SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

August 22, 2024

Commission File Number: 001-32827

MACRO BANK INC.

(Translation of registrant’s name into English)

Avenida Eduardo Madero 1182

Ciudad Autónoma de Buenos Aires C1106 ACY

Tel: 54 11 5222 6500 

(Address of registrant’s principal executive offices)

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

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

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

Index  

· THE BANK’S NET INCOME totaled Ps.93.1 billion in the six months ended June 30, 2024. This result was 55% or Ps.115.9 billion lower 6M23. In 2Q24, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 5.4% and 1.7%, respectively.

· In the six months ended June 30, 2024, OPERATING INCOME (before G&A and personnel expenses) totaled Ps.2.38 trillion, 36% or Ps.628.2 billion higher than in 6M23.

· In 2Q24, OPERATING INCOME (after G&A and personnel expenses) totaled Ps.99.1 billion, 93% or Ps.1.39 trillion lower than in 1Q24 and 85% or Ps.544 billion lower than the same period of last year.

· In 2Q24, BANCO MACRO’S TOTAL FINANCING increased 17% or Ps.504.1 billion quarter over quarter (“QoQ”) totaling Ps.3.47 trillion and increased 5% or Ps.154.5 billion year over year (“YoY”). In 2Q24 peso financing increased 7% while USD financing remained unchanged.

· In 2Q24, BANCO MACRO’S TOTAL DEPOSITS increased 13% or Ps.769.5 billion QoQ and decreased 5% or Ps.329.3 billion YoY, totaling Ps.6.74 trillion and representing 79% of the Bank’s total liabilities. Private sector deposits increased 11% or Ps.591.5 billion QoQ. In 2Q24, Peso deposits increased 17% while USD deposits decreased 6%.

· Banco Macro continued showing a strong solvency ratio, with an EXCESS CAPITAL of Ps.2.36 trillion, 35.7% Capital Adequacy Ratio – Basel III and 34 % Tier 1 Ratio. In addition, the Bank’s LIQUID ASSETS remained at an adequate level, reaching 98% of its total deposits in 2Q24.

· In 2Q24, the Bank’s NON-PERFORMING TO TOTAL FINANCING RATIO was 1.23% and the COVERAGE RATIO reached 181.4%.

· As of 2Q24, through its 515 branches and 9.175 employees Banco Macro serves 5.28 million retail customers (2.24 million digital customers) across 23 of the 24 Provinces in Argentina and over 151,900 corporate customers.

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

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

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

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

This Earnings Release has been prepared in accordance with the accounting framework established by the Central Bank of Argentina (“BCRA”), based on International Financial Reporting Standards (“I.F.R.S.”) and the resolutions adopted by the International Accouting Standards Board (“I.A.S.B”) and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (“F.A.C.P.E.”). As of January 2020 the Bank started reporting with the application of (i) Expected losses of IFRS 9 “Financial Instruments” and (ii) IAS 29 “Financial Reporting in Hyperinflationary Economies”. Data and figures shown in this Earnings Release may differ from the ones shown in the 20-F annual report. As of fiscal year 2021, the monetary result accrued by items of a monetary nature measured at fair value with changes in Other Comprehensive Income (OCI), is recorded in the Result form the Net Monetary Position integrating the Net Result of the period in accordance with Communication “A” 7211 of the Central Bank of Argentina. Previous quarters of 20223 have been restated in accordance with said Communication in order to make a comparison possible 2Q24 Earnings Release Conference Call

Friday, August 23, 2024

Time:

12:00 p.m. Eastern Time

01:00 p.m. Buenos Aires Time

To participate, please dial:

Argentina Toll Free:

(011) 3984 5677

Participants Dial In (Toll Free):

+1 (844) 450 3847

Participants International Dial In:

+1 (412) 317 6370

Conference ID: Banco Macro

Webcast: click here

Webcast Replay: click here

Available from 08/23/2024 through 09/6/2024  

IR Contacts in Buenos Aires:

Jorge Scarinci

Chief Financial Officer

Nicolás A. Torres

Investor Relations  

Phone: (54 11) 5222 6682

E-mail: investorelations@macro.com.ar

Visit our website at:

www.macro.com.ar/relaciones-inversores  

Earnings per outstanding share were Ps.-365.51 in 2Q24, 172% lower than in 1Q24 and 243% lower than the result posted a year ago.

Banco Macro’s 2Q24 net income totaled a Ps.233.2 billion loss, Ps.559.6 billion lower than the previous quarter and Ps.397.3 billion lower YoY mainly due to the mark to market of Government Securities (financial assets at fair value through profit or loss) and lower fx gains. If Government Securities included in financial assets at fair value through profit or loss (namely TZX27 bonds) had been valued at amortized cost 2Q24 net income would have been Ps.605.5 billion higher.

As of 2Q24 the accumulated result represented an annualized ROAE and ROAA of 5.4% and 1.7% respectively.

Net operating income (before G&A and personnel expenses) was Ps.460.2 billion in 2Q24, 76% or Ps.1.46 trillion lower compared to 1Q24. On a yearly basis, Net Operating Income (before G&A and personnel expenses) decreased 53% or Ps.521.1 billion.

In 2Q24, Provision for loan losses totaled Ps.16.5 billion, 26% or Ps.5.9 billion lower than in 1Q24. On a yearly basis provision for loan losses decreased 20% or Ps.4 billion.

Operating income (after G&A and personnel expenses) was Ps.99.1 billion in 2Q24, 93% or Ps.1.4 trillion lower than in 1Q24 and 85% or Ps.544 billion lower than a year ago.

The Bank’s 2Q24 net interest income totaled Ps.188 billion, 6% or Ps.12.7 billion lower than in 1Q24 and 53% or Ps.213.1 billion lower YoY. Interest income decreased 27% while interest expenses decreased 33%.

In 2Q24 interest income totaled Ps.619.7 billion, 27% or Ps.229.8 billion lower than in 1Q24 and 46% or Ps.521.4 billion lower than in 2Q23.

Income from interest on loans and other financing totaled Ps.410.2 billion, 26% or Ps142.7 billion lower compared with the previous quarter mainly due to a 25.9% percentage points decrease in the average lending rate which was partially offset by a 9% increase in the average volume of private sector loans. On a yearly basis Income from interest on loans decreased 10% or Ps.45.2 billion.

In 2Q24, income from government and private securities increased 40% or Ps.44.7 billion QoQ and decreased 74% or Ps.457.2billion compared with the same period of last year. This result is explained 99% by income from government and private securities valued at amortized cost and the remaining 1% is explained by income from government and private securities through other comprehensive income (Other government securities)

In 2Q24, income from Repos totaled Ps.48.7 billion, 73% or Ps.131.4 billion lower than the previous quarter and 29% or Ps.19.5 lower than a year ago.

In 2Q24 FX income totaled Ps.25.6 billion,73% or Ps.69.9 billion lower than the previous quarter and 91% or Ps.256.1 billion lower than a year ago. FX income gain was due to the 6.3% argentine peso depreciation against the US dollar and the Bank’s long dollar position during the quarter. It is important to notice that the Bank’s average long dollar position decreased 59% during the quarter.

The Bank’s 2Q24 interest expense totaled Ps.431.7 billion, decreasing 33% or Ps.217.1 billion compared to the previous quarter and 42% (Ps.308.3 billion) lower compared to 2Q23.

In 2Q24, interest on deposits represented 97% of the Bank’s total interest expense, decreasing 33% or Ps.208.8 billion QoQ, due to a 25.4 percentage points decrease in the average rate paid on deposits while the average volume of deposits from the private sector increased 16%. On a yearly basis, interest on deposits decreased 42% or Ps.304.5billion.

In 2Q24, the Bank’s net interest margin (including FX) was 19.9%, lower than the 26.2% posted in 1Q24 and the 38.3% posted in 2Q23.

In 2Q24 Banco Macro’s net fee income totaled Ps.95.7 billion, 8% or Ps.6.8 billion higher than in 1Q24 and was 2% or Ps.2.1 billion lower than the same period of last year.

In the quarter, fee income totaled Ps.112.1 billion, 11% or Ps.11.2 billion higher than in 1Q24. In the quarter fees charged on deposit accounts increased 14% or Ps.5 billion, credit related fees increased 57% or Ps.2.6 billion, ATM transactions fees increased 34% or Ps.2.1 billion and insurance fees increased 31% or Ps.1.3 billion. On a yearly basis, fee income increased 3% or Ps.3.7 billion.

In the quarter, total fee expense increased 37% or Ps4.5 billion, mainly due to higher ATM networks fees. On a yearly basis, fee expenses increased 58% or Ps.5.8 billion.

In 2Q24 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.121.2 billion gain, decreasing 92% or Ps.1.39 billion in the quarter. This gain was mainly due to the negative mark to market of some government securities (CER inflation adjusted bonds, and dual bonds) (Ps.1.41 trillion)

On a yearly basis Net Income from financial assets and liabilities at fair value through profit or loss decreased 37% or Ps.71.6 billion.

In the quarter, Other Operating Income totaled Ps.46.2 billion, 7% or Ps.3.3 billion lower than in 1Q24 (Other adjustments and interest from other receivables decreased Ps.5.8 billion while income from initial recognition of financial assets and liabilities decreased 129% or Ps.7.9 billion. Others increased 84% or Ps.5.6 billion while other service related fees increased 25% or Ps.3.5 billion. On a yearly basis, Other Operating Income increased 62% or Ps.17.8 billion.

In 2Q24 Banco Macro’s administrative expenses plus employee benefits totaled Ps.203.5 billion, 15% or Ps.35.3 billion lower than the previous quarter, due to lower employee benefits (-14%) and lower (-17%) administrative expenses. On a yearly basis, administrative expenses plus employee benefits increased 14% or Ps.25.6 billion.

Employee benefits decreased 14% or Ps.21.7 billion QoQ, remunerations decreased 14% or Ps.15.3 billion while Compensation and bonuses decreased 20% or Ps.3.9 billion. On a yearly basis, Employee benefits increased 20% or Ps.22.4 billion.

In 2Q24, administrative expenses decreased 17% or Ps.13.6 billion, due to lower Directors and auditors fees(-163%) which were partially offset by higher taxes (+34%). On a yearly basis administrative expenses increased 5% or Ps.3.2 billion.

In 2Q24, the efficiency ratio reached 55.9%, deteriorating significantly from the 14.6% posted in 1Q24 and the 21.7% posted a year ago. In 2Q24 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) decreased 14%, while income (net interest income + net fee income + differences in quoted prices of gold and foreign currency + other operating income + net income from financial assets at fair value through profit or loss – (Turnover Tax + Insurance on deposits)) decreased 77% compared to 1Q24.

In 2Q24, Other Operating Expenses totaled Ps.130.7 billion, decreasing 22% or Ps.35.9 billion QoQ, due to lower turnover tax (44% or Ps.48.4billion), while Others increased 27% or Ps.13.1 billion. On a yearly basis, Other Operating Expenses decreased 5% or Ps.6.7 billion.