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

Name	Symbol	Market	Type
Banco Macro SA	NYSE:BMA	NYSE	Depository Receipt

	Price Change	% Change	Price	High Price	Low Price	Open Price	Traded	Last Trade
	0.82	0.73%	113.84	116.41	111.08	116.18	421,856	01:00:00

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

August 1, 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 March 31, 2024 together with the reports on review of interim Financial Statements

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF MARCH 31, 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 MARCH 31, 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 MARCH 31, 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	03/31/2024		12/31/2023
ASSETS
Cash and deposits in banks	10			1,149,471,536		1,824,170,723
Cash				340,203,859		602,480,860
Central Bank of Argentina				451,327,319		782,287,420
Other local and foreign entities				357,446,165		439,317,478
Other				494,193		84,965
Debt securities at fair value through profit or loss	5 and 10			4,332,994,812		2,656,588,170
Derivative financial instruments	10			57,581,453		19,928,075
Repo transactions	10			279,193,344		933,357,661
Other financial assets	6, 8 and 10	R		228,230,854		305,338,273
Loans and other financing	7, 8 and 10	B, C, D and R		2,500,584,654		2,780,228,296
Non-financial public sector				2,817,424		7,151,596
Other financial entities				19,637,132		15,109,236
Non-financial private sector and foreign residents				2,478,130,098		2,757,967,464
Other debt securities	8, 9 and 10	R		487,432,217		654,693,190
Financial assets delivered as guarantee	10 and 32			170,194,553		201,493,758
Current income tax assets	21			1,032,604		1,330,893
Equity instruments at fair value through profit or loss	10			3,318,120		4,872,886
Investments in associates and joint arrangements	12			2,163,240		2,554,996
Property, plant and equipment		F		542,982,918		540,967,793
Intangible assets		G		110,470,972		113,975,130
Deferred income tax assets	21			1,263,374		1,509,465
Other non-financial assets	13			67,602,081		83,062,393
Non-current assets held for sale				63,549,035		63,512,648
TOTAL ASSETS				9,998,065,767		10,187,584,350

		Jorge Pablo Brito
	1	Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF MARCH 31, 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	03/31/2024		12/31/2023
LIABILITIES
Deposits	10 and 15	H and I		5,035,760,917		5,110,022,614
Non-financial public sector				517,845,898		283,685,577
Financial sector				13,371,241		30,605,533
Non-financial private sector and foreign residents				4,504,543,778		4,795,731,504
Liabilities at fair value through profit or loss	10	I		19,867,094		20,962,446
Derivative financial instruments	10	I		5,950,433		4,302,846
Repo transactions	10	I		20,856,886		35,784,780
Other financial liabilities	10 and 16	I		474,250,449		567,811,773
Financing received from the BCRA and other financial institutions	10	I		19,743,387		30,019,635
Issued corporate bonds	10 and 37	I		67,178,933		89,250,730
Current income tax liabilities	21			319,763,735		324,294,904
Subordinated corporate bonds	10 and 37	I		353,562,657		497,665,193
Provisions	17	J and R		11,756,978		13,257,060
Deferred income tax liabilities	21			59,920,664		69,354,198
Other non-financial liabilities	18			249,078,573		324,751,703
TOTAL LIABILITIES				6,637,690,706		7,087,477,882

SHAREHOLDERS’ EQUITY
Capital stock	29			639,413		639,413
Non-capital contributions				12,429,781		12,429,781
Capital adjustments				866,848,912		866,848,912
Earnings reserved				1,267,024,498		1,267,024,498
Unappropriated retained earnings				891,406,193		924,592
Accumulated other comprehensive income				46,344,907		61,051,279
Net income of the period / fiscal year				275,419,727		890,481,601
Net shareholders’ equity attributable to controlling interests				3,360,113,431		3,099,400,076
Net shareholders’ equity attributable to non-controlling interests				261,630		706,392
TOTAL SHAREHOLDERS’ EQUITY				3,360,375,061		3,100,106,468
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES				9,998,065,767		10,187,584,350

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 MONTH PERIODS ENDED MARCH 31, 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 03/31/2024			Quarter ended 03/31/2023
Interest income		Q		714,764,195			886,738,250
Interest expense		Q		(547,249,362	)		(507,937,356	)
Net interest income				167,514,833			378,800,894
Commissions income	22	Q		84,190,514			94,222,747
Commissions expense		Q		(10,129,797	)		(8,767,761	)
Net commissions income				74,060,717			85,454,986
Subtotal (Net interest income plus Net commissions income)				241,575,550			464,255,880
Net gain from measurement of financial instruments at fair value through profit or loss		Q		1,272,438,237			35,664,116
Profit from sold or derecognized assets at amortized cost				21,317			232
Differences in quoted prices of gold and foreign currency	23			80,591,819			142,243,750
Other operating income	24			44,350,195			22,170,085
Credit loss expense on financial assets				(18,857,427	)		(13,492,348	)
Net operating income				1,620,119,691			650,841,715
Employee benefits	25			(133,391,711	)		(91,025,551	)
Administrative expenses	26			(68,909,628	)		(45,188,578	)
Depreciation and amortization of fixed assets		F and G		(24,284,457	)		(18,981,293	)
Other operating expenses	27			(139,583,636	)		(92,454,019	)
Operating income				1,253,950,259			403,192,274
Loss from associates and joint arrangements	12			(213,855	)		(852,159	)
Loss on net monetary position				(888,993,638	)		(342,824,588	)
Income before tax on continuing operations				364,742,766			59,515,527
Income tax on continuing operations	21.c)			(89,507,301	)		(21,594,982	)
Net income from continuing operations				275,235,465			37,920,545
Net income of the period				275,235,465			37,920,545
Net income of the period attributable to controlling interests				275,419,727			37,868,540
Net (loss) / income of the period attributable to non-controlling interest				(184,262	)		52,005

		Jorge Pablo Brito
	3	Chairperson

CONSOLIDATED EARNINGS PER SHARE

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 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 03/31/2024		Quarter ended 03/31/2023
Net profit attributable to parent’s shareholders		275,419,727		37,868,540
Plus: Potential dilutive effect inherent to common shares
Net profit attributable to parent’s shareholders adjusted for dilution		275,419,727		37,868,540
Weighted average of outstanding common shares of the period		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
Basic earnings per share (in pesos)		430.7384		59.2239

		Jorge Pablo Brito
	4	Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 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 03/31/2024			Quarter ended 03/31/2023
Net income of the period						275,235,465			37,920,545
Items of Other Comprehensive Income that will be reclassified to profit or loss of the period
Foreign currency translation differences from Financial Statements conversion						(14,063,350	)		(822,130	)
Foreign currency translation differences of the period						(14,063,350	)		(822,130	)
Profit or loss from financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a))						(643,022	)		(2,402,157	)
Profit or loss of the period from financial instruments at fair value through other comprehensive income (FVOCI)				Q		6,996,632			(7,293,993	)
Adjustment for reclassification of the period						(9,095,229	)		3,522,537
Income tax		21.c)				1,455,575			1,369,299
Total other comprehensive loss that will be reclassified to profit or loss of the period						(14,706,372	)		(3,224,287	)
Total other comprehensive loss						(14,706,372	)		(3,224,287	)
Total comprehensive income of the period						260,529,093			34,696,258
Total comprehensive income attributable to controlling interests						260,713,355			34,644,253
Total comprehensive (loss) / income attributable to non-controlling interests						(184,262	)		52,005

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 THREE MONTH PERIOD ENDED MARCH 31, 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		866,848,912		16,921,591			44,129,688			519,629,920		747,394,578		891,406,193		3,099,400,076			706,392			3,100,106,468
Total comprehensive income of the period
- Net income of the period																			275,419,727		275,419,727			(184,262	)		275,235,465
- Other comprehensive loss of the period									(14,063,350	)		(643,022	)								(14,706,372	)					(14,706,372	)
- Other changes																								(260,500	)		(260,500	)
Amount at the end of the period			639,413		12,429,781		866,848,912		2,858,241			43,486,666			519,629,920		747,394,578		1,166,825,920		3,360,113,431			261,630			3,360,375,061

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTH PERIOD ENDED MARCH 31, 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		866,848,912		2,125,031			(1,976,834	)		478,987,599		856,497,096		203,856,604		2,419,407,602			399,884		2,419,807,486
Total comprehensive income of the period
- Net income of the period																			37,868,540		37,868,540			52,005		37,920,545
- Other comprehensive loss of the period									(822,130	)		(2,402,157	)								(3,224,287	)				(3,224,287	)
Amount at the end of the period			639,413		12,429,781		866,848,912		1,302,901			(4,378,991	)		478,987,599		856,497,096		241,725,144		2,454,051,855			451,889		2,454,503,744

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 THREE MONTH PERIODS ENDED MARCH 31, 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		03/31/2024			03/31/2023
Cash flows from operating activities
Income of the period before income tax				364,742,766			59,515,527
Adjustment for the total monetary effect of the period				888,993,638			342,824,588
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation				24,284,457			18,981,293
Credit loss expense on financial assets				18,857,427			13,492,348
Difference in quoted prices of foreign currency				(33,988,309	)		(101,281,063	)
Other adjustments				(561,067,564	)		259,588,924
Net increase / (decrease) from operating assets:
Debt securities at fair value through profit or loss				(1,558,361,369	)		(116,516,133	)
Derivative financial instruments				(37,653,378	)		200,790
Repo transactions				654,164,317			140,679,974
Loans and other financing
Non-financial public sector				4,334,172			4,951,886
Other financial entities				(4,527,896	)		(2,824,127	)
Non-financial private sector and foreign residents				259,137,834			104,122,821
Other debt securities		30		141,417,339			516,857,234
Financial assets delivered as guarantee				31,299,205			(867,353	)
Equity instruments at fair value through profit or loss				1,554,766			(196,961	)
Other assets				93,478,218			(45,446,968	)
Net increase / (decrease) from operating liabilities:
Deposits
Non-financial public sector				234,160,321			(88,385,881	)
Financial sector				(17,234,292	)		(395,106	)
Non-financial private sector and foreign residents				(291,187,726	)		(347,869,123	)
Liabilities at fair value through profit or loss				(1,095,352	)		7,123,201
Derivative financial instruments				1,647,587			378,219
Repo transactions				(14,927,894	)		17,401,532
Other liabilities				(169,251,138	)		(63,763,293	)
Income tax payments				(1,170,031	)		(12,371,789	)
Total cash from operating activities (A)				27,607,098			706,200,540

		Jorge Pablo Brito
	7	Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 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		03/31/2024			03/31/2023
Cash flows from investing activities
Payments:
Acquisition of PPE, intangible assets and other assets				(19,510,370	)		(20,234,891	)
Other payments related to investing activities				(450,669	)
Total cash used in investing activities (B)				(19,961,039	)		(20,234,891	)
Cash flows from financing activities
Payments:
Dividends		30		(110,373	)
Non-subordinated corporate bonds				(2,854,329	)		(48,683	)
Financing from local financial entities				(5,576,438	)
Subordinated corporate bonds							(204,631	)
Other payments related to financing activities				(1,503,126	)		(1,629,334	)
Collections / Incomes:
Non-subordinated corporate bonds							297,410
Financing from local financial entities							6,250,097
Total cash used in financing activities (C)				(10,044,266	)		4,664,859
Effect of exchange rate fluctuations (D)				61,331,826			160,813,272
Monetary effect on cash and cash equivalents (E)				(643,273,272	)		(686,213,421	)
Net (decrease) / increase in cash and cash equivalents (A+B+C+D+E)				(584,339,653	)		165,230,359
Cash and cash equivalents at the beginning of the fiscal year		28		2,099,171,469			3,540,874,459
Cash and cash equivalents at the end of the period		28		1,514,831,816			3,706,104,818

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 MARCH 31, 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) 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).

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 and other banks.

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 Macro Agro SAU (formerly known as Comercio Interior SAU) capital stock 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 May 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 March 31, 2024 and December 31, 2023, the deposits held by the Misiones Provincial Government with the Bank amounted to 94,688,779 and 69,484,699 (including 6,841,938 and 7,905,283 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 MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

As of March 31, 2024 and December 31, 2023, the deposits held by the Salta Provincial Government with the Bank amounted to 80,910,901 and 99,964,508 (including 10,555,369 and 13,315,896, 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 March 31, 2024 and December 31, 2023, the deposits held by the Jujuy Provincial Government with the Bank amounted to 54,330,174 and 26,958,667 (including 6,921,715 and 8,335,212, 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 March 31, 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 131,392,396 and 64,433,984 (including 26,760,553 and 34,211,160, 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 March 31, 2024 and December 31, 2023 for an amount of 57,661 and 3,455,314, 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 IFRIC (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 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 debt securities of the non-financial public sector established by BCRA 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 MARCH 31, 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 applied, and according an estimation calculated by the Bank, the Statement of income of the period ended March 31, 2024, would have recorded a decrease in “Other operating income” for an amount of 2,012,244. On the other hand, an increase in “Loss on net monetary position” for an amount of 1,554,435 and a decrease in “Net gain from measurement of financial instruments at fair value through profit or loss” for an amount of 215,304, 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 period ended March 31, 2023 a decrease in “Other operating income” for an amount of 4,654,240. On the other hand, a decrease in “Loss on net monetary position” for an amount of 1,407,955 and an increase in “Net gain from measurement of financial instruments at fair value through profit or loss” for an amount of 6,429,045, 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 that date nor the total comprehensive income of the three-month periods ended March 31, 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 March 31, 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 March 31, 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 MARCH 31, 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 SA	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: 62,017).

(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 SA (87% equity interest and voting rights) and with BMA Valores SA (87% equity interest and voting rights).

As of March 31, 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		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) (1)		Common		615,519		100.00	%		100.00	%
Banco BMA SAU (2)		Common		729,166,165		100.00	%		100.00	%
		Preferred		14,565,089		100.00	%
BMA Asset Management SA (2)		Common		91,950		100.00	%		100.00	%
BMA Valores SA (2)		Common		52,419,500		100.00	%		100.00	%

(1)

Interest acquired in May 2023 (see Note 11).

(2)

Interest acquired in November 2023 (see Note 11).

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 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 March 31, 2024 and December 31, 2023 are as follows:

	Balances as of 03/31/2024
Entity	Assets			Liabilities			Equity attributable to the owners of the Bank			Equity attributable to non-controlling interests
Banco Macro SA		8,928,935,254			5,568,821,823			3,360,113,431
Macro Bank Limited		108,299,316			76,225,139			32,074,177
Macro Securities SAU (1)		269,807,555			177,697,124			92,110,431
Macro Fiducia SAU		725,367			20,965			704,402
Argenpay SAU		17,550,280			9,021,364			8,528,916
Fintech SGR		17,045,858			16,697,015			87,213			261,630
Macro Agro SAU (formerly known as Comercio Interior SAU)		20,032,341			19,459,613			572,728
Banco BMA SAU (2)		1,173,365,080			846,641,453			326,723,627
Eliminations		(537,695,284	)		(76,893,790	)		(460,801,494	)
Consolidated		9,998,065,767			6,637,690,706			3,360,113,431			261,630

(1)

Includes the balance amounts of its subsidiary Macro Fondos SGFCISA.

(2)

Includes the balance amounts of its subsidiaries BMA Asset Management SA 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		8,872,205,698			5,772,805,622			3,099,400,076
Macro Bank Limited		146,941,368			105,429,728			41,511,639
Macro Securities SAU (1)		260,953,813			173,901,554			87,052,259
Macro Fiducia SAU		986,840			72,263			914,577
Argenpay SAU		23,064,425			12,543,249			10,521,177
Fintech SGR		25,435,854			24,494,013			235,449			706,392
Macro Agro SAU (formerly known as Comercio Interior SAU)		36,527,555			35,354,468			1,173,086
Banco BMA SAU (2)		1,333,498,840			1,011,513,951			321,984,889
Eliminations		(512,030,043	)		(48,636,966	)		(463,393,076	)
Consolidated		10,187,584,350			7,087,477,882			3,099,400,076			706,392

(1)

Includes the balance amounts of its subsidiary Macro Fondos SGFCISA.

(2)

Includes the balance amounts of its subsidiaries BMA Asset Management SA 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 MARCH 31, 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 March 31, 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 March 31, 2024, is presented comparatively with year-end data of the immediately preceding fiscal year, while the statement of income, the statement of other comprehensive income, the statement of changes in shareholders’ equity and the statement of cash flows and cash equivalents for the three-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 March 31, 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, 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 was 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 were 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 indexes published by the INDEC until that date. For the months of November and December 2015, for which the INDEC did not publish the wholesale price index (WPI) variation, the CPI variation for CABA was used.

Considering the abovementioned indexes, the inflation rate was 51.62% and 21.73% for the three-month periods ended on March 31, 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 (the ones that are already stated in terms of the current measuring unit) are not restated because they are already expressed in terms of the monetary unit current at 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 such effects. The net gain or loss on a monetary basis is included in profit or loss of 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 MARCH 31, 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 measurement unit, the income 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 by an index 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. Income or loss for the period related to depreciation of property, plant and equipment and amortization of Intangible Assets and other non-monetary assets cost are determined over 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 current measurement unit at the end of the reporting period, without an equivalent adjustment for tax purposes generates a taxable temporary difference and a deferred income tax liability is recognized and the contra account is recognized as profit or loss of 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 of the period and deferred tax related to the revaluation is recognized in other comprehensive income.

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

(i)

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

(ii)

The gain or loss from monetary position will be classified based on the item that generated it and will be separately disclosed reflecting the inflationary effects over such 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 from the dates the components were contributed or otherwise arose according to BCRA Communiqué “A” 6849, for each item.

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

The unappropriated retained earnings were determined as a difference between the restated net asset at the transition date and the other components of equity, restated as disclosed in the abovementioned paragraphs.

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

(ii)

After the restatement on the abovementioned transition date in (i) above, all equity components are restated by applying a general price index as mentioned before 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 at the end of the reporting period.

(ii)

The monetary gain or losses generated by cash and cash equivalents are separately disclosed in the statement of cash flows after the cash flow from operating investment 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 MARCH 31, 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, revenues and expenses, as well as the assessment and disclosure of contingent assets and liabilities, as of the end of the period. The Bank’s reported amounts are based on the best estimate regarding the probability of occurrence of different future events and, therefore, the uncertainties associated with the estimates and assumptions made by the Bank’s Management may drive in the future to final amounts that may differ from those estimates and may require material 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.

New standards 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:

This amendment in the IFRS 16 specifies the requirements that the lessee-seller uses to measure the lease liability arising from these transactions, to ensure the lessee-seller does not recognize any amount of the gain or loss that relates to the right of use it retains. 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 is applicable as of January 1, 2024.

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

Amendments to IAS 7 “Statements of Cash Flow” and IFRS 7 “Financial Instruments: Disclosures” – Disclosures on Supplier Finance Arrangement:

These amendments specify new disclosure requirements to enhance the current requirements, which are intended to assist users of Financial Statements in understanding the effects of these arrangements on the Bank’s liabilities, cash flows and exposure to liquidity risk.

These amendments did not have a material impact on the disclosures of these 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.

Amendments to IAS 21 “Lack of Exchangeability”: the amendments to this standard will allow an entity to evaluate whether a currency is exchangeable and how to determine a spot exchange rate when exchangeability is lacking. This amendment is applicable as of January 1, 2025. The Bank is evaluating the effects that this amendment would cause in the Financial Statements of the Bank.

Amendments to NIIF 18 “Presentation and Disclosure in Financial Statements”: the amendments establish a new requirement in the presentation of profits or losses in the Financial Statements. This amendment is applicable as of January 1, 2027. The Bank does not expect this standard to have a material impact on the Financial Statements.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

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.

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

Composition	03/31/2024			12/31/2023
Undrawn commitments of credit cards and checking accounts		1,736,547,273			2,099,478,452
Guarantees granted (1)		207,823,105			280,563,302
Overdraft and unused agreed commitments (1)		36,408,440			55,467,231
Responsibilities for foreign trade operations		20,386,686			60,816,096
Subtotal		2,001,165,504			2,496,325,081
Less: Allowance for Expected Credit Losses (ECL)		(2,682,349	)		(3,195,005	)
Total		1,998,483,155			2,493,130,076

(1)

Includes transactions not covered by the financial system debtor classification standard. The Guarantees granted include an amount of 1,113,326 and 991,299, as of March 31, 2024 and December 31, 2023, respectively. The Overdraft and unused agreed commitments include an amount of 12,409 and 17,740, as of March 31, 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 March 31, 2024 and December 31, 2023 is as follows:

Composition	03/31/2024		12/31/2023
Government securities (1)		4,276,544,007		2,598,258,074
Private securities (2)		56,208,351		49,718,722
Government securities – Foreign		242,454		8,611,374
Total		4,332,994,812		2,656,588,170

(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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

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.

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 March 31, 2024 and December 31, 2023, the notional value amounted to 212,018,219 and 1,695,587,771, 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 March 31, 2024 and December 31, 2023 is as follows:

Composition	03/31/2024			12/31/2023
Sundry debtors		117,890,744			157,376,758
Receivables from other spot sales pending settlement		64,216,608			105,663,879
Private securities		39,533,856			40,014,526
Receivables from spot sales of foreign currency pending settlement		5,640,108			2,142,831
Receivables from spot sales of government securities pending settlement		713,436			142,506
Other		717,998			900,341
Subtotal		228,712,750			306,240,841
Less: Allowances for ECL		(481,896	)		(902,568	)
Total		228,230,854			305,338,273

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”.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

LOANS AND OTHER FINANCING

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

Composition	03/31/2024			12/31/2023
Non-financial public sector (1)		2,817,424			7,151,596
Other financial entities		19,637,132			15,109,236
Other financial entities		19,658,810			15,144,452
Less: allowance for ECL		(21,678	)		(35,216	)
Non-financial private sector and foreign residents		2,478,130,098			2,757,967,464
Overdrafts		343,943,099			436,518,189
Documents		502,966,349			512,995,756
Mortgage loans		243,847,540			250,370,711
Pledge loans		32,927,653			42,647,211
Personal loans		316,412,740			361,272,425
Credit cards		602,914,622			735,016,797
Financial leases		10,056,505			14,386,793
Other		494,242,531			486,066,145
Less: allowance for ECL		(69,180,941	)		(81,306,563	)
Total		2,500,584,654			2,780,228,296

(1)

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

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 and checking accounts, letter of credits, 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 items not recognized in the statement of financial position are as follows.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

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	03/31/2024			12/31/2023
Loans and other financing		2,569,787,273			2,861,570,075
Individual assessment		980,937,729			665,285,026
Collective assessment		1,588,849,544			2,196,285,049
Less: Allowance for ECL (1)		(69,202,619	)		(81,341,779	)
Total		2,500,584,654			2,780,228,296

(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 March 31, 2024 and December 31, 2023, said adjustment was estimated at 10,089,134 and 16,645,255, respectively, as explained in the section "Adjustment for uncertainty about conditions of accessing loans to MIPYMES" 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.

		03/31/2024
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			2,395,515,239		69,557,327				2,465,072,566		95.93
High grade	0.00% - 3.50%		2,234,771,747		20,501,056				2,255,272,803		87.76
Standard grade	3.51% - 7.00%		105,557,899		13,321,735				118,879,634		4.63
Sub-standard grade	7.01% - 33.00%		55,185,593		35,734,536				90,920,129		3.54
Past due but not impaired (1)	33.01% - 99.99%		17,722,067		60,798,152				78,520,219		3.05
Impaired	100%						26,194,488		26,194,488		1.02
	Total		2,413,237,306		130,355,479		26,194,488		2,569,787,273		100
	%		93.91		5.07		1.02		100

		12/31/2023
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			2,681,633,005		74,790,061				2,756,423,066		96.33
High grade	0.00% - 3,50%		2,511,885,060		26,719,528				2,538,604,588		88.71
Standard grade	3.51% - 7,00%		112,684,466		16,824,963				129,509,429		4.53
Sub-standard grade	7.01% - 33,00%		57,063,479		31,245,570				88,309,049		3.09
Past due but not impaired (1)	33.01% - 99,99%		14,495,462		60,337,194				74,832,656		2.61
Impaired	100%						30,314,353		30,314,353		1.06
	Total		2,696,128,467		135,127,255		30,314,353		2,861,570,075		100
	%		94.22		4.72		1.06		100

(1)

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

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

8.1.1

Loans on an individual assessment

The table below shows the credit quality and the debt balance to credit risk of commercial loans by grade of credit risk classification, based on the Bank’s internal credit rating system, PD range and classification by stages at 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.

		03/31/2024
Internal rating grade	Range PD	Stage 1	Stage 2	Stage 3	Total	%
Performing		944,892,137	7,917,948		952,810,085	97.13
High grade	0.00% - 3.50%	892,797,790	4,563,366		897,361,156	91.48
Standard grade	3.51% - 7.00%	27,784,464	60,503		27,844,967	2.84
Sub-standard grade	7.01% - 33.00%	24,309,883	3,294,079		27,603,962	2.81
Past due but not impaired	33.01% - 99.99%		19,871,167		19,871,167	2.03
Impaired	100%			8,256,477	8,256,477	0.84
	Total	944,892,137	27,789,115	8,256,477	980,937,729	100
	%	96.33	2.83	0.84	100

		12/31/2023
Internal rating grade	Range PD	Stage 1	Stage 2	Stage 3	Total	%
Performing		616,944,695	10,760,937		627,705,632	94.35
High grade	0.00% - 3.50%	562,350,833	6,478,437		568,829,270	85.50
Standard grade	3.51% - 7.00%	31,120,908	2,215		31,123,123	4.68
Sub-standard grade	7.01% - 33.00%	23,472,954	4,280,285		27,753,239	4.17
Past due but not impaired	33.01% - 99.99%		26,867,500		26,867,500	4.04
Impaired	100%			10,711,894	10,711,894	1.61
	Total	616,944,695	37,628,437	10,711,894	665,285,026	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 at 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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

		03/31/2024
Internal rating grade	Range PD	Stage 1	Stage 2	Stage 3	Total	%
Performing		1,450,623,102	61,639,380		1,512,262,482	95.18
High grade	0.00% - 3.50%	1,341,973,956	15,937,690		1,357,911,646	85.46
Standard grade	3.51% - 7.00%	77,773,435	13,261,232		91,034,667	5.73
Sub-standard grade	7.01% - 33.00%	30,875,711	32,440,458		63,316,169	3.99
Past due but not impaired (1)	33.01% - 99.99%	17,722,067	40,926,985		58,649,052	3.69
Impaired	100%			17,938,010	17,938,010	1.13
	Total	1,468,345,169	102,566,365	17,938,010	1,588,849,544	100
	%	92.41	6.46	1.13	100

		12/31/2023
Internal rating grade	Range PD	Stage 1	Stage 2	Stage 3	Total	%
Performing		2,064,688,310	64,029,124		2,128,717,434	96.93
High grade	0.00% - 3.50%	1,949,534,227	20,241,091		1,969,775,318	89.69
Standard grade	3.51% - 7.00%	81,563,558	16,822,748		98,386,306	4.48
Sub-standard grade	7.01% - 33.00%	33,590,525	26,965,285		60,555,810	2.76
Past due but not impaired (1)	33.01% - 99.99%	14,495,462	33,469,694		47,965,156	2.18
Impaired	100%			19,602,459	19,602,459	0.89
	Total	2,079,183,772	97,498,818	19,602,459	2,196,285,049	100
	%	94.67	4.44	0.89	100

(1)

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

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 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:

	03/31/2024
Composition	Stage 1	Stage 2	Stage 3	Total	%
Corporate bonds	10,640,358			10,640,358	92.79
Financial trusts	826,469			826,469	7.21
Other private securities			144	144
Total	11,466,827		144	11,466,971	100
%	100			100

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 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	%
Corporate bonds	15,647,704			15,647,704	93,95
Financial trusts	1,008,496			1,008,496	6,05
Other private securities			218	218

Total	16,656,200		218	16,656,418	100
%	100			100

The related ECL for Corporate bonds as of March 31, 2024 and December 31, 2023 amounted to 27,101 and 17,784, respectively. The ECL related to Financial trusts as of March 31, 2024 and December 31, 2023 amounted to 433 and 209, respectively. The ECL related to Other private securities as of March 31, 2024 and December 31, 2023 amounted to 144 and 218, respectively.

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:

	03/31/2024
Composition	Stage 1	Stage 2	Stage 3	Total	%
Other financial assets	189,167,188	11,674	32	189,178,894	100
Total	189,167,188	11,674	32	189,178,894	100
%	99.99	0.01		100

	12/31/2023
Composition	Stage 1	Stage 2	Stage 3	Total	%
Other financial assets	266,226,315			266,226,315	100
Total	266,226,315			266,226,315	100
%	100			100

The ECL related to these types of instruments amounted to 481,896 and 902,568 as of March 31, 2024 and December 31, 2023, respectively.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

8.5

Loans commitment

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

	03/31/2024
Composition	Stage 1	Stage 2	Stage 3	Total	%
Undrawn commitments of credit cards and checking accounts	1,715,538,512	21,005,838	2,923	1,736,547,273	86.82
Guarantees granted	206,302,592	407,187		206,709,779	10.34
Responsibilities for foreign trade operations	20,386,686			20,386,686	1.02
Overdraft and unused agreed commitments	36,396,031			36,396,031	1.82
Total	1,978,623,821	21,413,025	2,923	2,000,039,769	100
%	98.93	1.07		100

	12/31/2023
Composition	Stage 1	Stage 2	Stage 3	Total	%
Undrawn commitments of credit cards and checking accounts	2,083,294,102	16,180,414	3,936	2,099,478,452	84.14
Guarantees granted	279,572,003			279,572,003	11.20
Responsibilities for foreign trade operations	60,816,096			60,816,096	2.44
Overdraft and unused agreed commitments	55,399,844	49,647		55,449,491	2.22
Total	2,479,082,045	16,230,061	3,936	2,495,316,042	100
%	99.35	0.65		100

The related ECL for undrawn commitments of credit cards and checking accounts as of March 31, 2024 and December 31, 2023 amounted to 1,973,187 and 2,116,285, respectively. The ECL related to guarantees granted as of March 31, 2024 and December 31, 2023 amounted to 664,992 and 1,113,764, respectively. The ECL related to responsibilities for foreign trade operations as of March 31, 2024 amounted to 42,713.The ECL related to overdraft and unused agreed commitments as of March 31, 2024 and December 31, 2023 amounted to 1,456 and 64,956, 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 MARCH 31, 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 March 31, 2024 and December 31, 2023 is as follows:

Composition	03/31/2024		12/31/2023
At fair value through OCI
Government securities		280,477,344		376,194,747
Government securities – Foreign		40,226,551		66,070,185
Total at fair value through OCI (1)		320,703,895		442,264,932

At amortized cost
Government securities		146,028,929		145,653,290
Private securities		11,439,293		16,638,207
BCRA bills		9,260,100		50,136,761
Total at amortized cost		166,728,322		212,428,258
Total		487,432,217		654,693,190

(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 March 31, 2024 and December 31, 2023, their notional value amounted to 118,146,028 and 136,682,342, 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 MARCH 31, 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 March 31, 2024 and December 31, 2023:

	Financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 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		4,332,994,812		788,768,144		3,544,217,032		9,636
Derivatives financial instruments (1)		57,581,453		82,263		57,499,190
Other financial assets		39,533,856		39,326,252				207,604
Financial assets delivered as guarantee		27,207,398		27,207,398
Equity instruments at fair value through profit or loss		3,318,120		1,238,707				2,079,413

At fair value through OCI
Other debt securities		320,703,895		320,703,895
Total		4,781,339,534		1,177,326,659		3,601,716,222		2,296,653

Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		19,867,094		19,867,094
Derivatives financial instruments		5,950,433		26,511		5,923,922
Total		25,817,527		19,893,605		5,923,922

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

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 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		2,656,588,170		2,625,259,346		31,318,186		10,638
Derivatives financial instruments		19,928,075		995		19,927,080
Other financial assets		40,014,526		39,918,396				96,130
Financial assets delivered as guarantee		38,252,478		38,252,478
Equity instruments at fair value through profit or loss		4,872,886		1,722,437				3,150,449

At fair value through OCI
Other debt securities		442,264,932		438,090,357		4,174,575
Total		3,201,921,067		3,143,244,009		55,419,841		3,257,217
Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		20,962,446		20,962,446
Derivatives financial instruments		4,302,846		61,240		4.241,606
Total		25,265,292		21,023,686		4,241,606

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 March 31, 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.

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:

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

	As of March 31, 2024
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		10,638			96,130			3,150,449
Transfers to level 3
Transfers from level 3
Profit and loss		41,043			165,079			1,786
Recognition and derecognition		(2,760	)		18,222
Monetary effects		(39,285	)		(71,827	)		(1,072,822	)
Amount at the end of the period		9,636			207,604			2,079,413

	As of December 31, 2023
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		4,872,074			233,319			3,234,230
Transfers to level 3
Transfers from level 3 (1)								(213,223	)
Profit and loss		3,535,732			56,497			3,411,737
Recognition and derecognition		(5,238,962	)					38,030
Monetary effects		(3,158,206	)		(193,686	)		(3,320,325	)
Amount at the end of the fiscal year		10,638			96,130			3,150,449

(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 March 31, 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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

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.

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

	03/31/2024
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		1,149,471,536		1,149,471,536						1,149,471,536
Repo transactions		279,193,344		279,193,344						279,193,344
Other financial assets		188,696,998		188,696,998						188,696,998
Loans and other financing		2,500,584,654						2,279,263,104		2,279,263,104
Other debt securities		166,728,322		205,633,260		3,262,571				208,895,831
Financial assets delivered as guarantee		142,987,155		142,987,155						142,987,155
Total		4,427,662,009		1,965,982,293		3,262,571		2,279,263,104		4,248,507,968

Financial liabilities
Deposits		5,035,760,917		2,412,959,857				2,640,250,487		5,053,210,344
Repo transactions		20,856,886		20,856,886						20,856,886
Other financial liabilities		474,250,449		458,488,740		14,963,799				473,452,539
Financing received from the BCRA and other financial institutions		19,743,387		12,225,563		7,517,824				19,743,387
Issued corporate bonds		67,178,933				67,047,681				67,047,681
Subordinated corporate bonds		353,562,657				318,116,077				318,116,077
Total		5,971,353,229		2,904,531,046		407,645,381		2,640,250,487		5,952,426,914

	12/31/2023
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		1,824,170,723		1,824,170,721						1,824,170,721
Repo transactions		933,357,661		933,357,661						933,357,661
Other financial assets		265,323,747		265,323,747						265,323,747
Loans and other financing		2,780,228,296						2,444,503,249		2,444,503,249
Other debt securities		212,428,258		139,541,214		84,249,560				223,790,774
Financial assets delivered as guarantee		163,241,280		163,241,279						163,241,279
Total		6,178,749,965		3,325,634,622		84,249,560		2,444,503,249		5,854,387,431

Financial liabilities
Deposits		5,110,022,614		3,171,181,327				1,941,212,128		5,112,393,455
Repo transactions		35,784,780		35,784,780						35,784,780
Other financial liabilities		567,811,773		549,420,901		17,636,589				567,057,490
Financing received from the BCRA and other financial institutions		30,019,635		11,838,032		9,313,006				21,151,038
Issued corporate bonds		89,250,730				90,442,470				90,442,470
Subordinated corporate bonds		497,665,193				421,320,679				421,320,679
Total		6,330,554,725		3,768,225,040		538,712,744		1,941,212,128		6,248,149,912

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 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		72,448
Debt securities at fair value through profit or loss		1,495,698
Loans and other financing		209,309
Financial assets delivered as guarantee		2,880,191
Other financial assets		11,209,622
Property, plant and equipment		202,403
Intangible assets		44,994
Other non-financial assets		166,279
		16,280,944

Liabilities
Other financial liabilities		11,107,564
Provisions		31,334
Current income tax liabilities		188,757
Deferred income tax liabilities		223,046
Other non-financial liabilities		3,087,386
		14,638,087
Net assets acquired at fair value		1,642,857

The goodwill generated by the acquisition of Macro Agro SAU (formerly known as Comercio Interior SAU) amounted to 515,451.

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 MARCH 31, 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 MARCH 31, 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		244,073,690
Debt securities at fair value through profit or loss		77,679,968
Derivative financial instruments		33,657,936
Repo transactions		387,474,275
Other financial assets		25,185,038
Loans and other financing		440,580,495
Other debt securities		104,160,985
Financial assets delivered as guarantee		61,718,290
Current income tax assets		309,272
Equity instruments at fair value through profit or loss		288,630
Investments in associates and joint arrangements		14,555,079
Property, plant and equipment		56,772,506
Intangible assets		32,293,671
Deferred income tax assets		28,450,209
Other non-financial assets		11,221,191
Non-current assets held for sale		19,672,574
		1,538,093,809

Liabilities
Deposits		1,023,500,757
Liabilities at fair value through profit or loss		30,849,814
Derivative financial instruments		13,006,990
Other financial liabilities		28,932,632
Financing received from the BCRA and other financial institutions		16,172,479
Issued corporate bonds		8,977,347
Current income tax liabilities		30,412,562
Provisions		4,524,337
Deferred income tax liabilities		26,848,159
Other non-financial liabilities		83,121,214
		1,266,346,291
Net assets acquired at fair value		271,747,518

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 7,861,270. 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 SA (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, the interest income and commission income of the Bank would have amounted to 4,286,887,269 and 399,683,399, respectively, and the net income for the fiscal year ended December 31, 2023 would have amounted to 899,534,942.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 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 237,694,794, 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 BUSINESSES

12.1

Associates

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

	Proportional
	Bank’s			Financial position				Loss of the period
Entity	interest			03/31/2024		12/31/2023		03/31/2024			03/31/2023
Macro Warrants SA (1) and (2)		5	%		17,484		17,559		(76	)		(1,904	)
Play Digital SA (1) and (2)		9.19	%		602,278		1,011,696		(409,417	)		(1,028,776	)
Alianza SGR (1)		24.98	%		3,010		4,564		(1,554	)

(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 and December 31, 2023 has been used. Additionally, significant transactions conducted or events that occurred between January 1, 2024 and March 31, 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			03/31/2024		12/31/2023		03/31/2024			03/31/2023
Banco Macro SA – Bizland SAU Unión transitoria		50	%		1,350,097		1,256,203		244,171			196,498
Finova SA		50	%		96,378		143,357		(46,981	)		(17,978	)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 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 March 31, 2024 and December 31, 2023 is as follows:

Composition	03/31/2024		12/31/2023
Investment property (see Exhibit F)		44,613,358		43,992,874
Advanced prepayments		14,447,892		14,112,895
Tax advances		5,212,734		21,902,373
Other		3,328,097		3,054,251
Total		67,602,081		83,062,393

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 March 31, 2024 and December 31, 2023, amounts balances related to transactions generated with related parties are as follows:

	As of March 31, 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		6,870															6,870
Debt securities at fair value through profit or loss															371,250		371,250
Other financial assets						7,557,567							592,355		12,276,510		20,426,432
Loans and other financing (4)
Other financial entities										12,870,060							12,870,060
Documents															420,520		420,520
Overdraft								164					3,685		2,660,487		2,664,336
Credit cards													566,957		104,447		671,404
Lease								24,651							48,086		72,737
Personal loans													552				552
Mortgage loans													2,019,220				2,019,220
Other loans (5)													579,444		19,796,238		20,375,682
Guarantee granted															26,893,116		26,893,116
Total Assets		6,870				7,557,567		24,815		12,870,060			3,762,213		62,570,654		86,792,179

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

	As of March 31, 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			50,573,810		222,945		7,247		11,827			363,367		29,170,414		16,330,793		96,680,403
Other financial liabilities														487,232		1,270,258		1,757,490
Issued corporate bonds			2,175,000															2,175,000
Subordinated corporate bonds							842,027		132,952									974,979
Other non-financial liabilities																2,450,680		2,450,680
Total liabilities			52,748,810		222,945		849,274		144,779			363,367		29,657,646		20,051,731		104,038,552

	(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 March 31, 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 8,678,890, 36,658, 14,026,609, 4,187,782 and 62,143,057, 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		9,822										9,822
Debt securities at fair value through profit or loss
Other financial assets						12,624,218				1,634,399	10,825,515	25,084,132
Loans and other financing (4)
Documents											1,947,565	1,947,565
Overdraft										390,451	4,036,319	4,426,770
Credit cards										917,532	195,656	1,113,188
Lease								46,966			78,240	125,206
Personal loans										8,433		8,433
Mortgage loans										1,913,368		1,913,368
Other loans (5)										573,449	8,911,307	9,484,756
Guarantee granted											39,963,568	39,963,568
Total Assets		9,822				12,624,218		46,966		5,437,632	65,958,170	84,076,808

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 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			23,933,528		392,024		37,422		16,936		461,417		37,397,939		32,895,381		95,134,647
Liabilities at fair value through profit or loss															20,950,673		20,950,673
Other financial liabilities													7,745,598		1,447,158		9,192,756
Issued corporate bonds			4,374,264														4,374,264
Subordinated corporate bonds							1,185,215		187,139								1,372,354
Other non-financial liabilities															3,823,505		3,823,505
Total liabilities			28,307,792		392,024		1,222,637		204,075		461,417		45,143,537		59,116,717		134,848,199

	(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 32,806,934, 103,864, 5,704,796 and 78,105,917, 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 three-month periods ended March 31, 2024 and 2023 with related parties are as follows:

	As of March 31, 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			58,218						5,126		159,037			1			1,016,539			2,121,053		3,359,974
Interest expense											(46,575	)		(24,968	)		(22,797	)		(646,982	)	(741,322	)
Commissions income			27,157			1,939								173			237			144,980		174,486
Commissions expense						(2,985	)										(87	)		(95,605	)	(98,677	)
Other operating income						1,482,493			2,392					755						6,105		1,491,745
Administrative expense																				(1,040,142	)	(1,040,142	)
Other operating expense																				(301,475	)	(301,475	)
Total income / (loss)			85,375			1,481,447			7,518		112,462			(24,039	)		993,892			187,934		2,844,589

	(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 MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

	As of March 31, 2023
	Main subsidiaries (1)
	Macro Bank Limited	Macro Securities SAU (2)		Argenpay SAU		Fintech SGR			Associates			Key management personnel (3)			Other related parties			Total
Income / (loss)
Interest income			3,177										420,442			1,533,363		1,956,982
Interest expense										(31,716	)		(112,160	)		(78,125	)	(222,001	)
Commissions income			44,764				1,133			900			186			461,731		508,714
Commissions expense							(18,924	)					(47	)		(39,485	)	(58,456	)
Other operating income			101,102		50		1,638,413									70		1,739,635
Administrative expense																(1,050,284	)	(1,050,284	)
Other operating expense																(67,893	)	(67,893	)
Total income / (loss)			149,043		50		1,620,622			(30,816	)		308,421			759,377		2,806,697

	(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 March 31, 2024 and December 31, 2023 amounted to 1,104,118 and 1,078,936, respectively.

In addition, fees received by the Directors as of March 31, 2024 and 2023 amounted to 2,113,971 and 3,895,643, respectively.

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

Composition	03/31/2024		12/31/2023
Board of Directors		22		22
Senior managers of the key management personnel		12		12
Total		34		34

15.

DEPOSITS

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

Composition	03/31/2024		12/31/2023
Non-financial public sector		517,845,898		283,685,577
Financial sector		13,371,241		30,605,533
Non-financial private sector and foreign residents		4,504,543,778		4,795,731,504
Checking accounts		541,276,474		772,697,706
Saving accounts		1,622,339,022		2,168,239,077
Time deposits		2,011,772,012		1,589,356,987
Investment accounts		262,273,127		189,853,393
Other		66,883,143		75,584,341
Total		5,035,760,917		5,110,022,614

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

16.

OTHER FINANCIAL LIABILITIES

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

Composition	03/31/2024		12/31/2023
Credit and debit card settlement - due to merchants		222,701,854		298,424,215
Amounts payable for other spot purchases pending settlement		114,894,734		141,690,342
Payment orders pending to foreign exchange settlement		55,216,127		52,203,513
Collections and other transactions on account and behalf of others		14,891,206		15,851,926
Finance leases liabilities		11,788,994		14,235,461
Amounts payable for spot purchases of foreign currency pending settlement		1,798,324		2,011,342
Amounts payable for spot purchases of government securities pending settlement		1,177,058		470,931
Other		51,782,152		42,924,043
Total		474,250,449		567,811,773

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 March 31, 2024 and December 31, 2023.

The expected terms to settle these obligations are as follows:

	03/31/2024
Composition	Within 12 months	Over 12 months	03/31/2024	12/31/2023
For administrative, disciplinary and criminal penalties		500	500	758
Letters of credits, guarantees and other commitments (1)	2,682,349		2,682,349	3,195,005
Commercial claims in progress (2)	1,834,283	1,329,188	3,163,471	4,276,635
Labor lawsuits	907,503	200,320	1,107,823	960,455
Pension funds - reimbursement	801,772	510,165	1,311,937	1,848,779
Other	1,112,513	2,378,385	3,490,898	2,975,428
Total	7,338,420	4,418,558	11,756,978	13,257,060

	(1)	These amounts correspond to the ECL calculated for contingent transactions, which are mentioned in Note 4.
	(2)	See also Note 39.2.

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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

18.

OTHER NON-FINANCIAL LIABILITIES

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

Composition	03/31/2024		12/31/2023
Salaries, bonuses and payroll taxes payables		70,135,330		80,195,150
Withholdings		48,365,618		56,175,904
Miscellaneous payables		47,629,342		68,444,597
Taxes payables		42,058,349		51,198,311
Directors’ and syndics’ fees payable		12,175,386		26,524,755
Retirement pension payment orders pending settlement		2,038,708		2,408,322
Dividends payable (see Note 30)		146,897		121,513
Other		26,528,943		39,683,151
Total		249,078,573		324,751,703

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 March 31, 2024 and December 31, 2023:

03/31/2024	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		1,149,471,536
Debt securities at fair value through profit or loss				32,697,803		4,300,297,009
Derivative financial instruments				57,581,453
Repo transactions				279,193,344
Other financial assets		71,739,595		100,945,225		55,546,034
Loans and other financing (1)		7,071,770		1,966,464,011		527,048,873
Other debt securities				382,468,389		104,963,828
Financial assets delivered as guarantee		141,951,555		28,242,998
Equity instruments at fair value through profit or loss		3,318,120
Total assets		1,373,552,576		2,847,593,223		4,987,855,744

Liabilities
Deposits		2,019,464,346		3,014,688,017		1,608,554
Financial liabilities at fair value through profit or loss				19,867,094
Derivative financial instruments				5,950,433
Repo transactions				20,856,886
Other financial liabilities				465,202,418		9,048,031
Financing received from the BCRA and other financial institutions				12,778,435		6,964,952
Issued corporate bonds				57,905,245		9,273,688
Subordinated corporate bonds				11,539,135		342,023,522
Total liabilities		2,019,464,346		3,608,787,663		368,918,747

(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 MARCH 31, 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		1,824,170,723
Debt securities at fair value through profit or loss				2,576,273,837		80,314,333
Derivative financial instruments				19,928,075
Repo transactions				933,357,661
Other financial assets		79,932,423		141,673,926		83,731,924
Loans and other financing (1)		11,893,971		2,221,253,876		547,080,449
Other debt securities				220,089,069		434,604,121
Financial assets delivered as guarantee		155,328,077		46,165,681
Equity instruments at fair value through profit or loss		4,872,886
Total assets		2,076,198,080		6,158,742,125		1,145,730,827

Liabilities
Deposits		2,545,614,077		2,564,112,925		295,612
Financial liabilities at fair value through profit or loss				20,962,446
Derivative financial instruments				4,302,846
Repo transactions				35,784,780
Other financial liabilities				555,659,523		12,152,250
Financing received from the BCRA and other financial institutions				20,103,660		9,915,975
Issued corporate bonds				80,962,927		8,287,803
Subordinated corporate bonds				8,678,541		488,986,652
Total liabilities		2,545,614,077		3,290,567,648		519,638,292

(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 MARCH 31, 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 March 31, 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:

Composition	03/31/2024			03/31/2023
Current income tax expense		98,694,744			20,089,332
(Income) / loss for deferred income taxes		(9,187,443	)		1,505,650
Income tax loss recorded in the statement of income		89,507,301			21,594,982
Income tax profit recorded in other comprehensive income		(1,455,575	)		(1,369,299	)
Total		88,051,726			20,225,683

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.

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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

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

Composition	03/31/2024			03/31/2023
Performance obligations satisfied at a point in time
Commissions related to obligations		43,327,699			53,106,350
Commissions related to credit cards		27,430,943			30,927,250
Commissions related to insurance		3,629,499			5,078,375
Commissions related to securities value		2,936,020			2,231,729
Commissions related to trading and foreign exchange transactions		2,693,201			1,990,454
Commissions related to loans and other financing		1,325,421			6,982
Commissions related to financial guarantees granted		1,015,224			308,998

Performance obligations satisfied over certain time period
Commissions related to trading and foreign exchange transactions		1,420,214			79,816
Commissions related to credit cards		408,904			418,382
Commissions related to loans and other financing		3,461			72,612
Commissions related to obligations		(72	)		1,799
Total		84,190,514			94,222,747

23.

DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

Composition	03/31/2024		03/31/2023
Translation of foreign currency assets and liabilities into pesos		80,390,915		141,393,140
Income from foreign currency exchange		200,904		850,610
Total		80,591,819		142,243,750

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

24.

OTHER OPERATING INCOME

Composition	03/31/2024		03/31/2023
Services		19,281,289		12,181,609
Adjustments and interest from other receivables		7,443,306		3,567,485
Adjustments from other receivables with CER clauses		6,877,251		2,128,870
Other receivables from financial intermediation		2,195,359		492,065
Other		8,552,990		3,800,056
Total		44,350,195		22,170,085

25.

EMPLOYEE BENEFITS

Composition	03/31/2024		03/31/2023
Remunerations		91,400,202		61,356,163
Payroll taxes		21,913,205		15,605,008
Compensations and bonuses to employees		16,819,789		11,012,368
Employee services		3,258,515		3,052,012
Total		133,391,711		91,025,551

26.

ADMINISTRATIVE EXPENSES

Composition	03/31/2024		03/31/2023
Fees to directors and syndics		12,035,041		1,823,723
Taxes		11,787,861		7,672,179
Maintenance, conservation and repair expenses		9,673,332		6,995,525
Other fees		5,665,692		4,893,638
Armored truck, documentation and events		5,185,989		6,301,026
Electricity and communications		5,106,315		4,132,328
Security services		4,012,737		4,322,143
Hired administrative services		2,871,958		323,812
Advertising and publicity		2,782,962		1,847,976
Software		2,712,244		3,034,459
Representation, travel and transportation expenses		755,353		931,280
Leases		433,062		177,395
Stationery and office supplies		361,767		405,167
Insurance		336,886		374,311
Other		5,188,429		1,953,616
Total		68,909,628		45,188,578

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

27.

OTHER OPERATING EXPENSES

Composition	03/31/2024		03/31/2023
Turnover tax		92,799,848		54,278,280
From credit cards		26,649,542		19,973,003
Charges for other provisions		3,720,453		2,567,636
Other adjustments and interests for miscellaneous obligations		1,715,329		1,858,540
Deposit guarantee fund contributions		1,687,111		2,351,616
Insurance claims		1,128,220		890,209
Donations		529,876		800,747
Taxes		32,758		179,248
Loss from sale or depreciation of property, plant and equipment		19,466
Loss from sale or impairment of investment in properties and other non-financial assets				174,931
Other		11,301,033		9,379,809
Total		139,583,636		92,454,019

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	03/31/2024		12/31/2023		03/31/2023		12/31/2022
Cash and deposits in banks		1,149,471,536		1,824,170,723		1,154,331,789		1,180,826,064
Debt securities at fair value through profit or loss		320,846,645		202,801,372
Other debt securities		40,226,551		66,070,185		2,547,720,021		2,355,866,730
Loans and other financing		4,287,084		6,129,189		4,053,008		4,181,665
Total		1,514,831,816		2,099,171,469		3,706,104,818		3,540,874,459

29.

CAPITAL STOCK

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

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

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.

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.

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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

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	%

All 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 up to the amount of 6,000 which must meet the requirements provided for in Presidential Decree No. 540/1995 and other requirements that the regulatory authority may determine from time to time. Additionally, through Communiqué “A” 7985 issued on March 27, 2024, the BCRA resolved that, from April 1, 2024, the coverage will be up to 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.

32.

RESTRICTED ASSETS

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

Composition	03/31/2024		12/31/2023
Cash and deposits in banks
·  Fondo de Riesgo Fintech SGR – Deposits in other entities (1).		1,369		1,594
Subtotal cash and deposits in Banks		1,369		1,594

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).		11,428,460		20,011,352
· Argentine government Treasury bonds in pesos adjusted by CER 4.25% - Maturity 02/14/2025, as of March 31, 2024 and Argentine government discount bonds in dual currency - Maturity: 02/28/2024 as of December 31, 2023, for the contribution to the Guarantee Fund II in BYMA according to section 45, Law 26831 and supplementary regulations established by CNV standards (NT 2013, as amended).		3,048,887		1,926,975
· Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, to guarantee the Credit Program for Production Reactivation of the Province of San Juan.		1,283,252		1,438,287
· Discount bonds in pesos regulated by Argentine legislation, maturing in 2033 for the minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/2013, as amended, of the Argentine Securities Commission (CNV).		370,425		415,177
· Argentine government Treasury bonds in pesos adjusted by CER 2% – Maturity: 11/09/2026, to guarantee the Credit Program for Production Reactivation of the Province of San Juan.		347,455		359,271
· Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, affected by guarantee the sectoral Credit Program of the Province of San Juan, production investment financing fund.		211,613		216,277
· Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, as of December 31, 2023 affected by the guarantee of the Regional Economies Competitiveness Program - IDB Loan No. 3174/OC-AR.				22,812
· Other.		467,311		607,167
Subtotal Debt securities at fair value through profit or loss and Other debt securities		17,157,403		24,997,318

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

Composition (contd.)		03/31/2024		12/31/2023
Other financial assets
·	Interests derived from contributions made as protector partner (2).		8,171,284		12,389,455
·	Fondo de Riesgo Fintech SGR – Mutual fund shares (1).		2,955,346		2,681,723
·	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.		598,225		513,511
·	Sundry debtors – other.		947,902		433,423
·	Sundry debtors – attachment within the scope of the claim filed by the DGR against the CABA for turnover tax differences.		827		1,254
	Subtotal Other financial assets		12,673,584		16,019,366

Loans and other financing
·	Fondo de Riesgo Fintech SGR – Loans and other financing (1).	939,427	288,391
	Subtotal Loans and other financing	939,427	288,391

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.	99,616,384	103,281,114
·	For securities forward contracts.	28,242,998	46,165,681
·	Guarantee deposits related to credit and debit card transactions.	13,549,308	10,245,824
·	Other guarantee deposits.	28,785,863	41,801,139
Subtotal Financial assets delivered as guarantee		170,194,553	201,493,758

Other non-financial assets
·	Real property related to a call option sold.	11,281,001	11,280,992
·	Fondo de Riesgo Fintech SGR – Other non-financial assets (1).	15,053	16,719
Subtotal Other non-financial assets		11,296,054	11,297,711
Total		212,262,390	254,098,138

(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 March 31, 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 March 31, 2024 and December 31, 2023, debt securities and certificates of participation in financial trusts for investment purposes, amounted to 1,412,085 and 1,330,061, 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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

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 March 31, 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 2,636 and 3,997, 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.

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 March 31, 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 7,284,857 and 1,215,977, 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 March 31, 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 57,303,603 and 55,839,426, respectively.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

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 their acronyms in Spanish) – Comprehensive Depositary company, clearing and settlement agent and trading agent (ALyC and AN – comprehensive, for their acronyms in Spanish) and is registered in the “List of Authorized companies to guarantee capital market instruments”.

Additionally, the Bank’s shareholders’ equity as of March 31, 2024 stated in UVAs amounted to 4,274,409,657 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.

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: clearing and settlement agent, trading agent, comprehensive trading agent and mutual investment funds placement and distribution agent and comprehensive mutual investment funds placement and distribution agent (ALyC, AN – comprehensive, ACyD FCI and ACyDI FCI).

Additionally, the shareholders’ equity of such company as of March 31, 2024 stated in UVAs amounted to 120,340,957 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

Additionally, the shareholders’ equity of this company as of March 31, 2024 stated in UVAs amounted to 20,742,396 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 March 31, 2024 stated in UVAs amounted to 902,059 and is lower than the minimum amount required by such regulation established in 950,000 UVAs. This condition is corrected by the company on May 9, 2024, as receiving an irrevocable contribution from Banco Macro SA for an amount of 250,000.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

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 March 31, 2024 stated in UVAs amounted to 1,692,696 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 Comprehensive Settlement and Clearing Agent and Trading Agent (ALyC and AN – Integral, as its acronym in Spanish) and as Agent for the Custody of Collective Investment Products of Mutual Funds (AC PIC FCI, for its acronym in Spanish).

Additionally, the shareholders’ equity of such company as of March 31, 2024 stated in UVAs amounted to 406,746,112 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.

On the other hand, the shareholders’ equity of BMA Asset Management SA (formerly known as Itaú Asset Management SA) as of March 31, 2024 stated in UVAs amounted to 13,208,462 and exceeds the minimum amount required to act as Agent for the Administration of Collective Investment Products of Mutual Funds, 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 December 31, 2023 stated in UVAs amounted to 5,678,211 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 Comprehensive Mutual Investment Funds Placement and Distribution Agent, 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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

34.3

As depositary of mutual funds

34.3.1

As of March 31, 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		3,216,820,380		40,472,474
Argenfunds Ahorro Pesos		176,041,316		12,616,171
Argenfunds Financiamiento Pesos		100,000		100
Argenfunds Gestión Pesos		15,976,445,349		18,078,857
Argenfunds Infraestructura		1,514,910		56
Argenfunds Inversión Dólares		1,000		857
Argenfunds Inversión Pesos		3,111,833,380		9,040,613
Argenfunds Liquidez		9,610,665,874		90,298,304
Argenfunds Renta Argentina		306,460,401		25,668,243
Argenfunds Renta Balanceada		519,494,284		26,770,770
Argenfunds Renta Capital		14,163,108		12,604,811
Argenfunds Renta Crecimiento		3,321,012		2,791,795
Argenfunds Renta Dinámica		87,902,584,422		21,520,645
Argenfunds Renta Fija		570,381,691		69,082,154
Argenfunds Renta Flexible		46,040,329		885,023
Argenfunds Renta Global		168,355,964		4,571,980
Argenfunds Renta Mixta		34,142,553		412,151
Argenfunds Renta Mixta Plus		1,352,780		1,091,083
Argenfunds Renta Pesos		96,499,608		8,160,156
Argenfunds Renta Total		548,961,979		2,802,558
Argenfunds Renta Variable		1,381,493,340		516,552
Argenfunds Retorno Absoluto		218,382,470		3,278,363
Pionero Acciones		28,130,217		19,812,820
Pionero Ahorro Dólares		28,115,066		24,604,433
Pionero Argentina Bicentenario		424,876,097		12,502,579
Pionero Capital		841,206,069		7,685,837
Pionero Crecimiento		1,686,724,286		8,518,827
Pionero Desarrollo		53,964,108		252,293
Pionero Empresas FCI Abierto Pymes		404,167,141		14,401,519
Pionero FF		97,898,261		10,540,221
Pionero Gestión		2,252,548,269		36,221,189
Pionero Infraestructura		2,216,424,751		7,430,630
Pionero Patrimonio I		100,000		100
Pionero Pesos		2,758,340,107		139,367,793
Pionero Pesos Plus		32,697,705,814		989,944,778
Pionero Recovery		1,621,035,111		1,805,210
Pionero Renta		50,473,973		36,704,390
Pionero Renta Ahorro		409,624,885		53,810,880
Pionero Renta Ahorro Plus		1,207,984,965		37,892,610
Pionero Renta Balanceado		8,208,692,460		47,805,368
Pionero Renta Estratégico		654,972,301		21,675,961
Pionero Renta Fija Dólares		11,558,571		11,943,483
Pionero Renta Mixta I		186,732,227		13,246,396
Pionero Retorno		1,724,324,621		9,934,572

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

34.3.2

As of March 31, 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 Argentinas		17,819		2,748,402
Goal Renta Crecimiento		24,813,562		22,130,237
Goal Acciones Plus		5,512,796		746,318
Goal Capital Plus		24,014,844		1,008,239
Goal Ahorro Max		129,345,074		6,873,916
Goal Multiestrategia		110,000		167
Goal Multiestrategia Plus		110,000		167
Goal Perfomance		65,332,675		5,148,291
Goal Perfomance II		247,952		7,654
Goal Perfomance III		252,458,706		9,449,905
Goal Pesos		2,435,585,136		290,941,726
Goal Premium		10,600,096		27,808
Goal Renta Dólares		6,213,364		5,995,259
Goal Renta Dólares Estrategia		7,796,237		7,705,345
Goal Renta Dólares Plus		2,139,597		2,172,888
Goal Renta Global		186,706,062		21,457,354
Goal Retorno Total		17,314,689		887,915
Goal Renta Pesos		23,693,138		1,851,039

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 March 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		274,295,727		177,031,592
Other debt securities
Government securities computable for the minimum cash requirements		585,079,725
Financial assets delivered as guarantee
Special guarantee accounts with the BCRA		78,037,888		21,578,496
Total		937,413,340		198,610,088

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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

36.1

The situation of Banco Macro SA as of March 31, 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 these summary proceedings were 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 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 a Federal extraordinary 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 Argentine Supreme Court of Justice (CSJN, for its acronym in Spanish). As of the date of issuance of these condensed consolidated interim Financial Statements, this proceeding is pending resolution.

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

Reason: Supposed non-compliance 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 Exchange 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 responsibles who, on 03/25/2022, filed an extraordinary 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 Economic Federal Court, 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 file is still pending.

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.

Proceeding filed against: Banco Macro SA, Foreign exchange 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 resolved the previous defenses and no opened 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, the 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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

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/s responsible for market.

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 August 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.

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 Settlement and Clearing Agent at the time of an inspection of the CNV and to the Internal Audit Process referred to in its capacity as comprehensive settlement and clearing agent (UIF Resolution No. 229/2011, as amended), Penalty amount: 50 (not restated).

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 audits 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 the Banco Macro SA and against that on 05/26/2021, this Bank filed a federal extraordinary appeal. On 12/09/2021 the CNACAF decided to allow the imposed Extraordinary appeal submitted the file to the CSJN on 02/03/2022. As of the date of issuance of these condensed consolidated interim Financial Statements, the CSJN had not issued a decision on the appeal filed.

File: No. 1208/2014 (UIF Resolution No. 13/2016) dated 01/15/2016.

Reason: alleged failure to comply 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 05/17/2018 UIF passed resolution No. 13/2016, whereby it filed the summary proceedings related to observations over an overall inspection performed by the BCRA. On 06/15/2018, the liable parties filed their defenses. On 07/02/2018, the UIF sustained the lack of capacity to be sued by one of the Directors, discarding his responsibility in this summary proceeding. On 01/08/2021 UIF filed Resolution No. 80 which imposed a fine to the Bank and the other liable parties. On 01/26/2021 through the BCRA account, the fine was paid for an amount of 60 (not restated). On 03/02/2021, against such resolution, a direct appeal was filed to CNACAF which was dismissed. On 08/27/2021 a Federal extraordinary appeal against such decision was filed. On 10/07/2021, the CNACAF dismissed the extraordinary appeal filed, passing the complaint appeal to CSJN. On November 7, 2023, the appeal was dismissed and the fine was confirmed.

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

Reason: alleged failure to comply 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 Directors.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

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 and preventive 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, Summary Proceedings 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 proceedings; 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 the summary proceedings. 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 above mentioned judicial proceedings.

36.2

The situation of Banco BMA SAU as of December 31, 2023:

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, which is in progress as of the date of issuance of these condensed consolidated interim Financial Statements.

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 03/31/2024		03/31/2024		12/31/2023
Subordinated Resettable – Class A	USD	400,000,000	(1)	USD	400,000,000		353,562,657		497,665,193
Non-subordinated – Class E	USD	17,000,000	(2)	USD	17,000,000		14,144,272		18,884,825
Non-subordinated – Class F	USD	53,000,000	(3)	USD	53,000,000		44,523,138		62,802,980
Total							412,230,067		579,352,998

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

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.

(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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

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 03/31/2024			03/31/2024		12/31/2023
Non-subordinated –Series XXXII		1,000,000	(1)		1,000,000	(1)		8,511,523		7,562,925
Total								8,511,523		7,562,925

(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 March 31, 2024 and December 31, 2023, is as follows:

Composition	03/31/2024		12/31/2023
Custody of government and private securities and other assets held by third parties		4,869,104,110		5,287,497,410
Preferred and other collaterals received from customers (1)		922,585,225		1,220,415,421
Checks already deposited and pending clearance		144,640,788		165,290,079
Outstanding checks not yet paid		52,244,968		119,940,045

(1)

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

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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

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.

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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

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 March 31, 2024 was 101,052,679 (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.

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.

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 March 2024, together with the integration thereof (computable equity) as of the end of such month:

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

Item	03/31/2024
Minimum capital requirements		548,916,744
Computable equity		3,140,848,842
Capital surplus		2,591,932,098

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 38%.

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.

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 289.4% 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, as of the date of issuance of these condensed consolidated interim Financial Statements, a bill is under parliamentary treatment and include among its points, delegation of powers to the Executive Branch, tax, labor and social security reforms, among others.

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
	60	Chairperson

EXHIBIT B

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF MARCH 31, 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	03/31/2024		12/31/2023
In normal situation		1,236,270,938		1,356,414,152
With senior “A” collateral and counter-collateral		108,065,432		104,053,613
With senior “B” collateral and counter-collateral		98,575,337		131,517,141
Without senior collateral or counter-collateral		1,029,630,169		1,120,843,398

Subject to special monitoring		2,789,052
In observation
With senior “B” collateral and counter-collateral		2,788,963
Without senior collateral or counter-collateral		89

Troubled		5,850,363		7,217,206
With senior “B” collateral and counter-collateral		3,865,735		5,526,792
Without senior collateral or counter-collateral		1,984,628		1,690,414

With high risk of insolvency		156,096		6,026,814
With senior “A” collateral and counter-collateral		103,316		491,940
With senior “B” collateral and counter-collateral				4,112,685
Without senior collateral or counter-collateral		52,780		1,422,189

Irrecoverable		2,965,616		3,295,312
Without senior collateral or counter-collateral		2,965,616		3,295,312

Subtotal commercial		1,248,032,065		1,372,953,484

		Jorge Pablo Brito
	61	Chairperson

EXHIBIT B

(continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF MARCH 31, 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	03/31/2024		12/31/2023
Performing		1,554,506,251		1,877,677,557
With senior “A” collateral and counter-collateral		108,764,058		139,681,193
With senior “B” collateral and counter-collateral		82,057,987		114,499,858
Without senior collateral or counter-collateral		1,363,684,206		1,623,496,506

Low risk		22,597,502		15,870,722
With senior “A” collateral and counter-collateral		809,637		385,553
With senior “B” collateral and counter-collateral		1,441,927		408,776
Without senior collateral or counter-collateral		20,345,938		15,076,393

Low risk - in special treatment		71,305		117,533
Without senior collateral or counter-collateral		71,305		117,533

Medium risk		10,687,231		10,644,183
With senior “A” collateral and counter-collateral		152,131		202,406
With senior “B” collateral and counter-collateral		505,203		241,123
Without senior collateral or counter-collateral		10,029,897		10,200,654

High risk		7,954,289		10,208,505
With senior “A” collateral and counter-collateral		107,283		291,015
With senior “B” collateral and counter-collateral		44,015		136,956
Without senior collateral or counter-collateral		7,802,991		9,780,534

Irrecoverable		4,844,593		5,047,199
With senior “A” collateral and counter-collateral		4,813		5,126
With senior “B” collateral and counter-collateral		353,155		525,023
Without senior collateral or counter-collateral		4,486,625		4,517,050

Subtotal consumer and mortgage		1,600,661,171		1,919,565,699
Total		2,848,693,236		3,292,519,183

		Jorge Pablo Brito
	62	Chairperson

EXHIBIT B

(continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF MARCH 31, 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.

	03/31/2024			12/31/2023
Loans and other financing		2,500,584,654			2,780,228,296
Added:
Allowances for loans and other financing		69,202,619			81,341,779
Adjustment amortized cost and fair value		8,286,204			22,435,659
Debt securities of financial trust - Measured at amortized cost		826,469			1,008,496
Corporate bonds		10,640,358			15,647,704
Subtract:
Interest and other accrued items receivable from financial assets with impaired credit value		(894,010	)		(995,773	)
Loans to employees		(3,445,554	)		(2,984,568	)
Guarantees provided and contingent liabilities		263,492,496			395,837,590
Total computable items		2,848,693,236			3,292,519,183

		Jorge Pablo Brito
	63	Chairperson

EXHIBIT C

CONSOLIDATED CONCENTRATION OF LOANS AND FINANCING FACILITIES

AS OF MARCH 31, 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)

	03/31/2024				12/31/2023
Number of customers	Cut off balance		% of total portfolio		Cut off balance		% of total portfolio
10 largest customers		340,285,004		11.95		325,234,962		9.88
50 next largest customers		396,093,375		13.90		448,339,194		13.62
100 next largest customers		228,999,980		8.04		260,601,569		7.90
Other customers		1,883,314,877		66.11		2,258,343,458		68.60

Total (1)		2,848,693,236		100.00		3,292,519,183		100.00

(1)

See reconciliation in Exhibit B.

		Jorge Pablo Brito
	64	Chairperson

EXHIBIT D

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF MARCH 31, 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		623,817		1,988,230		71,412		88,039		144,390		130,509				3,046,397
Financial sector				30,463,469		455,777		1,268,395		3,378,816		1,972,164		320,326		37,858,947
Non-financial private sector and foreign residents		18,331,945		1,133,635,427		440,730,563		497,800,688		512,036,346		409,403,711		449,472,300		3,461,410,980

Total		18,955,762		1,166,087,126		441,257,752		499,157,122		515,559,552		411,506,384		449,792,626		3,502,316,324

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		164		4,777,539		2,148,952		165,600		275,969		318,501				7,686,725
Financial sector				11,789,627		566,381		3,960,976		5,944,849		3,287,502		1,289,415		26,838,750
Non-financial private sector and foreign residents		23,850,362		1,499,932,361		569,151,441		534,482,203		588,397,166		496,131,106		509,078,566		4,221,023,205

Total		23,850,526		1,516,499,527		571,866,774		538,608,779		594,617,984		499,737,109		510,367,981		4,255,548,680

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

		Jorge Pablo Brito
	65	Chairperson

EXHIBIT F

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

	Original								Depreciation of the period
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	Residual value at the end of the period
Cost
Real property	510,541,965	50	568,389	403,381	1,490,923				78,910,352			410,384			2,789,345	81,289,313	430,908,583
Furniture and facilities	90,464,467	10	384,878	550,857	1,009,318		(654	)	51,721,192			354,609	(88	)	1,539,294	52,905,789	38,401,363
Machinery and equipment	148,568,612	5	4,379,871	1,866,457	190,239		(34,274	)	111,493,562			1,614,986	(5,810	)	3,252,483	113,125,249	38,112,742
Vehicles	16,865,688	5	756,851	179,700			(16,097	)	11,917,284			126,105	(4,194	)	471,629	12,258,614	5,168,128
Other	11,367,749	3	735				(15,945	)	11,252,576			50,894	(2,041	)	60,873	11,260,514	92,025
Work in progress	12,958,619		3,141,798		(2,690,480	)											13,409,937
Right of use real property	52,990,590	5	3,453,823	8,758,525			(62,077	)	40,623,096	(252,599	)	8,776,810	(37,919	)	2,306,068	33,861,836	13,761,975
Right of use furniture	3,777,820	5							649,655							649,655	3,128,165
Total property, plant and equipment	847,535,510		12,686,345	11,758,920			(129,047	)	306,567,717	(252,599	)	11,333,788	(50,052	)	10,419,692	305,350,970	542,982,918

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 for the fiscal year							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	449,515,646	50	59,262,440	257,294	2,021,173			67,640,522	(217,583	)	41,632		11,529,045	78,910,352	431,631,613
Furniture and facilities	69,798,774	10	18,173,119	222,648	2,714,468		754	45,987,204	2,788		223,263	102	5,954,361	51,721,192	38,743,275
Machinery and equipment	101,342,312	5	57,043,466	10,409,329	544,117		48,046	108,679,975	1,858		10,409,415	6,962	13,214,182	111,493,562	37,075,050
Vehicles	13,574,543	5	4,540,509	1,252,538	(13,844	)	17,018	11,319,641	10,235		1,015,738	4,599	1,598,547	11,917,284	4,948,404
Other	3,912	3	11,341,364	703			23,176	11,197,675			703	2,303	53,301	11,252,576	115,173
Work in progress	6,121,194		13,733,940	72,587	(6,823,928	)									12,958,619
Right of use real property	38,348,671	5	16,775,749	2,200,885	6,561		60,494	34,648,825	(1,049	)	1,032,156	79,610	6,927,866	40,623,096	12,367,494
Right of use furniture		5	3,777,820										649,655	649,655	3,128,165
Total property, plant and equipment	678,705,052		184,648,407	14,415,984	(1,551,453	)	149,488	279,473,842	(203,751	)	12,722,907	93,576	39,926,957	306,567,717	540,967,793

		Jorge Pablo Brito
	66	Chairperson

EXHIBIT F

(continued)

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF MARCH 31, 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 of the period						Residual value
Item	beginning of fiscal year	estimated in years	Increases	Decreases	for conversion		Accumulated	Transfers		Decrease	Of the period	At the end	at the end of period
Cost
Leased properties	1,872,684	50					323,563	5,871			3,243	332,677	1,540,007
Other investment properties	44,591,934	50	830,976	103,474	(818	)	2,148,181	(8,122	)	103,474	208,682	2,245,267	43,073,351
Total investment property	46,464,618		830,976	103,474	(818	)	2,471,744	(2,251	)	103,474	211,925	2,577,944	44,613,358

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	Useful life					Difference	Depreciation for the fiscal year					Residual value
Item	at beginning of fiscal year	estimated in years	Increases	Decreases	Transfers		for conversion	Accumulated	Transfers	Decrease	For the fiscal year	At the end	at the end of the fiscal year
Cost
Leased properties	1,872,685	50			(1	)		283,113	5,372		35,078	323,563	1,549,121
Other investment properties	40,758,038	50	2,470,089	581,626	1,944,429		1,004	1,316,977	333,379	356,458	854,283	2,148,181	42,443,753
Total investment property	42,630,723		2,470,089	581,626	1,944,428		1,004	1,600,090	338,751	356,458	889,361	2,471,744	43,992,874

		Jorge Pablo Brito
	67	Chairperson

EXHIBIT G

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF MARCH 31, 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 of the period						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	66,969,713	5	1,373,623			46,353,897	(5,605	)		3,164,269	49,512,561	18,830,775
Other intangible assets	295,191,053	5	9,624,787	1,940,850		201,831,739	258,818		1,344,335	10,488,571	211,234,793	91,640,197
Total intangible assets	362,160,766		10,998,410	1,940,850		248,185,636	253,213		1,344,335	13,652,840	260,747,354	110,470,972

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 for the fiscal year						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	52,701,643	5	14,268,773		(703	)	36,905,668	(1,584	)		9,449,813	46,353,897	20,615,816
Other intangible assets	183,303,478	5	112,827,276	931,835	(7,866	)	164,034,232	1,666		28,477	37,824,318	201,831,739	93,359,314
Total intangible assets	236,005,121		127,096,049	931,835	(8,569	)	200,939,900	82		28,477	47,274,131	248,185,636	113,975,130

		Jorge Pablo Brito
	68	Chairperson

EXHIBIT H

CONSOLIDATED DEPOSIT CONCENTRATION

AS OF MARCH 31, 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)

	03/31/2024				12/31/2023
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		1,201,909,781		23.87		614,268,947		12.02
50 next largest customers		664,528,562		13.20		495,709,242		9.70
100 next largest customers		228,827,295		4.54		208,211,954		4.07
Other customers		2,940,495,279		58.39		3,791,832,471		74.21
Total		5,035,760,917		100.00		5,110,022,614		100.00

		Jorge Pablo Brito
	69	Chairperson

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF MARCH 31, 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		4,686,284,908		218,303,057		227,523,410		7,339,469		1,849,840		9,057		5,141,309,741
From the non-financial government sector		518,881,630		6,527,430		2,964,178		8,381		1,697				528,383,316
From the financial sector		13,371,241												13,371,241
From the non-financial private sector and foreign residents		4,154,032,037		211,775,627		224,559,232		7,331,088		1,848,143		9,057		4,599,555,184
Liabilities at fair value through profit or loss		19,867,094												19,867,094
Derivative instruments		5,252,316		698,117										5,950,433
Repo transactions		21,054,262		16,837										21,071,099
Other financial institutions		21,054,262		16,837										21,071,099
Other financial liabilities		447,672,694		2,798,392		1,650,878		3,166,450		4,654,889		15,001,601		474,944,904
Financing received from the BCRA and other financial institutions		3,434,739		6,097,531		4,268,924		4,213,708		2,259,959		52,153		20,327,014
Issued corporate bonds		1,093,443		14,181,824		63,913		45,091,845		9,401,665				69,832,690
Subordinated corporate bonds				11,364,635				11,364,635		22,729,272		364,882,989		410,341,531
Total		5,184,659,456		253,460,393		233,507,125		71,176,107		40,895,625		379,945,800		6,163,644,506

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

		Jorge Pablo Brito
	70	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		4,694,990,738		282,449,788		211,647,401		99,891,731		1,986,512		22,346		5,290,988,516
From the non-financial government sector		276,883,859		9,260,885		7,699,399				2,573				293,846,716
From the financial sector		30,605,533												30,605,533
From the non-financial private sector and foreign residents		4,387,501,346		273,188,903		203,948,002		99,891,731		1,983,939		22,346		4,966,536,267
Liabilities at fair value through profit or loss		20,962,447												20,962,447
Derivative instruments		622,746		2,130,656		197,692		1,351,752						4,302,846
Other financial institutions		35,881,080		12		3,606		10,658						35,895,356
Repo transactions		35,881,080		12		3,606		10,658						35,895,356
Other financial liabilities		534,471,805		2,099,063		2,556,171		4,235,273		6,670,150		19,308,807		569,341,269
Financing received from the BCRA and other financial institutions		14,037,877		5,606,112		3,767,214		3,200,468		3,347,472		94,062		30,053,205
Issued corporate bonds				129,312		21,482,010		63,444,395		8,460,345				93,516,062
Subordinated corporate bonds						16,248,471		16,248,471		32,496,943		521,687,711		586,681,596
Total		5,300,966,693		292,414,943		255,902,565		188,382,748		52,961,422		541,112,926		6,631,741,297

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 J

CONSOLIDATED CHANGES IN PROVISIONS

AS OF MARCH 31, 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			03/31/2024
Provisions for eventual commitments		3,195,005		703,172				85,219		(1,130,609	)		2,682,349
For administrative, disciplinary and criminal penalties		758								(258	)		500
Contingencies with the BCRA				2,543				2,543
Other		10,061,297		3,086,142		373		561,768		(3,511,169	)		9,074,129
Total provisions		13,257,060		3,791,857		373		649,530		(4,642,036	)		11,756,978

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		3,289,869		2,897,021				221,432		(2,770,453	)		3,195,005
For administrative, disciplinary and criminal penalties		2,364								(1,606	)		758
Contingencies with the BCRA				1,819				1,819
Other		9,517,895		16,016,624		240,380		6,504,879		(8,727,963	)		10,061,297
Total provisions		12,810,128		18,915,464		240,380		6,728,130		(11,500,022	)		13,257,060

		Jorge Pablo Brito
	72	Chairperson

EXHIBIT L

CONSOLIDATED FOREIGN CURRENCY AMOUNTS

AS OF MARCH 31,2024 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)

	03/31/2024										12/31/2023
			Total per currency
Item	Total parent company and local branches		US dollar		Euro		Real		Other		Total
Assets
Cash and deposits in banks		992,393,932		970,633,576		18,255,440		200,641		3,304,275		1,698,725,006
Debt securities at fair value through profit or loss (1)		122,005,832		122,005,832								2,634,252,639
Other financial assets		104,394,131		99,135,771		54,148				5,204,212		120,056,592
Loans and other financing		507,160,475		504,352,399		225,816				2,582,260		272,891,130
From the non-financial private sector and foreign residents		507,160,475		504,352,399		225,816				2,582,260		272,891,130
Other debt securities		63,578,404		63,578,404								134,407,010
Financial assets delivered as guarantee		24,429,236		24,373,665		55,571						84,550,054
Equity Instruments at fair value through profit or loss		371,778		371,778								521,591
Total assets		1,814,333,788		1,784,451,425		18,590,975		200,641		11,090,747		4,945,404,022

Liabilities
Deposits		1,112,352,691		1,112,329,026		23,665						1,551,798,130
Non-financial government sector		20,913,252		20,913,252								52,057,160
Financial sector		7,536,284		7,536,284								10,774,296
Non-financial private sector and foreign residents		1,083,903,155		1,083,879,490		23,665						1,488,966,674
Liabilities at fair value through profit or loss		14,203,500		14,203,500								20,950,673
Derivative instruments		5,127,009		5,127,009
Other financial liabilities		146,918,112		144,218,411		2,240,629				459,072		130,959,149
Financing from the BCRA and other financial institutions		18,828,672		15,898,929		347,483				2,582,260		23,309,769
Issued corporate bonds		58,645,291		58,645,291								81,650,013
Subordinated corporate bonds		353,562,657		353,562,657								497,665,193
Other non-financial liabilities		4,239,697		4,239,697								6,863,209
Total liabilities		1,713,877,629		1,708,224,520		2,611,777				3,041,332		2,313,196,136

(1)

Mainly including Argentine government discount bonds in dual currency for 15,024,563 and Argentine government Treasury bonds tied to the US dollar for 3,067,315.

		Jorge Pablo Brito
	73	Chairperson

EXHIBIT Q

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 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 03/31/2024			Quarter ended 03/31/2023
For measurement of financial assets at fair value through profit or loss
Gain from government securities		1,279,205,460			50,066,629
Gain from private securities		6,579,049			(11,848,619	)
Gain from derivative financial instruments Forward transactions		5,165,322			754,331
Gain / (loss) from other financial assets		3,165,288			65,775
Gain from equity instruments at fair value through profit or loss		435,066			197,394
Gain from sales or decreases of financial assets at fair value (1)		(14,504,187	)		(1,954,215	)
For measurement of financial liabilities at fair value through profit or loss
Loss from derivative financial instruments Options		(7,607,761	)		(1,617,179	)
Total		1,272,438,237			35,664,116

(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
	74	Chairperson

EXHIBIT Q

(continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 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 03/31/2024			Quarter ended 03/31/2023
Interest income
for cash and bank deposits		3,134,723			2,134,741
for government securities		29,086,502			431,531,876
for private securities		1,049,607			381,421
for loans and other financing
Non-financial public sector		1,666,183			1,501,473
Financial sector		1,027,390			412,896
Non-financial private sector
Overdrafts		71,365,004			36,221,746
Documents		56,909,484			35,222,511
Mortgage loans		108,751,110			42,681,516
Pledge loans		3,142,762			3,110,065
Personal loans		69,749,155			100,643,359
Credit cards		64,916,578			70,542,157
Financial leases		3,509,792			446,939
Other		83,614,201			43,314,588
for repo transactions
Central Bank of Argentina		151,841,815			26,036,407
Other financial institutions		64,547			62,407
Total		649,828,853			794,244,102
Interest expense
for Deposits
Non-financial private sector
Checking accounts		(64,109,013	)		(22,924,336	)
Saving accounts		(13,087,739	)		(4,969,041	)
Time deposits and investments accounts		(449,934,586	)		(467,689,883	)
Other		(25	)
for financing received from the BCRA and other financial institutions		(2,137,158	)		(823,757	)
for repo transactions
Other financial institutions		(4,109,022	)		(4,810,625	)
for other financial liabilities		(3,090,680	)		(1,446,332	)
for issued corporate bonds		(4,746,191	)		(62,347	)
for other subordinated corporate bonds		(6,034,948	)		(5,211,035	)
Total		(547,249,362	)		(507,937,356	)

		Jorge Pablo Brito
	75	Chairperson

EXHIBIT Q

(continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2024 AND 2023

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

(Figures stated in thousands of pesos in constant currency)

Interest and adjustment for the application of the
effective interest rate of financial assets measured at
fair value through other comprehensive income

Income for the
period

Other
comprehensive
income

Income for the
period

Other
comprehensive
income

Quarter ended
03/31/2024

Quarter ended
03/31/2023

for debt government securities

64,935,342

6,996,632

92,494,148

(7,293,993

)

Total

64,935,342

6,996,632

92,494,148

(7,293,993

)

	Income of the period
Item	Quarter ended 03/31/2024			Quarter ended 03/31/2023
Commissions income
Commissions related to obligations		43,327,627			53,108,149
Commissions related to credits		1,018,685			381,610
Commissions related to loans commitments and financial guarantees		1,325,421			6,982
Commissions related to securities value		2,936,020			2,231,729
Commissions for credit cards		27,839,847			31,345,632
Commissions for insurances		3,629,499			5,078,375
Commissions related to trading and foreign exchange transactions		4,113,415			2,070,270
Total		84,190,514			94,222,747

Commissions expense
Commissions related to trading with debt securities		(213,538	)		(118,280	)
Commissions related to trading and foreign exchange transactions		(944,475	)		(400,596	)
Other
Commissions paid ATM exchange		(5,378,135	)		(5,546,474	)
Checkbooks commissions and clearing houses		(1,742,546	)		(1,843,311	)
Credit cards and foreign trade commissions		(1,851,103	)		(859,100	)
Total		(10,129,797	)		(8,767,761	)

		Jorge Pablo Brito
	76	Chairperson

EXHIBIT R

VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF MARCH 31, 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			03/31/2024
Other financial assets		902,568		(126,151	)								(294,521	)		481,896
Loans and other financing		81,341,779		7,434,993			14,386,433			(4,514,653	)		(29,445,933	)		69,202,619
Other financial institutions		35,216		(1,749	)		27						(11,816	)		21,678
To the non-financial private sector and foreign residents
Overdrafts		10,922,241		1,201,877			339,224			(425,531	)		(3,831,565	)		8,206,246
Documents		4,948,144		1,572,741			127,821			(20,903	)		(1,854,697	)		4,773,106
Mortgage loans		7,417,213		332,651			753,409			450,402			(2,680,832	)		6,272,843
Pledge loans		530,287		74,880			(15,828	)		16,358			(188,178	)		417,519
Personal loans		15,185,750		627,717			1,123,417			1,300,686			(5,479,141	)		12,758,429
Credit cards		16,210,388		339,222			2,339,418			2,174,142			(6,010,302	)		15,052,868
Financial leases		162,044		5,255			11,283			41			(56,848	)		121,775
Other		25,930,496		3,282,399			9,707,662			(8,009,848	)		(9,332,554	)		21,578,155
Eventual commitments		3,195,005		402,041			237,621			245			(1,152,563	)		2,682,349
Other debt securities		18,211		17,432									(7,965	)		27,678
Total of allowances		85,457,563		7,728,315			14,624,054			(4,514,408	)		(30,900,982	)		72,394,542

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 fiscalyear		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		429,859		995,370							(522,661	)		902,568
Loans and other financing		51,948,880		28,166,978			19,400,980		45,800,615		(63,975,674	)		81,341,779
Other financial institutions		38,439		50,620							(53,843	)		35,216
To the non-financial private sector and foreign residents
Overdrafts		2,487,671		3,275,279			6,248,293		3,806,841		(4,895,843	)		10,922,241
Documents		2,673,259		3,491,367			1,654,036		1,294,466		(4,164,984	)		4,948,144
Mortgage loans		5,637,220		(168,338	)		1,615,941		6,173,273		(5,840,883	)		7,417,213
Pledge loans		895,403		(36,389	)		371,277		40,025		(740,029	)		530,287
Personal loans		19,583,710		8,471,349			967,558		6,027,560		(19,864,427	)		15,185,750
Credit cards		13,058,990		9,031,126			2,712,385		8,233,821		(16,825,934	)		16,210,388
Financial leases		102,157		108,429			42,518		20,575		(111,635	)		162,044
Other		7,472,031		3,943,535			5,788,972		20,204,054		(11,478,096	)		25,930,496
Eventual commitments		3,289,869		2,850,810			149,281		814		(3,095,769	)		3,195,005
Other debt securities		3,755		25,186					262		(10,992	)		18,211
Total of allowances		55,672,363		32,038,344			19,550,261		45,801,691		(67,605,096	)		85,457,563

		Jorge Pablo Brito
	77	Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION

AS OF MARCH 31, 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	03/31/2024		12/31/2023
ASSETS
Cash and deposits in banks		8			878,300,066	1,428,625,988
Cash					306,830,816	539,275,203
Central Bank of Argentina					274,295,727	515,509,854
Other local and foreign entities					296,679,330	373,755,966
Other					494,193	84,965
Debt securities at fair value through profit or loss		8	A		3,909,575,258	2,345,991,270
Derivative financial instruments		8			42,279,672	136,769
Repo transactions		8			218,319,703	799,820,555
Other financial assets		5, 7 and 8	R		99,642,911	139,053,183
Loans and other financing		6, 7 and 8	B, C, D and R		2,130,332,976	2,319,119,101
Non-financial public sector					2,816,898	7,151,377
Other financial entities					29,295,452	8,682,795
Non-financial private sector and foreign residents					2,098,220,626	2,303,284,929
Other debt securities		7 and 8	A and R		404,237,992	545,940,484
Financial assets delivered as guarantee		8 and 29			119,209,640	149,665,110
Equity instruments at fair value through profit or loss		8	A		2,701,008	3,973,684
Investments in subsidiaries, associates and joint arrangements		10			463,386,189	466,341,904
Property, plant and equipment			F		487,412,533	484,993,662
Intangible assets			G		85,009,779	86,282,050
Other non-financial assets		11			51,561,461	65,295,871
Non-current assets held for sale					36,966,066	36,966,067
TOTAL ASSETS					8,928,935,254	8,872,205,698

		Jorge Pablo Brito
	78	Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION

AS OF MARCH 31, 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	03/31/2024		12/31/2023
LIABILITIES
Deposits		8 and 13	H and I		4,308,084,818		4,183,504,490
Non-financial public sector					517,538,659		282,727,782
Financial sector					8,330,258		11,254,151
Non-financial private sector and foreign residents					3,782,215,901		3,889,522,557
Derivative financial instruments		8	I		148,703		113,930
Repo transactions		8	I		20,856,886		35,784,780
Other financial liabilities		8 and 15	I		298,470,069		390,435,332
Financing received from the BCRA and other financial institutions		8	I		10,756,481		11,475,939
Issued corporate bonds		8 and 35	I		60,842,410		86,062,071
Current income tax liabilities		19			291,589,818		282,541,233
Subordinated corporate bonds		8 and 35	I		354,537,635		499,037,547
Provisions		15	J and R		8,752,197		8,902,791
Deferred income tax liabilities					48,439,388		60,592,678
Other non-financial liabilities		16			166,343,418		214,354,831
TOTAL LIABILITIES					5,568,821,823		5,772,805,622

SHAREHOLDERS’ EQUITY
Capital stock		27	K		639,413		639,413
Non-capital contributions					12,429,781		12,429,781
Capital adjustments					866,848,912		866,848,912
Earnings reserved					1,267,024,498		1,267,024,498
Unappropriated retained earnings					891,406,193		924,592
Accumulated other comprehensive income					46,344,907		61,051,279
Net income of the period / fiscal year					275,419,727		890,481,601
TOTAL SHAREHOLDERS’ EQUITY					3,360,113,431		3,099,400,076
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES					8,928,935,254		8,872,205,698

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
	79	Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF INCOME

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 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 03/31/2024			Quarter ended 03/31/2023
Interest income			Q		612,726,321			884,761,681
Interest expense			Q		(473,630,169	)		(506,643,368	)
Net interest income					139,096,152			378,118,313
Commissions income		20	Q		73,397,532			92,574,707
Commissions expense			Q		(5,813,042	)		(7,131,204	)
Net commissions income					67,584,490			85,443,503
Subtotal (Net interest income plus Net commissions income)					206,680,642			463,561,816
Net gain from measurement of financial instruments at fair value through profit or loss			Q		1,148,644,610			21,141,926
Profit from sold or derecognized assets at amortized cost								232
Differences in quoted prices of gold and foreign currency		21			71,906,980			140,980,351
Other operating income		22			25,448,117			16,012,729
Credit loss expense on financial assets					(15,145,756	)		(13,453,556	)
Net operating income					1,437,534,593			628,243,498
Employee benefits		23			(104,707,360	)		(88,285,779	)
Administrative expenses		24			(54,443,446	)		(43,341,341	)
Depreciation and amortization of fixed assets			F and G		(19,600,765	)		(18,669,726	)
Other operating expenses		25			(122,742,814	)		(90,140,143	)
Operating income					1,136,040,208			387,806,509
Income from subsidiaries, associates and joint arrangements		10			6,931,379			4,826,293
Loss on net monetary position					(780,334,603	)		(336,115,091	)
Income before tax on continuing operations					362,636,984			56,517,711
Income tax on continuing operations		19.b)			(87,217,257	)		(18,649,171	)
Net income from continuing operations					275,419,727			37,868,540
Net income of the period					275,419,727			37,868,540

		Jorge Pablo Brito
	80	Chairperson

SEPARATE EARNINGS PER SHARE

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 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 03/31/2024		Quarter ended 03/31/2023
Net profit attributable to parent’s shareholders		275,419,727		37,868,540
Plus: Potential dilutive effect inherent to common shares
Net profit attributable to parent’s shareholders adjusted for dilution		275,419,727		37,868,540
Weighted average of outstanding common shares of the period		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
Basic earnings per share (in pesos)		430.7384		59.2239

		Jorge Pablo Brito
	81	Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 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 03/31/2024			Quarter ended 03/31/2023
Net income of the period						275,419,727			37,868,540
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences from Financial Statements conversion						(14,063,350	)		(822,130	)
Foreign currency translation differences of the period						(14,063,350	)		(822,130	)
Profit or loss from financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a))						(5,507,050	)		(2,542,980	)
Profit or loss of the period from financial instruments at fair value through other comprehensive income (FVOCI)				Q		622,844			(7,434,816	)
Adjustment for reclassification of the period						(9,095,229	)		3,522,537
Income tax		19.b)				2,965,335			1,369,299
Interest in other comprehensive income of associates and joint ventures accounted for using the participation method						4,864,028			140,823
Income of the period from interest in other comprehensive income of subsidiaries, associates and joint ventures accounted for using the participation method						4,864,028			140,823
Total other comprehensive loss that will be reclassified to profit or loss						(14,706,372	)		(3,224,287	)
Total other comprehensive loss						(14,706,372	)		(3,224,287	)
Total comprehensive income of the period						260,713,355			34,644,253

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
	82	Chairperson

CONDESED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTH PERIOD ENDED MARCH 31, 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		866,848,912		16,921,591			44,129,688			519,629,920		747,394,578		891,406,193		3,099,400,076
Total comprehensive income of the period
- Net income of the period																			275,419,727		275,419,727
- Other comprehensive loss of the period									(14,063,350	)		(643,022	)								(14,706,372	)
Amount at the end of the period			639,413		12,429,781		866,848,912		2,858,241			43,486,666			519,629,920		747,394,578		1,166,825,920		3,360,113,431

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTH PERIOD ENDED MARCH 31, 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 period			639,413		12,429,781		866,848,912		2,125,031			(1,976,834	)		478,987,599		856,497,096		203,856,604		2,419,407,602
Total comprehensive income of the period
- Net income of the period																			37,868,540		37,868,540
- Other comprehensive loss of the period									(822,130	)		(2,402,157	)								(3,224,287	)
Amount at the end of the period			639,413		12,429,781		866,848,912		1,302,901			(4,378,991	)		478,987,599		856,497,096		241,725,144		2,454,051,855

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

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 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	03/31/2024			03/31/2023
Cash flows from operating activities
Income of the period before income tax			362,636,984			56,517,711
Adjustment for the total monetary effect of the period			780,334,603			336,115,091
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation			19,600,765			18,669,726
Credit loss expense on financial assets			15,145,756			13,453,556
Difference in quoted prices of foreign currency			(31,384,428	)		(94,196,150	)
Other adjustments			(586,426,851	)		249,220,100
Net increase / (decrease) from operating assets:
Debt securities at fair value through profit or loss			(1,562,962,182	)		(110,952,029	)
Derivative financial instruments			(42,142,903	)		200,790
Repo transactions			581,500,852			140,679,974
Loans and other financing
Non-financial public sector			4,334,479			4,951,886
Other financial entities			(20,612,657	)		(2,823,822	)
Non-financial private sector and foreign residents			189,918,547			106,146,839
Other debt securities			141,702,492			516,698,449
Financial assets delivered as guarantee			30,455,470			(665,056	)
Equity instruments at fair value through profit or loss			1,272,676			(191,563	)
Other assets			56,095,468			(5,430,328	)
Net increase / (decrease) from operating liabilities:
Deposits
Non-financial public sector			234,810,877			(88,385,881	)
Financial sector			(2,923,893	)		(395,106	)
Non-financial private sector and foreign residents			(107,306,656	)		(355,901,383	)
Derivative financial instruments			34,773			378,219
Repo transactions			(14,927,894	)		17,401,532
Other liabilities			(138,282,854	)		(101,947,408	)
Income tax payments			(1,011,392	)		(11,830,824	)
Total cash from operating activities (A)			(90,137,968	)		687,714,323

		Jorge Pablo Brito
	84	Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 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	03/31/2024			03/31/2023
Cash flows from investing activities
Payments:
Acquisition of PPE, intangible assets and other assets			(17,305,571	)		(19,443,743	)
Total cash used in investing activities (B)			(17,305,571	)		(19,443,743	)
Cash flows from financing activities
Payments:
Non-subordinated corporate bonds			(57,064	)		(48,683	)
Other payments related to financing activities			(1,477,011	)		(1,611,949	)
Collections / Incomes:
Financing from local financial entities			2,464,429			6,249,741
Total cash used in financing activities (C)			930,354			4,589,109
Effect of exchange rate fluctuations (D)			58,727,945			153,728,359
Monetary effect on cash and cash equivalents (E)			(501,918,876	)		(667,522,053	)
Net (decrease) / increase in cash and cash equivalents (A+B+C+D+E)			(549,704,116	)		159,065,995
Cash and cash equivalents at the beginning of the fiscal year	32		1,428,625,988			3,454,026,368
Cash and cash equivalents at the end of the period	32		878,921,872			3,613,092,363

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
Chairperson

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 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) 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).

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, this 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 May 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 MARCH 31, 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 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 IFRIC (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 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 debt securities of the non-financial public sector established by BCRA 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 MARCH 31, 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 continue to be 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 “Income / (loss) 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 “Income / (loss) 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.

New standards adopted

New standards 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 March 31, 2024 and December 31, 2023, the Bank maintains the following maximum exposures to credit risk related to this type of transactions:

Composition	03/31/2024			12/31/2023
Undrawn commitments of credit cards and checking accounts		1,537,520,296			1,806,755,101
Guarantees granted (1)		68,606,753			104,530,087
Overdraft and unused agreed commitments (1)		7,846,548			11,899,054
Subtotal		1,613,973,597			1,923,184,242
Less: Allowance for ECL		(1,898,500	)		(2,075,697	)
Total		1,612,075,097			1,921,108,545

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

(1)

Includes transactions not covered by BCRA debtor classification standard. The Guarantees granted include an amount of 1,113,326 and 991,299, as of March 31, 2024 and December 31, 2023, respectively. The Overdraft and unused agreed commitments include an amount of 12,409 and 17,740, as of March 31, 2024 and December 31, 2023, respectively.

OTHER FINANCIAL ASSETS

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

Composition	03/31/2024			12/31/2023
Sundry debtors		98,027,030			136,816,341
Receivables from spot sales of government securities pending settlement		703,963
Receivables from spot sales of foreign currency pending settlement		435,897			1,993,009
Private securities		207,604			96,130
Other		609,093			804,216
Subtotal		99,983,587			139,709,696
Less: Allowances for ECL		(340,676	)		(656,513	)
Total		99,642,911			139,053,183

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 March 31, 2024 and December 31, 2023 is as follows:

Composition	03/31/2024			12/31/2023
Non-financial public sector (1)		2,816,898			7,151,377
Other financial entities		29,295,452			8,682,795
Other financial entities		29,316,586			8,716,584
Less: allowance for ECL		(21,134	)		(33,789	)
Non-financial private sector and foreign residents		2,098,220,626			2,303,284,929
Overdrafts		225,098,413			260,688,035
Documents		468,392,856			481,828,727
Mortgage loans		230,651,603			239,622,112
Pledge loans		32,927,653			42,647,211
Personal loans		302,877,045			343,321,647
Credit cards		553,947,672			675,749,731
Financial leases		1,329,269			2,161,652
Other		331,351,166			311,889,710
Less: allowance for ECL		(48,355,051	)		(54,623,896	)
Total		2,130,332,976			2,319,119,101

(1)

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

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 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.

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	03/31/2024			12/31/2023
Loans and other financing		2,178,709,161			2,373,776,786
Individual assessment		686,063,986			592,322,792
Collective assessment		1,492,645,175			1,781,453,994
Less: Allowance for ECL (1)		(48,376,185	)		(54,657,685	)
Total		2,130,332,976			2,319,119,101

(1)

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

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

		03/31/2024
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			2,033,425,183		67,501,567				2,100,926,750		96.43
High grade	0.00% - 3.50%		1,892,667,555		20,343,646				1,913,011,201		87.80
Standard grade	3.51% - 7.00%		90,900,867		12,983,883				103,884,750		4.77
Sub-standard grade	7.01% - 33.00%		49,856,761		34,174,038				84,030,799		3.86
Past due but not impaired (1)	33.01% - 99.99%		17,720,462		38,081,095				55,801,557		2.56
Impaired	100%						21,980,854		21,980,854		1.01
	Total		2,051,145,645		105,582,662		21,980,854		2,178,709,161		100
	%		94.14		4.85		1.01		100

		12/31/2023
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			2,230,449,586		72,366,862				2,302,816,448		97.01
High grade	0.00% - 3.50%		2,077,080,083		26,257,674				2,103,337,757		88.61
Standard grade	3.51% - 7.00%		101,649,460		16,305,773				117,955,233		4.97
Sub-standard grade	7.01% - 33.00%		51,720,043		29,803,415				81,523,458		3.43
Past due but not impaired (1)	33.01% - 99.99%		14,491,312		30,913,862				45,405,174		1.91
Impaired	100%						25,555,164		25,555,164		1.08
	Total		2,244,940,898		103,280,724		25,555,164		2,373,776,786		100
	%		94.57		4.35		1.08		100

(1)

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

7.1.1

Loans on an individual assessment

		03/31/2024
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			672,982,511		7,882,920				680,865,431		99.24
High grade	0.00% - 3.50%		622,506,360		4,528,404				627,034,764		91.39
Standard grade	3.51% - 7.00%		26,756,884		60,503				26,817,387		3.91
Sub-standard grade	7.01% - 33.00%		23,719,267		3,294,013				27,013,280		3.94
Past due but not impaired	33.01% - 99.99%
Impaired	100%						5,198,555		5,198,555		0.76
	Total		672,982,511		7,882,920		5,198,555		686,063,986		100
	%		98.09		1.15		0.76		100

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(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			573,821,922		10,755,511				584,577,433		98.69
High grade	0.00% - 3.50%		519,228,060		6,475,226				525,703,286		88.75
Standard grade	3.51% - 7.00%		31,120,908						31,120,908		5.25
Sub-standard grade	7.01% - 33.00%		23,472,954		4,280,285				27,753,239		4.69
Past due but not impaired	33.01% - 99.99%
Impaired	100%						7,745,359		7,745,359		1.31
	Total		573,821,922		10,755,511		7,745,359		592,322,792		100
	%		96.87		1.82		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 at 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.

		03/31/2024
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			1,360,442,672		59,618,647				1,420,061,319		95.14
High grade	0.00% - 3.50%		1,270,161,195		15,815,242				1,285,976,437		86.16
Standard grade	3.51% - 7.00%		64,143,983		12,923,380				77,067,363		5.16
Sub-standard grade	7.01% - 33.00%		26,137,494		30,880,025				57,017,519		3.82
Past due but not impaired (1)	33.01% - 99.99%		17,720,462		38,081,095				55,801,557		3.74
Impaired	100%						16,782,299		16,782,299		1.12
	Total		1,378,163,134		97,699,742		16,782,299		1,492,645,175		100
	%		92.33		6.55		1.12		100

		12/31/2023
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			1,656,627,664		61,611,351				1,718,239,015		96.45
High grade	0.00% - 3.50%		1,557,852,023		19,782,448				1,577,634,471		88.56
Standard grade	3.51% - 7.00%		70,528,552		16,305,773				86,834,325		4.87
Sub-standard grade	7.01% - 33.00%		28,247,089		25,523,130				53,770,219		3.02
Past due but not impaired (1)	33.01% - 99.99%		14,491,312		30,913,862				45,405,174		2.55
Impaired	100%						17,809,805		17,809,805		1.00
	Total		1,671,118,976		92,525,213		17,809,805		1,781,453,994		100
	%		93.81		5.19		1.00		100

(1)

It also 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 MARCH 31, 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 table below shows the exposures gross of impairment allowances by stage:

	03/31/2024
Composition	Stage 1		Stage 2	Stage 3	Total		%
Corporate bonds		9,927,657				9,927,657		92.31
Financial trusts		826,469				826,469		7.69
Total		10,754,126				10,754,126		100
%		100				100

	12/31/2023
Composition	Stage 1		Stage 2	Stage 3	Total		%
Corporate bonds		14,412,193				14,412,193		93.46
Financial trusts		1,008,496				1,008,496		6.54
Total		15,420,689				15,420,689		100
%		100				100

The related ECL for Corporate Bonds as of March 31, 2024 and December 31, 2023 amounted to 24,099 and 12,686, respectively. The ECL related to financial trusts as of March 31, 2024 and December 31, 2023 amounted to 433 and 211, 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:

	03/31/2024
Composition	Stage 1		Stage 2	Stage 3	Total		%
Other financial assets		99,775,983				99,775,983		100
Total		99,775,983				99,775,983		100
%		100				100

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 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		139,613,566				139,613,566		100
Total		139,613,566				139,613,566		100
%		100				100

The ECL related to these types of instruments amounted to 340,676 and 656,513 as of March 31, 2024 and December 31, 2023, respectively.

Exhibit R “Value correction for losses – Allowances for bad debt 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:

	03/31/2024
Composition	Stage 1		Stage 2		Stage 3		Total		%
Undrawn commitments of credit cards and checking accounts		1,519,628,494		17,888,879		2.923		1,537,520,296		95.33
Guarantees granted		67,086,240		407,187				67,493,427		4.18
Overdraft and unused agreed commitments		7,834,139						7,834,139		0.49
Total		1,594,548,873		18,296,066		2.923		1,612,847,862		100
%		98.87		1.13				100

	12/31/2023
Composition	Stage 1		Stage 2		Stage 3		Total		%
Undrawn commitments of credit cards and checking accounts		1,794,234,291		12,517,118		3,692		1,806,755,101		93.99
Guarantees granted		103,538,788						103,538,788		5.39
Overdraft and unused agreed commitments		11,881,314						11,881,314		0.62
Total		1,909,654,393		12,517,118		3,692		1,922,175,203		100
%		99.35		0.65				100

The related ECL for undrawn commitments of credit cards and checking accounts as of March 31, 2024 and December 31, 2023 amounted to 1,463,304 and 1,493,351, respectively. The ECL related to guarantees granted as of March 31, 2024 and December 31, 2023 amounted to 430,477 and 517,390, respectively. The ECL related to overdraft and unused agreed commitments as of March 31, 2024 and December 31, 2023 amounted to 4,719 and 64,956, 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 MARCH 31, 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 March 31, 2024 and December 31, 2023:

	Financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 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		3,909,575,258		388,303,998		3,521,261,624		9,636
Derivatives financial instruments (1)		42,279,672		82,263		42,197,409
Other financial assets		207,604						207,604
Financial assets delivered as guarantee		27,207,398		27,207,398
Investments in equity instruments		2,701,008		642,316				2,058,692

At fair value through OCI
Other debt securities		243,148,336		243,148,336
Total		4,225,119,276		659,384,311		3,563,459,033		2,275,932
Financial liabilities
At fair value through profit or loss
Derivatives financial instruments		148,703		26,511		122,192
Total		148,703		26,511		122,192

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

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 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		2,345,991,270		2,332,079,632		13,901,000		10,638
Derivatives financial instruments		136,769		995		135,774
Other financial assets		96,130						96,130
Financial assets delivered as guarantee		38,252,478		38,252,478
Investments in equity instruments		3,973,684		854,653				3,119,031

At fair value through OCI
Other debt securities		334,742,642		334,742,642
Total		2,723,192,973		2,705,930,400		14,036,774		3,225,799
Financial liabilities
At fair value through profit or loss
Derivatives financial instruments		113,930		61,240		52,690
Total		113,930		61,240		52,690

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 March 31, 2024
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		10,638			96,130			3,119,031
Transfers to level 3
Transfers from level 3
Profit and loss		41,043			165,079			1,786
Recognition and derecognition		(2,760	)		18,222
Monetary effects		(39,285	)		(71,827	)		(1,062,125	)
Amount at the end of the period		9,636			207,604			2,058,692

	As of December 31, 2023
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		4,872,074			233,319			3,234,230
Transfers to level 3
Transfers from level 3 (1)								(213,223	)
Profit and loss		3,535,732			56,497			3,411,737
Recognition and derecognition		(5,238,962	)
Monetary effects		(3,158,206	)		(193,686	)		(3,313,713	)
Amount at the end of the fiscal year		10,638			96,130			3,119,031

(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 MARCH 31, 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 March 31, 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 March 31, 2024 and December 31, 2023:

	03/31/2024
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		878,300,066		878,300,066						878,300,066
Repo transactions		218,319,703		218,319,703						218,319,703
Other financial assets		99,435,307		99,435,307						99,435,307
Loans and other financing		2,130,332,976						1,942,304,365		1,942,304,365
Other debt securities		161,089,656		204,814,029		3,262,571				208,076,600
Financial assets delivered as guarantee		92,002,242		92,002,242						92,002,242
Total		3,579,479,950		1,492,871,347		3,262,571		1,942,304,365		3,438,438,283
Financial liabilities
Deposits		4,308,084,818		2,028,382,070				2,293,865,906		4,322,247,976
Repo transactions		20,856,886		20,856,886						20,856,886
Other financial liabilities		298,470,069		284,087,413		13,584,746				297,672,159
Financing received from the BCRA and other financial institutions		10,756,481		10,489,211		267,270				10,756,481
Issued corporate bonds		60,842,410				60,706,297				60,706,297
Subordinated corporate bonds		354,537,635				318,993,309				318,993,309
Total		5,053,548,299		2,343,815,580		393,551,622		2,293,865,906		5,031,233,108

	12/31/2023
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		1,428,625,988		1,428,625,988						1,428,625,988
Repo transactions		799,820,555		799,820,554						799,820,554
Other financial assets		138,957,053		138,957,053						138,957,053
Loans and other financing		2,319,119,101						2,256,557,116		2,256,557,116
Other debt securities		211,197,842		64,169,076		84,249,560		73,855,919		222,274,555
Financial assets delivered as guarantee		111,412,632		111,412,631						111,412,631
Total		5,009,133,171		2,542,985,302		84,249,560		2,330,413,035		4,957,647,897

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 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		4,183,504,490		2,512,320,735				1,673,554,593		4,185,875,328
Repo transactions		35,784,780		35,784,780						35,784,780
Other financial liabilities		390,435,332		373,764,091		15,916,957				389,681,048
Financing received from the BCRA and other financial institutions		11,475,939		11,141,241		334,699				11,475,940
Issued corporate bonds		86,062,071				87,293,559				87,293,559
Subordinated corporate bonds		499,037,547				422,482,506				422,482,506
Total		5,206,300,159		2,933,010,847		526,027,721		1,673,554,593		5,132,593,161

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 March 31, 2024 and December 31, 2023 is as follows:

Composition	03/31/2024		12/31/2023
Investment property (see Exhibit F)		40,651,070		40,655,999
Advanced prepayments		9,382,506		7,575,562
Tax advances		1,272,587		16,948,383
Other		255,298		115,927
Total		51,561,461		65,295,871

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 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 March 31, 2024 and December 31, 2023, amounts balances related to transactions generated with related parties are as follows:

	As of March 31, 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		6,870									6,870
Other financial assets					7,557,567						7,557,567
Loans and other financing (3)
Other financial entities							12,870,060				12,870,060
Documents										420,520	420,520
Overdraft						164			3,683	2,660,487	2,664,334
Credit cards									476,461	103,916	580,377
Lease						24,651				48,086	72,737
Personal loans									335		335
Mortgage loans									2,019,220		2,019,220
Other loans (4)									579,345	19,796,238	20,375,583
Guarantee granted										26,893,116	26,893,116
Total assets		6,870			7,557,567	24,815	12,870,060		3,079,044	49.922.363	73,460,719

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

	As of March 31, 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		50,573,810	222,945	7,247	11,827		363,367	12,013,189	7,970,939	71,163,324
Other financial liabilities								3,678	10,052	13,730
Issued corporate bonds		2,175,000								2,175,000
Subordinated corporate bonds				842,027	132,952					974,979
Other non-financial liabilities									2,450,680	2,450,680
Total liabilities		52,748,810	222,945	849,274	144,779		363,367	12,016,867	10,431,671	76,777,713

(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 March 31, 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 8,678,890, 36,658, 14,026,609, 3,988,693 and 62,141,538, 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	9,822								9,822
Other financial assets				12,624,218					12,624,218
Loans and other financing (3)
Documents								1,947,565	1,947,565
Overdraft							382,413	4,036,320	4,418,733
Credit cards							739,512	195,363	934,875
Lease					46,966			78,240	125,206
Personal loans							6,990		6,990
Mortgage loans							1,913,368		1,913,368
Other loans (4)							526,313	7,212,384	7,738,697
Guarantee granted								39,963,568	39,963,568
Total assets	9,822			12,624,218	46,966		3,568,596	53,433,440	69,683,042
Liabilities
Deposits		23,933,528	392,024	37,422	16,936	461,417	7,596,989	22,643,909	55,082,225
Other financial liabilities							4,191	81,027	85,218
Issued corporate bonds		4,374,264							4,374,264
Subordinated corporate bonds				1,185,215	187,139				1,372,354
Other non-financial liabilities								3,823,505	3,823,505
Total liabilities		28,307,792	392,024	1,222,637	204,075	461,417	7,601,180	26,548,441	64,737,566

100

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 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 32,806,934, 103,864, 5,230,317 and 78,095,857, 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 three-month periods ended March 31, 2024 and 2023 with related parties are as follows:

	As of March 31, 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		58,218				5,126	159,037		1		1,000,637		2,043,367		3,266,386
Interest expense							(46,575	)	(24,968	)	(15,799	)	(646,982	)	(734,324	)
Commissions income		27,157		1,939					173		237		27,478		56,984
Commissions expense				(2,985	)						(87	)	(45,345	)	(48,417	)
Other operating income				1,482,493		2,392			755				4,731		1,490,371
Administrative expense													(1,040,142	)	(1,040,142	)
Other operating expense													(301,475	)	(301,475	)
Total income / (loss)		85,375		1,481,447		7,518	112,462		(24,039	)	984,988		41,632		2,689,383

(1)

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

(2)

Includes close family members of the key management personnel.

	As of March 31, 2023
	Main subsidiaries
	Macro Bank Limited	Macro Securities SAU (1)	Argenpay SAU	Fintech SGR		Associates		Key management personnel (2)		Other related parties		Total
Income / (loss)
Interest income		3,177						410,571		1,407,313		1,821,061
Interest expense						(31,716	)	(103,158	)	(78,125	)	(212,999	)
Commissions income		44,764		1,133		900		182		25,976		72,955
Commissions expense				(18,924	)			(47	)			(18,971	)
Other operating income		101,102	50	1,638,413						70		1,739,635
Administrative expense										(1,050,284	)	(1,050,284	)
Other operating expense										(67,893	)	(67,893	)
Total income / (loss)		149,043	50	1,620,622		(30,816	)	307,548		237,057		2,283,504

(1)

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

(2)

Includes close family members of the key management personnel.

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 March 31, 2024 and 2023 amounted to 957,513 and 819,882, respectively.

101

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

In addition, fees received by the Directors as of March 31, 2024 and 2023 amounted to 957,513 and 819,882, respectively.

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

Composition	03/31/2024		12/31/2023
Board of Directors		12		12
Senior managers of the key management personnel		11		11
Total		23		23

13.

DEPOSITS

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

Composition	03/31/2024		12/31/2023
Non-financial public sector		517,538,659		282,727,782
Financial sector		8,330,258		11,254,151
Non-financial private sector and foreign residents		3,782,215,901		3,889,522,557
Checking accounts		372,363,166		487,961,704
Saving accounts		1,418,907,019		1,820,761,688
Time deposits		1,756,620,934		1,412,342,875
Investment accounts		175,481,847		102,282,707
Other		58,842,935		66,173,583
Total		4,308,084,818		4,183,504,490

14.

OTHER FINANCIAL LIABILITIES

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

Composition	03/31/2024		12/31/2023
Credit and debit card settlement - due to merchants		220,639,745		296,182,853
Payment orders pending to foreign exchange settlement		31,454,485		40,798,643
Collections and other transactions on account and behalf of others		14,329,045		15,181,181
Finance leases liabilities		10,409,941		12,515,830
Amounts payable for spot purchases of government securities pending settlement		1,167,585
Amounts payable for spot purchases of foreign currency pending settlement		1,045,385		2,011,342
Other		19,423,883		23,745,483
Total		298,470,069		390,435,332

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 March 31, 2024 and December 31, 2023.

102

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

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

(Figures stated in thousands of pesos in constant currency)

The expected terms to settle these obligations are as follows:

	03/31/2024
Composition	Within 12 months		Over 12 months		03/31/2024		12/31/2023
For administrative, disciplinary and criminal penalties				500		500		758
Letters of credits, guarantees and other commitments (1)		1,898,500				1,898,500		2,075,697
Commercial claims in progress (2)		1,627,509		827,736		2,455,245		3,331,912
Labor lawsuits		852,765		170,931		1,023,696		791,857
Pension funds - reimbursement		801,772		510,165		1,311,937		1,848,780
Other		838		2,061,481		2,062,319		853,787
Total		5,181,384		3,570,813		8,752,197		8,902,791

(1)

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

(2)

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