Banco Macro Announces Results for the Second Quarter of 2022

Buenos Aires, Argentina, August 24, 2022 - Banco Macro S.A. (NYSE: BMA; BYMA: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the second quarter ended June 30, 2022 ("2Q22"). All figures are in Argentine pesos (Ps.) and have been restated in terms of the measuring unit current at the end of the reporting period. As of 1Q20, the Bank began reporting results applying Hyperinflation Accounting, in accordance with IFRS IAS 29 as established by the Central Bank. For ease of comparison, figures of previous quarters of 2021 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through June 30, 2022.

Summary

• The Bank's net income totaled Ps.4.1 billion in 2Q22. This result was 41% lower than the Ps.7 billion posted in 1Q22 and 45% lower than the result registered in 2Q21. As of 2Q22, the accumulated annualized return on average equity ("ROAE") and the accumulated annualized return on average assets ("ROAA") were 7.1% and 1.7%, respectively.

• In 2Q22 Net Operating Income (before G&A and personnel expenses) totaled Ps.81.3 billion, 8% or Ps.6 billion higher than in 1Q22 and 26% or Ps.16.6 billion higher than the same period of last year.

• In 2Q22 Operating Income (after G&A and personnel expenses) totaled Ps.44.5 billion, 4% or Ps.1.6 billion higher than in 1Q22 and 39% or Ps.12.6 billion higher than the same period of last year.

• In 2Q22, Banco Macro's financing to the private sector increased 2% or Ps.9.9 billion quarter over quarter ("QoQ") totaling Ps.446 billion and increased 2% or Ps.6.9 billion year over year ("YoY").

• In 2Q22, Banco Macro's total deposits increased 8% or Ps.63.4 billion QoQ, totaling Ps.858.2 billion and representing 83% of the Bank's total liabilities. Private sector deposits increased 10% or Ps.72.1 billion YoY.

• Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.284.3 billion, 40.5% regulatory capital ratio - Basel III and 35.9% Tier 1 Ratio. In addition, the Bank's liquid assets remained at an adequate level, reaching 90% of its total deposits in 2Q22.

• In 2Q22, the Bank's non-performing to total financing ratio was 1.25% and the coverage ratio reached 159.71%.

2Q22 Earnings Release Conference CallIR Contacts in Buenos Aires:
Thursday, August 25, 2022 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 08/25/2022 through 09/08/2022
Conference ID: Banco Macro Visit our website at:
Webcast: click here www.macro.com.ar/relaciones-inversores

2

2Q22 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

2Q22 Earnings Release

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

Results

Earnings per outstanding share were Ps.6.5 in 2Q22, 41% lower than in 1Q22 and 45% lower than the result posted a year ago.

EARNINGS PER SHARE MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Net income -Parent Company- (M $) 7,572 11,035 14,341 7,047 4,145 -41 % -45 %
Average # of shares outstanding (M) 639 639 639 639 639 0 % 0 %
Average #of treasury stocks (shares repurchased) (M) 0 0 0 - - - -100 %
Book value per avg. Outstanding share ($) 468 486 508 518 531 3 % 13 %
Shares Outstanding (M) 639 639 639 639 639 0 % 0 %
Earnings per avg. outstanding share ($) 11.85 17.27 22.44 11.03 6.50 -41 % -45 %
EOP FX (Pesos per USD) 95.7267 98.7350 102.7500 110.9783 125.2150 13 % 31 %
Book value per avg. issued ADS (USD) 48.89 49.22 49.44 46.68 42.41 -9 % -13 %
Earnings per avg. outstanding ADS (USD) 1.24 1.75 2.18 0.99 0.52 -48 % -58 %

Banco Macro's 2Q22 net income of Ps.4.1 billion was 41% or Ps.2.9 billion lower than the previous quarter and 45% or Ps.3.4 billion lower YoY. This result represented an accumulated annualized ROAE and ROAA of 7.1% and 1.7% respectively.

Net operating income (before G&A and personnel expenses) was Ps.81.3 billion in 2Q22, 8% or Ps.6 billion higher compared to 1Q22 due to higher net interest income as well as income from financial instruments at fair value through P&L, higher fx gains and lower loan loss provisions. On a yearly basis Net operating income increased 26% or Ps.16.6 billion.

In 2Q22 Provision for loan losses totaled Ps.772 million, decreasing 12% or Ps.102 million compared to the previous quarter. On a yearly basis, Provision for loan losses increased 122% or Ps.424 million.

Operating income (after G&A and personnel expenses) was Ps.44.5 billion in 2Q22, 4% or Ps.1.6 billion higher than in 1Q22 and 39% or Ps.12.6 billion higher than a year ago.

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

4

2Q22 Earnings Release
INCOME STATEMENT MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Net Interest Income 41,787 44,637 48,578 49,163 53,118 8 % 27 %
Net fee income 11,092 11,742 11,927 11,983 11,934 0 % 8 %
Net Interest Income + Net Fee Income 52,879 56,379 60,505 61,146 65,052 6 % 23 %
Net Income from financial instruments at fair value through P&L 8,661 5,187 4,823 7,564 7,744 2 % -11 %
Income from assets at amortized cost 100 0 123 0 0 0 % -100 %
Differences in quoted prices of gold and foreign currency 1,049 888 2,178 3,620 5,379 49 % 413 %
Other operating income 2,311 2,646 2,701 3,826 3,880 1 % 68 %
Provision for loan losses 348 318 2,672 874 772 -12 % 122 %
Net Operating Income 64,652 64,782 67,658 75,282 81,283 8 % 26 %
Employee benefits 13,766 13,540 13,244 11,509 15,149 32 % 10 %
Administrative expenses 6,373 6,741 8,028 6,468 6,826 6 % 7 %
Depreciation and impairment of assets 2,352 2,487 2,520 2,571 2,642 3 % 12 %
Other operating expenses 10,279 11,317 13,398 11,876 12,212 3 % 19 %
Operating Income 31,882 30,697 30,468 42,858 44,454 4 % 39 %
Result from associates & joint ventures 31 -2 48 -42 -40 - -
Result from net monetary postion -22,231 -19,232 -20,665 -33,921 -38,197 13 % 72 %
Result before taxes from continuing operations 9,682 11,463 9,851 8,895 6,217 -30 % -36 %
Income tax 2,110 428 -4,490 1,848 2,072 12 % -2 %
Net income from continuing operations 7,572 11,035 14,341 7,047 4,145 -41 % -45 %
- -
Net Income of the period 7,572 11,035 14,341 7,047 4,145 -41 % -45 %
Net income of the period attributable to parent company 7,572 11,035 14,341 7,061 4,148 -41 % -45 %
Net income of the period attributable to minority interest - - - -14 -3 - -
Other Comprehensive Income 349 85 94 -701 -3,144 - -
Foreign currency translation differences in financial statements conversion -328 -277 -262 -303 -155 - -
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a) 677 362 356 -398 -2,989 651 % -542 %
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 7,920 11,120 14,435 6,346 1,001 -84 % -87 %
Total Comprehensive Income attributable to parent Company 7,920 11,120 14,435 6,360 1,004 -84 % -87 %
Total Comprehensive Income attributable to non-controlling interests - - - -14 -3 - -

The Bank's 2Q22 net interest income totaled Ps.53.1 billion, 8% or Ps.4 billion higher than in 1Q22 and 27% or Ps.11.3 billion higher YoY.

In 2Q22 interest income totaled Ps.96 billion, 19% or Ps.15.3 billion higher than in 1Q22 and 32% or Ps. 23.5 billion higher than in 2Q21.

Income from interest on loans and other financing totaled Ps.41.7 billion, 5% or Ps.2 billion higher compared to the previous quarter, due to a 350 b.p increase in the average lending rates. On a yearly basis, Income from interest on loans increased 10% or Ps.3.7 billion.

In 2Q22 income from government and private securities increased 32% or Ps.13.1 billion QoQ and increased 66% or Ps.21.3 billion compared with the same period of last year. This result is explained 60% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 40% is explained by income from sovereign bonds in pesos at amortized cost.

5

2Q22 Earnings Release

In 2Q22, income from Repos totaled Ps.699 million, 38% or Ps.192 million higher than the previous quarter and 69% or Ps.1.6 billion lower than a year ago.

In 2Q22 FX income totaled Ps.5.4 billion, 49% or Ps.1.8 billion higher than the previous quarter and Ps.4.3 billion higher than a year ago, due to the Bank's long dollar position, and a 13% depreciation in the quarter of the Argentine peso against the US dollar.

FX INCOME MACRO Consolidated Variation
In MILLION $ (Measuring Unit Current at EOP) 2Q21 1Q22 2Q22 QoQ YoY
(1) Differences in quoted prices of gold and foreign currency 1,049 3,619 5,379 49 % 413 %
Translation of FX assets and liabilities to Pesos 942 3,326 5,231 57 % 455 %
Income from foreign currency exchange 107 293 148 -49 % 39 %
(2) Net Income from financial assets and liabilities at fair value through P&L - - 7 - -
Income from investment in derivative financing instruments - - 7.00 - -
(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency 1,049 3,619 5,386 49 % 413 %
INTEREST INCOME MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Interest on Cash and due from Banks 5 4 4 3 16 433 % 220 %
Interest from government securities 32,307 34,108 34,829 40,532 53,648 32 % 66 %
Interest from private securities 107 66 53 29 22 -24 % -79 %
Interest on loans and other financing
To the financial sector 217 208 189 108 78 -28 % -64 %
To the public non financial sector 669 540 423 324 257 -21 % -62 %
Interest on overdrafts 2,387 2,721 2,796 2,972 3,849 30 % 61 %
Interest on documents 2,689 3,474 4,081 3,579 3,712 4 % 38 %
Interest on mortgages loans 5,568 4,500 5,184 5,483 7,026 28 % 26 %
Interest on pledged loans 239 384 624 608 548 -10 % 129 %
Interest on personal loans 16,230 15,922 16,566 16,192 15,844 -2 % -2 %
Interest on credit cards loans 4,723 4,823 5,571 5,960 6,396 7 % 35 %
Interest on financial leases 26 0 51 54 46 -15 % 77 %
Interest on other loans 5,170 4,828 4,783 4,409 3,905 -11 % -24 %
Interest on Repos
From the BCRA 2,202 3,280 2,287 466 576 24 % -74 %
Other financial institutions 26 8 11 41 123 200 % 373 %
Total Interest income 72,565 74,866 77,452 80,760 96,046 19 % 32 %
Income from Interest on loans 37,918 37,400 40,268 39,689 41,661 5 % 10 %

The Bank's 2Q22 interest expense totaled Ps.42.9 billion, increasing 36% or Ps.11.3 billion compared to the previous quarter and 39% or Ps.12.2 billion higher compared to 2Q21.

In 2Q22, interest on deposits represented 95% of the Bank's total interest expense, increasing 35% or Ps.10.7 billion QoQ, due to a 650 b.p. increase in the average rate paid on deposits while the average volume of deposits from the private sector increased 5%. On a yearly basis, interest on deposits increased 40% or Ps.11.7 billion.

6

2Q22 Earnings Release
INTEREST EXPENSE MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Deposits
Interest on checking accounts 129 147 193 505 1,323 162 % 926 %
Interest on saving accounts 460 390 415 461 672 46 % 46 %
Interest on time deposits 28,639 28,271 26,982 29,268 38,919 33 % 36 %
Interest on other financing from BCRA and financial inst. 71 35 28 52 72 38 % 1 %
Repos
Other financial institutions 110 110 82 255 319 25 % 190 %
Interest on corporate bonds 217 165 151 131 50 -62 % -77 %
Interest on subordinated bonds 1,146 1,100 963 852 807 -5 % -30 %
Interest on other financial liabilities 6 11 60 73 766 949 % 12667 %
Total financial expense 30,778 30,229 28,874 31,597 42,928 36 % 39 %
Expenses from interest on deposits 29,228 28,808 27,590 30,234 40,914 35 % 40 %

In 2Q22, the Bank's net interest margin (including FX) was 24.5%, higher than the 22.8% posted in 1Q22 and the 18.8% posted in 2Q21.

In 2Q22, Net Interest Margin (excluding FX) was 22.2%, higher than the 21.2% posted in 1Q22 and the 18.3% posted in 2Q21.

In 2Q22 Net Interest Margin (Pesos) was 24.8%, higher than the 23.6% posted in 1Q22 and the 20.7% posted in 2Q21; meanwhile Net Interest Margin (USD) was 3.5%, lower than the 4.1% posted in 1Q22 and higher than the 3.4% registered in 2Q21.

ASSETS & LIABILITIES PERFORMANCE (AR$) MACRO Consolidated
In MILLION $ 2Q21 3Q21 4Q21 1Q22 2Q22
(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 5,541 3.1 % 48.4 % 4,685 6.5 % 45.7 % 3,964 1.3 % 42.3 % 2,921 -12.2 % 45.0 % 2,303 -14.5 % 44.8 %
Financial Sector 2,651 -7.7 % 32.8 % 2,318 -0.9 % 35.6 % 2,290 -5.6 % 32.7 % 1,304 -19.1 % 33.6 % 900 -20.7 % 34.3 %
Private Sector 399,841 -6.3 % 34.9 % 404,200 -2.2 % 33.8 % 432,253 -4.4 % 34.3 % 417,899 -17.5 % 36.2 % 399,773 -17.5 % 39.7 %
Other debt securities
Central Bank Securities (Leliqs) 206,687 -4.5 % 37.5 % 193,632 0.5 % 37.5 % 185,095 -2.1 % 37.6 % 224,268 -15.1 % 40.3 % 261,635 -10.7 % 51.2 %
Government & Private Securities 150,536 -6.3 % 34.8 % 187,052 -2.4 % 33.6 % 167,408 0.3 % 40.9 % 170,254 -13.2 % 43.3 % 171,202 -13.0 % 47.4 %
Repos 24,720 -5.4 % 36.2 % 35,907 -0.4 % 36.3 % 25,212 -3.1 % 36.2 % 5,960 -18.6 % 34.5 % 7,422 -18.7 % 37.8 %
Total interest-earning assets 789,976 -5.7 % 35.7 % 827,794 -1.5 % 34.8 % 816,222 -2.9 % 36.5 % 822,606 -16.0 % 38.8 % 843,235 -14.5 % 44.8 %
Fin. Assets through P&L and equity inv. 82,992 -1.4 % 41.9 % 54,648 0.6 % 37.7 % 42,263 3.4 % 45.3 % 44,103 2.7 % 69.6 % 53,856 -6.9 % 57.7 %
Other Non interest-earning assets 93,978 98,679 97,690 99,957 94,115
Total Non interest-earning assets 176,970 153,327 139,953 144,060 147,971
Total Average Assets 966,946 981,121 956,175 966,666 991,206
Interest-bearing liabilities
Deposits
Public Sector 40,626 -11.1 % 28.0 % 32,313 -6.4 % 28.1 % 27,078 -9.1 % 27.7 % 29,247 -21.4 % 29.8 % 43,481 -20.9 % 34.0 %
Private Sector 428,502 -13.4 % 24.7 % 438,431 -9.4 % 24.0 % 430,985 -12.0 % 23.6 % 441,812 -23.8 % 25.8 % 462,735 -21.9 % 32.3 %
BCRA and other financial institutions 1,109 -12.5 % 26.0 % 570 -8.1 % 25.8 % 422 -11.5 % 24.4 % 660 -20.1 % 32.0 % 760 -18.5 % 38.0 %
Corporate bonds 4,544 -17.2 % 19.2 % 3,609 -13.7 % 18.1 % 4,269 -18.9 % 14.0 % 3,768 -30.9 % 14.1 % 1,418 -32.6 % 14.1 %
Repos 1,469 -9.7 % 30.0 % 1,781 -9.0 % 24.5 % 1,124 -8.3 % 28.9 % 3,286 -20.4 % 31.5 % 3,667 -20.4 % 34.9 %
Other financial liabilities 0 0 0 996 -0.26 0.012 2989 -0.236 0.074 2971 -0.336 0.097 3484 0.103 0.868
Total int.-bearing liabilities 476,250 -13.2 % 24.9 % 477,700 -9.2 % 24.2 % 466,867 -12.0 % 23.7 % 481,744 -23.8 % 25.9 % 515,545 -21.6 % 32.8 %
Total non int.-bearing liabilities 301,090 304,231 314,726 298,058 281,875
Total Average Liabilities 777,340 781,931 781,593 779,802 797,420
Assets Performance 70,324 72,562 75,065 78,695 94,214
Liabilities Performance 29,589 29,096 27,890 30,733 42,099
Net Interest Income 40,735 43,466 47,175 47,962 52,115
Total interest-earning assets 789,976 827,794 816,222 822,606 843,235
Net Interest Margin (NIM) 20.7 % 20.8 % 22.9 % 23.6 % 24.8 %

7

2Q22 Earnings Release
ASSETS & LIABILITIES PERFORMANCE USD MACRO Consolidated
In MILLION $ 2Q21 3Q21 4Q21 1Q22 2Q22
(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 80,048 -19.2 % 0.0 % 75,636 -17.8 % 0.0 % 67,872 -17.3 % 0.0 % 57,035 -19.8 % 0.0 % 55,428 -10.5 % 0.1 %
Loans & Other Financing
Financial Sector 12 0.0 % 0.0 % 0 0.0 % 0.0 % 0 0.0 % 0.0 % 0 0.0 % 0.0 % 34 0.0 % 11.8 %
Private Sector 38,937 -0.8 % 22.7 % 31,229 5.7 % 28.6 % 26,107 11.3 % 34.6 % 20,115 12.1 % 39.8 % 19,821 21.1 % 35.5 %
Other debt securities
Government & Private Securities 6,005 -17.5 % 2.1 % 11,775 -16.4 % 1.7 % 40,307 -16.5 % 1.0 % 40,728 -19.1 % 0.9 % 40,026 -10.1 % 0.6 %
Total interest-earning assets 125,002 -13.4 % 7.2 % 118,640 -11.5 % 7.7 % 134,286 -11.5 % 7.1 % 117,878 -14.1 % 7.1 % 115,309 -4.9 % 6.4 %
Non interest-earning assets 204,066 211,458 206,012 200,643 196,451
Total Average Assets 329,068 330,098 340,298 318,521 311,760
Interest-bearing liabilities
Deposits
Public Sector 4,131 -19.0 % 0.2 % 4,014 -17.7 % 0.1 % 5,889 -17.3 % 0.1 % 6,605 -19.7 % 0.1 % 4,072 -10.5 % 0.1 %
Private Sector 95,951 -19.0 % 0.2 % 92,664 -17.7 % 0.1 % 82,704 -17.3 % 0.1 % 74,958 -19.8 % 0.0 % 70,934 -10.5 % 0.1 %
BCRA and other financial institutions 971 -17.5 % 2.1 % 759 -15.3 % 3.1 % 556 -13.8 % 4.3 % 343 -17.9 % 2.4 % 544 -2.7 % 8.8 %
Issued corporate bonds 0 0.0 % 0.0 % 0 0.0 % 0.0 % 0 0.0 % 0.0 % 0 0.0 % 0.0 % 1,304 0.0 % 0.0 %
Subordinated bonds 65,060 -13.4 % 7.1 % 61,870 -12.0 % 7.1 % 57,944 -11.9 % 6.6 % 54,428 -14.7 % 6.3 % 50,643 -4.9 % 6.4 %
Total int.-bearing liabilities 166,113 -16.8 % 2.9 % 159,307 -15.5 % 2.8 % 147,093 -15.1 % 2.7 % 136,334 -17.7 % 2.6 % 127,497 -8.3 % 2.6 %
Total non int.-bearing liabilities 57,903 70,867 60,235 53,709 53,907
Total Average liabilities 224,016 230,174 207,328 190,043 181,404
Assets Performance 2,241 2,304 2,387 2,065 1,832
Liabilities Performance 1,189 1,133 984 864 829
Net Interest Income 1,052 1,171 1,403 1,201 1,003
Total interest-earning assets 125,002 118,640 134,286 117,878 115,309
Net Interest Margin (NIM) 3.4 % 3.9 % 4.1 % 4.1 % 3.5 %

In 2Q22 Banco Macro's net fee income totaled Ps.11.9 billion, Ps.49 million lower than in 1Q22 but 8% or Ps.842 million higher than the same period of last year.

In the quarter, fee income totaled Ps.13.2 billion, Ps.14 million higher than in 1Q22. Corporate services fees, Financial agent fees and credit related fees stand out with a 6% (Ps.97 million), 11% (Ps.77 million) and 19% (Ps.54 million) increase respectively, which were partially offset by a 3% decrease in fees charged on deposit accounts and a 2% decrease in credit card fees. On a yearly basis, fee income increased 8% or Ps.1 billion.

In the quarter, total fee expense increased 5% or Ps.63 million. On a yearly basis, fee expenses increased 17% or Ps.192 million.

NET FEE INCOME MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Fees charged on deposit accounts 4,892 5,076 4,914 5,058 4,924 -3 % 1 %
Credit card fees 2,071 2,306 2,398 2,432 2,376 -2 % 15 %
Corporate services fees 1,291 1,485 1,586 1,672 1,769 6 % 37 %
ATM transactions fees 1,097 1,198 1,217 1,144 1,167 2 % 6 %
Insurance fees 769 752 806 766 788 3 % 2 %
Debit card fees 772 833 899 882 856 -3 % 11 %
Financial agent fees (Provinces) 716 714 740 682 759 11 % 6 %
Credit related fees 312 274 338 278 332 19 % 6 %
Mutual funds & securities fees 212 292 294 251 206 -18 % -3 %
AFIP & Collection services 52 58 58 42 43 2 % -17 %
ANSES fees 19 17 18 16 17 6 % -11 %
Total fee income 12,203 13,005 13,268 13,223 13,237 0 % 8 %
Total fee expense 1,111 1,263 1,341 1,240 1,303 5 % 17 %
Net fee income 11,092 11,742 11,927 11,983 11,934 0 % 8 %

In 2Q22 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.7.4 billion gain, 2% or Ps.180 million higher than the previous quarter. This increase is mostly related to higher income from government securities, which increased 76% or Ps.1.3 billion which was partially offset by an 88% or Ps.1 billion decrease in profit from sale of financial assets at fair value. On a yearly basis Net income from financial assets and liabilities at fair value through profit or loss decreased 11% or Ps.917 million.

8

2Q22 Earnings Release
NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES
AT FAIR VALUE THROUGH PROFIT OR LOSS 		MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Profit or loss from government securities 7,936 4,018 3,738 1,645 2,895 76 % -64 %
Profit or loss from private securities 727 731 -62 181 4,081 2155 % 461 %
Profit or loss from investment in derivative financing instruments 0 0 0 0 7 - -
Profit or loss from other financial assets -5 -2 -1 76 349 359 % -
Profit or loss from investment in equity instruments -31 -75 798 4,482 265 -94 % -
Profit or loss from the sale of financial assets at fair value 43 622 362 1,180 147 -88 % 242 %
Income from financial assets at fair value through profit or loss 8,670 5,294 4,835 7,564 7,744 2 % -11 %
Profit or loss from derivative financing instruments -9 -107 -12 0 0 - -
Income from financial liabilities at fair value through profit or loss -9 -107 -12 0 0 - -
NET INCOME FROM FINANCIAL ASSETS AT FAIR
VALUE THROUGH PROFIT OR LOSS 		8,661 5,187 4,823 7,564 7,744 2 % -11 %

In the quarter Other Operating Income totaled Ps.3.9 billion, 1% or Ps.54 million higher than in 1Q22. On a yearly basis Other Operating Income increased 68% or Ps.1.6 billion.

OTHER OPERATING INCOME MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Credit and debit cards 108 132 192 213 228 7 % 111 %
Lease of safe deposit boxes 403 411 405 404 380 -6 % -6 %
Other service related fees 818 1,161 985 960 902 -6 % 10 %
Other adjustments and interest
from other receivables 		680 416 407 441 687 56 % 1 %
Initial recognition of loans -5 0 0 500 -418 - -
Sale of property, plant and equipment 0 0 3 0 0 - -
Others 307 526 656 1,293 2,098 62 % 583 %
Other Operating Income 2,311 2,646 2,701 3,826 3,880 1 % 68 %

In 2Q22 Banco Macro's administrative expenses plus employee benefits totaled Ps.22 billion, increasing 22% or Ps.4 billion compared to the previous quarter, personnel expenses increased 32% while administrative expenses increased 6%. On a yearly basis administrative expenses plus employee benefits increased 9% or Ps.1.8 billion.

Employee benefits increased 32% or Ps.3.6 billion QoQ with higher remunerations and social security contributions due to salary increases agreed with the unions. On a yearly basis Employee benefits increased 10% or Ps.1.4 billion.

In 2Q22, administrative expenses increased 6% or Ps.358 million, due to higher advertising and publicity fees (88% increase) and higher Taxes (13% increase).

As of 2Q22, the efficiency ratio reached 31.3%, deteriorating from the 29.6 % posted in 1Q22 but better than the 37% posted a year ago. In 2Q22 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) increased 20%, 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 7% compared to 1Q22.

9

2Q22 Earnings Release
PERSONNEL & ADMINISTRATIVE EXPENSES MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Employee benefits 13,766 13,540 13,244 11,509 15,149 32 % 10 %
Remunerations 9,969 9,483 9,180 7,824 10,631 36 % 7 %
Social Security Contributions 2,285 2,189 2,187 1,804 2,502 39 % 9 %
Compensation and bonuses 1,210 1,489 1,364 1,437 1,496 4 % 24 %
Employee services 302 379 513 444 520 17 % 72 %
Administrative Expenses 6,373 6,741 8,028 6,468 6,826 6 % 7 %
Taxes 982 1,012 1,009 1,012 1,146 13 % 17 %
Maintenance, conservation fees 1,085 1,161 1,211 1,044 1,071 3 % -1 %
Directors & statutory auditors fees 167 182 525 324 221 -32 % 32 %
Security services 683 703 705 671 647 -4 % -5 %
Electricity & Communications 708 678 657 639 599 -6 % -15 %
Other professional fees 634 549 674 597 612 3 % -3 %
Rental agreements 31 31 40 33 33 0 % 6 %
Advertising & publicity 279 330 475 298 560 88 % 101 %
Personnel allowances 67 74 135 78 105 35 % 57 %
Stationary & Office Supplies 42 45 49 45 47 4 % 12 %
Insurance 90 111 86 78 69 -12 % -23 %
Hired administrative services 39 45 56 45 41 - 5 %
Other 1,566 1,820 2,406 1,604 1,675 4 % 7 %
Total Administrative Expenses 20,139 20,281 21,272 17,977 21,975 22 % 9 %
Total Employees 8,318 8,167 8,005 7,982 7,925
Branches 464 464 466 466 466
Efficiency ratio 38.4 % 38.8 % 37.4 % 29.6 % 32.8 %
Accumulated efficiency ratio 37.0 % 37.6 % 37.5 % 29.6 % 31.3 %

In 2Q22, Other Operating Expenses totaled Ps.12.2 billion, increasing 3% or Ps.336 million QoQ, due to higher Turnover tax and other operating expenses (2% and 8% increases respectively). On a yearly basis Other Operating Expenses increased 19% or Ps.1.9 billion.

OTHER OPERATING EXPENSES MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Turnover Tax 5,927 6,023 6,287 6,511 6,632 2 % 12 %
Other provision charges 295 502 688 502 529 5 % 79 %
Deposit Guarantee Fund Contributions 341 337 331 322 323 0 % -5 %
Donations 2 10 27 147 13 -91 % 550 %
Insurance claims 23 29 51 63 58 -8 % 152 %
Initial loan recognition 98 176 1,091 0 0 100 % -
Others 3,593 4,240 4,923 4,331 4,657 8 % 30 %
Other Operating Expenses 10,279 11,317 13,398 11,876 12,212 3 % 19 %

In 2Q22 the result from the net monetary position totaled a Ps.38.2 billion loss, 13% or Ps.4.3 billion higher than the loss posted in 1Q22 and 72% or Ps.16 billion higher than the loss registered in 2Q21. Higher inflation was observed during the quarter (123 b.p. above 1Q22 level, up from 16.07% to 17.3%).

OPERATING RESULT MACRO consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Operating Result (exc. Loss from net monetary position) 31,882 30,697 30,468 42,858 44,454 4 % 39 %
Result from net monetary position (i.e. inflation adjustment) -22,231 -19,232 -20,665 -33,921 -38,197 13 % 72 %
Operating Result (Inc. Loss from net monetary position) 9,651 11,465 9,803 8,937 6,257 -30 % -35 %

In 2Q22 Banco Macro's effective income tax rate was 33%. For more information please see note 20 to our Financial Statements.

10

2Q22 Earnings Release

Financial Assets

Private sector financing

The volume of "core" financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.446 billion, increasing 2% or Ps.9.9 billion QoQ and 2% or Ps.6.9 billion YoY.

Within Commercial loans Overdrafts, Documents and Others stand out with a 29% or Ps.8.9 billion increase, 10% or Ps.4.5 billion increase and a 16% or Ps.5.5 billion increase respectively.

Meanwhile within Consumer lending Credit card loans increased 5% or Ps.6.2 billion while Personal loans decreased 6% or Ps.6.3 billion.

Within private sector financing, peso financing increased 1% or Ps.4.9 billion, while US dollar financing increased 12% or USD 21 million.

As of 2Q22, Banco Macro´s market share over private sector loans was 7.2%.

FINANCING TO THE PRIVATE SECTOR MACRO Consilidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Overdrafts 25,587 29,262 31,676 30,753 39,663 29 % 55 %
Discounted documents 44,598 56,035 53,998 43,448 47,926 10 % 7 %
Mortgage loans 24,014 26,495 29,974 25,697 20,545 -20 % -14 %
Pledged loans 6,240 9,098 9,975 8,747 8,094 -7 % 30 %
Personal loans 128,494 127,132 127,460 123,024 115,707 -6 % -10 %
Credit Card loans 114,905 118,392 129,294 126,988 133,151 5 % 16 %
Others 50,069 47,591 47,925 34,174 39,717 16 % -21 %
Interest 41,114 40,931 42,004 40,807 39,382 -3 % -4 %
Total loan portfolio 435,021 454,936 472,306 433,638 444,185 2 % 2 %
Total loans in Pesos 404,761 426,425 452,200 414,785 420,233 1 % 4 %
Total loans in USD 30,260 28,511 20,106 18,853 23,952 27 % -21 %
Financial trusts 688 522 723 783 454 -42 % -34 %
Leasing 262 274 651 631 637 1 % 143 %
Others 3,114 3,266 1,499 1,025 738 -28 % -76 %
Total other financing 4,064 4,062 2,873 2,439 1,829 -25 % -55 %
Total other financing in Pesos 2,214 2,385 2,058 1,738 1,150 -34 % -48 %
Total other financing in USD 1,850 1,677 815 701 679 -3 % -63 %
Total financing to the private sector 439,085 458,998 475,179 436,077 446,014 2 % 2 %
EOP FX (Pesos per USD) 95.7267 98.7350 102.7500 110.9783 125.2150 13 % 31 %
USD financing / Financing to the private sector 7 % 7 % 4 % 4 % 6 %

11

2Q22 Earnings Release

Public Sector Assets

In 2Q22, the Bank's public sector assets (excluding LELIQs and Central Bank Notes) to total assets ratio was 19%, lower than the 22.1% registered in the previous quarter, and the 21% posted in 2Q21.

In 2Q22, a 13% or Ps.32.6 billion increase in Leliqs and a 12% or Ps.35.4 billion decrease in Other Government Securities stand out.

PUBLIC SECTOR ASSETS MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Central Bank Notes - - - - 21,614
Leliqs 200,880 195,644 181,042 248,573 281,201 13 % 40 %
Other 273,740 233,301 242,399 293,789 258,439 -12 % -6 %
Government securities 474,620 428,945 423,441 542,362 561,254 3 % 18 %
Provincial loans 5,675 3,716 2,905 2,135 2,891 35 % -49 %
Loans 5,675 3,716 2,905 2,135 2,891 35 % -49 %
Purchase of government bonds 282 263 245 0 0 - -100 %
Other receivables 282 263 245 0 0 - -100 %
TOTAL PUBLIC SECTOR ASSETS 480,577 432,924 426,591 544,497 564,145 4 % 17 %
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ) 279,697 237,280 245,549 295,924 261,330 -12 % -7 %
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS 21.0 % 17.6 % 18.1 % 22.1 % 19.0 %

Funding

Deposits

Banco Macro's deposit base totaled Ps.858.2 billion in 2Q22, increasing 8% or Ps.63.4 billion QoQ and a 6% or Ps.50.9 billion increase YoY and representing 83% of the Bank's total liabilities.

On a quarterly basis, private sector deposits increased 10% or Ps.72.1 billion while public sector deposits decreased 9% or Ps.8.7 billion.

The increase in private sector deposits was led by time deposits, which increased 15% or Ps.49.8 billion, while demand deposits increased 6% or Ps.20.7 billion QoQ.

Within private sector deposits, peso deposits increased 9% or Ps.62.5 billion, while US dollar deposits decreased 11% or USD 115 million.

As of 2Q22, Banco Macro´s market share over private sector deposits was 5.9%.

12

2Q22 Earnings Release
DEPOSITS MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Public sector 84,622 80,924 76,793 92,498 83,778 -9 % -1 %
Financial sector 1,180 1,245 1,309 1,213 1,223 1 % 4 %
Private sector 721,499 731,352 723,630 701,062 773,150 10 % 7 %
Checking accounts 127,843 147,793 137,335 128,126 133,077 4 % 4 %
Savings accounts 236,416 220,118 250,452 220,214 235,991 7 % 0 %
Time deposits 337,290 344,810 317,844 336,487 386,257 15 % 15 %
Other 19,950 18,631 17,999 16,235 17,825 10 % -11 %
Total 807,301 813,521 801,732 794,773 858,151 8 % 6 %
Pesos 663,048 662,624 670,205 675,240 737,712 9 % 11 %
Foreign Currency (Pesos) 144,253 150,897 131,527 119,533 120,439 1 % -17 %
EOP FX (Pesos per USD) 95.7267 98.7350 102.7500 110.9783 125.2150 13 % 31 %
Foreign Currency (USD) 1,507 1,528 1,280 1,077 962 -11 % -36 %
USD Deposits / Total Deposits 18 % 19 % 16 % 15 % 14 %

Banco Macro's transactional deposits represent approximately 48% of its total deposit base as of 2Q22. These accounts are low cost and are not sensitive to interest rate increases.

Other sources of funds

In 2Q22, the total amount of other sources of funds increased 1% or Ps.3.5 billion compared to 1Q22. On a yearly basis other sources of funds increased 7% or Ps.26.1 billion. In 2Q22 Shareholder's Equity increased 2% or Ps.8.1 billion as a consequence of the Ps.31.8 billion increase in reserves and the Ps.24.6 decrease in retained earnings, which were partially offset by a Ps.3 billion decrease in subordinated corporate bonds. Also in the quarter non-subordinated corporate bonds decreased 48% or Ps.1.7 billion.

OTHER SOURCES OF FUNDS MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Central Bank of Argentina 40 33 29 26 33 27 % -18 %
Banks and international institutions 930 766 374 188 1,925 924 % 107 %
Financing received from Argentine financial institutions 193 94 193 2,141 419 -80 % 117 %
Subordinated corporate bonds 64,106 61,581 57,149 53,992 51,032 -5 % -20 %
Corporate bonds 3,987 3,809 4,072 3,632 1,905 -48 % -52 %
Shareholders' equity 299,260 310,381 324,816 331,176 339,320 2 % 13 %
Total other source of funds 368,516 376,664 386,633 391,155 394,634 1 % 7 %

13

2Q22 Earnings Release

Liquid Assets

In 2Q22, the Bank's liquid assets amounted to Ps.769.4 billion, showing a 4% or Ps.29.5 billion increase QoQ, and a 2% or Ps.18.6 billion increase on a yearly basis.

In 2Q22, Leliqs increased 19% or Ps.45.9 billion, Net Repos turned positive and totaled Ps.31 billion and were partially offset by a 12% decrease in Cash and a 12% decrease in Other government securities.

In 2Q22 Banco Macro's liquid assets to total deposits ratio reached 90%.

LIQUID ASSETS MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Cash 235,257 249,101 234,634 205,901 181,701 -12 % -23 %
Guarantees for compensating chambers 19,953 21,967 21,138 18,768 17,078 -9 % -14 %
Leliq own portfolio 200,880 195,644 181,042 235,321 281,201 19 % 40 %
Net Repos 20,951 30,943 42,760 -13,905 30,956 -323 % 48 %
Other government & private securities 273,740 233,301 242,399 293,789 258,439 -12 % -6 %
Total 750,781 730,956 721,973 739,874 769,375 4 % 2 %
Liquid assets to total deposits 93 % 90 % 90 % 93 % 90 %

Solvency

Banco Macro continued showing high solvency levels in 2Q22 with an integrated capital (RPC) of Ps.355.9 billion over a total capital requirement of Ps.71.7 billion. Banco Macro's excess capital in 2Q22 was 397% or Ps.284.3 billion.

The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 40.5% in 2Q22; TIER1 Ratio stood at 35.9%.

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

MINIMUM CAPITAL REQUIREMENT MACRO Consolidated Change
In MILLION $ 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Credit risk requirement 29,413 34,030 36,726 40,488 45,204 12 % 54 %
Market risk requirement 1,559 1,631 3,585 3,886 4,643 19 % 198 %
Operational risk requirement 14,252 15,691 17,438 19,206 21,817 14 % 53 %
Total capital requirements 45,224 51,352 57,749 63,581 71,664 13 % 58 %
Ordinary Capital Level 1 (COn1) 182,409 203,858 233,700 279,447 336,826 21 % 85 %
Deductible concepts Level 1 (COn1) -11,194 -12,411 -14,585 -16,866 -21,154 25 % 89 %
Capital Level 2 (COn2) 40,987 42,565 36,401 37,615 40,243 7 % -2 %
Integrated capital - RPC (i) 212,202 234,012 255,516 300,196 355,914 19 % 68 %
Excess capital 166,978 182,660 197,767 236,615 284,250 20 % 70 %
Risk-weighted assets - RWA (ii) 554,596 629,505 708,490 780,016 879,341 13 % 59 %
Regulatory Capital ratio [(i)/(ii)] 38.3 % 37.2 % 36.1 % 38.5 % 40.5 %
Ratio TIER 1 [Capital Level 1/RWA] 30.9 % 30.4 % 30.9 % 33.7 % 35.9 %

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

14

2Q22 Earnings Release

Asset Quality

In 2Q22, Banco Macro's non-performing to total financing ratio (under Central Bank rules) reached a level of 1.25%, improving from the 1.64% registered in 1Q22, and below the 1.68% posted in 2Q21.

Consumer portfolio non-performing loans decreased 11b.p. (down to 1.24% from 1.35%) while Commercial portfolio non-performing loans decreased 149b.p. in 2Q22 (down to 1.28% from 2.76%) mainly due to the normalization of a specific commercial SME client which showed signs of credit deterioration in the previous.

The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) reached to 159.71% in 2Q22. Write-offs over total loans totaled 0.12%.

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) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Commercial portfolio 119,923 124,044 118,657 95,162 97,750 3 % -18 %
Non-performing 1,336 703 1,180 2,631 1,248 -53 % -7 %
Consumer portfolio 348,369 359,426 380,081 357,108 367,383 3 % 5 %
Non-performing 6,540 7,358 5,306 4,808 4,564 -5 % -30 %
Total portfolio 468,292 483,470 498,737 452,270 465,133 3 % -1 %
Non-performing 7,876 8,061 6,485 7,439 5,812 -22 % -26 %
Commercial non-perfoming ratio 1.11 % 0.57 % 0.99 % 2.76 % 1.28 %
Consumer non-perfoming ratio 1.88 % 2.05 % 1.40 % 1.35 % 1.24 %
Total non-performing/ Total portfolio 1.68 % 1.67 % 1.30 % 1.64 % 1.25 %
Total allowances 16,769 14,179 13,593 12,138 9,282 -24 % -45 %
Coverage ratio w/allowances 212.91 % 175.90 % 209.61 % 163.17 % 159.71 %
Write Offs 180 1,683 781 664 551 -17 % 206 %
Write Offs/ Total portfolio 0.04 % 0.35 % 0.16 % 0.15 % 0.12 %

15

2Q22 Earnings Release

CER Exposure and Foreign Currency Position

CER EXPOSURE MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
CER adjustable ASSETS
Government Securities 162,207 112,375 133,347 195,741 186,797 -5 % 15 %
Loans (*) 37,398 36,491 35,633 33,356 33,085 -1 % -12 %
Private sector loans 11,718 10,515 9,522 8,064 7,006 -13 % -40 %
Mortgage loans (UVA adjusted) 25,666 25,957 26,094 25,267 26,055 3 % 2 %
Other loans 14 19 17 25 24 -4 % 71 %
Total CER adjustable assets 199,605 148,866 168,980 229,097 219,882 -4 % 10 %
CER adjustable LIABILITIES
Deposits (*) 13,242 12,681 10,535 12,082 16,240 34 % 23 %
UVA Unemployment fund 1,932 2,125 2,183 2,253 2,582 15 % 34 %
Total CER adjustable liabilities 15,174 14,806 12,718 14,335 18,822 31 % 24 %
NET CER EXPOSURE 184,431 134,060 156,262 214,762 201,060 -6 % 9 %

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

FOREIGN CURRENCY POSITION MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Cash and deposits in Banks 184,529 183,535 166,146 153,401 148,836 -3 % -19 %
Cash 13,578 17,491 12,093 20,734 13,721 -34 % 1 %
Central Bank of Argentina 97,688 94,908 100,868 77,608 80,258 3 % -18 %
Other financial institutions local and abroad 73,254 71,127 53,176 54,985 54,758 0 % -25 %
Others 9 9 9 74 99 34 % 1000 %
Net Income from financial instruments at fair value through P&L 1,260 1,390 1,680 2,526 4,879 93 % 287 %
Other financial assets 8,956 8,627 8,155 10,093 9,836 -3 % 10 %
Loans and other financing 32,059 30,138 20,879 19,510 24,590 26 % -23 %
Non financial private sector & foreign residents 32,059 30,138 20,879 19,510 24,590 26 % -23 %
Other debt securities 9,196 17,608 46,116 39,475 39,330 0 % 328 %
Guarantees received 3,171 3,129 3,127 2,924 2,640 -10 % -17 %
Investment in equity instruments 23 24 95 78 72 -8 % 213 %
Total Assets 239,194 244,451 246,198 228,007 230,183 1 % -4 %
Deposits 144,253 150,897 131,527 119,533 120,439 1 % -17 %
Non financial public sector 8,760 8,559 10,452 9,020 5,084 -44 % -42 %
Financial sector 1,081 1,097 1,036 1,028 989 -4 % -9 %
Non financial private sector & foreign residents 134,412 141,241 120,039 109,485 114,366 4 % -15 %
Financial liabiities at fair value through P&L 0 0 172 541 537 -1 % -
Other liabilities from financial intermediation 11,540 12,709 8,860 8,316 9,347 12 % -19 %
Financing from the Central Bank and other fin. Inst 1,000 770 377 188 1,930 927 % 93 %
Issued corporate bonds 0 0 0 0 1,905
Subordinated corporate bonds 64,106 61,581 57,149 53,992 51,032 -5 % -20 %
Other non financial liabilities 36 35 54 31 61 97 % 69 %
Total Liabilities 220,935 225,992 198,139 182,601 185,251 1 % -16 %
NET FX POSITION (Pesos) 18,259 18,459 48,059 45,406 44,932 -1 % 146 %
EOP FX (Pesos per USD) 95.7267 98.7350 102.7500 110.9783 125.2150 13 % 31 %
NET FX POSITION (USD) 191 187 468 409 359 -12 % 88 %

16

2Q22 Earnings Release

Relevant and Recent Events

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

On May 12th the Superintendencia de Entidades Financieras y Cambiarias of the Central Bank of the Republic of Argentina informed us that it has decided to authorize Banco Macro S.A. to distribute profits in cash and/or in kind (securities) for an aggregate amount of AR $19,751,444,343.74, which distribution shall be carried out in 12 monthly equal and consecutive instalments.

As of this date the Bank has paid

· On June 7, 2022 a cash dividend in the amount of Ps.9,875,722,171.88 (installments 1 through 6)
· On July 6, 2022 a cash dividend in the amount of Ps.1.645.953.695,31 (installment 7)
· On August 2, 2022 a cash dividend in the amount of Ps.1.645.953.695,31 (installment 8)
· Interest Payment Class E Dollar denominated Notes. In August 2022, the Bank paid quarterly interest on Class E dollar denominated notes in the amount of USD 62,131.5.
· Government Securities Exchange. On August 5, 2022 the Ministry of Economy launched a voluntary exchange that enabled LECER, LEPASE, LEDES and BONCER bondholders (with maturities in the next 90 days) to exchange their holdings for dual bonds (Dollar link and CER) with different maturities (June, July and September 2023). The following dual (Dollar link and CER) bonds were offered: (Dual bond with maturity in June 2023, Dual bond with maturity in July 2023, Dual bond, with maturity September 2023)

Regulatory Changes

· Monetary policy rate. In June 2022 through Communication "A" 7527 the Central Bank of Argentina modified the applicable percentage over Leliq rates for the determination of minimum time deposit rates: individuals which do not exceed the amount Ps.10 million: 101.92% (53% nominal annual), for all other depositors: 96.15% (50% nominal annual) effective as of June 21, 2022. Monetary policy rate (28 day Leliq) was established at 52% (300bp increase)
· Productive Investment Credit Lines for SMEs. In June 2022, the Central Bank of Argentina decided to increase maximum interest rates: from 35% to 42% for investment project financing and from 43% to 52.50% for working capital financing.
· Credit Cards. Interest rates. In June 2022, the Central Bank of Argentina decided to increase rates on credit cards financing (up to Ps.200,000) to 57%.
· Minimum reserve requirements. In June 2022 through Communication "A" 7536 the Central Bank of Argentina decreased the reserve requirement rate over time deposits (from 32% to 25% points on a residual term of up to 29 days, and from 22% to 14% for up to 59 days). It also revoked the reduction related to the location of branches and distance deposits. It enables non- Group A financial institutions to integrate the requirement with Bonte 27 bonds (except for sight deposits and unencumbered balances, which only apply for Group A institutions). It allows to integrate sight deposits with LELIQs (Group A: 4 percentage points, rest: 10 percentage points). It removes non-credit linked deductions: financial inclusion (TCUME, Echeq, ATM operability), ATM withdrawals continues to be considered until December 31, 2022. Removal of deduction top over financial inclusion loans (3% of concepts subject to requirement). It removes special requirement rates for Group C institutions.

17

2Q22 Earnings Release
· Minimum reserve requirement. Government Securities. In July 2022 through Communication "A" 7545 the Central Bank of Argentina established that the minimum duration of public securities required for reserve requirement is to be reduced from 120 to 90 days.
· Put option on Government Securities. In July 2022, through Communication "A" 7544 the Central Bank of Argentina announced that it will be enabled to organize public biddings of put options over Treasury bonds issued as of July 2022 (and which mature before December 31, 2023). Contracts can be exercised any time until its maturity, which will be 15 days prior to the maturity of the collateral. Also, the Central Bank will continue to participate in the secondary market to reduce volatility of Treasury instruments, and for debt instruments issued as of July 2022, with bid positions with prices similar to primary market value and a maximum spread of 2%.
· Interest rate corridor. On July 14, 2022 the Central Bank of Argentina decided to establish an interest rate corridor composed by the short term Treasury Note rate, the monetary policy rate represented by the 28-day Leliq and the 1-day Repo rate. The Central Bank Repo rate will be the lower limit and the Treasury note rate, the upper limit.
· Issuance of Internal Argentine Republic Central Bank Notes in USD. In July 2022, through Communication "A" 7557 the Central Bank of Argentina decided to issue Internal Argentine Republic Central Bank Notes in USD with Argentine peso settlement at the Com. "A" 3500 FX rate (LEDIV) at zero rate. Financial institutions with deposit portfolios at floating rates linked to the wholesale U.S. Dollar FX, will be able to bid in the primary market. The maximum position will be determined by the amount of deposits. At subscribers' request, the BCRA will recall the LEDIVs as of 48 hours from its issuance, enabling the bidder to request an anticipated call of part or the total position before their maturity.
· Minimum time deposit rate. Productive investment financing to SMEs. Minimum reserve requirement. Credit card rate financing. On July 28, 2022 through Communication "A" 7561 the Central Bank of Argentina raised the applicable percentages over Leliq rates for the determination of minimum time deposit rates time deposits made by individuals which do not exceed the amount of $10 million: 101.67% (61% nominal annual), deposits not included in the previous item: 90% (54% nominal annual), available for time deposits granted as of July 29, 2022. Regarding Productive Investment Credit Lines for SMEs, for financing granted as of July 29, 2022, maximum rates were increased: from 42% to 50% to investment project financing, and from 52.50% to 58% for working capital and discounted instruments financing. Reserve requirement deduction for these financings is now 40.00%.

Lastly, as of August 2022, interest rates for credit card financing (up to $200,000) rises from 57% to 62%.On the same date, it increased the monetary policy rate 28-day Leliq from 52% to 60%.

· Minimum time deposit rate. Productive investment financing to SMEs. Minimum reserve requirement. Credit card rate financing. On August 12 through Communication "A" 7577 the Central Bank of Argentina raised the applicable percentages over Leliq rates for the determination of minimum time deposit rates ftime deposits made by individuals which do not exceed the amount of $10 million: 100% (69.50% nominal annual), deposits not included in the previous item: 87.70% (61% nominal annual), available for time deposits granted as of August 29, 2022.

Regarding Productive Investment Credit Lines for SMEs, for financing granted as of August 29, 2022, maximum rates were increased: from 50% to 59%to investment project financing, and from 58% to 69% for working capital and discounted instruments financing. Reserve requirement deduction for these financings is now 40.00%. Lastly, as of September 2022, interest rates for credit card financing (up to $200,000) rises from 62% to 71.50%.On the same date, it increased the monetary policy rate (28-day Leliq) from 60% to 69.50%

18

2Q22 Earnings Release
QUARTERLY BALANCE SHEET MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
ASSETS
Cash and deposits in Banks 235,257 249,101 234,634 205,901 181,701 -12 % -23 %
Cash 35,046 37,451 36,250 37,660 29,020 -23 % -17 %
Central Bank of Argentina 126,941 140,478 145,194 113,168 97,812 -14 % -23 %
Other local & foreign entities 73,260 71,162 53,182 54,999 54,769 0 % -25 %
Other 10 10 8 74 100 35 % 900 %
Debt securities at fair value through profit & loss 101,575 31,875 44,122 37,822 98,378 160 % -3 %
Derivatives 6 1 2 0 10 - -
Repo Transactions 21,402 33,659 42,760 0 31,299 - 46 %
Other financial assets 25,253 32,155 47,844 29,261 28,051 -4 % 11 %
Loans & other receivables 446,928 465,049 479,747 438,578 449,535 2 % 1 %
Non Financial Public Sector 5,992 4,018 3,235 2,452 3,242 32 % -46 %
Financial Sector 2,539 2,555 2,056 832 733 -12 % -71 %
Non Financial private sector and foreign 438,397 458,476 474,456 435,294 445,560 2 % 2 %
Other debt securities 380,648 413,894 389,367 496,079 470,264 -5 % 24 %
Financial assets in guarantee 23,683 28,288 24,459 37,593 20,466 -46 % -14 %
Income tax assets 0 0 740 231 1,272
Investments in equity instruments 3,422 3,129 2,967 559 585 5 % -83 %
Investments in other companies (subsidiaries and joint ventures) 630 590 666 765 688 -10 % 9 %
Property, plant and equipment 71,123 72,254 71,987 71,451 71,362 0 % 0 %
Intangible assets 10,901 11,318 11,443 11,399 12,083 6 % 11 %
Deferred income tax assets 115 51 65 50 99 98 % -14 %
Other non financial assets 4,150 3,309 3,175 3,901 5,932 52 % 43 %
Non-current assets held for sale 4,631 4,490 4,413 4,396 4,392 0 % -5 %
TOTAL ASSETS 1,329,724 1,349,163 1,358,391 1,337,986 1,376,117 3 % 3 %
LIABILITIES
Deposits 807,301 813,521 801,732 794,773 858,151 8 % 6 %
Non Financial Public Sector 84,622 80,924 76,793 92,498 83,778 -9 % -1 %
Financial Sector 1,180 1,245 1,309 1,213 1,223 1 % 4 %
Non Financial private sector and foreign 721,499 731,352 723,630 701,062 773,150 10 % 7 %
Liabilities at fair value through profit & loss 19 3,331 2,216 541 540 0 % 2742 %
Derivatives 3 4 3 9 1 - 0 %
Repo Transactions 452 2,716 - 13,905 343 - -86 %
Other financial liabilities 66,192 69,938 92,495 70,074 71,631 2 % 8 %
Financing received from Central Bank and Other Financial Institutions 1,163 893 596 2,356 2,377 1 % 104 %
Issued Corporate Bonds 3,987 3,809 4,072 3,632 1,905 -48 % -52 %
Current income tax liabilities 2,599 3,650 478 650 641 -1 % -75 %
Subordinated corporate bonds 64,106 61,581 57,149 53,992 51,032 -5 % -20 %
Provisions 1,580 2,056 2,235 2,348 2,345 0 % 48 %
Deferred income tax liabilities 14,852 11,723 7,750 8,868 9,562 8 % -36 %
Other non financial liabilities 68,206 65,556 64,797 55,624 38,234 -31 % -44 %
TOTAL LIABILITIES 1,030,460 1,038,778 1,033,523 1,006,772 1,036,762 3 % 1 %
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 117,188 117,188 117,188 117,188 117,188 0 % 0 %
Reserves 165,869 165,869 165,869 165,869 197,696 19 % 19 %
Retained earnings -12,145 -12,145 -12,145 24,783 95 - -
Other accumulated comprehensive income 3,728 3,814 3,907 3,206 63 -98 % -98 %
Net income for the period / fiscal year 11,551 22,586 36,928 7,061 11,209 59 % -3 %
Shareholders' Equity attributable to parent company 299,260 310,381 324,816 331,176 339,320 2 % 13 %
Shareholders' Equity attributable to non controlling interest 4 4 52 38 35 -8 % 775 %
TOTAL SHAREHOLDERS' EQUITY 299,264 310,385 324,868 331,214 339,355 2 % 13 %

19

2Q22 Earnings Release
INCOME STATEMENT MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 2Q21 3Q21 4Q21 1Q22 2Q22 QoQ YoY
Interest Income 72,565 74,866 77,452 80,760 96,046 19 % 32 %
Interest Expense 30,778 30,229 28,874 31,597 42,928 36 % 39 %
Net Interest Income 41,787 44,637 48,578 49,163 53,118 8 % 27 %
Fee income 12,203 13,005 13,268 13,223 13,237 0 % 8 %
Fee expense 1,111 1,263 1,341 1,240 1,303 5 % 17 %
Net Fee Income 11,092 11,742 11,927 11,983 11,934 0 % 8 %
Subtotal (Net Interest Income + Net Fee Income) 52,879 56,379 60,505 61,146 65,052 6 % 23 %
Net Income from financial instruments
at Fair Value Through Profit & Loss 		8,661 5,187 4,823 7,564 7,744 2 % -11 %
Result from assets at amortised cost 100 - 123 - - - -100 %
Difference in quoted prices of gold
and foreign currency 		1,049 888 2,178 3,620 5,379 49 % 413 %
Other operating income 2,311 2,646 2,701 3,826 3,880 1 % 68 %
Provision for loan losses 348 318 2,672 874 772 -12 % 122 %
Net Operating Income 64,652 64,782 67,658 75,282 81,283 8 % 26 %
Personnel expenses 13,766 13,540 13,244 11,509 15,149 32 % 10 %
Administrative expenses 6,373 6,741 8,028 6,468 6,826 6 % 7 %
Depreciation and impairment of assets 2,352 2,487 2,520 2,571 2,642 3 % 12 %
Other operating expenses 10,279 11,317 13,398 11,876 12,212 3 % 19 %
Operating Income 31,882 30,697 30,468 42,858 44,454 4 % 39 %
Income from associates and joint ventures 31 -2 48 -42 -40 - -
Result from net monetary position -22,231 -19,232 -20,665 -33,921 -38,197 - -
Net Income before income tax on cont. operations 9,682 11,463 9,851 8,895 6,217 -30 % -36 %
Income tax on continuing operations 2,110 428 -4,490 1,848 2,072 12 % -2 %
Net Income from continuing operations 7,572 11,035 14,341 7,047 4,145 -41 % -45 %
Net Income for the period 7,572 11,035 14,341 7,047 4,145 -41 % -45 %
Net Income of the period attributable
to parent company 		7,572 11,035 14,341 7,061 4,148 -41 % -45 %
Net income of the period attributable
to non-controlling interests 		- - - -14 -3 - -
Other Comprehensive Income 349 85 94 -701 -3,144 - -
Foreign currency translation differences in
financial statements conversion 		-328 -277 -262 -303 -155 - -
Profits or losses from financial assets measured
at fair value through other comprehensive income
(FVOCI) (IFRS 9(4.1.2)(a) 		677 362 356 -398 -2,989 651 % -542 %
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 7,920 11,120 14,435 6,346 1,001 -84 % -87 %
Total Comprehensive Income attributable
to parent Company 		7,920 11,120 14,435 6,360 1,004 -84 % -87 %
Total Comprehensive Income attributable
to non-controlling interests 		- - - -14 -3 - -

20

2Q22 Earnings Release
QUARTERLY ANNUALIZED RATIOS MACRO Consolidated
2Q21 3Q21 4Q21 1Q22 2Q22
Profitability & performance
Net interest margin 18.8 % 19.1 % 21.2 % 22.8 % 24.5 %
Net interest margin adjusted (exc. FX) 18.3 % 18.7 % 20.3 % 21.2 % 22.2 %
Net fee income ratio 12.2 % 13.7 % 12.6 % 12.9 % 11.8 %
Efficiency ratio 38.4 % 38.8 % 37.4 % 29.6 % 32.8 %
Net fee income as % of A&G Expenses 31.7 % 35.3 % 33.7 % 43.7 % 36.0 %
Return on average assets 2.3 % 3.3 % 4.4 % 2.2 % 1.3 %
Return on average equity 10.3 % 14.6 % 18.5 % 9.1 % 5.1 %
Liquidity
Loans as a percentage of total deposits 55.4 % 57.2 % 59.8 % 55.2 % 52.4 %
Liquid assets as a percentage of total deposits 93.0 % 90.0 % 90.0 % 93.0 % 90.0 %
Capital
Total equity as a percentage of total assets 22.5 % 23.0 % 23.9 % 24.8 % 24.7 %
Regulatory capital as % of APR 38.3 % 37.2 % 36.1 % 38.5 % 40.5 %
Asset Quality
Allowances over total loans 3.8 % 3.0 % 2.8 % 2.8 % 2.1 %
Non-performing financing as a percentage of total financing 1.7 % 1.7 % 1.3 % 1.6 % 1.3 %
Coverage ratio w/allowances 212.9 % 175.9 % 209.6 % 163.2 % 159.7 %
Cost of Risk 0.3 % 0.3 % 2.3 % 0.8 % 0.7 %
ACCUMULATED ANNUALIZED RATIOS MACRO Consolidated
2Q21 3Q21 4Q21 1Q22 2Q22
Profitability & performance
Net interest margin 18.0 % 18.4 % 19.1 % 22.8 % 23.6 %
Net interest margin adjusted (exc. FX) 17.4 % 17.8 % 18.4 % 21.2 % 21.7 %
Net fee income ratio 11.8 % 12.4 % 12.5 % 12.9 % 12.3 %
Efficiency ratio 37.0 % 37.6 % 37.5 % 29.6 % 31.3 %
Net fee income as % of A&G Expenses 32.0 % 33.1 % 33.2 % 43.7 % 39.5 %
Return on average assets 1.7 % 2.2 % 2.8 % 2.2 % 1.7 %
Return on average equity 7.8 % 10.1 % 12.3 % 9.1 % 7.1 %
Liquidity
Loans as a percentage of total deposits 55.4 % 57.2 % 59.8 % 55.2 % 52.4 %
Liquid assets as a percentage of total deposits 93.0 % 90.0 % 90.0 % 93.0 % 90.0 %
Capital
Total equity as a percentage of total assets 22.5 % 23.0 % 23.9 % 24.8 % 24.7 %
Regulatory capital as % of APR 38.3 % 37.2 % 36.1 % 38.5 % 40.5 %
Asset Quality
Allowances over total loans 3.8 % 3.0 % 2.8 % 2.8 % 2.1 %
Non-performing financing as a percentage of total financing 1.7 % 1.7 % 1.3 % 1.6 % 1.3 %
Coverage ratio w/allowances 212.9 % 175.9 % 209.6 % 163.2 % 159.7 %
Cost of Risk 0.2 % 0.2 % 0.7 % 0.8 % 0.8 %

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Banco Macro SA published this content on 24 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2022 21:17:09 UTC.