Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

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

October 15, 2024

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

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

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

BANCO MACRO SA

Condensed interim Financial Statements as of June 30, 2024 together with the reports on review of interim Financial Statements

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF JUNE 30, 2024

CONTENT

Cover sheet

Condensed consolidated interim Financial Statements

Condensed consolidated interim statement of financial position

Condensed consolidated interim statement of income

Condensed consolidated interim statement of other comprehensive income

Condensed consolidated interim statement of changes in shareholders’ equity

Condensed consolidated interim statement of cash flows

Notes to the condensed consolidated interim Financial Statements

Note 1: Corporate information

Note 2: Operations of the Bank

Note 3: Basis for the preparation of these Financial Statements and applicable accounting standards

Note 4: Contingent transactions

Note 5: Debt securities at fair value through profit or loss

Note 6: Other financial assets

Note 7: Loans and other financing

Note 8: Loss allowance for expected credit losses on credit exposures not measured at fair value through profit or loss

Note 9: Other debt securities

Note 10: Fair value quantitative and qualitative disclosures

Note 11: Business combinations

Note 12: Investments in associates and joint arrangements

Note 13: Other non-financial assets

Note 14: Related parties

Note 15: Deposits

Note 16: Other financial liabilities

Note 17: Provisions

Note 18: Other non-financial liabilities

Note 19: Analysis of financial assets to be recovered and financial liabilities to be settled

Note 20: Disclosures by operating segment

Note 21: Income tax

Note 22: Commissions income

Note 23: Differences in quoted prices of gold and foreign currency

Note 24: Other operating income

Note 25: Employee benefits

Note 26: Administrative expenses

Note 27: Other operating expenses

Note 28: Additional disclosures in the statement of cash flows

Note 29: Capital stock

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF JUNE 30, 2024

CONTENT (contd.)

Notes to the condensed consolidated interim Financial Statements (contd.)

Note 30: Earnings per share – Dividends

Note 31: Deposit guarantee insurance

Note 32: Restricted assets

Note 33: Trust activities

Note 34: Compliance with CNV regulations

Note 35: Accounting items that identify the compliance with minimum cash requirements

Note 36: Penalties applied to the Bank and summary proceedings initiated by the BCRA

Note 37: Corporate bonds issuance

Note 38: Off balance sheet transactions

Note 39: Tax and other claims

Note 40: Restriction on dividends distribution

Note 41: Capital management, corporate governance transparency policy and risk management

Note 42: Changes in the Argentine macroeconomic environment and financial and capital markets

Note 43: Events after reporting period

Note 44: Accounting principles – explanation added for translation into English

Condensed consolidated exhibits

Exhibit B: Classification of loans and other financing by situation and collateral received

Exhibit C: Concentration of loans and financing facilities

Exhibit D: Breakdown of loans and other financing by terms

Exhibit F: Change of property, plant and equipment

Exhibit G: Change in intangible assets

Exhibit H: Deposit concentration

Exhibit I: Breakdown of financial liabilities for residual terms

Exhibit J: Changes in provisions

Exhibit L: Foreign currency amounts

Exhibit Q: Breakdown of statement of income

Exhibit R: Value adjustment for credit losses – Allowances for uncollectibility risk

Condensed separate interim Financial Statements

Condensed separate interim Financial Statements

Notes to the condensed separate interim Financial Statements

Condensed separate exhibits

Reports

Review report on condensed consolidated interim Financial Statements

Review report on condensed separate interim Financial Statements

BANCO MACRO SA

Corporate name: Banco Macro SA

Registered office: Avenida Eduardo Madero 1182 – Autonomous City of Buenos Aires

Corporate purpose and main activity: Commercial bank

Central Bank of Argentina: Authorized as “Argentine private bank” under No. 285

Registration with the public Registry of Commerce: Under No. 1154 - By-laws Book No. 2, Folio 75 dated March 8, 1967

By-laws expiry date: March 8, 2066

Registration with the IGJ (Argentine regulatory agency of business associations): Under No. 9777 – Corporations Book No. 119 Volume A of Sociedades Anónimas, dated October 8, 1996

Personal tax identification number: 30-50001008-4

Registration dates of amendments to by-laws:

August 18, 1972, August 10, 1973, July 15, 1975, May 30, 1985, September 3, 1992, May 10, 1993, November 8, 1995, October 8, 1996, March 23, 1999, September 6, 1999, June 10, 2003, December 17, 2003, September 14, 2005, February 8, 2006, July 11, 2006, July 14, 2009, November 14, 2012, August 2, 2014, July 15, 2019.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF JUNE 30, 2024 AND DECEMBER 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Items	Notes	Exhibits	06/30/2024		12/31/2023
ASSETS
Cash and deposits in banks	10			1,633,431,412		2,161,341,905
Cash				240,566,602		714,328,015
Central Bank of Argentina				959,132,307		927,777,645
Other local and foreign entities				433,182,034		519,135,505
Other				550,469		100,740
Debt securities at fair value through profit or loss	5 and 10			4,487,256,710		3,149,822,098
Derivative financial instruments	10			46,762,337		23,628,010
Repo transactions	10					1,106,648,980
Other financial assets	6, 8 and 10	R		346,560,441		362,504,557
Loans and other financing	7, 8 and 10	B, C, D and R		3,472,924,267		3,302,701,827
Non-financial public sector				45,067,383		8,479,393
Other financial entities				36,248,965		17,914,481
Non-financial private sector and foreign residents				3,391,607,919		3,276,307,953
Other debt securities	8, 9 and 10	R		563,567,480		776,246,427
Financial assets delivered as guarantee	10 and 32			160,627,203		238,920,829
Current income tax assets	21			50,525,919		1,577,992
Equity instruments at fair value through profit or loss	10			6,411,518		5,777,608
Investments in associates and joint arrangements	12			2,700,207		3,029,368
Property, plant and equipment		F		646,604,305		641,406,267
Intangible assets		G		128,535,510		135,136,256
Deferred income tax assets	21			1,862,597		1,789,719
Other non-financial assets	13			80,945,993		96,725,797
Non-current assets held for sale				72,548,989		75,304,688
TOTAL ASSETS				11,701,264,888		12,082,562,328

		Jorge Pablo Brito
	1	Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF JUNE 30, 2024 AND DECEMBER 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Items	Notes	Exhibits	06/30/2024		12/31/2023
LIABILITIES
Deposits	10 and 15	H and I		6,740,180,902		6,058,772,046
Non-financial public sector				795,854,649		336,355,898
Financial sector				11,981,820		36,287,892
Non-financial private sector and foreign residents				5,932,344,433		5,686,128,256
Liabilities at fair value through profit or loss	10	I		52,972,984		24,854,427
Derivative financial instruments	10	I		333,233		5,101,732
Repo transactions	10	I				42,428,741
Other financial liabilities	10 and 16	I		757,037,020		680,452,805
Financing received from the BCRA and other financial institutions	10	I		21,407,008		35,593,213
Issued corporate bonds	10 and 37	I		59,924,364		105,821,417
Current income tax liabilities	21			4,027,144		384,504,932
Subordinated corporate bonds	10 and 37	I		369,515,426		590,063,918
Provisions	17	J and R		13,751,670		15,718,425
Deferred income tax liabilities	21			38,987,837		82,230,806
Other non-financial liabilities	18			449,509,193		381,333,899
TOTAL LIABILITIES				8,507,646,781		8,406,876,361

SHAREHOLDERS’ EQUITY
Capital stock	29			639,413		639,413
Non-capital contributions				12,429,781		12,429,781
Capital adjustments				1,030,218,406		1,030,218,406
Earnings reserved				2,048,482,452		1,502,265,879
Unappropriated retained earnings				1,230,835		1,096,256
Accumulated other comprehensive income				6,994,359		72,386,330
Net income of the period / fiscal year				92,844,076		1,055,812,360
Net shareholders’ equity attributable to controlling interests				3,192,839,322		3,674,848,425
Net shareholders’ equity attributable to non-controlling interests				778,785		837,542
TOTAL SHAREHOLDERS’ EQUITY				3,193,618,107		3,675,685,967
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES				11,701,264,888		12,082,562,328

Notes 1 to 44 to the condensed consolidated interim Financial Statements and exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim Financial Statements.

		Jorge Pablo Brito
	2	Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Items	Notes	Exhibits	Quarter ended 06/30/2024			Accumulated from beginning of year up to 06/30/2024			Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023
Interest income		Q		619,674,312			1,469,174,530			1,141,047,442			2,192,421,448
Interest expense		Q		(431,716,652	)		(1,080,570,756	)		(740,010,517	)		(1,342,253,773	)
Net interest income				187,957,660			388,603,774			401,036,925			850,167,675
Commissions income	22	Q		112,147,491			213,076,759			108,464,549			220,181,109
Commissions expense		Q		(16,414,431	)		(28,363,701	)		(10,605,870	)		(21,001,491	)
Net commissions income				95,733,060			184,713,058			97,858,679			199,179,618
Subtotal (Net interest income plus Net commissions income)				283,690,720			573,316,832			498,895,604			1,049,347,293
Net gain from measurement of financial instruments at fair value through profit or loss		Q		121,199,085			1,629,883,841			192,768,698			235,054,370
Profit from sold or derecognized assets at amortized cost				(3,958	)		21,317			4			279
Differences in quoted prices of gold and foreign currency	23			25,653,720			121,208,573			281,715,736			450,369,091
Other operating income	24			46,181,922			95,628,057			28,425,854			54,712,136
Credit loss expense on financial assets				(16,477,182	)		(38,835,763	)		(20,507,382	)		(36,504,778	)
Net operating income				460,244,307			2,381,222,857			981,298,514			1,752,978,391
Employee benefits	25			(136,435,077	)		(294,592,883	)		(114,011,208	)		(221,936,966	)
Administrative expenses	26			(67,082,716	)		(147,776,414	)		(63,875,267	)		(117,453,752	)
Depreciation and amortization of fixed assets		F and G		(26,999,849	)		(55,791,996	)		(22,959,535	)		(45,464,979	)
Other operating expenses	27			(130,656,703	)		(297,226,309	)		(137,399,993	)		(247,019,450	)
Operating income				99,069,962			1,585,835,255			643,052,511			1,121,103,244
Loss from associates and joint arrangements	12			(5,648,084	)		(5,901,644	)		(705,394	)		(1,715,769	)
Loss on net monetary position				(462,660,095	)		(1,516,659,896	)		(406,561,974	)		(813,036,894	)
(Loss) / income before tax on continuing operations				(369,238,217	)		63,273,715			235,785,143			306,350,581
Income tax on continuing operations	21.c)			135,995,500			29,820,476			(71,713,619	)		(97,318,022	)
Net (loss) / income from continuing operations				(233,242,717	)		93,094,191			164,071,524			209,032,559
Net (loss) / income of the period				(233,242,717	)		93,094,191			164,071,524			209,032,559
Net (loss) / income of the period attributable to controlling interests				(233,711,306	)		92,844,076			163,958,198			208,857,577
Net income of the period attributable to non-controlling interest				468,589			250,115			113,326			174,982

		Jorge Pablo Brito
	3	Chairperson

CONSOLIDATED EARNINGS PER SHARE

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Items	Quarter ended 06/30/2024			Accumulated from beginning of year up to 06/30/2024		Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023
Net profit attributable to parent’s shareholders		(233,711,306	)		92,844,076		163,958,198		208,857,577
Plus: Potential dilutive effect inherent to common shares
Net profit attributable to parent’s shareholders adjusted for dilution		(233,711,306	)		92,844,076		163,958,198		208,857,577
Weighted average of outstanding common shares of the period		639,413			639,413		639,413		639,413
Plus: Weighted average of additional common shares with dilutive effects
Weighted average of outstanding common shares of the period adjusted for dilution		639,413			639,413		639,413		639,413
Basic earnings per share (in pesos)		(365.5092	)		145.2020		256.4199		326.6396

		Jorge Pablo Brito
	4	Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Items	Notes	Exhibits	Quarter ended 06/30/2024			Accumulated from beginning of year up to 06/30/2024			Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023
Net (loss) / income of the period				(233,242,717	)		93,094,191			164,071,524			209,032,559
Items of Other Comprehensive Income that will be reclassified to profit or loss of the period
Foreign currency translation differences from Financial Statements conversion				(4,219,073	)		(20,893,487	)		(227,121	)		(1,201,891	)
Foreign currency translation differences of the period				(4,219,073	)		(20,893,487	)		(227,121	)		(1,201,891	)
Profit or loss from financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a))				(43,736,074	)		(44,498,484	)		8,222,743			5,374,591
Profit or loss of the period from financial instruments at fair value through other comprehensive income (FVOCI)		Q		(66,998,641	)		(58,702,984	)		13,067,486			4,419,258
Adjustment for reclassification of the period				(408,419	)		(11,192,309	)		(525,227	)		3,651,320
Income tax	21.c)			23,670,986			25,396,809			(4,319,516	)		(2,695,987	)
Total other comprehensive (loss) / income that will be reclassified to profit or loss of the period				(47,955,147	)		(65,391,971	)		7,995,622			4,172,700
Total other comprehensive (loss) / income				(47,955,147	)		(65,391,971	)		7,995,622			4,172,700
Total comprehensive (loss) / income of the period				(281,197,864	)		27,702,220			172,067,146			213,205,259
Total comprehensive (loss) / income attributable to controlling interests				(281,666,453	)		27,452,105			171,953,820			213,030,277
Total comprehensive income attributable to non-controlling interests				468,589			250,115			113,326			174,982

Notes 1 to 44 to the condensed consolidated interim Financial Statements and exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim Financial Statements.

		Jorge Pablo Brito
	5	Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2024

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

		Capital stock		Non-capital contributions				Other Comprehensive Income						Earnings Reserved
Changes	Notes	Outstanding shares		Additional paid-in capital		Capital adjustments		Accumulated foreign currency translation difference from Financial Statements conversion			Other			Legal		Other		Unappropriated retained earnings			Total controlling interests			Total non- controlling interests			Total Equity
Restated amount at the beginning of the fiscal year			639,413		12,429,781		1,030,218,406		20,063,329			52,323,001			616,106,713		886,159,166		1,056,908,616			3,674,848,425			837,542			3,675,685,967
Total comprehensive income of the period
- Net income of the period																			92,844,076			92,844,076			250,115			93,094,191
- Other comprehensive loss of the period									(20,893,487	)		(44,498,484	)									(65,391,971	)					(65,391,971)
Distribution of unappropriated retained earnings, as approved by the shareholders’ meeting held on April 12, 2024
- Legal reserve															211,162,472				(211,162,472	)
- Reserve for dividends pending Central Bank of Argentina’s authorization	30																335,054,101		(842,622,098	)		(507,567,997	)					(507,567,997)
- Personal assets tax on shares and equity interests																			(1,893,211	)		(1,893,211	)					(1,893,211)
Other changes																									(308,872	)		(308,872)
Amount at the end of the period			639,413		12,429,781		1,030,218,406		(830,158	)		7,824,517			827,269,185		1,221,213,267		94,074,911			3,192,839,322			778,785			3,193,618,107

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

		Capital stock		Non-capital contributions				Other Comprehensive Income						Earnings Reserved
Changes	Notes	Outstanding shares		Additional paid-in capital		Capital adjustments		Accumulated foreign currency translation difference from Financial Statements conversion			Other			Legal		Other			Unappropriated retained earnings			Total controlling interests			Total non- controlling interests			Total Equity
Restated amount at the beginning of the fiscal year			639,413		12,429,781		1,030,218,406		2,519,574			(2,343,863	)		567,918,559		1,015,518,141			241,705,524			2,868,605,535			474,125			2,869,079,660
Total comprehensive income of the period
- Net income of the period																				208,857,577			208,857,577			174,982			209,032,559
- Other comprehensive income of the period									(1,201,891	)		5,374,591											4,172,700						4,172,700
Distribution of unappropriated retained earnings, as approved by the shareholders’ meeting held on April 25, 2023
- Legal reserve															48,188,154					(48,188,154	)
- Reserve for dividends pending Central Bank of Argentina’s authorization																	(129,358,975	)		(188,991,150	)		(318,350,125	)					(318,350,125	)
- Personal assets tax on shares and equity interests																				(3,429,964	)		(3,429,964	)					(3,429,964	)
Other changes																										(267,121	)		(267,121	)
Amount at the end of the period			639,413		12,429,781		1,030,218,406		1,317,683			3,030,728			616,106,713		886,159,166			209,953,833			2,759,855,723			381,986			2,760,237,709

Notes 1 to 44 to the condensed consolidated interim Financial Statements and exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim Financial Statements.

		Jorge Pablo Brito
	6	Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Items	Notes		06/30/2024			06/30/2023
Cash flows from operating activities
Income of the period before income tax				63,273,715			306,350,581
Adjustment for the total monetary effect of the period				1,516,659,896			813,036,894
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation				55,791,996			45,464,979
Credit loss expense on financial assets				38,835,763			36,504,778
Difference in quoted prices of foreign currency				(61,937,505	)		(289,443,367	)
Other adjustments				(919,838,342	)		712,398,849
Net increase / decrease from operating assets:
Debt securities at fair value through profit or loss				(1,577,888,985	)		(998,252,020	)
Derivative financial instruments				(23,134,327	)		(741,292	)
Repo transactions				1,106,648,980			(155,908,645	)
Loans and other financing
Non-financial public sector				(36,587,990	)		(56,615,955	)
Other financial entities				(18,334,484	)		(2,641,998	)
Non-financial private sector and foreign residents				(156,844,140	)		55,281,600
Other debt securities		30		105,870,998			431,466,483
Financial assets delivered as guarantee				78,293,626			12,741,041
Equity instruments at fair value through profit or loss				(633,910	)		(564,166	)
Other assets				33,736,407			(182,756,587	)
Net increase / decrease from operating liabilities:
Deposits
Non-financial public sector				459,498,751			(123,419,886	)
Financial sector				(24,306,072	)		1,667,906
Non-financial private sector and foreign residents				246,216,177			(60,759,479	)
Liabilities at fair value through profit or loss				28,118,557			2,392,868
Derivative financial instruments				(4,768,499	)		27,778
Repo transactions				(42,428,741	)		27,080,565
Other liabilities				(20,827,860	)		123,261,438
Income tax payments				(235,958,620	)		(43,862,610	)
Total cash from operating activities (A)				609,455,391			652,709,755

		Jorge Pablo Brito
	7	Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Items	Notes		06/30/2024			06/30/2023
Cash flows from investing activities
Payments:
Acquisition of PPE, intangible assets and other assets				(49,854,614	)		(44,283,182	)
Other payments related to investing activities				(534,342	)
Total cash used in investing activities (B)				(50,388,956	)		(44,283,182	)
Cash flows from financing activities
Payments:
Dividends		30		(256,478,782	)		(283,306	)
Non-subordinated corporate bonds				(21,326,001	)		(7,353,921	)
Financing from local financial entities				(6,043,251	)
Subordinated corporate bonds				(12,230,289	)		(12,291,379	)
Other payments related to financing activities				(3,053,029	)		(4,749,733	)
Collections / Incomes:
Non-subordinated corporate bonds							1,668,842
Financing from local financial entities							1,338,325
Total cash used in financing activities (C)				(299,131,352	)		(21,671,172	)
Effect of exchange rate fluctuations (D)				122,458,158			445,345,074
Monetary effect on cash and cash equivalents (E)				(1,189,041,523	)		(1,672,658,158	)
Net decrease in cash and cash equivalents (A+B+C+D+E)				(806,648,282	)		(640,557,683	)
Cash and cash equivalents at the beginning of the fiscal year		28		2,487,400,507			4,198,288,898
Cash and cash equivalents at the end of the period		28		1,680,752,225			3,557,731,215

Notes 1 to 44 to the condensed consolidated interim Financial Statements and exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim Financial Statements.

		Jorge Pablo Brito
	8	Chairperson

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

CORPORATE INFORMATION

Banco Macro SA (hereinafter, the “Bank”) is a business corporation (sociedad anónima), organized in the Argentine Republic that offers traditional banking products and services to companies, including those companies operating in regional economies as well as to individuals, thus strengthening its goal to be a multiservice bank. In addition, through its subsidiaries, the Bank performs transactions as a trustee agent, manager and administrator of mutual funds and renders stock exchange services, electronic payment services and granting of guarantees.

Macro Compañía Financiera SA was created in 1977, as a non-banking financial institution. In May 1988, it received the authorization to operate as a commercial bank and was incorporated as Banco Macro SA. Subsequently, as a result of the merger process with other entities, it adopted other names (among them, Banco Macro Bansud SA) and since August 2006, Banco Macro SA.

The Bank’s shares are publicly listed on Bolsas y Mercados Argentinos (BYMA, for its acronym in Spanish) since November 1994 and as from March 24, 2006 they are listed on the New York Stock Exchange (NYSE). Additionally, on October 15, 2015, they were authorized to be listed on the Mercado Abierto Electrónico SA (MAE, for its acronym in Spanish).

Since 1994, Banco Macro SA’s market strategy has mainly focused on the regional areas outside the Autonomous City of Buenos Aires (CABA, for its acronym in Spanish). Following this strategy, in 1996, Banco Macro SA started the process to acquire entities and assets and liabilities during the privatization of provincial banks and other banking institutions.

During 2023, 2022, 2021 and 2020, the Bank in conjunction with other entities of the argentine financial system made contributions in the company Play Digital SA for a total amount of 977,225 (not restated), reaching an equity interest of 9.1886%. In addition, the Bank, through its subsidiary Banco BMA SAU, indirectly owns an interest of 1.4342%, consequently, the interest at a consolidated level amounts to 10.6228%. The company’s purpose is to develop and market a payment solution linked to bank accounts held by financial system users in order to bring significant improvement to their payment experience.

On May 18, 2023, Banco Macro SA acquired 100% of the capital stock of Macro Agro SAU (formerly known as Comercio Interior SAU) at USD 5,218,800 payable with the proceeds of this company’s dividends. The main purpose of this company is grain brokerage. For further information see also Note 11.

Additionally, on November 2, 2023, the Board of Directors of the Central Bank of Argentina (BCRA, for its acronym in Spanish), authorized the acquisition by Banco Macro SA of 100% of the capital stock of Banco Itaú Argentina SA, Itaú Asset Management SA and Itaú Valores SA. For further information see also Note 11.

On August 22, 2024, the Board of Directors approved the issuance of these condensed consolidated interim Financial Statements.

OPERATIONS OF THE BANK

2.1

Agreement with the Misiones Provincial Government

The Bank and the Misiones Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a five-year term since January 1, 1996, as the Provincial Government’s exclusive financial agent as well as revenue collection and obligation payment agent.

On November 25, 1999, December 28, 2006 and October 1, 2018, extensions to such agreement were agreed upon, making it currently effective through December 31, 2029.

As of June 30, 2024 and December 31, 2023, the deposits held by the Misiones Provincial Government with the Bank amounted to 141,827,288 and 82,385,536 (including 8,399,190 and 9,373,013 related to court deposits), respectively.

2.2

Agreement with the Salta Provincial Government

The Bank and the Salta Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a ten-year term since March 1, 1996, as the Provincial Government’s exclusive financial agent as well as revenue collection and obligation payment agent.

On February 22, 2005, and August 22, 2014, extensions to such agreements were agreed upon, making it currently effective through February 28, 2026.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

As of June 30, 2024 and December 31, 2023, the deposits held by the Salta Provincial Government with the Bank amounted to 220,951,046 and 118,524,362 (including 12,694,964 and 15,788,184, related to court deposits), respectively.

2.3

Agreement with the Jujuy Provincial Government

The Bank and the Jujuy Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a ten-year term since January 12, 1998, as the Provincial Government’s exclusive financial agent as well as revenue collection and obligation payment agent.

On April 29, 2005 and July 8, 2014, extensions to such agreement were agreed upon, making it currently effective through September 30, 2024.

As of June 30, 2024 and December 31, 2023, the deposits held by the Jujuy Provincial Government with the Bank amounted to 27,219,227 and 31,963,932 (including 8,464,939 and 9,882,764, related to court deposits), respectively.

2.4

Agreement with the Tucumán Provincial Government

The Bank acts as an exclusive financial agent and as revenue collection and obligation payment agent of the Tucumán Provincial Government, the Municipality of San Miguel de Tucumán and the Municipality of Yerba Buena. The services agreements with the Provincial and Municipal Governments are effective through years 2031, 2028 and 2025, respectively. As established in the original agreement, the service agreement with the Municipality of San Miguel de Tucumán was extended until 2028.

As of June 30, 2024 and December 31, 2023, the deposits held by the Tucumán Provincial Government, the Municipality of San Miguel de Tucumán and the Municipality of Yerba Buena with the Bank amounted to 288,432,615 and 76,397,083 (including 33,165,523 and 40,562,956, related to court deposits), respectively.

Additionally, the Bank granted loans to the Tucumán Provincial Government and the Municipalities of San Miguel de Tucumán and Yerba Buena as of June 30, 2024 and December 31, 2023 for an amount of 58,769 and 4,096,843, respectively.

BASIS FOR THE PREPARATION OF THESE FINANCIAL STATEMENTS AND APPLICABLE ACCOUNTING STANDARDS

Presentation basis

Applicable Accounting Standards

These condensed consolidated interim Financial Statements of the Bank were prepared in accordance with the accounting framework established by the BCRA, in its Communiqué “A” 6114 as supplemented. Except for the exceptions established by the BCRA, which are explained in the following paragraph, such framework is based on International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the Argentine Federation of Professionals Councils in Economic Sciences (FACPCE, for its acronym in Spanish). The abovementioned international standards include the IFRS, the International Accounting Standards (IAS) and the interpretations developed by the IFRS Interpretations Committee (IFRIC) or former Standing Interpretations Committee (SIC).

The transitory exceptions and regulatory guidelines established by BCRA to the application of effective IFRS, that affect the preparation of these condensed consolidated interim Financial Statements are as follows:

According to Communiqué “A” 6114, as amended and supplemented, and in the convergence process through IFRS, the BCRA established that since fiscal years beginning on or after January 1, 2020, financial institutions defined as “Group A” by BCRA rules, in which the Bank is included, begin to apply section 5.5 “Impairment” of the IFRS 9 “Financial Instruments” (sections B5.5.1 to B5.5.55), except for the temporary exclusion for the public sector established by Communiqué “A” 6847. As of the date of issuance of these condensed consolidated interim Financial Statements, the Bank is in the process of quantifying the effect of the full application of the abovementioned standard.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Through Communiqué “A” 7014 dated May 14, 2020, the BCRA established for financial institutions that received debt securities of the public sector in a swap transaction, they must be initially recognized at their carrying amount as of the date of the swap transaction, without assessing if they qualify or not for derecognition under IFRS 9 standards and as a consequence, do not eventually recognize the new instruments at the market value as provided by such IFRS (see Note 9 to the condensed consolidated interim Financial Statements).

If IFRS 9 had been applied, and according an estimation calculated by the Bank, the Statement of income of the six-month period ended June 30, 2024, would have recorded a decrease in “Interest income” for an amount of 69,803 and, on the other hand, an increase in “Loss on net monetary position” for an amount of 6,550 and in “Net gain from measurement of financial instruments at fair value through profit or loss” for an amount of 78,086, and as a counterpart an increase in “Other comprehensive income” for that period. In addition, it would have been recorded in the Statement of income of the six-month period ended June 30, 2023 a decrease in “Interest income” for an amount of 7,585,453 and on the other hand, an increase in “Loss on net monetary position” for an amount of 241,928 and in “Net gain from measurement of financial instruments at fair value through profit or loss” for an amount of 7,090,639, and as a counterpart an increase in “Other comprehensive income” for that period. These changes would not have resulted into modifications to the total shareholder equity as of those dates nor the total comprehensive income of the six-month periods ended June 30, 2024 and 2023.

Except for what was mentioned in the previous paragraphs, the accounting policies applied by the Bank comply with the IFRS as currently approved and are applicable to the preparation of these condensed consolidated interim Financial Statements in accordance with the IFRS as adopted by the BCRA through Communiqué “A” 7899. Generally, the BCRA does not allow the anticipated application of any IFRS, unless otherwise expressly stated.

Basis for presentation and consolidation

These condensed consolidated interim Financial Statements as of June 30, 2024, have been prepared in accordance with the accounting framework established by the BCRA as mentioned in the previous section “Applicable accounting standards” which, particularly for condensed consolidated interim Financial Statements, is based on IAS 34 “Interim Financial Reporting”.

For the preparation of these condensed consolidated interim Financial Statements, in addition to section “Measuring unit” of this note, the Bank has applied the basis for the preparation and consolidation, the accounting policies and the material accounting judgements, estimates and assumptions described in the consolidated Financial Statements for the fiscal year ended on December 31, 2023, already issued.

These condensed consolidated interim Financial Statements include all the necessary information for an appropriate understanding, by the users thereof, of the basis for the preparation and disclosure used therein as well as the relevant events and transactions occurred after the issuance of the last annual consolidated Financial Statements for the fiscal year ended on December 31, 2023, already issued. Nevertheless, the present condensed consolidated interim Financial Statements do not include all the information or all the disclosures required for the annual consolidated Financial Statements prepared in accordance with the IAS 1 “Presentation of Financial Statements”. Therefore, these condensed consolidated interim Financial Statements must be read together with the annual consolidated Financial Statements for the fiscal year ended December 31, 2023, already issued.

As of June 30, 2024 and December 31, 2023, the Bank has consolidated into its Financial Statements the Financial Statements of the following companies:

Subsidiaries	Principal place of business	Country	Main activity
Macro Securities SAU (1)	Ave. Eduardo Madero 1182 - CABA	Argentina	Stock exchange services

Macro Fiducia SAU	Ave. Eduardo Madero 1182 - 2nd floor - CABA	Argentina	Services

Macro Fondos SGFCISA	Ave. Eduardo Madero 1182 - 24th floor, Office B - CABA	Argentina	Management and administration of mutual funds

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Subsidiaries	Principal place of business	Country	Main activity
Macro Bank Limited (2)	Caves Village, Building 8 Office 1 - West Bay St., Nassau	Bahamas	Banking entity

Argenpay SAU	Ave. Eduardo Madero 1182 - CABA	Argentina	Electronic payment services

Fintech SGR (Structured entity)	San Martín 140 - 2nd floor - CABA	Argentina	Granting of guarantees

Macro Agro SAU (formerly known as Comercio Interior SAU) (3)	Santa Fe 1219 - 4th floor - Rosario, Santa Fe	Argentina	Grain Brokerage

Banco BMA SAU (4)	Ave. Eduardo Madero 1182 – 9th floor – CABA	Argentina	Financial entity

BMA Asset Management SGFCISA	Ave. Eduardo Madero 1182 – 2nd floor – CABA	Argentina	Management and administration of mutual funds

BMA Valores SA	Ave. Eduardo Madero 1182 – 2nd floor – CABA	Argentina	Stock exchange services

	(1)	Consolidated with Macro Fondos SGFCISA (80.90% equity interest and voting rights).
	(2)	Consolidated with Sud Asesores (ROU) SA (100% voting rights – Equity interest: 57,270).
	(3)	Consolidated with the Bank since May 2023, as control was obtained in such month (see Note 11).
	(4)	Consolidated with the Bank since November 2023, as control was obtained in such month. Additionally, Banco BMA SAU consolidates with BMA Asset Management SGFCISA (87% equity interest and voting rights) and with BMA Valores SA (87% equity interest and voting rights).

As of June 30, 2024 and December 31, 2023, the Bank's interest in the companies it consolidates is as follows:

	Shares				Bank’s interest						Non-controlling interest
Subsidiaries	Type		Number		Total capital stock			Voting rights			Total capital stock		Voting rights
Macro Securities SAU		Common		12,885,683		100.00	%		100.00	%
Macro Fiducia SAU (1)		Common		47,387,236		100.00	%		100.00	%
Macro Fondos SGFCISA		Common		327,183		100.00	%		100.00	%
Macro Bank Limited		Common		39,816,899		100.00	%		100.00	%
Argenpay SAU		Common		1,001,200,000		100.00	%		100.00	%
Fintech SGR (Structured entity)		Common		119,993		24.999	%		24.999	%	75.001	%	75.001	%
Macro Agro SAU (formerly known as Comercio Interior SAU) (2)		Common		615,519		100.00	%		100.00	%
Banco BMA SAU (3)		Common		729,166,165		100.00	%		100.00	%
		Preferred		14,565,089		100.00	%
BMA Asset Management SGFCISA (3)		Common		91,950		100.00	%		100.00	%
BMA Valores SA (3)		Common		52,419,500		100.00	%		100.00	%

	(1)	On May 9, 2024, the Bank made an irrevocable contribution of 250,000 (amount not restated) to Macro Fiducia SAU.
	(2)	Interest acquired in May 2023 (see Note 11).
	(3)	Interest acquired in November 2023 (see Note 11).

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Total assets, liabilities and Shareholders’ equity of the Bank and all its subsidiaries as of June 30, 2024 and December 31, 2023 are as follows:

	Balances as of 06/30/2024
Entity	Assets			Liabilities			Equity attributable to the owners of the Bank			Equity attributable to non-controlling interests
Banco Macro SA		10,367,298,163			7,174,458,841			3,192,839,322
Macro Bank Limited		155,822,808			120,282,019			35,540,789
Macro Securities SAU (1)		413,079,226			291,009,777			122,069,449
Macro Fiducia SAU		1,183,437			26,846			1,156,591
Argenpay SAU		27,370,044			16,426,756			10,943,288
Fintech SGR		29,021,613			27,983,239			259,589			778,785
Macro Agro SAU (formerly known as Comercio Interior SAU)		30,201,055			28,971,901			1,229,154
Banco BMA SAU (2)		1,302,435,610			945,621,524			356,814,086
Eliminations		(625,147,068	)		(97,134,122	)		(528,012,946	)
Consolidated		11,701,264,888			8,507,646,781			3,192,839,322			778,785

	(1)	Includes the balance amounts of its subsidiary Macro Fondos SGFCISA.
	(2)	Includes the balance amounts of its subsidiaries BMA Asset Management SGFCISA and BMA Valores SA.

	Balances as of 12/31/2023
Entity	Assets			Liabilities			Equity attributable to the owners of the Bank			Equity attributable to non-controlling interests
Banco Macro SA		10,519,458,709			6,844,610,284			3,674,848,425
Macro Bank Limited		174,223,152			125,004,283			49,218,869
Macro Securities SAU (1)		309,403,652			206,188,877			103,214,775
Macro Fiducia SAU		1,170,062			85,681			1,084,381
Argenpay SAU		27,346,665			14,872,082			12,474,583
Fintech SGR		30,158,379			29,041,680			279,157			837,542
Macro Agro SAU (formerly known as Comercio Interior SAU)		43,309,424			41,918,534			1,390,890
Banco BMA SAU (2)		1,584,588,095			1,202,822,061			381,766,034
Eliminations		(607,095,810	)		(57,667,121	)		(549,428,689	)
Consolidated		12,082,562,328			8,406,876,361			3,674,848,425			837,542

	(1)	Includes the balance amounts of its subsidiary Macro Fondos SGFCISA.
	(2)	Includes the balance amounts of its subsidiaries BMA Asset Management SGFCISA and BMA Valores SA.

Going concern

The Bank’s management has made an assessment of its ability to continue as a going concern and is satisfied that it has the resources to continue in business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt on the Bank’s ability to continue as a going concern. Therefore, these condensed consolidated interim Financial Statements continue to be prepared on the going concern basis.

Transcription into books

As of the date of issuance of these condensed consolidated interim Financial Statements, they are in the process of being transcribed into the Financial Statements book (“Libro Balances”) of Banco Macro SA.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Figures expressed in thousands of pesos

These condensed consolidated interim Financial Statements disclose figures expressed in thousands of Argentine pesos in terms of purchasing power as of June 30, 2024, and are rounded up to the nearest amount in thousands of pesos, except as otherwise indicated (see section “Measuring unit” of this note).

Comparative information

The condensed consolidated interim statement of financial position as of June 30, 2024, is presented comparatively with year-end data of the immediately preceding fiscal year, while the statement of income and the statement of other comprehensive income for the three and six-month periods ended June 30, 2024, and the statement of changes in shareholders’ equity and the statement of cash flows and cash equivalents for the six-month period ended on that date, are presented comparatively with data as of the same periods of the immediately preceding fiscal year.

The figures related to comparative information have been restated to consider the changes in the general purchasing power of the functional currency and, as a result, are stated in terms of the current measuring unit at the end of the reporting period (see the following section “Measuring unit”).

Measuring unit

These condensed consolidated interim Financial Statements have been restated for the changes in the general purchasing power of the functional currency (Argentine pesos) as of June 30, 2024, as established by IAS 29 “Financial Reporting in Hyperinflationary Economies” and considering, in addition, specific rules established by BCRA through Communiqués “A” 6651, 6849, as amended and supplemented, which established the obligation to apply this method, from fiscal years beginning on or after January 1, 2020, and determined as the transition date December 31, 2018.

According to IFRS, the restatement of Financial Statements is needed when the functional currency is the currency of a hyperinflationary economy. To achieve consistency in identifying an economic environment of that nature, IAS 29 establishes (i) certain nonexclusive qualitative indicators, consisting in analyzing the general population behavior, prices, interest rates and wages with changes in price indexes and the loss of purchasing power, and (ii) as quantitative characteristic, which is the most used condition in practice, to test if a three-year cumulative inflation rate is around 100% or more. Due to miscellaneous macroeconomic factors, the three-year inflation rate exceeded that figure and the Argentine government goals and other available estimates also indicate that this trend will not be reversed in the short term.

The restatement must be applied as if the economy had always been hyperinflationary, using a general price index that reflects changes in general purchasing power. To apply the restatement, a series of indexes are used, as prepared and published on a monthly basis by the Argentine Federation of Professional Councils of Economic Sciences (FACPCE, for its acronym in Spanish), which combines the consumer price index (CPI) on a monthly basis published by the Argentine Institute of Statistics and Censuses (INDEC, for its acronym in Spanish) since January 2017 (baseline month: December 2016) with the wholesale prices index (WPI, for its acronym in Spanish) published by the INDEC until that date. For the months of November and December 2015, for which the INDEC did not publish the WPI variation, the CPI variation for CABA was used.

Considering the abovementioned indexes, the inflation rate was 79.77% and 50.68% for the six-month periods ended on June 30, 2024 and 2023, respectively, and 211.41% for the fiscal year ended on December 31, 2023.

Below is a description of the restatement mechanism provided by IAS 29 “Financial Reporting in Hyperinflationary Economies” and the restatement process for Financial Statements established by BCRA Communiqué “A” 6849, as supplemented.

Description of the main aspects of the restatement process for statements of financial position

(i)

Monetary items (those with a fixed nominal value in local currency) are not restated because they are already expressed in the measuring unit current as of the end of the reporting period. In an inflationary period, an entity holding monetary assets generates purchasing power loss and holding monetary liabilities generates purchasing power gain, provided that the assets and liabilities are not linked to an adjustment mechanism that offsets to some extent those effects. The net gain or loss on a monetary basis is included in profit or loss for the reporting period.

(ii)

Assets and liabilities subject to adjustments based on specific agreements are adjusted in accordance with such agreements.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

(iii)

Non-monetary items stated at current cost at the end of the reporting period, are not restated for presentation purposes in the statement of financial position, but the adjustment process must be completed to determine, in terms of constant measuring unit, the profit or loss produced by holding these non-monetary items.

(iv)

Non-monetary items carried at historical cost or at current cost at some earlier date before the reporting date, are restated at indexes that reflects the general level of price variation from the acquisition or revaluation date to the closing date, proceeding then to compare the restated amounts of those assets with their recoverable amounts. Profit or loss for the period related to depreciation of property, plant and equipment and amortization of intangible assets, as well as any other non-monetary assets cost are determined on the basis of the new restated amounts.

(v)

When an entity capitalizes borrowing cost in the non-monetary assets, the part of the borrowing cost that compensates the creditor for the effects of inflation is not capitalized.

(vi)

The restatement of non-monetary assets in terms of a measuring unit current at the end of the reporting period, without an equivalent adjustment for tax purposes results in a taxable temporary difference and the recognition of deferred income tax liability whose balancing entry is recognized in profit or loss for the period. When, beyond the restatement, there is a revaluation of non-monetary assets, the deferred tax related to the restatement is recognized in profit or loss for the period and deferred tax related to the revaluation (surplus of the revalued value over the restated value) is recognized in other comprehensive income.

Description of the main aspects of the restatement process for statements of income and other comprehensive income

(i)

Expenses and income are restated from the date the items were recorded, except for those profit or loss items that reflect or include, in their determination, the consumption of assets measured at purchasing power currency of a date prior to that which the consumption was recorded, which are restated using as basis the origination date of the assets related to the item; and also except for income or loss arising from comparing two measurements at purchasing power currency of different dates, for which it requires to identify the amounts compared, restate them separately and repeat the comparison, with the amounts already restated.

(ii)

Gain or loss on monetary position will be classified based on the item that generated it and is presented in a separate line reflecting effect of inflation on monetary items.

Description of the main aspects of the restatement process for the statements of changes in shareholders’ equity

(i)

As the transition date (December 31, 2018), the Bank has applied the following procedures:

The components of equity, except the ones mentioned below, were restated as from the date on which they were subscribed for or paid-in, according to the Communiqué “A” 6849 for each item.

Earnings reserved, including the special reserve for the first-time application of IFRS, were stated at their nominal value as of the transition date (legal amount not restated).

Restated unappropriated retained earnings were determined as a difference between the restated net asset as of the transition date and the rest of the components of initial equity restated as described in the abovementioned paragraphs.

The accumulated balances of other comprehensive income were recalculated as of the transition date.

(ii)

After the restatement as of the transition date in (i) above, all equity components are restated by applying the general price index from the beginning of the fiscal year and each variation of those components is restated from the contribution date or from the moment it was produced in any other way, and the accumulated OCI balances are redetermined according to the items that give rise to it.

Description of the main aspects of the restatement process for the statement of cash flows

(i)

All items are restated in terms of the measuring unit current as of the end of the reporting period.

(ii)

Monetary gain or loss generated by cash and cash equivalents are disclosed in the statement of cash flows after operating, investing and financing activities and financing activities, in a separate and independent line, under the description “Monetary effect on cash and cash equivalents”.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Accounting judgments, estimates and assumptions

The preparation of these condensed consolidated interim Financial Statements requires the Bank’s Management to consider significant accounting judgments, estimates and assumptions that impact on the reported assets and liabilities, income and expenses, as well as the determination and disclosure of contingent assets and liabilities, as of the end of the reporting period. The Bank’s reported amounts are based on the best estimate regarding the probability of occurrence of different future events. Therefore, the uncertainties associated with the estimates and assumptions adopted may drive in the future to final amounts that may differ from those estimates and may require significant adjustments to the reported amounts of the affected assets and liabilities.

The Bank applies the same accounting judgments, estimates and assumptions described in Note 3 section “accounting judgments, estimates and assumptions” to the consolidated Financial Statements as of December 31, 2023, already issued.

Standards amendments adopted in the fiscal year

For the fiscal year beginning on January 1, 2024, the following amendments to IFRS are effective and they did not have a material impact on these condensed consolidated interim Financial Statements as a whole:

Amendments to IFRS 16 “Leases” – Sale and leaseback transactions:

In September 2022, the IASB issued amendments to IFRS 16, specifically on the requirements that a lessee-seller uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the lessee-seller does not recognize any amount of the gain or loss that relates to the right of use. Applying these requirements will not prevent the seller-lessee from recognizing, in profit or loss, any gain or loss related to the partial or full termination of a lease. The amendment does not prescribe specific measurement requirements for lease liabilities arising from a leaseback. The initial measurement of the lease liability arising from a leaseback may result in a seller-lessee determining ‘lease payments’ that are different from the general definition of lease payments. The seller-lessee will need to develop and apply an accounting policy that results in information that is relevant and reliable in accordance with IAS 8.

This amendment in the IFRS did not have a material impact on these condensed consolidated interim Financial Statements.

Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments: Disclosures” – Disclosures on supplier finance arrangements:

In May 2023, the IASB issued amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments: Disclosures”, which specify disclosure requirements to enhance the current requirements, which are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk.

These amendments require an entity to provide information about the impact of supplier finance arrangements on liabilities and cash flows, including terms and conditions of those arrangements, quantitative information on liabilities related to those arrangements as at the beginning and end of the reporting period and the type and effect of non-cash changes in the carrying amounts of those arrangements. The information on those arrangements is required to be aggregated unless the individual arrangements have dissimilar or unique terms and conditions. In the context of quantitative liquidity risk disclosures required by IFRS 7, supplier finance arrangements are included as an example of other factors that might be relevant to disclose.

These amendments did not have material impacts on the disclosures of the condensed consolidated interim Financial Statements.

New pronouncements

Pursuant to Communiqué “A” 6114 of the BCRA, as new IFRS are approved and existing IFRS are amended or revoked and once these changes are approved through the notices of approval issued by the FACPCE, the BCRA shall issue a statement on the approval thereof for financial entities. Generally, financial institutions shall not apply any IFRS in advance, except as specifically authorized at the time of the adoption thereof.

The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of these condensed consolidated interim Financial Statements are disclosed below. The Bank intends to adopt these standards, if applicable, when they become effective.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Amendments to IAS 21 - Lack of exchangeability

In August 2023, the IASB issued amendments to IAS 21 related to “Lack of exchangeability”. The amendment to IAS 21 specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. A currency is considered to be exchangeable into another currency when an entity is able to obtain the other currency within a time frame that allows for a normal administrative delay and through a market or exchange mechanism in which an exchange transaction would create enforceable rights and obligations. If a currency is not exchangeable into another currency, an entity is required to estimate the spot exchange rate at the measurement date. An entity’s objective in estimating the spot exchange rate is to reflect the rate at which an orderly exchange transaction would take place at the measurement date between market participants under prevailing economic conditions. The amendments note that an entity can use an observable exchange rate without adjustment or another estimation technique.

When an entity estimates a spot exchange rate because a currency is not exchangeable into another currency, it will disclose information that enables users of the financial statements to understand how the currency not being exchangeable into another currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows. These amendments are effective as of January 1, 2025. The Bank is evaluating the effects that this amendment would cause on the financial statements.

IFRS 18 – Presentation and disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, “Presentation and disclosure in Financial Statements”, which addresses the format for the presentation of profit or loss in the Financial Statements, management-defined performance measures and aggregation/disaggregation of disclosures information. This standard will replace IAS 1 and is effective as of January 1, 2027. The Bank is evaluating the effects that this standard would cause on the financial statements.

Amendments to IFRS 9 and IFRS 7 – Classification and measurement of financial instruments

In May 2024, the IASB issued amendments to the classification and measurement of financial instruments, which:

•

Clarify that a financial liability is derecognized on the “settlement date”, that is, when the related obligation is discharged, cancelled, expires or the liability otherwise qualifies for derecognition. It also introduces an accounting policy option to derecognize financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met.

•

Clarify how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (ESG) features and other similar contingent features.

•

Clarify the treatment of non-recourse assets and contractually linked instruments.

•

Require additional disclosures for financial assets and liabilities with contractual terms that reference a contingent event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income.

These amendments are effective as of January 1, 2026. The Bank is evaluating the effects that these amendments would cause on the Financial Statements.

CONTINGENT TRANSACTIONS

In order to meet specific financial needs of customers, the Bank’s credit policy also includes, among others, the granting of guarantees, securities, bonds, letters of credit and documentary credits. The Bank is also exposed to overdrafts and unused agreed credits on credit cards of the Bank. Since they imply a contingent obligation for the Bank, they expose the Bank to credit risks other than those recognized in the Statement of financial position and, therefore, they are an integral part of the total risk of the Bank.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

As of June 30, 2024 and December 31, 2023, the Bank maintains the following maximum exposures to credit risk related to this type of transactions:

Composition	06/30/2024			12/31/2023
Undrawn commitments of credit cards and checking accounts		2,333,948,075			2,489,276,923
Guarantees granted (1)		205,198,469			332,653,927
Overdraft and unused agreed commitments (1)		35,067,008			65,765,524
Responsibilities for foreign trade operations		24,912,472			72,107,482
Subtotal		2,599,126,024			2,959,803,856
Less: Allowance for Expected Credit Losses (ECL)		(4,642,323	)		(3,788,204	)
Total		2,594,483,701			2,956,015,652

(1)

Includes transactions not covered by the financial system debtor classification standard. The Guarantees granted include an amount of 1,061,489 and 1,175,348, as of June 30, 2024 and December 31, 2023, respectively. The Overdraft and unused agreed commitments include an amount of 1,113,195 and 21,034, as of June 30, 2024 and December 31, 2023, respectively.

Risks related to the abovementioned contingent transactions have been assessed and are controlled within the framework of the Bank’s credit risk policy, as described in Note 45 to the consolidated Financial Statements as of December 31, 2023, already issued.

Disclosures related to the allowance for ECL are detailed in item 8.5 of Note 8 “Loss allowance for expected credit losses on credit exposures not measured at fair value through profit or loss”.

DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

The composition of debt securities at fair value through profit or loss as of June 30, 2024 and December 31, 2023 is as follows:

Composition	06/30/2024		12/31/2023
Government securities (1)		4,412,834,473		3,080,662,179
Private securities (2)		69,751,221		58,949,719
Government securities – Foreign		4,671,016		10,210,200
Total		4,487,256,710		3,149,822,098

(1)

In March and June 2023, the Bank entered into voluntary debt exchange under the terms of section 11, Presidential Decree No. 331/2022 issued by the Ministry of Economy. The securities involved in such exchange transactions were as follows:

•

Argentine government Treasury bills in pesos adjusted by CER – Maturity: 05-19-2023 (X19Y3) for a face value of 1,145,882,575.

•

Argentine government discount bonds in dual currency – Maturity: 07-21-2023 (TDL23) for a face value of 344,498,105.

•

Argentine government discount Treasury bills in pesos – Maturity: 05-31-2023 (S31Y3) for a face value of 295,000,000.

•

Argentine government discount Treasury bills in pesos – Maturity: 04-28-2023 (S28A3) for a face value of 210,000,000.

•

Argentine government discount Treasury bills in pesos – Maturity: 03-31-2023 (S31M3) for a face value of 200,000,000.

•

Argentine government Treasury bills in pesos adjusted by CER – Maturity: 06-16-2023 (X16J3) for a face value of 159,305,395.

•

Argentine government discount bonds in dual currency – Maturity: 09-29-2023 (TDS23) for a face value of 120,244,752.

•

Argentine government Treasury bonds tied to the US dollar - Maturity: 07-31-2023 (T2V3) for a face value of 3,000,000.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Additionally, with almost all the instruments received, the Bank acquired put options with the BCRA. These options give the Bank the opportunity to sell (put options) the underlying asset at a value determined by the applicable BCRA regulations. In this transaction, the options could be exercised up to one day before the maturity of the underlying instrument. Considering the terms and conditions of these put options established by the BCRA, they are considered "out of the money" with fair value amounted to zero. As of June 30, 2024 and December 31, 2023, the notional value amounted to 467,268 and 2,010,398,108, respectively (see Exhibits A and O to the condensed separate interim Financial Statements).

(2)

During July 2023, the Bank decided to enter into an exchange of the following instrument: Aeropuertos Argentina 2000 US dollars 4% class 3 - Maturity: 09-08-2023 (AER3D) for a total face value of 4,555,434.

OTHER FINANCIAL ASSETS

The composition of the other financial assets as of June 30, 2024 and December 31, 2023 is as follows:

Composition	06/30/2024			12/31/2023
Sundry debtors		139,693,750			187,133,252
Debtors from operations		123,281,693			125,281,902
Private securities		46,488,950			47,443,800
Receivables from spot sales of government securities pending settlement		23,826,159			168,964
Receivables from spot sales of foreign currency pending settlement		12,746,473			2,540,679
Other		866,980			1,006,104
Subtotal		346,904,005			363,574,701
Less: Allowances for ECL		(343,564	)		(1,070,144	)
Total		346,560,441			362,504,557

Disclosures related to allowance for ECL are detailed in item 8.4 of Note 8 “Loss allowance for expected credit losses on credit exposures not measured at fair value through profit or loss”.

LOANS AND OTHER FINANCING

The composition of loans and other financing as of June 30, 2024 and December 31, 2023 is as follows:

Composition	06/30/2024			12/31/2023
Non-financial public sector (1)		45,067,383			8,479,393
Other financial entities		36,248,965			17,914,481
Other financial entities		36,263,680			17,956,235
Less: allowance for ECL		(14,715	)		(41,754	)
Non-financial private sector and foreign residents		3,391,607,919			3,276,307,953
Overdrafts		416,190,089			518,438,286
Documents		639,931,016			608,240,820
Mortgage loans		312,369,296			296,806,493
Pledge loans		66,519,974			50,565,282
Personal loans		491,167,038			431,948,050
Credit cards		795,457,790			875,939,837
Financial leases		11,430,039			17,057,909
Other		738,832,315			573,713,576
Less: allowance for ECL		(80,289,638	)		(96,402,300	)
Total		3,472,924,267			3,302,701,827

(1)

As explained in Note 3, ECL is not calculated to public sector exposures.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

LOSS ALLOWANCE FOR EXPECTED CREDIT LOSSES ON CREDIT EXPOSURES NOT MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS

The Bank recognizes a loss allowance for expected credit losses on all credit exposures not measured at fair value through profit or loss, like debt instruments measured at amortized cost, debt instruments measured at fair value through other comprehensive income, loan commitments and financial guarantee contracts (not measured at fair value through profit or loss), contract assets and lease receivables.

Note 10 discloses financial assets measured at fair value on a recurring basis and financial assets not recognized at fair value. This classification is made pursuant to the expressed in Note 3 “Basis for the preparation of these Financial Statements and applicable accounting standards” to the consolidated Financial Statements as of December 31, 2023, already issued. Additionally, Note 10 explains the information related to the valuation process.

Moreover, considering the temporary exclusion established by BCRA mentioned in Note 3 “Applicable accounting standards” the Bank applies the impairment requirements for the recognition and measurement of a loss allowance for financial assets measured at amortized cost or at fair value through other comprehensive income, except for public sector exposures. In addition, the Bank applies the impairment requirements for guarantees granted, undrawn commitments of credit cards, checking account advance agreements, letters of credit, which are not recognized in the consolidated statement of financial position.

For the purpose of assessing the Bank’s credit risk exposure and identifying material credit risk concentration, disclosures regarding credit risk of financial assets and off balance items are as follows.

8.1

Loans and other financing measured at amortized cost

According to the nature of the information to be disclosed and the loan characteristics, the Bank groups them as follows:

Composition	06/30/2024			12/31/2023
Loans and other financing		3,553,228,620			3,399,145,881
Individual assessment		1,186,042,958			788,804,791
Collective assessment		2,367,185,662			2,610,341,090
Less: Allowance for ECL (1)		(80,304,353	)		(96,444,054	)
Total		3,472,924,267			3,302,701,827

(1)

As explained in Note 3, ECL is not calculated to public sector exposures.

As explained in Note 45.1.3 to the consolidated Financial Statements as of December 31, 2023, already issued, “Additional Forward-looking allowances based on expert credit judgment”, section “Adjustment for expectations of increased risk due to the change in economic policy”, the Bank resolved to carry out an adjustment with a prospective vision as a consequence of estimating an incremental effect in the forecasts determined by ECL for the purposes of covering a scenario of uncertainty regarding the impacts that could originate from the change in the economic policy regime, the implementation of a program to adjust imbalances macroeconomics and an inflation stabilization plan. As of June 30, 2024 and December 31, 2023, said adjustment was estimated at 3,529,297 and 19,735,686, respectively, as explained in the section "Adjustment for expectations of increased risk due to the change in economic policy" of the aforementioned note.

The following table shows the credit quality and the carrying amount of credit risk, based on the Bank’s credit risk rating system, the probability of default (PD) and the year-end stage classification, taking into account what was mentioned in the previous paragraph. The amounts are presented gross of the impairment allowances.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

		06/30/2024
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			3,353,968,977		74,912,104				3,428,881,081		96.50
High grade	0.00% - 3.50%		3,075,746,472		17,459,761				3,093,206,233		87.05
Standard grade	3.51% - 7.00%		204,358,668		16,829,493				221,188,161		6.23
Sub-standard grade	7.01% - 33.00%		73,863,837		40,622,850				114,486,687		3.22
Past due but not impaired (1)	33.01% - 99.99%		23,712,581		61,520,418				85,232,999		2.40
Impaired	100%						39,114,540		39,114,540		1.10
	Total		3,377,681,558		136,432,522		39,114,540		3,553,228,620		100
	%		95.06		3.84		1.10		100

		12/31/2023
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			3,185,800,898		88,675,913				3,274,476,811		96.33
High grade	0.00% - 3,50%		2,984,536,798		31,680,393				3,016,217,191		88.73
Standard grade	3.51% - 7,00%		133,605,963		19,948,760				153,554,723		4.52
Sub-standard grade	7.01% - 33,00%		67,658,137		37,046,760				104,704,897		3.08
Past due but not impaired (1)	33.01% - 99,99%		17,186,754		71,539,665				88,726,419		2.61
Impaired	100%						35,942,651		35,942,651		1.06
	Total		3,202,987,652		160,215,578		35,942,651		3,399,145,881		100
	%		94.23		4.71		1.06		100

(1)

It includes transactions under collective assessment which are more than 5 days past due independently of the PD range assigned.

8.1.1

Loans on an individual assessment

The table below shows the credit quality and the debt balance to credit risk of corporate loans by grade of credit risk classification, based on the Bank’s internal credit rating system, PD range and classification by stages as of the date of the reporting period. The Bank’s internal credit rating systems and the evaluation and measurement approaches are explained in Note 45 section “Credit risk” to the consolidated Financial Statements as of December 31, 2023, already issued.

		06/30/2024
Internal rating grade	Range PD	Stage 1	Stage 2	Stage 3	Total	%
Performing		1,149,993,414	8,494,180		1,158,487,594	97.67
High grade	0.00% - 3.50%	1,088,557,358	1,451,749		1,090,009,107	91.90
Standard grade	3.51% - 7.00%	60,199,562	3,380,005		63,579,567	5.36
Sub-standard grade	7.01% - 33.00%	1,236,494	3,662,426		4,898,920	0.41
Past due but not impaired	33.01% - 99.99%		17,751,391		17,751,391	1.50
Impaired	100%			9,803,973	9,803,973	0.83
	Total	1,149,993,414	26,245,571	9,803,973	1,186,042,958	100
	%	96.96	2.21	0.83	100

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

		12/31/2023
Internal rating grade	Range PD	Stage 1	Stage 2	Stage 3	Total	%
Performing		731,489,381	12,758,859		744,248,240	94.35
High grade	0.00% - 3.50%	666,759,382	7,681,252		674,440,634	85.50
Standard grade	3.51% - 7.00%	36,898,953	2,626		36,901,579	4.68
Sub-standard grade	7.01% - 33.00%	27,831,046	5,074,981		32,906,027	4.17
Past due but not impaired	33.01% - 99.99%		31,855,839		31,855,839	4.04
Impaired	100%			12,700,712	12,700,712	1.61
	Total	731,489,381	44,614,698	12,700,712	788,804,791	100
	%	92.73	5.66	1.61	100

8.1.2

Loans on a collective assessment

The table below shows the credit quality and the debt balance to credit risk of loans portfolio under collective assessment, by grade of credit risk classification, based on the Bank’s internal credit rating system, PD range and classification by stages as of the date of the reporting period. The Bank’s internal credit rating systems and the evaluation and measurement approaches are explained in Note 45 section “Credit risk” to the consolidated Financial Statements as of December 31, 2023, already issued.

		06/30/2024
Internal rating grade	Range PD	Stage 1	Stage 2	Stage 3	Total	%
Performing		2,203,975,564	66,417,923		2,270,393,487	95.91
High grade	0.00% - 3.50%	1,987,189,115	16,008,011		2,003,197,126	84.62
Standard grade	3.51% - 7.00%	144,159,106	13,449,488		157,608,594	6.66
Sub-standard grade	7.01% - 33.00%	72,627,343	36,960,424		109,587,767	4.63
Past due but not impaired (1)	33.01% - 99.99%	23,712,581	43,769,027		67,481,608	2.85
Impaired	100%			29,310,567	29,310,567	1.24
	Total	2,227,688,145	110,186,950	29,310,567	2,367,185,662	100
	%	94.11	4.65	1.24	100

		12/31/2023
Internal rating grade	Range PD	Stage 1	Stage 2	Stage 3	Total	%
Performing		2,454,311,517	75,917,054		2,530,228,571	96.93
High grade	0.00% - 3.50%	2,317,777,416	23,999,141		2,341,776,557	89.71
Standard grade	3.51% - 7.00%	96,707,010	19,946,134		116,653,144	4.47
Sub-standard grade	7.01% - 33.00%	39,827,091	31,971,779		71,798,870	2.75
Past due but not impaired (1)	33.01% - 99.99%	17,186,754	39,683,826		56,870,580	2.18
Impaired	100%			23,241,939	23,241,939	0.89
	Total	2,471,498,271	115,600,880	23,241,939	2,610,341,090	100
	%	94.68	4.43	0.89	100

(1)

It includes transactions which are more than 5 days past due independently of the PD range assigned.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

8.2

Other debt securities at amortized cost

The criterion used to calculate ECL of Financial Trusts and Corporate Bonds is based on the rating granted by risk rating agencies to each debt security type making up each financial trust or each corporate bond series, respectively. This means that the factor to be used will vary depending on the debt securities holdings (A or B). The EAD is assumed to be equal to the outstanding balance.

The table below shows the exposures gross of impairment allowances by stage:

	06/30/2024
Composition	Stage 1	Stage 2	Stage 3	Total	%
Corporate bonds	10,284,290			10,284,290	98.74
Financial trusts	131,492			131,492	1.26
Total	10,415,782			10,415,782	100
%	100			100

	12/31/2023
Composition	Stage 1	Stage 2	Stage 3	Total	%
Corporate bonds	18,552,925			18,552,925	93.95
Financial trusts	1,195,738			1,195,738	6.05
Other private securities			258	258
Total	19,748,663		258	19,748,921	100
%	100			100

The related ECL for Corporate bonds as of June 30, 2024 and December 31, 2023 amounted to 17,070 and 21,084, respectively. The ECL related to Financial trusts as of June 30, 2024 and December 31, 2023 amounted to 44 and 249, respectively. The ECL related to Other private securities as of December 31, 2023 amounted to 258.

8.3

Government securities at amortized cost or fair value through OCI

This group includes local government securities, provincial securities or BCRA instruments measured at amortized cost or fair value through OCI. For these assets, an individual assessment of the related parameters is performed. However, under domestic standards and according to Communiqué “A” 6847, no ECL is calculated for these instruments.

A breakdown of these investments and their characteristics is disclosed in Exhibit A to the condensed separate interim Financial Statements.

8.4

Other financial assets

The table below shows the exposures gross of impairment allowances by stage:

	06/30/2024
Composition	Stage 1	Stage 2	Stage 3	Total	%
Other financial assets	300,403,372	11,683		300,415,055	100
Total	300,403,372	11,683		300,415,055	100
%	100			100

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	12/31/2023
Composition	Stage 1	Stage 2	Stage 3	Total	%
Other financial assets	316,130,901			316,130,901	100
Total	316,130,901			316,130,901	100
%	100			100

The ECL related to these types of instruments amounted to 343,564 and 1,070,144 as of June 30, 2024 and December 31, 2023, respectively.

8.5

Loans commitment

The table below shows the exposures gross of impairment allowances by stage:

	06/30/2024
Composition	Stage 1	Stage 2	Stage 3	Total	%
Undrawn commitments of credit cards and checking accounts	2,313,981,241	19,962,200	4,634	2,333,948,075	89.87
Guarantees granted	204,136,980			204,136,980	7.86
Responsibilities for foreign trade operations	24,912,472			24,912,472	0.96
Overdraft and unused agreed commitments	33,953,813			33,953,813	1.31
Total	2,576,984,506	19,962,200	4,634	2,596,951,340	100
%	99.23	0.77		100

	12/31/2023
Composition	Stage 1	Stage 2	Stage 3	Total	%
Undrawn commitments of credit cards and checking accounts	2,470,087,715	19,184,541	4,667	2,489,276,923	84.14
Guarantees granted	331,478,579			331,478,579	11.20
Responsibilities for foreign trade operations	72,107,482			72,107,482	2.44
Overdraft and unused agreed commitments	65,685,625	58,865		65,744,490	2.22
Total	2,939,359,401	19,243,406	4,667	2,958,607,474	100
%	99.35	0.65		100

The related ECL for undrawn commitments of credit cards and checking accounts as of June 30, 2024 and December 31, 2023 amounted to 4,051,097 and 2,509,204, respectively. The ECL related to guarantees granted as of June 30, 2024 and December 31, 2023 amounted to 503,022 and 1,201,984, respectively. The ECL related to responsibilities for foreign trade operations as of June 30, 2024 amounted to 18,622.The ECL related to overdraft and unused agreed commitments as of June 30, 2024 and December 31, 2023 amounted to 69,582 and 77,016, respectively.

In exhibit R “Value adjustment for credit losses – Allowance for uncollectibility risk”, the ECL movements by portfolio and products are also disclosed.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

9.	OTHER DEBT SECURITIES

The composition of other debt securities as of June 30, 2024 and December 31, 2023 is as follows:

Composition	06/30/2024		12/31/2023
At fair value through OCI
Government securities		314,987,254		446,040,730
Government securities – Foreign		42,762,063		78,337,068
Total at fair value through OCI (1)		357,749,317		524,377,798

At amortized cost
Government securities		190,404,870		172,695,925
Private securities		10,398,668		19,727,330
BCRA bills		5,014,625		59,445,374
Total at amortized cost		205,818,163		251,868,629
Total		563,567,480		776,246,427

(1)

In January 2023, the Bank entered into voluntary debt exchange under the terms of section 11, Presidential Decree No. 331/2022 issued by the Ministry of Economy. The securities involved in such swap transactions were as follows:

	·	Argentine government Treasury bills in pesos adjusted by CER – Maturity: 02-17-2023 (X17F3) for a face value of 20,900,000,000.
	·	Argentine government discount Treasury bills in pesos – Maturity: 02-28-2023 (S28F3) for a face value of 12,893,000,000.
	·	Argentine government Treasury bills in pesos adjusted by CER – Maturity: 01-20-2023 for a face value of 290,000,000.

As mentioned in Note 5, during March 2023, the following securities entered into the exchange:

	·	Argentine government discount Treasury bills in pesos – Maturity: 06-30-2023 (S3OJ3) for a face value of 26,640,975,851.
	·	Argentine government Treasury bills in pesos adjusted by CER – Maturity: 06-16-2023 (X16J3) for a face value of 4,516,000,000.
	·	Argentine government Treasury bills in pesos adjusted by CER – Maturity: 05-19-2023 (X19Y3) for a face value of 1,759,369,713.

With almost all the instruments received, the Bank acquired put options with the BCRA. These options give the Bank the opportunity to sell (put option) the underlying asset at a value determined by the applicable BCRA regulations. In this transaction, the options could be exercised up to one day before the maturity of the underlying instrument. Considering the terms and conditions of these put options established by the BCRA, they are considered "out of the money" with fair value amounted to zero. As of June 30, 2024 and December 31, 2023, their notional value amounted to 129,884,219 and 162,059,391, respectively (see also Note 5).

10.

FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES

The fair value is the amount at which an asset can be exchanged, or at which a liability can be settled, in mutual independent terms and conditions between participants of the principal market (or the most advantageous market) who are duly informed and willing to transact in an orderly and current transaction, at the measurement date under the current market conditions whether the price is directly observable or estimated using a valuation technique under the assumption that the Bank is an ongoing business.

When a financial instrument is quoted in a liquid and active market, its price in the market in a real transaction provides the most reliable evidence of its fair value. Nevertheless, when there is no quoted price in the market or it cannot be evidence of the fair value of such instrument, in order to determine such fair value, the entities may use the market value of another instrument with similar characteristics, the analysis of discounted cash flows or other applicable techniques, which shall be significantly affected by the assumptions used.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Although the Bank’s Management has used its best judgment to estimate the fair values of its financial instruments, any technique to perform such estimate implies certain inherent fragility level.

Fair value hierarchy

The Bank uses the following hierarchy to determine and disclose the fair value of financial instruments, according to the valuation technique applied:

Level 1: quoted prices (unadjusted) observable in active markets that the Bank accesses to at the measurement day for identical assets or liabilities. The Bank considers markets as active only if there are sufficient trading activities with respect to the volume and liquidity of the identical assets or liabilities and when there are binding and exercisable price quotes available at the end of each period or fiscal year, as applicable.

Level 2: Valuation techniques for which the data and variables having a significant impact on the determination of the fair value recognized or disclosed are observable for the asset or liability, either directly or indirectly. Such inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical instruments in inactive markets and observable inputs other than quoted prices, such as interest rates and yield curves, implied volatilities, and credit spreads. In addition, adjustments to level 2 inputs may be required for the condition or location of the asset or the extent to which it relates to items that are comparable to the valued instrument. However, if such adjustments are based on unobservable inputs that are significant to the entire measurement, the Bank will classify the instruments as Level 3.

Level 3: Valuation techniques for which the data and variables having a significant impact on the determination of the fair value recognized or disclosed are not based on observable market information.

The following tables show the hierarchy in the Bank’s financial asset and liability at fair value measurement on a recurring basis, as of June 30, 2024 and December 31, 2023:

	Financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2024
Description	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss		4,487,256,710		4,435,001,553		52,240,961		14,196
Derivatives financial instruments (1)		46,762,337		19,367		46,742,970
Other financial assets		46,488,950		46,303,795				185,155
Equity instruments at fair value through profit or loss		6,411,518		1,553,230				4,858,288

At fair value through OCI
Other debt securities		357,749,317		343,237,698		14,511,619
Total		4,944,668,832		4,826,115,643		113,495,550		5,057,639

Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		52,972,984		52,972,984
Derivatives financial instruments		333,233		153,014		180,219
Total		53,306,217		53,125,998		180,219

(1)	Includes the premium corresponding to the subscription of put options.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	Financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2023
Description	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss		3,149,822,098		3,112,676,626		37,132,859		12,613
Derivatives financial instruments		23,628,010		1,180		23,626,830
Other financial assets		47,443,800		47,329,822				113,978
Financial assets delivered as guarantee		45,354,603		45,354,603
Equity instruments at fair value through profit or loss		5,777,608		2,042,234				3,735,374

At fair value through OCI
Other debt securities		524,377,798		519,428,153		4,949,645
Total		3,796,403,917		3,726,832,618		65,709,334		3,861,965

Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		24,854,427		24,854,427
Derivatives financial instruments		5,101,732		72,611		5,029,121
Total		29,956,159		24,927,038		5,029,121

Description of the valuation process

The fair value of instruments categorized as level 1 was assessed by using quoted prices effective at the end of each period or fiscal year, as applicable, in active markets for identical assets or liabilities, if representative. Currently, for most of the government and private securities, there are two principal markets in which the Bank operates: BYMA and MAE. Additionally, in the case of derivatives, both MAE and Mercado a Término de Rosario SA (ROFEX) are deemed active markets.

On the other hand, for certain assets and liabilities that do not have an active market, categorized as level 2, the Bank used valuation techniques that included the use of market transactions performed under mutual independent terms and conditions, between interested and duly informed parties, provided that they are available as well as references to the current fair value of another instrument being substantially similar, or otherwise the analysis of cash flows discounted at rates built from market information of similar instruments.

In addition, certain assets and liabilities included in this category were valued using price quotes of identical instruments in “less active markets”.

Finally, the Bank has categorized as level 3 those assets and liabilities for which there are no identical or similar transactions in the market. To determine the market value of these instruments the Bank used valuation techniques based on own assumptions and independent appraisers’ valuations. For this approach, the Bank mainly used the cash flow discount model.

As of June 30, 2024 and December 31, 2023, the Bank has neither changed the techniques nor the assumptions used to estimate the fair value of the financial instruments.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Below is the reconciliation between the amounts at the beginning and at the end of the financial assets recognized at fair value categorized as level 3:

	As of June 30, 2024
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		12,613			113,978			3,735,374
Transfers to level 3
Transfers from level 3
Profit and loss		80,969			50,749			2,990,422
Recognition and derecognition		5,403			144,443			250
Monetary effects		(84,789	)		(124,015	)		(1,867,758	)
Amount at the end of the period		14,196			185,155			4,858,288

	As of December 31, 2023
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		5,776,645			276,638			3,834,711
Transfers to level 3
Transfers from level 3 (1)								(252,811	)
Profit and loss		4,192,191			66,987			4,045,175
Recognition and derecognition		(6,211,651	)					45,091
Monetary effects		(3,744,572	)		(229,647	)		(3,936,792	)
Amount at the end of the fiscal year		12,613			113,978			3,735,374

(1)

Transfer of equity instruments at fair value through profit or loss from level 3 to level 1 that were measured using quoted prices observable in active markets as of December 31, 2023.

The fair values of instruments measured at level 3 are determined by the Bank based on valuation techniques derived from the "income method", whose main unobservable data are related to discount rates, and on which a reasonable change in such input data would not generate significant effects on the Financial Statements taken as a whole.

Changes in fair value levels

The Bank monitors the availability of information in the market to evaluate the classification of financial instruments into the fair value hierarchy as well as the resulting determination of transfers between levels 1, 2 and 3 at each period end.

Except for the foregoing, as of June 30, 2024 and December 31, 2023, the Bank has not recognized any transfers between levels 1, 2 and 3.

Financial assets and liabilities not measured at fair value

Next follows a description of the main methods and assumptions used to determine the fair values of financial instruments not recognized at their fair value in these condensed consolidated interim Financial Statements:

Instruments with fair value similar to the carrying amount: financial assets and liabilities that are liquid or have short-term maturities (less than three months) were deemed to have a fair value similar to the carrying amount.

Fixed and variable rate of financial instruments: the fair value of financial assets was recognized discounting future cash flows at current market rates for each fiscal year for financial instruments of similar characteristics. The estimated fair value of fixed-interest rate deposits and liabilities was assessed discounting future cash flows by using estimated interest rates for deposits or placings with similar maturities to those of the Bank’s portfolio.

For public listed assets and liabilities, or those for which the prices are reported by certain renowned pricing providers, the fair value was determined based on such prices.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

The following table shows a comparison between the fair value and the carrying amount of financial instruments not measured at fair value as of June 30, 2024 and December 31, 2023:

	06/30/2024
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		1,633,431,412		1,633,431,412						1,633,431,412
Other financial assets		300,071,491		300,071,491						300,071,491
Loans and other financing		3,472,924,267						3,221,179,018		3,221,179,018
Other debt securities		205,818,163		21,184,722		162,836,995				184,021,717
Financial assets delivered as guarantee		160,627,203		160,627,203						160,627,203
Total		5,772,872,536		2,115,314,828		162,836,995		3,221,179,018		5,499,330,841

Financial liabilities
Deposits		6,740,180,902		3,591,382,233				3,160,264,476		6,751,646,709
Other financial liabilities		757,037,020		741,612,103		14,832,279				756,444,382
Financing received from the BCRA and other financial institutions		21,407,008		16,457,754		4,949,254				21,407,008
Issued corporate bonds		59,924,364				60,165,571				60,165,571
Subordinated corporate bonds		369,515,426				343,539,320				343,539,320
Total		7,948,064,720		4,349,452,090		423,486,424		3,160,264,476		7,933,202,990

	12/31/2023
Composition	Carrying amount	Level 1	Level 2	Level 3	Fair value
Financial assets
Cash and deposits in banks	2,161,341,905	2,161,341,905			2,161,341,905
Repo transactions	1,106,648,980	1,106,648,980			1,106,648,980
Other financial assets	315,060,757	315,060,757			315,060,757
Loans and other financing	3,302,701,827			2,898,360,552	2,898,360,552
Other debt securities	251,868,629	165,449,054	99,891,707		265,340,761
Financial assets delivered as guarantee	193,566,226	193,566,226			193,566,226
Total	7,331,188,324	3,942,066,922	99,891,707	2,898,360,552	6,940,319,181

Financial liabilities
Deposits	6,058,772,046	3,759,956,895		2,301,626,172	6,061,583,067
Repo transactions	42,428,741	42,428,741			42,428,741
Other financial liabilities	680,452,805	658,647,401	20,911,077		679,558,478
Financing received from the BCRA and other financial institutions	35,593,213	14,035,933	21,557,280		35,593,213
Issued corporate bonds	105,821,417		107,234,420		107,234,420
Subordinated corporate bonds	590,063,918		499,544,943		499,544,943
Total	7,513,132,140	4,475,068,970	649,247,720	2,301,626,172	7,425,942,862

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

11.

BUSINESS COMBINATIONS

11.1

Macro Agro SAU (formerly known as Comercio Interior SAU)

On May 18, 2023, the Bank acquired from Inversora Juramento SA, 100% of the capital stock and votes of Macro Agro SAU (formerly known as Comercio Interior SAU), a company engaged in the grain brokerage business.

The Special Shareholders’ Meeting held on October 6, 2023 deemed it appropriate and approved the change of its corporate name to “Macro Agro SAU” and consequently, subject to the authorization of the Business Associations Regulatory Agency of the Province of Santa Fe (IGPJ), proposed the amendment of section 1 of the by-laws. On October 27, 2023, the proceedings were filed with the IGPJ. Additionally, on March 5, 2024, the Bank was notified of the resolution of the IGPJ, which approved the reform of the by-laws with the name of Macro Agro SAU.

Assets acquired and liabilities assumed

The fair value of the assets identified and liabilities assumed as of the acquisition date is as follows:

Composition	Fair value recognized on acquisition
Assets
Cash and deposits in banks		85,899
Debt securities at fair value through profit or loss		1,773,396
Loans and other financing		248,170
Financial assets delivered as guarantee		3,414,940
Other financial assets		13,290,850
Property, plant and equipment		239,982
Intangible assets		53,348
Other non-financial assets		197,151
		19,303,736

Liabilities
Other financial liabilities		13,169,844
Provisions		37,152
Current income tax liabilities		223,802
Deferred income tax liabilities		264,458
Other non-financial liabilities		3,660,604
		17,355,860
Net assets acquired at fair value		1,947,876

The goodwill generated by the acquisition of Macro Agro SAU (formerly known as Comercio Interior SAU) amounted to 611,152.

In accordance with the share purchase contract, the transaction price was set at USD 5,218,800, which will be paid in variable annual installments using the proceeds from the dividends of Macro Agro SAU (formerly known as Comercio Interior SAU). Thus, the Bank assigns 100% of the rights over the dividends in favor of the seller, up to the full payment of the purchase price. Each installment will become due within fifteen days as from the Shareholders’ Meeting approval of the Financial Statements of Macro Agro SAU (formerly known as Comercio Interior SAU). The first installment will become due in 2024.

To measure the liabilities arising from this transaction the Bank estimated the company's future income, discounting them at its own business rate. As a consequence, at the acquisition date, the liability amounted to USD 2,973,375.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

On September 29, 2023, Macro Agro SAU (formerly known as Comercio Interior SAU) distributed cash dividends amounting to 440,000 (not restated). Those dividends were received by Banco Macro SA on October 2, 2023. As it was explained in the previous paragraphs, dividends were used to pay the liability arising from the purchase, which decreased by USD 558,651.70.

Additionally, on March 12, 2024, Macro Agro SAU (formerly known as Comercio Interior SAU) distributed cash dividends amounting to 450,669 (not restated). Those dividends were received by Banco Macro SA on March 12, 2024 and were used to pay the liability arising from the purchase, which decreased by USD 430,639.40.

11.2

Banco BMA SAU (formerly known as Banco Itaú Argentina SA) and its subsidiaries

On August 23, 2023, Banco Macro SA entered into a stock purchase agreement with Itaú Unibanco Holding SA, through its affiliates Itaú Unibanco SA, Banco Itaú BBA SA and Itaú Consultoria de Valores Mobiliários e Participaçoes SA (collectively, “Itaú”), pursuant to which, subject to certain conditions (substantially the approval of the transaction by the BCRA), the Bank would acquire from Itaú the shares representing 100% of the capital stock and votes of Banco Itaú Argentina SA, Itaú Asset Management SA and Itaú Valores SA.

On November 2, 2023, the Board of Directors of the BCRA authorized the abovementioned purchase, as per the following breakdown:

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

Itaú Asset Management SA: 11,950 shares representing 13.00% of the capital stock of Itaú Asset Management SA were directly acquired from Itaú Unibanco SA, and indirectly, 80,000 shares, which represent 87.00% of the capital stock of Itaú Asset Management SA through the acquisition of Banco Itaú Argentina SA.

Itaú Valores SA: 6,814,535 shares representing 13.00% of the capital stock and votes of Itaú Valores SA were directly acquired from Itaú Consultoria de Valores Mobiliários e Participações SA; and indirectly, 45,604,965 shares, representing 87.00% of the capital stock and votes of Itaú Valores SA, through the acquisition of Banco Itaú Argentina SA.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Assets acquired and liabilities assumed

The fair value of the assets identified acquired and liabilities assumed as of the acquisition date is as follows:

Composition	Fair value recognized on acquisition
Assets
Cash and deposits in banks		289,389,493
Debt securities at fair value through profit or loss		92,102,375
Derivative financial instruments		39,907,018
Repo transactions		459,414,465
Other financial assets		29,861,004
Loans and other financing		522,380,621
Other debt securities		123,499,975
Financial assets delivered as guarantee		73,177,181
Current income tax assets		366,693
Equity instruments at fair value through profit or loss		342,218
Investments in associates and joint arrangements		17,257,439
Property, plant and equipment		67,313,141
Intangible assets		38,289,457
Deferred income tax assets		33,732,401
Other non-financial assets		13,304,567
Non-current assets held for sale		23,325,071
		1,823,663,119

Liabilities
Deposits		1,213,528,442
Liabilities at fair value through profit or loss		36,577,527
Derivative financial instruments		15,421,925
Other financial liabilities		34,304,393
Financing received from the BCRA and other financial institutions		19,175,133
Issued corporate bonds		10,644,121
Current income tax liabilities		36,059,093
Provisions		5,364,345
Deferred income tax liabilities		31,832,907
Other non-financial liabilities		98,553,867
		1,501,461,753
Net assets acquired at fair value		322,201,366

For the valuation of the core deposits intangible, the favorable source of funds methodology was used. This method determines the spread between the cost of central deposits acquired and the cost of an alternative source of financing over the estimated life of the core deposit base. As a result of this transaction, the intangible asset recognized amounted to 9,320,828. See Note 10 for additional fair value valuation techniques for other assets acquired and liabilities assumed in the business combination.

The price of this transaction was established at USD 50,000,000, which was set at the time of the agreement and paid on November 3, 2023, and an additional amount resulting from the adjustment of the result obtained by Banco BMA SAU (formerly known as Banco Itaú Argentina SA), BMA Asset Management SGFCISA (formerly known Itaú Asset Management SA) and BMA Valores SA (formerly known as Itaú Valores SA) between April 1, 2023 and the closing date established in the purchase contract, which was agreed between the parties in the month of May 2024 for an amount of USD 7,564,706.

If the business combination had taken place at the beginning of the year 2023, the interest income and commission income of the Bank would have amounted to 5,082,809,751 and 473,890,390, respectively, and the net income for the fiscal year ended December 31, 2023 would have amounted to 1,066,546,585.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

As the amount of the net assets acquired exceeds the fair value of the price paid, including the estimated price adjustment based on the information available, the Bank recorded a gain generated by this acquisition for 281,826,263, which is recorded in “Income from associates and joint arrangements” for the fiscal year ended December 31, 2023. The gain was related to the price of this transaction determined in the arm’s length basis and the net assets acquired.

The calculation of this gain is subject to change because the estimates of all fair values are being reviewed and may be modified during the period of one year from the acquisition date as established by IFRS 3. However, the Bank’s Management does not expect significant changes in these amounts.

The Shareholders’ Meeting held on May 6, 2024, approved the pre-merger by absorption commitment of Banco BMA SAU by Banco Macro SA, whereby Banco Macro SA will incorporate Banco BMA SAU retroactively as of January 1, 2024 based on the separate Financial Statements of each of the companies, prepared as of December 31, 2023 and the special consolidated merger statement of financial position as of the same date. As of the date of issuance of these condensed consolidated interim Financial Statements, the Bank is in process of obtaining the administrative approval of such merger before the CNV, and has also requested the authorization of the respective merger before the BCRA.

12.

INVESTMENTS IN ASSOCIATES AND JOINT ARRANGEMENTS

12.1

Associates

The following table provides summarized financial information about the Bank’s investment in its associates:

	Proportional Bank’s			Financial position				Profit (Loss) of the period
Entity	interest			06/30/2024		12/31/2023		06/30/2024			06/30/2023
Macro Warrants SA (1) and (2)		5	%		21,755		20,819		936			(5,673	)
Play Digital SA (1) and (2)		9.19	%		615,274		1,343,729		(584,256	)		(1,744,176	)
Alianza SGR (1)		24.98	%		22,679		5,411		17,269

(1)

The existence of significant influence is evidenced by the representation that the Bank has in the Board of Directors of these associates.

(2)

To measure this investment, accounting information of this associate as of March 31, 2024 has been used. Additionally, significant transactions conducted or events that occurred between April 1, 2024 and June 30, 2024 have been considered.

12.2

Joint ventures

The following table provides summarized financial information about the Bank’s investment in its joint ventures:

	Proportional Bank’s			Financial position				Profit (Loss) of the period
Entity	interest			06/30/2024		12/31/2023		06/30/2024			06/30/2023
Banco Macro SA – Bizland SAU Unión transitoria		50	%		1,803,676		1,489,435		751,468			570,499
Finova SA		50	%		140,801		169,974		(29,175	)		(287,512	)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

13.

OTHER NON-FINANCIAL ASSETS

The composition of the other non-financial assets as of June 30, 2024 and December 31, 2023 is as follows:

Composition	06/30/2024		12/31/2023
Investment property (see Exhibit F)		55,783,175		52,160,786
Advanced prepayments		19,445,577		14,974,831
Tax advances		3,177,350		25,968,864
Other		2,539,891		3,621,316
Total		80,945,993		96,725,797

14.

RELATED PARTIES

A related party is a person or entity that is related to the Bank:

	-	has control or joint control of the Bank;
	-	has significant influence over the Bank;
	-	is a member of the key management personnel of the Bank or of the parent of the Bank;
	-	members of the same group;
	-	one entity is an associate (or an associate of a member of a group of which the other entity is a member).

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, directly or indirectly. The Bank considers as key management personnel, for the purposes of IAS 24, the members of the Board of Directors and the senior management members of the Risk Management Committee, the Assets and Liabilities Committee and the Senior Credit Committee.

As of June 30, 2024 and December 31, 2023, amounts balances related to transactions generated with related parties are as follows:

	As of June 30, 2024
	Main subsidiaries (1)
	Macro Bank Limited	Macro Securities SAU (2)	Argenpay SAU	Fintech SGR	Macro Agro SAU (formerly known as Comercio Interior SAU)	Banco BMA SAU	Associates	Key management personnel (3)		Other related parties		Total
Assets
Cash and deposits in banks	7,306												7,306
Debt securities at fair value through profit or loss											489,750		489,750
Derivative instruments											146,216		146,216
Other financial assets				14,205,034					30,305,809		471,387		44,982,230
Loans and other financing (4)
Other financial entities						13,736,201							13,736,201
Documents											270,874		270,874
Overdrafts					276				209,712		7,438,229		7,648,217
Credit cards									641,954		167,189		809,143
Financial leases					17,415						44,310		61,725
Personal loans									1,053				1,053
Mortgage loans									2,685,475				2,685,475
Other (5)									776,502		10,867,706		11,644,208
Guarantees granted											23,686,707		23,686,707
Total assets	7,306			14,205,034	17,691	13,736,201			34,620,505		43,582,368		106,169,105

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	As of June 30, 2024
	Main subsidiaries (1)
	Macro Bank Limited	Macro Securities SAU (2)	Argenpay SAU	Fintech SGR	Macro Agro SAU (formerly known as Comercio Interior SAU)	Banco BMA SAU	Associates	Key management personnel (3)	Other related parties	Total
Liabilities
Deposits		64,832,310	605,735	1,786	207,526		346,206	57,064,790	18,572,387	141,630,740
Other financial liabilities								1,881,828	1,756,634	3,638,462
Issued corporate bonds		18,078								18,078
Subordinated corporate bonds				1,042,585	139,012					1,181,597
Other non-financial liabilities									2,734,789	2,734,789
Total liabilities		64,850,388	605,735	1,044,371	346,538		346,206	58,946,618	23,063,810	149,203,666

(1)	These transactions are eliminated during the consolidation process.
(2)	It includes the balance amounts from its subsidiary Macro Fondos SGFCISA.
(3)	Includes close family members of the key management personnel.
(4)	The maximum financing amount for Loans and other financing as of June 30, 2024 for Macro Securities SAU, Macro Agro SAU (formerly known as Comercio Interior SAU), Banco BMA SAU, Key management personnel and Other related parties amounted to 10,290,251, 43,919, 16,630,852, 6,115,465 and 95,090,231, respectively.
(5)	It is related to Loans and other financing not disclosed in other items, mainly Other loans, Financing of foreign exchange transactions and Loans with government securities.

	As of December 31, 2023
	Main subsidiaries (1)
	Macro Bank Limited	Macro Securities SAU (2)	Argenpay SAU	Fintech SGR	Macro Agro SAU (formerly known as Comercio Interior SAU)	Associates	Key management personnel (3)	Other related parties	Total
Assets
Cash and deposits in banks	11,646								11,646
Other financial assets				14,968,086			1,937,849	12,835,428	29,741,363
Loans and other financing (4)
Documents								2,309,159	2,309,159
Overdrafts							462,943	4,785,720	5,248,663
Credit cards							1,087,885	231,982	1,319,867
Financial leases					55,686			92,766	148,452
Personal loans							9,999		9,999
Mortgage loans							2,268,613		2,268,613
Other (5)							679,918	10,565,820	11,245,738
Guarantees granted								47,383,381	47,383,381
Total assets	11,646			14,968,086	55,686		6,447,207	78,204,256	99,686,881

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	As of December 31, 2023
	Main subsidiaries (1)
	Macro Bank Limited	Macro Securities SAU (2)	Argenpay SAU	Fintech SGR	Macro Agro SAU (formerly known as Comercio Interior SAU)	Associates	Key management personnel (3)	Other related parties	Total
Liabilities
Deposits		28,377,133	464,809	44,370	20,081	547,086	44,341,406	39,002,883	112,797,768
Liabilities at fair value through profit or loss								24,840,468	24,840,468
Other financial liabilities							9,183,680	1,715,844	10,899,524
Issued corporate bonds		5,186,410							5,186,410
Subordinated corporate bonds				1,405,267	221,884				1,627,151
Other non-financial liabilities								4,533,394	4,533,394
Total liabilities		33,563,543	464,809	1,449,637	241,965	547,086	53,525,086	70,092,589	159,884,715

(1)	These transactions are eliminated during the consolidation process.

(2)	It includes the balance amounts from its subsidiary Macro Fondos SGFCISA.

(3)	Includes close family members of the key management personnel.

(4)	The maximum financing amount for Loans and other financing as of December 31, 2023 for Macro Securities SAU, Macro Agro SAU (formerly known as Comercio Interior SAU), Key management personnel and Other related parties amounted to 38,898,015, 123,148, 6,763,974 and 92,607,407, respectively.

(5)	It is related to Loans and other financing not disclosed in other items, mainly Other loans, Financing of foreign exchange transactions and Loans with government securities.

Profit or loss related to transactions generated during the six-month periods ended June 30, 2024 and 2023 with related parties are as follows:

	As of June 30, 2024
	Main subsidiaries (1)
	Macro Bank Limited	Macro Securities SAU (2)	Argenpay SAU	Fintech SGR		Macro Agro SAU (formerly known as Comercio Interior SAU)		Banco BMA SAU		Associates		Key management personnel (3)		Other related parties		Total
Income / (loss)
Interest income		70,176				6,333		365,440		4		1,467,669		4,906,148		6,815,770
Interest expense						(70,717	)	(1,266,707	)	(44,019	)	(50,494	)	(1,045,823	)	(2,477,760	)
Commissions income		55,437		3,982						384		411		423,138		483,352
Commissions expense				(50,559	)							(103	)	(142,745	)	(193,407	)
Net gain from measurement of financial instruments at fair value through profit or loss														138,668		138,668
Other operating income				3,706,959		5,471				1,597		12,150		24,339		3,750,516
Administrative expense														(2,838,829	)	(2,838,829	)
Other operating expense														(560,853	)	(560,853	)
Total income / (loss)		125,613		3,660,382		(58,913	)	(901,267	)	(42,034	)	1,429,633		904,043		5,117,457

(1)	These transactions are eliminated during the consolidation process.
(2)	It includes the balance amounts from its subsidiary Macro Fondos SGFCISA.
(3)	Includes close family members of the key management personnel.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	As of June 30, 2023
	Main subsidiaries (1)
	Macro Bank Limited	Macro Securities SAU (2)	Argenpay SAU	Fintech SGR		Macro Agro SAU (formerly known as Comercio Interior SAU)	Associates		Key management personnel (3)		Other related parties		Total
Income / (loss)
Interest income		13,004				16,945			1,197,485		3,972,938		5,200,372
Interest expense							(81,291	)	(266,012	)	(102,108	)	(449,411	)
Commissions income		89,672					1,356		320		635,881		727,229
Commissions expense				(42,087	)				(100	)	(88,729	)	(130,916	)
Other operating income		231,013	59	5,234,456		1,122					167		5,466,817
Credit loss expense on financial assets		211,059											211,059
Administrative expense											(2,187,745	)	(2,187,745	)
Other operating expense											(245,843	)	(245,843	)
Total income / (loss)		544,748	59	5,192,369		18,067	(79,935	)	931,693		1,984,561		8,591,562

(1)	These transactions are eliminated during the consolidation process.

(2)	It includes the balance amounts from its subsidiary Macro Fondos SGFCISA.

(3)	Includes close family members of the key management personnel.

Transactions generated by the Bank with its related parties for arranged transactions within the course of the usual and ordinary course of business were performed in normal market conditions, both as to interest rates and prices and as to the required guarantees.

The Bank does not have loans granted to directors and other key management personnel secured with shares.

Total remunerations received as salary and bonus by the key management personnel as of June 30, 2024 and December 31, 2023 amounted to 3,230,276 and 3,059,181, respectively.

In addition, fees received by the Directors as of June 30, 2024 and 2023 amounted to 24,755,979 and 6,633,834, respectively.

Additionally, the composition of the Board of Directors and key management personnel of the Bank and its subsidiaries is as follows:

Composition	06/30/2024		12/31/2023
Board of Directors		22		22
Senior managers of the key management personnel		11		12
Total		33		34

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

15.

DEPOSITS

The composition of deposits as of June 30, 2024 and December 31, 2023 is as follows:

Composition	06/30/2024		12/31/2023
Non-financial public sector		795,854,649		336,355,898
Financial sector		11,981,820		36,287,892
Non-financial private sector and foreign residents		5,932,344,433		5,686,128,256
Checking accounts		817,412,982		916,162,365
Saving accounts		2,329,379,358		2,570,801,920
Time deposits		2,330,799,827		1,884,444,012
Investment accounts		376,343,762		225,102,415
Other		78,408,504		89,617,544
Total		6,740,180,902		6,058,772,046

16.

OTHER FINANCIAL LIABILITIES

The composition of the other financial liabilities as of June 30, 2024 and December 31, 2023 is as follows:

Composition	06/30/2024		12/31/2023
Credit and debit card settlement - due to merchants		368,022,446		361,376,763
Amounts payable for other spot purchases pending settlement		227,652,808		167,997,198
Payment orders pending to foreign exchange settlement		55,771,182		61,897,369
Collections and other transactions on account and behalf of others		21,129,623		18,795,065
Amounts payable for spot purchases of foreign currency pending settlement		12,611,538		2,384,777
Finance leases liabilities		12,498,401		16,878,479
Amounts payable for spot purchases of government securities pending settlement		464,307		558,366
Other		58,886,715		50,564,788
Total		757,037,020		680,452,805

17.

PROVISIONS

This item includes the amounts estimated to face a liability of probable occurrence, which if occurring, would originate a loss for the Bank.

Exhibit J “Changes in provisions” presents the changes in provisions as of June 30, 2024 and December 31, 2023.

The expected terms to settle these obligations are as follows:

	06/30/2024
Composition	Within 12 months		Over 12 months		06/30/2024		12/31/2023
For administrative, disciplinary and criminal penalties				500		500		899
Letters of credits, guarantees and other commitments (1)		4,642,323				4,642,323		3,788,204
Commercial claims in progress (2)		1,208,231		2,391,002		3,599,233		5,070,655
Labor lawsuits		729,122		378,964		1,108,086		1,138,777
Pension funds - reimbursement		643,268		177,368		820,636		2,192,031
Other		1,519,411		2,061,481		3,580,892		3,527,859
Total		8,742,355		5,009,315		13,751,670		15,718,425

(1)

These amounts correspond to the ECL calculated for contingent transactions, which are mentioned in Note 4.

(2)

See also Note 39.2.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

In the opinion of the Bank’s Management and its legal counsel, there are no other significant effects other than those disclosed in these condensed consolidated interim Financial Statements, the amounts and settlement terms of which have been recognized based on the current value of such estimates, considering the probable settlement date thereof.

18.

OTHER NON-FINANCIAL LIABILITIES

The composition of other non-financial liabilities as of June 30, 2024 and December 31, 2023 is as follows:

Composition	06/30/2024		12/31/2023
Dividends payable (see Note 30)		168,542,230		144,073
Salaries, bonuses and payroll taxes payables		88,360,615		95,086,043
Withholdings		80,747,731		81,152,324
Miscellaneous payables		33,308,794		36,910,058
Taxes payables		31,959,932		60,704,016
Retirement pension payment orders pending settlement		3,033,069		2,855,461
Directors’ and syndics’ fees payable		1,623,630		31,449,458
Other		41,933,192		73,032,466
Total		449,509,193		381,333,899

19.

ANALYSIS OF FINANCIAL ASSETS TO BE RECOVERED AND FINANCIAL LIABILITIES TO BE SETTLED

The following tables show the analysis of financial assets and liabilities the Bank expects to recover and settle as of June 30, 2024 and December 31, 2023:

06/30/2024	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		1,633,431,412
Debt securities at fair value through profit or loss				471,998,153		4,015,258,557
Derivative financial instruments				46,762,337
Other financial assets		81,623,096		210,867,726		54,069,619
Loans and other financing (1)		11,208,337		2,582,665,773		879,050,157
Other debt securities				479,284,455		84,283,025
Financial assets delivered as guarantee		160,627,203
Equity instruments at fair value through profit or loss		6,411,518
Total assets		1,893,301,566		3,791,578,444		5,032,661,358

Liabilities
Deposits		3,083,133,138		3,656,700,967		346,797
Financial liabilities at fair value through profit or loss				52,972,984
Derivative financial instruments				333,233
Other financial liabilities				747,568,857		9,468,163
Financing received from the BCRA and other financial institutions				20,896,318		510,690
Issued corporate bonds				48,654,548		11,269,816
Subordinated corporate bonds				5,977,907		363,537,519
Total liabilities		3,083,133,138		4,533,104,814		385,132,985

(1)

The amounts included in “without due date” are related to the non-performing portfolio.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

12/31/2023	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		2,161,341,905
Debt securities at fair value through profit or loss				3,054,596,255		95,225,843
Derivative financial instruments				23,628,010
Repo transactions				1,106,648,980
Other financial assets		108,488,744		153,606,637		100,409,176
Loans and other financing (1)		14,271,074		2,638,838,940		649,591,813
Other debt securities				260,951,775		515,294,652
Financial assets delivered as guarantee		184,183,823		54,737,006
Equity instruments at fair value through profit or loss		5,777,608
Total assets		2,474,063,154		7,293,007,603		1,360,521,484

Liabilities
Deposits		3,018,244,061		3,040,177,486		350,499
Financial liabilities at fair value through profit or loss				24,854,427
Derivative financial instruments				5,101,732
Repo transactions				42,428,741
Other financial liabilities				666,044,313		14,408,492
Financing received from the BCRA and other financial institutions				23,836,195		11,757,018
Issued corporate bonds				95,994,864		9,826,553
Subordinated corporate bonds				10,289,838		579,774,080
Total liabilities		3,018,244,061		3,908,727,596		616,116,642

(1)

The amounts included in “without due date” are related to the non-performing portfolio.

20.

DISCLOSURES BY OPERATING SEGMENT

For management purposes, the Bank’s Management has determined that it has only one operating segment related to the banking business. In this sense, the Bank supervises the operating segment income (loss) for the fiscal year in order to make decisions about resources to be allocated to the segment and assess its performance, which is measured on a consistent basis with the profit or loss in the Financial Statements.

21.

INCOME TAX

Inflation adjustment on income tax

Tax Reform Law 27430, amended by Laws 27468 and 27541, established the following, regarding inflation adjustment on income tax for the fiscal years beginning on January 1, 2018:

such adjustment will be applicable in the fiscal year in which the variation of the CPI is higher than 100% for the thirty-six months before the end of the tax period;

ii)

regarding the first, second and third fiscal year after its effective date, this procedure will be applicable if the variation of the abovementioned index, calculated from the beginning until the end of each of those fiscal years exceeds 55%, 30% and 15% for the first, second and third fiscal years of application, respectively;

iii)

the positive or negative inflation adjustment, as the case may be, corresponding to the first, second and third fiscal years beginning on January 1, 2018, shall be allocated one third in the fiscal year for which the adjustment is calculated and the remaining two thirds in equal parts in the following two immediate fiscal years;

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

iv)

the positive or negative inflation adjustment, corresponding to the first and second fiscal years beginning on January 1, 2019, shall be allocated one sixth to the fiscal year in which the adjustment is determined and the remaining five sixth in the following immediate fiscal years; and

for fiscal years beginning on January 1, 2021, 100% of the adjustment may be deducted in the year in which it is determined.

As of June 30, 2024 and December 31, 2023, all the conditions established by the income tax Law to practice the inflation adjustment are met (see section “Fiscal years 2019 and 2020” and “Fiscal year 2021” of this note).

Income tax rate

On June 16, 2021, through Decree No. 387/2021, Law No. 27630 was issued. This law established for fiscal years beginning on or after January 1, 2021, a progressive tax rates scheme of 25%, 30% and 35% which will be applied, on a progressive basis, to the taxable accumulated net profit at the end of each fiscal year.

The main items of income tax expense in the condensed consolidated interim Financial Statements are as follows:

	06/30/2024						06/30/2023
Composition	Quarter ended 06/30/2024			Accumulated from beginning of year up to 06/30/2024			Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023
Current income tax (profit) / charge		(103,572,879	)		13,495,371			74,549,096			98,368,302
Profit from deferred income tax		(32,422,621	)		(43,315,847	)		(2,835,477	)		(1,050,280	)
(Profit) / loss from income tax recognized in the income statement		(135,995,500	)		(29,820,476	)		71,713,619			97,318,022
(Profit) / loss from income tax recognized in other comprehensive income		(23,670,986	)		(25,396,809	)		4,319,516			2,695,987
Total		(159,666,486	)		(55,217,285	)		76,033,135			100,014,009

Fiscal years 2019 and 2020

As decided by the Board of Directors in the meeting held on May 11, 2020, considering certain case law on the matter assessed by its legal counsel and tax advisors, on May 26 of that year, the Bank filed with the Administración Federal de Ingresos Públicos (AFIP, for its acronym in Spanish) its annual income tax return considering the total effect of the inflation adjustment on income tax (see section a) iv) of this note). As a result, the current income tax determined by Banco Macro SA for fiscal year 2019 amounted to 7,002,124 (not restated). The same criterion was applied to determine the annual income tax report for 2020, which generated accrued income tax for Banco Macro SA for such fiscal year that amounted to 9,933,210 (not restated).

In addition, on July 23, 2021, the Bank filed a reimbursement action with the AFIP requesting that 254,305 (not restated) paid as income tax for the 2020 tax period be reimbursed.

As to the tax periods mentioned in previous paragraphs, on November 1, 2021, the AFIP notified the beginning of an income tax audit, which is in progress.

Along with the filings mentioned in the first paragraph of this section, on December 28, 2021, the Bank filed petitions for declaratory judgment with the Federal Administrative Contentious Court for the periods under analysis. The file 22274/2021, for the fiscal year 2019, is in process in Court No. 12 and the file 22278/2021, for the fiscal year 2020, is in process in Court No. 1.

Fiscal year 2021

On October 17, 2022, Banco Macro SA filed a reimbursement action with the AFIP requesting that 382,189 (not restated) paid as income tax for the 2021 tax period be reimbursed.

On January 3, 2023, the AFIP notified the beginning of an income tax audit related to the abovementioned fiscal year. On April 8, 2024 the AFIP notified the closure of the audit, without tax adjustment as of the date of issuance of these condensed consolidated interim Financial Statements.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Fiscal year 2022

On June 30, 2023, Banco Macro SA filed a reimbursement action with the AFIP requesting that 654,673 (not restated) paid as income tax for the 2022 tax period be reimbursed.

On 16 November, 2023, the AFIP notified the beginning of an income tax audit related to the abovementioned fiscal year, which is in progress as of the date of issuance of these condensed consolidated interim Financial Statements.

Reimbursement actions – Fiscal years 2013 to 2017 and 2018

On October 24, 2019, Banco Macro SA filed with the AFIP-DGI (Argentine tax authorities) two reimbursement actions under the terms established by the first paragraph of section 81, Law No. 11683 requesting the reimbursement of 4,782,766 and 5,015,451 (not restated amounts) paid to tax authorities as income tax during tax periods 2013 through 2017 and 2018, respectively, arising from the impossibility to apply the adjustment for inflation and other adjustment mechanisms set forth by income tax Law (prior to the amendments introduced by Laws No. 27430 and 27468 for periods 2013 through 2017, and as revised in 2019 and amended for the 2018 tax period), plus the related compensatory interest (SIGEA [case and file management system] files No. 19144-14224/2019 and 19144-14222/2019). Since tax authorities have not yet issued a resolution with respect to the abovementioned claims, on August 7, 2020, the Bank filed both reimbursement requests under the terms of section 81, Law No. 11683 with the Federal Contentious and Administrative Trial Courts, which are pending in Courts No. 8 and 2 of such jurisdiction, respectively (cases No. 11285/2020 and 11296/2020). Currently, in connection with the file for the fiscal year 2018, the evidence stage is closed and the process for allegation was delivered.

In connection with the tax periods mentioned in the previous paragraph, on December 19, 2019, the AFIP notified the beginning of the income tax audit for the 2018 tax period, and on May 3, 2021, it notified the beginning of the income tax audit for periods 2013 through 2017. On October 4, 2021, the AFIP ended the audit for periods 2013 through 2017 as the Bank had exercised in due time its right to resort to justice, and that the admission of reimbursement is subject to a court decision.

22.

COMMISSIONS INCOME

	06/30/2024				06/30/2023
Composition	Quarter ended 06/30/2024		Accumulated from beginning of year up to 06/30/2024		Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023
Performance obligations satisfied at a point in time
Commissions related to obligations		58,939,903		111,531,543		62,787,055		125,753,366
Commissions related to credit cards		34,452,280		66,697,383		33,650,780		70,320,121
Commissions related to insurance		5,652,395		9,955,763		5,629,648		11,650,897
Commissions related to securities value		3,930,765		7,411,900		3,062,990		5,709,072
Commissions related to loans		3,624,828		4,977,142		476,519		842,886
Commissions related to trading and foreign exchange transactions		3,339,453		6,551,681		2,260,395		4,620,405
Commissions related to financial guarantees granted		1,316,622		2,888,127		57,204		65,482
Performance obligations satisfied over certain time period
Commissions related to credit cards		460,259		945,780		428,967		925,027
Commissions related to trading and foreign exchange transactions		404,171		2,086,607		94,501		189,136
Commissions related to loans		26,574		30,677		14,371		100,465
Commissions related to obligations		241		156		2,119		4,252
Total		112,147,491		213,076,759		108,464,549		220,181,109

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

23.

DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

	06/30/2024				06/30/2023
Composition	Quarter ended 06/30/2024		Accumulated from beginning of year up to 06/30/2024		Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023
Translation of foreign currency assets and liabilities into pesos		25,542,847		120,859,493		280,427,841		448,072,658
Income from foreign currency exchange		110,873		349,080		1,287,895		2,296,433
Total		25,653,720		121,208,573		281,715,736		450,369,091

24.

OTHER OPERATING INCOME

	06/30/2024				06/30/2023
Composition	Quarter ended 06/30/2024		Accumulated from beginning of year up to 06/30/2024		Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023
Services		26,309,595		47,772,974		15,527,041		29,970,342
Adjustments and interest from other receivables		4,947,754		12,032,458		3,822,824		8,052,664
Adjustments from other receivables with CER clauses		4,488,158		12,642,270		3,334,704		5,858,829
Other receivables from financial intermediation		1,172,133		3,775,092		1,203,470		1,786,894
Other		9,264,282		19,405,263		4,537,815		9,043,407
Total		46,181,922		95,628,057		28,425,854		54,712,136

25.

EMPLOYEE BENEFITS

	06/30/2024				06/30/2023
Composition	Quarter ended 06/30/2024		Accumulated from beginning of year up to 06/30/2024		Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023
Remunerations		93,200,531		201,696,829		78,135,293		150,883,113
Payroll taxes		23,310,884		49,292,593		18,860,627		37,362,930
Compensations and bonuses to employees		15,962,058		35,792,657		13,174,595		26,231,568
Employee services		3,961,604		7,810,804		3,840,693		7,459,355
Total		136,435,077		294,592,883		114,011,208		221,936,966

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

26.

ADMINISTRATIVE EXPENSES

	06/30/2024					06/30/2023
Composition	Quarter ended 06/30/2024			Accumulated from beginning of year up to 06/30/2024		Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023
Taxes		18,684,533			32,660,982		9,891,537		18,988,166
Maintenance, conservation and repair expenses		11,198,057			22,667,382		8,903,891		17,198,236
Other fees		7,734,131			14,451,742		6,404,180		12,206,393
Armored truck, documentation and events		7,002,713			13,151,557		6,793,044		14,263,946
Hired administrative services		6,540,208			11,808,969		1,658,000		2,041,932
Electricity and communications		6,398,776			12,453,151		4,736,516		9,636,069
Security services		6,022,069			10,779,829		5,115,310		10,239,921
Advertising and publicity		4,238,184			7,537,843		3,571,322		5,762,401
Software		3,131,717			6,347,528		4,620,859		8,218,708
Representation, travel and transportation expenses		1,317,579			2,213,173		1,171,131		2,275,316
Insurance		910,457			1,309,891		548,859		992,666
Stationery and office supplies		431,716			860,652		419,315		899,707
Leases		226,533			739,999		270,392		480,723
Fees to directors and syndics		(8,921,457	)		5,348,063		7,232,345		9,394,668
Other		2,167,500			5,445,653		2,538,566		4,854,900
Total		67,082,716			147,776,414		63,875,267		117,453,752

27.

OTHER OPERATING EXPENSES

	06/30/2024					06/30/2023
Composition	Quarter ended 06/30/2024			Accumulated from beginning of year up to 06/30/2024		Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023
Turnover tax		61,646,516			171,675,994		75,633,264		139,989,090
From credit cards		31,413,517			65,088,941		26,230,732		49,912,008
Other adjustments and interests for miscellaneous obligations		15,341,442			17,375,247		3,432,916		5,636,520
Charges for other provisions		3,201,340			7,612,548		3,587,741		6,632,096
Deposit guarantee fund contributions		2,348,384			4,348,732		2,593,267		5,381,494
Insurance claims		1,589,499			2,927,189		1,059,165		2,114,654
Donations		539,991			1,168,246		734,378		1,683,795
Taxes		25,173			64,013		232,270		444,799
Loss from sale or depreciation of property, plant and equipment		(8,040	)		15,040
Loss from sale or impairment of investment in properties and other non-financial assets							5		207,414
Other		14,558,881			26,950,359		23,896,255		35,017,580
Total		130,656,703			297,226,309		137,399,993		247,019,450

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

28.

ADDITIONAL DISCLOSURES IN THE STATEMENT OF CASH FLOWS

The Statement of Cash Flows presents the changes in cash and cash equivalents derived from operating activities, investing activities and financing activities during the period. For the preparation of the statement of cash flows the Bank adopted the indirect method for Operating Activities and the direct method for Investment Activities and Financing Activities.

The Bank considers as “Cash and cash equivalents” the item Cash and deposits in banks and those financial assets that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

For the preparation of the Statement of Cash Flows the Bank considered the following:

Operating activities: the normal revenue-producing activities of the Bank as well as other activities that cannot qualify as investing or financing activities.

Investing activities: the acquisition, sale and disposal by other means of long-term assets and other investments not included in cash and cash equivalents.

Financing activities: activities that result in changes in the size and composition of the shareholders’ equity and liabilities of the Bank and that are not part of the operating or investing activities.

The table below presents the reconciliation between the item “Cash and cash equivalents” in the Statement of Cash Flows and the relevant accounting items of the Statement of financial position:

Description	06/30/2024		12/31/2023		06/30/2023		12/31/2022
Cash and deposits in banks		1,633,431,412		2,161,341,905		1,232,286,987		1,400,063,463
Debt securities at fair value through profit or loss				240,454,373
Other debt securities		42,762,063		78,337,068		2,320,676,108		2,793,267,384
Loans and other financing		4,558,750		7,267,161		4,768,120		4,958,051
Total		1,680,752,225		2,487,400,507		3,557,731,215		4,198,288,898

29.

CAPITAL STOCK

The Bank’s subscribed and paid-in capital from December 31, 2021 to June 30, 2024, amounted to 639,413. The capital stock composition is detailed in Exhibit K to the condensed separate interim Financial Statements.

30.

EARNINGS PER SHARE - DIVIDENDS

Basic earnings per share were calculated by dividing net profit attributable to common shareholders of the Bank by the weighted average number of common shares outstanding during the period.

In calculating the weighted average of outstanding common shares, the number of shares at the beginning of the year is adjusted, if applicable, by the number of common shares issued or withdrawn during the period, weighted by the number of days those shares have been outstanding. Note 29 provides a breakdown of the changes in the Bank's capital stock.

The calculation of basic earnings per share is provided in the “Earnings per share” table of the condensed consolidated interim income Statement. See also Note 40.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Dividends paid and proposed

The Shareholders’ Meeting held on April 29, 2022, resolved to distribute cash dividends and/or dividends in kind, in this last case, measured at market value for an amount of 14,187,873 (not restated), representing 22.18 pesos per share, subject to prior authorization from the BCRA which, added to the dividends still to be paid because they exceeded the abovementioned limit, amounted to 21,016,844 (not restated) and were recorded in a “Reserve for dividends pending authorization from the BCRA”. Through Communiqué “A” 7719 issued on March 9, 2023, the BCRA established that from April 1, 2023 up to December 31, 2023, financial institutions which have the BCRA’s authorization, will be allowed to distribute up to 40% of the amount of earnings that should have been distributed if the “Earnings distribution” rules had been applied, in six equal, monthly and consecutive installments.

The Shareholders’ Meeting held on April 25, 2023, decided to distribute cash dividends and/or dividends in kind, in this last case, measured at market value for an amount of 75,040,918 (not restated), representing 117.36 pesos per share, subject to prior authorization from the BCRA. On May 12, 2023 the BCRA authorized the dividends distribution, which were paid during the fiscal year ended December 31, 2023 according to the installment schedule.

On September 29, 2023, Macro Agro SAU (formerly known as Comercio Interior SAU) distributed cash dividends for an amount of 440,000 (not restated).

Through Communiqué “A” 7984 issued on March 21, 2024 the BCRA established that up to December 31, 2024, financial institutions which have the BCRA’s authorization will be allowed to distribute up to 60% of the amount of earnings that should have been distributed if the “Earnings distributions” rules had been applied, in six equal, monthly and consecutive installments. The amount of each dividend installment will be paid in homogeneous currency on each payment date.

The Shareholders’ Meeting held on April 12, 2024, approved to distribute cash dividends and/or dividends in kind, in this case measured at market value, for an amount of 401,735,819,252, representing 628.29 pesos per share, subject to prior BCRA authorization. On May 6, 2024, the BCRA authorized this earnings distribution.

On the other hand, according to Communiqué “A” 7997 issued on April 30, 2024, the BCRA established that financial institutions which have the BCRA’s authorization will be allowed to distribute earnings in three equal, monthly and consecutive installments. Additionally, financial institutions must grant the option to each non-resident shareholder to receive their dividends –totally or partially– in a single cash installment as long as those funds are applied directly to the primary subscription of Bonds for the reconstruction of a free Argentina (BOPREAL, for its acronym in Spanish) in accordance with current exchange regulations. As of the date of issue of these condensed consolidated interim Financial Statements, installments 1, 2 and 3 have been paid for an amount of 161,784,356, 168,541,001 and 176,255,234, respectively.

31.

DEPOSIT GUARANTEE INSURANCE

Law No. 24485 and Decree No. 540/1995 created the Deposit Guarantee Insurance System, which was featured as a limited, compulsory and onerous system, aimed at covering the risks of bank deposits, as subsidiary and supplementary to the deposit privilege and protection system established under the Financial Entities Law. The abovementioned legislation also provided for the incorporation of Sedesa with the exclusive purpose of managing the Deposit Guarantee Fund (DGF). Sedesa was incorporated in August 1995.

Bank’s interest in the capital stock of Sedesa according to the percentages disclosed by BCRA Communiqué “B” 12755 on March 4, 2024 is as follows:

Banco Macro SA	7.6285%
Banco BMA SAU	1.6414%

According to Communiqué “A” 7985 of the BCRA issued on March 27, 2024, deposits in pesos and foreign currency placed in participating entities in the form of checking accounts, savings accounts, certificates of deposits or other forms of deposit that the BCRA may determine, and which meet the requirements provided for in Presidential Decree No. 540/1995 and other requirements that the regulatory authority may determine from time to time, will be covered up to the amount of 25,000.

On the other hand, the BCRA provided from the exclusion of the guarantee system, among others, of any deposits made by other financial entities, deposits made by persons related to the Bank and securities deposits.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

32.

RESTRICTED ASSETS

As of June 30, 2024 and December 31, 2023, the following Bank’s assets are restricted:

Composition		06/30/2024		12/31/2023
Cash and deposits in banks
·	Fondo de Riesgo Fintech SGR – Deposits in other entities (1).		1,388		1,889
	Subtotal cash and deposits in Banks		1,388		1,889
Debt securities at fair value through profit or loss and Other debt securities
·	Fondo de Riesgo Fintech SGR – Debt securities at fair value through profit or loss (1).		23,699,894		23,726,748
·	Discount Bonds in pesos governed by Argentine Law due in 2033, used as collateral for the Credit Program for the reactivation of production in the Province of San Juan.		3,140,348		1,705,325
·	Discount Bonds in pesos governed by Argentine Law expired in 2033 for the minimum consideration required for the performance of Agents in the new categories provided for by Resolution No. 622/13 and amendments of the CNV.		906,496		492,261
·	National Treasury Bonds in pesos adjusted by CER 2% due 11/09/2026 used as collateral for the Credit Program for the reactivation of production in the Province of San Juan.		382,887		425,975
·	Discount Bonds in pesos governed by Argentine Law maturing in 2033, affected as collateral for the Sectoral Credit Program of the Province of San Juan, a productive investment financing fund.		229,697		256,431
·	National Treasury Bonds in pesos adjusted by CER 4.25% due on February 14, 2025, as of June 30, 2024, and Argentine Nation Bonds in dual currency due on February 28, 2024, as of December 31, 2023, for the contribution to the Guarantee Fund II in BYMA in accordance with art. 45 of Law 26,831 and its complementary regulations established in the CNV Rules (NT 2013 and amendments).		28,966		2,284,745
·	Discount Bonds in pesos governed by Argentine Law maturing in 2033 as of December 31, 2023, affected as collateral for the Regional Economies Competitiveness Program - IDB Loan No. 3174/OC-AR.				27,049
·	Other.		624,771		719,896
	Subtotal Debt securities at fair value through profit or loss and Other debt securities		29,013,059		29,638,430
Other financial assets
·	Interests derived from contributions made as protector partner (2).		14,418,277		14,689,737
·	Fondo de Riesgo Fintech SGR – Mutual fund shares (1).		2,594,582		3,179,623
·	Financial instruments for minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/2013, as amended, of the CNV.		888,487		608,852
·	Sundry debtors – other.		469,425		513,895
·	Sundry debtors – attachment within the scope of the claim filed by the DGR against the CABA for turnover tax differences.		827		1,487
	Subtotal Other financial assets		18,371,598		18,993,594
Loans and other financing
·	Fondo de Riesgo Fintech SGR – Loans and other financing (1).		255,369		341,935
	Subtotal Loans and other financing		255,369		341,935

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Composition (contd.)		06/30/2024		12/31/2023
Financial assets delivered as a guarantee
·	Special guarantee checking accounts opened in the BCRA for transactions related to the electronic clearing houses and similar entities.		105,895,114		122,456,743
·	Guarantee deposits related to credit and debit card transactions.		28,386,555		12,148,109
·	For securities forward contracts.				54,737,006
·	Other guarantee deposits.		26,345,534		49,578,971
Subtotal Financial assets delivered as guarantee			160,627,203		238,920,829
Other non-financial assets
·	Real property related to a call option sold.		13,375,468		13,375471
·	Fondo de Riesgo Fintech SGR – Other non-financial assets (1).		10,298		19,824
Subtotal Other non-financial assets			13,385,766		13,395,295
Total			221,654,383		301,291,972

(1)

According to Law 24467, as amended, and Fintech SGR by-laws, this entity has a risk fund (“Fondo de Riesgo”) which its main objective is to cover the guarantees granted to the protector partners and third parties. The assets of the risk fund could only be applied to partners’ withdrawals, to cover guarantees and other direct expenses.

(2)

As of June 30, 2024 and December 31, 2024 it is related to the risk fund Fintech SGR, Alianza SGR and Innova SGR. In order to keep tax benefits related to these contributions, they must be maintained between two and three years from the date they were made.

33.

TRUST ACTIVITIES

The Bank is related to several types of trusts. The different trust agreements according to the business purpose sought by the Bank are disclosed below:

33.1

Financial trusts for investment purposes

The portfolio of financial trusts for investment purposes is completed with definitive trust securities of financial trusts in public and private offering (Confibono, Secubono, Supercanal, Payway cobro anticipado, Solidario de Infraestructura Nasa IV, Moni Mobile and Red Surcos) and certificates of participation (Arfintech).

As of June 30, 2024 and December 31, 2023, debt securities and certificates of participation in financial trusts for investment purposes, amounted to 508,822 and 1,577,006, respectively.

According to the latest accounting information available as of the date of issuance of these condensed consolidated interim Financial Statements, the corpus assets of the trusts exceed the carrying amount in the related proportions.

33.2

Trusts created using financial assets transferred by the Bank (securitization)

The Bank transferred financial assets (loans) to trusts for the purpose of issuing and selling securities whose collection is guaranteed by the cash flow resulting from such assets or group of assets. Through this way the funds that were originally used by the Bank to finance the loans are obtained earlier.

As of June 30, 2024 and December 31, 2023, considering the latest available accounting information as of the date of issuance of these condensed consolidated interim Financial Statements, the assets managed through Macro Fiducia SAU (subsidiary) of this type of trusts amounted to 5,220 and 4,739, respectively.

33.3

Trusts guaranteeing loans granted by the Bank

As it is common in the Argentine banking market, the Bank requires, in some cases, that the debtors present certain assets or entitlements to receive assets in a trust as a guarantee for the loans granted. This way, the risk of losses is minimized and access to the security is guaranteed in case of the debtor's non-compliance.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Trusts usually act as conduits to collect cash from the debtor’s flow of operations and send such cash to the Bank for the payment of the debtor’s loans and thus ensure compliance with the obligations assumed by the trustor and guaranteed through the trust.

Additionally, other guarantee trusts manage specific assets, mainly real property.

Provided there is no non-compliance or delays by the debtor in the obligations assumed with the beneficiary, the trustee shall not execute the guarantee and all excess amounts as to the value of the obligations are reimbursed by the trustee to the debtor.

As of June 30, 2024 and December 31, 2023, considering the latest available accounting information as of the date of issuance of these condensed consolidated interim Financial Statements, the assets managed by Banco Macro SA and Macro Fiducia SAU, amounted to 5,818,528 and 1,441,740, respectively.

33.4

Trusts in which the Bank acts as Trustee (Management)

The Bank, through its subsidiaries, performs management duties of the corpus assets directly according to the agreements, performing only trustee duties and has no other interests in the trust.

In no case shall the trustee be liable with its own assets or for any obligation deriving from the performance as trustee. Such obligations do not imply any type of indebtedness or commitment for the trustee and they will be fulfilled only through trust assets. In addition, the trustee will not encumber the corpus assets or dispose of them beyond the limits established in the related trust agreements. The fees earned by the Bank from its role as trustee are calculated according to the terms and conditions of the agreements.

Trusts usually manage funds derived from the activities performed by trustors, for the following main purposes:

guaranteeing, in favor of the beneficiary the existence of the resources required to finance and/or pay certain obligations, such as the payment of amortization installments regarding work or service certificates, and the payment of invoices and fees stipulated in the related agreements,

promoting the production development of the private economic sector at a provincial level,

being a party to public work concession agreements granting road exploitation, management, keeping and maintenance.

As of June 30, 2024 and December 31, 2023, considering the latest available accounting information as of the date of issuance of these condensed consolidated interim Financial Statements, the assets managed by the Bank amounted to 60,987,818 and 66,206,821, respectively.

34.

COMPLIANCE WITH CNV REGULATIONS

34.1

Compliance with CNV standards to act in the different agent categories defined by the CNV:

34.1.1

Operations of Banco Macro SA

Considering Banco Macro SA’s current operations, and according to the different categories of agents established by CNV rules (as per General Resolution No. 622/2013, as amended), the Bank is registered with this agency as Agent for the Custody of Collective Investment Products of Mutual Funds (AC PIC FCI, for its acronym in Spanish) – Depositary Company, Clearing and Settlement Agent and Trading Agent – comprehensive (ALyC y AN – Integral, for its acronym in Spanish) and is registered in the “List of authorized companies to guarantee capital market instruments”.

Additionally, the Bank’s shareholders’ equity as of June 30, 2024 stated in Units of Purchasing Power (UVAs, for its acronym in Spanish) amounted to 3,061,970,695 and exceeds the minimum amount required by such regulation for the different categories of agents in which the Bank is registered, amounting to 470,350 UVAs as of that date, and the minimum required statutory guarantee account of 235,175 UVAs, which the Bank paid-in with government securities as described in Note 32 and the cash deposits in BCRA accounts 000285 and 80285 belonging to the Bank.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

34.1.2

Operations of Macro Securities SAU

Considering the current operations of this subsidiary, and according to the provisions established by CNV effective as of the approval of General Resolution No. 622/2013, as amended, issued by such agency, such company is registered under the following categories: ALyC y AN – Integral, Mutual Investment Funds Placement and Distribution Agent (ACyD FCI, for its acronym in Spanish) and Comprehensive Mutual Investment Funds Placement and Distribution Agent (ACyDI FCI, for its acronym in Spanish).

Additionally, the shareholders’ equity of such company as of June 30, 2024 stated in UVAs amounted to 114,038,074 and exceeds the minimum amount required by such regulation, amounting to 470,350 UVAs and the minimum statutory guarantee account required a minimum of 50% of the minimum amount of shareholders’ equity, which the company paid-in with mutual fund shares. Moreover, as result of the company acting as ACyD FCI and ACyDI FCI an amount of 163,500 UVAs will be added to minimum shareholder’s equity.

34.1.3

Operations of Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión SA

Considering the current operations of this subsidiary, and according to the provisions established by CNV effective as of the approval of General Resolution No. 622/2013, as amended, issued by such agency, such company is registered as Agent for the Administration of Collective Investment Products of Mutual Funds (AA PIC FCI, for its acronym in Spanish).

Additionally, the shareholders’ equity of this company as of June 30, 2024 stated in UVAs amounted to 14,139,102 and exceeds the minimum amount required by such regulation, amounting to 150,000 UVAs plus 20,000 UVAs per each additional mutual fund it manages. The minimum statutory guarantee account required a minimum of 50% of the minimum amount of shareholders’ equity, which the company paid-in with mutual fund shares.

34.1.4

Operations of Macro Fiducia SAU

Considering the current operations of this subsidiary and according to the provisions established by CNV effective as of the approval of General Resolution No. 622/2013, as amended, issued by such agency, such company is registered as Financial Trustee Agent and Non-Financial Trustee Agent.

Additionally, the shareholders’ equity of such company as of June 30, 2024 stated in UVAs amounted to 1,113,003 and exceeds the minimum amount required by such regulation established in 950,000 UVAs.

34.1.5

Operations of Macro Agro SAU (formerly known as Comercio Interior SAU)

Considering the current operations of this subsidiary and according to the provisions established by CNV effective as of the approval of General Resolution No. 622/2013, as amended, issued by such agency, this company is registered as Clearing and Settlement Agent – Agroindustrial (ALyC I AGRO, for its acronym in Spanish).

Additionally, the shareholders’ equity of such company as of June 30, 2024 stated in UVAs amounted to 1,212,850 and exceeds the minimum amount required by such General Resolution established in 1,175,000 UVAs. The minimum statutory guarantee account required a minimum of 40% of the minimum amount of shareholders’ equity.

34.1.6

Operations of Banco BMA SAU (formerly known as Banco Itaú Argentina SA)

Considering the current operations of Banco BMA SAU and according to the provisions established by CNV effective as of the approval of General Resolution No. 622/2013, as amended, this company is registered as ALyC y AN – Integral and AC PIC FCI.

Additionally, the shareholders’ equity of such company as of June 30, 2024 stated in UVAs amounted to 334,723,721 and exceeds the minimum amount required by such General Resolution established in 470,350 UVAs, and is integrated with cash balances and equivalents belonging to Banco BMA SAU.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

On the other hand, the shareholders’ equity of BMA Asset Management SGFCISA (formerly known as Itaú Asset Management SA) as of June 30, 2024 stated in UVAs amounted to 12,397,717 and exceeds the minimum amount required to act as AA PIC FCI, amounting to 150,000 UVAs plus 20,000 UVAs per each additional mutual fund it manages. The minimum statutory guarantee account required a minimum of 50% of the minimum amount of shareholders’ equity, which the company paid-in with mutual fund shares.

Similarly, the shareholders’ equity of BMA Valores SA (formerly known as Itaú Valores SA) as of June 30, 2024 stated in UVAs amounted to 4,136,434 and exceeds the minimum shareholders’ equity required, established in 470,350 UVAs, to act as Comprehensive Clearing and Settlement Agent (ALyC – Integral, for its acronym in Spanish) and 163,500 UVAs to act as ACyDI FCI, also integrated into mutual funds.

34.2

Documents in custody

As a general policy, the Bank delivers for custody to third parties the documentary support of its aged accounting and management operations, i.e. those whose date is prior to the last fiscal year-end. In compliance with CNV General Resolution No. 629 requirements, the Bank has placed (i) the Inventory Books for fiscal years ended up to and including December 31, 2017, and (ii) certain documentation supporting the economic transactions for fiscal years ended up to and including December 31, 2017, under the custody of the following companies: AdeA Administradora de Archivos SA (warehouse located at Ruta 36, km 31.5, Florencio Varela, Province of Buenos Aires) and ADDOC Administración de Documentos SA (warehouse located at Avenida Circunvalación Agustín Tosco with no number, Colectora Sur, between Puente San Carlos and Puente 60 blocks, Province of Córdoba and Avenida Luis Lagomarsino 1750, formerly Ruta 8 Km 51,200, Pilar, Province of Buenos Aires).

In addition, the documentary support in digital format is stored in CD rom, DVD rom and the Bank’s own servers.

On the other hand, Banco BMA SAU safeguards the documentary support of its aged accounting and management operations, as established by CNV General Resolution No. 629, in its facilities at Victoria Ocampo No. 360, 7th floor. Additionally, ADDOC Administración de documentos SA is entrusted with the deposit of documentation not included in article 5, paragraph a.3) Section I, Chapter V, Title II of the standards (NT 2013, as amended), as well as aged documentation, which is placed in its Plant 3 warehouses, located at Ruta 36, km 31,500, Bosques, Florencio Varela, Province of Buenos Aires.

34.3

As depositary of mutual funds

34.3.1

As of June 30, 2024 Banco Macro SA, in its capacity as depositary company, holds in custody the shares in mutual funds subscribed by third parties and assets from the following mutual funds:

Funds	Number of shares		Equity
Argenfunds Abierto Pymes		3,086,145,043		44,007,749
Argenfunds Abierto Pymes II		3,632,736,867		3,918,412
Argenfunds Ahorro Pesos		280,500,985		22,471,383
Argenfunds Financiamiento Pesos		100,000		100
Argenfunds Gestión Pesos		20,881,837,313		26,852,513
Argenfunds Infraestructura		51,740,806		97
Argenfunds Inversión Dólares		1,000		912
Argenfunds Inversión Pesos		31,736		22
Argenfunds Liquidez		7,245,063,632		76,753,280
Argenfunds Renta Argentina		316,982,013		30,315,047
Argenfunds Renta Balanceada		729,818,068		41,617,304
Argenfunds Renta Capital		8,624,290		8,207,302
Argenfunds Renta Crecimiento		3,465,177		3,088,494
Argenfunds Renta Dinámica		85,353,891,712		24,060,681
Argenfunds Renta Fija		315,087,301		44,309,940

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Funds (contd.)	Number of shares		Equity
Argenfunds Renta Fija II		100,000		100
Argenfunds Renta Flexible		46,040,329		1,009,799
Argenfunds Renta Global		88,563,043		2,842,661
Argenfunds Renta Mixta		701,257,692		10,646,664
Argenfunds Renta Mixta Plus		1,352,780		1,143,872
Argenfunds Renta Pesos		42,132,572		4,306,279
Argenfunds Renta Total		568,371,479		3,194,119
Argenfunds Renta Variable		1,218,654,609		606,561
Argenfunds Retorno Absoluto		208,609,100		3,511,047
Pionero Acciones		34,069,184		31,303,797
Pionero Ahorro Dólares		33,378,648		30,665,169
Pionero Argentina Bicentenario		411,654,410		14,152,221
Pionero Capital		9,670		100
Pionero Crecimiento		1,648,197,439		9,305,420
Pionero Desarrollo		54,915,619		300,506
Pionero Empresas FCI Abierto Pymes		469,522,095		18,711,581
Pionero FF		170,146,202		21,067,955
Pionero Gestión		2,313,611,268		41,857,893
Pionero Infraestructura		2,129,575,727		8,524,616
Pionero Patrimonio I		179,702,867,879		189,848,214
Pionero Pesos		4,497,392,608		255,541,837
Pionero Pesos Plus		39,966,876,068		1,363,528,718
Pionero Recovery		4,574,068,798		6,639,881
Pionero Renta		44,374,424		35,067,363
Pionero Renta Ahorro		669,727,704		100,473,270
Pionero Renta Ahorro Plus		1,067,791,455		32,618,003
Pionero Renta Balanceado		13,096,465,254		86,865,339
Pionero Renta Estratégico		652,141,032		24,218,646
Pionero Renta Fija Dólares		14,319,717		15,326,820
Pionero Renta Mixta I		258,607,245		21,724,317
Pionero Retorno		1,799,720,399		11,252,074

34.3.2

As of June 30, 2024 Banco BMA SAU, in its capacity as depositary company, holds in custody the shares in mutual funds subscribed by third parties and assets from the following mutual funds:

Funds	Number of shares		Equity
Goal Acciones Plus		5,964,205		1,050,343
Goal Capital Plus		48,710,154		1,939,802
Goal Pesos		2,864,418,980		388,281,401
Goal Renta Pesos		21,508,469		2,408,589
Goal Acciones Argentinas		22,569		4,680,226
Goal Renta Crecimiento		24,257,336		23,952,075
Goal Renta Global		119,992,614		15,486,889
Goal Ahorro Max		195,906,633		12,116,729
Goal Renta Dólares		6,213,364		6,228,513
Goal Retorno Total		20,320,804		1,129,918
Goal Performance		16,529,857		1,489,460
Goal Performance II		247,952		8,119
Goal Performance III		178,152,167		7,216,734
Goal Premium		10,086,934
Goal Renta Dólares Plus		2,607,644		2,735,709
Goal Renta Dólares Estrategia		7,562,104		7,862,107
Goal Multiestrategia		110,000		176
Goal Multiestrategia Plus		110,000		176

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

35.

ACCOUNTING ITEMS THAT IDENTIFY THE COMPLIANCE WITH MINIMUM CASH REQUIREMENTS

The items recognized by the Bank to constitute the minimum cash requirement effective for June 2024 are listed below, indicating the amounts as of month-end of the related items:

Items	Banco Macro SA		Banco BMA SAU
Cash and deposits in banks
Amounts in BCRA accounts		609,162,779		349,990,168
Other debt securities
Government securities computable for the minimum cash requirements		602,070,675		19,236,020
Financial assets delivered as guarantee
Special guarantee accounts with the BCRA		86,060,391		19,834,723
Total		1,297,293,845		389,060,911

36.

PENALTIES APPLIED TO THE BANK AND SUMMARY PROCEEDINGS INITIATED BY THE BCRA

BCRA Communiqué “A” 5689, as supplemented and amended, requires financial institutions to disclose in their Financial Statements certain information regarding summaries and penalties received from certain regulatory authorities, regardless of the amounts involved and the final conclusions of each case.

36.1

The situation of Banco Macro SA as of June 30, 2024:

Summary proceedings filed by the BCRA

Financial summary proceedings: No. 1496 dated 02/24/2016.

Reason: control observations over subsidiaries. Penalty amount: 30,608 (not restated).

Proceeding filed against: Banco Macro SA and 11 members of the Board of Directors.

Status: on 04/07/2016, the Bank filed the defenses and evidence on the BCRA. On 05/18/2016 the Bank requested, on behalf of the person who was acting as Vice Chairman of the Bank when this summary proceeding was initiated, the resolution of the motion for lack of standing to be sued. On 09/09/2020, the BCRA filed Resolution No. 132/20 (notified on 02/22/2021) which acquitted Delfín Jorge Ezequiel Carballo and imposed a fine to the Bank and other responsible directors. On 03/01/2021 the Bank paid the fines. On 03/15/2021 the Bank filed a direct appeal against such resolution to the BCRA, which will be decided at Courtroom I of the Federal Civil and Commercial Court of Appeals (CNACAF, for its acronym in Spanish). The fine imposed on the person who was acting as Chairman of the Bank when this summary proceeding was initiated, was abrogated due to his passing. On 02/09/2023 the CNACAF issued a sentence, dismissing the direct appeals, with cost. For this reason, the Bank filed an Extraordinary Federal Appeal, which was granted for the federal law interpretation but rejected on the grounds of alleged arbitrariness. On 04/20/2023, the corresponding petition for denied appeal was filed against the rejection for the alleged arbitrariness, which is under study with the Federal Supreme Court of Justice (CSJN, for its acronym in Spanish). As of the date of issuance of these condensed consolidated interim Financial Statements, the case is pending resolution.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Criminal foreign exchange summary proceedings: No. 7642 dated 10/18/2021.

Reason: supposed noncompliance with article 1 sections e) and f) of the Criminal Foreign Exchange Regime (TO by Decree No. 480/95), together with points 5, 9, 15 and 18 of BCRA Communiqué “A” 6770, and points 1.2 and 5.3 of the BCRA Communiqué “A” 6844.

Proceeding filed against: Banco Macro SA, Foreign Trade Team Leader, head of Foreign Exchange and Banking Operations Manager and Compliance Manager.

Status: on 12/29/2021, Banco Macro SA and the natural persons subject to summary proceedings filed their joint defenses, offering evidence and requesting an acquittal. On 03/15/2022, the BCRA dismissed the previous defenses performed by the Bank and the rest of the responsible parties who, on 03/25/2022, filed an appeal and a nullity request which was dismissed by the BCRA. Against such resolution, on 04/25/2022 a complaint appeal was filed to the Federal Court in Economic and Criminal Matters, Courtroom No. 5, which dismissed the abovementioned appeal and submitted the file to an administrative area to continue with the proceeding. On 04/04/2023, the Bank filed a Defense Statement, being closed the evidence stage. As of the date of issuance of these condensed consolidated interim Financial Statements, the case is pending resolution.

Criminal foreign exchange summary proceedings: No. 8062 dated 08/08/2023.

Reason: alleged infringements of Criminal Foreign Exchange Law, section 1(e) and (f), as well as points 1.2, 3.6.2, 3.16.1, 5.3, 10.4.2.4 and 10.4.2.5 of the Revised Text on Foreign Exchange Matters. On 03/15/2024, the BCRA dismiss the previous defenses performed by the responsible parties. Against this, on 03/20/2024, they filed an appeal and a nullity request, which have not yet been resolved by the BCRA.

Proceeding filed against: Banco Macro SA, Trade Team Leader, Foreign Exchange Control Head, Banking Transactions Manager and Compliance Manager.

Status: the case is at its initial stage, the BCRA have not yet opened the case for the production of evidence.

Penalties imposed by the Financial Information Unit (UIF)

File: No. 248/2014 (UIF Note Presidency 245/2013 11/26/2013) dated 07/30/2014.

Reason: alleged deficiencies in preparing certain “Reports on suspicious transactions (ROS)” due to cases of infringement detected in certain customer files. Penalty amount: 330 (not restated).

Proceeding filed against: Banco Macro SA, members of the Board and those in charge of anti-money laundering regulation compliance.

Status: on 12/26/2016 the UIF passed Resolution No. 164/16 imposing fines on those responsible and issuing a favorable decision on the plea of lack of capacity to be sued lodged by two of the Directors. On 01/26/2017 the fines imposed were paid. Against such resolution, the Bank and the individuals liable filed direct appeals, which will be decided at Room III of the CNACAF. Such appeals were dismissed through a final sentence dated 07/18/2019. On 08/15/2019, the Bank filed a federal extraordinary appeal which was dismissed through resolution dated 09/26/2019. On 10/03/2019 the Bank filed a complaint appeal to CSJN which was dismissed on 02/29/2024, therefore, the Bank does no longer has elements to attempt to reduce the fines imposed by the UIF, and the aforementioned penalty is confirmed.

Additionally, there are pending summary proceedings before the CNV and the UIF, as described below:

File: No. 1480/2011 (CNV Resolution No. 17529) dated 09/26/2014.

Reason: potential non-compliance with the obligation to inform a “Significant Event”. Penalty amount: 500 (not restated).

Proceeding filed against: Banco Macro SA, 10 members of the Board, 3 regular members of the Statutory Audit Committee and the person in charge of market relations.

Status: on 10/28/2014 the Bank and the persons involved filed their defenses offering evidence and requesting their acquittal. On 08/03/2015 the term to produce evidence was closed and on 08/19/2015 the defendants lodged their memorials. On 03/04/2021, the Board of Directors of the CNV filed a resolution dismissing the nullity and imposing a fine to the Bank jointly and severally with its Directors at the moment when the facts were investigated. Against such resolution, on 05/03/2021 a direct appeal was filed. In December 2021, the CNV referred the proceedings to the Federal Civil and Commercial Court of Appeals (CNACCF, for its acronym in Spanish), under the file number 14633/2021. On 08/10/2023, the Court considered the notice sent to the Argentine Government’s legal counsel. On 02/20/2024, the Court resolved to revoke the appealed resolution, declaring the sanctioning action extinguished for having infringed the guarantee of reasonable period and due process, with costs to the defeated party. On 03/06/2024 the CNV brought an Extraordinary Federal Appeal, which was answered on 07/04/2024 requesting its dismissal and answering the grievances in subsidy.

File: No. 137/2015 (UIF Resolution No. 136/2017) dated 12/19/2017.

Reason: alleged breach to the contents of the Code of Procedure applicable to Anti-money Laundering and Terrorism Financing as ALyC - Integral at the time of an inspection of the CNV and to the Internal Audit Process referred to in its capacity as ALyC - Integral (UIF Resolution No. 229/2011, as amended), Penalty amount: 50 (not restated).

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

Proceeding filed against: Banco Macro SA and 23 members of the Management Body during the period that is the subject matter of these summary proceedings.

Status: on 04/23/2019, UIF passed Resolution No. 41, whereby it resolved the lack of responsibility of three of the Directors, and also imposed fines to the rest liable. On 05/15/2019 the imposed fines were paid and on 06/12/2019, the Bank, its Board of Directors and its statutory auditors filed a direct appeal against such resolution, requesting a repeal of the penalty imposed. The file was submitted to Courtroom V of CNACAF. On 05/11/2021, such Courtroom issued a sentence dismissing the direct appeal filed by Banco Macro SA and against that, on 05/26/2021, this Bank filed an Extraordinary Federal Appeal. On 12/09/2021 the CNACAF decided to allow the imposed Extraordinary Appeal, submitting the file to the CSJN on 02/03/2022. On 04/23/2024, the CSJN declared the appeal inadmissible, so the Bank does no longer has the elements to attempt to reduce the fines imposed by the UIF, and the aforementioned penalty is confirmed.

File: No. 379/2015 (UIF Resolution No. 96/2019) dated 09/17/2019.

Reason: alleged noncompliance with Anti-Money Laundering Law, as amended, and UIF Resolution No. 121/11.

Proceeding filed against: Banco Macro SA and 11 members of the Board of Directors.

Status: On 10/02/2019, Banco Macro SA and the liable individuals were notified about the initiation of the proceedings. On 10/31/2019, the Bank and the individuals subject to summary proceedings filed their defense. On 01/07/2020, the party hearing the summary proceedings considered the defense filed and deferred the motion to dismiss for lack of capacity to be sued and statute of limitations upon issuing an opinion about the substance of the case. The administrative terms were suspended due to the social, preventive and mandatory lockdown declared in the country due to the Covid-19 pandemic (DNU 297/2020), up to and including 11/29/2020. On 11/30/2020, terms were resumed (DNU 876/2020). On 03/02/2021, the passing of one of the Directors was informed and the lapse of the action against him was requested. In addition, as part of the BCRA summary proceedings styled “File No. 100889/15 – Banco Macro SA, Financial Summary Proceeding No. 1496”, Resolution No. 2020-132-E-GDEBCRA-SEFYC#BCRA was issued, whereby penalties were imposed on Banco Macro SA and the parties subject to those proceedings, currently pending before the CNACAF, Courtroom I (File No. 3784/2021). The transactions for which the parties are investigated have already been subject to penalties in the abovementioned BCRA summary proceeding; therefore, there cannot be simultaneous penalties based on the same subject matter. As a result, a request was made to prevent the application of all types of penalties to the parties subject to this summary proceeding. On 08/18/2021, it was resolved to set the case for the production of evidence. On 05/05/2022 the probationary period was closed and the actions were put to pledge, and on 07/13/2022 it moved to the stage of preparation of the final report. As of the date of issuance of these condensed consolidated interim Financial Statements, the case is pending resolution.

Although the penalties described above do not involve material amounts, as of the date of issuance of these condensed consolidated interim Financial Statements, the total amount of monetary penalties received, pending payment due to any appeal lodged by the Bank, amounts to 500 and was recognized according to the BCRA Communiqués “A” 5689 and 5940, as amended and supplemented.

The Bank’s Management and its legal counsel consider no further significant accounting effects could arise from the final outcome of the abovementioned judicial proceedings.

36.2

The situation of Banco BMA SAU as of June 30, 2024:

Summary proceedings filed by the BCRA

File: No. 7810.

Reason: alleged breach in exchange matters, 1 operation in 2018 and 12 operations in 2020.

Proceeding filed against: Entity’s General Manager.

Status: on October 25, 2022, Banco BMA SAU filed their defenses. On April 20, 2023, the BCRA ordered the opening of the evidence stage. On May 6, 2024, the BCRA resolved to close the probationary period. On May 13, 2024, each of the defendants lodged their memorials. The next step will be for the BCRA to submit the summary proceedings to the Federal Court of First Instance in Economic and Criminal Matters.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

37.

CORPORATE BONDS ISSUANCE

37.1

Banco Macro SA

The corporate bonds liabilities recorded by the Bank are as follows:

Corporate Bonds	Original value			Residual face value as of 06/30/2024		06/30/2024		12/31/2023
Subordinated Resettable – Class A	USD	400,000,000	(1)	USD	400,000,000		369,515,426		590,063,918
Non-subordinated – Class E	USD	17,000,000	(2)	USD	17,000,000				22,391,064
Non-subordinated – Class F	USD	53,000,000	(3)	USD	53,000,000		48,615,194		74,463,259
Total							418,130,620		686,918,241

On April 26, 2016, the general regular shareholders’ meeting approved the creation of a Global Program for the Issuance of Medium-Term Debt Securities, in accordance with the provisions of Law No. 23576, as amended and further applicable regulations, up to a maximum amount outstanding at any time during the term of the program of USD 1,000,000,000 (one billion US dollars), or an equal amount in other currencies or power units, under which it is possible to issue simple corporate bonds, not convertible into shares in one or more classes. Also, on April 28, 2017, the General Regular and Special Shareholder’ Meeting resolved to extend the maximum amount of the abovementioned Global Program up to USD 1,500,000,000 (one thousand five hundred millions US dollars), and on April 27, 2018, the abovementioned Shareholders’ Meeting resolved to increase the maximum amount of the Global Program for the Issuance of Corporate Bonds, in face value, from USD 1,500,000,000 to USD 2,500,000,000 or an equal amount in other currencies, as determined by the Board of Directors in due time. Finally, on October 20, 2021 due to a Board of Director resolution, the Bank required from the CNV a five-year extension of the abovementioned program, which was approved by the Regulator through a note issued on December 15, 2021.

(1)

On November 4, 2016, under the abovementioned Global Program, the Bank issued Subordinated Resettable Corporate Bonds, class A, at a fixed rate of 6.750% p.a. until reset date, fully amortizable upon maturity (November 4, 2026) for a face value of USD 400,000,000 (four hundred million US dollars), under the terms and conditions set forth in the pricing supplement dated October 21, 2016. Interest is paid semiannually on May 4 and November 4 of every year and the reset date was November 4, 2021.

As of the date of issuance of these condensed consolidated interim Financial Statements, the reset rate was established until the maturity date at 6.643% as a result of the benchmark reset rate plus 546.3 basis points, according to the abovementioned terms and conditions. As the Bank had not exercised the option to fully or partially redeem the issuance on the reset date and under the conditions established in the pricing supplement, it was established up to maturity.

On the other hand, it could be fully redeemed, not partially, and only for tax or regulatory purposes. The Bank used the funds derived from such issuance to grant loans in accordance with BCRA guidelines.

(2)

On May 2, 2022, under the abovementioned Global Program, the Bank issued Class E non-subordinated simple corporate bonds not convertible into shares, for a face value of USD 17,000,000 at a fixed rate of 1.45%, fully amortizable upon maturity (May 2, 2024), under the terms and conditions set forth in the price supplement dated April 21, 2022. Interest is paid quarterly on August 2, 2022, November 2, 2022, February 2, 2023, May 2, 2023, August 2, 2023, November 2, 2023, February 2, 2024, and May 2, 2024.

At any time, according to the current regulations, particularly the BCRA’s foreign exchange regulations, the Bank may opt to redeem Class E Corporate Bonds in full, not partially, at a price equal to (a) 102% of the outstanding principal if the Bank decides to make the redemption from the date of issuance and settlement through the term of 9 months therefrom, including the last business day; (b) 101% of outstanding principal if the Bank decides to make the redemption within the term starting 9 months after the date of issuance and settlement until the Class E maturity date, in all cases, along with the additional amount and accrued and unpaid interest, excluding the redemption date.

On May 2, 2024, the whole issuance of this series and the interest service corresponding to the period between February 2, 2024, date included, and May 2, 2024 were paid off.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

(3)

On October 31, 2023, under the abovementioned Global Program, the Bank issued Class F corporate bonds for a face value of USD 53,000,000 (fifty-three million US dollars) at a fixed rate of 5%, fully amortizable upon maturity (October 31, 2024), under the terms and conditions set forth in the price supplement dated October 24, 2023. Interest is paid semiannually on April 30, 2024, and at the expiration date.

At any time, according to the current regulations, particularly the BCRA’s foreign exchange regulations, the Bank may opt to redeem Class F corporate bonds in full, but not partially, at a price equal to (a) 102% of the outstanding principal if the Bank decides to redeem the bonds between the date of issuance and settlement date through the term of 9 months therefrom, including the last business day; (b) 101% of outstanding principal if the Bank decides to redeem them within the term starting 9 months after the date of issuance and settlement through Class F corporate bonds maturity date; in any case, along with the additional amounts and accrued and unpaid interest, excluding the redemption date.

37.1

Banco BMA SAU

The corporate bonds liabilities recorded by Banco BMA SAU are as follows:

Corporate Bonds	Original value			Residual face value as of 06/30/2024			06/30/2024		12/31/2023
Non-subordinated –Series XXXII		1,000,000	(1)		1,000,000	(1)		11,309,170		8,967,094
Total								11,309,170		8,967,094

(1)

Value expressed in thousands of pesos.

On February 29, 2008, the shareholders’ meeting of Banco BMA SAU approved the presentation of a program for the issuance and placement of corporate bonds for USD 250,000,000 or its equivalent in other currencies. On April 30, 2008, the Board of Directors of the CNV authorized through resolution No. 15869 the entry of Banco Itaú Argentina SA into public offering regime through the issuance of corporate bonds for up to an amount of USD 250,000,000 or its equivalent in other currencies. On April 30, 2008, the CNV approved the Program Prospectus.

On March 9, 2013, the shareholders’ meeting of Banco BMA SAU resolved to extend the amount of the Corporate Bonds Program up to USD 350,000,000 or its equivalent in other currencies. On May 23, 2018, the CNV approved through resolution No. 19527 the increase in the amount and the extension of the Program.

On March 14, 2022, under the abovementioned Program, Banco BMA SAU issued non-subordinated corporate bonds Series XXXII at a fixed rate of 2.78% plus UVA adjustment, fully amortizable upon maturity (August 18, 2025). Interest is paid quarterly, in arrears.

38.

OFF BALANCE SHEET TRANSACTIONS

In addition to Note 4, the Bank maintains different off balance sheet transactions, pursuant to the BCRA standards. The composition of the amounts of the main off balance sheet transactions as of June 30, 2024 and December 31, 2023, is as follows:

Composition	06/30/2024		12/31/2023
Custody of government and private securities and other assets held by third parties		7,206,672,225		6,269,197,601
Preferred and other collaterals received from customers (1)		1,294,376,752		1,447,003,154
Checks already deposited and pending clearance		176,763,870		187,763,528
Outstanding checks not yet paid		101,805,259		142,208,646

(1)

Related to collaterals used to secure loans transactions and other financing, under the applicable rules in force on this matter.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

39.

TAX AND OTHER CLAIMS

39.1

Tax claims

The AFIP and tax authorities of the relevant jurisdictions have reviewed the tax returns filed by the Bank related to income tax, minimum presumed income tax and other taxes (mainly turnover tax). As a result, there are claims pending at court and/or administrative levels, either subject to discussion or appeal. The most significant claims are summarized below:

AFIP’s challenges against the income tax returns filed by former Banco Bansud SA (for the fiscal years from June 30, 1995, through June 30, 1999, and for the irregular six-month period ended December 31, 1999) and by former Banco Macro SA (for the fiscal years ended from December 31, 1998, through December 31, 2000).

The matter under discussion that has not been resolved as yet and on which the regulatory agency bases its position is the impossibility of deducting credits that have collateral security, an issue that has been addressed by the Federal Administrative Tax Court and CSJN in similar cases, which have issued resolutions that are favorable to the Bank’s position.

The AFIP’s ex-officio undocumented expenses determinations for the periods February, April, May 2015 and from July 2015 through January 2018, both included of date April 19, 2021, On October 5, 2021, the Bank filed an appeal to the Federal Tax Court which is in process in Courtroom B, Office 6, under file 2021-96970075.

Ex-officio turnover tax determinations in progress and/or adjustments, as a withholding agent and over municipal fees, pending resolution by the tax authorities of certain jurisdictions.

The Bank’s Management and its legal counsel consider no further significant accounting effects could arise from the final outcome of the abovementioned proceedings other than those disclosed in these condensed consolidated interim Financial Statements.

39.2

Other claims

Before merging with and into the Bank, Banco Privado de Inversiones SA (BPI) had a pending class action styled “Adecua v, Banco Privado de Inversiones on ordinary proceedings”, File No. 19073/2007, pending with National Commercial Court No. 3, Clerk’s Office No. 5, whereby it was required to reimburse to its clients the life insurance amounts overcharged to amounts payable as well as to reduce the amounts charged in this regard in the future; this legal proceeding was concluded upon the abovementioned merger because BPI complied in full with the terms of the court-approved agreement reached with Adecua before answering the complaint. However, in March 2013, when BPI had already been merged with and into the Bank, the trial court resolved to amend the terms of the agreement and ordered the reimbursement of amounts of money to a larger number of clients as compared to the number arising from the terms approved by the court in due time. Such resolution was appealed by the Bank as BPI’s surviving company. The appeal was dismissed by the Court of Appeals, which abrogated both the trial court decision and the court-approved agreement, thus ordering the Bank to answer the complaint. This gave rise to the filing of an extraordinary appeal against such decision as well as the subsequent filing of a complaint for the extraordinary appeal denied. On May 5, 2021, the Bank was notified of the dismissal of the complaint appeal, ordering the return of the main process to the National Court of Appeals for continuing with the proceedings, who also submitted them to the trial court, which received them on 09/27/2021 and were requested as effectum vivendi in proceedings “Estado Nacional – Ministerio Producción de la Nación c/ Asociación de Defensa de los Consumidores y Usuarios de la R.A y otros s/Ordinario” (File No. 6757/2013), in which the Bank is not a party, by the national commercial court No. 6, clerk’s office No. 11, where, as of the date of issuance of these condensed consolidated interim Financial Statements, they are still filed.

Moreover, the Bank is subject to another collective action for the same purpose, currently pending with National Commercial Court No. 7, Clerk’s Office No. 13, styled Unión de Usuarios y Consumidores v, Nuevo Banco Bisel on ordinary proceedings, File No. 44704/2008.

There are also other class actions initiated by consumer protection associations in relation to the collection of certain commissions and/or financial charges or practices and certain withholdings made by the Bank to individuals as CABA stamp tax withholding agent.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

40.

RESTRICTION ON DIVIDENDS DISTRIBUTION

According to BCRA regulations, 20% of Banco Macro SA income for the year, without including Other comprehensive income, for the year plus/less prior-year adjustments and less accumulated losses as for the prior year-end, if any, should be allocated to the legal retained earnings.

Through Communiqué “A” 6464, as amended, the BCRA establishes the general procedure to distribute earnings. According to that procedure, earnings may only be distributed if certain circumstances are met, such as no records of financial assistance from the BCRA due to illiquidity or shortages in payments of minimum capital or minimum cash requirement deficiencies and not being subject to the provisions of sections 34 and 35 bis of the Financial Entities Law (sections dealing with tax payment and restructuring agreements and reorganization of the Bank), among other conditions listed in the abovementioned communiqué that must be met. In addition, the earnings distribution approved by the shareholders’ meeting of the Bank could only be formalized once the Superintendence of Financial and Foreign Exchange Entities of the BCRA approved it.

Additionally, profits may only be distributed to the extent that the financial institution has positive results, after deducting, on a non-accounting basis, from retained earnings and the optional reserves for the future distribution of profits, (i) the amounts of the legal and other earnings reserves which are mandatory, (ii) all debit amounts of each one of the accounting items recognized in “Other Comprehensive Income”, (iii) income from the revaluation of property, plant and equipment, intangible assets and investment property, (iv) the positive net difference between the amortized cost and the fair value of government debt instruments and/or monetary regulation instruments issued by the BCRA for those instruments recognized at amortized cost, (v) the adjustments identified by the Superintendence of Financial and Exchange Entities of the BCRA or by the independent external auditor and that have not been recognized in the accounting records and (vi) certain franchises granted by the BCRA. Moreover, no profit distributions shall be made out of the profit originated as a result of the first-time application of the IFRS, for which a normative reserve was created, and its balance as of June 30, 2024 was 119,814,567 (nominal value: 3,475,669).

The Bank must verify that, after completion of the earning distribution, a capital maintenance margin equal to 3.5% of risk-weighted assets is kept, apart from the minimum capital required by law, to be integrated by Tier 1 (COn1) ordinary capital, net of deductible items (CDCOn1).

According to Communiqué “A” 7984, the BCRA established that up to December 31, 2024, financial institutions which have the prior BCRA’s authorization will be allowed to distribute earnings up to 60% of the amount that would have corresponded in six equal, monthly and consecutive installments. Moreover, the BCRA established that the calculation of the items to determine the distributable earnings, as well as the amount of the installments, must be stated in constant currency as of the date of the meeting and the date of payment of each installment, as applicable. Subsequently, through Communiqué “A” 7997, the BCRA established that financial institutions that resolve or have resolved to distribute earnings within the framework of what is expected by the Communiqué "A” 7984, will be allowed to distribute earnings in three equal, monthly and consecutive installments up to the related amount in accordance with the abovementioned Communiqué. Such Communiqué also established that financial institutions must grant the option to each non-resident shareholder to receive their dividends –totally or partially– in a single cash installment as long as those funds are applied directly to the primary subscription of Bonds for the reconstruction of a free Argentina (BOPREAL, for its acronym in Spanish) in accordance with current exchange regulations.

Pursuant to CNV General Resolution No. 622, the shareholders’ meeting in charge of analyzing the annual Financial Statements will be required to decide on the application of the Bank’s retained earnings, such as the actual distribution of dividends, the capitalization thereof through the delivery of bonus shares, the creation of earnings reserves additional to the legal earnings retained or a combination of any of these applications.

Moreover, as it is mentioned in Note 30, the Regular Shareholders’ Meeting of Banco Macro SA held on April 12, 2024 decided to applied the unappropriated retained earnings for an amount of 587,913,905 (not restated) as follows (the abovementioned figures are stated in constant currency as of December 31, 2023):

117,460,821 to the Legal Reserve;

1,737,776 to the Personal Asset Tax on Business Companies; and

468,715,308 to the Facultative Reserve for Future Distribution of Earnings.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

In addition, the shareholders decided to partially apply the Facultative Reserve for Future Distribution of Earnings, in order to allocate up to the amount of 294,130,168 (the abovementioned figures are stated in constant currency as of December 31, 2023) to the payment of a cash dividend and/or dividend in kind subject to prior authorization from the BCRA. On May 6, 2024, the BCRA authorized this earnings distribution. See also Note 30.

41.

CAPITAL MANAGEMENT, CORPORATE GOVERNANCE TRANSPARENCY POLICY AND RISK MANAGEMENT

As a financial institution, Banco Macro SA is governed by Financial Entities Law No. 21526, as supplemented, and the regulations issued by the BCRA, and is exposed to intrinsic risks related to the financial industry. Moreover, the Bank adheres to the good banking practices laid out in BCRA Communiqué “A” 7465 - Financial Entities Corporate Governance Guidelines. Detailed explanations about the main aspects related to capital management, corporate governance transparency policy and risk management related to the Bank, are disclosed in Note 45 to the consolidated Financial Statements as of December 31, 2023, already issued.

Additionally, the table below shows the minimum capital requirements measured on a consolidated basis, effective for the month of June 2024, together with the integration thereof (computable equity) as of the end of such month:

Item	06/30/2024
Minimum capital requirements		696,435,816
Computable equity		3,053,152,812
Capital surplus		2,356,716,996

42.

CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT AND FINANCIAL AND CAPITAL MARKETS

In the last years, the argentine financial market has observed a prolonged period of volatility in the market prices of public and private financial instruments, including a high level of country risk, an increase in the official exchange rate between the argentine peso and the US dollar, an increase in interest rates and a significant acceleration of the inflation rate (see Note 3. section "unit of measurement").

Particularly, related to the price of the US dollar, since the end of 2019 the gap between the official price of the US dollar -used mainly for foreign trade- and alternative market values began to widen significantly, having reached maximum peaks close to 200%. As of the date of issuance of these condensed consolidated interim Financial Statements, the aforementioned gap amounts to approximately 32%.

Regarding the administration of the national public debt, a restructuring process has been observed, including various voluntary exchanges and agreements reached regarding debts with the Paris Club and the International Monetary Fund. Likewise, the authorities in charge of the Federal Ministry of Economy and the BCRA, established in the last months restrictive monetary policy measures, together with a process of debt transfer from the BCRA to the National Treasury, which included the repurchase by the BCRA of a significant portion of the puts on government securities held by financial institutions.

In this context, on December 10, 2023, the new authorities of the argentine national government took office and issued a series of emergency measures. Among the main objectives pursued, among other relevant issues, are a regulatory flexibility in economic matters, reduction of the fiscal deficit mainly through a reduction in spending, including reduction of different types of subsidies. Likewise, there was a devaluation of the argentine peso close to 55% against to the US dollar (increasing the US dollar price from 366.50 pesos to 799.95 pesos on December 13, 2023), which has generated an acceleration of the inflation rate, with interannual inflation measured from the national CPI published by INDEC being 272% at the date of issue of these condensed consolidated interim Financial Statements.

The comprehensive program pursued by the new national government includes reforms in the economy, justice, foreign relations, infrastructure and others. On December 20, 2023, through Decree of Necessity and Urgency No. 70/2023, a significant number of reforms were established, regarding which different actors presented various protections or unconstitutionality requests to Justice to stop their application. On the other hand, on July 8, 2024, Law No. 27742 was published in the Official Gazette and promulgated by the Executive Branch through Decree No. 592/2024 and include among its points delegation of powers to the Executive Branch, tax, labor and social security reforms, among others. As of the date of issuance of these condensed consolidated interim Financial Statements, the aforementioned law is in process of being regulated.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

In addition, the local and international macroeconomic context generates certain degree of uncertainty regarding its future progress, considering the level of the global economic recovery.

Therefore, the Bank’s Management permanently monitors any changes in the abovementioned situations, to determine the possible actions to adopt and to identify the possible impact on its financial situation that may need to be reflected in the future Financial Statements.

43.

EVENTS AFTER REPORTING PERIOD

No other significant events occurred between the end of the period and the issuance of these condensed consolidated interim Financial Statements that may materially affect the financial position or the profit and loss of the period, not disclosed in these condensed consolidated interim Financial Statements.

44.

ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

These condensed consolidated interim Financial Statements are presented in accordance with the accounting framework established by the BCRA, as mentioned in Note 3. These accounting standards may not conform to accounting principles generally accepted in other countries.

		Jorge Pablo Brito
	61	Chairperson

EXHIBIT B

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2024 AND DECEMBER 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

COMMERCIAL	06/30/2024		12/31/2023
In normal situation		1,419,065,327		1,608,252,017
With senior “A” collateral and counter-collateral		105,297,173		123,372,667
With senior “B” collateral and counter-collateral		102,496,477		155,935,196
Without senior collateral or counter-collateral		1,211,271,677		1,328,944,154

Subject to special monitoring		4,374,381
In observation
With senior “A” collateral and counter-collateral		1,416,224
With senior “B” collateral and counter-collateral		2,958,157

Troubled		6,206,231		8,557,185
With senior “B” collateral and counter-collateral		4,110,701		6,552,921
Without senior collateral or counter-collateral		2,095,530		2,004,264

With high risk of insolvency		610,172		7,145,779
With senior “A” collateral and counter-collateral		88,557		583,276
With senior “B” collateral and counter-collateral				4,876,264
Without senior collateral or counter-collateral		521,615		1,686,239

Irrecoverable		3,629,256		3,907,135
Without senior collateral or counter-collateral		3,629,256		3,907,135

Subtotal commercial		1,433,885,367		1,627,862,116

		Jorge Pablo Brito
	62	Chairperson

EXHIBIT B

(continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2024 AND DECEMBER 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

CONSUMER AND MORTGAGE	06/30/2024		12/31/2023
Performing		2,339,538,397		2,236,118,211
With senior “A” collateral and counter-collateral		206,811,611		165,615,022
With senior “B” collateral and counter-collateral		126,233,174		135,758,409
Without senior collateral or counter-collateral		2,006,493,612		1,934,744,780

Low risk		24,882,271		18,817,350
With senior “A” collateral and counter-collateral		935,311		457,137
With senior “B” collateral and counter-collateral		550,764		484,671
Without senior collateral or counter-collateral		23,396,196		17,875,542

Low risk - in special treatment		378,502		139,354
Without senior collateral or counter-collateral		378,502		139,354

Medium risk		17,809,348		12,620,430
With senior “A” collateral and counter-collateral		178,967		239,986
With senior “B” collateral and counter-collateral		434,979		285,891
Without senior collateral or counter-collateral		17,195,402		12,094,553

High risk		11,521,970		12,103,861
With senior “A” collateral and counter-collateral		715,260		345,047
With senior “B” collateral and counter-collateral		477,853		162,383
Without senior collateral or counter-collateral		10,328,857		11,596,431

Irrecoverable		7,208,486		5,984,284
With senior “A” collateral and counter-collateral		5,747		6,078
With senior “B” collateral and counter-collateral		263,251		622,501
Without senior collateral or counter-collateral		6,939,488		5,355,705

Subtotal consumer and mortgage		2,401,338,974		2,285,783,490
Total		3,835,224,341		3,913,645,606

		Jorge Pablo Brito
	63	Chairperson

EXHIBIT B

(continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF JUNE 30, 2024 AND DECEMBER 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

This exhibit discloses the contractual figures as established by the BCRA. The conciliation with the condensed consolidated interim Statements of financial position is listed below.

	06/30/2024			12/31/2023
Loans and other financing		3,472,924,267			3,302,701,827
Added:
Allowances for loans and other financing		80,304,353			96,444,054
Adjustment amortized cost and fair value		9,995,810			26,601,163
Debt securities of financial trust - Measured at amortized cost		131,492			1,195,738
Corporate bonds		10,284,290			18,552,925
Subtract:
Interest and other accrued items receivable from financial assets with impaired credit value		(1,419,136	)		(1,180,652	)
Guarantees provided and contingent liabilities		263,003,265			469,330,551
Total computable items		3,835,224,341			3,913,645,606

		Jorge Pablo Brito
	64	Chairperson

EXHIBIT C

CONSOLIDATED CONCENTRATION OF LOANS AND FINANCING FACILITIES

AS OF JUNE 30, 2024 AND DECEMBER 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	06/30/2024				12/31/2023
Number of customers	Cut off balance		% of total portfolio		Cut off balance		% of total portfolio
10 largest customers		396,171,562		10.33		385,619,526		9.85
50 next largest customers		438,998,271		11.45		531,579,835		13.58
100 next largest customers		257,927,511		6.73		308,986,011		7.89
Other customers		2,742,126,997		71.49		2,687,460,234		68.68
Total (1)		3,835,224,341		100.00		3,913,645,606		100.00

(1)

See reconciliation in Exhibit B.

		Jorge Pablo Brito
	65	Chairperson

EXHIBIT D

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF JUNE 30, 2024

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

			Remaining terms to maturity
Item	Matured		Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Non-financial government sector		639,045		2,685,603		5,851,269		4,803,244		21,597,004		33,595,426				69,171,591
Financial sector				38,690,783		228,510		2,218,170		1,337,746		683,703		48,099		43,207,011
Non-financial private sector and foreign residents		28,178,396		1,425,276,206		533,486,216		494,929,352		774,122,604		637,482,400		668,943,086		4,562,418,260
Total		28,817,441		1,466,652,592		539,565,995		501,950,766		797,057,354		671,761,529		668,991,185		4,674,796,862

This exhibit discloses the contractual future cash flows that include interest and charges to be accrued until maturity of the contracts.

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

			Remaining terms to maturity
Item	Matured		Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Non-financial government sector		194		5,664,558		2,547,936		196,346		327,206		377,636				9,113,876
Financial sector				13,978,542		671,537		4,696,389		7,048,596		3,897,875		1,528,814		31,821,753
Non-financial private sector and foreign residents		28,278,526		1,788,239,167		674,822,619		633,716,537		697,641,590		588,245,005		603,596,348		5,014,539,792
Total		28,278,720		1,807,882,267		678,042,092		638,609,272		705,017,392		592,520,516		605,125,162		5,055,475,421

This exhibit discloses the contractual future cash flows that include interest and charges to be accrued until maturity of the contracts.

		Jorge Pablo Brito
	66	Chairperson

EXHIBIT F

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF JUNE 30, 2024

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	Original								Depreciation								Residual
Item	value at beginning of fiscal year	Total life estimated in years	Increases	Decreases	Transfers		Difference for conversion		Accumulated	Transfers		Decrease	Difference for conversion		Of the period	At the end	value at the end of the period
Cost
Real property	605,331,448	50	2,391,616	471,589	4,972,249				93,561,197	276,209		2,192,441			8,320,543	99,965,508	512,258,216
Furniture and facilities	107,260,500	10	872,142	652,721	1,294,123		(6,100	)	61,323,978	71		173,413	(156	)	3,653,691	64,804,171	43,963,773
Machinery and equipment	189,567,321	5	8,641,049	2,369,519	278,409		(46,842	)	145,528,376	(1	)	1,448,755	(10,086	)	7,409,365	151,478,899	44,591,519
Vehicles	19,997,046	5	1,277,864	674,682			(23,667	)	14,129,901			459,048	(6,379	)	1,072,939	14,737,413	5,839,148
Other	63,534	3					(23,783	)	7,355				(3,597	)	7,417	11,175	28,576
Work in progress	15,364,573		8,892,761	3,529	(3,463,099	)											20,790,706
Right of use real property	62,829,058	5	5,557,798	11,602,330			(93,617	)	48,165,360			11,460,329	(26,798	)	4,589,263	41,267,496	15,423,413
Right of use furniture	4,479,227	5							770,273							770,273	3,708,954
Total property, plant and equipment	1,004,892,707		27,633,230	15,774,370	3,081,682		(194,009	)	363,486,440	276,279		15,733,986	(47,016	)	25,053,218	373,034,935	646,604,305

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	Original							Depreciation							Residual
Item	value at beginning of fiscal year	Total life estimated in years	Increases	Decreases	Transfers		Difference for conversion	Accumulated	Transfers		Decrease	Difference for conversion	For the fiscal year	At the end	value at the end of the fiscal year
Cost
Real property	532,974,712	50	70,265,374	305,063	2,396,425			80,139,386	(257,934	)	49,363		13,729,108	93,561,197	511,770,251
Furniture and facilities	82,757,923	10	21,547,233	263,986	3,218,437		893	54,525,394	3,196		264,715	121	7,059,982	61,323,978	45,936,522
Machinery and equipment	120,157,975	5	81,049,211	12,341,970	645,138		56,967	142,192,405	2,260		12,342,073	8,255	15,667,529	145,528,376	44,038,945
Vehicles	16,094,853	5	5,383,513	1,485,084	(16,414	)	20,178	13,421,295	12,139		1,204,320	5,453	1,895,334	14,129,901	5,867,145
Other	4,638	3	32,250	834			27,480	1,835			834	2,732	3,622	7,355	56,179
Work in progress	7,257,682		16,283,814	86,064	(8,090,859	)									15,364,573
Right of use real property	45,468,655	5	19,890,401	2,609,504	7,779		71,727	41,081,878	(1,250	)	1,223,784	94,392	8,214,124	48,165,360	14,663,698
Right of use furniture		5	4,479,227										770,273	770,273	3,708,954
Total property, plant and equipment	804,716,438		218,931,023	17,092,505	(1,839,494	)	177,245	331,362,193	(241,589	)	15,085,089	110,953	47,339,972	363,486,440	641,406,267

		Jorge Pablo Brito
	67	Chairperson

EXHIBIT F

(continued)

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF JUNE 30, 2024

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	Original value at	Useful life					Difference		Depreciation						Residual value at the
Item	beginning of fiscal year	estimated in years	Increases	Decreases	Transfers		for conversion		Accumulated	Transfers		Decrease	Of the period	At the end	end of the period
Cost
Leased properties	2,220,375	50							383,637				21,612	405,249	1,815,126
Other investment properties	52,871,069	50	4,174,057	326,181	(6	)	(1,377	)	2,547,021	(9,801	)	326,181	538,474	2,749,513	53,968,049
Total investment property	55,091,444		4,174,057	326,181	(6	)	(1,377	)	2,930,658	(9,801	)	326,181	560,086	3,154,762	55,783,175

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	Original value at	Useful life					Difference	Depreciation					Residual value at the
Item	beginning of fiscal year	estimated in years	Increases	Decreases	Transfers		for conversion	Accumulated	Transfers	Decrease	For the fiscal year	At the end	end of the fiscal year
Cost
Leased properties	2,220,376	50			(1	)		335,677	6,369		41,591	383,637	1,836,738
Other investment properties	48,325,357	50	2,928,703	689,613	2,305,432		1,190	1,561,492	395,275	422,639	1,012,893	2,547,021	50,324,048
Total investment property	50,545,733		2,928,703	689,613	2,305,431		1,190	1,897,169	401,644	422,639	1,054,484	2,930,658	52,160,786

		Jorge Pablo Brito
	68	Chairperson

EXHIBIT G

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF JUNE 30, 2024

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	Original value at	Useful life				Depreciation					Residual value at the
Item	beginning of fiscal year	estimated in years	Increases	Decreases	Transfers	Accumulated	Transfers	Decrease	Of the period	At the end	end of the period
Cost
Licenses	79,403,606	5	2,810,527	117	3	54,960,167	1,309,515		5,174,593	61,444,275	20,769,744
Other intangible assets	349,997,532	5	24,429,328	4,544,534		239,304,715		2,192,254	25,004,099	262,116,560	107,765,766
Total intangible assets	429,401,138		27,239,855	4,544,651	3	294,264,882	1,309,515	2,192,254	30,178,692	323,560,835	128,535,510

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	Original value at	Useful life					Depreciation						Residual value at the
Item	beginning of fiscal year	estimated in years	Increases	Decreases	Transfers		Accumulated	Transfers		Decrease	For the fiscal year	At the end	end of the fiscal year
Cost
Licenses	62,486,464	5	16,917,976		(834	)	43,757,737	(1,877	)		11,204,307	54,960,167	24,443,439
Other intangible assets	217,336,414	5	133,775,287	1,104,843	(9,326	)	194,489,555	1,975		33,764	44,846,949	239,304,715	110,692,817
Total intangible assets	279,822,878		150,693,263	1,104,843	(10,160	)	238,247,292	98		33,764	56,051,256	294,264,882	135,136,256

		Jorge Pablo Brito
	69	Chairperson

EXHIBIT H

CONSOLIDATED DEPOSIT CONCENTRATION

AS OF JUNE 30, 2024 AND DECEMBER 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	06/30/2024				12/31/2023
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		1,903,116,703		28.24		728,316,841		12.02
50 next largest customers		1,044,830,081		15.50		587,744,816		9.70
100 next largest customers		248,042,841		3.68		246,869,507		4.07
Other customers		3,544,191,277		52.58		4,495,840,882		74.21
Total		6,740,180,902		100.00		6,058,772,046		100.00

		Jorge Pablo Brito
	70	Chairperson

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF JUNE 30, 2024

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	Remaining terms to maturity
Item	Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Deposits		6,252,706,369		184,877,061		374,623,036		10,280,585		393,976		8,569		6,822,889,596
From the non-financial government sector		764,113,360		20,792,744		18,417,250		16,565		1,697				803,341,616
From the financial sector		11,981,820												11,981,820
From the non-financial private sector and foreign residents		5,476,611,189		164,084,317		356,205,786		10,264,020		392,279		8,569		6,007,566,160
Liabilities at fair value through profit or loss		52,972,984												52,972,984
Derivative instruments		5,740		76,586		184,180		44,958		21,769				333,233
Other financial liabilities		732,999,020		2,019,994		2,192,926		4,057,529		5,106,972		15,543,897		761,920,338
Financing received from the BCRA and other financial institutions		6,341,357		4,718,356		8,324,133		1,869,422		124,130		41,849		21,419,247
Issued corporate bonds				84,896		49,607,567		169,794		12,387,285				62,249,542
Subordinated corporate bonds						12,079,853		12,079,854		24,159,707		375,766,543		424,085,957
Total		7,045,025,470		191,776,893		447,011,695		28,502,142		42,193,839		391,360,858		8,145,870,897

This exhibit discloses contractual future cash flows that include interests and charges to be accrued until maturity of the contracts.

		Jorge Pablo Brito
	71	Chairperson

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	Remaining terms to maturity
Item	Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Deposits		5,566,683,516		334,890,667		250,942,795		118,438,073		2,355,337		26,495		6,273,336,883
From the non-financial government sector		328,291,343		10,980,302		9,128,904				3,051				348,403,600
From the financial sector		36,287,892												36,287,892
From the non-financial private sector and foreign residents		5,202,104,281		323,910,365		241,813,891		118,438,073		2,352,286		26,495		5,888,645,391
Liabilities at fair value through profit or loss		24,854,427												24,854,427
Derivative instruments		738,368		2,526,243		234,397		1,602,724						5,101,732
Other financial institutions		42,542,920		14		4,275		12,636						42,559,845
Repo transactions		42,542,920		14		4,275		12,636						42,559,845
Other financial liabilities		640,922,790		2,488,784		3,030,761		5,021,612		7,908,560		22,893,766		682,266,273
Financing received from the BCRA and other financial institutions		16,644,211		6,646,967		4,466,652		3,794,681		3,968,978		111,526		35,633,015
Issued corporate bonds				153,321		25,470,455		75,223,762		10,031,131				110,878,669
Subordinated corporate bonds						19,265,234		19,265,234		38,530,469		618,546,563		695,607,500
Total		6,292,386,232		346,705,996		303,414,569		223,358,722		62,794,475		641,578,350		7,870,238,344

This exhibit discloses contractual future cash flows that include interests and charges to be accrued until maturity of the contracts.

		Jorge Pablo Brito
	72	Chairperson

EXHIBIT J

CONSOLIDATED CHANGES IN PROVISIONS

AS OF JUNE 30, 2024

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	Amounts at beginning of				Decreases				Monetary effects generated by
Item	fiscal year		Increases		Reversals		Charge off		provisions			06/30/2024
Provisions for eventual commitments		3,788,204		2,882,043				97,606		(1,930,318	)		4,642,323
For administrative, disciplinary and criminal penalties		899								(399	)		500
Contingencies with the BCRA				6,357				6,357
Other		11,929,322		4,673,226		36,019		1,595,054		(5,862,628	)		9,108,847
Total provisions		15,718,425		7,561,626		36,019		1,699,017		(7,793,345	)		13,751,670

CONSOLIDATED CHANGES IN PROVISIONS

AS OF DECEMBER 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	Amounts at beginning of				Decreases				Monetary effects generated by
Item	fiscal year		Increases		Reversals		Charge off		provisions			12/31/2023
Provisions for eventual commitments		3,900,680		3,434,895				262,544		(3,284,827	)		3,788,204
For administrative, disciplinary and criminal penalties		2,803								(1,904	)		899
Contingencies with the BCRA				2,157				2,157
Other		11,285,030		18,990,342		285,010		7,712,604		(10,348,436	)		11,929,322
Total provisions		15,188,513		22,427,394		285,010		7,977,305		(13,635,167	)		15,718,425

		Jorge Pablo Brito
	73	Chairperson

EXHIBIT L

CONSOLIDATED FOREIGN CURRENCY AMOUNTS

AS OF JUNE 30, 2024 AND DECEMBER 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	06/30/2024										12/31/2023
	Total parent		Total per currency
Item	company and local branches		US dollar		Euro		Real		Other		Total
Assets
Cash and deposits in banks		1,095,474,995		1,073,878,486		18,722,160		191,234		2,683,115		2,012,617,491
Debt securities at fair value through profit or loss (1)		156,992,332		156,992,332								3,123,339,654
Other financial assets		109,316,430		109,203,742		112,688						144,946,479
Loans and other financing		640,743,173		637,550,942		145,201				3,047,030		322,441,125
From the non-financial private sector and foreign residents		640,743,173		637,550,942		145,201				3,047,030		322,441,125
Other debt securities		62,508,702		62,508,702								159,361,610
Financial assets delivered as guarantee		28,893,743		28,835,089		58,654						100,264,839
Equity Instruments at fair value through profit or loss		227,030		227,030								618,432
Total assets		2,094,156,405		2,069,196,323		19,038,703		191,234		5,730,145		5,863,589,630

Liabilities
Deposits		1,313,745,324		1,299,593,064		14,152,260						1,839,911,846
Non-financial government sector		41,915,975		41,915,975								61,722,324
Financial sector		8,036,634		8,036,634								12,774,700
Non-financial private sector and foreign residents		1,263,792,715		1,249,640,455		14,152,260						1,765,414,822
Liabilities at fair value through profit or loss		13,364,792		13,364,792								24,840,468
Other financial liabilities		189,035,933		186,493,606		2,255,093				287,234		156,190,533
Financing from the BCRA and other financial institutions		20,216,500		16,937,377		196,317				3,082,806		27,637,563
Issued corporate bonds		48,596,684		48,596,684								96,809,517
Subordinated corporate bonds		369,515,426		369,515,426								590,063,918
Other non-financial liabilities		4,824,359		4,718,916				171		105,272		7,220,530
Total liabilities		1,959,299,018		1,939,219,865		16,603,670		171		3,475,312		2,742,674,375

(1)

Mainly including Argentine government discount bonds in dual currency for 14,501,453 and Argentine government Treasury bonds tied to the US dollar for 7,192,050.

		Jorge Pablo Brito
	74	Chairperson

EXHIBIT Q

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	Net financial Income / (Loss)
	Mandatory measurement
Item	Quarter ended 06/30/2024			Accumulated from beginning of year up to 06/30/2024			Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023
For measurement of financial assets at fair value through profit or loss
Gain from government securities		106,884,725			1,623,593,137			163,258,888			222,621,109
Gain from private securities		8,768,782			16,569,326			29,719,191			15,670,705
Gain from derivative financial instruments
Forward transactions		4,332,003			10,456,341			1,554,384			2,448,767
Gain from other financial assets		1,594,550			5,347,520			561,812			639,798
For investments in equity instruments		2,115,767			2,631,609			(141,116	)		92,927
Gain / (loss) from sales or decreases of financial assets at fair value (1)		1,192,002			(16,005,096	)		6,843,751			4,526,708
For measurement of financial liabilities at fair value through profit or loss
Loss from derivative financial instruments
Options		(3,688,744	)		(12,708,996	)		(9,028,212	)		(10,945,644	)
Total		121,199,085			1,629,883,841			192,768,698			235,054,370

(1)

Net amount of reclassifications to profit of instruments classified at fair value through other comprehensive income that were derecognized or charged during the period.

		Jorge Pablo Brito
	75	Chairperson

EXHIBIT Q

(continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	Net financial Income / (Loss)
Interest and adjustment for the application of the effective interest rate of financial assets and financial liabilities measured at amortized cost	Quarter ended 06/30/2024			Accumulated from beginning of year up to 06/30/2024			Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023
Interest income
for cash and bank deposits		3,337,428			7,054,158			2,794,079			5,325,165
for government securities		81,369,614			115,856,447			567,319,345			1,078,971,341
for private securities		614,424			1,858,906			333,559			785,796
for loans and other financing
Non-financial public sector		823,141			2,798,675			12,000,869			13,781,112
Financial sector		986,372			2,204,512			918,333			1,407,889
Non-financial private sector
Overdrafts		61,554,819			146,222,080			59,332,358			102,279,194
Documents		43,152,459			110,630,979			51,674,410			93,436,488
Mortgage loans		82,096,530			211,761,642			63,484,186			114,090,141
Pledge loans		2,963,713			6,689,974			4,166,689			7,854,182
Personal loans		93,663,353			177,722,618			112,894,483			232,223,734
Credit cards		59,677,808			136,647,085			86,920,520			170,559,846
Financial leases		2,593,007			6,754,443			448,439			978,359
Other		62,725,525			161,755,398			63,647,635			115,004,207
for repo transactions
Central Bank of Argentina		48,523,435			228,556,874			68,187,967			99,058,409
Other financial institutions		181,700			258,232						73,994
Total		544,263,328			1,316,772,023			1,094,122,872			2,035,829,857
Interest expense
for Deposits
Non-financial private sector
Checking accounts		(35,719,628	)		(111,731,404	)		(49,837,742	)		(77,018,312	)
Saving accounts		(9,808,880	)		(25,326,547	)		(7,954,535	)		(13,846,150	)
Time deposits and investments accounts		(371,352,237	)		(905,526,320	)		(663,553,736	)		(1,218,076,995	)
Other		(59	)		(89	)
for financing received from the BCRA and other financial institutions		(690,642	)		(2,577,296	)		(819,055	)		(1,795,754	)
for repo transactions
Other financial institutions		(1,894,655	)		(6,766,576	)		(8,419,975	)		(14,123,762	)
for other financial liabilities		(2,563,280	)		(6,180,760	)		(3,332,481	)		(5,047,345	)
for issued corporate bonds		(3,740,798	)		(9,359,868	)		(72,648	)		(146,571	)
for other subordinated corporate bonds		(5,946,473	)		(13,101,896	)		(6,020,345	)		(12,198,884	)
Total		(431,716,652	)		(1,080,570,756	)		(740,010,517	)		(1,342,253,773	)

		Jorge Pablo Brito
	76	Chairperson

EXHIBIT Q

(continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 44)

(Figures stated in thousands of pesos in constant currency)

	Income of the period				Other comprehensive income						Income of the period				Other comprehensive income
Interest and adjustment for the application of the effective interest rate of financial assets measured at fair value through other comprehensive income	Quarter ended 06/30/2024		Accumulated from beginning of year up to 06/30/2024		Quarter ended 06/30/2024			Accumulated from beginning of year up to 06/30/2024			Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023
for debt government securities		75,410,984		152,402,507		(66,998,641	)		(58,702,984	)		46,924,570		156,591,591		13,067,486		4,419,258
Total		75,410,984		152,402,507		(66,998,641	)		(58,702,984	)		46,924,570		156,591,591		13,067,486		4,419,258

	Income of the period
Item	Quarter ended 06/30/2024			Accumulated from beginning of year up to 06/30/2024			Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023
Commissions income
Commissions related to obligations		58,947,901			111,485,156			62,789,175			125,757,618
Commissions related to credits		3,643,645			5,054,362			490,890			943,351
Commissions related to loans commitments and financial guarantees		1,316,622			2,888,127			57,204			65,482
Commissions related to securities value		3,930,765			7,411,900			3,062,990			5,709,072
Commissions for credit cards		34,912,539			67,643,163			34,079,746			71,245,148
Commissions for insurances		5,652,395			9,955,763			5,629,648			11,650,897
Commissions related to trading and foreign exchange transactions		3,743,624			8,638,288			2,354,896			4,809,541
Total		112,147,491			213,076,759			108,464,549			220,181,109

Commissions expenses
Commissions related to trading with debt securities		(114,984	)		(368,169	)		(144,036	)		(284,276	)
Commissions related to trading and foreign exchange transactions		(1,343,701	)		(2,463,531	)		(787,461	)		(1,262,433	)
Other
Commissions paid ATM exchange		(11,438,510	)		(19,031,768	)		(6,362,348	)		(12,938,605	)
Checkbooks commissions and clearing houses		(2,607,148	)		(4,673,629	)		(2,205,976	)		(4,391,524	)
Credit cards and foreign trade commissions		(910,088	)		(1,826,604	)		(1,106,049	)		(2,124,653	)
Total		(16,414,431	)		(28,363,701	)		(10,605,870	)		(21,001,491	)

		Jorge Pablo Brito
	77	Chairperson

EXHIBIT R

VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK
AS OF JUNE 30, 2024
(Translation of the Financial Statements originally issued in Spanish – See Note 44)
(Figures stated in thousands of pesos in constant currency)

			Movements between stages of the period
						ECL of remaining life of financial asset
Item	Balances at beginning of the fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk			Financial instruments with a significant increase in credit risk			Monetary effect generated by allowances			06/30/2024
Other financial assets		1,070,144		(305,447	)		34,904						(456,037	)		343,564
Loans and other financing		96,444,054		13,937,766			5,739,843			9,217,086			(45,034,396	)		80,304,353
Other financial institutions		41,754		(8,992	)		2						(18,049	)		14,715
To the non-financial private sector and foreign residents
Overdrafts		12,950,112		3,423,695			250,054			497,232			(5,987,630	)		11,133,463
Documents		5,866,838		2,669,102			(384,470	)		(280,818	)		(2,786,991	)		5,083,661
Mortgage loans		8,794,325		706,997			793,661			873,297			(4,093,083	)		7,075,197
Pledge loans		628,742		375,356			239,253			226,964			(318,778	)		1,151,537
Personal loans		18,005,205		1,835,509			1,974,238			4,437,338			(8,516,571	)		17,735,719
Credit cards		19,220,080		1,275,855			3,263,284			5,792,500			(9,249,865	)		20,301,854
Financial leases		192,130		25,990			9,140			3			(87,714	)		139,549
Other		30,744,868		3,634,254			(405,319	)		(2,329,430	)		(13,975,715	)		17,668,658
Eventual commitments		3,788,204		2,266,432			419,075			208			(1,831,596	)		4,642,323
Other debt securities		21,591		6,556						(150	)		(10,883	)		17,114

Total of allowances		101,323,993		15,905,307			6,193,822			9,217,144			(47,332,912	)		85,307,354

VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK
AS OF DECEMBER 31, 2023
(Translation of the Financial Statements originally issued in Spanish – See Note 44)
(Figures stated in thousands of pesos in constant currency)

			Movements between stages for the fiscal year
						ECL of remaining life of financial asset
Item	Balances at beginning of the fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk		Financial instruments with impairment		Monetary effect generated by allowances			12/31/2023
Other financial assets		509,668		1,180,175							(619,699	)		1,070,144
Loans and other financing		61,593,941		33,396,585			23,003,051		54,304,160		(75,853,683	)		96,444,054
Other financial institutions		45,576		60,019							(63,841	)		41,754
To the non-financial private sector and foreign residents
Overdrafts		2,949,543		3,883,381			7,408,378		4,513,636		(5,804,826	)		12,950,112
Documents		3,169,588		4,139,590			1,961,131		1,534,802		(4,938,273	)		5,866,838
Mortgage loans		6,683,851		(199,593	)		1,915,963		7,319,431		(6,925,327	)		8,794,325
Pledge loans		1,061,648		(43,145	)		440,209		47,456		(877,426	)		628,742
Personal loans		23,219,711		10,044,177			1,147,200		7,146,664		(23,552,547	)		18,005,205
Credit cards		15,483,580		10,707,885			3,215,979		9,762,548		(19,949,912	)		19,220,080
Financial leases		121,124		128,561			50,412		24,395		(132,362	)		192,130
Other		8,859,320		4,675,710			6,863,779		23,955,228		(13,609,169	)		30,744,868
Eventual commitments		3,900,680		3,380,104			176,997		965		(3,670,542	)		3,788,204
Other debt securities		4,453		29,862					311		(13,035	)		21,591
Total of allowances		66,008,742		37,986,726			23,180,048		54,305,436		(80,156,959	)		101,323,993

		Jorge Pablo Brito
	78	Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION

AS OF JUNE 30, 2024 AND DECEMBER 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

Items	Notes		Exhibits	06/30/2024		12/31/2023
ASSETS
Cash and deposits in banks		8			1,152,886,670		1,693,871,019
Cash					213,125,856		639,399,427
Central Bank of Argentina					609,162,779		611,221,698
Other local and foreign entities					330,047,574		443,149,154
Other					550,461		100,740
Debt securities at fair value through profit or loss		8	A		3,955,650,008		2,781,558,402
Derivative financial instruments		8			40,370,314		162,162
Repo transactions		8					948,318,783
Other financial assets		5, 7 and 8	R		133,992,309		164,870,413
Loans and other financing		6, 7 and 8	B, C, D and R		3,117,573,915		2,749,697,022
Non-financial public sector					45,066,861		8,479,134
Other financial entities					46,825,914		10,294,879
Non-financial private sector and foreign residents					3,025,681,140		2,730,923,009
Other debt securities		7 and 8	A and R		475,769,985		647,302,212
Financial assets delivered as guarantee		8 and 29			114,145,649		177,452,598
Current income tax assets		19			48,450,693
Equity instruments at fair value through profit or loss		8	A		5,727,514		4,711,456
Investments in subsidiaries, associates and joint arrangements		10			531,228,280		552,925,008
Property, plant and equipment			F		581,570,432		575,039,733
Intangible assets			G		101,673,831		102,301,557
Other non-financial assets		11			67,234,685		77,418,993
Non-current assets held for sale					41,023,878		43,829,351
TOTAL ASSETS					10,367,298,163		10,519,458,709

		Jorge Pablo Brito
	79	Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION

AS OF JUNE 30, 2024 AND DECEMBER 31, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

Items	Notes		Exhibits	06/30/2024		12/31/2023
LIABILITIES
Deposits		8 and 13	H and I		5,900,180,921		4,960,232,466
Non-financial public sector					793,932,728		335,220,275
Financial sector					9,086,294		13,343,647
Non-financial private sector and foreign residents					5,097,161,899		4,611,668,544
Derivative financial instruments		8	I		189,282		135,083
Repo transactions		8	I				42,428,741
Other financial liabilities		8 and 14	I		437,082,535		462,925,285
Financing received from the BCRA and other financial institutions		8	I		14,917,421		13,606,613
Issued corporate bonds		8 and 34	I		48,633,272		102,040,737
Current income tax liabilities		19					334,999,090
Subordinated corporate bonds		8 and 34	I		370,697,023		591,691,069
Provisions		15	J and R		9,949,389		10,555,723
Deferred income tax liabilities					31,743,632		71,842,583
Other non-financial liabilities		16			361,065,366		254,152,894
TOTAL LIABILITIES					7,174,458,841		6,844,610,284

SHAREHOLDERS’ EQUITY
Capital stock		27	K		639,413		639,413
Non-capital contributions					12,429,781		12,429,781
Capital adjustments					1,030,218,406		1,030,218,406
Earnings reserved					2,048,482,452		1,502,265,879
Unappropriated retained earnings					1,230,835		1,096,256
Accumulated other comprehensive income					6,994,359		72,386,330
Net income of the period / fiscal year					92,844,076		1,055,812,360
TOTAL SHAREHOLDERS’ EQUITY					3,192,839,322		3,674,848,425
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES					10,367,298,163		10,519,458,709

Notes 1 to 41 to the condensed separate interim Financial Statements and exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim Financial Statements.

		Jorge Pablo Brito
	80	Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

Items	Notes		Exhibits	Quarter ended 06/30/2024			Accumulated from beginning of year up to 06/30/2024			Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023
Interest income			Q		540,353,189			1,266,840,991			1,138,132,072			2,187,162,529
Interest expense			Q		(375,758,611	)		(937,325,056	)		(736,937,228	)		(1,337,646,249	)
Net interest income					164,594,578			329,515,935			401,194,844			849,516,280
Commissions income		20	Q		98,112,052			185,136,895			106,130,013			215,892,550
Commissions expense			Q		(10,043,606	)		(16,935,923	)		(8,257,648	)		(16,712,862	)
Net commissions income					88,068,446			168,200,972			97,872,365			199,179,688
Subtotal (Net interest income plus Net commissions income)					252,663,024			497,716,907			499,067,209			1,048,695,968
Net gain from measurement of financial instruments at fair value through profit or loss			Q		96,428,495			1,458,335,551			180,147,274			205,214,502
Profit from sold or derecognized assets at amortized cost											4			279
Differences in quoted prices of gold and foreign currency		21			2,699,949			87,957,497			279,278,702			446,434,090
Other operating income		22			17,983,531			48,156,466			20,683,231			39,668,955
Credit loss expense on financial assets					(17,933,443	)		(35,891,227	)		(20,531,576	)		(36,482,978	)
Net operating income					351,841,556			2,056,275,194			958,644,844			1,703,530,816
Employee benefits		23			(107,741,828	)		(231,889,620	)		(110,335,776	)		(215,013,084	)
Administrative expenses		24			(50,672,660	)		(115,224,317	)		(61,255,869	)		(112,644,152	)
Depreciation and amortization of fixed assets			F and G		(21,627,566	)		(44,867,495	)		(22,525,888	)		(44,661,918	)
Other operating expenses		25			(114,804,690	)		(260,336,477	)		(134,322,009	)		(241,197,978	)
Operating income					56,994,812			1,403,957,285			630,205,302			1,090,013,684
(Loss) / income from subsidiaries, associates and joint arrangements		10			(12,751,483	)		(4,533,193	)		1,448,718			7,171,082
Loss on net monetary position					(406,574,336	)		(1,331,789,318	)		(397,163,862	)		(795,683,570	)
(Loss) / income before tax on continuing operations					(362,331,007	)		67,634,774			234,490,158			301,501,196
Income tax on continuing operations		19.b)			128,619,701			25,209,302			(70,531,960	)		(92,643,619	)
Net (loss) / income from continuing operations					(233,711,306	)		92,844,076			163,958,198			208,857,577
Net (loss) / income of the period					(233,711,306	)		92,844,076			163,958,198			208,857,577

		Jorge Pablo Brito
	81	Chairperson

SEPARATE EARNINGS PER SHARE

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

Items	Quarter ended 06/30/2024			Accumulated from beginning of year up to 06/30/2024		Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023
Net profit attributable to parent’s shareholders		(233,711,306	)		92,844,076		163,958,198		208,857,577
Plus: Potential dilutive effect inherent to common shares
Net profit attributable to parent’s shareholders adjusted for dilution		(233,711,306	)		92,844,076		163,958,198		208,857,577
Weighted average of outstanding common shares of the period		639,413			639,413		639,413		639,413
Plus: Weighted average of additional common shares with dilutive effects
Weighted average of outstanding common shares of the period adjusted for dilution		639,413			639,413		639,413		639,413
Basic earnings per share (in pesos)		(365.5092	)		145.2020		256.4199		326.6396

		Jorge Pablo Brito
	82	Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

Items	Notes		Exhibits		Quarter ended 06/30/2024			Accumulated from beginning of year up to 06/30/2024			Quarter ended 06/30/2023			Accumulated from beginning of year up to 06/30/2023
Net (loss) / income of the period						(233,711,306	)		92,844,076			163,958,198			208,857,577
Items of Other Comprehensive Income that will be reclassified to profit or loss of the period
Foreign currency translation differences from Financial Statements conversion						(4,219,073	)		(20,893,487	)		(227,121	)		(1,201,891	)
Foreign currency translation differences of the period						(4,219,073	)		(20,893,487	)		(227,121	)		(1,201,891	)
Profit or loss from financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a))						(38,309,759	)		(44,839,273	)		8,021,957			5,006,836
Profit or loss of the period from financial instruments at fair value through other comprehensive income (FVOCI)				Q		(58,529,672	)		(57,791,188	)		12,866,700			4,051,503
Adjustment for reclassification of the period						(408,419	)		(11,192,309	)		(525,227	)		3,651,320
Income tax		19.b)				20,628,332			24,144,224			(4,319,516	)		(2,695,987	)
Interest in other comprehensive income of associates and joint ventures accounted for using the participation method						(5,426,315	)		340,789			200,786			367,755
(Loss) / income of the period from interest in other comprehensive income of subsidiaries, associates and joint ventures accounted for using the participation method						(5,426,315	)		340,789			200,786			367,755
Total other comprehensive (loss) / income that will be reclassified to profit or loss						(47,955,147	)		(65,391,971	)		7,995,622			4,172,700
Total other comprehensive (loss) / income						(47,955,147	)		(65,391,971	)		7,995,622			4,172,700
Total comprehensive (loss) / income of the period						(281,666,453	)		27,452,105			171,953,820			213,030,277

Notes 1 to 41 to the condensed separate interim Financial Statements and exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim Financial Statements.

		Jorge Pablo Brito
	83	Chairperson

CONDESED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2024

(Translation of the Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

		Capital stock		Non-capital contributions				Other Comprehensive Income						Earnings Reserved
Changes	Notes	Outstanding shares		Additional paid-in capital		Capital adjustments		Accumulated foreign currency translation difference from Financial Statements conversion			Other			Legal		Other		Unappropriated retained earnings			Total Equity
Restated amount at the beginning of the fiscal year			639,413		12,429,781		1,030,218,406		20,063,329			52,323,001			616,106,713		886,159,166		1,056,908,616			3,674,848,425
Total comprehensive income of the period
- Net income of the period																			92,844,076			92,844,076
- Other comprehensive loss of the period									(20,893,487	)		(44,498,484	)									(65,391,971	)
Distribution of unappropriated retained earnings, as approved by the shareholders’ meeting held on April 12, 2024
- Legal reserve															211,162,472				(211,162,472	)
- Reserve for dividends pending Central Bank of Argentina’s authorization (1)																	335,054,101		(842,622,098	)		(507,567,997	)
- Personal assets tax on shares and equity interests																			(1,893,211	)		(1,893,211	)
Amount at the end of the period			639,413		12,429,781		1,030,218,406		(830,158	)		7,824,517			827,269,185		1,221,213,267		94,074,911			3,192,839,322

(1) See Note 30 to the condensed interim consolidated Financial Statements.

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

		Capital stock		Non-capital contributions				Other Comprehensive Income						Earnings Reserved
Changes	Notes	Outstanding shares		Additional paid-in capital		Capital adjustments		Accumulated foreign currency translation difference from Financial Statements conversion			Other			Legal		Other			Unappropriated retained earnings			Total Equity
Restated amount at the beginning of the fiscal year			639,413		12,429,781		1,030,218,406		2,519,574			(2,343,863	)		567,918,559		1,015,518,141			241,705,524			2,868,605,535
Total comprehensive income of the period
- Net income of the period																				208,857,577			208,857,577
- Other comprehensive income of the period									(1,201,891	)		5,374,591											4,172,700
Distribution of unappropriated retained earnings, as approved by the shareholders’ meeting held on April 25, 2023
- Legal reserve															48,188,154					(48,188,154	)
- Reserve for dividends pending Central Bank of Argentina’s authorization																	(129,358,975	)		(188,991,150	)		(318,350,125	)
- Personal assets tax on shares and equity interests																				(3,429,964	)		(3,429,964	)
Amount at the end of the period			639,413		12,429,781		1,030,218,406		1,317,683			3,030,728			616,106,713		886,159,166			209,953,833			2,759,855,723

Notes 1 to 41 to the condensed separate interim Financial Statements and exhibits A to D, F to L. O, Q and R are an integral part of the condensed separate interim Financial Statements.

		Jorge Pablo Brito
	84	Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

Items	Notes	06/30/2024			06/30/2023
Cash flows from operating activities
Income of the period before income tax			67,634,774			301,501,196
Adjustment for the total monetary effect of the period			1,331,789,318			795,683,570
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation			44,867,495			44,661,918
Credit loss expense on financial assets			35,891,227			36,482,978
Difference in quoted prices of foreign currency			(60,426,874	)		(269,380,328	)
Other adjustments			(1,134,022,499	)		683,004,875
Net increase / decrease from operating assets:
Debt securities at fair value through profit or loss			(1,174,091,606	)		(969,836,849	)
Derivative financial instruments			(40,208,152	)		(741,292	)
Repo transactions			948,318,783			(155,908,645	)
Loans and other financing
Non-financial public sector			(36,587,727	)		(56,615,955	)
Other financial entities			(36,531,035	)		(2,641,636	)
Non-financial private sector and foreign residents			(330,649,358	)		46,078,998
Other debt securities			100,299,283			431,663,243
Financial assets delivered as guarantee			63,306,949			20,105,950
Equity instruments at fair value through profit or loss			(1,016,058	)		(30,348	)
Other assets			63,145,357			(91,143,764	)
Net increase / decrease from operating liabilities:
Deposits
Non-financial public sector			458,712,453			(123,419,886	)
Financial sector			(4,257,353	)		1,667,906
Non-financial private sector and foreign residents			485,493,355			(87,740,216	)
Liabilities at fair value through profit or loss						136,931
Derivative financial instruments			54,199			27,778
Repo transactions			(42,428,741	)		27,080,565
Other liabilities			(84,047,675	)		10,251,168
Income tax payments			(221,882,967	)		(34,283,446	)
Total cash from operating activities (A)			433,363,148			606,604,711

		Jorge Pablo Brito
	85	Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

Items	Notes		06/30/2024			06/30/2023
Cash flows from investing activities
Payments:
Acquisition of PPE, intangible assets and other assets				(45,837,052	)		(43,021,144	)
Total cash used in investing activities (B)				(45,837,052	)		(43,021,144	)
Cash flows from financing activities
Payments:
Dividends		37		(256,347,916	)		(16,173	)
Non-subordinated corporate bonds				(16,999,236	)		(110,868	)
Subordinated corporate bonds				(12,230,289	)		(11,801,670	)
Other payments related to financing activities				(2,994,681	)		(4,705,350	)
Collections / Incomes:
Financing from local financial entities				7,355,728			1,339,729
Total cash used in financing activities (C)				(281,216,394	)		(15,294,332	)
Effect of exchange rate fluctuations (D)				120,947,527			425,282,035
Monetary effect on cash and cash equivalents (E)				(768,241,578	)		(1,627,558,836	)
Net decrease in cash and cash equivalents (A+B+C+D+E)				(540,984,349	)		(653,987,566	)
Cash and cash equivalents at the beginning of the fiscal year		26		1,693,871,019			4,095,316,206
Cash and cash equivalents at the end of the period		26		1,152,886,670			3,441,328,640

Notes 1 to 41 to the condensed separate interim Financial Statements and exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim Financial Statements.

		Jorge Pablo Brito
	86	Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

CORPORATE INFORMATION

Banco Macro SA (hereinafter, the “Bank”) is a business corporation (sociedad anónima) organized in the Argentine Republic that offers traditional banking products and services to companies, including those companies operating in regional economies as well as to individuals, thus strengthening its goal to be a multiservice bank. In addition, the Bank performs certain transactions through its subsidiaries Macro Bank Limited (a company organized under the laws of Bahamas), Macro Securities SAU, Macro Fiducia SAU, Macro Fondos SGFCISA, Argenpay SAU and Fintech SGR.

Macro Compañía Financiera SA was created in 1977 as a non-banking financial institution. In May 1988, it received the authorization to operate as a commercial bank and was incorporated as Banco Macro SA. Subsequently, as a result of the merger process with other entities, it adopted other names (among them, Banco Macro Bansud SA) and since August 2006, Banco Macro SA.

The Bank’s shares are publicly listed on Bolsas y Mercados Argentinos (BYMA, for its acronym in Spanish) since November 1994 and as from March 24, 2006, they are listed on the New York Stock Exchange (NYSE). Additionally, on October 15, 2015 they were authorized to be listed on the Mercado Abierto Electrónico SA (MAE, for its acronym in Spanish).

In 2001, 2004, 2006 and 2010, the Bank acquired the control of Banco Bansud SA, Nuevo Banco Suquía SA, Nuevo Banco Bisel SA and Banco Privado de Inversiones SA, respectively. Such entities merged with and into Banco Macro SA in December 2003, October 2007, August 2009 and December 2013, respectively. During the fiscal year 2006, the Bank acquired control over Banco del Tucumán SA, which was merged with Banco Macro SA in October 2019. Additionally, on October 1, 2021, the Bank acquired the control of Fintech SGR that, as explained in Note 3 to the consolidated Financial Statements as of December 31, 2023, already issued, is a structured entity in which the Bank has control.

During 2023, 2022, 2021 and 2020 the Bank in conjunction with other entities of the argentine financial system made contributions in the company Play Digital SA for a total amount of 977,225 (not restated), reaching an equity interest of 9.1886%. See also Note 1 to the condensed consolidated interim Financial Statements.

On August 22, 2024, the Board of Directors approved the issuance of these condensed separate interim Financial Statements.

OPERATIONS OF THE BANK

Note 2 to the condensed consolidated interim Financial Statements includes a detailed description of the agreements that relate the Bank with the provincial and municipal Governments.

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

BASIS FOR THE PREPARATION OF THESE FINANCIAL STATEMENTS AND APPLICABLE ACCOUNTING STANDARDS

Applicable Accounting Standards

These condensed separate interim Financial Statements of the Bank were prepared in accordance with the accounting framework established by the BCRA, in its Communiqué “A” 6114 as supplemented. Except for the regulatory provisions established by the BCRA, which are explained in the following paragraph, such framework is based on International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the Argentine Federation of Professionals Councils in Economic Sciences (FACPCE, for its acronym in Spanish). The abovementioned international standards include the IFRS, the International Accounting Standards (IAS) and the interpretations developed by the IFRS Interpretations Committee (IFRIC) or former Standing Interpretations Committee (SIC).

The transitory exceptions and regulatory guidelines established by BCRA to the application of effective IFRS, that affect the preparation of these condensed separate interim Financial Statements are as follows:

According to Communiqué “A” 6114, as amended and supplemented, and in the convergence process through IFRS, the BCRA established that since fiscal years beginning on or after January 1, 2020, financial institutions defined as “Group A” by BCRA rules, in which the Bank is included, begin to apply section 5.5 “Impairment” of the IFRS 9 “Financial Instruments” (sections B5.5.1 to B5.5.55), except for the temporary exclusion for the public sector established by the Communiqué “A” 6847. As of the date of issuance of these condensed separate interim Financial Statements, the Bank is in the process of quantifying the effect of the full application of the abovementioned standard.

Through Communiqué “A 7014 dated May 14, 2020, the BCRA established for financial institutions that received debt securities of the public sector in a swap transaction, they must be initially recognized at their carrying amount as of the date of the swap transaction, without assessing if they qualify or not for derecognition under IFRS 9 standards and as a consequence, do not eventually recognize the new instruments at the market value as provided by such IFRS (see Note 9 to the condensed consolidated interim Financial Statements).

Applicable Accounting Policies

Except for what was mentioned in the previous paragraphs, the accounting policies applied by the Bank comply with the IFRS as currently approved and are applicable to the preparation of these condensed separate interim Financial Statements in accordance with the IFRS as adopted by the BCRA through Communiqué “A” 7899. Generally, the BCRA does not allow the anticipated application of any IFRS, unless otherwise expressly stated.

Note 3 to the consolidated Financial Statements as of December 31, 2023, already issued presents further detailed descriptions of the basis for the presentation of such Financial Statements and the main accounting policies used and the relevant information of the subsidiaries. All that is explained therein shall apply to these condensed separate interim Financial Statements, except for the goodwill generated by the business combination, as mentioned in Note 9, which according to BCRA Communiqué “A” 6618, in the condensed separate interim Financial Statements, is included in the net investment of the subsidiary.

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

Going concern

The Bank’s Management has made an assessment of its ability to continue as a going concern and is satisfied that it has the resources to continue in business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt on the Bank’s ability to continue as a going concern. Therefore, these condensed separate interim Financial Statements were prepared on the going concern basis.

Subsidiaries

As mentioned in Note 1, the Bank performs certain transactions through its subsidiaries.

Subsidiaries are all the entities controlled by the Bank. An entity controls another entity when it is exposed, or has rights, to variable returns from its continuing involvement with such other entity and has the ability to use its power to direct the operating and financing policies of such other entity, to affect the amounts of such returns.

As provided under IAS 27 “Consolidated and Separate Financial Statements”, investments in subsidiaries were accounted for using the “equity method”, established in IAS 28 “Investments in associates and joint ventures”. When using this method, investments are initially recognized at cost, and such amount increases or decreases to recognize investor’s interest in profit and loss of the entity after the date of acquisition or creation.

Shares in profit and loss of subsidiaries and associates are recognized under “(Loss) / income from subsidiaries, associates and joint ventures” in the condensed separate interim statement of income. Ownership interest in other comprehensive income of subsidiaries is accounted for under “(Loss) / income of the period from interest in other comprehensive income of subsidiaries, associates and joint ventures accounted for using the participation method”, in the condensed separate interim statement of other comprehensive income.

Transcription into books

As of the date of issuance of these condensed separate interim Financial Statements, they are in the process of being transcribed into the Financial Statements book (“Libro Balance”) of Banco Macro SA.

Standards amendments adopted in the fiscal year

Standards amendments adopted are described in Note 3 to the condensed consolidated interim Financial Statements.

New pronouncements

New pronouncements are described in Note 3 to the condensed consolidated interim Financial Statements.

CONTINGENT TRANSACTIONS

As of June 30, 2024 and December 31, 2023, the Bank maintains the following maximum exposures to credit risk related to this type of transactions:

Composition	06/30/2024			12/31/2023
Undrawn commitments of credit cards and checking accounts		1,993,559,983			2,142,205,257
Guarantees granted (1)		78,841,609			123,937,606
Overdraft and unused agreed commitments (1)		15,504,714			14,108,286
Subtotal		2,087,906,306			2,280,251,149
Less: Allowance for ECL		(3,485,476	)		(2,461,080	)
Total		2,084,420,830			2,277,790,069

(1)

Includes transactions not covered by BCRA debtor classification standard. The Guarantees granted include an amount of 1,061,489 and 1,175,348, as of June 30, 2024 and December 31, 2023, respectively. The Overdraft and unused agreed commitments include an amount of 1,113,195 and 21,034, as of June 30, 2024 and December 31, 2023, respectively.

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

OTHER FINANCIAL ASSETS

The composition of the other financial assets as of June 30, 2024 and December 31, 2023 is as follows:

Composition	06/30/2024			12/31/2023
Sundry debtors		120,432,485			162,218,269
Receivables from spot sales of foreign currency pending settlement		11,490,154			2,363,040
Receivables from spot sales of government securities pending settlement		1,350,429
Private securities		185,155			113,978
Other		756,919			953,531
Subtotal		134,215,142			165,648,818
Less: Allowances for ECL		(222,833	)		(778,405	)
Total		133,992,309			164,870,413

Disclosures related to allowance for ECL are detailed in Note 7 “Loss allowance for expected credit losses on credit exposures not measured at fair value through profit or loss”.

LOANS AND OTHER FINANCING

The composition of loans and other financing as of June 30, 2024 and December 31, 2023 is as follows:

Composition	06/30/2024			12/31/2023
Non-financial public sector (1)		45,066,861			8,479,134
Other financial entities		46,825,914			10,294,879
Other financial entities		46,840,208			10,334,941
Less: allowance for ECL		(14,294	)		(40,062	)
Non-financial private sector and foreign residents		3,025,681,140			2,730,923,009
Overdrafts		348,586,631			309,088,530
Documents		623,410,908			571,287,182
Mortgage loans		294,559,917			284,111,414
Pledge loans		66,519,974			50,565,282
Personal loans		468,850,677			407,064,265
Credit cards		726,207,266			801,212,420
Financial leases		1,217,068			2,562,994
Other		560,784,696			369,796,533
Less: allowance for ECL		(64,455,997	)		(64,765,611	)
Total		3,117,573,915			2,749,697,022

(1)

As explained in Note 3, ECL is not calculated to public sector exposures.

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

LOSS ALLOWANCE FOR EXPECTED CREDIT LOSSES ON CREDIT EXPOSURES NOT MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS

Note 8 discloses financial assets measured at fair value on a recurring basis and financial assets not recognized at fair value. This classification is made pursuant to the expressed in Note 3 “Basis for the preparation of these Financial Statements and applicable accounting standards”. Additionally, Note 8 explains the information related to the valuation process.

Moreover, considering the temporary exclusion established by BCRA mentioned in Note 3 “Applicable accounting standards” the Bank applies the impairment requirements for the recognition and measurement of a loss allowance for financial assets measured at amortized cost or at fair value through other comprehensive income, except for public sector exposures. In addition, the Bank applies the impairment requirements for guarantees granted, undrawn commitments of credit cards, checking account advance agreements, letter of credits, which are not recognized in the condensed consolidated interim statement of financial position.

7.1

Loans and other financing measured at amortized cost

According to the nature of the information to be disclosed and the loan characteristics, the Bank groups them as follows:

Composition	06/30/2024			12/31/2023
Loans and other financing		3,182,044,206			2,814,502,695
Individual assessment		941,096,586			702,296,065
Collective assessment		2,240,947,620			2,112,206,630
Less: Allowance for ECL (1)		(64,470,291	)		(64,805,673	)
Total		3,117,573,915			2,749,697,022

(1)

As explained in Note 3, ECL is not calculated to public sector exposures.

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

Internal rating			06/30/2024
grade	Range PD		Stage 1		Stage 2		Stage 3		Total		%
Performing				3,017,487,569		67,827,749				3,085,315,318		96.96
High grade		0.00% - 3.50%		2,748,732,595		16,533,502				2,765,266,097		86.91
Standard grade		3.51% - 7.00%		201,701,231		16,401,845				218,103,076		6.85
Sub-standard grade		7.01% - 33.00%		67,053,743		34,892,402				101,946,145		3.20
Past due but not impaired (1)		33.01% - 99.99%		23,709,571		39,779,060				63,488,631		2.00
Impaired		100%						33,240,257		33,240,257		1.04
		Total		3,041,197,140		107,606,809		33,240,257		3,182,044,206		100
		%		95.57		3.39		1.04		100

Internal rating			12/31/2023
grade	Range PD		Stage 1		Stage 2		Stage 3		Total		%
Performing				2,644,564,732		85,802,815				2,730,367,547		97.01
High grade		0.00% - 3.50%		2,462,719,969		31,132,791				2,493,852,760		88.61
Standard grade		3.51% - 7.00%		120,522,148		19,333,175				139,855,323		4.97
Sub-standard grade		7.01% - 33.00%		61,322,615		35,336,849				96,659,464		3.43
Past due but not impaired (1)		33.01% - 99.99%		17,181,834		36,653,466				53,835,300		1.91
Impaired		100%						30,299,848		30,299,848		1.08
		Total		2,661,746,566		122,456,281		30,299,848		2,814,502,695		100
		%		94.57		4.35		1.08		100

(1)

It includes transactions which are more than 5 days past due independently of the PD range assigned.

7.1.1

Loans on an individual assessment

Internal rating			06/30/2024
grade	Range PD		Stage 1		Stage 2		Stage 3		Total		%
Performing				931,490,819		4,018,898				935,509,717		99.41
High grade		0.00% - 3.50%		871,849,702		638,893				872,488,595		92.71
Standard grade		3.51% - 7.00%		58,991,419		3,380,005				62,371,424		6.63
Sub-standard grade		7.01% - 33.00%		649,698						649,698		0.07
Past due but not impaired		33.01% - 99.99%
Impaired		100%						5,586,869		5,586,869		0.59
		Total		931,490,819		4,018,898		5,586,869		941,096,586		100
		%		98.98		0.43		0.59		100

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

Internal rating			12/31/2023
grade	Range PD		Stage 1		Stage 2		Stage 3		Total		%
Performing				680,360,242		12,752,427				693,112,669		98.69
High grade		0.00% - 3.50%		615,630,243		7,677,446				623,307,689		88.75
Standard grade		3.51% - 7.00%		36,898,953						36,898,953		5.25
Sub-standard grade		7.01% - 33.00%		27,831,046		5,074,981				32,906,027		4.69
Past due but not impaired		33.01% - 99.99%
Impaired		100%						9,183,396		9,183,396		1.31
		Total		680,360,242		12,752,427		9,183,396		702,296,065		100
		%		96.88		1.81		1.31		100

7.1.2

Loans on a collective assessment

The table below shows the credit quality and the debt balance to credit risk of loans portfolio under collective assessment, by grade of credit risk classification based on the Bank’s internal credit rating system, PD range and classification by stages as of the date of the reporting period. The Bank’s internal credit rating systems and the evaluation and measurement approaches are explained in Note 45 section “Credit risk” to the consolidated Financial Statements as of December 31, 2023, already issued.

Internal rating			06/30/2024
grade	Range PD		Stage 1		Stage 2		Stage 3		Total		%
Performing				2,085,996,750		63,808,851				2,149,805,601		95.93
High grade		0.00% - 3.50%		1,876,882,893		15,894,609				1,892,777,502		84.46
Standard grade		3.51% - 7.00%		142,709,812		13,021,840				155,731,652		6.95
Sub-standard grade		7.01% - 33.00%		66,404,045		34,892,402				101,296,447		4.52
Past due but not impaired (1)		33.01% - 99.99%		23,709,571		39,779,060				63,488,631		2.83
Impaired		100%						27,653,388		27,653,388		1.24
		Total		2,109,706,321		103,587,911		27,653,388		2,240,947,620		100
		%		94.14		4.62		1.24		100

Internal rating			12/31/2023
grade	Range PD		Stage 1		Stage 2		Stage 3		Total		%
Performing				1,964,204,490		73,050,388				2,037,254,878		96.45
High grade		0.00% - 3.50%		1,847,089,726		23,455,345				1,870,545,071		88.56
Standard grade		3.51% - 7.00%		83,623,195		19,333,175				102,956,370		4.87
Sub-standard grade		7.01% - 33.00%		33,491,569		30,261,868				63,753,437		3.02
Past due but not impaired (1)		33.01% - 99.99%		17,181,834		36,653,466				53,835,300		2.55
Impaired		100%						21,116,452		21,116,452		1.00
		Total		1,981,386,324		109,703,854		21,116,452		2,112,206,630		100
		%		93.81		5.19		1.00		100

(1)

It includes transactions which are more than 5 days past due independently of the PD range assigned.

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

7.2

Other debt securities at amortized cost

The criterion used to calculate ECL of Financial Trusts and Corporate Bonds is based on the rating granted by risk rating agencies to each debt security type making up the financial trusts or each corporate bond series, respectively. This means that the factor to be used will vary depending on the debt securities holdings (A or B). The EAD is assumed to be equal to the outstanding balance.

The table below shows the exposures gross of impairment allowances by stage:

	06/30/2024
Composition	Stage 1	Stage 2	Stage 3	Total	%
Corporate bonds	10,284,290			10,284,290	98.74
Financial trusts	131,492			131,492	1.26
Total	10,415,782			10,415,782	100
%	100			100

	12/31/2023
Composition	Stage 1		Stage 2	Stage 3	Total		%
Corporate bonds		17,088,024				17,088,024		93.46
Financial trusts		1,195,738				1,195,738		6.54
Total		18,283,762				18,283,762		100
%		100				100

The related ECL for Corporate Bonds as of June 30, 2024 and December 31, 2023 amounted to 17,070 and 15,040, respectively. The ECL related to financial trusts as of June 30, 2024 and December 31, 2023 amounted to 44 and 251, respectively.

7.3

Government securities at amortized cost or fair value through OCI

A breakdown of these investments and their characteristics is disclosed in Exhibit A.

7.4

Other financial assets

The table below shows the exposures gross of impairment allowances by stage:

	06/30/2024
Composition	Stage 1		Stage 2	Stage 3	Total		%
Other financial assets		134,029,987				134,029,987		100
Total		134,029,987				134,029,987		100
%		100				100

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

	12/31/2023
Composition	Stage 1		Stage 2	Stage 3	Total		%
Other financial assets		165,534,840				165,534,840		100
Total		165,534,840				165,534,840		100
%		100				100

The ECL related to these types of instruments amounted to 222,833 and 778,405 as of June 30, 2024 and December 31, 2023, respectively.

Exhibit R “Value adjustment for credit losses – Allowance for uncollectibility risk” also shows the evolution of the forecasts for expected credit losses at the sector and product level.

7.5

Loans commitment

The table below shows the exposures gross of impairment allowances by stage:

	06/30/2024
Composition	Stage 1		Stage 2		Stage 3		Total		%
Undrawn commitments of credit cards and checking accounts		1,979,525,078		14,030,271		4,634		1,993,559,983		95.58
Guarantees granted		77,780,120						77,780,120		3.73
Overdraft and unused agreed commitments		14,391,519						14,391,519		0.69
Total		2,071,696,717		14,030,271		4,634		2,085,731,622		100
%		99.33		0.67				100

	12/31/2023
Composition	Stage 1		Stage 2		Stage 3		Total		%
Undrawn commitments of credit cards and checking accounts		2,127,359,778		14,841,102		4,377		2,142,205,257		93.99
Guarantees granted		122,762,258						122,762,258		5.39
Overdraft and unused agreed commitments		14,087,252						14,087,252		0.62
Total		2,264,209,288		14,841,102		4,377		2,279,054,767		100
%		99.35		0.65				100

The related ECL for undrawn commitments of credit cards and checking accounts as of June 30, 2024 and December 31, 2023 amounted to 3,180,990 and 1,770,613, respectively. The ECL related to guarantees granted as of June 30, 2024 and December 31, 2023 amounted to 244,933 and 613,451, respectively. The ECL related to overdraft and unused agreed commitments as of June 30, 2024 and December 31, 2023 amounted to 59,553 and 77,016, respectively.

In exhibit R “Value adjustment for credit losses – Allowance for uncollectibility risk”, the ECL movements by portfolio and products are also disclosed.

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES

Note 10 to the condensed consolidated interim Financial Statements describes the methods and assumptions used to determine the fair value, both of the financial instruments recognized at fair value as of those not accounted for at such fair value in these condensed separate interim Financial Statements.

In addition, the Bank discloses the relevant information as to instruments included in Level 3 of the fair value hierarchy.

Even though the Bank’s Management has used its best judgment to estimate the fair values of its financial instruments, any technique to perform such estimate implies certain inherent fragility level.

Fair value hierarchy

The Bank uses the following hierarchy to determine and disclose the fair value of financial instruments, according to the valuation technique applied:

The following tables show the hierarchy in the Bank’s financial asset and liability at fair value measurement, as of June 30, 2024 and December 31, 2023:

	Financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2024
Description	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss		3,955,650,008		3,934,620,033		21,015,779		14,196
Derivatives financial instruments (1)		40,370,314		19,367		40,350,947
Other financial assets		185,155						185,155
Investments in equity instruments		5,727,514		890,197				4,837,317

At fair value through OCI
Other debt securities		276,314,192		276,314,192
Total		4,278,247,183		4,211,843,789		61,366,726		5,036,668

Financial liabilities
At fair value through profit or loss
Derivatives financial instruments		189,282		153,014		36,268
Total		189,282		153,014		36,268

(1)

Includes the premium corresponding to the subscription of put options.

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

	Financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2023
Description	Total		Level 1		Level 2		Level 3
Financial assets
At fair value through profit or loss
Debt securities at fair value through profit or loss		2,781,558,402		2,765,063,868		16,481,921		12,613
Derivatives financial instruments		162,162		1,179		160,983
Other financial assets		113,978						113,978
Financial assets delivered as guarantee		45,354,604		45,354,604
Investments in equity instruments		4,711,456		1,013,332				3,698,124

At fair value through OCI
Other debt securities		396,892,443		396,892,443
Total		3,228,793,045		3,208,325,426		16,642,904		3,824,715

Financial liabilities
At fair value through profit or loss
Derivatives financial instruments		135,083		72,610		62,473
Total		135,083		72,610		62,473

Below is the reconciliation between the amounts at the beginning and the end of the fiscal year for the financial assets recognized at fair value, categorized as level 3:

	As of June 30, 2024
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		12,613			113,978			3,698,124
Transfers to level 3
Transfers from level 3
Profit and loss		80,969			50,749			2,996,254
Recognition and derecognition		5,403			144,443
Monetary effects		(84,789	)		(124,015	)		(1,857,061	)
Amount at the end of the period		14,196			185,155			4,837,317

	As of December 31, 2023
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		5,776,645			276,638			3,834,711
Transfers to level 3
Transfers from level 3 (1)								(252,811	)
Profit and loss		4,192,191			66,987			4,045,175
Recognition and derecognition		(6,211,651	)
Monetary effects		(3,744,572	)		(229,647	)		(3,928,951	)
Amount at the end of the fiscal year		12,613			113,978			3,698,124

(1)

Transfer of equity instruments at fair value through profit or loss from level 3 to level 1 that were measured using quoted prices observable in active markets as of December 31, 2023.

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

Note 10 to the condensed consolidated interim Financial Statements, details the valuation techniques and significant unobservable inputs used in the valuation of assets at Level 3.

Changes in fair value levels

Except for the foregoing, as of June 30, 2024 and December 31, 2023, the Bank has not recognized any transfers between levels 1, 2 and 3.

Financial assets and liabilities not measured at fair value

The following table shows a comparison between the fair value and the carrying amount of financial instruments not recognized at fair value as of June 30, 2024 and December 31, 2023:

	06/30/2024
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		1,152,886,670		1,152,886,670						1,152,886,670
Other financial assets		133,807,154		133,807,154						133,807,154
Loans and other financing		3,117,573,915						2,876,471,041		2,876,471,041
Other debt securities		199,455,793		21,184,722		162,836,995				184,021,717
Financial assets delivered as guarantee		114,145,649		114,145,649						114,145,649
Total		4,717,869,181		1,422,024,195		162,836,995		2,876,471,041		4,461,332,231

Financial liabilities
Deposits	5,900,180,921	3,084,656,152		2,825,279,931	5,909,936,083
Other financial liabilities	437,082,535	423,237,839	13,252,058		436,489,897
Financing received from the BCRA and other financial institutions	14,917,421	14,745,977	171,444		14,917,421
Issued corporate bonds	48,633,272		48,874,569		48,874,569
Subordinated corporate bonds	370,697,023		344,637,853		344,637,853
Total	6,771,511,172	3,522,639,968	406,935,924	2,825,279,931	6,754,855,823

	12/31/2023
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		1,693,871,019		1,693,871,018						1,693,871,018
Repo transactions		948,318,783		948,318,782						948,318,782
Other financial assets		164,756,435		164,756,435						164,756,435
Loans and other financing		2,749,697,022						2,675,519,506		2,675,519,506
Other debt securities		250,409,769		76,082,991		99,891,707		87,568,336		263,543,034
Financial assets delivered as guarantee		132,097,994		132,097,994						132,097,994
Total		5,939,151,022		3,015,127,220		99,891,707		2,763,087,842		5,878,106,769

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

	12/31/2023
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial liabilities
Deposits		4,960,232,466		2,978,769,332				1,984,274,153		4,963,043,485
Repo transactions		42,428,741		42,428,741						42,428,741
Other financial liabilities		462,925,285		443,158,788		18,872,170				462,030,958
Financing received from the BCRA and other financial institutions		13,606,613		13,209,773		396,841				13,606,614
Issued corporate bonds		102,040,737				103,500,868				103,500,868
Subordinated corporate bonds		591,691,069				500,922,479				500,922,479
Total		6,172,924,911		3,477,566,634		623,692,358		1,984,274,153		6,085,533,145

BUSINESS COMBINATIONS

9.1

Macro Agro SAU (formerly known as Comercio Interior SAU)

On May 18, 2023, the Bank acquired from Inversora Juramento SA, 100% of the capital stock and votes of Macro Agro SAU (formerly known as Comercio Interior SAU). Detailed information on this transaction is included in Note 11.1 to the condensed consolidated interim Financial Statements.

9.2

Banco BMA SAU (formerly known as Banco Itaú Argentina SA)

On August 23, 2023, Banco Macro SA entered into a stock purchase agreement with Itaú Unibanco Holding SA, through its affiliates Itaú Unibanco SA, Banco Itaú BBA SA and Itaú Consultoria de Valores Mobiliários e Participações SA (collectively, “Itaú”), pursuant to which, subject to certain conditions (substantially the approval of the transaction by the BCRA), the Bank would acquire from Itaú the shares representing 100% of the capital stock and votes of Banco Itaú Argentina SA, Itaú Asset Management SA and Itaú Valores SA.

On November 2, 2023, the Board of Directors of the BCRA authorized the abovementioned purchase. Detailed information on this transaction is included in Note 11.2 to the condensed consolidated interim Financial Statements.

10.

INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT ARRANGEMENTS

The Bank’s interests in associates and joint ventures are disclosed in Note 12 to the condensed consolidated interim Financial Statements.

11.

OTHER NON-FINANCIAL ASSETS

The composition of other non-financial assets as of June 30, 2024 and December 31, 2023 is as follows:

Composition	06/30/2024		12/31/2023
Investment property (see Exhibit F)		50,482,735		48,204,373
Advanced prepayments		14,131,699		8,982,074
Tax advances		2,517,066		20,095,095
Other		103,185		137,451
Total		67,234,685		77,418,993

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

12.

RELATED PARTIES

A related party is a person or entity that is related to the Bank:

- has control or joint control of the Bank;

- has significant influence over the Bank;

- is a member of the key management personnel of the Bank or of a parent of the Bank;

- members of the same group;

- one entity is an associate (or an associate of a member of a group of which the other entity is a member).

As of June 30, 2024 and December 31, 2023, amounts balances related to transactions generated with related parties are as follows:

	As of June 30, 2024
	Main subsidiaries
	Macro Bank Limited	Macro Securities SAU (1)	Argenpay SAU	Fintech SGR	Macro Agro SAU (formerly known as Comercio Interior SAU)	Banco BMA SAU	Associates	Key management personnel (2)	Other related parties	Total
Assets
Cash and deposits in banks	7,306									7,306
Derivative instruments									146,216	146,216
Other financial assets				14,205,034						14,205,034
Loans and other financing (3)
Other financial entities						13,736,201				13,736,201
Documents									270,874	270,874
Overdrafts					276			209,710	7,438,229	7,648,215
Credit cards								538,846	164,315	703,161
Financial leases					17,415				44,310	61,725
Personal loans								214		214
Mortgage loans								2,685,475		2,685,475
Other (4)								776,502	10,367,635	11,144,137
Guarantees granted									23,686,707	23,686,707
Total assets	7,306			14,205,034	17,691	13,736,201		4,210,747	42,118,286	74,295,265

100

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

	As of June 30, 2024
	Main subsidiaries
	Macro Bank Limited	Macro Securities SAU (1)	Argenpay SAU	Fintech SGR	Macro Agro SAU (formerly known as Comercio Interior SAU)	Banco BMA SAU	Associates	Key management personnel (2)	Other related parties	Total
Liabilities
Deposits		64,832,310	605,735	1,786	207,526		346,206	16,115,200	2,135,211	84,243,974
Other financial liabilities								4,324	74,790	79,114
Issued corporate bonds		18,078								18,078
Subordinated corporate bonds				1,042,585	139,012					1,181,597
Other non-financial liabilities									2,612,426	2,612,426
Total liabilities		64,850,388	605,735	1,044,371	346,538		346,206	16,119,524	4,822,427	88,135,189

	(1)	It includes the balance amounts from its subsidiary Macro Fondos SGFCISA.
	(2)	Includes close family members of the key management personnel.
	(3)	The maximum financing amount for Loans and other financing as of June 30, 2024 for Macro Securities SAU, Macro Agro SAU (formerly known as Comercio Interior SAU), Banco BMA SAU, Key management personnel and Other related parties amounted to 10,290,251, 43,919, 16,630,852, 5,869,812 and 95,087,358, respectively.
	(4)	It is related to Loans and other financing not disclosed in other items, mainly Other loans, Financing of foreign exchange transactions and Loans with government securities.

	As of December 31, 2023
	Main subsidiaries
	Macro Bank Limited	Macro Securities SAU (1)	Argenpay SAU	Fintech SGR	Macro Agro SAU (formerly known as Comercio Interior SAU)	Associates	Key management personnel (2)	Other related parties	Total
Assets
Cash and deposits in banks	11,646								11,646
Other financial assets				14,968,086					14,968,086
Loans and other financing (3)
Documents								2,309,159	2,309,159
Overdrafts							453,414	4,785,721	5,239,135
Credit cards							876,813	231,635	1,108,448
Financial leases					55,686			92,766	148,452
Personal loans							8,288		8,288
Mortgage loans							2,268,613		2,268,613
Other (4)							624,031	8,551,467	9,175,498
Guarantees granted								47,383,381	47,383,381
Total assets	11,646			14,968,086	55,686		4,231,159	63,354,129	82,620,706

Liabilities
Deposits		28,377,133	464,809	44,370	20,081	547,086	9,007,480	26,848,078	65,309,037
Other financial liabilities							4,969	96,071	101,040
Issued corporate bonds		5,186,410							5,186,410
Subordinated corporate bonds				1,405,267	221,884				1,627,151
Other non-financial liabilities								4,533,394	4,533,394
Total liabilities		33,563,543	464,809	1,449,637	241,965	547,086	9,012,449	31,477,543	76,757,032

101

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

(1)

It includes the balance amounts from its subsidiary Macro Fondos SGFCISA.

(2)

Includes close family members of the key management personnel.

(3)

The maximum financing amount for Loans and other financing as of December 31, 2023 for Macro Securities SAU, Macro Agro SAU (formerly known as Comercio Interior SAU), Key management personnel and Other related parties amounted to 38,898,015, 123,148, 6,201,401 and 92,595,479, respectively.

(4)

It is related to Loans and other financing not disclosed in other items, mainly Other loans, Financing of foreign exchange transactions and Loans with government securities.

Profit or loss related to transactions generated during the six-month periods ended June 30, 2024 and 2023 with related parties are as follows:

	As of June 30, 2024
	Main subsidiaries
	Macro Bank Limited	Macro Securities SAU (1)	Argenpay SAU	Fintech SGR		Macro Agro SAU (formerly known as Comercio Interior SAU)		Banco BMA SAU		Associates		Key management personnel (2)		Other related parties		Total
Income / (loss)
Interest income		70,176				6,333		365,440		4		1,427,500		4,722,081		6,591,534
Interest expense						(70,717	)	(1,266,707	)	(44,019	)	(40,871	)	(1,045,824	)	(2,468,138	)
Commissions income		55,437		3,982						384		411		38,043		98,257
Commissions expense				(50,559	)							(103	)	(53,764	)	(104,426	)
Other operating income				3,706,959		5,471				1,597		12,100		21,093		3,747,220
Administrative expense														(2,838,829	)	(2,838,829	)
Other operating expense														(560,853	)	(560,853	)
Total income / (loss)		125,613		3,660,382		(58,913	)	(901,267	)	(42,034	)	1,399,037		281,947		4,464,765

(1)

It includes the balance amounts from its subsidiary Macro Fondos SGFCISA.

(2)

Includes close family members of the key management personnel.

	As of June 30, 2023
	Main subsidiaries (1)
	Macro Bank Limited	Macro Securities SAU (2)	Argenpay SAU	Fintech SGR		Macro Agro SAU (formerly known as Comercio Interior SAU)	Associates		Key management personnel (3)		Other related parties		Total
Income / (loss)
Interest income		13,004				16,945			1,168,788		3,702,293		4,901,030
Interest expense							(81,291	)	(254,550	)	(100,863	)	(436,704	)
Commissions income		89,672					1,356		312		61,105		152,445
Commissions expense				(42,087	)				(100	)	(52	)	(42,239	)
Other operating income		231,013	59	5,234,456		1,122					167		5,466,817
Credit loss expense on financial assets		211,059											211,059
Administrative expense											(2,187,745	)	(2,187,745	)
Other operating expense											(245,843	)	(245,843	)
Total income / (loss)		544,748	59	5,192,369		18,067	(79,935	)	914,450		1,229,062		7,818,820

(1)

It includes the balance amounts from its subsidiary Macro Fondos SGFCISA.

(2)

Includes close family members of the key management personnel.

102

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

The Bank does not have loans granted to Directors and other key management personnel secured with shares.

Total remunerations received as salary and bonus by the key management personnel as of June 30, 2024 and 2023 amounted to 2,868,646 and 2,525,869, respectively.

In addition, fees received by the Directors as of June 30, 2024 and 2023 amounted to 23,211,098 and 5,600,097, respectively.

Additionally, the composition of the Board of Directors and key management personnel is as follows:

Composition	06/30/2024		12/31/2023
Board of Directors		13		12
Senior managers of the key management personnel		10		11
Total		23		23

13.

DEPOSITS

The composition of deposits as of June 30, 2024 and December 31, 2023 is as follows:

Composition	06/30/2024		12/31/2023
Non-financial public sector		793,932,728		335,220,275
Financial sector		9,086,294		13,343,647
Non-financial private sector and foreign residents		5,097,161,899		4,611,668,544
Checking accounts		580,809,501		578,561,015
Saving accounts		2,073,743,126		2,158,810,189
Time deposits		2,043,659,653		1,674,564,711
Investment accounts		330,382,618		121,272,967
Other		68,567,001		78,459,662
Total		5,900,180,921		4,960,232,466

14.

OTHER FINANCIAL LIABILITIES

The composition of other financial liabilities as of June 30, 2024 and December 31, 2023 is as follows:

Composition	06/30/2024		12/31/2023
Credit and debit card settlement - due to merchants		332,134,250		351,173,475
Payment orders pending to foreign exchange settlement		38,339,284		48,373,499
Collections and other transactions on account and behalf of others		19,995,454		17,999,786
Amounts payable for spot purchases of foreign currency pending settlement		12,253,364		2,384,777
Finance leases liabilities		10,918,180		14,839,574
Amounts payable for spot purchases of government securities pending settlement		464,307
Other		22,977,696		28,154,174
Total		437,082,535		462,925,285

103

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024

(Translation of Financial Statements originally issued in Spanish – See Note 41)

(Figures stated in thousands of pesos in constant currency)

15.

PROVISIONS

This item includes the amounts estimated to face a liability of probable occurrence, which if occurring, would originate a loss for the Bank.

Exhibit J “Changes in provisions” presents the changes in provisions as of June 30, 2024 and December 31, 2023.

The expected terms to settle these obligations are as follows:

Composition	06/30/2024
Composition	Within 12 months		Over 12 months		06/30/2024		12/31/2023
For administrative, disciplinary and criminal penalties				500		500		899
Letters of credits, guarantees and other commitments (1)		3,485,476				3,485,476		2,461,080
Commercial claims in progress (2)		1,117,371		1,447,391		2,564,762		3,950,529
Labor lawsuits		668,405		347,500		1,015,905		938,877
Pension funds - reimbursement		643,267		177,368		820,635		2,192,033
Other		630		2,061,481		2,062,111		1,012,305
Total		5,915,149		4,034,240		9,949,389		10,555,723

(1)

These amounts correspond to the ECL calculated for contingent transactions, which are mentioned in Note 4.

(2)

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12/31/2023	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		1,693,871,019
Debt securities at fair value through profit or loss				2,743,808,415		37,749,987
Derivative financial instruments				162,162
Repo transactions				948,318,783
Other financial assets		56,382,049		27,279,848		81,208,516
Loans and other financing (1)		916,065		2,173,728,543		575,052,414
Other debt securities				175,485,174		471,817,038
Financial assets delivered as guarantee		122,715,592		54,737,006
Investments in equity instruments		4,711,456
Total assets		1,878,596,181		6,123,519,931		1,165,827,955

Liabilities
Deposits		2,933,527,951		2,026,354,016		350,499
Derivative financial instruments				135,083
Repo transactions				42,428,741
Other financial liabilities				449,413,520		13,511,765
Financing received from the BCRA and other financial institutions				13,606,613
Issued corporate bonds				102,040,737
Subordinated corporate bonds				10,318,213		581,372,856
Total liabilities		2,933,527,951		2,644,296,923		595,235,120

Item	06/30/2024
Minimum capital requirement		587,871,427
Computable equity		2,721,634,475
Capital surplus		2,133,763,048

		Holdings						Position
		06/30/2024				12/31/2023		06/30/2024
Name	Identification	Fair Value	Fair value level	Book amounts		Book amounts		Position without options		Options			Final position
DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

- Local
Government securities
Argentine government Treasury discount bonds in pesos adjusted by CER - Maturity: 06-30-2027 (1)	9241		1		3,609,164,395				3,609,164,395		(3,595,500,000	)		13,664,395
Argentine government Treasury discount bonds in pesos adjusted by CER - Maturity: 06-30-2025	9244		1		314,580,812				314,580,812					314,580,812
Province of Neuquén Treasury bills S01 C01 - Maturity: 04-19-2026	42753		2		9,956,309		16,481,921		9,956,309					9,956,309
Argentine Treasury Bonds linked to the dollar – Maturity: 12-15-2026	9249		1		3,544,264				3,544,264					3,544,264
Argentine government Treasury bonds in pesos adjusted by CER - Maturity: 11-09-2026	5925		1		2,650,930		4,244,694		2,650,930					2,650,930
Argentine Treasury Bonds linked to the dollar – Maturity: 12-15-2027	9250		1		2,338,663				2,338,663					2,338,663
Discount bonds denominated in pesos at 5.83% - Maturity: 12-31-2033	45696		1		551,112		286,507		551,112					551,112
Argentine government Treasury discount bonds in pesos adjusted by CER - Maturity: 06-30-2026	9240		1		374,231				374,231					374,231
Peso-denominated par bonds – Maturity: 12-31-2038	45695		1		330,280		2,211		330,280					330,280
Consolidation bonds in pesos, 10th series – Maturity: 02-05-2029	9153		1		289,348		2,688		289,348					289,348
Other					795,998		2,743,007,232		795,998		(492,768	)		303,230
Subtotal local government securities (2)					3,944,576,342		2,764,025,253		3,944,576,342		(3,595,992,768	)		348,583,574

Private securities
Corporate bonds YPF SA C025 - Maturity: 02-13-2026	57118		2		11,059,470		17,520,536		11,059,470					11,059,470
Utility Company Securities			3		14,196		12,613		14,196					14,196
Subtotal local private securities (2)					11,073,666		17,533,149		11,073,666					11,073,666
TOTAL DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS					3,955,650,008		2,781,558,402		3,955,650,008		(3,595,992,768	)		359,657,240

	06/30/2024				12/31/2023
Number of customers	Cut off balance		% of total portfolio		Cut off balance		% of total portfolio
10 largest customers		319,926,897		9.72		234,260,017		7.84
50 next largest customers		315,451,592		9.59		255,164,354		8.54
100 next largest customers		192,402,147		5.85		191,056,048		6.39
Other customers		2,463,077,212		74.84		2,307,379,542		77.23
Total (1)		3,290,857,848		100.00		2,987,859,961		100.00

			Remaining terms to maturity
Item	Matured		Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Non-financial government sector		194		5,664,299		2,547,936		196,346		327,206		377,636				9,113,617
Financial sector				6,616,332		671,537		4,696,389		7,023,593		3,837,261		1,252,949		24,098,061
Non-financial private sector and foreign residents		13,987,280		1,367,731,774		422,260,559		468,571,083		509,970,996		477,748,326		543,804,774		3,804,074,792
Total		13,987,474		1,380,012,405		425,480,032		473,463,818		517,321,795		481,963,223		545,057,723		3,837,286,470

												Depreciation
Item	Original value at beginning of fiscal year		Total life estimated in years		Increases		Decreases		Transfers			Accumulated		Transfers			Decreases		Of the period		At the end		Residual value at the end of the period
Cost
Real property		538,138,926		50		2,391,616		1,725		4,972,249			75,197,132		276,209			621		6,143,903		81,616,623		463,884,443
Furniture and facilities		87,909,314		10		804,573				1,294,123			48,277,442		71					3,588,904		51,866,417		38,141,593
Machinery and equipment		136,133,912		5		8,128,949				278,409			101,010,328		(1	)				6,910,132		107,920,459		36,620,811
Vehicles		18,366,344		5		980,858		674,682					13,106,534					506,990		986,541		13,586,085		5,086,435
Work in progress		15,320,649				8,699,723				(3,463,099	)													20,557,273
Right of use real property		49,283,359		5		4,508,048		388,744					36,230,289					238,431		3,839,882		39,831,740		13,570,923
Right of use furniture		4,479,227		5									770,273									770,273		3,708,954
Total property, plant and equipment		849,631,731				25,513,767		1,065,151		3,081,682			274,591,998		276,279			746,042		21,469,362		295,591,597		581,570,432

	Remaining terms to maturity
		Over 1	Over 3	Over 6	Over 12
		month and	months and	months and	months and
	Up to 1	up to 3	up to 6	up to 12	up to 24	Over 24
Item	month	months	months	months	months	months	Total
Deposits	4,624,677,115	274,404,278	110,736,843	116,715,811	846,834	26,495	5,127,407,376
From the non-financial government sector	327,155,719	10,980,302	9,128,904		3,051		347,267,976
From the financial sector	13,343,647						13,343,647
From the non-financial private sector and foreign residents	4,284,177,749	263,423,976	101,607,939	116,715,811	843,783	26,495	4,766,795,753
Derivative instruments	22,922	107,864	4,297				135,083
Repo transactions	42,542,920						42,542,920
Other financial institutions	42,542,920						42,542,920
Other financial liabilities	428,600,403	2,048,431	1,943,864	3,849,169	6,798,158	22,604,846	465,844,871
Financing received from the BCRA and other financial institutions	6,707,055	6,330,805	653,364				13,691,224
Issued corporate bonds		90,303	26,717,209	78,973,529			105,781,041
Subordinated corporate bonds			19,310,299	19,310,299	38,620,598	619,993,454	697,234,650
Total	5,102,550,415	282,981,681	159,365,876	218,848,808	46,265,590	642,624,795	6,452,637,165

								Monetary
	Amounts at							effects
	beginning of				Decreases			generated by
Item	fiscal year		Increases		Reversals	Charge off		provisions			06/30/2024
Provisions for eventual commitments		2,461,080		2,357,774					(1,333,378	)		3,485,476
For administrative, disciplinary and criminal penalties		899							(399	)		500
Other		8,093,744		3,994,647			1,462,260		(4,162,718	)		6,463,413
Total provisions		10,555,723		6,352,421			1,462,260		(5,496,495	)		9,949,389

Shares							Capital Stock
Class	Stock number		Face value		Votes per share		Issued outstanding		Paid in
Registered common stock A		11,235,670		1		5		11,236		11,236
Registered common stock B		628,177,738		1		1		628,177		628,177
Total		639,413,408						639,413		639,413

	(1)	Related to the valuation of the underlying traded, disclosed in absolute values.
	(2)	Related to compensated operations forward (OCT).
	(3)	See Note 5 and Note 9 to the condensed consolidated interim Financial Statements.

	Net financial Income / (Loss)
Interest and adjustment for the application of the effective interest rate of financial assets and financial liabilities measured at amortized cost	Quarter ended 06/30/2024		Accumulated from beginning of year up to 06/30/2024		Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023
Interest income
for cash and bank deposits	3,190,305		6,899,074		2,794,079		5,325,165
for government securities	65,078,394		99,615,902		567,319,345		1,078,971,341
for private securities	578,212		1,736,129		333,560		784,954
for loans and other financing
Non-financial public sector	823,141		2,798,675		12,000,869		13,781,112
Financial sector	735,974		1,748,921		918,333		1,407,889
Non-financial private sector
Overdrafts	41,963,768		98,601,390		59,357,784		102,307,049
Documents	40,879,986		103,510,955		51,544,197		93,176,653
Mortgage loans	73,849,360		190,518,301		63,484,186		114,090,141
Pledge loans	2,963,713		6,689,974		4,166,689		7,854,182
Personal loans	89,042,631		167,475,688		112,894,483		232,223,734
Credit cards	54,317,361		125,267,613		86,920,520		170,559,846
Financial leases	128,929		318,503		448,218		978,138
Other	51,005,900		127,460,699		63,132,965		114,083,781
for repo transactions
Central Bank of Argentina	39,115,076		186,816,603		68,187,967		99,058,409
Other financial institutions	108,012		184,170				70,142
Total	463,780,762		1,119,642,597		1,093,503,195		2,034,672,536
Interest expenses
for Deposits
Non-financial private sector
Checking accounts	(31,031,442	)	(90,903,358	)	(49,837,742	)	(77,018,312	)
Saving accounts	(8,974,502	)	(23,162,026	)	(7,954,535	)	(13,846,150	)
Time deposits and investments accounts	(325,544,886	)	(799,118,117	)	(663,547,624	)	(1,218,067,811	)
for Financing received from the BCRA and other financial institutions	(1,588,558	)	(2,451,497	)	(816,678	)	(1,793,377	)
for repo transactions
Other financial institutions	(1,894,655	)	(6,766,576	)	(8,419,975	)	(14,123,762	)
for other financial liabilities	(64,946	)	(196,015	)	(267,681	)	(451,382	)
for issued corporate bonds	(713,149	)	(1,625,571	)	(72,648	)	(146,571	)
for other subordinated corporate bonds	(5,946,473	)	(13,101,896	)	(6,020,345	)	(12,198,884	)
Total	(375,758,611	)	(937,325,056	)	(736,937,228	)	(1,337,646,249	)

	Income of the period				Other comprehensive income						Income of the period				Other comprehensive income
Interest and adjustment for the application of the effective interest rate of financial assets measured at fair value through other comprehensive income	Quarter ended 06/30/2024		Accumulated from beginning of year up to 06/30/2024		Quarter ended 06/30/2024			Accumulated from beginning of year up to 06/30/2024			Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023		Quarter ended 06/30/2023		Accumulated from beginning of year up to 06/30/2023
for debt government securities		76,572,427		147,198,394		(58,529,672	)		(57,791,188	)		44,628,877		152,489,993		12,866,700		4,051,503
Total		76,572,427		147,198,394		(58,529,672	)		(57,791,188	)		44,628,877		152,489,993		12,866,700		4,051,503

			Movements between stages of the period
						ECL of remaining life of financial asset
Item	Amounts at beginning of the fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk			Financial instruments with impairment			Monetary effect generated by allowances			06/30/2024
Other financial assets		778,405		(225,721	)								(329,851	)		222,833
Loans and other financing		64,805,673		12,886,861			5,313,919			12,314,098			(30,850,260	)		64,470,291
Other financial institutions		40,062		(8,421	)		2						(17,349	)		14,294
To the non-financial private sector and foreign residents
Overdrafts		4,477,462		3,397,144			857,735			245,715			(2,264,487	)		6,713,569
Documents		5,729,762		2,663,368			(385,041	)		(248,196	)		(2,726,710	)		5,033,183
Mortgage loans		8,512,035		658,595			612,327			863,803			(3,948,355	)		6,698,405
Pledge loans		628,742		375,356			239,253			226,964			(318,778	)		1,151,537
Personal loans		17,322,705		1,634,374			1,836,281			4,359,985			(8,187,359	)		16,965,986
Credit cards		18,465,185		1,040,678			2,990,706			5,645,582			(8,869,864	)		19,272,287
Financial leases		47,591		(11,920	)		(2,327	)					(20,231	)		13,113
Other		9,582,129		3,137,687			(835,017	)		1,220,245			(4,497,127	)		8,607,917
Eventual commitments		2,461,080		1,945,095			300,523						(1,221,222	)		3,485,476
Other debt securities		15,291		10,089									(8,266	)		17,114
Total allowances		68,060,449		14,616,324			5,614,442			12,314,098			(32,409,599	)		68,195,714

			Movements between stages for the fiscal year
						ECL of remaining life of financial asset
Item	Amounts at beginning of the fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk		Financial instruments with impairment		Monetary effect generated by allowances			12/31/2023
Other financial assets		509,668		830,586							(561,849	)		778,405
Loans and other financing		61,524,165		31,500,924			12,841,589		28,399,741		(69,460,746	)		64,805,673
Other financial institutions		45,576		57,993							(63,507	)		40,062
To the non-financial private sector and foreign residents
Overdrafts		2,948,783		3,595,628			521,183		1,536,404		(4,124,536	)		4,477,462
Documents		3,138,799		4,109,489			1,957,525		1,414,624		(4,890,675	)		5,729,762
Mortgage loans		6,683,851		(322,570	)		1,700,673		7,319,431		(6,869,350	)		8,512,035
Pledge loans		1,061,648		(43,145	)		440,209		47,456		(877,426	)		628,742
Personal loans		23,219,707		9,665,755			914,040		6,940,403		(23,417,200	)		17,322,705
Credit cards		15,483,580		10,292,811			2,963,835		9,525,177		(19,800,218	)		18,465,185
Financial leases		121,124		(18,215	)		23,985		24,395		(103,698	)		47,591
Other		8,821,097		4,163,178			4,320,139		1,591,851		(9,314,136	)		9,582,129
Eventual commitments		3,843,340		1,930,293			46,683				(3,359,236	)		2,461,080
Other debt securities		4,453		22,621							(11,783	)		15,291
Total allowances		65,881,626		34,284,424			12,888,272		28,399,741		(73,393,614	)		68,060,449

	MACRO BANK INC.

	By:	/s/ Jorge Francisco Scarinci
	Name: Jorge Francisco Scarinci
	Title: Chief Financial Officer

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