 25 %
Corporate services fees 2,911 3,082 3,244 3,177 3,523 11 % 21 %
ATM transactions fees 1,991 2,032 1,908 1,736 1,646 -5 % -17 %
Insurance fees 1,536 1,491 1,468 1,297 1,101 -15 % -28 %
Debit card fees 1,334 1,372 1,202 1,237 1,309 6 % -2 %
Financial agent fees (Provinces) 1,188 1,323 1,245 1,312 1,193 -9 % 0 %
Credit related fees 484 578 505 623 570 -9 % 18 %
Mutual funds & securities fees 438 358 293 449 575 28 % 31 %
AFIP & Collection services 74 75 70 64 58 -9 % -22 %
ANSES fees 28 29 21 19 14 -26 % -50 %
Total fee income 23,030 23,054 22,618 23,087 24,292 5 % 5 %
Total fee expense 2,160 2,269 2,283 2,313 2,260 -2 % 5 %
Net fee income 20,870 20,785 20,335 20,774 22,032 6 % 6 %

8

1Q23 Earnings Release

In 1Q23 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.9.2 billion gain, mainly due to the mark to market of some government securities. On a yearly basis Net Income from financial assets and liabilities at fair value through profit or loss decreased 29% or Ps.3.8 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) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Profit or loss from government securities 2,865 5,041 26,020 -11,595 12,908 0 % 351 %
Profit or loss from private securities 308 7,097 10,064 6,561 -3,055 - -
Profit or loss from investment in derivative financing instruments 0 12 150 754 194 -74 % -
Profit or loss from other financial assets -5 -8 -49 30 17 -43 % -
Profit or loss from investment in equity instruments 7,806 462 -116 62 51 -18 % -99 %
Profit or loss from the sale of financial assets at fair value 2,055 256 385 90 -503 - -
Income from financial assets at fair value through profit or loss 13,029 12,860 36,454 -4,098 9,612 - -26 %
Profit or loss from derivative financing instruments - - - - -417 - -
Income from financial liabilities at fair value through profit or loss - - - - -417 - -
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 13,029 12,860 36,454 -4,098 9,195 - -29 %

In the quarter, Other Operating Income totaled Ps.5.7 billion, 18% or Ps.1.3 billion lower than in 4Q22. On a yearly basis, Other Operating Income decreased 16% or Ps.1.1 billion.

OTHER OPERATING INCOME MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Credit and debit cards 371 397 417 1,021 635 -38 % 71 %
Lease of safe deposit boxes 703 662 622 622 699 12 % -1 %
Other service related fees 1,671 1,570 1,600 2,042 1,775 -13 % 6 %
Other adjustments and interest from other receivables 876 1,088 1,386 1,591 1,469 -8 % 68 %
Initial recognition of loans 872 -728 -144 0 0 - -
Sale of property, plant and equipment 0 0 0 43 6 -86 % -
Others 2,253 3,654 1,469 1,721 1,132 -34 % -50 %
Other Operating Income 6,772 6,648 5,348 7,011 5,716 -18 % -16 %

In 1Q23 Banco Macro's administrative expenses plus employee benefits totaled Ps.35.1 billion, 1% or Ps.424 million lower than the previous quarter, due to lower administrative expenses (8%) which was offset by a 3% or Ps.594 million increase in employee benefits. On a yearly basis, administrative expenses plus employee benefits increased 12% or Ps.3.8 billion.

Employee benefits increased 3% or Ps.594 million QoQ, remunerations and social security contributions decreased 1% and 5% respectively while Compensation and bonuses increased 49% or Ps.938 million. On a yearly basis, Employee benefits increased 17% or Ps.3.4 billion.

In 1Q23, administrative expenses decreased 8% or Ps.1 billion, due to lower Directors and auditors fees (50%) lower advertising and publicity fees (39%) and lower maintenance and conservation fees (11%).

In 1Q23, the efficiency ratio reached 25.5%, improving from the 28.6% posted in 4Q22 and much better than the 29.6% posted a year ago. In 1Q23 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) decreased 1%, 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 6% compared to 4Q22.

9

1Q23 Earnings Release
PERSONNEL & ADMINISTRATIVE EXPENSES MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Employee benefits 20,044 26,384 25,209 22,874 23,468 3 % 17 %
Remunerations 13,626 18,515 17,136 15,947 15,819 -1 % 16 %
Social Security Contributions 3,142 4,357 4,359 4,236 4,023 -5 % 28 %
Compensation and bonuses 2,503 2,606 2,869 1,901 2,839 49 % 13 %
Employee services 773 906 845 790 787 0 % 2 %
Administrative Expenses 11,265 11,888 11,844 12,668 11,650 -8 % 3 %
Taxes 1,763 1,996 2,047 2,004 1,978 -1 % 12 %
Maintenance, conservation fees 1,818 1,866 1,872 2,036 1,804 -11 % -1 %
Directors & statutory auditors fees 564 385 522 933 470 -50 % -17 %
Security services 1,168 1,127 1,136 1,149 1,114 -3 % -5 %
Electricity & Communications 1,113 1,043 1,068 995 1,065 7 % -4 %
Other professional fees 1,039 1,065 1,095 1,401 1,262 -10 % 21 %
Rental agreements 57 58 48 49 46 -6 % -19 %
Advertising & publicity 519 976 622 774 476 -39 % -8 %
Personnel allowances 136 183 235 278 240 -14 % 76 %
Stationary & Office Supplies 78 81 77 94 104 11 % 33 %
Insurance 135 120 132 115 97 -16 % -28 %
Hired administrative services 78 71 91 85 83 -2 % 6 %
Other 2,797 2,917 2,899 2,755 2,911 6 % 4 %
Total Administrative Expenses 31,309 38,272 37,053 35,542 35,118 -1 % 12 %
Total Employees 7,982 7,925 7,857 7,796 7,756
Branches 466 466 466 467 463
Efficiency ratio 29.6 % 32.7 % 25.8 % 27.2 % 25.5 %
Accumulated efficiency ratio 29.6 % 31.2 % 29.1 % 28.6 % 25.5 %

In 1Q23, Other Operating Expenses totaled Ps.23.8 billion, decreasing 2% or Ps.488 million QoQ, due to lower other expenses (|9% or Ps.1.8 billion) which was partially offset by a Ps.1 billion increase in other provision charges. On a yearly basis, Other Operating Expenses increased 15% or Ps.3.2 million.

OTHER OPERATING EXPENSES MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Turnover Tax 11,340 11,551 13,451 13,974 13,994 0 % 23 %
Other provision charges 874 922 1,455 -350 662 - -24 %
Deposit Guarantee Fund Contributions 561 562 582 624 606 -3 % 8 %
Donations 256 23 199 34 206 506 % -20 %
Insurance claims 110 101 139 181 230 27 % 109 %
Initial loan recognition 0 0 549 139 218 57 % 100 %
Others 7,539 8,462 8,292 9,721 7,919 -19 % 5 %
Other Operating Expenses 20,680 21,621 24,667 24,323 23,835 -2 % 15 %

In 1Q23, the result from the net monetary position totaled a Ps.88.4 billion loss, 27% or Ps.19 billion higher than the loss posted in 4Q22 and 50% or Ps.29 billion higher than the loss posted one year ago. Higher inflation was observed during the quarter (444 b.p. above 4Q22 level, up to 21.73% from 17.29% in 4Q22).

In 1Q23, Banco Macro's effective income tax rate 36.3%. For more information, please see Note 22 "Income Tax" of our Financial Statements.

10

1Q23 Earnings Release
OPERATING RESULT MACRO consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Operating Result (exc. Loss from net monetary position) 74,643 77,422 107,229 95,173 103,952 9 % 39 %
Result from net monetary position (i.e. inflation adjustment) -59,077 -66,526 -83,293 -69,351 -88,387 27 % 50 %
Operating Result (Inc. Loss from net monetary position) 15,566 10,896 23,936 25,822 15,565 -40 % 0 %

Financial Assets

Loans and other financing

The volume of "core" financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.694.5 billion, decreasing 4% or Ps.30.4 billion QoQ and 8% or Ps.63.5 billion YoY.

Within commercial loans, Overdrafts and Others stand out with a 10% or Ps.6.1 billion decrease and an 11% or Ps.9.3 billion increase respectively.

Within consumer lending, personal loans decreased 7% or Ps.12.7 billion while credit card loans decreased 7% or Ps.16.1 billion.

Within private sector financing, peso financing decreased 6% or Ps.39.2 billion, while US dollar financing increased 1% or USD 2 million.

As of 1Q23, Banco Macro's market share over private sector loans was 7.3%.

LOANS AND OTHER FINANCING MACRO Consilidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Public Sector 4,270 5,647 2,541 2,687 1,410 -48 % -67 %
Finacial Sector 1,448 1,277 1,340 1,129 1,857 64 % 28 %
Financial Sector 1,454 1,282 1,345 1,139 1,869 64 % 29 %
Less: Expected Credit Losses -6 -5 -5 -10 -12 20 % 100 %
Private Sector 758,068 775,959 721,922 724,875 694,519 -4 % -8 %
Overdrafts 56,761 71,561 60,742 59,953 53,796 -10 % -5 %
Discounted documents 82,276 88,498 96,935 99,545 100,434 1 % 22 %
Mortgage loans 89,807 82,147 75,501 75,360 71,414 -5 % -20 %
Pledged loans 15,769 14,538 11,875 11,664 10,969 -6 % -30 %
Personal loans 224,129 210,782 186,533 173,505 160,793 -7 % -28 %
Credit Card loans 221,166 233,722 220,041 232,240 216,178 -7 % -2 %
Leasing 1,099 1,109 1,531 1,688 1,345 -20 % 22 %
Others 87,250 88,804 82,276 84,303 93,599 11 % 7 %
Less: Expected Credit Losses -20,189 -15,202 -13,512 -13,383 -14,009 5 % -31 %
Total loans and other financing 763,786 782,883 725,803 728,691 697,786 -4 % -9 %
Total loans in Pesos 729,806 740,057 688,551 684,940 645,756 -6 % -12 %
Total loans in foreign currency 33,980 42,826 37,252 43,751 52,030 19 % 53 %
EOP FX (Pesos per USD) 110.9783 125.2150 147.3150 177.1283 208.9883 18 % 88 %
USD financing / Financing to the private sector 4 % 5 % 5 % 6 % 7 %

11

1Q23 Earnings Release

Public Sector Assets

In 1Q23, the Bank's public sector assets (excluding LELIQs) to total assets ratio was 17%, lower than the 18.5% registered in the previous quarter, and lower than the 22.1% posted in 1Q22.

In 1Q23, a 12% or Ps.55.9 billion decrease in Other government securities stand out while Central Bank Notes decreased Ps.14.7 billion. Leliqs increased 8% or Ps.45.6 billion in the quarter.

PUBLIC SECTOR ASSETS MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Central Bank Notes - 37,643 50,444 14,737 - -100 % -
Leliqs 432,922 489,748 596,431 598,341 643,899 8 % 49 %
Other 511,671 450,105 446,494 468,641 412,726 -12 % -19 %
Government securities 944,593 977,496 1,093,369 1,081,719 1,056,625 -2 % 12 %
Provincial loans 3,718 5,035 2,043 2,096 935 -55 % -75 %
Loans 3,718 5,035 2,043 2,096 935 -55 % -75 %
TOTAL PUBLIC SECTOR ASSETS 948,311 982,531 1,095,412 1,083,815 1,057,560 -2 % 12 %
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ) 515,389 455,140 448,537 470,737 413,661 -12 % -20 %
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS 22.1 % 19.0 % 17.8 % 18.5 % 17.0 %

Funding

Deposits

Banco Macro's deposit base totaled Ps.1.5 trillion in 1Q23, decreasing 7% or Ps.112.6 billion QoQ and a 6% or Ps.80.1 billion increase YoY and representing 81% of the Bank's total liabilities.

On a quarterly basis private sector deposits decreased 6% or Ps.89.7 billion while public sector deposits decreased 17% or Ps.22.8 billion.

The decrease in private sector deposits was led demand deposits, which increased 13% or Ps.83.4 billion, while time deposits increased 4% or Ps.27 billion QoQ.

Within private sector deposits, peso deposits decreased 8% or Ps.109.1 billion, while US dollar deposits decreased 17% or USD 196 million.

As of 1Q23, Banco Macro´s market share over private sector deposits was 6.1%.

12

1Q23 Earnings Release
DEPOSITS MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Public sector 161,097 145,911 192,434 133,847 111,060 -17 % -31 %
Financial sector 2,112 2,131 1,818 2,013 1,911 -5 % -10 %
Private sector 1,220,991 1,346,538 1,411,233 1,441,055 1,351,367 -6 % 11 %
Checking accounts 223,148 231,770 212,876 193,705 167,488 -14 % -25 %
Savings accounts 383,530 411,010 399,406 452,114 394,938 -13 % 3 %
Time deposits 586,035 672,716 721,961 710,957 737,998 4 % 26 %
Other 28,278 31,042 76,990 84,279 50,943 -40 % 80 %
Total 1,384,200 1,494,580 1,605,485 1,576,915 1,464,338 -7 % 6 %
Pesos 1,176,017 1,284,820 1,419,482 1,368,727 1,259,640 -8 % 7 %
Foreign Currency (Pesos) 208,183 209,760 186,003 208,188 204,698 -2 % -2 %
EOP FX (Pesos per USD) 110.9783 125.2150 147.3150 177.1283 208.9883 18 % 88 %
Foreign Currency (USD) 1,876 1,675 1,263 1,175 979 -17 % -48 %
USD Deposits / Total Deposits 15 % 14 % 12 % 13 % 14 %

Banco Macro's transactional deposits represent approximately 42% of its total deposit base as of 1Q23. These accounts are low cost and are not sensitive to interest rate increases.

Other sources of funds

In 1Q23, the total amount of other sources of funds increased 1% or Ps.9 billion compared to 4Q22 mainly due to a 1% or Ps.8.9 increase in Shareholders' equity (due to the positive net income registered during the period). On a yearly basis, other sources of funds increased 7% or Ps.45.6 billion.

OTHER SOURCES OF FUNDS MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Central Bank of Argentina 45 57 44 57 49 -14 % 9 %
Banks and international institutions 328 3,353 2,502 2,900 4,419 52 % 1247 %
Financing received from Argentine financial institutions 3,730 730 927 25 39 56 % -99 %
Subordinated corporate bonds 94,034 88,880 87,089 87,805 86,394 -2 % -8 %
Corporate bonds 6,325 3,317 3,291 3,306 3,286 -1 % -48 %
Shareholders' equity 576,786 590,970 606,597 623,769 632,701 1 % 10 %
Total other source of funds 681,248 687,307 700,450 717,862 726,888 1 % 7 %

13

1Q23 Earnings Release

Liquid Assets

In 1Q23, the Bank's liquid assets amounted to Ps.1.4 trillion, showing a 4% or Ps.63.7 billion decrease QoQ, and a 10% or Ps.124.7 billion increase on a yearly basis.

In 1Q23, Leliqs increased 7% or Ps.42.2 billion. Other government & private securities and Repos decreased 12% or Ps.55.9 billion and 52% or Ps.39.3 billion respectively.

In 1Q23, Banco Macro's liquid assets to total deposits ratio reached 97%.

LIQUID ASSETS MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Cash 358,603 316,456 287,082 304,439 297,609 -2 % -17 %
Guarantees for compensating chambers 32,687 29,743 32,635 30,220 25,643 -15 % -22 %
Call - - - - 600 - -
Leliq own portfolio 409,842 489,748 596,431 598,341 640,580 7 % 56 %
Net Repos -24,217 53,914 88,711 75,388 36,124 -52 % -
Other government & private securities 511,671 450,105 446,494 468,641 412,726 -12 % -19 %
Total 1,288,586 1,339,966 1,451,353 1,477,029 1,413,282 -4 % 10 %
Liquid assets to total deposits 93 % 90 % 90 % 94 % 97 %

Solvency

Banco Macro continued showing high solvency levels in 1Q22 with an integrated capital (RPC) of Ps.643.6 billion over a total capital requirement of Ps.123.3 billion. Banco Macro's excess capital in 1Q23 was 421% or Ps.520 billion.

The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 42.4% in 4Q22; TIER1 Ratio stood at 39.1%.

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

MINIMUM CAPITAL REQUIREMENT MACRO Consolidated Change
In MILLION $ 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Credit risk requirement 40,488 45,204 52,233 60,581 73,119 21 % 81 %
Market risk requirement 3,886 4,643 9,998 11,709 11,531 -2 % 197 %
Operational risk requirement 19,206 21,817 26,568 32,771 38,935 19 % 103 %
Total capital requirements 63,581 71,664 88,800 105,061 123,585 18 % 94 %
Ordinary Capital Level 1 (COn1) 279,447 336,826 418,322 500,504 627,056 25 % 124 %
Deductible concepts Level 1 (COn1) -16,866 -21,154 -24,630 -27,620 -33,553 21 % 99 %
Capital Level 2 (COn2) 37,615 40,243 47,051 42,447 50,063 18 % 33 %
Integrated capital - RPC (i) 300,196 355,914 440,743 515,330 643,566 25 % 114 %
Excess capital 236,615 284,250 351,943 410,269 519,981 27 % 120 %
Risk-weighted assets - RWA (ii) 780,016 879,341 1,090,977 1,291,206 1,518,189 18 % 95 %
Regulatory Capital ratio [(i)/(ii)] 38.5 % 40.5 % 40.4 % 39.9 % 42.4 %
Ratio TIER 1 [Capital Level 1/RWA] 33.7 % 35.9 % 36.1 % 36.6 % 39.1 %

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

14

1Q23 Earnings Release

Asset Quality

In 1Q22, Banco Macro's non-performing to total financing ratio (under Central Bank rules) reached a level of 1.41%, up from 1.25% in 4Q22, and lower than the 1.65% posted in 1Q22.

Consumer portfolio non-performing loans deteriorated 24b.p. (up to 1.34% from 1.1%) while Commercial portfolio non-performing loans improved 22 b.p. in 1Q23 (down to 1.73% from 1.95%).

The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) remained stable at to 145.33% in 1Q23. Write-offs over total loans totaled 0.06%.

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

ASSET QUALITY MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Commercial portfolio 165,736 170,244 148,077 137,663 137,140 0 % -17 %
Non-performing 4,584 2,173 2,113 2,687 2,373 -12 % -48 %
Consumer portfolio 621,950 639,844 603,999 616,850 590,651 -4 % -5 %
Non-performing 8,374 7,950 7,459 6,761 7,913 17 % -6 %
Total portfolio 787,686 810,088 752,076 754,513 727,791 -4 % -8 %
Non-performing 12,958 10,123 9,572 9,448 10,285 9 % -21 %
Commercial non-perfoming ratio 2.77 % 1.28 % 1.43 % 1.95 % 1.73 %
Consumer non-perfoming ratio 1.35 % 1.24 % 1.23 % 1.10 % 1.34 %
Total non-performing/ Total portfolio 1.65 % 1.25 % 1.27 % 1.25 % 1.41 %
Total allowances 21,140 16,167 14,658 14,332 14,948 4 % -29 %
Coverage ratio w/allowances 163.14 % 159.71 % 153.13 % 151.69 % 145.33 %
Write Offs 1,156 960 1,040 776 458 -41 % -60 %
Write Offs/ Total portfolio 0.15 % 0.12 % 0.14 % 0.10 % 0.06 %

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

The Bank records an allowance for expected credit losses for all loans and other debt financial assets not held at fair value through profit or loss, together with loan commitments and financial guarantee contracts, in this section all referred to as 'financial instruments'. Equity instruments are not subject to impairment under IFRS 9. The ECL allowance is based on the credit losses expected to arise over the life of the asset (the lifetime expected credit loss), unless there has been no significant increase in credit risk since origination, in which case, the allowance is based on the 12 months expected credit loss.(For further information please see our 2022 20-F)

15

1Q23 Earnings Release

CER Exposure and Foreign Currency Position

CER EXPOSURE MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
CER adjustable ASSETS
Government Securities 340,908 325,331 226,174 167,960 34,726 -79 % -90 %
Loans (*) 58,093 57,621 54,858 54,883 52,816 -4 % -9 %
Private sector loans 14,044 12,201 10,081 8,915 8,099 -9 % -42 %
Mortgage loans (UVA adjusted) 44,005 45,378 44,737 45,935 44,673 -3 % 2 %
Other loans 44 42 40 33 44 33 % 0 %
Total CER adjustable assets 399,001 382,952 281,032 222,843 87,542 -61 % -78 %
CER adjustable LIABILITIES
Deposits (*) 21,042 28,283 23,035 14,930 8,403 -44 % -60 %
UVA Unemployment fund 3,924 4,497 4,934 5,313 5,563 5 % 42 %
Total CER adjustable liabilities 24,966 32,780 27,969 20,243 13,966 -31 % -44 %
NET CER EXPOSURE 374,035 350,172 253,063 202,600 73,576 -64 % -80 %
(*) Includes Loans &Time Deposits CER adjustable (UVAs)

FOREIGN CURRENCY POSITION MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Cash and deposits in Banks 267,167 259,218 238,425 256,409 241,283 -6 % -10 %
Cash 36,111 23,896 22,029 6,649 8,387 26 % -77 %
Central Bank of Argentina 135,165 139,779 120,266 153,659 151,874 -1 % 12 %
Other financial institutions local and abroad 95,763 95,368 96,116 96,087 81,008 -16 % -15 %
Others 128 175 14 14 14 0 % -89 %
Financial instruments at fair value through P&L 4,399 8,497 209,323 216,606 278,146 28 % 6223 %
Other financial assets 17,578 17,130 16,752 19,081 21,092 11 % 20 %
Loans and other financing 33,980 42,826 37,252 43,751 52,030 19 % 53 %
Non financial private sector & foreign residents 33,980 42,826 37,252 43,751 52,030 19 % 53 %
Other debt securities 68,751 68,499 58,028 65,534 39,938 -39 % -42 %
Guarantees received 5,092 4,599 4,861 5,962 5,869 -2 % 15 %
Investment in equity instruments 137 124 175 195 197 1 % 44 %
Total Assets 397,104 400,893 564,816 607,538 638,555 5 % 61 %
Deposits 208,183 209,760 186,003 208,188 204,698 -2 % -2 %
Non financial public sector 15,709 8,854 7,644 7,502 8,063 7 % -49 %
Financial sector 1,791 1,723 1,662 1,703 1,651 -3 % -8 %
Non financial private sector & foreign residents 190,683 199,183 176,697 198,983 194,984 -2 % 2 %
Financial liabiities at fair value through P&L 942 936 953 640 2,477 287 % -
Other liabilities from financial intermediation 14,483 16,278 17,368 19,597 20,880 7 % 44 %
Financing from the Central Bank and other fin. Inst 328 3,362 2,524 2,919 4,456 53 % 1259 %
Issued corporate bonds 0 3,317 3,291 3,306 3,286
Subordinated corporate bonds 94,034 88,880 87,089 87,805 86,394 -2 % -8 %
Other non financial liabilities 54 106 89 66 133 102 % 146 %
Total Liabilities 318,024 322,639 297,317 322,521 322,324 0 % 1 %
NET FX POSITION (Pesos) 79,080 78,254 267,499 285,017 316,231 11 % 300 %
EOP FX (Pesos per USD) 110.9783 125.2150 147.3150 177.1283 208.9883 18 % 88 %
NET FX POSITION (USD) 713 625 1,816 1,609 1,513 -6 % 112 %

16

1Q23 Earnings Release

1Q23 Snapshot

In AR$ Million. Figures of previous quarters have been restated to reflect the accumulated effect of the inflation adjustment for each period through March 31, 2023

17

1Q23 Earnings Release

18

1Q23 Earnings Release

Relevant and Recent Events

· On April 25th 2023 TheShareholders' Meeting resolved to distribute as dividend to the shareholders in cash and/or in kind, in the latter case valued at market price, the amount of AR$ 75,040,918,149.47, which represents AR$ 22.18 per share, subject to prior authorization from the Banco Central de la República Argentina ("BCRA"), and delegated to the Board the powers to determine the date of the effective availability thereof to the shareholders, currency, terms and other payment terms and conditions of such dividend.
On May 12th the Superintendencia de Entidades Financieras y Cambiarias of the Central Bank of the Republic of Argentina informed us that it has decided to authorize Banco Macro S.A. to distribute profits in cash and/or in kind (securities) for an aggregate amount of AR $75,040,918,000 which distribution shall be carried out in 6 monthly equal and consecutive instalments.
· Interest Payment Series E Dollar denominated Notes. In May 2023, the Bank paid quarterly interest on Class E dollar denominated notes in the amount of USD 60,105.48.
· Interest Payment Series A Subordinated Notes. In May 2023, the Bank paid semiannual interest on Class A subordinated notes in the amount of USD 13,286,000.

Regulatory Changes

· Dividends and Profits distribution. In March 2023, through Communication "A" 7719 the Central Bank of Argentina announced that financial institutions could distribute up to 40% of profits and start paying dividends as of April provided that the distribution is carried out in 6 monthly equal and consecutive installments.
· Interest Rates. On March 17, 2023, through Communication "A" 7726 the Central Bank of Argentina decided to increase monetary policy rate by 300 basis points from 75% to 78%. Therefore interest rates paid on deposits were affected:
o Time deposits: Individuals up to Ps.10 million the interest rate was set at 78% and for all others 69.5% APR
· Interest Rates. On April 20, 2023, through Communication "A" 7745 the Central Bank of Argentina decided to increase monetary policy rate by 300 basis points from 78% to 81%. Therefore interest rates paid on deposits were affected:
o Time deposits: Individuals up to Ps.10 million the interest rate was set at 81% and for all others 72.5% APR
· Interest Rates. On April 27, 2023, through Communication "A" 7751 the Central Bank of Argentina decided to increase monetary policy rate by 1,000 basis points from 81% to 91%. Therefore interest rates paid on deposits were affected:
o Time deposits: Individuals up to Ps.30 million the interest rate was set at 91% and for all others 85.5% APR
· Interest Rates. On May 15, 2023, through Communication "A" 7767 the Central Bank of Argentina decided to increase monetary policy rate by 600 basis points from 81% to 91%. Therefore interest rates paid on deposits were affected:
o Time deposits: Individuals up to Ps.30 million the interest rate was set at 97% and for all others 90% APR

19

1Q23 Earnings Release
QUARTERLY BALANCE SHEET MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
ASSETS
Cash and deposits in Banks 358,603 316,456 287,082 304,439 297,609 -2 % -17 %
Cash 65,590 50,542 47,960 33,613 35,190 5 % -46 %
Central Bank of Argentina 197,097 170,352 142,771 174,718 181,264 4 % -8 %
Other local & foreign entities 95,787 95,387 96,337 96,093 81,141 -16 % -15 %
Other 129 175 14 15 14 -7 % -89 %
Debt securities at fair value through profit & loss 65,872 171,338 255,824 256,921 286,961 12 % 336 %
Derivatives 0 17 197 52 0 -100 % -
Repo Transactions 0 54,511 89,211 75,388 39,118 -48 % -
Other financial assets 51,016 48,894 46,303 70,537 82,489 17 % 62 %
Loans & other receivables 763,786 782,883 725,803 728,691 697,786 -4 % -9 %
Non Financial Public Sector 4,270 5,647 2,541 2,687 1,410 -48 % -67 %
Financial Sector 1,448 1,277 1,340 1,129 1,857 64 % 28 %
Non Financial private sector and foreign 758,068 775,959 721,922 724,875 694,519 -4 % -8 %
Other debt securities 863,985 819,026 902,886 897,783 813,991 -9 % -6 %
Financial assets in guarantee 65,473 35,644 38,921 37,275 37,498 1 % -43 %
Income tax assets 403 2,215 0 0 0
Investments in equity instruments 973 1,020 967 1,022 1,073 5 % 10 %
Investments in other companies
(subsidiaries and joint ventures) 		1,333 1,199 1,376 1,390 1,492 7 % 12 %
Property, plant and equipment 124,440 124,285 123,564 124,001 124,426 0 % 0 %
Intangible assets 19,853 21,043 21,442 21,230 21,808 3 % 10 %
Deferred income tax assets 86 173 128 90 89 -1 % 3 %
Other non financial assets 6,795 10,331 19,093 15,160 15,259 1 % 125 %
Non-current assets held for sale 7,657 7,649 7,514 10,781 10,530 -2 % 38 %
TOTAL ASSETS 2,330,275 2,396,684 2,520,311 2,544,760 2,430,129 -5 % 4 %
LIABILITIES
Deposits 1,384,200 1,494,580 1,605,485 1,576,915 1,464,338 -7 % 6 %
Non Financial Public Sector 161,097 145,911 192,434 133,847 111,060 -17 % -31 %
Financial Sector 2,112 2,131 1,818 2,013 1,911 -5 % -10 %
Non Financial private sector and foreign 1,220,991 1,346,538 1,411,233 1,441,055 1,351,367 -6 % 11 %
Liabilities at fair value through profit & loss 942 941 953 640 2,477 287 % 163 %
Derivatives 15 2 3 3 100 3233 % 567 %
Repo Transactions 24,217 597 500 - 4,486 - -86 %
Other financial liabilities 121,026 122,872 121,330 164,450 153,007 -7 % 26 %
Financing received from Central Bank and
Other Financial Institutions 		4,103 4,140 3,473 2,982 4,507 51 % 10 %
Issued Corporate Bonds 6,325 3,317 3,291 3,306 3,286 -1 % -48 %
Current income tax liabilities 1,132 1,116 9,613 13,207 11,384 -14 % 906 %
Subordinated corporate bonds 94,034 88,880 87,089 87,805 86,394 -2 % -8 %
Provisions 4,090 4,084 4,489 3,303 3,166 -4 % -23 %
Deferred income tax liabilities 15,445 16,654 18,815 16,164 16,552 2 % 7 %
Other non financial liabilities 97,894 68,471 58,582 52,113 47,615 -9 % -51 %
TOTAL LIABILITIES 1,753,423 1,805,654 1,913,623 1,920,888 1,797,312 -6 % 3 %
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 213,790 213,790 213,790 213,790 213,790 0 % 0 %
Reserves 288,882 344,313 344,313 344,313 344,313 0 % 19 %
Retained earnings 43,162 166 166 166 52,558 31561 % 22 %
Other accumulated comprehensive income 5,585 110 3,080 39 -792 - -
Net income for the period / fiscal year 12,298 19,522 32,179 52,392 9,763 -81 % -21 %
Shareholders' Equity attributable
to parent company 		576,786 590,970 606,597 623,769 632,701 1 % 10 %
Shareholders' Equity attributable to
non controlling interest 		66 60 91 103 116 13 % 76 %
TOTAL SHAREHOLDERS' EQUITY 576,852 591,030 606,688 623,872 632,817 1 % 10 %

20

1Q23 Earnings Release
INCOME STATEMENT MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q22 2Q22 3Q22 4Q22 1Q23 QoQ YoY
Interest Income 140,653 167,277 195,842 241,797 228,618 -5 % 63 %
Interest Expense 54,995 73,677 105,191 140,026 130,956 -6 % 138 %
Net Interest Income 85,658 93,600 90,651 101,771 97,662 -4 % 14 %
Fee income 23,030 23,054 22,618 23,087 24,292 5 % 5 %
Fee expense 2,160 2,269 2,283 2,313 2,260 -2 % 5 %
Net Fee Income 20,870 20,785 20,335 20,774 22,032 6 % 6 %
Subtotal (Net Interest Income + Net Fee Income) 106,528 114,385 110,986 122,545 119,694 -2 % 12 %
Net Income from financial instruments at Fair Value Through Profit & Loss 13,029 12,860 36,454 -4,098 9,195 - -29 %
Result from assets at amortised cost - - - 206 - - -
Difference in quoted prices of gold and foreign currency 6,303 9,369 22,889 37,246 36,673 -2 % 482 %
Other operating income 6,772 6,648 5,348 7,011 5,716 -18 % -16 %
Provision for loan losses 1,522 1,345 2,035 3,082 3,479 13 % 129 %
Net Operating Income 131,110 141,917 173,642 159,828 167,799 5 % 28 %
Personnel expenses 20,044 26,384 25,209 22,874 23,468 3 % 17 %
Administrative expenses 11,265 11,888 11,844 12,668 11,650 -8 % 3 %
Depreciation and impairment of assets 4,478 4,602 4,693 4,790 4,894 2 % 9 %
Other operating expenses 20,680 21,621 24,667 24,323 23,835 -2 % 15 %
Operating Income 74,643 77,422 107,229 95,173 103,952 9 % 39 %
Income from associates and joint ventures -73 -70 -138 143 -220 - -
Result from net monetary position -59,077 -66,526 -83,293 -69,351 -88,387 - -
Net Income before income tax on cont. operations 15,493 10,826 23,798 25,965 15,345 -41 % -1 %
Income tax on continuing operations 3,219 3,608 11,115 5,740 5,568 -3 % 73 %
Net Income from continuing operations 12,274 7,218 12,683 20,225 9,777 -52 % -20 %
Net Income for the period 12,274 7,218 12,683 20,225 9,777 -52 % -20 %
Net Income of the period attributable to parent company 12,298 7,224 12,657 20,213 9,763 -52 % -21 %
Net income of the period attributable to non-controlling interests -24 -6 26 12 14 17 % -
Other Comprehensive Income -1,221 -5,475 2,970 -3,040 -832 - -
Foreign currency translation differences in financial statements conversion -527 -271 -253 176 -212 - -
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a) -694 -5,204 3,223 -3,216 -620 - -
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 11,053 1,743 15,653 17,185 8,945 -48 % -19 %
Total Comprehensive Income attributable to parent Company 11,077 1,749 15,627 17,173 8,931 -48 % -19 %
Total Comprehensive Income attributable to non-controlling interests -24 -6 26 12 14 - -

21

1Q23 Earnings Release
QUARTERLY ANNUALIZED RATIOS MACRO Consolidated
1Q22 2Q22 3Q22 4Q22 1Q23
Profitability & performance
Net interest margin 22.8 % 24.7 % 28.1 % 32.7 % 33.6 %
Net interest margin adjusted (exc. FX) 21.2 % 22.5 % 22.5 % 23.9 % 24.4 %
Net fee income ratio 13.0 % 11.7 % 7.2 % 8.9 % 8.4 %
Efficiency ratio 29.6 % 32.7 % 25.8 % 27.2 % 25.5 %
Net fee income as % of A&G Expenses 44.0 % 35.7 % 27.9 % 32.7 % 32.9 %
Return on average assets 2.2 % 1.3 % 2.2 % 3.3 % 1.7 %
Return on average equity 9.1 % 5.1 % 8.8 % 16.9 % 8.2 %
Liquidity
Loans as a percentage of total deposits 55.2 % 52.4 % 45.2 % 46.2 % 47.7 %
Liquid assets as a percentage of total deposits 93.0 % 90.0 % 90.0 % 94.0 % 97.0 %
Capital
Total equity as a percentage of total assets 24.8 % 24.7 % 24.1 % 24.5 % 26.0 %
Regulatory capital as % of APR 38.5 % 40.5 % 40.4 % 39.9 % 42.4 %
Asset Quality
Allowances over total loans 2.8 % 2.1 % 2.0 % 2.0 % 2.1 %
Non-performing financing as a percentage of total financing 1.7 % 1.3 % 1.3 % 1.3 % 1.4 %
Coverage ratio w/allowances 163.2 % 159.7 % 153.1 % 151.7 % 145.3 %
Cost of Risk 0.8 % 0.7 % 1.1 % 1.8 % 2.1 %
ACCUMULATED ANNUALIZED RATIOS MACRO Consolidated
1Q22 2Q22 3Q22 4Q22 1Q23
Profitability & performance
Net interest margin 22.8 % 23.8 % 25.2 % 27.1 % 33.6 %
Net interest margin adjusted (exc. FX) 21.2 % 21.9 % 22.1 % 22.5 % 24.4 %
Net fee income ratio 13.0 % 12.3 % 10.3 % 10.0 % 8.4 %
Efficiency ratio 29.6 % 31.2 % 29.1 % 28.6 % 25.5 %
Net fee income as % of A&G Expenses 44.0 % 39.5 % 35.5 % 34.8 % 32.9 %
Return on average assets 2.2 % 1.7 % 1.9 % 2.3 % 1.7 %
Return on average equity 9.1 % 7.1 % 7.7 % 9.7 % 8.2 %
Liquidity
Loans as a percentage of total deposits 55.2 % 52.4 % 45.2 % 46.2 % 47.7 %
Liquid assets as a percentage of total deposits 93.0 % 90.0 % 90.0 % 94.0 % 97.0 %
Capital
Total equity as a percentage of total assets 24.8 % 24.7 % 24.1 % 24.5 % 26.0 %
Regulatory capital as % of APR 38.5 % 40.5 % 40.4 % 39.9 % 42.4 %
Asset Quality
Allowances over total loans 2.8 % 2.1 % 2.0 % 2.0 % 2.1 %
Non-performing financing as a percentage of total financing 1.7 % 1.3 % 1.3 % 1.3 % 1.4 %
Coverage ratio w/allowances 163.2 % 159.7 % 153.1 % 151.7 % 145.3 %
Cost of Risk 0.8 % 0.8 % 0.9 % 1.1 % 2.1 %

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Banco Macro SA published this content on 17 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 May 2023 21:08:01 UTC.