BMA Banco Macro SA

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

 

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

 

November 22, 2023

 

 

Commission File Number: 001-32827

 

 

MACRO BANK INC.

(Translation of registrant’s name into English)

 

 

Avenida Eduardo Madero 1182

Ciudad Autónoma de Buenos Aires C1106 ACY

Tel: 54 11 5222 6500

 

(Address of registrant’s principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F

x

Form 40-F

¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

 

Yes

¨

No

x

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 

Yes

¨

No

x

 

 

 

 

 

3Q23 Earnings Release

 

Banco Macro Announces Results for the Third Quarter of 2023

 

Buenos Aires, Argentina, November 22, 2023 – Banco Macro S.A. (NYSE: BMA; BYMA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the third quarter ended September 30, 2023 (“3Q23”). All figures are in Argentine pesos (Ps.) and have been restated in terms of the measuring unit current at the end of the reporting period. For ease of comparison, figures of previous quarters of 2022 and 2023 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through September 30, 2023.

 

Summary

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		IR Contacts in Buenos Aires:
3Q23 Earnings Release Conference Call Monday, November 27, 2023 Time: 11:00 a.m. Eastern Time | 1:00 p.m. Buenos Aires Time		Jorge Scarinci Chief Financial Officer
To participate, please dial: Argentina Toll Free: (011) 3984 5677 Participants Dial In (Toll Free): +1 (844) 450 3847 Participants International Dial In: +1 (412) 317 6370 Conference ID: Banco Macro Webcast: click here	Webcast Replay: click here   Available from 11/27/2023 through 12/11/2023	Nicolás A. Torres Investor Relations   Phone: (54 11) 5222 6682 E-mail: investorelations@macro.com.ar   Visit our website at: www.macro.com.ar/relaciones-inversores

 

 

3Q23 Earnings Release

 

Disclaimer

 

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

 

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

 

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

 

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

 

 

3Q23 Earnings Release

 

This Earnings Release has been prepared in accordance with the accounting framework established by the Central Bank of Argentina (“BCRA”), based on International Financial Reporting Standards (“I.F.R.S.”) and the resolutions adopted by the International Accouting Standards Board (“I.A.S.B”) and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (“F.A.C.P.E.”). As of January 2020 the Bank started reporting with the application of (i) Expected losses of IFRS 9 “Financial Instruments” and (ii) IAS 29 “Financial Reporting in Hyperinflationary Economies”. Data and figures shown in this Earnings Release may differ from the ones shown in the 20-F annual report. As of fiscal year 2021, the monetary result accrued by items of a monetary nature measured at fair value with changes in Other Comprehensive Income (OCI), is recorded in the Result form the Net Monetary Position integrating the Net Result of the period in accordance with Communication “A” 7211 of the Central Bank of Argentina. Previous quarters of 2022 and 2023 have been restated in accordance with said Communication in order to make a comparison possible

 

Results

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

3Q23 Earnings Release

 

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

 

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

 

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

 

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

 

In 3Q23 income from government and private securities decreased 7% or Ps.16 billion QoQ (due to lower income from Government securities) and increased 12% or Ps.21.8 billion compared with the same period of last year. This result is explained 8% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 92% is explained by income from government and private securities in pesos at amortized cost.

 

In 3Q23, income from Repos totaled Ps.37.6 billion, 52% or Ps.12.8 billion higher than the previous quarter and 304% or Ps.28.3 higher than a year ago.

 

 

3Q23 Earnings Release

 

In 3Q23 FX income totaled Ps.238.1 billion,133% or Ps.135.8 billion higher than the previous quarter and Ps.199.9 billion higher than a year ago. FX income gain was due to the 36.4% argentine peso depreciation against the US dollar and the Bank’s long dollar position during the quarter (including dollar linked and dual bonds).

 

FX INCOME		MACRO Consolidated												Variation
In MILLION $ (Measuring Unit Current at EOP)		2Q22				1Q23				2Q23				QoQ				YoY
(1) Differences in quoted prices of gold and foreign currency			38,197				102,230				238,078				133	%			523	%
Translation of FX assets and liabilities to Pesos			37,407				101,762				237,474				133	%			535	%
Income from foreign currency exchange			790				467				604				29	%			-24	%
(2) Net Income from financial assets and liabilities at fair value through P&L			250				-3,276				-1,047				-68	%			-
Income from investment in derivative financing instruments			250				-3,276				-1,047				-68	%			-
(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency			38,448				98,953				237,031				140	%			517	%

 

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

 

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

 

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

 

 

3Q23 Earnings Release

 

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

 

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

 

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

 

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

 

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

 

 

3Q23 Earnings Release

 

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

 

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

 

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

 

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

 

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

 

 

3Q23 Earnings Release

  

In 3Q23 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.36.4 billion loss, mainly due to the mark to market of some government securities (dual bonds) (Ps.60.8 billion). On a yearly basis Net Income from financial assets and liabilities at fair value through profit or loss decreased Ps.97.2 billion.

 

NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS		MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)		3Q22			4Q22			1Q23				2Q23		3Q23			QoQ			YoY
Profit or loss from government securities			43,423			-19,350			21,541			59,244			-60,767			-			-240	%
Profit or loss from private securities			16,795			10,949			-5,098			10,785			16,024			49	%		-5	%
Profit or loss from investment in derivative financing instruments			251			1,258			325			564			827			47	%		229	%
Profit or loss from other financial assets			-82			50			28			204			-1,047			-			-
Profit or loss from investment in equity instruments			-194			103			85			-51			1,791			-			-
Profit or loss from the sale of financial assets at fair value			643			151			-840			2,482			7,248			-			1027	%
Income from financial assets at fair value through profit or loss			60,836			-6,839			16,041			73,228			-35,924			-149	%		-159	%
Profit or loss from derivative financing instruments			-			-			-696			-3,276			-434			-			-
Income from financial liabilities at fair value through profit or loss			-			-			-696			-3,276			-434			-			-
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS			60,836			-6,839			15,345			69,952			-36,358			-152	%		-160	%

 

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

  

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

 

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

 

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

 

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

 

 

3Q23 Earnings Release

 

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

 

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

 

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

 

 

3Q23 Earnings Release

  

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

 

In 3Q23, Banco Macro's effective income tax rate was 60.5%. For more information, please see Note 22 “Income Tax” of our Financial Statements.

 

Financial Assets

 

Loans and other financing

 

The volume of financing (including loans, financial trust and leasing portfolio) totaled Ps.1.2 triillion, decreasing 4% or Ps.50.8 billion QoQ and decreasing 5% or Ps.57.8 billion YoY. In 3Q23 Private sector loans decreased 3% or Ps.40.6 billion. On a yearly basis Private sector loans decreased 6% or Ps.69.1 billion.

 

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

 

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

 

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

 

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

 

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

 

 

3Q23 Earnings Release

 

Public Sector Assets

 

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

 

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

 

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

  

Funding

 

Deposits

  

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

 

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

 

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

 

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

 

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

 

 

3Q23 Earnings Release

 

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

  

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

 

Other sources of funds

 

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

 

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

 

 

3Q23 Earnings Release

 

Liquid Assets

 

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

 

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

 

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

 

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

 

Solvency

 

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

 

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

 

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

 

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

 

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

 

 

3Q23 Earnings Release

 

Asset Quality

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

3Q23 Earnings Release

 

CER Exposure and Foreign Currency Position

 

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

 

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

 

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

 

 

3Q23 Earnings Release

 

3Q23 Snapshot

 

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

 

 

 

3Q23 Earnings Release

 

 

 

3Q23 Earnings Release

 

Relevant and Recent Events

 

•

Dividend in kind payment. Schedule. Pursuant to the resolution adopted by the General and Special Shareholders’ Meeting held on April 25th 2023 and the authorization granted by the Superintendence of Financial and Exchange Entities of the Central Bank of the Republic of Argentina last May 12th, the Board of Directors of Banco Macro S.A. approved the payment of a dividend in kind through the delivery of 346,680,043.74 nominal values of Bono de la Nación Argentina en Moneda Dual (Argentina's Dual Currency Public Bond) due 30 April 2024 (Bond Code TDA24) in 6 consecutive monthly installments. As of this date the Bank has paid all installments.

 

•

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

 

•

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

 

•

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

 

•

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

 

•

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

 

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

 

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

 

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

 

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

 

 

3Q23 Earnings Release

 

Regulatory Changes

 

·

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

 

o

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

 

o

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

 

o

Credit Cards: 122% APR for individuals

 

·

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

 

 

3Q23 Earnings Release

 

QUARTERLY BALANCE SHEET		MACRO Consolidated																				Change
In MILLION $ (Measuring Unit Current at EOP)		3Q22				4Q22				1Q23				2Q23				3Q23				QoQ				YoY
ASSETS
Cash and deposits in Banks			479,091				508,058				496,659				447,175				447,528				0	%			-7	%
Cash			80,037				56,095				58,727				106,821				107,386				1	%			34	%
Central Bank of Argentina			238,260				291,575				302,500				204,866				219,374				7	%			-8	%
Other local & foreign entities			160,770				160,363				135,410				135,292				120,744				-11	%			-25	%
Other			24				25				22				196				24				-88	%			0	%
Debt securities at fair value through profit & loss			426,928				428,758				478,890				791,006				808,538				2	%			89	%
Derivatives			329				87				1				356				769				-100	%			134	%
Repo Transactions			148,879				125,810				65,281				182,386				157,365				-14	%			6	%
Other financial assets			77,272				117,715				137,660				185,078				186,990				1	%			142	%
Loans & other receivables			1,211,243				1,216,063				1,164,488				1,204,190				1,153,412				-4	%			-5	%
Non Financial Public Sector			4,240				4,483				2,353				25,028				3,161				-87	%			-25	%
Financial Sector			2,237				1,884				3,099				2,842				14,538				412	%			550	%
Non Financial private sector and foreign			1,204,766				1,209,696				1,159,036				1,176,321				1,135,713				-3	%			-6	%
Other debt securities			1,506,765				1,498,250				1,358,415				1,130,561				604,074				-47	%			-60	%
Financial assets in guarantee			64,952				62,205				62,579				57,582				58,194				1	%			-10	%
Investments in equity instruments			1,614				1,705				1,790				1,910				2,375				24	%			47	%
Investments in other companies (subsidiaries and joint ventures)			2,296				2,319				2,489				1,509				1,438				-5	%			-37	%
Property, plant and equipment			206,207				206,937				207,646				207,426				208,243				0	%			1	%
Intangible assets			35,783				35,429				36,394				36,411				35,765				-2	%			0	%
Deferred income tax assets			214				149				149				209				365				75	%			71	%
Other non financial assets			31,863				25,299				25,463				24,488				26,347				8	%			-17	%
Non-current assets held for sale			12,540				17,992				17,573				17,573				16,871				-4	%			35	%
TOTAL ASSETS			4,205,976				4,246,776				4,055,477				4,287,860				3,708,274				-14	%			-12	%
LIABILITIES
Deposits			2,679,285				2,631,606				2,443,735				2,565,376				2,009,155				-22	%			-25	%
Non Financial Public Sector			321,140				223,369				185,340				178,582				177,707				0	%			-45	%
Financial Sector			3,035				3,359				3,189				3,964				3,452				-13	%			14	%
Non Financial private sector and foreign			2,355,110				2,404,878				2,255,206				2,382,830				1,827,996				-23	%			-22	%
Liabilities at fair value through profit & loss			1,590				1,069				4,133				1,937				10,535				444	%			563	%
Derivatives			5				5				168				15				40				167	%			700	%
Repo Transactions			835				-				7,487				9,827				38,795				-				-86	%
Other financial liabilities			202,479				274,439				255,343				317,241				321,016				1	%			59	%
Financing received from Central Bank and Other Financial Institutions			5,796				4,976				7,522				5,313				5,507				4	%			-5	%
Issued Corporate Bonds			5,492				5,517				5,485				4,408				5,453				24	%			-1	%
Current income tax liabilities			16,043				22,041				18,998				30,595				25,035				-18	%			56	%
Subordinated corporate bonds			145,336				146,532				144,176				140,617				144,483				3	%			-1	%
Provisions			7,491				5,512				5,283				4,894				3,940				-19	%			-47	%
Deferred income tax liabilities			31,398				26,975				27,622				26,653				25,238				-5	%			-20	%
Other non financial liabilities			97,766				86,966				79,459				179,343				111,342				-38	%			14	%
TOTAL LIABILITIES			3,193,516				3,205,638				2,999,411				3,286,219				2,700,539				-18	%			-15	%
SHAREHOLDERS' EQUITY
Capital Stock			639				639				639				639				639				0	%			0	%
Issued Shares premium			12,430				12,430				12,430				12,430				12,430				0	%			0	%
Adjustment to Shareholders' Equity			365,521				365,521				365,521				365,521				365,521				0	%			0	%
Reserves			574,601				574,601				574,601				545,146				545,146				0	%			-5	%
Retained earnings			278				278				87,711				398				398				0	%			43	%
Other accumulated comprehensive income			5,138				64				-1,323				1,578				161				-				-
Net income for the period / fiscal year			53,701				87,433				16,293				75,791				83,275				10	%			55	%
Shareholders' Equity attributable to parent company			1,012,308				1,040,966				1,055,872				1,001,503				1,007,570				1	%			0	%
Shareholders' Equity attributable to non controlling interest			152				172				194				139				165				19	%			9	%
TOTAL SHAREHOLDERS' EQUITY			1,012,460				1,041,138				1,056,066				1,001,642				1,007,735				1	%			0	%

 

 

3Q23 Earnings Release

 

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

 

 

3Q23 Earnings Release

 

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

 

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

 

 

SIGNATURE

 

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

 

Date: November 22, 2023

 

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

 

---