SEC Form 6-K filed by Banco Macro S.A. ADR (representing Ten

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

May 22, 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.

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):

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):

Index 

· THE BANK’S NET INCOME totaled Ps.275.2 billion in 1Q24. This result was 61% lower than the Ps.679.3 billion posted in 4Q23 and 626% higher than the Ps.37.9 billion posted in 1Q23. In 1Q24 the annualized return on average equity (“ROAE”) and the annualized return on average assets (“ROAA”) were 37.4% and 11.9%, respectively.

· In 1Q24, OPERATING INCOME (before G&A and personnel expenses) totaled Ps.1.62 trillion, 19% or Ps.388 billion lower than in 4Q23 and 149% or Ps.969.3 billion higher than the same period of last year.

· In 1Q24, OPERATING INCOME (after G&A and personnel expenses) totaled Ps.1.25 trillion, 20% or Ps.322.7 billion lower than in 4Q23 and 211% or Ps.850.8 billion higher than the same period of last year.

· In 1Q24, BANCO MACRO’S TOTAL FINANCING decreased 10% or Ps.279.6 billion quarter over quarter (“QoQ”) totaling Ps.2.5 trillion and decreased 8% or Ps.205.9 billion year over year (“YoY”). In 1Q24 peso financing decreased 20% while USD financing increased 75%.

· In 1Q24, BANCO MACRO’S TOTAL DEPOSITS decreased 1% or Ps.74.3 billion QoQ and 11% or Ps.644 billion YoY, totaling Ps.5 trillion and representing 76% of the Bank’s total liabilities. Private sector deposits decreased 6% or Ps.291.2 billion QoQ. In 1Q24, Peso deposits increased, 10% while USD deposits decreased 32%.

· Banco Macro continued showing a strong solvency ratio, with an EXCESS CAPITAL of Ps.2.6 trillion, 46.5% Capital Adequacy Ratio – Basel III and 44.5 % Tier 1 Ratio. In addition, the Bank’s LIQUID ASSETS remained at an adequate level, reaching 124% of its total deposits in 1Q24.

· In 1Q24, the Bank’s NON-PERFORMING TO TOTAL FINANCING RATIO was 1.14% and the COVERAGE RATIO reached 222.7%.

· As of 1Q24, through its 517 branches and 9.166 employees Banco Macro serves 5.18 million retail customers (2.19 million digital customers) across 23 of the 24 Provinces in Argentina and over 149,770 corporate customers.

As of December 2023, Banco Macro consolidated includes Banco Macro + subsidiaries + Banco BMA (formerly Banco Itaú Argentina)

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

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

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

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

This Earnings Release has been prepared in accordance with the accounting framework established by the Central Bank of Argentina (“BCRA”), based on International Financial Reporting Standards (“I.F.R.S.”) and the resolutions adopted by the International Accouting Standards Board (“I.A.S.B”) and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (“F.A.C.P.E.”). As of January 2020 the Bank started reporting with the application of (i) Expected losses of IFRS 9 “Financial Instruments” and (ii) IAS 29 “Financial Reporting in Hyperinflationary Economies”. Data and figures shown in this Earnings Release may differ from the ones shown in the 20-F annual report. As of fiscal year 2021, the monetary result accrued by items of a monetary nature measured at fair value with changes in Other Comprehensive Income (OCI), is recorded in the Result form the Net Monetary Position integrating the Net Result of the period in accordance with Communication “A” 7211 of the Central Bank of Argentina. Previous quarters of 20223 have been restated in accordance with said Communication in order to make a comparison possible

1Q24 Earnings Release Conference Call

Friday, May 24, 2024

Time:

12:00 a.m. Eastern Time

01:00 p.m. Buenos Aires Time

To participate, please dial:

Argentina Toll Free:

(011) 3984 5677

Participants Dial In (Toll Free):

+1 (844) 450 3847

Participants International Dial In:

+1 (412) 317 6370

Conference ID: Banco Macro

Webcast: click here

Webcast Replay: click here

Available from 05/24/2024 through 06/7/2024

IR Contacts in Buenos Aires:

Jorge Scarinci

Chief Financial Officer

Nicolás A. Torres

Investor Relations

Phone: (54 11) 5222 6682

E-mail: [email protected]

Visit our website at:

www.macro.com.ar/relaciones-inversores

As of December 2023, Banco Macro consolidated includes Banco Macro + subsidiaries + Banco BMA (formerly Banco Itaú Argentina)

Earnings per outstanding share were Ps.430.74 in 1Q24, 61% lower than in 4Q23 but 627% higher than the result posted a year ago.

Banco Macro’s 1Q24 net income of Ps.275.2 billion was 61% or Ps.422 billion lower than the previous quarter and 626% or Ps.237.3 billion higher YoY mainly due to the mark to market of Government Securities (financial assets at fair value through profit or loss). This result represented an annualized ROAE and ROAA of 37.4% and 11.9% respectively. Total comprehensive income for the quarter totaled Ps.260.5 billion, 66% lower than the result posted in the previous quarter.

Net operating income (before G&A and personnel expenses) was Ps.1.62 trillion in 1Q24, 19% or Ps.388 billion lower compared to 4Q23. On a yearly basis, Net Operating Income (before G&A and personnel expenses) increased 149% or Ps.969.3 billion.

In 1Q24, Provision for loan losses totaled Ps.18.9 billion, 32% or Ps.8.7 billion lower than in 4Q23. On a yearly basis provision for loan losses increased 40% or Ps.5.4 billion.

Operating income (after G&A and personnel expenses) was Ps.1.25 trillion in 1Q24, 20% or Ps.322.7 billion lower than in 4Q23 and 211% or Ps.850.8 billion higher than a year ago.

It is important to emphasize that this result was obtained with a leverage of only 3x assets to equity ratio.

The Bank’s 1Q24 net interest income totaled Ps.167.5 billion, 40% or Ps.111 billion lower than in 4Q23 and 56% or Ps.211.3 billion lower YoY. Interest income decreased 18% while interest expenses decreased 7%.

In 1Q24 interest income totaled Ps714.8 billion, 18% or Ps.154.5 billion lower than in 4Q23 and 19% or Ps.172 billion lower than in 1Q23.

Income from interest on loans and other financing totaled Ps.462 billion, 18% or Ps102.8 billion lower compared with the previous quarter mainly due to a 16% decrease in the average volume of private sector loans and a 118 basis points decease in the average lending rate. On a yearly basis Income from interest on loans increased 39% or Ps.129.8 billion.

In 1Q24, income from government and private securities decreased 42% or Ps.68.3 billion QoQ (due to the unwinding of our Leliq portfolio) and decreased 82% or Ps.429.33 billion compared with the same period of last year. This result is explained 68% by income from government and private securities through other comprehensive income (Other government securities) and the remaining 32% is explained by income from government and private securities in pesos at amortized cost.

In 1Q24, income from Repos totaled Ps.151.9 billion, 19% or Ps.24.3 billion higher than the previous quarter and 482% or Ps.125.8 billion higher than a year ago.

In 1Q43 FX income totaled Ps.80.6 billion,71% or Ps.196.5 billion lower than the previous quarter and 43% or Ps.61.6 billion lower than a year ago. FX income gain was due to the 6.1% argentine peso depreciation against the US dollar and the Bank’s long dollar position during the quarter. It is important to notice that the Bank’s long dollar position decreased 96% during the quarter.

The Bank’s 1Q24 interest expense totaled Ps.547.3 billion, decreasing 7% or Ps.43.5 billion compared to the previous quarter and 8% (Ps.39.3 billion) higher compared to 1Q23.

In 1Q24, interest on deposits represented 96% of the Bank’s total interest expense, decreasing 8% or Ps.46.5 billion QoQ, due to a 970 basis points decrease in the average rate paid on deposits while the average volume of deposits from the private sector increased 5%. On a yearly basis, interest on deposits increased 6% or Ps.31.5billion.

In 1Q24, the Bank’s net interest margin (including FX) was 26%, lower than the 33.8% posted in 4Q23 and the 33.6% posted in 1Q23.

* EXCLUDING FX GAINS