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

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

February 7, 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 September 30, 2023 together with the reports on review of interim Financial Statements

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2023

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: Equity instruments at fair value through profit or loss – Prisma Medios de Pago SA

Note 11: Fair value quantitative and qualitative disclosures

Note 12: Business combinations

Note 13: Investment in associates and joint arrangements

Note 14: Other non-financial assets

Note 15: Related parties

Note 16: Deposits

Note 17: Other financial liabilities

Note 18: Provisions

Note 19: Other non-financial liabilities

Note 20: Analysis of financial assets to be recovered and financial liabilities to be settled

Note 21: Disclosures by operating segment

Note 22: Income tax

Note 23: Commissions income

Note 24: Differences in quoted prices of gold and foreign currency

Note 25: Other operating income

Note 26: Employee benefits

Note 27: Administrative expenses

Note 28: Other operating expenses

Note 29: Additional disclosures in the statement of cash flows

BANCO MACRO SA

CONDENSED INTERIM FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2023

CONTENT (contd.)

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

Note 30: Capital stock

Note 31: Earnings per share – Dividends

Note 32: Deposit guarantee insurance

Note 33: Restricted assets

Note 34: Trust activities

Note 35: Compliance with CNV regulations

Note 36: Accounting items that identify the compliance with minimum cash requirements

Note 37: Penalties applied to the Bank and summary proceedings initiated by the BCRA

Note 38: Corporate bonds issuance

Note 39: Off balance sheet transactions

Note 40: Tax and other claims

Note 41: Restriction on dividends distribution

Note 42: Capital management, corporate governance transparency policy and risk management

Note 43: Changes in the Argentine macroeconomic environment and financial and capital markets

Note 44: Events after reporting period

Note 45: 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 SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Items	Notes	Exhibits	09/30/2023		12/31/2022
ASSETS
Cash and deposits in banks	11			447,528,289		508,058,123
Cash				107,386,464		56,095,262
Central Bank of Argentina				219,374,095		291,575,393
Other local and foreign entities				120,744,099		160,362,849
Other				23,631		24,619
Debt securities at fair value through profit or loss	5 and 11			808,538,241		428,758,238
Derivative financial instruments	11			768,978		87,150
Repo transactions	11			157,364,611		125,809,935
Other financial assets	6, 8 and 11	R		186,990,486		117,714,793
Loans and other financing	7, 8 and 11	B, C, D and R		1,153,412,067		1,216,063,104
Non-financial public sector				3,160,875		4,483,407
Other financial entities				14,538,086		1,883,759
Non-financial private sector and foreign residents				1,135,713,106		1,209,695,938
Other debt securities	8, 9 and 11	R		604,074,307		1,498,249,802
Financial assets delivered as guarantee	11 and 33			58,193,520		62,205,356
Equity instruments at fair value through profit or loss	10 and 11			2,375,235		1,705,366
Investment in associates and joint arrangements	13			1,437,992		2,319,167
Property, plant and equipment		F		208,243,261		206,937,053
Intangible assets		G		35,764,648		35,429,025
Deferred income tax assets	22			365,497		149,454
Other non-financial assets	14			26,346,215		25,298,111
Non-current assets held for sale				16,870,874		17,991,543
TOTAL ASSETS				3,708,274,221		4,246,776,220

Jorge Pablo Brito
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Items	Notes	Exhibits	09/30/2023		12/31/2022
LIABILITIES
Deposits	11 and 16	H and I		2,009,154,591		2,631,606,153
Non-financial public sector				177,707,333		223,368,942
Financial sector				3,452,362		3,358,992
Non-financial private sector and foreign residents				1,827,994,896		2,404,878,219
Liabilities at fair value through profit or loss	11	I		10,534,801		1,068,628
Derivative financial instruments	11	I		39,501		4,816
Repo transactions	11	I		38,794,740
Other financial liabilities	11 and 17	I		321,016,155		274,439,163
Financing received from the Central Bank of Argentina and other financial institutions	11	I		5,506,905		4,975,858
Issued corporate bonds	11 and 38	I		5,453,357		5,516,677
Current income tax liabilities	22			25,035,157		22,040,728
Subordinated corporate bonds	11 and 38	I		144,483,267		146,532,380
Provisions	18	J and R		3,939,984		5,511,641
Deferred income tax liabilities	22			25,238,039		26,974,775
Other non-financial liabilities	19			111,342,159		86,967,435
TOTAL LIABILITIES				2,700,538,656		3,205,638,254

SHAREHOLDERS’ EQUITY
Capital stock	30			639,413		639,413
Non-capital contributions				12,429,781		12,429,781
Adjustments to shareholders’ equity				365,521,317		365,521,317
Earnings reserved				545,145,564		574,601,010
Unappropriated retained earnings				397,812		277,517
Accumulated Other Comprehensive Income				161,001		63,762
Net Income of the period / fiscal year				83,275,349		87,433,118
Net shareholders’ equity attributable to controlling interest				1,007,570,237		1,040,965,918
Net shareholders’ equity attributable to non-controlling interests				165,328		172,048
TOTAL SHAREHOLDERS’ EQUITY				1,007,735,565		1,041,137,966
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES				3,708,274,221		4,246,776,220

Notes 1 to 45 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
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Items	Notes	Exhibits	Quarter ended 09/30/2023			Accumulated from beginning of year up to 09/30/2023			Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022
Interest income		Q		429,126,789			1,224,717,531			326,826,720			840,710,119
Interest expense		Q		(316,434,658	)		(803,514,674	)		(175,546,243	)		(390,277,992	)
Net interest income				112,692,131			421,202,857			151,280,477			450,432,127

Commissions income	23	Q		39,430,851			119,330,659			37,746,140			114,651,899
Commissions expense		Q		(3,939,949	)		(11,561,017	)		(3,809,287	)		(11,200,380	)
Net commissions income				35,490,902			107,769,642			33,936,853			103,451,519
Subtotal (Net interest income plus Net commissions income)				148,183,033			528,972,499			185,217,330			553,883,646

Net gain from measurement of financial instruments at fair value through profit or loss		Q		(36,357,769	)		48,939,280			60,835,766			104,039,563
Profit from sold or derecognized assets at amortized cost				137,288			137,389						(12	)
Differences in quoted prices of gold and foreign currency	24			238,078,467			401,509,399			38,197,373			64,351,538
Other operating income	25			11,282,630			31,136,679			8,924,694			31,321,694
Allowance for loan losses				(4,864,199	)		(18,111,133	)		(3,395,899	)		(8,180,085	)
Net operating income				356,459,450			992,584,113			289,779,264			745,416,344

Employee benefits	26			(43,119,759	)		(123,656,738	)		(42,069,935	)		(119,550,048	)
Administrative expenses	27			(23,076,805	)		(65,698,683	)		(19,766,467	)		(58,404,792	)
Depreciation and amortization of fixed assets		F and G		(8,254,615	)		(24,753,046	)		(7,831,505	)		(22,984,454	)
Other operating expenses	28			(46,995,376	)		(136,634,329	)		(41,164,034	)		(111,757,137	)
Operating income				235,012,895			641,841,317			178,947,323			432,719,913

Loss from associates and joint arrangements	13			(71,080	)		(693,702	)		(230,354	)		(469,085	)
Loss on net monetary position				(215,919,498	)		(510,956,124	)		(139,002,345	)		(348,612,900	)
Income before tax on continuing operations				19,022,317			130,191,491			39,714,624			83,637,928

Income tax on continuing operations	22.c)			(11,510,952	)		(46,825,930	)		(18,548,535	)		(29,942,359	)
Net income from continuing operations				7,511,365			83,365,561			21,166,089			53,695,569
Net income of the period				7,511,365			83,365,561			21,166,089			53,695,569
Net income of the period attributable to controlling interest				7,484,647			83,275,349			21,122,582			53,701,040
Net income / (loss) of the period attributable to non-controlling interest				26,718			90,212			43,507			(5,471	)

Jorge Pablo Brito
Chairperson

CONSOLIDATED EARNINGS PER SHARE

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Items	Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022
Net profit attributable to Parent’s shareholders		7,484,647		83,275,349		21,122,582		53,701,040
Plus: Potential diluted earnings per common share
Net profit attributable to Parent’s shareholders adjusted as per diluted earnings		7,484,647		83,275,349		21,122,582		53,701,040
Weighted average of outstanding common shares of the period		639,413		639,413		639,413		639,413
Plus: Weighted average of the number of additional common shares with dilution effects
Weighted average of outstanding common shares of the period adjusted as per dilution effect		639,413		639,413		639,413		639,413
Basic earnings per share (in pesos)		11.7055		130.2372		33.0343		83.9849

Jorge Pablo Brito
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Items	Notes	Exhibits	Quarter ended 09/30/2023			Accumulated from beginning of year up to 09/30/2023			Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022
Net income of the period				7,511,365			83,365,561			21,166,089			53,695,569
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences in Financial Statements conversion				128,071			(308,074	)		(423,023	)		(1,753,873	)
Foreign currency translation differences of the period				128,071			(308,074	)		(423,023	)		(1,753,873	)
Profit or loss from financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9 (4.1.2) (a))				(1,545,030	)		405,313			5,378,553			(4,465,067	)
Profit or loss of the period from financial instruments at fair value through other comprehensive income (FVOCI)		Q		(1,969,508	)		(365,838	)		20,123,708			3,273,589
Adjustment for reclassification of period				(356,476	)		968,523			(11,767,998	)		(9,756,530	)
Income tax	22.c)			780,954			(197,372	)		(2,977,157	)		2,017,874
Total Other Comprehensive (Loss) / Income that will be reclassified to profit or loss				(1,416,959	)		97,239			4,955,530			(6,218,940	)
Total Other Comprehensive (Loss) / Income				(1,416,959	)		97,239			4,955,530			(6,218,940	)
Total comprehensive income of the period				6,094,406			83,462,800			26,121,619			47,476,629
Total comprehensive income attributable to controlling interest				6,067,688			83,372,588			26,078,112			47,482,100
Total Comprehensive Income / (Loss) attributable to non-controlling interest				26,718			90,212			43,507			(5,471	)

Notes 1 to 45 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
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

		Capital stock	Non-capital contributions		Other Comprehensive Income				Earnings Reserved
Changes	Notes	Outstanding shares	Additional paid-in capital	Adjustments to shareholders’ equity	Accumulated foreign currency translation difference in 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	365,521,317	914,308		(850,546	)	206,087,542	368,513,468		87,710,635		1,040,965,918		172,048		1,041,137,966
Total comprehensive income of the period
- Net income of the period												83,275,349		83,275,349		90,212		83,365,561
- Other comprehensive income of the period					(308,074	)	405,313							97,239				97,239
Distribution of unappropriated retained earnings, as approved by the shareholders’ meeting held on April 25, 2023
- Legal reserve									17,486,625			(17,486,625	)
- Reserve for dividends pending Central Bank of Argentina’s authorization	31									(46,942,071	)	(68,581,526	)	(115,523,597	)			(115,523,597	)
- Personal assets tax on shares and equity interests												(1,244,672	)	(1,244,672	)			(1,244,672	)
- Other changes																(96,932	)	(96,932	)
Amount at the end of the period		639,413	12,429,781	365,521,317	606,234		(445,233	)	223,574,167	321,571,397		83,673,161		1,007,570,237		165,328		1,007,735,565

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

		Capital stock	Non-capital contributions		Other Comprehensive Income				Earnings Reserved
Changes	Notes	Outstanding shares	Additional paid-in capital	Adjustments to shareholders’ equity	Accumulated foreign currency translation difference in 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	365,521,317	2,374,940		8,981,800		191,681,472	290,413,864	72,030,346		944,072,933		149,897		944,222,830
Total comprehensive income of the period
- Net income of the period											53,701,040		53,701,040		(5,471	)	53,695,569
- Other comprehensive income of the period					(1,753,873	)	(4,465,067	)					(6,218,940	)			(6,218,940	)
Distribution of unappropriated retained earnings, as approved by the shareholders’ meeting held on April 29, 2022
- Legal reserve									14,406,069		(14,406,069	)
- Reserve for dividends pending Central Bank of Argentina’s authorization										78,099,605	(56,144,821	)	21,954,784				21,954,784
- Personal assets tax on shares and equity interests											(1,201,939	)	(1,201,939	)			(1,201,939	)
- Other changes															7,768		7,768
Amount at the end of the period		639,413	12,429,781	365,521,317	621,067		4,516,733		206,087,541	368,513,469	53,978,557		1,012,307,878		152,194		1,012,460,072

Notes 1 to 45 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
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Items	Notes	09/30/2023			09/30/2022
Cash flows from operating activities
Income of the period before income tax			130,191,491			83,637,928
Adjustment for the total monetary effect of the period			510,956,124			348,612,900
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation			24,753,046			22,984,454
Allowance for loan losses			18,111,133			8,180,085
Difference in quoted prices of foreign currency			(183,479,500	)		(121,069,010	)
Other adjustments			335,158,442			211,496,393
Net increase / (decrease) from operating assets:
Debt securities at fair value through profit or loss			(379,780,003	)		(298,706,620	)
Derivative financial instruments			(681,828	)		(323,627	)
Repo transactions			(31,554,676	)		(24,598,269	)
Loans and other financing
Non-financial public sector			1,322,532			5,162,202
Other financial entities			(12,654,327	)		3,739,477
Non-financial private sector and foreign residents			55,822,552			165,516,519
Other debt securities	31		209,404,683			86,523,282
Financial assets delivered as guarantee			4,011,836			6,137,098
Equity instruments at fair value through profit or loss			(669,869	)		7,010,807
Other assets			(70,102,292	)		60,166,308
Net increase / (decrease) from operating liabilities:
Deposits
Non-financial public sector			(45,661,609	)		97,941,636
Financial sector			93,370			(769,143	)
Non-financial private sector and foreign residents			(576,883,323	)		251,889,230
Liabilities at fair value through profit or loss			9,466,173			(4,851,021	)
Derivative financial instruments			34,685			(5,503	)
Repo transactions			38,794,740			835,220
Other liabilities			47,426,778			(61,098,034	)
Income tax payments			(16,785,506	)		(2,674,147	)
Total cash from operating activities (A)			67,294,652			845,738,165

Jorge Pablo Brito
Chairperson

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Items	Notes	09/30/2023			09/30/2022
Cash flows from investing activities
Payments:
Acquisition of PPE, intangible assets and other assets			(23,161,795	)		(40,940,402	)
Other payments related to investing activities						(7,758	)
Total cash used in investing activities (B)			(23,161,795	)		(40,948,160	)
Cash flows from financing activities
Payments:
Dividends	31		(113,627	)		(30,682,677	)
Non-subordinated corporate bonds			(2,688,035	)		(10,165,415	)
Subordinated corporate bonds			(4,637,196	)		(4,964,159	)
Other payments related to financing activities			(2,083,944	)		(1,570,489	)
Collections / Incomes:
Non subordinated corporate bonds			2,188,964			5,992,062
Financing to local financial entities			800,499			4,877,939
Total cash used in financing activities (C)			(6,533,339	)		(36,512,739	)
Effect of exchange rate fluctuations (D)			288,288,818			177,410,077
Monetary effect on cash and cash equivalents (E)			(970,869,001	)		(676,695,892	)
Net (decrease) / increase in cash and cash equivalents (A+B+C+D+E)			(644,980,665	)		268,991,451
Cash and cash equivalents at the beginning of the fiscal year	29		1,523,484,356			1,226,474,961
Cash and cash equivalents at the end of the period	29		878,503,691			1,495,466,412

Notes 1 to 45 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
Chairperson

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

1.	CORPORATE INFORMATION

Banco Macro SA (hereinafter, the Bank) is a stock 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 have been 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 2022, 2021 and 2020, the Bank made contributions in the company Play Digital SA for a total amount of 629,854 (not restated). On October 4, 2022, the Bank sold 22,112,340 shares for an amount of 61,889. In addition, on October 27, 2022, the Bank subscribed 178,911,312 shares for a face value of ARS 1 related to the abovementioned irrevocable capital contributions. As a consequence, the Bank’s new interest in this company is 9.6984%. Additionally, on February 23, 2023, the Bank made a new irrevocable capital contribution for an amount of 347,371 (not restated). 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’s (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 12.

Additionally, on November 2, 2023, the Board of Directors of the Central Bank of Argentina (BCRA), authorized the acquisition 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 12.

On November 22, 2023, the Board of Directors approved the issuance of these condensed consolidated interim Financial Statements.

2.	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 September 30, 2023 and December 31, 2022, the deposits held by the Misiones Provincial Government with the Bank amounted to 30,293,994 and 43,273,507 (including 3,348,213 and 3,282,491 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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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

As of September 30, 2023 and December 31, 2022, the deposits held by the Salta Provincial Government with the Bank amounted to 84,674,504 and 70,108,563 (including 6,028,031 and 7,022,574, 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 September 30, 2023 and December 31, 2022, the deposits held by the Jujuy Provincial Government with the Bank amounted to 14,223,931 and 15,798,772 (including 4,739,623 and 4,519,093, 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 September 30, 2023 and December 31, 2022, 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 34,055,755 and 70,461,048 (including 16,049,655 and 18,817,971, 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 September 30, 2023 and December 31, 2022 for an amount of 1,086,824 and 1,065,122, respectively.

3.	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 SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

In March 2022, the Bank’s holdings in Prisma Medios de Pago SA (Prisma) was transferred. That company was measured according to the Memorandums received from the BCRA on March 12 and 22, 2021, which established specific guidelines related to the measurement at fair value of such holding. If, for the fair value measurement purpose previously mentioned, IFRS had been applied, the profit or loss for the nine-month period ended September 30, 2022, should have been modified. However, this situation did not generate differences in the shareholders’ equity as of September 30, 2022.

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 also Notes 9 and 43 to the condensed consolidated interim Financial Statements).

If IFRS 9 had applied, and according an estimation calculated by the Bank, the Statement of income for the period ended September 30, 2023, would have recorded a decrease in “other operating income” for an amount of 2,779,239 and in “Loss on net monetary position” for an amount of 71,348 and an increase in “Net gain from measurement of financial instruments at fair value through profit or loss” for an amount of 2,573,067, and as a counterpart an increase in “Other comprehensive income” of that period. These changes would not have resulted into modifications to the total shareholder equity as of that date nor the total comprehensive income for the nine-month period ended September 30, 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” 7642. Generally, the BCRA does not allow the anticipated application of any IFRS, unless otherwise expressly stated.

Basis for the preparation and consolidation

These condensed consolidated interim Financial Statements as of September 30, 2023, 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, 2022, 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, 2022, 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, 2022, already issued.

As of September 30, 2023 and December 31, 2022, 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

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Subsidiaries	Principal place of business	Country	Main activity
Macro Fondos SGFCISA	Ave. Eduardo Madero 1182 - 24th floor, Office B - CABA	Argentina	Management and administration of mutual funds
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

(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: 32,465).

(3)

Consolidated with the Bank since May 2023, as control was obtained in such month (see Note 12).

As of September 30, 2023 and December 31, 2022, the Bank consolidated its Financial Statements with the following Companies:

	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		341,200,000		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	%

(1)

Interest acquired in May 2023 (see Note 12).

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Total assets, liabilities and Shareholders’ equity of the Bank and all its subsidiaries as of September 30, 2023 and December 31, 2022 are as follows:

	Balances as of 09/30/2023
Entity	Assets			Liabilities			Equity attributable to the owners of the Bank			Equity attributable to non-controlling interests
Banco Macro SA		3,576,302,666			2,568,732,429			1,007,570,237
Macro Bank Limited		36,831,102			25,725,254			11,105,848
Macro Securities SAU (1)		125,479,661			93,229,048			31,271,016
Macro Fiducia SAU		347,087			10,907			336,180
Argenpay SAU		6,630,218			4,281,853			2,348,365
Fintech SGR		11,339,397			11,118,965			220,432			165,328
Macro Agro SAU (formerly known as Comercio Interior SAU)		18,152,184			17,766,919			385,265
Eliminations		(66,808,094	)		(20,326,719	)		(45,667,106	)
Consolidated		3,708,274,221			2,700,538,656			1,007,570,237			165,328

(1)

Includes the balance amounts of its subsidiary Macro Fondos SGFCISA.

	Balances as of 12/31/2022
Entity	Assets			Liabilities			Equity attributable to the owners of the Bank			Equity attributable to non-controlling interests
Banco Macro SA		4,180,612,869			3,139,646,951			1,040,965,918
Macro Bank Limited		32,618,561			22,543,284			10,075,277
Macro Securities SAU (1)		68,910,453			47,584,013			20,297,484
Macro Fiducia SAU		401,609			10,006			391,603
Argenpay SAU		5,149,722			3,246,486			1,903,236
Fintech SGR		10,789,885			10,560,483			229,402			172,048
Eliminations		(51,706,879	)		(17,952,969	)		(32,897,002	)
Consolidated		4,246,776,220			3,205,638,254			1,040,965,918			172,048

(1)

Includes the balance amounts of its subsidiary Macro Fondos SGFCISA.

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.

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 September 30, 2023, and are rounded up to the nearest amount in thousands of pesos, except as otherwise indicated (see section “Measuring unit” of this Note).

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Comparative information

The condensed consolidated interim statement of financial position as of September 30, 2023, is presented comparatively with year-end data of the immediately preceding fiscal year, while the statement of income and the statement of other comprehensive income for the three and nine-month periods ended September 30, 2023, and the statement of changes in shareholders’ equity and the statement of cash flows and cash equivalents for the nine-month period ended September 30, 2023, 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) of the Bank, as of September 30, 2023, 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, for 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 103.15% and 66.07% for the nine-month periods ended September 30, 2023 and 2022, respectively, and 94.79% for the fiscal year ended on December 31, 2022.

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 period.

(ii)

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

(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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

(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 of 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 for the inflation during the same period 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 of the period.

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 are 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:

(a)

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.

(b)

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).

(c)

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.

(d)

The accumulated balances of other comprehensive income were recalculated in terms of measuring unit current 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 SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(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 give rise 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, 2022, already issued.

New standards adopted in the fiscal year

For the fiscal year beginning on January 1, 2023, the following amendments to IFRS are effective and they did not have a material impact on these condensed consolidated interim Financial Statements:

Amendments to IAS 1 “Presentation of Financial Statements” and IFRS Practice Statement 2 – Disclosures to accounting policies:

The amendments require that an entity discloses its material accounting policies, instead of its significant accounting policies. They also explain how an entity can identify material accounting policy information and give examples of when accounting policy information is likely to be material. Therefore, a guidance with explanations and examples denominated “four-step materiality process” was as described in the Practice Statement 2.

This amendment did not have a material impact on the disclosures of these condensed consolidated interim Financial Statements or the annual consolidated Financial Statements.

Amendments to IAS 8 “Accounting policies, changes in accounting estimates and Errors” – Definition of Accounting Estimates:

The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amended standard clarifies that the effects on an accounting estimate of a change in an input or a change in a measurement technique are changes in accounting estimates if they do not result from the correction of prior period errors. The previous definition of a change in accounting estimate specified that changes in accounting estimates may result from new information or new developments. Therefore, such changes are not corrections of errors.

This amendment would be applicable if the Bank performs a change in an accounting estimate, but it is not expected to have a material impact on the Financial Statements.

Amendments to IAS 12 “Income Tax” – Deferred Tax related to Assets and Liabilities arising from a Single Transaction:

The IASB issued amendments to IAS 12, which narrow the scope of the initial recognition exception under IAS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences. The amendments clarify that where payments that settle a liability are deductible for tax purposes, it is a matter of professional judgment (having considered the applicable tax law) whether such deductions are attributable for tax purposes to the liability recognized in the Financial Statements (and interest expense) or to the related asset component (and interest expense). Professional judgment is important in determining whether any temporary differences exist on initial recognition of the asset and liability.

This amendment did not have a material impact on the 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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

The new and amended standards and interpretation 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 IFRS 16 “Leases” – Sale and Leaseback: the amendment to IFRS 16 specifies the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee 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. The Bank does not expect this standard to have a material impact on the Financial Statements.

Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments: Disclosures” – Supplier Finance Arrangement: the amendments specify disclosure requirements to enhance the current requirements, which are intended to assist users of Financial Statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. This amendment is applicable as of January 1, 2024. The Bank does not expect this standard to have a material impact on the Financial Statements.

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 these condensed consolidated interim Financial Statements.

4.	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 September 30, 2023 and December 31, 2022, the Bank maintains the following maximum exposures to credit risk related to this type of transactions:

Composition	09/30/2023			12/31/2022
Undrawn commitments of credit cards and checking accounts		858,996,179			1,358,898,790
Guarantees granted (1)		35,717,581			14,644,784
Overdraft and unused agreed commitments (1)		2,468,023			1,245,912
Subtotal		897,181,783			1,374,789,486
Less: Allowance for Expected Credit Losses (ECL)		(934,019	)		(1,415,488	)
Total		896,247,764			1,373,373,998

(1)

Includes transactions not covered by BCRA debtor classification standard. The guarantees granted include an amount of 343,684 and 74,985, as of September 30, 2023 and December 31, 2022, respectively. The Overdraft and unused agreed commitments include an amount of 749,338 and 921,304, as of September 30, 2023 and December 31, 2022, 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, 2022, 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”.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

5.	DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

The composition of debt securities at fair value through profit or loss as of September 30, 2023 and December 31, 2022 is as follows:

Composition	09/30/2023		12/31/2022
Government securities (1)		778,462,666		416,120,436
Private securities (2)		30,006,463		12,637,802
Government securities - Foreign		69,112
Total		808,538,241		428,758,238

(1)

In March and June 2023, the Bank entered into voluntary debt swaps in 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: 05-19-2023 (X19Y3) for a face value of 1,145,882,575.

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

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

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

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

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

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

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

In addition, with almost all the instruments received, the Bank purchased put options with the BCRA. These options provide to the Bank with the opportunity to sell (put options) the underlying asset at a value established by the BCRA’s rules. In this transaction, the options could be exercised up to one day before the maturity of the underlying instrument. As of September 30, 2023, the notional value amounted to 723,905,521 (see Exhibits A and O to the condensed separate interim Financial Statements).

(2)

During July 2023, the Bank decided to enter into a swap 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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

6.	OTHER FINANCIAL ASSETS

The composition of the other financial assets as of September 30, 2023 and December 31, 2022 is as follows:

Composition	09/30/2023			12/31/2022
Receivables from spot sales of foreign currency pending settlement		63,309,045			32,515,168
Receivables from other spot sales pending settlement		58,928,898			20,814,555
Sundry debtors (see Note 10)		50,013,886			53,641,500
Private securities		13,209,018			9,158,581
Receivables from spot sales of government securities pending settlement		606,143			992,587
Other		1,073,892			777,351
Subtotal		187,140,882			117,899,742
Less: Allowances for ECL		(150,396	)		(184,949	)
Total		186,990,486			117,714,793

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”.

7.	LOANS AND OTHER FINANCING

The composition of loans and other financing as of September 30, 2023 and December 31, 2022 is as follows:

Composition	09/30/2023			12/31/2022
Non-financial public sector (1)		3,160,875			4,483,407
Other financial entities		14,538,086			1,883,759
Other financial entities		14,561,314			1,900,298
Less: allowance for ECL		(23,228	)		(16,539	)
Non-financial private sector and foreign residents		1,135,713,106			1,209,695,938
Overdrafts		112,879,615			100,051,908
Documents		216,240,309			166,124,089
Mortgage loans		108,865,166			125,762,379
Pledge loans		18,738,216			19,464,447
Personal loans		198,376,322			289,550,202
Credit cards		341,324,685			387,569,462
Financial leases		1,451,476			2,817,300
Other		159,527,053			140,690,957
Less: allowance for ECL		(21,689,736	)		(22,334,806	)
Total		1,153,412,067			1,216,063,104

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

8.	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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Note 11 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 what was detailed in Note 3 “Basis for the preparation of these Financial Statements and applicable accounting standards”, to the consolidated Financial Statements as of December 31, 2022, already issued. In addition, Note 11 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:

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	09/30/2023			12/31/2022
Loans and other financing		1,175,125,031			1,238,414,449
Individual assessment		270,298,566			221,300,298
Collective assessment		904,826,465			1,017,114,151
Less: Allowance for ECL (1)		(21,712,964	)		(22,351,345	)
Total		1,153,412,067			1,216,063,104

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

As of September 30, 2023 and December 31, 2022, the Bank decided to record an adjustment on a forward-looking basis, based on expert judgment. The estimated amounts were 3,032,000 and 3,075,704 as of September 30, 2023 and December 31, 2022, respectively.

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.

		09/30/2023
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			1,110,065,693		31,686,890				1,141,752,583	97.16
High grade	0.00% - 3.50%		1,033,868,393		10,847,475				1,044,715,868	88.90
Standard grade	3.51% - 7.00%		49,963,066		5,960,678				55,923,744	4.76
Sub-standard grade	7.01% - 33.00%		26,234,234		14,878,737				41,112,971	3.50
Past due but not impaired (1)	33.01% - 99.99%		8,465,563		13,130,134				21,595,697	1.84
Impaired	100%						11,776,751		11,776,751	1.00
Total			1,118,531,256		44,817,024		11,776,751		1,175,125,031	100
%			95.18		3.81		1.01		100

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

		12/31/2022
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			1,179,604,595		25,568,590				1,205,173,185	97.32
High grade	0.00% - 3.50%		1,097,223,520		5,010,810				1,102,234,330	89.01
Standard grade	3.51% - 7.00%		48,659,410		6,188,736				54,848,146	4.43
Sub-standard grade	7.01% - 33.00%		33,721,665		14,369,044				48,090,709	3.88
Past due but not impaired (1)	33.01% - 99.99%		7,693,637		15,365,377				23,059,014	1.86
Impaired	100%						10,182,250		10,182,250	0.82
Total			1,187,298,232		40,933,967		10,182,250		1,238,414,449	100
%			95.87		3.31		0.82		100

(1)

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

8.1.1.

Loans on an individual assessment

The table below shows the credit quality and the debt balance to credit risk of commercial loans by grade on the Bank’s internal credit rating system, PD range and year-end stage classification. The Bank’s internal credit rating systems and the evaluation and measurement approaches are explained in Note 45, “Credit risk” section, to the consolidated Financial Statements as of December 31, 2022, already issued.

		09/30/2023
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			264,289,616		3,771,500				268,061,116	99.17
High grade	0.00% - 3.50%		244,321,079		2,465,617				246,786,696	91.30
Standard grade	3.51% - 7.00%		8,811,928						8,811,928	3.26
Sub-standard grade	7.01% - 33.00%		11,156,609		1,305,883				12,462,492	4.61
Past due but not impaired	33.01% - 99.99%
Impaired	100%						2,237,450		2,237,450	0.83
Total			264,289,616		3,771,500		2,237,450		270,298,566	100
%			97.77		1.40		0.83		100

		12/31/2022
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			213,285,499		5,221,360				218,506,859	98.74
High grade	0.00% - 3.50%		199,309,937		2,520,988				201,830,925	91.20
Standard grade	3.51% - 7.00%		7,401,147		1,273,299				8,674,446	3.92
Sub-standard grade	7.01% - 33.00%		6,574,415		1,427,073				8,001,488	3.62
Past due but not impaired	33.01% - 99.99%
Impaired	100%						2,793,439		2,793,439	1.26
Total			213,285,499		5,221,360		2,793,439		221,300,298	100
%			96.38		2.36		1.26		100

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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 year-end stage classification. The Bank’s internal credit rating systems and the evaluation and measurement approaches are explained in Note 45, “Credit risk” section to the consolidated Financial Statements as of December 31, 2022, already issued.

		09/30/2023
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			845,776,077		27,915,389				873,691,466	96.56
High grade	0.00% - 3.50%		789,547,314		8,381,857				797,929,171	88.18
Standard grade	3.51% - 7.00%		41,151,138		5,960,678				47,111,816	5.21
Sub-standard grade	7.01% - 33.00%		15,077,625		13,572,854				28,650,479	3.17
Past due but not impaired (1)	33.01% - 99.99%		8,465,563		13,130,134				21,595,697	2.39
Impaired	100%						9,539,302		9,539,302	1.05
Total			854,241,640		41,045,523		9,539,302		904,826,465	100
%			94.41		4.54		1.05		100

		12/31/2022
Internal rating grade	Range PD	Stage 1		Stage 2		Stage 3		Total		%
Performing			966,319,096		20,347,230				986,666,326	97.01
High grade	0.00% - 3.50%		897,913,582		2,489,822				900,403,404	88.53
Standard grade	3.51% - 7.00%		41,258,264		4,915,437				46,173,701	4.54
Sub-standard grade	7.01% - 33.00%		27,147,250		12,941,971				40,089,221	3.94
Past due but not impaired (1)	33.01% - 99.99%		7,693,637		15,365,377				23,059,014	2.27
Impaired	100%						7,388,811		7,388,811	0.72
Total			974,012,733		35,712,607		7,388,811		1,017,114,151	100
%			95.76		3.51		0.73		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:

	09/30/2023
Composition	Stage 1		Stage 2	Stage 3	Total		%
Corporate bonds		3,146,139				3,146,139	97.39
Financial trust		84,236				84,236	2.61
Total		3,230,375				3,230,375	100
%		100				100

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

	12/31/2022
Composition	Stage 1		Stage 2	Stage 3	Total		%
Corporate bonds		2,110,753				2,110,753	77.11
Financial trust		626,444				626,444	22.89
Total		2,737,197				2,737,197	100
%		100				100

The related ECL for Corporate Bonds as of September 30, 2023 and December 31, 2022 amounted to 3,853 and 1,126, respectively. The ECL related to financial trusts as of September 30, 2023 and December 31, 2022 amounted to 28 y 490, respectively.

8.3.

Government securities at amortized cost or fair value through OCI

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

A breakdown of these investments and their characteristics is disclosed in Note 9.

8.4.

Other financial assets

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

	09/30/2023
Composition	Stage 1		Stage 2	Stage 3	Total		%
Other financial assets		173,931,864				173,931,864	100
Total		173,931,864				173,931,864	100
%		100				100

	12/31/2022
Composition	Stage 1		Stage 2	Stage 3	Total		%
Other financial assets		108,741,163				108,741,163	100
Total		108,741,163				108,741,163	100
%		100				100

The ECL related to these types of instruments amounted to 150,396 and 184,951 as of September 30, 2023 and December 31, 2022, respectively, including the ECL related to the payments to be collected for the transaction mentioned in Note 10.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(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:

	09/30/2023
Composition	Stage 1		Stage 2		Stage 3		Total		%
Undrawn commitments of credit cards and checking accounts		852,592,726		6,401,650		1,803		858,996,179		95.86
Guarantees granted		35,373,897						35,373,897		3.95
Overdraft and unused agreed commitments		1,718,685						1,718,685		0.19
Total		889,685,308		6,401,650		1,803		896,088,761		100
%		99.29		0.71				100

	12/31/2022
Composition	Stage 1		Stage 2		Stage 3		Total		%
Undrawn commitments of credit cards and checking accounts		1,336,961,263		21,934,476		3,051		1,358,898,790		98.92
Guarantees granted		14,569,799						14,569,799		1.06
Overdraft and unused agreed commitments		324,608						324,608		0.02
Total		1,351,855,670		21,934,476		3,051		1,373,793,197		100
%		98.40		1.60				100

The related ECL for undrawn commitments of credit cards and checking accounts as of September 30, 2023 and December 31, 2022 amounted to 763,180 and 1,323,014, respectively. The ECL related to guarantees granted as of September 30, 2023 and December 31, 2022 amounted to 161,570 and 92,326, respectively. The ECL related to overdraft and unused agreed commitments as of September 30, 2023 and December 31, 2022 amounted to 9,269 y 148, respectively.

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

9.	OTHER DEBT SECURITIES

The composition of other debt securities as of September 30, 2023 and December 31, 2022 is as follows:

Composition	09/30/2023		12/31/2022
At fair value through OCI
Government securities		54,415,912		265,072,618
Government securities – Foreign		11,211,358		15,096,773
Total at fair value through OCI (1)		65,627,270		280,169,391
At amortized cost
Central Bank of Argentina bills		453,032,332		1,089,630,316
Government securities		82,188,211		101,121,210
Private securities		3,226,494		2,735,581
Central Bank of Argentina notes				24,593,304
Total at amortized cost		538,447,037		1,218,080,411
Total		604,074,307		1,498,249,802

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

(1)

In January 2023, the Bank entered into voluntary debt swaps 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 swap:

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.

In addition, with almost all the instruments received, the Bank purchased put options with the BCRA that could be exercised up to one day before the maturity of the underlying instrument (see also Note 5).

10.

EQUITY INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS – PRISMA MEDIOS DE PAGO SA

On January 21, 2019, the Bank, together with the other shareholders of Prisma, accepted a purchase offer made by AI ZENITH (Netherlands) B.V. (a company related to Advent International Corporation) for the acquisition of 1,933,051 common shares of par value ARS 1 each and entitled to one vote, representing 4.6775 % of its share capital, equivalent to 51% of the Bank’s capital stock in such company.

On February 1, 2019, the Bank completed the transfer of such shares for a total purchase price of (in thousands) USD 64,542 out of which the Bank received on the date hereof (in thousands) USD 38,311 and the payment of the balance for an amount of (in thousands) USD 26,231 were deferred for 5 years.

During July 2019, the process to determine the final selling price of the shares of Prisma was completed and the final price was (in thousands) USD 63,456. The difference arising from a final price lower than the estimated price was deducted from the price balance, therefore there was no need for the Bank to return any amounts received. All other payment conditions were not modified and remain in full force and effect under the terms described in this Note.

On October 1, 2021, the Bank, together with the other class B Shareholders of Prisma, gave notice with respect to the exercise of the existing put option and therefore started the procedure to sell the remaining 49% of the capital stock of Prisma.

As of December 31, 2021, the holding of the Bank in Prisma (equivalent to 49%), was recorded in “Equity instruments at fair value through profit or loss” determined from valuations performed by independent experts, which was adjusted in less, according to Memorandums issued by the BCRA on March 12 and 22, 2021.

On March 18, 2022, the Bank completed the transfer of all remaining shares held in Prisma in favor of AI ZENITH (Netherlands) BV, representing 4.4941% of Prisma’s capital stock.

The price of such shares is (in thousands) USD 33,018 and shall be paid as follows: (i) 30% in pesos at UVA plus a nominal annual rate of 15% that shall be paid 50% on March 18, 2027 and the remaining on March 18, 2028, and (ii) 70% in US Dollars at a nominal annual rate of 10% that shall be paid 50% on March 18, 2027 and the remaining on March 18, 2028. The profit generated for the sale of those shares is recorded in the statement of income under “Net gain from measurement of financial instruments at fair value through profit or loss”.

On the other hand, the parties agreed that: (i) the 40% of the outstanding balance of the sale of 51% mentioned in the first paragraph of this Note was paid on March 30, 2022 and (ii) the remaining balance shall be paid in two installments, on January 31, 2026 and January 31, 2027, respectively.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Finally, sellers retained the usufruct (dividends) of the shares sold to be declared by Prisma for the year ended December 31, 2018, which were collected on April 26, 2019. Besides the proportion applicable to the buyer of the dividends to be reported for the following fiscal years –with the buyer’s commitment to voting in favor of the distribution of certain minimum percentages– will be used to create a guarantee trust to repay the deferred price amount through the concession by the buyer and Prisma of a usufruct over the economic rights of the shares in favor of such trust. On March 18, 2022, the agreement was amended to include 100% of the shares.

On May 22, 2023, the Bank, together with the remaining creditors arising from the abovementioned sales, authorized Prisma to undergo a merger-spinoff process involving two of its business units: (I) ATM and transfer management services, payment management services for 3.0 transfers, service payment collection and other related services will be handled through the new company Newpay SAU, and (ii) the acquiring business, through which electronic and digital payment solutions are provided (credit cards, debit cards, and prepaid cards, immediate transfers), early collection of sales, point-of-sale terminals network management and other related services, which are rendered to various businesses and/or suppliers, will be handled through the company Payway SAU. Prisma retains the remaining issuer processing services business unit involving credit cards, debit cards, prepaid cards and other related services.

Both Prisma and the new companies Newpay SAU and Payway SAU are direct or indirect subsidiaries of AI ZENITH (Netherlands) BV. Furthermore, these new companies, like Prisma, have been allocated their respective share of dividends to be reported in the subsequent fiscal years, under the commitment to vote in favor of the distribution of certain minimum percentages. These percentages will also be subject to the guarantee trust aimed at repaying the deferred price.

11.

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.

Notwithstanding the above, 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 each reporting period.

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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

The following tables show the hierarchy in the Bank’s financial asset and liability at fair value measurement on a recurring basis, as of September 30, 2023 and December 31, 2022:

	Financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 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		808,538,241		804,772,479		2,806,826		958,936
Derivatives financial instruments		768,978				768,978
Other financial assets		13,209,018		13,145,617				63,401
Financial assets delivered as guarantee		6,351,012		6,351,012
Equity instruments at fair value through profit or loss		2,375,235		887,518				1,487,717

At fair value through OCI
Other debt securities		65,627,270		65,627,270
Financial assets delivered as guarantee		4,938,485		4,938,485
Total		901,808,239		895,722,381		3,575,804		2,510,054
Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		10,534,801		10,534,801
Derivatives financial instruments		39,501		38,361		1,140
Total		10,574,302		10,573,162		1,140

	Financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2022
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		428,758,238		419,628,219		7,033,777		2,096,242
Derivatives financial instruments		87,150		38,991		48,159
Other financial assets		9,158,581		9,058,194				100,387
Equity instruments at fair value through profit or loss		1,705,366		313,819				1,391,547

At fair value through OCI
Other debt securities		280,169,392		280,169,392
Total		719,878,727		709,208,615		7,081,936		3,588,176
Financial liabilities
At fair value through profit or loss
Liabilities at fair value through profit or loss		1,068,628		1,068,628
Derivatives financial instruments		4,816				4,816
Total		1,073,444		1,068,628		4,816

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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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 September 30, 2023 and December 31, 2022, 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 period or fiscal year, as applicable, of the financial assets recognized at fair value categorized as level 3:

	As of September 30, 2023
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		2,096,242			100,387			1,391,547
Transfers to level 3
Transfers from level 3 (1)								(91,741	)
Profit and loss		919,849			24,308			1,084,278
Recognition and derecognition		(1,003,534	)					15,420
Monetary effects		(1,053,621	)		(61,294	)		(911,787	)
Amount at the end of the period		958,936			63,401			1,487,717

	As of December 31, 2022
Reconciliation	Debt instruments			Other financial assets			Equity instruments at fair value through profit or loss
Amount at the beginning		4,419,260			122,758			8,357,711
Transfers to level 3
Transfers from level 3
Profit and loss		1,485,522			10,288			7,305
Recognition and derecognition		(1,629,197	)		42,786			(5,095,099	)
Monetary effects		(2,179,343	)		(75,445	)		(1,878,370	)
Amount at the end of the fiscal year		2,096,242			100,387			1,391,547

(1)

Transfer of equity instruments at fair value through profit or loss from level 3 to level 1 that were measured using quoted prices (unadjusted) observable in active markets as of September 30, 2023.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Quantitative information about Level 3 fair value measurements

The following table provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of substantially all of Level 3 principal assets measured at fair value on a recurring basis for which the Bank uses an internal model.

Valuation

technique

Significant

unobservable

inputs

Range of inputs

09/30/2023

Fair value

Range of inputs

Level 3 Assets

Unit of
measurement

Composition

09/30/2023

Low

High

Provisional debt securities of financial trusts

953,086

Income approach (discounted cash flow)

Discount rate in pesos

96.92

130.70

Valuation
technique

Significant

unobservable

inputs

Range of inputs

12/31/2022

Fair value

Range of inputs

Level 3 Assets

Unit of measurement

Composition

12/31/2022

Low

High

Provisional debt securities of financial trusts

1,204,928

Income approach (discounted cash flow)

Discount rate in pesos

69.99

83.83

Corporate bonds

883,052

Income approach (discounted cash flow)

Discount rate in pesos

76.98

86.47

The table below describes the effect of changing the significant unobservable inputs to reasonably possible alternatives. Sensitivity data were calculated using a number of techniques including analyzing price dispersion of different price sources, adjusting model inputs to analyze changes within the fair value methodology.

	09/30/2023					12/31/2022
Composition	Favorable changes		Unfavorable changes			Favorable changes		Unfavorable changes
Provisional debt securities of financial trusts		1,351		(1,264	)		2,485		(2,389	)
Corporate bonds							5,327		(5,154	)

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 September 30, 2023 and December 31, 2022, the Bank has not recognized any transfers between levels 1, 2 and 3.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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 period or fiscal year, as applicable, for financial instruments of similar characteristics. The estimated fair value of fixed-interest rate deposits and liabilities was assessed discounting future cash flows by using estimated interest rates for deposits or placings with similar maturities to those of the Bank’s portfolio.

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

The following table shows a comparison between the fair value and the carrying amount of financial instruments not measured at fair value as of September 30, 2023 and December 31, 2022:

	09/30/2023
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		447,528,289		447,528,289						447,528,289
Repo transactions		157,364,611		157,364,611						157,364,611
Other financial assets		173,781,468		173,781,468						173,781,468
Loans and other financing		1,153,412,067						977,994,153		977,994,153
Other debt securities		538,447,037		540,934,916		2,427,218		24,850		543,386,984
Financial assets delivered as guarantee		46,904,023		46,904,023						46,904,023
Total		2,517,437,495		1,366,513,307		2,427,218		978,019,003		2,346,959,528
Financial liabilities
Deposits		2,009,154,591		994,606,622				998,297,429		1,992,904,051
Repo transactions		38,794,740		38,794,740						38,794,740
Other financial liabilities		321,016,155		314,662,684		5,770,941				320,433,625
Financing received from the BCRA and other financial institutions		5,506,905		5,189,298		317,607				5,506,905
Issued corporate bonds		5,453,357				5,491,081				5,491,081
Subordinated corporate bonds		144,483,267				116,316,016				116,316,016
Total		2,524,409,015		1,353,253,344		127,895,645		998,297,429		2,479,446,418

	12/31/2022
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		508,058,123		508,058,129						508,058,129
Repo transactions		125,809,935		125,809,935						125,809,935
Other financial assets		108,556,210		108,556,210						108,556,210
Loans and other financing		1,216,063,104						1,060,324,917		1,060,324,917
Other debt securities		1,218,080,410		1,039,569,131		167,944,127		195,642		1,207,708,900
Financial assets delivered as guarantee		62,205,356		62,205,356						62,205,356
Total		3,238,773,138		1,844,198,761		167,944,127		1,060,520,559		3,072,663,447

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

	12/31/2022
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial liabilities
Deposits		2,631,606,153		1,318,604,100				1,310,854,055		2,629,458,155
Other financial liabilities		274,439,163		265,683,659		8,881,560				274,565,219
Financing received from the BCRA and other financial institutions		4,975,858		4,839,360		105,562				4,944,922
Issued corporate bonds		5,516,677				5,360,239				5,360,239
Subordinated corporate bonds		146,532,380				119,484,055				119,484,055
Total		3,063,070,231		1,589,127,119		133,831,416		1,310,854,055		3,033,812,590

12.

BUSINESS COMBINATIONS

12.1. Macro Agro SAU (formerly known as Comercio Interior SAU)

On May 18, 2023, the Entity acquired from Inversora Juramento SA 100% of the share capital 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 werefiled with the IGPJ.

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		31,171
Debt securities at fair value through profit or loss		643,534
Loans and other financing		90,057
Financial assets delivered as guarantee		1,239,221
Other financial assets		4,823,013
Property, plant and equipment		87,085
Intangible assets		19,359
Other non-financial assets		71,543
		7,004,983
Liabilities
Other financial liabilities		4,779,102
Provisions		13,482
Current income tax liabilities		81,214
Deferred income tax liabilities		95,967
Other non-financial liabilities		1,328,368
		6,298,133
Net assets acquired at fair value		706,850

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

The goodwill generated by the acquisition of Macro Agro SAU (formerly known as Comercio Interior SAU) amounted to 221,776.

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 Macro Agro SAU’s (formerly known as Comercio Interior SAU) Financial Statements. 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.

On September 29, 2023, Macro Agro SAU (formerly known as Comercio Interior SAU) distributed cash dividends amounting to 440,000. 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.

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

On August 23, 2023, Banco Macro SA has 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 Central Bank of Argentina), the Entity 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 Central Bank of Argentina authorized the abovementioned purchase, as per the following breakdown:

Banco Itaú Argentina SA: 100% of the share capital 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 share capital were acquired from Itaú Unibanco SA and (ii) 7,469,046 ordinary shares representing 1.004267% of share capital 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 share capital 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 share capital 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 share capital and votes of Itaú Valores SA, through the acquisition of Banco Itaú Argentina SA.

The transaction price was set at USD 50,000,000, which will be paid on the closing date of the transaction (the “Closing Date”), and an additional amount resulting from a potential adjustment that will be eventually set based on the income (loss) obtained by Banco Itaú Argentina S.A., Itaú Asset Management S.A. and Itaú Valores S.A. between April 1, 2023, and the Closing Date.

Interest income and commission income for the nine-month period ended September 30, 2023 of Banco BMA SAU (formerly known as Banco Itaú Argentina SA), measured on a consolidated bases, amount to 214,650,575 and 11,353,146, respectively. The shareholder’s equity as of that date amounts to 118,081,442. As of the date of issuance of these condensed consolidated interim Financial Statements, the Entity is in the process of quantifying income (loss) arising from the business combination.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

13.

INVESTMENT IN ASSOCIATES AND JOINT ARRANGEMENTS

13.1.

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			09/30/2023		12/31/2022		09/30/2023			09/30/2022
Macro Warrants SA		5	%		8,867		11,303		(2,436	)		(5,376	)	(1) and (2)
Play Digital SA		9.6984	%		653,386		859,245		(830,057	)		(836,283	)	(1) and (2)

(1)

The existence of significant influence is evidenced by the representation the Bank has in the Board of Directors of this associate.

(2)

This associate’s accounting information as of June 30, 2023, has been used to measure the investment. Additionally, significant transactions conducted or events that occurred between July 1, 2023, and September 30, 2023, have been considered.

13.2.

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			09/30/2023		12/31/2022		09/30/2023			09/30/2022
Banco Macro SA – Worldline Argentina SA Unión transitoria		50	%		716,576		1,305,738		312,831			416,525
Finova SA		50	%		59,163		142,881		(83,718	)		(27,393	)

14.

OTHER NON-FINANCIAL ASSETS

The composition of the other non-financial assets as of September 30, 2023 and December 31, 2022 is as follows:

Composition	09/30/2023		12/31/2022
Investment property (see Exhibit F)		18,227,544		17,653,697
Advanced prepayments		3,763,828		4,769,202
Tax advances		3,697,633		2,499,048
Other		657,210		376,164
Total		26,346,215		25,298,111

15.

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).

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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 September 30, 2023 and December 31, 2022, amounts balances related to transactions generated with related parties are as follows:

	As of September 30, 2023
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SAU (2)		Argenpay SAU		Fintech SGR		Macro Agro SAU (formerly known as Comercio Interior SAU)		Associates		Key management personnel (3)		Other related parties		Total
Assets
Cash and deposits in banks		2,805															2,805
Other financial assets								5,876,061		440,000				183,626		1,205,089	7,704,776
Loans and other financing (4)
Documents																40,088	40,088
Overdraft														58,548		2,106,633	2,165,181
Credit cards														373,520		63,580	437,100
Lease										17,593						54,833	72,426
Personal loans														842			842
Mortgage loans														929,082			929,082
Other loans (5)														262,366		4,600,374	4,862,740
Guarantee granted																8,799,037	8,799,037
Total assets		2,805						5,876,061		457,593				1,807,984		16,869,634	25,014,077

Liabilities
Deposits				13,239,509		69,004		149		4,833		149,034		7,365,418		3,505,571	24,333,518
Liabilities at fair value through profit or loss																7,493,151	7,493,151
Other financial liabilities														4,488,795		107,278	4,596,073
Issued corporate bonds				498,179													498,179
Subordinated corporate bonds								344,094		54,330							398,424
Other non-financial liabilities																2,260,351	2,260,351
Total liabilities				13,737,688		69,004		344,243		59,163		149,034		11,854,213		13,366,351	39,579,696

(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 September 30, 2023 for Macro Securities SAU, Macro Agro SAU (formerly known as Comercio Interior SAU), Key management personnel and Other related parties amounted to 14,115,398, 44,688, 2,415,366 and 26,691,214, 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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

	As of December 31, 2022
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SAU (2)		Argenpay SAU		Fintech SGR		Associates		Key management personnel (3)		Other related parties		Total
Assets
Cash and deposits in banks		2,883													2,883
Other financial assets								6,129,132				472,393		39	6,601,564
Loans and other financing (4)
Documents												114,309		855,082	969,391
Overdraft												385,410		101,210	486,620
Credit cards														135,473	135,473
Lease												2,361			2,361
Personal loans												1,102,260			1,102,260
Other loans (5)				4,293,335								308,483		2,844,358	7,446,176
Guarantee granted														3,128,566	3,128,566
Total assets		2,883		4,293,335				6,129,132				2,385,216		7,064,728	19,875,294

Liabilities
Deposits				6,097,894		118,108		236		172,089		8,454,604		4,671,127	19,514,058
Liabilities at fair value through profit or loss														334,396	334,396
Other financial liabilities												105,009		24,435	129,444
Issued corporate bonds				585,444											585,444
Subordinated corporate bonds								293,653							293,653
Other non-financial liabilities														41,069	41,069
Total liabilities				6,683,338		118,108		293,889		172,089		8,559,613		5,071,027	20,898,064

(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, 2022 for Macro Securities SAU, Fintech SGR, Key management personnel and Other related parties amounted to 9,199,534, 5,150,833, 2,680,315 and 34,210,943, 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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Profit or loss related to transactions generated during the nine-month periods ended September 30, 2023 and 2022 with related parties are as follows:

	As of September 30, 2023
	Main subsidiaries (1)
	Macro Bank Limited	Macro Securities SAU (2)		Argenpay SAU		Fintech SGR			Macro Agro SAU (formerly known as Comercio Interior SAU)		Associates			Key management personnel (3)			Other related parties			Total
Income / (Loss)
Interest income			7,165							9,259					780,689			2,384,456			3,181,569
Interest expense												(48,256	)		(125,860	)		(38,760	)		(212,876	)
Commissions income			45,363				1,395					660			175			336,605			384,198
Commissions expense							(22,822	)							(69	)		(43,140	)		(66,031	)
Other operating income			138,171		21		4,555,771			1,183								88			4,695,234
Administrative expense																		(1,194,210	)		(1,194,210	)
Other operating expense																		(166,406	)		(166,406	)
Total Income / (Loss)			190,699		21		4,534,344			10,442		(47,596	)		654,935			1,278,633			6,621,478

	As of September 30, 2022
	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				8,781											449,379			3,033,145			3,491,305
Interest expense												(29,035	)		(167,093	)		(25,122	)		(221,250	)
Commissions income				30,908					1,373			558			117			135,028			167,984
Commissions expense									(12,839	)					(41	)		(2,321	)		(15,201	)
Other operating income		10		5,030			62		1,879,355									88			1,884,545
Administrative expense																		(765,966	)		(765,966	)
Other operating expense				(29,478	)													(117,292	)		(146,770	)
Total Income / (Loss)		10		15,241			62		1,867,889			(28,477	)		282,362			2,257,560			4,394,647

(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 September 30, 2023 and 2022 amounted to 1,647,463 and 1,618,212, respectively.

In addition, fees received by the Directors as of September 30, 2023 and 2022 amounted to 4,675,795 and 2,834,558, respectively.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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

Composition	09/30/2023		12/31/2022
Board of Directors		24		22
Senior managers of the key management personnel		12		12
Total		36		34

16.

DEPOSITS

The composition of deposits as of September 30, 2023 and December 31, 2022 is as follows:

Composition	09/30/2023		12/31/2022
Non-financial public sector		177,707,333		223,368,942
Financial sector		3,452,362		3,358,992
Non-financial private sector and foreign residents		1,827,994,896		2,404,878,219
Checking accounts		251,559,794		323,261,284
Saving accounts		646,789,371		852,705,497
Time deposits		888,090,036		1,155,973,016
Investment accounts		6,524,870		41,614,317
Other		35,030,825		31,324,105
Total		2,009,154,591		2,631,606,153

17.

OTHER FINANCIAL LIABILITIES

The composition of the other financial liabilities as of September 30, 2023 and December 31, 2022 is as follows:

Composition	09/30/2023		12/31/2022
Credit and debit card settlement - due to merchants		123,169,840		149,339,193
Amounts payable for other spot purchases pending settlement		83,921,806		29,935,151
Amounts payable for spot purchases of foreign currency pending settlement		63,366,640		32,606,571
Amounts payable for spot purchases of government securities pending settlement		15,100,635		19,869,155
Payment orders pending to foreign exchange settlement		10,221,438		11,565,010
Collections and other transactions on account and behalf of others		7,208,545		5,700,292
Finance leases liabilities		3,824,651		3,992,438
Other		14,202,600		21,431,353
Total		321,016,155		274,439,163

18.

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 September 30, 2023 and December 31, 2022.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

The expected terms to settle these obligations are as follows:

	09/30/2023
Composition	Within 12 months		Over 12 months		09/30/2023		12/31/2022
For administrative, disciplinary and criminal penalties				500		500		1,017
Letters of credits, guarantees and other commitments (1)		934,019				934,019		1,415,488
Commercial claims in progress (2)		399,985		405,903		805,888		1,004,803
Labor lawsuits		431,695		91,674		523,369		541,125
Pension funds - reimbursement		494,547		577,981		1,072,528		1,053,317
Other		3,300		600,380		603,680		1,495,891
Total		2,263,546		1,676,438		3,939,984		5,511,641

(1)

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

(2)

See also Note 40.2.

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.

19.

OTHER NON-FINANCIAL LIABILITIES

The composition of other non-financial liabilities as of September 30, 2023 and December 31, 2022 is as follows:

Composition	09/30/2023		12/31/2022
Withholdings		26,894,523		32,229,324
Salaries, bonuses and payroll taxes payables		25,258,795		22,283,082
Dividends payable (see Note 31)		21,120,295
Taxes payables		15,748,706		15,665,806
Miscellaneous payables		7,664,142		6,002,176
Retirement pension payment orders pending settlement		1,024,110		2,285,236
Directors’ and syndics’ fees payable		658,500		1,393,732
Other		12,973,088		7,108,079
Total		111,342,159		86,967,435

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

20.

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 September 30, 2023 and December 31, 2022:

09/30/2023	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		447,528,289
Debt securities at fair value through profit or loss				765,445,922		43,092,319
Derivative financial instruments				768,978
Repo transactions				157,364,611
Other financial assets		24,639,882		137,811,691		24,538,913
Loans and other financing (1)		1,146,157		891,376,144		260,889,766
Other debt securities				489,692,039		114,382,268
Financial assets delivered as guarantee		46,904,023		11,289,497
Equity instruments at fair value through profit or loss		2,375,235
Total assets		522,593,586		2,453,748,882		442,903,266

Liabilities
Deposits		973,265,858		1,035,825,452		63,281
Financial liabilities at fair value through profit or loss				10,534,801
Derivative financial instruments				39,501
Repo transactions				38,794,740
Other financial liabilities				316,715,826		4,300,329
Financing received from the BCRA and other financial institutions				5,506,905
Issued corporate bonds				5,453,357
Subordinated corporate bonds				4,864,956		139,618,311
Total liabilities		973,265,858		1,417,735,538		143,981,921

(1)

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

12/31/2022	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		508,058,123
Debt securities at fair value through profit or loss				387,355,761		41,402,477
Derivative financial instruments				87,150
Repo transactions				125,809,935
Other financial assets		23,261,537		70,567,296		23,885,960
Loans and other financing (1)		2,958,692		871,840,456		341,263,956
Other debt securities				1,392,866,804		105,382,998
Financial assets delivered as guarantee		62,205,356
Equity instruments at fair value through profit or loss		1,705,366
Total assets		598,189,074		2,848,527,402		511,935,391

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

12/31/2022	Without due date		Total up to 12 months		Total over 12 months
Liabilities
Deposits		1,300,803,874		1,330,760,271		42,008
Financial liabilities at fair value through profit or loss				1,068,628
Derivative financial instruments				4,816
Other financial liabilities				268,009,675		6,429,488
Financing received from the BCRA and other financial institutions				4,975,858
Issued corporate bonds				13,180		5,503,497
Subordinated corporate bonds				2,885,188		143,647,192
Total liabilities		1,300,803,874		1,607,717,616		155,622,185

(1)

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

21.

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.

22.

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;

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 September 30, 2023 and December 31, 2022, 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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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

	09/30/2023						09/30/2022
Composition	Quarter ended 09/30/2023			Accumulated from beginning of year up to 09/30/2023			Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022
Current income tax expense		(2,476,563	)		30,412,219			13,740,624		19,524,189
(Income) / Loss for deferred income taxes		(1,571,653	)		(1,952,779	)		3,680,308		8,848,342
Monetary effects		15,559,168			18,366,490			1,127,603		1,569,828
Income tax loss recorded in the statement of income		11,510,952			46,825,930			18,548,535		29,942,359
Income tax (profit) / loss recorded in other comprehensive income		(780,954	)		197,372			2,977,157		(2,017,874	)
Total		10,729,998			47,023,302			21,525,692		27,924,485

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, which is in progress.

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 SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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.

23.

COMMISSIONS INCOME

	09/30/2023				09/30/2022
Composition	Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022
Performance obligations satisfied at a point in time
Commissions related to obligations		22,299,200		67,932,859		21,513,531		64,718,397
Commissions related to credit cards		12,655,917		38,173,837		12,488,029		37,680,460
Commissions related to insurance		1,901,682		6,129,585		2,005,276		6,521,042
Commissions related to securities value		1,346,585		3,418,306		489,621		1,817,559
Commissions related to trading and foreign exchange transactions		834,540		2,511,203		725,501		2,351,231
Commissions related to loans and other financing		181,393		487,262		215,220		593,327
Commissions related to financial guarantees granted		21,058		44,820		4,530		7,177
Performance obligations satisfied over certain time period
Commissions related to credit cards		144,017		479,694		237,429		840,424
Commissions related to trading and foreign exchange transactions		35,074		103,708		58,381		105,797
Commissions related to loans and other financing		10,803		47,260		7,788		14,141
Commissions related to obligations		582		2,125		834		2,344
Total		39,430,851		119,330,659		37,746,140		114,651,899

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

24.

DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

	09/30/2023				09/30/2022
Composition	Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022
Translation of foreign currency assets and liabilities into pesos		237,473,579		400,071,176		37,407,422		62,277,499
Income from foreign currency exchange		604,888		1,438,223		789,951		2,074,039
Total		238,078,467		401,509,399		38,197,373		64,351,538

25.

OTHER OPERATING INCOME

	09/30/2023				09/30/2022
Composition	Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022
Services		6,774,111		17,649,815		4,407,124			13,423,441
Adjustments and interest from other receivables		1,824,300		4,746,469		1,303,170			3,199,773
Adjustments from other receivables with CER clauses		1,131,290		3,257,355		1,009,030			2,390,042
Other receivables for financial intermediation		655,726		1,304,158		403,124			1,652,746
Sale of investment in properties and other non-financial assets						(3,383	)		49,377
Other		897,203		4,178,882		1,805,629			10,606,315
Total		11,282,630		31,136,679		8,924,694			31,321,694

26.

EMPLOYEE BENEFITS

	09/30/2023				09/30/2022
Composition	Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022
Remunerations		29,834,475		84,587,274		28,596,580		82,234,531
Payroll taxes		7,401,138		20,959,481		7,274,234		19,788,381
Compensations and bonuses to employees		4,465,657		13,984,627		4,788,174		13,313,921
Employee services		1,418,489		4,125,356		1,410,947		4,213,215
Total		43,119,759		123,656,738		42,069,935		119,550,048

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

27.

ADMINISTRATIVE EXPENSES

	09/30/2023				09/30/2022
Composition	Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022
Taxes		4,816,492		11,706,959		3,415,672		9,689,161
Maintenance, conservation and repair expenses		3,230,371		9,471,304		3,123,387		9,271,167
Other fees		2,516,731		6,946,215		1,827,477		5,338,974
Armored truck, documentation and events		2,425,471		7,601,602		2,708,246		8,104,797
Security services		1,954,994		5,670,879		1,896,598		5,725,785
Advertising and publicity		1,854,101		3,945,175		1,038,731		3,533,180
Electricity and communications		1,687,784		5,184,542		1,781,670		5,378,419
Fees to directors and syndics		1,323,390		4,732,548		871,153		2,455,207
Software		1,081,231		4,063,654		1,209,162		3,922,200
Representation, travel and transportation expenses		454,782		1,280,454		392,370		924,300
Hired administrative services		397,731		1,138,712		151,544		400,761
Insurance		202,660		562,881		220,476		645,957
Stationery and office supplies		159,843		486,330		129,231		394,990
Leases		68,977		243,423		79,951		271,544
Other		902,247		2,664,005		920,799		2,348,350
Total		23,076,805		65,698,683		19,766,467		58,404,792

28.

OTHER OPERATING EXPENSES

	09/30/2023				09/30/2022
Composition	Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022
Turnover tax		27,511,589		78,311,141		22,446,681			60,646,729
From credit cards		10,132,440		28,244,621		9,068,530			25,942,924
Other adjustments and interests for miscellaneous obligations		2,315,603		4,360,996		757,340			1,761,449
Deposit guarantee fund contributions		962,379		2,915,227		970,835			2,844,661
Charges for other provisions		880,706		3,287,375		2,427,616			5,424,653
Insurance claims		387,292		1,154,662		231,620			584,304
Loss from sale or impairment of investment in properties and other non-financial assets		149,662		224,929
Donations		91,441		702,461		332,156			797,553
Taxes		35,903		197,312		142,212			570,008
Loss from sale or impairment of property, plant and equipment						(4,506	)		16,328
Other		4,528,361		17,235,605		4,791,550			13,168,528
Total		46,995,376		136,634,329		41,164,034			111,757,137

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

29.

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:

Reconciliation	09/30/2023		12/31/2022		09/30/2022		12/31/2021
Cash and deposits in banks		447,528,289		508,058,123		479,091,251		681,961,396
Debt securities at fair value through profit or loss								19,232
Other debt securities		429,225,360		1,013,627,044		1,014,620,030		542,461,304
Loans and other financing		1,750,042		1,799,189		1,755,131		2,033,029
Total		878,503,691		1,523,484,356		1,495,466,412		1,226,474,961

30.

CAPITAL STOCK

The Bank’s subscribed and paid-in capital from December 31, 2020 to September 30, 2023, amounted to 639,413. The capital stock composition is detailed in Exhibit K to the condensed separate interim Financial Statements.

31.

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 30 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 41.

Dividends paid and proposed

During 2020 and 2021, the BCRA issued Communiqués that suspended the payment of earnings distributions resolved by the Shareholders’ Meetings. As a consequence of the abovementioned suspensions, as of December 31, 2021 dividends pending distribution amounted to 26,580,415 (not restated), which had been approved by the Shareholders’ Meetings held on April 30 and October 21, 2020 and April 30, 2021.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

On December 16, 2021, the BCRA issued Communiqué “A” 7421, which established: (i) from January 1, 2022, through December 31, 2022, financial institutions were allowed to distribute up to 20% of the amount of earnings that should have been distributed if the “Earnings distributions” rules had been applied, and (ii) financial institutions that have the BCRA’s authorization for the earnings distributions have to perform it in 12 equal, monthly and consecutive installments.

On May 12, 2022, the BCRA approved the dividends distribution requested by the Bank in accordance with the Communiqué mentioned in the previous paragraph for an amount of 19,751,444 (not restated), which was paid during the fiscal year ended December 31, 2022 according to the schedule. Additionally, the balance of the dividends approved pending payment because they exceeded the abovementioned limit, amounted to 6,828,971 (not restated).

Moreover, the Shareholders’ Meeting held on April 29, 2022, resolved to distribute cash dividends or dividends in kind, in this 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 distributions” rules had been applied, in 6 equal, monthly and consecutive installments.

The Shareholders’ Meeting held on April 25, 2023, decided to distribute a cash dividend and/or a dividend in kind, in this case measured at market value, for an amount of 75,040,918, representing 117.36 pesos per share, prior to BCRA authorization. On May 12, 2023 the BCRA authorized this earning distribution that shall be paid in 6 equal, monthly and consecutive installments. As of the date of issuance of these condensed consolidated interim Financial Statements all the installments were paid. See also Note 41.

Finally, as mentioned in Note 12, on September 29, 2023, Macro Agro SAU (formerly known as Comercio Interior SAU) distributed cash dividends for an amount of 440,000.

32.

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.

Banco Macro SA holds a 7.6859% interest in the capital stock of Sedesa according to the percentages disclosed by BCRA Communiqué “B” 12503 on March 22, 2023.

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 from time to time shall be subject to the abovementioned Deposit Guarantee Insurance System up to the amount of 6,000 which must meet the requirements provided for in Presidential Decree 540/1995 and other requirements that the regulatory authority may determine from time to time.

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.

33.

RESTRICTED ASSETS

As of September 30, 2023 and December 31, 2022, the following Bank’s assets are restricted:

Composition		09/30/2023		12/31/2022
Cash and deposits in banks
·	Fondo de Riesgo Fintech SGR – Deposits in other entities (1).		371		118
	Subtotal cash and deposits in banks		371		118

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Composition (contd.)		09/30/2023		12/31/2022
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 and other debt securities (1).		10,959,766		9,631,496
·	Central Bank of Argentina liquidity bills in pesos - Maturity: 10/17/2023 securing Interbanking SA.		5,407,323
·	Central Bank of Argentina liquidity bills in pesos - Maturity: 10/17/2023 securing Coelsa SA.		3,244,394
·	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. Auction No. 2.		458,608
·	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).		188,300		188,638
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, as of September 30, 2023 and Argentine government Treasury bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023 as of December 31, 2022, securing the sectoral Credit Program of the Province of San Juan, production investment financing fund.		62,708		169,263
·	Argentine government discount bonds in dual currency - Maturity: 02/28/2024 as of September 30, 2023 and Argentine government Treasury bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023, as of December 31, 2022, 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).		31,042		30,251
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, as of September 30, 2023 and Argentine government Treasury bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023 as of December 31, 2022, to guarantee the Regional Economies Competitiveness Program – IDB loan No. 3174/OC-AR.		6,614		68,425
·	Argentine government bills in pesos adjusted by CER – Maturity: 02/17/2023.				302,532
	Subtotal Debt securities at fair value through profit or loss and Other debt securities		20,358,755		10,390,605

Other financial assets
·	Interests derived from contributions made as protector partner (2).		3,755,625		4,903,166
·	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.		659,107		295,485
·	Fondo de Riesgo Fintech SGR – Mutual fund shares (1).		115,016		244,801
·	Sundry debtors – other.		18,467		17,851
·	Sundry debtors – attachment within the scope of the claim filed by the DGR against the CABA for turnover tax differences.		827		1,680
	Subtotal Other financial assets		4,549,042		5,462,983

Loans and other financing – non-financial private sector and foreign residents
·	Fondo de Riesgo Fintech SGR – Loans and other financing (1).		83,154		10,361
	Subtotal Loans and other financing		83,154		10,361

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Composition (contd.)		09/30/2023		12/31/2022
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.		32,900,551		50,431,279
·	For securities forward contracts.		11,289,497
·	Guarantee deposits related to credit and debit card transactions.		5,420,424		8,214,533
·	Other guarantee deposits.		8,583,048		3,559,544
	Subtotal Financial assets delivered as guarantee		58,193,520		62,205,356

Other non-financial assets
·	Real property related to a call option sold.		5,087,665		4,989,692
·	Fondo de Riesgo Fintech SGR – Other non-financial assets (1).		15,992		26,324
	Subtotal Other non-financial assets		5,103,657		5,016,016
Total			88,288,499		83,085,439

(1)

According to Law 24467, as amended, and Fintech SGR By-Law, 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 September 30, 2023 and December 31, 2022, it is related to the risk fund Fintech SGR and Garantizar 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.

34.

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:

34.1 Financial trusts for investment purposes

Debt securities include mainly prepayments towards the placement price of provisional trust securities of the financial trusts under public and private offerings (Confibono, Secubono, Moni Mobile and Red Surcos). The assets managed for these trusts are mainly related to securitizations of consumer loans. Trust securities are placed once the public offering is authorized by the CNV. Upon expiry of the placement period, once all trust securities have been placed on the market, the Bank recovers the disbursements made, plus an agreed-upon compensation. If after making the best efforts, such trust securities cannot be placed, the Bank will retain the definitive trust securities.

In addition, the Bank’s portfolio is completed with financial trusts for investment purposes, trust securities of definitive financial trusts in public and private offering (Secubono, Supercanal, Payway cobro anticipado and Solidario de Infraestructura Nasa IV) and certificates of participation (Arfintech).

As of September 30, 2023 and December 31, 2022, debt securities and certificates of participation in financial trusts for investment, amounted to 1,202,096 and 1,931,759, 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.

34.2. 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 for which 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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

As of September 30, 2023 and December 31, 2022, 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 23,728, respectively.

34.3. 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 September 30, 2023 and December 31, 2022, 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 4,123,323 and 5,528,277, respectively.

34.4. 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 September 30, 2023 and December 31, 2022, 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 39,480,744 and 36,182,530, respectively.

35.

COMPLIANCE WITH CNV REGULATIONS

35.1.

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

35.1.1.

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 Guarantee Entity (in the process of being registered), and is registered in the “List of Authorized companies to guarantee capital market instruments”.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Additionally, the Bank’s shareholders’ equity as of September 30, 2023 stated in UVAs amounted to 2,982,388,814 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 33 and the cash deposits in BCRA accounts 000285 and 80285 belonging to the Bank.

35.1.2 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 September 30, 2023 stated in UVAs amounted to 93,307,308 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.

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

Additionally, the shareholders’ equity of this company as of September 30, 2023 stated in UVAs amounted to 16,084,695 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.

35.1.4 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 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 September 30, 2023 stated in UVAs amounted to 1,000,429 and exceeds the minimum amount required by General Resolution 795 established in 950,000 UVAs. 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.

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

As mentioned in Notes 1 and 12, on May 18, 2023, Banco Macro SA acquired 100% 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 622/2013, as amended, issued by such agency, this company is registered as its own clearing and settlement agent (“ALyC Propio”).

Additionally, the shareholders’ equity of such company as of September 30, 2023 stated in UVAs amounted to 1,235,373 and exceeds the minimum amount required by such General Resolution established in 470,350 UVAs. With respect to the Company's actions as ACyDI, an amount equivalent to 81,750 UVAs must be added to minimum shareholder’s equity. The minimum statutory guarantee account required a minimum of 50% of the minimum amount of Shareholders’ equity, which the company paid-in with Equity Instruments at fair value through profit or loss.

On August 2, 2023, the company requested its deregistration as ACyDI, which is pending approval as of the date of issuance of these condensed consolidated interim Financial Statements.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Additionally, on November 8, the CNV granted the Company registration as Comprehensive Clearing and Settlement Agent – Agroindustrial (ALyC I AGRO), a category that replaces the ALyC and AN – own category agent under the same number, No. 303.

35.2.

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.

35.3.

As depositary of mutual funds

As of September 30, 2023 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		3,210,564,586		21,357,653
Argenfunds Ahorro Pesos		564,769,592		21,659,729
Argenfunds Gestión Pesos		100,000		100
Argenfunds Infraestructura		53,634		403
Argenfunds Inversión Dólares		1,000		297
Argenfunds Inversión Pesos		1,857,162,640		3,131,974
Argenfunds Liquidez		8,698,387,290		51,703,536
Argenfunds Renta Argentina		223,434,507		8,468,773
Argenfunds Renta Balanceada		421,074,649		8,216,341
Argenfunds Renta Capital		17,432,613		6,174,419
Argenfunds Renta Crecimiento		3,408,252		1,154,790
Argenfunds Renta Dinámica		92,176,453,983		10,647,021
Argenfunds Renta Fija		432,725,996		24,573,108
Argenfunds Renta Flexible		46,040,763		549,921
Argenfunds Renta Global		292,825,702		4,823,090
Argenfunds Renta Mixta		241,461,824		1,551,722
Argenfunds Renta Mixta Plus		1,204,371		377,389
Argenfunds Renta Pesos		68,597,805		2,873,722
Argenfunds Renta Total		548,961,979		2,078,163
Argenfunds Renta Variable		464,860,603		81,924
Argenfunds Retorno Absoluto		221,770,195		1,919,264
Pionero Acciones		25,878,517		9,000,781
Pionero Ahorro Dólares		22,907,559		7,790,455
Pionero Argentina Bicentenario		424,876,097		5,824,125
Pionero Capital		158,090,533		635,741

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Funds (contd.)	Number of shares		Equity
Pionero Crecimiento		3,105,199,167		6,568,048
Pionero Desarrollo		6,481,940,577		15,566,351
Pionero Empresas FCI Abierto Pymes		314,982,791		6,319,114
Pionero FF		72,580,951		4,627,310
Pionero Gestión		2,211,201,380		14,024,682
Pionero Infraestructura		4,065,262,653		9,160,820
Pionero Pesos		1,652,914,879		53,172,007
Pionero Pesos Plus		23,652,589,835		456,742,474
Pionero Recovery		100,000		100
Pionero Renta		47,819,987		12,318,414
Pionero Renta Ahorro		248,683,236		19,623,919
Pionero Renta Ahorro Plus		1,111,815,979		15,950,694
Pionero Renta Balanceado		8,297,750,676		25,249,945
Pionero Renta Estratégico		717,639,103		11,695,114
Pionero Renta Fija Dólares		3,618,133		960,885
Pionero Renta Mixta I		149,221,041		3,817,778
Pionero Retorno		1,990,816,358		4,315,216

36.

ACCOUNTING ITEMS THAT IDENTIFY THE COMPLIANCE WITH MINIMUM CASH REQUIREMENTS

The items recognized by the Bank to constitute the minimum cash requirement effective for September 2023 are listed below, indicating the amounts as of month-end of the related items:

Items	Banco Macro SA
Cash and deposits in banks
Amounts in BCRA accounts		219,374,095
Other debt securities
Government securities computable for the minimum cash requirements		289,243,933
Financial assets delivered as guarantee
Special guarantee accounts with the BCRA		32,900,551
Total		541,518,579

37.

PENALTIES APPLIED TO THE ENTITY 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 SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

There follows a description of the situation of Banco Macro SA as of September 30, 2023:

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 Entity 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 Entity 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. Following the rejection, on 04/20/2023, the corresponding petition for denied appeal was filed 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 incs. 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.

Responsibles: 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 date 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.

Responsibles parties: 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 defenses were filed on October.

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).

Penalty imposed on: 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 before CSJN which, as of the date of issuance of these condensed consolidated interim Financial Statements, is still pending resolution.

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).

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Persons subject to summary proceedings: 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 where 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. As of the date of issuance of these condensed consolidated interim Financial Statements, court fees have been paid, the Attorney General has issued a resolution (stating that there were no formal restrictions to considering the appeals admissible) and the CNV has responded to the appeals and sent the notification to the Argentine Attorney General’s Office.

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).

Persons subject to summary proceedings: Banco Macro SA and twenty-three 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 1/15/2016.

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

Persons subject to the summary proceedings: Banco Macro SA and eleven 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.

Persons subject to the summary proceedings: Banco Macro SA and 11 Members of the Board Directors.

Status: On 10/02/2019, Banco Macro SA and the liable individuals were notified about the initiation of the proceedings. On 10/31/2019, the Bank and the individuals subject to summary proceedings filed their defense. On 01/07/2020, the party hearing the summary proceedings considered the defense filed and deferred the motion to dismiss for lack of capacity to be sued and statute of limitations upon issuing an opinion about the substance of the case. The administrative terms were suspended due to the social 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. As of the date of issuance of these condensed consolidated interim Financial Statements, the case is on the final report stage.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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.

38.

CORPORATE BONDS ISSUANCE

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

Corporate Bonds	Original value			Residual face value as of 09/30/2023		09/30/2023		12/31/2022
Subordinated Resettable – Class A	USD	400,000,000	(1)	USD	400,000,000		144,483,267		146,532,380
Non-subordinated – Class E	USD	17,000,000	(2)	USD	17,000,000		5,453,357		5,516,677
Total							149,936,624		152,049,057

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 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.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

Additionally, 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.

39.

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 September 30, 2023 and December 31, 2022, is as follows:

Composition	09/30/2023		12/31/2022
Custody of government and private securities and other assets held by third parties		1,720,135,207		1,472,780,306
Preferred and other collaterals received from customers (1)		399,504,059		380,912,574
Outstanding checks not yet paid		40,042,242		40,514,660
Checks already deposited and pending clearance		37,215,401		34,187,282

(1)

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

40.

TAX AND OTHER CLAIMS

40.1

Tax claims

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

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

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

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

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

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

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.

40.2

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 Commercial Court No. 3 in and for the CABA, 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 CNACAF 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 commercial court, clerk’s office No. 11. As of the date of issuance of these condensed consolidated interim Financial Statements, resolution is still pending.

Moreover, the Bank is subject to a class actions for the same purpose, currently pending with Commercial Court No. 7 in and for the CABA, 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.

41.

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 Institutions approved it.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(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 of 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 September 30, 2023 was 43,478,575 (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 BCRA Communiqué “A” 7312, the earning distribution was suspended up to December 31, 2021. Through Communiqué “A” 7421, effective since January 1 and up to December 31, 2022, the BCRA allowed financial institutions, which had its authorization, to distribute their earnings up to 20% of the amount that would have been distributed in 12 equal, monthly and consecutive installments.

In addition, through Communiqué “A” 7659 the BCRA suspended the earnings distribution from January 1, 2023 up to December 31, 2023. Finally, through Communiqué “A” 7719, 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 distributions” rules had been applied, in 6 equal, monthly and consecutive installments.

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.

In compliance with the previous comments, the General Regular Shareholders’ Meeting of Banco Macro SA held on April 29, 2022 considering that at the end of the fiscal year ended December 31, 2021, the Bank recorded a negative adjustment to unappropriated retained earnings as of December 31, 2021 for 8,920,325 (not restated) because the monetary effect accrued in relation to monetary items measured at fair value through other comprehensive income had been recorded in the previous period, resolved to distribute the unappropriated retained earnings for 18,202,171 (not restated) as follows (the abovementioned figures are stated in constant pesos as of December 31, 2021):

3,640,434 to the legal reserve;

373,864 to the Personal Asset Tax on Business Companies (Impuesto sobre los Bienes Personales Sociedades y Participaciones), and;

14,187,873 to pay a cash dividend and/or a dividend in kind, in the latter case valued at market value, prior BCRA authorization.

For further information, see Note 31.

As it is also mentioned in Note 31, the Shareholders’ Meeting of Banco Macro SA held on April 25, 2023 decided to applied the unappropriated retained earnings for an amount of 43,175,125 (not restated) as follows (the abovementioned figures are stated in constant pesos as of December 31, 2022):

8,607,704 to the legal reserve;

808,505 to the Personal Asset Tax on Business Companies (Impuesto sobre los Bienes Personales Sociedades y Participaciones), and;

33,758,916 to a Facultative reserve for future distribution of earnings.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

In addition, the shareholders decided to partially apply the Facultative reserve for future distribution of dividends up to 75,040,918 to pay cash dividends and/or a dividend in kind prior to BCRA authorization. On May 12, 2023 the BCRA authorized this earning distribution that shall be paid in 6 equal, monthly and consecutive installments. As of the date of issuance of these condensed consolidated interim Financial Statements, all the installments have been settled.

42.

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” 5201 (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, 2022, already issued.

Additionally, the table below shows the minimum capital requirements measured on a consolidated basis, effective for the month of September 2023, together with the integration thereof (computable equity) as of the end of such month:

Item	09/30/2023
Minimum capital requirements		215,276,281
Computable equity		1,003,597,512
Capital surplus		788,321,231

43.

CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT AND FINANCIAL AND CAPITAL MARKETS

During the second half of 2019, started a period with significant volatility for the market values of government and private financial instruments and also started a process of rescheduling maturities and swaps of certain government debt instruments. In addition, material increases were observed in the country’s risk and in the exchange rate between the Argentine peso and the US dollar.

Subsequently, among other regulations, relevant modifications to the tax regulation system were introduced, including changes in the income tax, withholdings related to foreign exchange transactions and for the acquisition of foreign currency for hoarding purposes, and material restrictions to the exchange market access were also established.

At the same time, the government debt restructuring process continued both under local and foreign legislation, including various voluntary swaps and the agreements reached regarding obligations with the Paris Club and the International Monetary Fund. At present, the Argentine Ministry of Economy is also engaged in entering into agreements within the framework of the review process carried out by the agency’s staff, among others. In particular, during March 2023, it was established that the jurisdictions, entities and funds related to the National Public Sector must proceed to the sale or auction of their holdings of certain national government securities denominated and payable in US dollars under domestic legislation. In turn, it was provided that certain holdings of securities under foreign legislation held by such jurisdictions, entities and funds must be delivered in exchange to the National Treasury for the government securities issued. Finally, the issuance of government securities payable in Pesos of the National Treasury was authorized up to the amount necessary for the exchange.

Particularly, as the end of 2019, the gap between the official exchange rate for the US dollar (primarily used for foreign trade) and alternative market values began to significantly widen, leading to increases in inflation levels and interest rates.

As of the date of issuance of these condensed consolidated interim Financial Statements, the abovementioned gap stands at about 185%.

On October 22, 2023, the Argentine general elections were held, in which the candidates who competed in the runoff held on November 19, 2023, were defined. This process ended in the electoral defeat of the party in charge of the Argentine Government, starting a transition period until December 10, 2023, date on which the new Executive Branch authorities will take office.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency)

In addition, the local and international macroeconomic context generates certain degree of uncertainty regarding its future progress, considering the residual effects of the military conflict between Russia and Ukraine in the level of the global economic recovery.

Therefore, the Bank’s Management permanently monitors any changes in the abovementioned situations in international and local markets, 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.

44.

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.

45.

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
Chairperson

EXHIBIT B

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

COMMERCIAL	09/30/2023		12/31/2022
In normal situation		300,422,262		225,252,584
With senior “A” collateral and counter-collateral		36,463,697		29,255,726
With senior “B” collateral and counter-collateral		39,298,765		37,303,771
Without senior collateral or counter-collateral		224,659,800		158,693,087

Troubled		2,165,146		2,845,357
With senior “A” collateral and counter-collateral				145,931
With senior “B” collateral and counter-collateral		1,578,042		1,880,204
Without senior collateral or counter-collateral		587,104		819,222

With high risk of insolvency		1,306,154		1,637,961
With senior “A” collateral and counter-collateral				176,898
With senior “B” collateral and counter-collateral		1,174,278		1,207,254
Without senior collateral or counter-collateral		131,876		253,809

Subtotal commercial		303,893,562		229,735,902

Jorge Pablo Brito
Chairperson

EXHIBIT B

(continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

CONSUMER AND MORTGAGE	09/30/2023		12/31/2022
Performing		895,255,602		1,010,227,189
With senior “A” collateral and counter-collateral		74,875,647		67,080,357
With senior “B” collateral and counter-collateral		47,172,009		60,181,104
Without senior collateral or counter-collateral		773,207,946		882,965,728

Low risk		8,139,031		7,841,770
With senior “A” collateral and counter-collateral		473,902		120,627
With senior “B” collateral and counter-collateral		642,635		171,795
Without senior collateral or counter-collateral		7,022,494		7,549,348

Low risk - in special treatment		71,363		59,698
Without senior collateral or counter-collateral		71,363		59,698

Medium risk		6,108,357		5,368,505
With senior “A” collateral and counter-collateral		217,679		37,355
With senior “B” collateral and counter-collateral		448,208		138,553
Without senior collateral or counter-collateral		5,442,470		5,192,597

High risk		4,978,134		4,089,607
With senior “A” collateral and counter-collateral		426,074		46,129
With senior “B” collateral and counter-collateral		111,528		158,949
Without senior collateral or counter-collateral		4,440,532		3,884,529

Irrecoverable		2,441,633		1,832,535
With senior “A” collateral and counter-collateral		4,509		62,317
With senior “B” collateral and counter-collateral		139,477		289,947
Without senior collateral or counter-collateral		2,297,647		1,480,271

Subtotal consumer and mortgage		916,994,120		1,029,419,304
Total		1,220,887,682		1,259,155,206

Jorge Pablo Brito
Chairperson

EXHIBIT B

(continued)

CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

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

	09/30/2023			12/31/2022
Loans and other financing		1,153,412,067			1,216,063,104
Added:
Allowances for loans and other financing		21,712,964			22,351,345
Adjustment amortized cost and fair value		5,836,519			3,427,373
Debt securities of financial trust - Measured at amortized cost		84,236			626,444
Corporate bonds		3,146,139			2,110,753
Subtract:
Interest and other accrued items receivable from financial assets with impaired credit value		(396,825	)		(318,220	)
Guarantees provided and contingent liabilities		37,092,582			14,894,407
Total computable items		1,220,887,682			1,259,155,206

Jorge Pablo Brito
Chairperson

EXHIBIT C

CONSOLIDATED CONCENTRATION OF LOANS AND FINANCING FACILITIES

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	09/30/2023				12/31/2022
Number of customers	Cut off balance		% of total portfolio		Cut off balance		% of total portfolio
10 largest customers		80,659,135		6.61		44,220,186		3.51
50 next largest customers		96,874,790		7.93		81,339,928		6.46
100 next largest customers		74,074,047		6.07		66,539,440		5.28
Other customers		969,279,710		79.39		1,067,055,652		84.75

Total (1)		1,220,887,682		100.00		1,259,155,206		100.00

(1) See reconciliation in Exhibit B.

Jorge Pablo Brito
Chairperson

EXHIBIT D

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

			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		108	2,002,230	976,512	108,655	187,838	235,847	40,555	3,551,745
Financial sector			11,723,917	337,310	1,019,256	2,756,929	2,217,665	996,726	19,051,803
Non-financial private sector and foreign residents		6,574,847	527,804,134	154,351,731	176,258,926	254,731,475	209,541,136	237,213,216	1,566,475,465

Total		6,574,955	541,530,281	155,665,553	177,386,837	257,676,242	211,994,648	238,250,497	1,589,079,013

CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

			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		219	2,751,621	1,167,636	211,360	379,868	594,645	351,258	5,456,607
Financial sector			99,784	134,390	1,134,973	413,434	621,115	189,755	2,593,451
Non-financial private sector and foreign residents		7,068,933	533,538,896	147,821,712	179,661,108	227,221,025	243,319,718	307,968,874	1,646,600,266

Total	7,069,152		536,390,301	149,123,738	181,007,441	228,014,327	244,535,478	308,509,887	1,654,650,324

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

Jorge Pablo Brito
Chairperson

EXHIBIT F

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

									Depreciation of the period
Item	Original 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	193,407,042	50	194,232	103,732	662,847				23,021,585	(4,210	)	17,911		3,276,408	26,275,872	167,884,517
Furniture and facilities	30,031,378	10	796,853	2,682	574,588		(14	)	15,258,871	1,179		2,682		1,893,397	17,150,765	14,249,358
Machinery and equipment	43,603,191	5	4,368,290	12,465	116,466		(63	)	31,188,917	795		13,141	172	4,223,625	35,400,368	12,675,051
Vehicles	5,840,536	5	1,444,385	458,042	(5,956	)	(429	)	4,695,519	4,404		364,742	28	498,317	4,833,526	1,986,968
Other	1,683	3	205	80			24		666			80	36	401	1,023	809
Work in progress	2,633,684		4,229,859		(1,349,092	)										5,514,451
Right of use real property	16,499,766	5	1,443,314	845,400	2,823		(4,397	)	11,076,009	(450	)	444,093	18,124	2,090,204	12,739,794	4,356,312
Right of use furniture		5	1,625,432											49,637	49,637	1,575,795
Total property, plant and equipment	292,017,280		14,102,570	1,422,401	1,676		(4,879	)	85,241,567	1,718		842,649	18,360	12,031,989	96,450,985	208,243,261

CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

									Depreciation of the fiscal year
Item	Original 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	Residual value at the end of the fiscal year
Cost
Real property	189,665,843	50	1,209,801	248,187	2,779,585				19,064,854	(159,528	)	42,649			4,158,908	23,021,585	170,385,457
Furniture and facilities	26,164,138	10	840,286	3,360	3,030,681		(367	)	12,889,894	9		1,118	(297	)	2,335,988	15,224,476	14,806,902
Machinery and equipment	37,213,452	5	4,264,045	11,358	2,137,420		(368	)	25,691,780	(3,119	)	10,884	(928	)	5,469,052	31,145,901	12,457,290
Vehicles	5,288,011	5	914,073	358,564	(18,706	)	15,722		4,336,053	(1,420	)	234,321	29		534,386	4,634,727	1,205,809
Other	3,532	3					(1,849	)	1,683				(2,151	)	1,134	666	1,017
Work in progress	6,276,993		5,504,902		(9,148,211	)											2,633,684
Right of use real property	14,939,649	5	1,761,825	195,420			(6,288	)	8,339,270			121,265	(516	)	2,835,383	11,052,872	5,446,894
Total property, plant and equipment	279,551,618		14,494,932	816,889	(1,219,231	)	6,850		70,323,534	(164,058	)	410,237	(3,863	)	15,334,851	85,080,227	206,937,053

Jorge Pablo Brito
Chairperson

EXHIBIT F

(continued)

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

								Depreciation of the period
Item	Original value at beginning of fiscal year	Useful life estimated in years	Increases	Decreases	Transfers		Difference for conversion	Accumulated	Transfers	Decrease	Of the period	At the end	Residual value at the end of the period
Cost
Leased properties	805,735	50			(1	)		121,811	2,311		10,877	134,999	670,735
Other investment properties	17,536,411	50	918,411	45,909	(1,211	)	9	566,638	5,100	32,819	311,983	850,902	17,556,809
Total investment property	18,342,146		918,411	45,909	(1,212	)	9	688,449	7,411	32,819	322,860	985,901	18,227,544

CONSOLIDATED CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

									Depreciation for the fiscal year
Item	Original value at beginning of fiscal year	Useful life estimated in years	Increases	Decreases	Transfers (1)		Difference for conversion		Accumulated	Transfers (1)		Decrease	For the fiscal year	At the end	Residual value at the end of the fiscal year
Cost
Leased properties	914,156	50	2,349		(110,770	)			33,025	78,086			10,700	121,811	683,924
Other investment properties	2,784,869	50	20,267,281	53,456	(5,462,274	)	(9	)	224,350	(11,580	)	4,667	358,535	566,638	16,969,773
Total investment property	3,699,025		20,269,630	53,456	(5,573,044	)	(9	)	257,375	66,506		4,667	369,235	688,449	17,653,697

(1) During the fiscal year 2022, under this item transfers were made to Non-current assets held for sale.

Jorge Pablo Brito
Chairperson

EXHIBIT G

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

							Depreciation of the period
Item	Original value at beginning of fiscal year	Useful life estimated in years	Increases	Decreases	Transfers		Accumulated	Transfers		Decrease	Of the period	At the end	Residual value at the end of the period
Cost
Licenses	22,675,226	5	1,524,964		(303	)	15,878,809	(682	)		2,849,216	18,727,343	5,472,544
Other intangible assets	78,957,841	5	11,352,744	102,204	(3,384	)	50,374,766	1,028		11,882	9,548,981	59,912,893	30,292,104
Total intangible assets	101,633,067		12,877,708	102,204	(3,687	)	66,253,575	346		11,882	12,398,197	78,640,236	35,764,648

CONSOLIDATED CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

							Depreciation for the fiscal year
Item	Original value at beginning of fiscal year	Useful life estimated in years	Increases	Decreases	Transfers		Accumulated	Transfers		Decrease	For the fiscal year	At the end	Residual value at the end of the fiscal year
Cost
Licenses	19,827,662	5	2,664,739		182,825		12,128,959	6,858			3,742,992	15,878,809	6,796,417
Other intangible assets	64,359,023	5	14,829,016	68,173	(162,025	)	38,799,965	(2,704	)	2,668	11,530,640	50,325,233	28,632,608
Total intangible assets	84,186,685		17,493,755	68,173	20,800		50,928,924	4,154		2,668	15,273,632	66,204,042	35,429,025

Jorge Pablo Brito
Chairperson

EXHIBIT H

CONSOLIDATED DEPOSIT CONCENTRATION

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	09/30/2023				12/31/2022
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		218,794,591		10.89		312,135,488		11.86
50 next largest customers		141,870,816		7.06		267,993,257		10.18
100 next largest customers		85,152,753		4.24		125,062,687		4.75
Other customers		1,563,336,431		77.81		1,926,414,721		73.21

Total		2,009,154,591		100.00		2,631,606,153		100.00

Jorge Pablo Brito
Chairperson

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	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		1,938,477,584		107,264,316		10,757,052		1,724,094		134,254		16,392		2,058,373,692
From the non-financial government sector		175,716,112		4,517,592		2,162,334						1,697		182,397,735
From the financial sector		3,452,363												3,452,363
From the non-financial private sector and foreign residents		1,759,309,109		102,746,724		8,594,718		1,724,094		134,254		14,695		1,872,523,594

Liabilities at fair value through profit or loss		10,534,801												10,534,801

Derivative instruments		15,916		21,795		1,790								39,501

Repo transactions		38,898,523												38,898,523
Other financial institutions		38,898,523												38,898,523

Other financial liabilities		314,620,872		716,872		677,532		1,147,474		1,780,782		3,388,276		322,331,808

Financing received from the Central Bank of Argentina and other financial institutions		1,065,050		2,313,244		2,172,624								5,550,918

Issued corporate bonds				19,946		19,946		5,476,838						5,516,730

Subordinated corporate bonds				4,639,473				4,639,473		9,278,947		153,598,477		172,156,370

Total		2,303,612,746		114,975,646		13,628,944		12,987,879		11,193,983		157,003,145		2,613,402,343

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

Jorge Pablo Brito
Chairperson

EXHIBIT I

CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	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		2,411,060,310		230,654,707		40,129,386		3,864,242		24,977		74,841		2,685,808,463
From the non-financial government sector		218,977,706		6,876,575		2,071,523		9,136						227,934,940
From the financial sector		3,358,992												3,358,992
From the non-financial private sector and foreign residents		2,188,723,612		223,778,132		38,057,863		3,855,106		24,977		74,841		2,454,514,531

Liabilities at fair value through profit or loss		1,068,628												1,068,628

Derivative instruments		3,484		1,332										4,816

Other financial liabilities		265,666,507		865,996		786,340		1,496,218		2,489,862		5,751,195		277,056,118

Financing received from the Central Bank of Argentina and other financial institutions		593,977		1,051,220		3,284,730		91,355						5,021,282

Issued corporate bonds				20,262		19,602		40,525		5,584,331				5,664,720

Subordinated corporate bonds						4,773,098		4,773,098		9,546,195		162,795,445		181,887,836

Total		2,678,392,906		232,593,517		48,993,156		10,265,438		17,645,365		168,621,481		3,156,511,863

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

Jorge Pablo Brito
Chairperson

EXHIBIT J

CONSOLIDATED CHANGES IN PROVISIONS

AS OF SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

					Decreases
Item	Amounts at beginning of fiscal year		Increases		Reversals		Charge off		Monetary effects generated by provisions			09/30/2023
Provisions for eventual commitments		1,415,488		350,168						(831,637	)		934,019
For administrative, disciplinary and criminal penalties		1,017								(517	)		500
Other		4,095,136		2,951,491		25,594		1,515,014		(2,500,554	)		3,005,465

Total provisions		5,511,641		3,301,659		25,594		1,515,014		(3,332,708	)		3,939,984

CONSOLIDATED CHANGES IN PROVISIONS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

					Decreases
Item	Amounts at beginning of fiscal year		Increases		Reversals	Charge off		Monetary effects generated by provisions			12/31/2022
Provisions for eventual commitments		1,349,828		975,148					(909,488	)		1,415,488
For administrative, disciplinary and criminal penalties		1,974							(957	)		1,017
Other		5,144,301		5,338,488			3,626,740		(2,760,913	)		4,095,136

Total provisions		6,496,103		6,313,636			3,626,740		(3,671,358	)		5,511,641

Jorge Pablo Brito
Chairperson

EXHIBIT L

CONSOLIDATED FOREIGN CURRENCY AMOUNTS

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	09/30/2023										12/31/2022
			Total per currency								Total
Item	Total parent company and local branches		US dollar		Euro		Real		Other
Assets
Cash and deposits in banks		382,774,653		379,411,108		2,462,453		81,717		819,375		427,904,283
Debt securities at fair value through profit or loss (1)		800,744,655		800,744,655								361,478,723
Other financial assets		33,829,682		33,828,948		704				30		31,842,473
Loans and other financing		77,101,416		75,304,572		10,265				1,786,579		73,012,810
From the non-financial private sector and foreign residents		77,101,416		75,304,572		10,265				1,786,579		73,012,810
Other debt securities		50,680,099		50,680,099								109,365,968
Financial assets delivered as guarantee		14,568,050		14,545,834		22,216						9,950,102
Equity Instruments at fair value through profit or loss		446,162		446,162								323,821

Total assets		1,360,144,717		1,354,961,378		2,495,638		81,717		2,605,984		1,013,878,180

Liabilities
Deposits		313,413,156		312,670,771		742,385						347,430,607
Non-financial government sector		12,231,237		12,231,237								12,520,379
Financial sector		3,076,432		3,076,432								2,842,689
Non-financial private sector and foreign residents		298,105,487		297,363,102		742,385						332,067,539
Liabilities at fair value through profit or loss		10,534,764		10,534,764								1,068,628
Other financial liabilities		38,881,399		38,233,200		592,425				55,774		32,704,522
Financing from Central Bank of Argentina and other financial institutions		5,270,245		3,471,010		12,656				1,786,579		4,870,819
Issued corporate bonds		5,453,357		5,453,357								5,516,677
Subordinated corporate bonds		144,483,267		144,483,267								146,532,380
Other non-financial liabilities		1,203,274		1,203,274								109,832

Total liabilities		519,239,462		516,049,643		1,347,466				1,842,353		538,233,465

(1)

Mainly including Argentine government discount bonds in dual currency for 667,974,973 and Argentine government Treasury bonds tied to the US dollar for 88,769,969.

Jorge Pablo Brito
Chairperson

EXHIBIT Q

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	Net financial Income / (Loss)
	Mandatory measurement
Item	Quarter ended 09/30/2023			Accumulated from beginning of year up to 09/30/2023			Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022
For measurement of financial assets at fair value through profit or loss
(Loss) / Gain from government securities		(60,766,935	)		20,018,304			43,423,051			56,617,494
Gain from private securities		16,023,709			21,710,331			16,787,672			29,144,928
Gain from derivative financial instruments
Forward transactions		826,538			1,715,152			250,612			271,129
Loss from other financial assets		(1,047,023	)		(814,852	)		(82,366	)		(103,923	)
Gain / (Loss) from equity instruments at fair value through profit or loss		1,791,319			1,825,041			(186,516	)		13,610,660
Gain from sales or decreases of financial assets at fair value (1)		7,248,486			8,891,146			643,313			4,499,275
For measurement of financial liabilities at fair value through profit or loss
Loss from derivative financial instruments
Options		(433,863	)		(4,405,842	)

Total		(36,357,769	)		48,939,280			60,835,766			104,039,563

(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
Chairperson

EXHIBIT Q

(continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	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 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022
Interest income
for cash and bank deposits	1,270,473		3,202,881		231,026		286,006
for government securities	190,065,241		581,604,747		158,699,291		226,036,554
for private securities	83,080		368,230		78,595		228,643
for loans and other financing
Non-financial public sector	4,009,810		9,010,730		711,226		2,399,782
Financial sector	568,429		1,079,327		197,945		739,906
Non-financial private sector
Overdrafts	27,341,267		64,456,568		15,587,903		35,414,483
Documents	28,207,980		62,114,419		14,703,678		35,893,876
Mortgage loans	21,805,160		63,206,443		20,261,691		56,621,116
Pledge loans	1,705,573		4,555,716		1,438,783		4,799,906
Personal loans	38,195,218		122,465,080		44,269,780		137,381,380
Credit cards	32,044,714		93,937,848		20,636,884		56,550,839
Financial leases	363,705		718,735		178,701		469,146
Other	29,059,713		70,792,693		14,110,169		38,247,012
for repo transactions
Central Bank of Argentina	37,563,220		73,509,754		9,130,382		12,159,058
Other financial institutions	16,678		43,529		172,711		649,861

Total	412,300,261		1,151,066,700		300,408,765		607,877,568
Interest expenses
for Deposits
Non-financial Private sector
Checking accounts	(21,220,370	)	(49,168,945	)	(8,003,670	)	(13,317,569	)
Saving accounts	(2,739,010	)	(7,763,530	)	(2,158,326	)	(5,450,259	)
Time deposits and investments accounts	(286,507,651	)	(728,526,125	)	(162,113,157	)	(360,297,772	)
for financing received from Central Bank of Argentina and other financial institutions	(236,446	)	(888,094	)	(283,771	)	(645,269	)
for repo transactions
Other financial institutions	(2,156,542	)	(7,281,804	)	(208,429	)	(1,877,066	)
for other financial liabilities	(1,185,734	)	(3,017,325	)	(465,875	)	(1,010,686	)
for issued corporate bonds	(28,284	)	(81,472	)	(27,272	)	(572,605	)
for other subordinated corporate bonds	(2,360,621	)	(6,787,379	)	(2,285,743	)	(7,106,766	)

Total	(316,434,658	)	(803,514,674	)	(175,546,243	)	(390,277,992	)

Jorge Pablo Brito
Chairperson

EXHIBIT Q

(continued)

CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	Income of the period		Other comprehensive income				Income of the period		Other comprehensive income
Interest and adjustment for the application of the effective interest rate of financial assets measured at fair value through other comprehensive income	Quarter ended 09/30/2023	Accumulated from beginning of year up to 09/30/2023	Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2022	Accumulated from beginning of year up to 09/30/2022	Quarter ended 09/30/2022	Accumulated from beginning of year up to 09/30/2022
for debt government securities	16,826,528	73,650,831	(1,969,508	)	(365,838	)	26,417,955	232,832,551	20,123,708	3,273,589
Total	16,826,528	73,650,831	(1,969,508	)	(365,838	)	26,417,955	232,832,551	20,123,708	3,273,589

	Income of the period
Item	Quarter ended 09/30/2023			Accumulated from beginning of year up to 09/30/2023			Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022
Commissions income
Commissions related to obligations		22,299,782			67,934,984			21,514,365			64,720,741
Commissions related to credits		192,197			534,522			223,008			607,468
Commissions related to loans commitments and financial guarantees		21,058			44,820			4,530			7,177
Commissions related to securities value		1,346,585			3,418,306			489,621			1,817,559
Commissions for credit cards		12,799,933			38,653,531			12,725,458			38,520,884
Commissions for insurances		1,901,682			6,129,585			2,005,276			6,521,042
Commissions related to trading and foreign exchange transactions		869,614			2,614,911			783,882			2,457,028

Total		39,430,851			119,330,659			37,746,140			114,651,899

Commissions expenses
Commissions related to trading with debt securities		(69,915	)		(173,074	)		(92,812	)		(105,434	)
Commissions related to trading and foreign exchange transactions		(227,710	)		(685,824	)		(217,870	)		(401,416	)
Other
Commissions paid ATM exchange		(2,451,704	)		(7,146,894	)		(2,400,400	)		(7,520,429	)
Checkbooks commissions and clearing houses		(788,075	)		(2,381,683	)		(720,365	)		(2,038,361	)
Credit cards and foreign trade commissions		(402,545	)		(1,173,542	)		(377,840	)		(1,134,740	)

Total		(3,939,949	)		(11,561,017	)		(3,809,287	)		(11,200,380	)

Jorge Pablo Brito
Chairperson

EXHIBIT R

VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

		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		09/30/2023
Other financial assets	184,949	80,490					(115,043	)	150,396
Loans and other financing	22,351,345	5,576,267		2,538,532		7,093,388	(15,846,568	)	21,712,964
Other financial institutions	16,539	21,782					(15,093	)	23,228
To the non-financial private sector and foreign residents									0
Overdrafts	1,070,337	596,328		59,614		480,073	(886,508	)	1,319,844
Documents	1,150,186	984,408		310,565		374,975	(964,885	)	1,855,249
Mortgage loans	2,425,451	(262,280	)	323,887		806,505	(1,485,622	)	1,807,941
Pledge loans	385,253	(32,540	)	93,448		4,412	(223,621	)	226,952
Personal loans	8,426,019	1,795,969		311,518		2,377,219	(5,670,895	)	7,239,830
Credit cards	5,618,716	1,735,411		833,702		2,792,039	(4,425,837	)	6,554,031
Financial leases	43,954	(9,597	)	6,236		8,852	(29,950	)	19,495
Other	3,214,890	746,786		599,562		249,313	(2,144,157	)	2,666,394
Eventual commitments	1,415,488	377,865		(3,826	)		(855,508	)	934,019
Other debt securities	1,616	4,593					(2,328	)	3,881
Total of allowances	23,953,398	6,039,215		2,534,706		7,093,388	(16,819,447	)	22,801,260

VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 45)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

		Movements between stages for the fiscal year
				ECL of remaining life of financial asset
Item	Balances at beginning of the fiscal year	ECL of the next 12 months		Financial instruments with a significant increase in credit risk		Financial instruments with impairment		Monetary effect generated by allowances		12/31/2022
Other financial assets	104,659	169,424						(89,134	)	184,949
Loans and other financing	38,113,618	4,808,329		(4,991,725	)	2,712,029		(18,290,906	)	22,351,345
Other financial institutions	14,445	8,847						(6,753	)	16,539
To the non-financial private sector and foreign residents
Overdrafts	2,803,088	533,734		9,091		(1,128,558	)	(1,147,018	)	1,070,337
Documents	3,805,253	(63,032	)	(929,431	)	39,964		(1,702,568	)	1,150,186
Mortgage loans	7,907,277	575,786		(4,924,350	)	1,733,100		(2,866,362	)	2,425,451
Pledge loans	488,937	190,245		(35,509	)	(26,576	)	(231,844	)	385,253
Personal loans	9,816,194	2,017,597		1,073,467		1,112,338		(5,593,577	)	8,426,019
Credit cards	6,391,938	1,349,377		1,082,518		648,295		(3,853,412	)	5,618,716
Financial leases	57,851	26,808		73		(9,540	)	(31,238	)	43,954
Other	6,828,635	168,967		(1,267,584	)	343,006		(2,858,134	)	3,214,890
Eventual commitments	1,349,828	877,313		194,883				(1,006,536	)	1,415,488
Other debt securities	2,148	786						(1,318	)	1,616
Total of allowances	39,570,253	5,855,852		(4,796,842	)	2,712,029		(19,387,894	)	23,953,398

Jorge Pablo Brito
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Items	Notes	Exhibits	09/30/2023		12/31/2022
ASSETS
Cash and deposits in banks	9			424,324,887		487,587,127
Cash				107,379,852		56,093,035
Central Bank of Argentina				219,374,095		291,575,393
Other local and foreign entities				97,547,309		139,894,080
Other				23,631		24,619
Debt securities at fair value through profit or loss	9	A		759,475,043		399,672,695
Derivative financial instruments	9			768,978		87,150
Repo transactions	9			157,364,611		125,809,935
Other financial assets	5, 7 and 9	R		116,924,175		87,884,896
Loans and other financing	6, 7 and 9	B, C, D and R		1,140,874,030		1,215,605,783
Non-financial public sector				3,160,875		4,483,407
Other financial entities				14,538,086		1,883,890
Non-financial private sector and foreign residents				1,123,175,069		1,209,238,486
Other debt securities	7 and 9	A and R		591,518,427		1,481,905,783
Financial assets delivered as guarantee	9 and 30			51,106,459		61,140,324
Equity instruments at fair value through profit or loss	8 and 9	A		1,762,048		1,434,122
Investment in subsidiaries, associates and joint arrangements	11			48,141,142		36,163,398
Property, plant and equipment		F		207,917,940		206,788,849
Intangible assets		G		35,218,714		35,191,297
Other non-financial assets	12			24,035,338		23,349,967
Non-current assets held for sale				16,870,874		17,991,543
TOTAL ASSETS				3,576,302,666		4,180,612,869

Jorge Pablo Brito
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Items	Notes	Exhibits	09/30/2023		12/31/2022
LIABILITIES
Deposits	9 and 14	H and I		1,997,087,370		2,616,359,426
Non-financial public sector				177,707,333		223,368,942
Financial sector				3,452,362		3,358,992
Non-financial private sector and foreign residents				1,815,927,675		2,389,631,492
Derivative financial instruments	9	I		39,501		4,816
Repo transactions	9	I		38,794,740
Other financial liabilities	9 and 15	I		230,970,967		233,431,928
Financing received from the Central Bank of Argentina and other financial institutions	9	I		5,506,905		4,974,902
Issued corporate bonds	9 and 35	I		5,951,537		6,102,122
Current income tax liabilities	20			19,743,384		18,193,919
Subordinated corporate bonds	9 and 35	I		144,881,690		146,826,033
Provisions	16	J and R		3,912,818		5,490,833
Deferred income tax liabilities				24,986,915		26,857,812
Other non-financial liabilities	17			96,856,602		81,405,160
TOTAL LIABILITIES				2,568,732,429		3,139,646,951
SHAREHOLDERS’ EQUITY
Capital stock	28	K		639,413		639,413
Non-capital contributions				12,429,781		12,429,781
Adjustments to shareholders’ equity				365,521,317		365,521,317
Earnings reserved				545,145,564		574,601,010
Unappropriated retained earnings				397,812		277,517
Accumulated Other Comprehensive Income				161,001		63,762
Net income of the period / fiscal year				83,275,349		87,433,118
TOTAL SHAREHOLDERS’ EQUITY				1,007,570,237		1,040,965,918
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES				3,576,302,666		4,180,612,869

Notes 1 to 42 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

CONDENSED SEPARATE STATEMENT OF INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Items	Notes	Exhibits	Quarter ended 09/30/2023			Accumulated from beginning of year up to 09/30/2023			Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022
Interest income		Q		424,904,083			1,218,586,457			326,206,476			839,312,355
Interest expense		Q		(315,329,862	)		(800,737,889	)		(175,142,111	)		(389,350,558	)
Net interest income				109,574,221			417,848,568			151,064,365			449,961,797

Commissions income	21	Q		38,320,233			116,663,799			37,506,646			113,568,895
Commissions expense		Q		(2,912,999	)		(8,977,799	)		(3,244,134	)		(9,394,711	)
Net commissions income				35,407,234			107,686,000			34,262,512			104,174,184
Subtotal (Net interest income plus Net commissions income)				144,981,455			525,534,568			185,326,877			554,135,981

Net gain from measurement of financial instruments at fair value through profit or loss		Q		(54,381,907	)		20,086,786			53,976,786			90,112,081
Profit from sold or derecognized assets at amortized cost				137,288			137,389						(12	)
Differences in quoted prices of gold and foreign currency	22			237,106,892			399,109,882			37,676,589			62,967,237
Other operating income	23			9,237,291			23,632,445			7,547,366			25,849,546
Allowances for loan losses				(4,823,343	)		(18,062,367	)		(3,405,975	)		(8,174,661	)
Net operating income				332,257,676			950,438,703			281,121,643			724,890,172

Employee benefits	24			(41,705,420	)		(119,729,843	)		(41,377,670	)		(117,306,922	)
Administrative expenses	25			(21,864,588	)		(62,741,147	)		(19,155,038	)		(56,894,755	)
Depreciation and amortization of fixed assets		F and G		(8,115,329	)		(24,322,344	)		(7,726,968	)		(22,656,053	)
Other operating expenses	26			(44,345,169	)		(131,871,621	)		(40,342,513	)		(109,861,204	)
Operating income				216,227,170			611,773,748			172,519,454			418,171,238

Income from subsidiaries, associates and joint arrangements	11			8,960,797			11,563,055			2,127,505			5,432,323
Loss on net monetary position				(212,071,754	)		(500,811,167	)		(137,056,998	)		(344,327,969	)

Income before tax on continuing operations				13,116,213			122,525,636			37,589,961			79,275,592
Income tax on continuing operations	20.b)			(5,631,566	)		(39,250,287	)		(16,467,379	)		(25,574,552	)
Net income from continuing operations				7,484,647			83,275,349			21,122,582			53,701,040
Net income of the period				7,484,647			83,275,349			21,122,582			53,701,040

Jorge Pablo Brito
Chairperson

SEPARATE EARNINGS PER SHARE

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Items	Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022
Net profit attributable to parent’s shareholders		7,484,647		83,275,349		21,122,582		53,701,040
Plus: Potential diluted earnings per common share
Net profit attributable to parent’s shareholders adjusted as per diluted earnings		7,484,647		83,275,349		21,122,582		53,701,040
Weighted average of outstanding common shares of the period		639,413		639,413		639,413		639,413
Plus: Weighted average of the number of additional common shares with dilution effects
Weighted average of outstanding common shares of the period adjusted as per dilution effect		639,413		639,413		639,413		639,413
Basic earnings per share (in pesos)		11.7055		130.2372		33.0343		83.9849

Jorge Pablo Brito
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Items	Notes	Exhibits	Quarter ended 09/30/2023			Accumulated from beginning of year up to 09/30/2023			Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022
Net income of the period				7,484,647			83,275,349			21,122,582			53,701,040
Items of Other Comprehensive Income that will be reclassified to profit or loss
Foreign currency translation differences in Financial Statements conversion				128,071			(308,074	)		(423,023	)		(1,753,873	)
Foreign currency translation differences of the period				128,071			(308,074	)		(423,023	)		(1,753,873	)
Profit or loss from financial instruments measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a))				(1,450,343	)		366,548			5,529,007			(3,747,478	)
Profit or loss of the period from financial instruments at fair value through other comprehensive income (FVOCI)		Q		(1,874,821	)		(404,603	)		20,274,162			3,991,178
Adjustment for reclassification of the period				(356,476	)		968,523			(11,767,998	)		(9,756,530	)
Income tax	20.b)			780,954			(197,372	)		(2,977,157	)		2,017,874
Interest in Other Comprehensive (Loss) / Income of associates and joint ventures accounted for using the participation method				(94,687	)		38,765			(150,454	)		(717,589	)
(Loss) / Income of the period from interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method				(94,687	)		38,765			(150,454	)		(717,589	)
Total Other Comprehensive (Loss) / Income that will be reclassified to profit or loss				(1,416,959	)		97,239			4,955,530			(6,218,940	)
Total Other Comprehensive (Loss) / Income				(1,416,959	)		97,239			4,955,530			(6,218,940	)
Total Comprehensive Income of the period				6,067,688			83,372,588			26,078,112			47,482,100

Notes 1 to 42 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

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

		Capital stock	Non-capital contributions		Other Comprehensive Income				Earnings Reserved
Changes	Notes	Outstanding shares	Additional paid-in capital	Adjustments to shareholders´ equity	Accumulated foreign currency translation difference in 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	365,521,317	914,308		(850,546	)	206,087,542	368,513,468		87,710,635		1,040,965,918
Total comprehensive income of the period
- Net income of the period												83,275,349		83,275,349
- Other comprehensive income of the period					(308,074	)	405,313							97,239
Distribution of unappropriated retained earnings, as approved by the shareholders’ meeting held on April 25, 2023
- Legal reserve									17,486,625			(17,486,625	)
- Reserve for dividends pending Central Bank of Argentina’s authorization (1)										(46,942,071	)	(68,581,526	)	(115,523,597	)
- Personal assets tax on shares and equity interests												(1,244,672	)	(1,244,672	)
Amount at the end of the period		639,413	12,429,781	365,521,317	606,234		(445,233	)	223,574,167	321,571,397		83,673,161		1,007,570,237

(1)

Seer Note 31 to the condensed consolidated interim Financial Statements.

CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

		Capital stock	Non-capital contributions		Other Comprehensive Income				Earnings Reserved
Changes	Notes	Outstanding shares	Additional paid-in capital	Adjustments to shareholders´ equity	Accumulated foreign currency translation difference in 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	365,521,317	2,374,940		8,981,800		191,681,472	290,413,864	72,030,346		944,072,933
Total comprehensive income of the period
- Net income of the period											53,701,040		53,701,040
- Other comprehensive income of the period					(1,753,873	)	(4,465,067	)					(6,218,940	)
Distribution of unappropriated retained earnings, as approved by the shareholders’ meeting held on April 29, 2022
- Legal reserve									14,406,069		(14,406,069	)
- Reserve for dividends pending Central Bank of Argentina’s authorization										78,099,605	(56,144,821	)	21,954,784
- Personal assets tax on shares and equity interests											(1,201,939	)	(1,201,939	)
Amount at the end of the period		639,413	12,429,781	365,521,317	621,067		4,516,733		206,087,541	368,513,469	53,978,557		1,012,307,878

Notes 1 to 42 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

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Items	Notes	09/30/2023			09/30/2022
Cash flows from operating activities
Income of the period before income tax			122,525,636			79,275,592
Adjustment for the total monetary effect of the period			500,811,167			344,327,969
Adjustments to obtain cash flows from operating activities:
Amortization and depreciation			24,322,344			22,656,053
Allowance for loan losses			18,062,367			8,174,661
Difference in quoted prices of foreign currency			(171,371,572	)		(115,031,691	)
Other adjustments			318,071,732			198,254,149

Net increase / (decrease) from operating assets:

Debt securities at fair value through profit or loss			(359,802,348	)		(288,826,309	)
Derivative financial instruments			(681,828	)		(323,627	)
Repo transactions			(31,554,676	)		(24,598,269	)
Loans and other financing
Non-financial public sector			1,322,532			5,162,202
Other financial entities			(12,654,196	)		3,739,482
Non-financial private sector and foreign residents			68,001,050			167,372,451
Other debt securities			209,501,959			85,649,363
Financial assets delivered as guarantee			10,033,865			5,833,109
Equity instruments at fair value through profit or loss			(327,926	)		7,040,654
Other assets			(41,405,989	)		44,613,678

Net increase / (decrease) from operating liabilities:

Deposits
Non-financial public sector			(45,661,609	)		97,941,636
Financial sector			93,370			(769,143	)
Non-financial private sector and foreign residents			(573,703,817	)		247,500,542
Derivative financial instruments			34,685			(5,503	)
Repo transactions			38,794,740			835,220
Other liabilities			(10,585,512	)		(59,465,589	)
Income tax payments			(12,638,957	)		(922,692	)

Total cash from operating activities (A)			51,187,017			828,433,938

Jorge Pablo Brito
Chairperson

CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOWS

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Items	Notes		09/30/2023			09/30/2022
Cash flows from investing activities
Payments:
Acquisition of PPE, intangible assets and other assets				(22,550,935	)		(40,567,122	)
Other payments related to investing activities							(90,826	)
Total cash used in investing activities (B)				(22,550,935	)		(40,657,948	)
Cash flows from financing activities
Payments:
Dividends		38		(16,695	)		(30,682,677	)
Non-subordinated corporate bonds				(59,661	)		(9,615,733	)
Subordinated corporate bonds				(4,282,616	)		(4,711,518	)
Other payments related to financing activities				(2,057,624	)		(1,551,522	)
Collections / Incomes:
Non subordinated corporate bonds							5,992,062
Financing to local financial entities				801,970			4,877,598
Total cash used in financing activities (C)				(5,614,626	)		(35,691,790	)
Effect of exchange rate fluctuations (D)				276,180,890			171,372,758
Monetary effect on cash and cash equivalents (E)				(942,980,855	)		(658,545,387	)
Net (decrease) / increase in cash and cash equivalents (A+B+C+D+E)				(643,778,509	)		264,911,571
Cash and cash equivalents at the beginning of the fiscal year		27		1,486,117,398			1,190,354,777
Cash and cash equivalents at the end of the period		27		842,338,889			1,455,266,348

Notes 1 to 42 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 SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(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 Republic of Argentina 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, 2022, already issued, this is a structured entity in which the Bank has control.

During 2022, 2021 and 2020 the Bank made irrevocable capital contributions in the company Play Digital SA for a total amount of 629,854 (not restated). On October 4, 2022, the Bank sold 22,112,340 shares for an amount of 61,889. In addition, on October 27, 2022, the Bank subscribed 178,911,312 shares for a face value of ARS 1 related to the abovementioned irrevocable capital contributions. As a consequence, the Bank’s new interest in this company is 9.6984%. Additionally, on February 23, 2023, the Bank made a new irrevocable capital contribution for an amount of 347,371 (not restated). See also Note 1 to the condensed consolidated interim Financial Statements.

Additionally, on November 2, 2023, the Board of Directors of the Central Bank of Argentina (BCRA), authorized the acquisition by Banco Macro S.A. 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 1 to the condensed consolidated interim Financial Statements.

On November 22, 2023, 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 SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(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 Central Bank of Argentina (BCRA, for its acronym in Spanish), 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.

In March 2022, the Bank’s holding in Prisma Medios de Pago SA (Prisma) was transferred. That company was measured according to the Memorandums received from the BCRA on March 12 and 22, 2021, which established specific guidelines related to the measurement at fair value of such holding. If, for the fair value measurement purpose previously mentioned, IFRS had been applied, the profit or loss for the nine-month period ended September 30, 2022, should have been modified. However, this situation did not generate differences in the shareholders’ equity as of September 30, 2022.

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 also Notes 9 and 43 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 September 30, 2023, would have recorded a decrease in “other operating income” for an amount of 2,779,239 and in “Loss on net monetary position” for an amount of 71,348 and an increase in “Net gain from measurement of financial instruments at fair value through profit or loss” for an amount of 2,573,067, and as a counterpart an increase in “Other comprehensive income” of that period. These changes would not have resulted into modifications to the total shareholder equity as of that date nor the total comprehensive income for the nine-month period ended September 30, 2023.

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” 7642. 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, 2022, 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 10, 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 SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(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 “Investment 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 Balances”) 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

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 September 30, 2023 and December 31, 2022, the Bank maintains the following maximum exposures to credit risk related to this type of transactions:

Composition	09/30/2023			12/31/2022
Undrawn commitments of credit cards and checking accounts		858,996,179			1,358,898,790
Guarantees granted (1)		30,429,681			10,549,945
Overdraft and unused agreed commitments (1)		2,468,023			1,245,912
Subtotal		891,893,883			1,370,694,647
Less: Allowance for ECL		(916,853	)		(1,394,680	)
Total		890,977,030			1,369,299,967

(1)

Includes transactions not covered by BCRA debtor classification standard. The Guarantees granted include an amount of 343,684 and 74,985, as of September 30, 2023 and December 31, 2022, respectively. The Overdraft and unused agreed commitments include an amount of 749,338 and 921,304, as of September 30, 2023 and December 31, 2022, respectively.

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

OTHER FINANCIAL ASSETS

The composition of the other financial assets as of September 30, 2023 and December 31, 2022 is as follows:

Composition	09/30/2023			12/31/2022
Receivables from spot sales of foreign currency pending settlement		63,305,292			32,508,664
Sundry debtors (see Note 8)		51,198,761			54,236,538
Receivables from other spot sales		873,846
Receivables from spot sales of government securities pending settlement		559,379			446,905
Private securities		63,401			100,387
Other		1,073,892			777,351
Subtotal		117,074,571			88,069,845
Less: Allowances for ECL		(150,396	)		(184,949	)
Total		116,924,175			87,884,896

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 September 30, 2023 and December 31, 2022 is as follows:

Composition	09/30/2023			12/31/2022
Non-financial public sector (1)		3,160,875			4,483,407
Other financial entities		14,538,086			1,883,890
Other financial entities		14,561,314			1,900,429
Less: allowance for ECL		(23,228	)		(16,539	)
Non-financial private sector and foreign residents		1,123,175,069			1,209,238,486
Overdrafts		112,879,615			100,018,015
Documents		214,617,635			164,757,115
Mortgage loans		108,865,166			125,762,379
Pledge loans		18,738,216			19,464,447
Personal loans		198,376,322			289,550,202
Credit cards		341,324,685			387,569,462
Financial leases		1,469,069			2,817,300
Other		148,497,043			141,609,053
Less: allowance for ECL		(21,592,682	)		(22,309,487	)
Total		1,140,874,030			1,215,605,783


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

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(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 to the condensed consolidated interim Financial Statements, details the allowances recognized by the Bank under this concept.

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

EQUITY INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS – PRISMA MEDIOS DE PAGO SA

The composition of equity instruments at fair value through profit or loss, as of September 30, 2023 and December 31, 2022, is detailed in Exhibit A. For the Bank’s investment in Prisma Medios de Pago SA, see also Note 10 to the condensed consolidated interim Financial Statements.

FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES

Note 11 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:

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

The following tables show the hierarchy in the Bank’s financial asset and liability at fair value measurement, as of September 30, 2023 and December 31, 2022:

	Financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 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		759,475,043		758,516,107				958,936
Derivatives financial instruments		768,978				768,978
Other financial assets		63,401						63,401
Financial assets delivered as guarantee		6,351,012		6,351,012
Equity instruments at fair value through profit or loss		1,762,048		285,126				1,476,922

At fair value through OCI
Other debt securities		53,071,390		53,071,390
Financial assets delivered as guarantee		4,938,485		4,938,485

Total		826,430,357		823,162,120		768,978		2,499,259

Financial liabilities
At fair value through profit or loss
Derivatives financial instruments		39,501		38,361		1,140

Total		39,501		38,361		1,140

	Financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2022
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		399,672,695		397,576,453				2,096,242
Derivatives financial instruments		87,150		38,991		48,159
Other financial assets		100,387						100,387
Equity instruments at fair value through profit or loss		1,434,122		42,575				1,391,547

At fair value through OCI
Other debt securities		263,825,372		263,825,372

Total		665,119,726		661,483,391		48,159		3,588,176

Financial liabilities
At fair value through profit or loss
Derivatives financial instruments		4,816				4,816

Total		4,816				4,816

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

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

	As of September 30, 2023
Reconciliation	Debt instruments			Other financial assets		Equity instruments at fair value through profit or loss
Amount at the beginning		2,096,242		100,387		1,391,547
Transfers to level 3
Transfers from level 3 (1)						(91,741	)
Profit and loss		919,849		24,308		1,084,278
Recognition and derecognition		(1,003,534	)
Monetary effects		(1,053,621	)	(61,294	)	(907,162	)
Amount at the end of the period		958,936		63,401		1,476,922

	As of December 31, 2022
Reconciliation	Debt instruments			Other financial assets		Equity instruments at fair value through profit or loss
Amount at the beginning		4,419,260		122,758		8,357,711
Transfers to level 3
Transfers from level 3
Profit and loss		1,485,522		10,288		7,305
Recognition and derecognition		(1,629,197	)	42,786		(5,095,099	)
Monetary effects		(2,179,343	)	(75,445	)	(1,878,370	)
Amount at the end of the fiscal year		2,096,242		100,387		1,391,547

(1)	Transfer of equity instruments at fair value through profit or loss from level 3 to level 1 that were measured using quoted prices (unadjusted) observable in active markets as of September 30, 2023.

Note 11 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 September 30, 2023 and December 31, 2022, the Bank has not recognized any transfers between levels 1, 2 and 3.

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

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 September 30, 2023 and December 31, 2022:

	09/30/2023
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		424,324,887		424,324,887						424,324,887
Repo transactions		157,364,611		157,364,611						157,364,611
Other financial assets		116,860,774		116,860,774						116,860,774
Loans and other financing		1,140,874,030						977,994,153		977,994,153
Other debt securities		538,447,037		540,934,916		2,427,218		24,850		543,386,984
Financial assets delivered as guarantee		39,816,962		39,816,962						39,816,962
Total		2,417,688,301		1,279,302,150		2,427,218		978,019,003		2,259,748,371

Financial liabilities
Deposits		1,997,087,370		983,744,487				997,092,343		1,980,836,830
Repo transactions		38,794,740		38,794,740						38,794,740
Other financial liabilities		230,970,967		224,648,275		5,740,162				230,388,437
Financing received from the BCRA and other financial institutions		5,506,905		5,189,298		317,607				5,506,905
Issued corporate bonds		5,951,537				5,992,741				5,992,741
Subordinated corporate bonds		144,881,690				116,636,765				116,636,765
Total		2,423,193,209		1,252,376,800		128,687,275		997,092,343		2,378,156,418

	12/31/2022
Composition	Carrying amount		Level 1		Level 2		Level 3		Fair value
Financial assets
Cash and deposits in banks		487,587,127		487,587,128						487,587,128
Repo transactions		125,809,935		125,809,935						125,809,935
Other financial assets		87,784,509		87,784,510						87,784,510
Loans and other financing		1,215,605,783						1,060,324,917		1,060,324,917
Other debt securities		1,218,080,411		1,039,569,131		167,944,127		195,642		1,207,708,900
Financial assets delivered as guarantee		61,140,324		61,140,324						61,140,324
Total		3,196,008,089		1,801,891,028		167,944,127		1,060,520,559		3,030,355,714

Financial liabilities
Deposits		2,616,359,426		1,304,616,942				1,309,594,487		2,614,211,429
Other financial liabilities		233,431,928		224,696,699		8,881,560				233,578,259
Financing received from the BCRA and other financial institutions		4,974,902		4,839,360		104,606				4,943,966
Issued corporate bonds		6,102,122				5,959,377				5,959,377
Subordinated corporate bonds		146,826,033				119,831,697				119,831,697
Total		3,007,694,411		1,534,153,001		134,777,240		1,309,594,487		2,978,524,728

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

10.

BUSINESS COMBINATIONS

10.1. Macro Agro SAU (formerly known as Comercio Interior SAU)

On May 18, 2023, the Entity acquired 100% of the share capital and votes of Macro Agro SAU (formerly known as Comercio Interior SAU) from Inversora Juramento SA. Detailed information on this transaction is included in Note 12.1 to the condensed consolidated interim Financial Statements.

10.2. 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 Entity 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 12.2 to the condensed consolidated interim Financial Statements.

11.

INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT ARRANGEMENTS

The Bank’s interests in associates and joint ventures are disclosed in Note 13 to the condensed consolidated interim Financial Statements.

12.

OTHER NON-FINANCIAL ASSETS

The composition of other non-financial assets as of September 30, 2023 and December 31, 2022 is as follows:

Composition	09/30/2023		12/31/2022
Investment property (see Exhibit F)		16,776,521		16,164,070
Advanced prepayments		3,646,181		4,683,969
Tax advances		3,547,099		2,419,361
Other		65,537		82,567
Total		24,035,338		23,349,967

13.

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).

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

As of September 30, 2023 and December 31, 2022, amounts balances related to transactions generated with related parties are as follows:

	As of September 30, 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		2,805															2,805
Other financial assets								5,876,061		440,000							6,316,061
Loans and other financing (3)
Documents																40,088	40,088
Overdraft														58,508		2,106,633	2,165,141
Credit cards														328,954		63,329	392,283
Lease										17,593						54,833	72,426
Personal loans														544			544
Mortgage loans														929,082			929,082
Other loans (4)														262,366		3,687,007	3,949,373
Guarantee granted																8,799,037	8,799,037
Total assets		2,805						5,876,061		457,593				1,579,454		14,750,927	22,666,840
Liabilities
Deposits				13,239,509		69,004		149		4,833		149,034		1,643,766		1,678,329	16,784,624
Other financial liabilities														1,066		7,735	8,801
Issued corporate bonds				498,179													498,179
Subordinated corporate bonds								344,094		54,330							398,424
Other non-financial liabilities																2,260,351	2,260,351
Total liabilities				13,737,688		69,004		344,243		59,163		149,034		1,644,832		3,946,415	19,950,379

(1)

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

(2)

Includes close family members of the key management personnel.

(3)

(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.

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

	As of December 31, 2022
	Main subsidiaries
	Macro Bank Limited		Macro Securities SAU (1)		Argenpay SAU		Fintech SGR		Associates		Key management personnel (2)		Other related parties		Total
Assets
Cash and deposits in banks		2,883													2,883
Other financial assets								6,129,132							6,129,132
Loans and other financing (3)
Documents												114,274		855,117	969,391
Overdraft												331,569		101,210	432,779
Credit cards														135,473	135,473
Lease												2,361			2,361
Personal loans												1,102,260			1,102,260
Mortgage loans				4,293,335								308,483		2,844,358	7,446,176
Other loans (4)														3,128,566	3,128,566
Total assets		2,883		4,293,335				6,129,132				1,858,947		7,064,724	19,349,021
Liabilities
Deposits				6,097,894		118,108		236		172,089		2,036,216		2,430,269	10,854,812
Other financial liabilities												1,042		23,712	24,754
Issued corporate bonds				585,444											585,444
Subordinated corporate bonds								293,653							293,653
Other non-financial liabilities														41,069	41,069
Total liabilities				6,683,338		118,108		293,889		172,089		2,037,258		2,495,050	11,799,732

(1)

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

(2)

Includes close family members of the key management personnel.

(3)

(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.

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

Profit or loss related to transactions generated during the nine-month periods ended September 30, 2023 and 2022 with related parties are as follows:

	As of September 30, 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
Income / (Loss)
Interest income		7,165				9,259			765,051		2,232,513		3,013,988
Interest expense							(48,256	)	(121,685	)	(38,306	)	(208,247	)
Commissions income		45,363		1,395			660		171		32,649		80,238
Commissions expense				(22,822	)				(69	)	(42	)	(22,933	)
Other operating income		138,171	21	4,555,771		1,183					88		4,695,234
Administrative expense											(1,194,210	)	(1,194,210	)
Other operating expense											(166,406	)	(166,406	)
Total Income / (Loss)		190,699	21	4,534,344		10,442	(47,596	)	643,468		866,286		6,197,664

	As of September 30, 2022
	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		8,781							442,333		2,959,330		3,410,444
Interest expense							(29,035	)	(165,304	)	(25,117	)	(219,456	)
Commissions income		30,908			1,373		558		114		84,814		117,767
Commissions expense					(12,839	)			(41	)	(836	)	(13,716	)
Other operating income	10	5,030		62	1,879,355						88		1,884,545
Administrative expense											(765,966	)	(765,966	)
Other operating expense		(29,478	)								(117,292	)	(146,770	)
Total Income / (Loss)	10	15,241		62	1,867,889		(28,477	)	277,102		2,135,021		4,266,848

(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 September 30, 2023 and 2022 amounted to 1,382,994 and 1,387,358, respectively.

In addition, fees received by the Directors as of September 30, 2023 and 2022 amounted to 3,907,958 and 2,620,209, respectively.

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

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

Composition	09/30/2023		12/31/2022
Board of Directors		14		12
Senior managers of the key management personnel		11		11
Total		25		23

14.

DEPOSITS

The composition of deposits as of September 30, 2023 and December 31, 2022 is as follows:

Composition	09/30/2023		12/31/2022
Non-financial public sector		177,707,333		223,368,942
Financial sector		3,452,362		3,358,992
Non-financial private sector and foreign residents		1,815,927,675		2,389,631,492
Checking accounts		229,334,716		304,055,776
Saving accounts		658,152,316		857,923,845
Time deposits		886,884,948		1,154,713,449
Investment accounts		6,524,870		41,614,317
Other		35,030,825		31,324,105
Total		1,997,087,370		2,616,359,426

15.

OTHER FINANCIAL LIABILITIES

The composition of other financial liabilities as of September 30, 2023 and December 31, 2022 is as follows:

Composition	09/30/2023		12/31/2022
Credit and debit card settlement - due to merchants		123,169,840		149,339,193
Amounts payable for spot purchases of foreign currency pending settlement		63,366,640		32,606,571
Amounts payable for spot purchases of government securities pending settlement		15,100,635		19,869,155
Payment orders pending to foreign exchange settlement		8,299,547		10,485,424
Collections and other transactions on account and behalf of others		7,208,436		5,700,070
Finance leases liabilities		3,793,872		3,972,164
Other		10,031,997		11,459,351
Total		230,970,967		233,431,928

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

16.

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 September 30, 2023 and December 31, 2022.

The expected terms to settle these obligations are as follows:

	09/30/2023
Composition	Within 12 months		Over 12 months		09/30/2023		12/31/2022
For administrative, disciplinary and criminal penalties				500		500		1,017
Letters of credits, guarantees and other commitments (1)		916,853				916,853		1,394,680
Commercial claims in progress (2)		389,985		405,903		795,888		1,004,803
Labor lawsuits		431,695		91,674		523,369		541,125
Pension funds - reimbursement		494,547		577,981		1,072,528		1,053,317
Other		3,300		600,380		603,680		1,495,891
Total		2,236,380		1,676,438		3,912,818		5,490,833

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

(2)	See also Note 37.2.

17.

OTHER NON-FINANCIAL LIABILITIES

The composition of other non-financial liabilities as of September 30, 2023 and December 31, 2022 is as follows:

Composition	09/30/2023		12/31/2022
Withholdings		26,488,640		32,006,252
Salaries, bonuses and payroll taxes payables		24,483,320		21,654,730
Dividends payable		21,120,295
Taxes payables		15,748,706		15,665,806
Miscellaneous payables		7,427,140		5,669,548
Retirement pension payment orders pending settlement		1,024,110		2,285,236
Directors’ and syndics’ fees payable		2,000		1,137,908
Other		562,391		2,985,680
Total		96,856,602		81,405,160

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

18.

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 September 30, 2023 and December 31, 2022:

09/30/2023	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		424,324,887
Debt securities at fair value through profit or loss				751,532,241		7,942,802
Derivative financial instruments				768,978
Repo transactions				157,364,611
Other financial assets		17,370,326		75,014,936		24,538,913
Loans and other financing (1)		1,146,157		878,838,107		260,889,766
Other debt securities				478,430,616		113,087,811
Financial assets delivered as guarantee		39,816,962		11,289,497
Equity instruments at fair value through profit or loss		1,762,048
Total assets		484,420,380		2,353,238,986		406,459,292

Liabilities
Deposits		962,403,725		1,034,620,364		63,281
Derivative financial instruments				39,501
Repo transactions				38,794,740
Other financial liabilities				226,670,638		4,300,329
Financing received from the BCRA and other financial institutions				5,506,905
Issued corporate bonds				5,951,537
Subordinated corporate bonds				4,878,370		140,003,320
Total liabilities		962,403,725		1,316,462,055		144,366,930

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

100

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

12/31/2022	Without due date		Total up to 12 months		Total over 12 months
Assets
Cash and deposits in banks		487,587,127
Debt securities at fair value through profit or loss				372,636,792		27,035,903
Derivative financial instruments				87,150
Repo transactions				125,809,935
Other financial assets		20,332,496		43,666,440		23,885,960
Loans and other financing (1)		2,958,692		871,383,135		341,263,956
Other debt securities				1,377,645,088		104,260,695
Financial assets delivered as guarantee		61,140,324
Equity instruments at fair value through profit or loss		1,434,122
Total assets		573,452,761		2,791,228,540		496,446,514

Liabilities
Deposits		1,286,816,714		1,329,500,704		42,008
Derivative financial instruments				4,816
Other financial liabilities				227,002,440		6,429,488
Financing received from the BCRA and other financial institutions				4,974,902
Issued corporate bonds				14,581		6,087,541
Subordinated corporate bonds				2,890,971		143,935,062
Total liabilities		1,286,816,714		1,564,388,414		156,494,099

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

19.

DISCLOSURES BY OPERATING SEGMENT

The Bank has an approach of its banking business that is described in Note 21 to the condensed consolidated interim Financial Statements.

20.

INCOME TAX

Inflation adjustment and tax rate on income tax

Note 22 to the condensed consolidated interim Financial Statements are detailed the legal aspects of the inflation adjustment on income tax and the corporate tax rate on tax rate.

101

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

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

	09/30/2023						09/30/2022
Composition	Quarter ended 09/30/2023			Accumulated from beginning of year up to 09/30/2023			Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022
Current income tax expense		(7,269,731	)		24,080,529			12,269,266		15,866,678
(Income) / Loss for deferred income taxes		(1,562,785	)		(1,870,897	)		3,568,358		8,771,951
Monetary effects		14,464,082			17,040,655			629,755		935,923
Income tax loss recorded in the statement of income		5,631,566			39,250,287			16,467,379		25,574,552
Income tax (profit) / loss recorded in other comprehensive income		(780,954	)		197,372			2,977,157		(2,017,874	)
Total		4,850,612			39,447,659			19,444,536		23,556,678

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, 2020, 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 Note 22 to the condensed consolidated interim Financial Statements). 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.

Fiscal year 2021

On October 17, 2022, the Bank 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, which is in progress.

Fiscal year 2022

On June 30, 2023, the Bank filed a reimbursement action with the AFIP requesting that 654,673 paid as income tax for the 2021 tax period be reimbursed.

102

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

Reimbursement actions – Fiscal years 2013 to 2017 and 2018

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.

21.

COMMISSIONS INCOME

	09/30/2023				09/30/2022
Composition	Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023
Performance obligations satisfied at a point in time
Commissions related to obligations		22,188,520		67,694,084		21,483,156		64,547,062
Commissions related to credit cards		12,655,917		38,173,837		12,488,029		37,680,460
Commissions related to insurance		1,901,682		6,129,585		2,005,276		6,521,042
Commissions related to trading and foreign exchange transactions		834,540		2,511,203		725,501		2,351,231
Commissions related to securities value		353,718		1,033,775		283,615		927,560
Commissions related to loans and other financing		174,322		443,708		212,107		571,657
Commissions related to financial guarantees granted		21,058		44,820		4,530		7,177

Performance obligations satisfied over certain time period
Commissions related to credit cards		144,017		479,694		237,429		840,424
Commissions related to trading and foreign exchange transactions		35,074		103,708		58,381		105,797
Commissions related to loans and other financing		10,803		47,260		7,788		14,141
Commissions related to obligations		582		2,125		834		2,344
Total		38,320,233		116,663,799		37,506,646		113,568,895

103

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

22.

DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY

	09/30/2023				09/30/2022
Composition	Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022
Translation of foreign currency assets and liabilities into pesos		236,502,005		397,671,661		36,886,630		60,893,193
Income from foreign currency exchange		604,887		1,438,221		789,959		2,074,044
Total		237,106,892		399,109,882		37,676,589		62,967,237

23.

OTHER OPERATING INCOME

	09/30/2023				09/30/2022
Composition	Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022
Adjustments and interest from other receivables		4,463,220		9,276,579		2,333,188			5,059,955
Services		1,936,195		5,682,431		2,027,011			6,134,068
Adjustments from other receivables with CER clauses		1,131,290		3,257,355		1,009,030			2,390,042
Other receivables for financial intermediation		655,726		1,304,158		403,124			1,652,746
Sale of investment in properties and other non-financial assets						(3,383	)		49,377
Other		1,050,860		4,111,922		1,778,396			10,563,358
Total		9,237,291		23,632,445		7,547,366			25,849,546

24.

EMPLOYEE BENEFITS

	09/30/2023				09/30/2022
Composition	Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022
Remunerations		29,112,011		82,677,330		28,217,927		81,035,294
Payroll taxes		7,189,501		20,363,580		7,164,200		19,431,521
Compensations and bonuses to employees		3,993,140		12,584,303		4,585,902		12,629,324
Employee services		1,410,768		4,104,630		1,409,641		4,210,783
Total		41,705,420		119,729,843		41,377,670		117,306,922

104

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

25.

ADMINISTRATIVE EXPENSES

	09/30/2023				09/30/2022
Composition	Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022
Taxes		4,695,451		11,370,974		3,348,297		9,501,075
Maintenance, conservation and repair expenses		3,174,100		9,313,335		3,083,938		9,136,365
Armored truck, documentation and events		2,414,988		7,581,849		2,697,847		8,081,562
Other fees		2,402,925		6,623,321		1,750,257		5,125,135
Security services		1,954,994		5,670,879		1,896,598		5,725,785
Advertising and publicity		1,799,784		3,816,502		1,003,243		3,483,861
Electricity and communications		1,679,359		5,166,562		1,777,850		5,366,087
Software		1,076,438		4,053,009		1,207,156		3,915,051
Fees to directors and syndics		860,037		3,841,271		792,865		2,210,605
Representation, travel and transportation expenses		409,301		1,148,748		355,130		854,073
Hired administrative services		397,661		1,138,402		151,436		400,268
Insurance		197,652		550,427		216,300		632,694
Stationery and office supplies		158,169		481,877		128,203		392,065
Leases		68,977		243,423		79,951		271,489
Other		574,752		1,740,568		665,967		1,798,640
Total		21,864,588		62,741,147		19,155,038		56,894,755

26.

OTHER OPERATING EXPENSES

	09/30/2023				09/30/2022
Composition	Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022
Turnover tax		27,029,481		77,144,622		22,228,563			60,024,996
From credit cards		10,132,440		28,244,621		9,068,530			25,942,924
Deposit guarantee fund contributions		962,379		2,915,227		970,835			2,844,661
Charges for other provisions		872,827		3,277,079		2,401,402			5,379,739
Insurance claims		387,292		1,154,662		231,620			584,304
Other adjustments and interests for miscellaneous obligations		241,957		941,599		189,491			608,247
Loss from sale or impairment of investment in properties and other non-financial assets		149,662		224,929
Donations		91,339		701,375		331,928			796,724
Taxes		35,883		191,356		141,828			569,624
Loss from sale or impairment of property, plant and equipment						(4,506	)		16,328
Other		4,441,909		17,076,151		4,782,822			13,093,657
Total		44,345,169		131,871,621		40,342,513			109,861,204

105

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

27.

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.

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:

Reconciliation	09/30/2023		12/31/2022		09/30/2022		12/31/2021
Cash and deposits in banks		424,324,887		487,587,127		459,922,979		664,138,351
Debt securities at fair value through profit or loss								19,232
Other debt securities		418,014,002		998,530,271		995,343,369		526,197,194
Total		842,338,889		1,486,117,398		1,455,266,348		1,190,354,777

28.

CAPITAL STOCK

The Bank’s subscribed and paid-in capital from December 31, 2020 to September 30, 2023, amounted to 639,413. See also Exhibit K.

29.

DEPOSIT GUARANTEE INSURANCE

Note 32 to the condensed consolidated interim Financial Statements describes the Deposit Guarantee Insurance System and the scope thereof.

Banco Macro SA holds a 7.6859% interest in the capital stock according to the percentages disclosed by BCRA Communiqué “B” 12503 issued on March 22, 2023.

106

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

30.

RESTRICTED ASSETS

As of September 30, 2023 and December 31, 2022 the following Bank’s assets are restricted:

Composition		09/30/2023		12/31/2022
Debt securities at fair value through profit or loss and other debt securities
·	Central Bank of Argentina liquidity bills in pesos - Maturity: 10/17/2023 securing Interbanking SA.		5,407,323
·	Central Bank of Argentina liquidity bills in pesos - Maturity: 10/17/2023 securing Coelsa SA.		3,244,394
·	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. Auction No. 2.		458,608
·	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).		188,300		188,638
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, as of September 30, 2023 and Argentine government Treasury bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023 as of December 31, 2022, securing the sectoral Credit Program of the Province of San Juan, production investment financing fund.		62,708		169,263
·	Argentine government discount bonds in dual currency - Maturity: 02/28/2024 as of September 30, 2023 and Argentine government Treasury bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023, as of December 31, 2022, 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).		31,042		30,251
·	Discount bonds in pesos regulated by Argentine legislation, maturing in 2033, as of September 30, 2023 and Argentine government Treasury bonds in pesos adjusted by CER 1.40% - Maturity 03/27/2023 as of December 31, 2022, to guarantee the Regional Economies Competitiveness Program – IDB loan No. 3174/OC-AR.		6,614		68,425
	Subtotal Debt securities at fair value through profit or loss and Other debt securities		9,398,989		456,577

Other financial assets
·	Interests derived from contributions made as protector partner (1).		3,755,625		4,903,166
·	Sundry debtors – attachment within the scope of the claim filed by the DGR against the CABA for turnover tax differences.		827		1,680
	Subtotal Other financial assets		3,756,452		4,904,846

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.		32,900,551		50,431,277
·	For securities forward contracts.		11,289,497
·	Guarantee deposits related to credit and debit card transactions.		5,420,424		8,214,533
·	Other guarantee deposits.		1,495,987		2,494,514
	Subtotal Financial assets delivered as guarantee		51,106,459		61,140,324

107

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

Composition (contd.)		09/30/2023		12/31/2022
Other non-financial assets
·	Real property related to a call option sold.		5,087,665		4,989,692
	Subtotal Other non-financial assets		5,087,665		4,989,692
	Total		69,349,565		71,491,439

(1)

31.

TRUST ACTIVITIES

Note 34 to the condensed consolidated interim Financial Statements describes the different trust agreements according to the business purpose sought by the Bank, which may be summarized as follows:

31.1

Financial trusts for investment purposes

As of September 30, 2023 and December 31, 2022, the debt securities with investment purposes and certificate of participation in financial trusts amounted to 1,100,723 and 1,931,759, respectively.

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

31.2

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

As of September 30, 2023 and December 31, 2022, considering the latest available accounting information as of the date of issuance of these condensed separate interim Financial Statements, the assets managed through Macro Fiducia SAU of this type of trusts amounted to 2,636 and 23,728, respectively.

31.3

Trusts guaranteeing loans granted by the Bank

As of September 30, 2023 and December 31, 2022, considering the latest accounting information available as of the date of issuance of these condensed separate interim Financial Statements, the assets managed by the Bank amounted to 4,123,323 and 5,528,277 respectively.

31.4

Trusts in which the Bank acts as Trustee (Management)

As of September 30, 2023 and December 31, 2022, considering the latest available accounting information as of the date of issuance of these condensed separate interim Financial Statements, the assets managed by the Bank amounted to 6,146,301 and 8,302,268, respectively.

32.

COMPLIANCE WITH CNV REGULATIONS

Considering Banco Macro SA’s current operations, and according to the different categories of agents established by CNV rules (as per General Resolution 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”, as described in Note 35.1.1 to the condensed consolidated interim Financial Statements. Note 35.3 to the mentioned Financial Statements describes the number of shares subscribed by third parties and the assets held by the Bank in its capacity as depositary company.

108

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

Additionally, the Bank’s shareholders’ equity as of September 30, 2023 stated in Units of Purchasing Power (UVA, for its acronym in Spanish) amounted to 2,982,388,814 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 30 and the cash deposits in BCRA accounts 000285 and 80285 belonging to the Bank.

In addition, Note 35.2 to the condensed consolidated interim Financial Statements presents the general policy of documents in custody, describing which information has been disclosed and delivered to third parties for custody.

33.

ACCOUNTING ITEMS THAT IDENTIFY THE COMPLIANCE WITH MINIMUM CASH REQUIREMENTS

The items recognized by the Bank to constitute the minimum cash requirement effective for September 2023 are described in Note 36 to the condensed consolidated interim Financial Statements.

34.

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

Note 37 to the condensed consolidated interim Financial Statements describes the penalties applied and the summary proceedings filed by the BCRA against the Bank, classified as follows:

Summary proceedings filed by the BCRA.

Penalties applied by the BCRA.

Penalties applied by the UIF.

Summary proceedings before the CNV and the UIF.

The Bank’s Management and its legal counsel consider no further significant accounting effects, other than those previously mentioned, should be recorded or disclosed.

35.

CORPORATE BONDS ISSUANCE

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

Corporate Bonds

Original value

Residual face
value as of
09/30/2023

09/30/2023

12/31/2022

Subordinated Resettable – Class A

USD

400,000,000

USD

400,000,000

144,881,690

146,826,033

Non-subordinated – Class E

USD

17,000,000

USD

17,000,000

5,951,537

6,102,122

Total

150,833,227

152,928,155

Note 38 to the condensed consolidated interim Financial Statements describes liabilities for corporate bonds recognized by the Bank.

Additionally, on October 31, 2023, the Bank issued Class F corporate bonds for a face value of USD 53,000,000 (fifty-three million US dollars). For further information see also Note 38 to the condensed consolidated interim Financial Statements.

109

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

36.

OFF BALANCE SHEET TRANSACTIONS

In addition to Note 4, the Bank recognizes different off balance sheet transactions, pursuant to the BCRA standards. The composition of the amounts of the main off balance sheet transactions as of September 30, 2023 and December 31, 2022 is as follows:

Composition	09/30/2023		12/31/2022
Custody of government and private securities and other assets held by third parties		1,473,353,489		1,259,479,340
Preferred and other collaterals received from customers (1)		390,346,423		379,420,543
Outstanding checks not yet paid		40,042,242		40,514,660
Checks already deposited and pending clearance		37,215,401		34,187,282

(1)

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

37.

TAX AND OTHER CLAIMS

37.1

Tax claims

Note 40.1 to the condensed consolidated interim Financial Statements describes the most relevant claims pending resolution and filed by the AFIP and the tax authorities of the relevant jurisdictions.

37.2

Other claims

Note 40.2 to the condensed consolidated interim Financial Statements describes the most relevant claims pending resolution and filed by the different consumers’ associations.

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

38.

RESTRICTION ON DIVIDENDS DISTRIBUTION

Note 41 to the condensed consolidated interim Financial Statements describes the main legal provisions regulating the restriction on profit distribution and the decisions made by the Shareholders’ Meeting held on April 25, 2023.

39.

CAPITAL MANAGEMENT, CORPORATE GOVERNANCE TRANSPARENCY POLICY AND RISK MANAGEMENT

Note 42 to the condensed consolidated interim Financial Statements describes the main guidelines of the Bank as to capital management, corporate governance transparency policy and risk management.

40.

CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT AND FINANCIAL AND CAPITAL MARKET

The international and domestic macroeconomics environments in which the Bank operates and its impacts are described in Note 43 to the condensed consolidated interim Financial Statements.

41.

EVENTS AFTER REPORTING PERIOD

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

110

NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023

(Translation of Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency)

42.

ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

These condensed separate 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.

111

Jorge Pablo Brito
Chairperson

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31,2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

		Holdings				Position
		09/30/2023			12/31/2022	09/30/2023
Name	Identification	Fair Value	Fair value level	Book amounts	Book amounts	Position without options	Options		Final position
DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

- Local
Government securities
Argentine government discount bonds in dual currency - Maturity: 08-30-2024	9201		1	379,575,973		379,575,973	(371,145,479	)	8,430,494
Argentine government discount bonds in dual currency - Maturity: 04-30-2024	9186		1	156,614,904		162,965,904	(244,550,000	)	(81,584,096	)
Argentine government discount bonds in dual currency - Maturity: 02-28-2024	9156		1	124,643,614	23,314,079	124,643,626	(94,220,294	)	30,423,332
Argentine government Treasury bonds tied to the US dollar - Maturity: 04-30-2024	9120		1	87,952,237	166,925	87,952,237	(83,947,580	)	4,004,657
Argentine government Treasury bonds in pesos adjusted by CER - Maturity: 11-09-2026	5925		1	1,861,700	2,560,332	1,861,700			1,861,700
Argentine government Treasury bonds in pesos adjusted by CER 3.75% - Maturity: 04-14-2024	9178		1	609,927		609,927			609,927
Argentine government Treasury bills in pesos adjusted by CER - Maturity: 11-23-2023	9197		1	586,927		586,927			586,927
Argentine government Treasury bonds in pesos adjusted by CER 4.25% - Maturity: 12-13-2024	9200		1	568,257		568,257			568,257
Argentine government Treasury bonds in pesos adjusted by CER 4.25% - Maturity 02-14-2025	9180		1	416,348		416,348			416,348
Argentine government Treasury bonds in pesos adjusted by CER – Maturity: 07-26-2024	5405		1	299,387	325,916	299,387			299,387
Other				476,254	371,209,201	476,254			476,254
Subtotal local government securities (1)				753,605,528	397,576,453	759,956,540	(793,863,353	)	(33,906,813	)

Private securities
Corporate bonds YPF SA C025 - Maturity: 02-13-2026	57118		2	4,910,579		4,910,579			4,910,579
Debt Securities in Financial Trusts Confibono	80036		3	585,831	848,004	585,831			585,831
Debt Securities in Financial Trusts Secubono	80035		3	244,132	356,924	244,132			244,132
Debt Securities in Financial Trusts Moni Mobile	80037		3	123,123		123,123			123,123
Securities of companies of public services	80027		3	5,850	8,261	5,850			5,850
Corporate bonds Tarjeta Naranja S.A. Class 53 Series 01- Maturity: 04-05-2023	56056				883,053
Subtotal local private securities				5,869,515	2,096,242	5,869,515			5,869,515
TOTAL DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS				759.475.043	399,672,695	765,826,055	(793,863,353	)	(28,037,298	)

112

Jorge Pablo Brito
Chairperson

EXHIBIT A

(continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31,2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

		Holdings				Position
		09/30/2023			12/31/2022	09/30/2023
Name	Identification	Fair Value	Fair value level	Book amounts	Book amounts	Position without options	Options		Final position
OTHER DEBT SECURITIES

Measured at fair value through other comprehensive income
- Local
Government securities
Argentine government Treasury bonds in pesos adjusted by CER 4.25% - Maturity: 10-14-2024	9179		1	22,559,451		22,559,451	(22,559,451	)
Argentine government Treasury bonds in pesos adjusted by CER 3.75% - Maturity: 04-14-2024	9178		1	15,547,200		15,547,200	(15,547,200	)
Argentine government Treasury bonds in pesos adjusted by CER 4.25% - Maturity: 02-14-2025	9180		1	14,954,733		14,954,733	(14,954,733	)
Argentine government US dollar step-up bonds - Maturity: 07-09-2030	5921		1	10,006	8,045	10,006			10,006
Argentine government discount bills in pesos adjusted by CER - Maturity: 02-17-2023	9111				91,293,593
Argentine government Treasury bonds in pesos adjusted by CER - Maturity: 03-25-2023	5492				70,018,902
Argentine government discount bills in pesos adjusted by CER - Maturity: 01-20-2023	9105				27,066,152
Argentine government Treasury bills in pesos - Maturity: 02-28-2023	9141				23,494,439
Argentine government Treasury bills in pesos - Maturity: 10-31-2023	9164				21,802,386
Argentine government Treasury bonds in pesos adjusted by CER - Maturity: 08-13-2023	5497				17,881,948
Other					12,259,907
Subtotal local government securities (1)				53,071,390	263,825,372	53,071,390	(53,061,384	)	10,006
Total Other debt securities measured at fair value through other comprehensive income				53.071.390	263,825,372	53,071,390	(53,061,384	)	10,006

Measured at amortized cost
- Local
Government securities
Argentine government Treasury bonds in pesos - Maturity: 08-23-2025	9196	36,506,430	1	34,590,170		34,590,170			34,590,170
Argentine government Treasury bonds in pesos - Maturity: 05-23-2027	9132	33,178,763	1	33,114,978	82,214,376	44,616,721			44,616,721
Argentine government Treasury bonds in pesos BADLAR x 0.7 - Maturity: 11-23-2027	9166	12,681,369	1	13,094,369	17,065,411	13,094,369			13,094,369
Discount bonds in pesos 5.83% - Maturity: 12-31-2033	45696	1,199,638	1	1,028,145	1,029,993	1,028,145			1,028,145
Province of Río Negro Treasury bills S03 - Maturity: 06-14-2024	42698	120,482	2	241,257		241,257			241,257
Province of Tierra del Fuego Treasury bills 56 days – Maturity: 10-03-2023	42725	119,292	1	119,292		119,292			119,292
Province of Río Negro debt securities in pesos - Maturity: 04-12-2023	42534				407,070
Province of Río Negro Treasury bills S02 in pesos - Maturity: 06-15-2023	42555				404,360
Subtotal local government securities				82,188,211	101,121,210	93,689,954			93,689,954

(1)

In January, March and June 2023, the Bank entered into voluntary debt swaps 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 discount Treasury bills in pesos - Maturity: 06-30-2023 (S3OJ3) for a face value of 26,640,975,851.

Argentine government discount 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 discount Treasury bills in pesos adjusted by CER - Maturity: 06-16-2023 (X16J3) for a face value of 4,675,305,395.

Argentine government discount Treasury bills in pesos adjusted by CER - Maturity: 05-19-2023 (X19Y3) for a face value of 2,905,252,288.

Argentine government discount bonds in dual currency - Maturity: 07-21-2023 (TDL23) for a face value of 344,098,105.

Argentine government discount bonds in dual currency - Maturity: 09-29-2023 (TDS23) for a face value of 119,447,946.

113

Jorge Pablo Brito
Chairperson

EXHIBIT A

(continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31,2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

		Holdings				Position
		09/30/2023			12/31/2022	09/30/2023
Name	Identification	Fair Value	Fair value level	Book amounts	Book amounts	Position without options	Options		Final position
OTHER DEBT SECURITIES (continued)

BCRA bills
BCRA liquidity bills in pesos - Maturity: 10-03-2023	80014	59,445,480	1	59,629,767		59,629,767			59,629,767
BCRA liquidity bills in pesos - Maturity: 10-10-2023	80017	58,171,560	1	58,351,853		58,351,853			58,351,853
BCRA liquidity bills in pesos - Maturity: 10-12-2023	80018	57,812,580	1	57,991,791		57,991,791			57,991,791
BCRA liquidity bills in pesos - Maturity: 10-05-2023	80016	58,905,840	1	54,323,335		59,261,820			59,261,820
BCRA liquidity bills in pesos - Maturity: 10-17-2023	80019	47,437,400	1	47,584,438		47,584,438			47,584,438
BCRA liquidity bills in pesos - Maturity: 10-19-2023	80020	46,999,500	1	47,290,817		47,290,817			47,290,817
BCRA liquidity bills in pesos - Maturity: 10-24-2023	80021	46,420,800	1	46,564,665		46,564,665			46,564,665
BCRA liquidity bills in pesos - Maturity: 10-26-2023	80022	45,989,725	1	46,277,336		46,277,336			46,277,336
BCRA internal bills at benchmark exchange rate, at zero rate - Maturity: 05-30-2024	80010	12,145,288	1	12,145,288		12,145,288			12,145,288
BCRA internal bills at benchmark exchange rate, at zero rate - Maturity: 07-30-2024	80009	7,490,178	1	7,490,178		7,490,178			7,490,178
Other				15,382,864	1,089,630,316	15,382,864			15,382,864
Subtotal BCRA bills				453,032,332	1,089,630,316	457,970,817			457,970,817

BCRA notes
BCRA liquidity notes in pesos - Maturity: 01-04-2023	80001				24,593,304
Subtotal BCRA notes					24,593,304

Private securities
Corporate bonds Vista Energy Argentina SAU C20 - Maturity: 07-20-2025 (2)	57081	2,512,316	1	1,116,427		1,116,427			1,116,427
Corporate bonds Vista Energy Argentina SAU C13 - Maturity: 08-08-2024 (2)	56207	2,439,805	1	1,029,378	1,060,282	1,029,378			1,029,378
Corporate bonds Vista Oil y Gas Argentina SAU C15 -Maturity: 01-20-2025 (2)	56637	2,199,905	2	950,078	978,520	950,078			950,078
Debt Securities in Financial Trusts Supercanal II Class A - Maturity: 03-21-2024	56949	45,666	2	49,193		49,193			49,193
Corporate bonds YPF SA C043 -Maturity: 10-21-2023	50939	50,173	2	46,404	70,824	46,404			46,404
Debt Securities in Financial Trusts Secubono S226 Class A - Maturity: 01-29-2024	57127	24,850	3	24,564		24,564			24,564
Debt Securities in Financial Trusts Payway Cobro Ant. S01 Class B - Maturity: 04-15-2024	57059	10,992	2	10,450		10,450			10,450
Debt Securities in Financial Trusts Confibono S65 Class A - Maturity: 07-20-2023	56428				236,636
Debt Securities in Financial Trusts Secubono S221 Class A - Maturity: 07-28-2023	56583				184,748
Debt Securities in Financial Trusts Secubono S222 Class A - Maturity: 08-28-2023	56660				154,151
Other					50,420
Subtotal local private securities				3,226,494	2,735,581	3,226,494			3,226,494
Total Other debt securities measured at cost amortized				538,447,037	1,218,080,411	554,887,265			554,887,265
TOTAL OTHER DEBT SECURITIES				591,518,427	1,481,905,783	607,958,655	(53,061,384	)	554,897,271

(2)

Fair value obtained from the use of quotes in pesos.

114

Jorge Pablo Brito
Chairperson

EXHIBIT A

(continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31,2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

		Holdings				Position
		09/30/2023			12/31/2022	09/30/2023
Name	Identification	Fair Value	Fair value level	Book amounts	Book amounts	Position without options	Options		Final position
EQUITY INSTRUMENTS
Measured at fair value through profit or loss
- Local
Mercado Abierto Electrónico SA	80028		3	1,134,747	939,646	1,134,747			1,134,747
C.O.E.L.S.A	80029		3	242,424	177,885	242,424			242,424
Matba Rofex SA	30023		1	230,933		230,933			230,933
Sedesa	80023		3	37,639	43,253	37,639			37,639
AC Inversora SA	80030		3	19,583	39,783	19,583			19,583
Provincanje SA	80032		3	15,290	29,469	15,290			15,290
Mercado a Término Rosario SA	80026		3	14,627		14,627			14,627
Argencontrol SA	80025		3	856	971	856			856
San Juan Tennis Club SA	80024		3	437	888	437			437
Garantizar SGR	80031		3	10	20	10			10
Other					148,164
Subtotal local				1,696,546	1,380,079	1,696,546			1,696,546

- Foreign
Banco Latinoamericano de Comercio Exterior SA	80033		1	54,193	42,573	54,193			54,193
Sociedad de Telecomunicaciones Financieras Interbancarias Mundiales	80034		3	11,309	11,470	11,309			11,309
Subtotal foreign				65,502	54,043	65,502			65,502
Total measured at fair value through profit or loss				1,762,048	1,434,122	1,762,048			1,762,048
TOTAL EQUITY INSTRUMENTS				1,762,048	1,434,122	1,762,048			1,762,048
TOTAL GOVERNMENT AND PRIVATE SECURITIES				1,352,755,518	1,883,012,600	1,375,546,758	(846,924,737	)	528,622,021

115

Jorge Pablo Brito
Chairperson

EXHIBIT B

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

COMMERCIAL	09/30/2023		12/31/2022
In normal situation		287,852,383		224,785,495
With senior “A” collateral and counter-collateral		36,463,697		29,255,726
With senior “B” collateral and counter-collateral		32,220,084		37,303,771
Without senior collateral or counter-collateral		219,168,602		158,225,998

Troubled		2,165,146		2,845,357
With senior “A” collateral and counter-collateral				145,931
With senior “B” collateral and counter-collateral		1,578,042		1,880,204
Without senior collateral or counter-collateral		587,104		819,222

With high risk of insolvency		1,306,154		1,637,961
With senior “A” collateral and counter-collateral				176,898
With senior “B” collateral and counter-collateral		1,174,278		1,207,254
Without senior collateral or counter-collateral		131,876		253,809

Subtotal commercial		291,323,683		229,268,813

116

Jorge Pablo Brito
Chairperson

EXHIBIT B

(continued)

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

CONSUMER AND MORTGAGE	09/30/2023		12/31/2022
Performing		889,967,702		1,006,129,316
With senior “A” collateral and counter-collateral		73,312,011		66,117,660
With senior “B” collateral and counter-collateral		47,052,288		60,075,220
Without senior collateral or counter-collateral		769,603,403		879,936,436

Low risk		8,126,634		7,836,957
With senior “A” collateral and counter-collateral		473,902		120,627
With senior “B” collateral and counter-collateral		642,635		171,795
Without senior collateral or counter-collateral		7,010,097		7,544,535

Low risk - in special treatment		71,363		59,698
Without senior collateral or counter-collateral		71,363		59,698

Medium risk		6,100,407		5,368,505
With senior “A” collateral and counter-collateral		217,679		37,355
With senior “B” collateral and counter-collateral		448,208		138,553
Without senior collateral or counter-collateral		5,434,520		5,192,597

High risk		4,965,400		4,088,961
With senior “A” collateral and counter-collateral		426,074		46,129
With senior “B” collateral and counter-collateral		111,528		158,949
Without senior collateral or counter-collateral		4,427,798		3,883,883

Irrecoverable		2,409,502		1,825,477
With senior “A” collateral and counter-collateral		4,509		62,317
With senior “B” collateral and counter-collateral		139,477		289,947
Without senior collateral or counter-collateral		2,265,516		1,473,213

Subtotal consumer and mortgage		911,641,008		1,025,308,914
Total		1,202,964,691		1,254,577,727

117

Jorge Pablo Brito
Chairperson

EXHIBIT B

(continued)

CLASSIFICATION OF LOANS AND OTHER FINANCING

BY SITUATION AND COLLATERAL RECEIVED

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

This exhibit discloses the contractual figures as established by the BCRA. The reconciliation with the condensed separate interim Financial Statements is listed below:

	09/30/2023			12/31/2022
Loans and other financing		1,140,874,030			1,215,605,783
Added:
Allowances for loans and other financing		21,615,910			22,326,026
Adjustment amortized cost and fair value		5,836,519			3,427,373
Debt securities of financial trust - Measured at amortized cost		84,236			626,444
Corporate bonds		3,146,139			2,110,753
Subtract:
Interest and other accrued items receivable from financial assets with impaired credit value		(396,825	)		(318,220	)
Guarantees provided and contingent liabilities		31,804,682			10,799,568
Total computable items		1,202,964,691			1,254,577,727

118

Jorge Pablo Brito
Chairperson

EXHIBIT C

CONCENTRATION OF LOANS AND FINANCING FACILITIES

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

		09/30/2023				12/31/2022
Number of customers	Cut off balance		% of total portfolio		Cut off balance		% of total portfolio
10 largest customers		78,372,358		6.51		45,627,806		3.64
50 next largest customers		91,093,804		7.57		82,058,749		6.54
100 next largest customers		71,577,802		5.95		65,072,471		5.19
Other customers		961,920,727		79.97		1,061,818,701		84.63
Total (1)		1,202,964,691		100.00		1,254,577,727		100.00

(1)	See reconciliation in Exhibit B.

119

Jorge Pablo Brito
Chairperson

EXHIBIT D

BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

			Remaining terms to maturity
Items	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		108		2,002,230		976,512		108,655		187,838		235,847		40,555		3,551,745
Financial sector		0		11,723,917		337,310		1,019,256		2,756,929		2,217,665		996,726		19,051,803
Non-financial private sector and foreign residents		6,230,641		542,134,395		150,130,442		173,395,879		231,990,483		208,960,795		235,196,110		1,548,038,745
Total		6,230,749		555,860,542		151,444,264		174,523,790		234,935,250		211,414,307		236,233,391		1,570,642,293

BREAKDOWN OF LOANS AND OTHER FINANCING BY TERMS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

			Remaining terms to maturity
Items	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		219		2,751,621		1,167,636		211,360		379,868		594,645		351,258		5,456,607
Financial sector				99,784		134,390		1,134,973		413,434		621,115		189,755		2,593,451
Non-financial private sector and foreign residents		7,047,267		546,387,151		143,637,432		175,822,502		219,521,510		242,977,373		306,424,883		1,641,818,118
Total		7,047,486		549,238,556		144,939,458		177,168,835		220,314,812		244,193,133		306,965,896		1,649,868,176

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

120

Jorge Pablo Brito
Chairperson

EXHIBIT F

CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

											Depreciation of the period
Item	Original value at beginning of fiscal year		Total life estimated in years	Increases		Decreases		Transfers			Accumulated		Transfers			Decreases		Of the period		At the end		Residual value at the end of the period
Cost
Real property		193,407,042	50		194,232		103,732		662,847			23,021,585		(4,210	)		17,911		3,276,408		26,275,872		167,884,517
Furniture and facilities		29,720,127	10		741,783				574,588			14,988,793		1,179					1,878,019		16,867,991		14,168,507
Machinery and equipment		43,552,277	5		4,304,411				116,466			31,100,152		795					4,214,610		35,315,557		12,657,597
Vehicles		5,710,155	5		1,222,014		458,042		(5,956	)		4,539,015		4,404			364,742		474,286		4,652,963		1,815,208
Work in progress		2,633,684			4,229,859				(1,349,092	)													5,514,451
Right of use real property		16,426,151	5		1,355,050		787,851		2,823			11,011,042		(450	)		386,544		2,070,260		12,694,308		4,301,865
Right of use furniture			5		1,625,432														49,637		49,637		1,575,795
Total property, plant and equipment		291,449,436			13,672,781		1,349,625		1,676			84,660,587		1,718			769,197		11,963,220		95,856,328		207,917,940

CHANGE OF PROPERTY, PLANT AND EQUIPMENT

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

											Depreciation for the fiscal year
Item	Original value at beginning of fiscal year		Total life estimated in years	Increases		Decreases		Transfers			Accumulated		Transfers			Decreases		For the fiscal year		At the end		Residual value at the end of the fiscal year
Cost
Real property		189,665,843	50		1,209,801		248,187		2,779,585			19,064,854		(159,528	)		42,649		4,158,908		23,021,585		170,385,457
Furniture and facilities		25,851,553	10		840,286		2,393		3,030,681			12,667,123		9			151		2,321,812		14,988,793		14,731,334
Machinery and equipment		37,153,505	5		4,261,943		591		2,137,420			25,642,100		(3,119	)		132		5,461,303		31,100,152		12,452,125
Vehicles		5,173,352	5		914,073		358,564		(18,706	)		4,258,005		(1,420	)		234,321		516,751		4,539,015		1,171,140
Work in progress		6,276,993			5,504,902				(9,148,211	)													2,633,684
Right of use real property		14,859,746	5		1,738,903		172,498					8,307,524					98,343		2,801,861		11,011,042		5,415,109
Total property, plant and equipment		278,980,992			14,469,908		782,233		(1,219,231	)		69,939,606		(164,058	)		375,596		15,260,635		84,660,587		206,788,849

121

Jorge Pablo Brito
Chairperson

EXHIBIT F

(continued)

CHANGE IN INVESTMENT PROPERTY

AS OF SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

										Depreciation of the period
Item	Original value at beginning of fiscal year		Useful life estimated in years	Increases		Decreases	Transfers			Accumulated		Transfers		Of the period		At the end		Residual value at the end of the period
Cost
Leased properties		805,735	50					(1	)		121,811		2,311		10,877		134,999		670,735
Other investment properties		15,560,008	50		635,085			(1,211	)		79,862		71		8,163		88,096		16,105,786
Total investment property		16,365,743			635,085			(1,212	)		201,673		2,382		19,040		223,095		16,776,521

CHANGE IN INVESTMENT PROPERTY

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

											Depreciation for the fiscal year
Item	Original value at beginning of fiscal year		Useful life estimated in years	Increases		Decreases		Transfers (1)			Accumulated		Transfers (1)			For the fiscal year		At the end		Residual value at the end of the fiscal year
Cost
Leased properties		914,156	50		2,349				(110,770	)		33,025		78,086			10,700		121,811		683,924
Other investment properties		1,006,959	50		20,055,899		40,576		(5,462,274	)		78,306		(11,580	)		13,136		79,862		15,480,146
Total investment property		1,921,115			20,058,248		40,576		(5,573,044	)		111,331		66,506			23,836		201,673		16,164,070

(1) During the fiscal year 2022, under this item transfers were made to Non-current assets held for sale.

122

Jorge Pablo Brito
Chairperson

EXHIBIT G

CHANGE IN INTANGIBLE ASSETS

AS OF SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

										Depreciation of the period
Item	Original value at beginning of fiscal year		Useful life estimated in years	Increases		Decreases	Transfers			Accumulated		Transfers			Decreases	Of the period		At the end		Residual value at the end of the period
Cost
Licenses		22,675,226	5		1,524,964			(303	)		15,878,809		(682	)			2,849,216		18,727,343		5,472,544
Other intangible assets		78,631,259	5		10,846,259			(3,384	)		50,236,379		717				9,490,868		59,727,964		29,746,170
Total intangible assets		101,306,485			12,371,223			(3,687	)		66,115,188		35				12,340,084		78,455,307		35,218,714

CHANGE IN INTANGIBLE ASSETS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

											Depreciation for the fiscal year
Item	Original value at beginning of fiscal year		Useful life estimated in years	Increases		Decreases		Transfers			Accumulated		Transfers			Decreases		For the fiscal year		At the end		Residual value at the end of the fiscal year
Cost
Licenses		19,827,662	5		2,664,739				182,825			12,128,959		6,858					3,742,992		15,878,809		6,796,417
Other intangible assets		64,197,308	5		14,663,801		67,825		(162,025	)		38,737,292		(2,704	)		2,668		11,504,459		50,236,379		28,394,880
Total intangible assets		84,024,970			17,328,540		67,825		20,800			50,866,251		4,154			2,668		15,247,451		66,115,188		35,191,297

123

Jorge Pablo Brito
Chairperson

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	09/30/2023				12/31/2022
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		224,947,372		11.26		312,135,488		11.93
50 next largest customers		147,423,250		7.38		271,747,524		10.39
100 next largest customers		85,926,088		4.30		126,471,898		4.83
Other customers		1,538,790,660		77.06		1,906,004,516		72.85
Total		1,997,087,370		100.00		2,616,359,426		100.00

124

Jorge Pablo Brito
Chairperson

EXHIBIT I

BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	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		1,926,410,362		107,264,316		10,757,052		1,724,094		134,254		16,392		2,046,306,470
From the non-financial government sector		175,716,112		4,517,592		2,162,334						1,697		182,397,735
From the financial sector		3,452,363												3,452,363
From the non-financial private sector and foreign residents		1,747,241,887		102,746,724		8,594,718		1,724,094		134,254		14,695		1,860,456,372
Derivative instruments		15,916		21,795		1,790								39,501
Repo transactions		38,898,523												38,898,523
Other financial institutions		38,898,523												38,898,523
Other financial liabilities		224,615,730		709,728		666,751		1,136,276		1,776,535		3,381,600		232,286,620
Financing received from the Central Bank of Argentina and other financial institutions		1,065,050		2,313,244		2,172,624								5,550,918
Issued corporate bonds				21,747		21,747		5,971,415						6,014,909
Subordinated corporate bonds				4,650,210				4,650,210		9,300,421		153,953,951		172,554,792
Total		2,191,005,581		114,981,040		13,619,964		13,481,995		11,211,210		157,351,943		2,501,651,733

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

125

Jorge Pablo Brito
Chairperson

EXHIBIT I

BREAKDOWN OF FINANCIAL LIABILITIES FOR RESIDUAL TERMS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	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		2,395,813,582		230,654,707		40,129,386		3,864,242		24,977		74,841		2,670,561,735
From the non-financial government sector		218,977,706		6,876,575		2,071,523		9,136						227,934,940
From the financial sector		3,358,992												3,358,992
From the non-financial private sector and foreign residents		2,173,476,884		223,778,132		38,057,863		3,855,106		24,977		74,841		2,439,267,803
Derivative instruments		3,484		1,332										4,816
Other financial liabilities		224,676,333		859,123		777,922		1,494,670		2,489,862		5,751,195		236,049,105
Financing received from the Central Bank of Argentina and other financial institutions		593,020		1,051,220		3,284,730		91,355						5,020,325
Issued corporate bonds				22,357		21,627		44,714		6,161,468				6,250,166
Subordinated corporate bonds						4,780,804		4,780,804		9,561,606		163,058,273		182,181,487
Total		2,621,086,419		232,588,739		48,994,469		10,275,785		18,237,913		168,884,309		3,100,067,634

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

126

Jorge Pablo Brito
Chairperson

EXHIBIT J

CHANGES IN PROVISIONS

AS OF SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	Amounts at beginning of				Decreases				Monetary effects generated by
Item	fiscal year		Increases		Reversals		Charge off		provisions			09/30/2023
Provisions for eventual commitments		1,394,680		339,872						(817,699	)		916,853
For administrative, disciplinary and criminal penalties		1,017								(517	)		500
Other		4,095,136		2,937,207		25,594		1,515,014		(2,496,270	)		2,995,465
Total provisions		5,490,833		3,277,079		25,594		1,515,014		(3,314,486	)		3,912,818

CHANGES IN PROVISIONS

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	Amounts at beginning of				Decreases			Monetary effects generated by
Item	fiscal year		Increases		Reversals	Charge off		provisions			12/31/2022
Provisions for eventual commitments		1,317,533		1,058,650					(981,503	)		1,394,680
For administrative, disciplinary and criminal penalties		1,974							(957	)		1,017
Other		5,144,301		4,795,410			2,384,044		(3,460,531	)		4,095,136
Total provisions		6,463,808		5,854,060			2,384,044		(4,442,991	)		5,490,833

127

Jorge Pablo Brito
Chairperson

EXHIBIT K

COMPOSITION OF CAPITAL STOCK

AS OF SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Shares							Capital Stock
Class	Stock number		Face value		Votes per share		Issued outstanding		Paid in
Registered common stock A		11,235,670		1		5		11,236		11,236
Registered common stock B		628,177,738		1		1		628,177		628,177
Total		639,413,408						639,413		639,413

COMPOSITION OF CAPITAL STOCK

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Shares							Capital Stock
Class	Stock number		Face value		Votes per share		Issued outstanding		Paid in
Registered common stock A		11,235,670		1		5		11,236		11,236
Registered common stock B		628,177,738		1		1		628,177		628,177
Total		639,413,408						639,413		639,413

128

Jorge Pablo Brito
Chairperson

EXHIBIT L

FOREIGN CURRENCY AMOUNTS

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	09/30/2023										12/31/2022
	Total parent company and		Total per currency
Items	local branches		US dollar		Euro		Real		Other		Total
Assets
Cash and deposits in banks		359,573,249		356,953,236		1,718,921		81,717		819,375		407,434,938
Debt securities at fair value through profit or loss (1)		753,877,265		753,877,265								344,370,711
Other financial assets		27,310,605		27,309,871		704				30		26,771,095
Loans and other financing		65,043,474		63,246,630		10,265				1,786,579		69,483,190
From the non-financial private sector and foreign residents		65,043,474		63,246,630		10,265				1,786,579		69,483,190
Other debt securities		38,124,219		38,124,219								93,146,892
Financial assets delivered as guarantee		14,248,465		14,248,465								8,916,207
Equity instruments at fair value through profit or loss		65,502		65,502								54,043
Investments in subsidiaries, associates and joint ventures		11,105,845		11,105,845								10,075,277
Total assets		1,269,348,624		1,264,931,033		1,729,890		81,717		2,605,984		960,252,353
Liabilities
Deposits		299,395,496		299,395,496								331,174,140
Non-financial government sector		12,231,237		12,231,237								12,520,379
Financial sector		3,076,432		3,076,432								2,842,689
Non-financial private sector and foreign residents		284,087,827		284,087,827								315,811,072
Other financial liabilities		14,670,116		14,021,917		592,425				55,774		16,049,812
Financing from the Central Bank and other financial institutions		5,270,245		3,471,010		12,656				1,786,579		4,869,863
Issued corporate bonds		5,951,537		5,951,537								6,102,122
Subordinated corporate bonds		144,881,690		144,881,690								146,826,033
Other non-financial liabilities		1,138,373		1,138,373								28,823
Total liabilities		471,307,457		468,860,023		605,081				1,842,353		505,050,793

Mainly including Argentine government discount bonds in dual currency for 660,964,806 and Argentine government Treasury bonds tied to the US dollar for 88,001,880.

129

Jorge Pablo Brito
Chairperson

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS8

AS OF SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

Type of contract

Purpose of the transactions performed

Underlying

asset

Type of

settlement

Negotiation

environment

or counter-

party

Originally
agreed
weighted
average term
(months)

Residual
weighted
average
term
(months)

Weighted
daily
average
term
settlement
of
differences
(days)

Amount (1)

Futures (2)

Intermediation - own account

Foreign currency

Daily settlement of differences

ROFEX (over-the-counter electronic market)

11,890,905

Forward (2)

Intermediation - own account

Foreign currency

Maturity settlement of differences

Over The Counter - Residents in Argentina - Non financial sector

2,213,885

Repo transactions

Intermediation - own account

Local government securities

With delivery of underlying asset

Other local markets

175,411,709

Options

Intermediation - own account

Other

With delivery of underlying asset

Over The Counter – Residents in Argentina - Non financial sector

4,799,175

Options (3)

Intermediation - own account

Local government securities

With delivery of underlying asset

Over The Counter – Residents in Argentina - financial sector

846,924,737

(1)

Related to the valuation of the underlying traded, disclosed in absolute values.

(2)

Related to compensated operations forward (OCT).

(3)

See Notes 5 and 9 to the condensed consolidated interim Financial Statements.

130

Jorge Pablo Brito
Chairperson

EXHIBIT Q

BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	Net financial Income / (Loss)
	Mandatory measurement
Items	Quarter ended 09/30/2023			Accumulated from beginning of year up to 09/30/2023			Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022
For measurement of financial assets at fair value through profit or loss
(Loss) / Gain from government securities		(63,426,054	)		14,049,034			52,913,471			81,342,870
Gain / (Loss) from private securities		967,464			(465,745	)		411,700			1,074,585
Gain from derivative financial instruments
Forward transactions		826,538			1,715,152			250,612			271,129
Loss from other financial assets		(47,309	)		(97,486	)		(31,116	)		(64,426	)
Gain / (Loss) from equity instruments at fair value through profit or loss		329,584			345,891			(149,852	)		3,084,454
Gain from sales or decreases of financial assets at fair value (1)		7,401,733			8,945,782			581,971			4,403,469
For measurement of financial liabilities at fair value through profit or loss
Loss from derivative financial instruments
Options		(433,863	)		(4,405,842	)
Total		(54,381,907	)		20,086,786			53,976,786			90,112,081

(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.

131

Jorge Pablo Brito
Chairperson

EXHIBIT Q

(continued)

BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	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 09/30/2023			Accumulated from beginning of year up to 09/30/2023			Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022
Interest income
for cash and bank deposits		1,269,326			3,201,734			231,020			285,998
for government securities		190,065,241			581,604,747			158,699,291			226,036,554
for private securities		83,060			367,906			78,595			228,643
for loans and other financing
Non-financial public sector		4,009,810			9,010,730			711,226			2,399,782
Financial sector		568,429			1,079,327			197,945			739,906
Non-financial private sector
Overdrafts		27,346,828			64,472,236			15,593,511			35,413,755
Documents		28,193,646			62,005,796			14,703,678			35,893,876
Mortgage loans		21,805,160			63,206,443			20,261,691			56,621,116
Pledge loans		1,705,573			4,555,716			1,438,783			4,799,906
Personal loans		38,195,218			122,465,080			44,269,780			137,381,380
Credit cards		32,044,714			93,937,848			20,349,814			55,833,385
Financial leases		166,050			521,000			178,700			469,118
Other		28,764,447			70,163,420			14,069,642			38,192,563
for repo transactions
Central Bank of Argentina		37,563,220			73,509,754			9,130,382			12,159,058
Other financial institutions		16,677			42,130			172,711			649,861
Total		411,797,399			1,150,143,867			300,086,769			607,104,901
Interest expenses
for Deposits
Non-financial private sector
Checking accounts		(21,220,370	)		(49,168,945	)		(8,003,670	)		(13,317,569	)
Saving accounts		(2,739,010	)		(7,763,530	)		(2,158,326	)		(5,450,259	)
Time deposits and investments accounts		(286,507,652	)		(728,522,793	)		(162,113,157	)		(360,297,772	)
for Financing received from Central Bank of Argentina and other financial institutions		(236,368	)		(887,153	)		(283,771	)		(645,268	)
for repo transactions
Other financial institutions		(2,156,542	)		(7,281,804	)		(208,429	)		(1,877,066	)
for other financial liabilities		(81,015	)		(244,813	)		(61,743	)		(83,253	)
for issued corporate bonds		(28,284	)		(81,472	)		(27,272	)		(572,605	)
for other subordinated corporate bonds		(2,360,621	)		(6,787,379	)		(2,285,743	)		(7,106,766	)
Total		(315,329,862	)		(800,737,889	)		(175,142,111	)		(389,350,558	)

132

Jorge Pablo Brito
Chairperson

EXHIBIT Q

(continued)

BREAKDOWN OF STATEMENT OF INCOME

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

	Income of the period				Other comprehensive income						Income of the period				Other comprehensive income
Interest and adjustment for the application of the effective interest rate of financial assets measured at fair value through other comprehensive income	Quarter ended 09/30/2023		Accumulated from beginning of year up to 09/30/2023		Quarter ended 09/30/2023			Accumulated from beginning of year up to 09/30/2023			Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022		Quarter ended 09/30/2022		Accumulated from beginning of year up to 09/30/2022
for debt government securities		13,106,684		68,442,590		(1,874,821	)		(404,603	)		26,119,707		232,207,454		20,274,162		3,991,178
Total		13,106,684		68,442,590		(1,874,821	)		(404,603	)		26,119,707		232,207,454		20,274,162		3,991,178

	Income of the period
Items	Quarter ended 09/30/2023			Accumulated from beginning of year up to 09/30/2023			Quarter ended 09/30/2022			Accumulated from beginning of year up to 09/30/2022
Commissions income
Commissions related to obligations		22,189,102			67,696,209			21,483,990			64,549,406
Commissions related to credits		185,125			490,968			219,895			585,798
Commissions related to loans commitments and financial guarantees		21,058			44,820			4,530			7,177
Commissions related to securities value		353,718			1,033,775			283,615			927,560
Commissions to credit cards		12,799,934			38,653,531			12,725,458			38,520,884
Commissions to insurances		1,901,682			6,129,585			2,005,276			6,521,042
Commissions related to trading and foreign exchange transactions		869,614			2,614,911			783,882			2,457,028
Total		38,320,233			116,663,799			37,506,646			113,568,895

Commissions expenses
Commissions related to debt securities trading		(121	)		(121	)		(1	)		(1	)
Commissions related to trading and foreign exchange transactions		(227,709	)		(685,823	)		(217,870	)		(401,416	)
Other
Commissions paid ATM exchange		(1,502,396	)		(4,770,322	)		(1,938,564	)		(5,856,092	)
Checkbooks commissions and clearing houses		(788,075	)		(2,381,683	)		(720,365	)		(2,038,361	)
Credit cards and foreign trade commissions		(394,698	)		(1,139,850	)		(367,334	)		(1,098,841	)
Total		(2,912,999	)		(8,977,799	)		(3,244,134	)		(9,394,711	)

133

Jorge Pablo Brito
Chairperson

EXHIBIT R

VALUE ADJUSTMENT FOR CREDIT LOSSES - ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF SEPTEMBER 30, 2023

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

			Movements between stages of the period
						ECL of remaining life of financial asset
Item	Amounts at beginning of the fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk			Financial instruments with impairment		Monetary effect generated by allowances			09/30/2023
Other financial assets		184,949		80,490								(115,043	)		150,396
Loans and other financing		22,326,026		5,522,173			2,538,532			7,053,707		(15,824,528	)		21,615,910
Other financial institutions		16,539		21,782								(15,093	)		23,228
To the non-financial private sector and foreign residents
Overdrafts		1,070,061		596,536			59,614			480,073		(886,440	)		1,319,844
Documents		1,139,014		978,523			310,565			374,975		(960,173	)		1,842,904
Mortgage loans		2,425,451		(262,280	)		323,887			806,505		(1,485,622	)		1,807,941
Pledge loans		385,253		(32,540	)		93,448			4,412		(223,621	)		226,952
Personal loans		8,426,019		1,795,969			311,518			2,377,219		(5,670,893	)		7,239,832
Credit cards		5,618,716		1,735,411			833,702			2,792,039		(4,425,837	)		6,554,031
Financial leases		43,954		(9,597	)		6,236			8,852		(29,950	)		19,495
Other		3,201,019		698,369			599,562			209,632		(2,126,899	)		2,581,683
Eventual commitments		1,394,680		367,785			(3,826	)				(841,786	)		916,853
Other debt securities		1,616		4,593								(2,328	)		3,881
Total allowances		23,907,271		5,975,041			2,534,706			7,053,707		(16,783,685	)		22,687,040

VALUE ADJUSTMENT FOR CREDIT LOSSES - ALLOWANCES FOR UNCOLLECTIBILITY RISK

AS OF DECEMBER 31, 2022

(Translation of the Financial Statements originally issued in Spanish – See Note 42)

(Figures stated in thousands of pesos in constant currency as of September 30, 2023)

			Movements between stages for the fiscal year
						ECL of remaining life of financial asset
Item	Amounts at beginning of the fiscal year		ECL of the next 12 months			Financial instruments with a significant increase in credit risk			Financial instruments with impairment			Monetary effect generated by allowances			12/31/2022
Other financial assets		104,659		169,424									(89,134	)		184,949
Loans and other financing		38,109,916		4,780,611			(4,991,725	)		2,712,029			(18,284,805	)		22,326,026
Other financial institutions		14,445		8,847									(6,753	)		16,539
To the non-financial private sector and foreign residents
Overdrafts		2,801,877		534,551			9,091			(1,128,558	)		(1,146,900	)		1,070,061
Documents		3,805,253		(74,760	)		(929,431	)		39,964			(1,702,012	)		1,139,014
Mortgage loans		7,907,277		575,786			(4,924,350	)		1,733,100			(2,866,362	)		2,425,451
Pledge loans		488,937		190,245			(35,509	)		(26,576	)		(231,844	)		385,253
Personal loans		9,816,194		2,017,597			1,073,467			1,112,338			(5,593,577	)		8,426,019
Credit cards		6,391,938		1,349,377			1,082,518			648,295			(3,853,412	)		5,618,716
Financial leases		57,851		26,808			73			(9,540	)		(31,238	)		43,954
Other		6,826,144		152,160			(1,267,584	)		343,006			(2,852,707	)		3,201,019
Eventual commitments		1,317,533		862,142			194,883						(979,878	)		1,394,680
Other debt securities		2,148		786									(1,318	)		1,616
Total allowances		39,534,256		5,812,963			(4,796,842	)		2,712,029			(19,355,135	)		23,907,271

134

Jorge Pablo Brito
Chairperson

SIGNATURE

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

Date: February 7, 2024