Financial Performance - The consolidated net interest income for 2021 was Ps. 130,998,318, a decrease from Ps. 145,275,725 in 2020, reflecting a decline of approximately 9%[34] - The net commissions income for 2021 was Ps. 33,453,124, down from Ps. 34,256,918 in 2020, indicating a decrease of about 2%[34] - The subtotal of net interest income plus net commissions income for 2021 was Ps. 164,451,442, compared to Ps. 179,532,643 in 2020, representing a decline of approximately 8%[34] - Net income for the fiscal year was Ps. 42,573,550 in 2021, a decrease of 1.8% from Ps. 39,478,328 in 2020[37] - Total operating expenses increased to Ps. 100,902,793 in 2021, compared to Ps. 99,648,344 in 2020, reflecting a rise of 1.3%[37] - The net operating income after expenses, depreciation, and amortization was Ps. 90,358,432 in 2021, down from Ps. 105,558,547 in 2020, a decline of 14.4%[37] - The return on average equity decreased to 10.17% in 2021 from 17.84% in 2020, indicating a significant drop in profitability[39] - The liquidity ratio, measured as loans and other financings as a percentage of total deposits, increased to 61.47% in 2021 from 54.70% in 2020[39] - The total comprehensive income for the fiscal year was Ps. 42,882,603 in 2021, up from Ps. 40,956,242 in 2020, an increase of 4.7%[37] - The company reported a basic earnings per share of 66.58 in 2021, compared to 61.74 in 2020, reflecting an increase of 4.5%[37] Economic Environment - The inflation rates for the fiscal years ended December 31 were 50.94% for 2021, 36.14% for 2020, and 53.83% for 2019, indicating significant economic volatility[22] - The reference exchange rate for U.S. dollars as of December 31, 2021, was Ps. 102.75 to U.S.$1.00, impacting financial reporting and currency valuation[23] - The company considers Argentina's economy as "hyperinflationary" under IAS 29 for accounting periods ending after July 1, 2018, affecting financial statement preparation[31] - The Argentine economy has experienced significant volatility, characterized by high inflation rates, with consumer price inflation reaching 50.9% in 2021 and 3.9%, 4.7%, and 6.7% in January, February, and March 2022 respectively[71] - The fiscal deficit was Ps. 1,407,641 million in 2021, with public spending increasing to Ps. 7,733,816 million in the same year[74] - The Peso depreciated against the U.S. dollar by approximately 14.5% in 2021, with an exchange rate of Ps. 113.78 to US$1.00 as of April 19, 2022[68] - Argentina's credit ratings remain uncertain, with potential downgrades that could adversely affect the economy and the company's business operations[62] - The Argentine government has implemented exchange controls that restrict access to foreign currency, impacting the ability of companies to operate effectively[65] - High public expenditure and reliance on Central Bank monetary issuance have raised concerns about the sustainability of Argentina's fiscal policies[73] - The Argentine government restructured approximately U.S.$66.5 billion of its foreign currency global bonds in August 2020, and reached an agreement with the IMF for U.S.$44 billion in March 2022[56][59] Company Strategy and Operations - The company has integrated Fintech SGR since October 2021, indicating a strategic move towards expanding its financial technology capabilities[24] - The company plans to continue considering acquisition opportunities, although there is no assurance of successful identification or favorable terms for potential targets[115] - The bank has made forward-looking adjustments to provisions for Expected Credit Losses (ECL) due to an uncertain macroeconomic scenario related to the National Government's debt with the IMF[118] - The company faces risks from changes in market conditions, including fluctuations in interest and currency exchange rates, which could adversely affect financial condition and results of operations[120] - Cybersecurity incidents pose a material risk, with an increase in phishing cases noted, which could negatively impact reputation and customer trust[121][122] - The company has significant liquidity and capital resource requirements, and changes in liquidity conditions in the Argentine financial system could adversely affect business operations[130][131] - Compliance with anti-corruption laws is critical, as failure to do so could result in fines, penalties, and damage to reputation[133][134] - The Central Bank has restricted dividend distributions, requiring prior approval, which could affect holders of Class B shares and ADSs[137][140] - The Central Bank authorized a limited dividend distribution of up to 20% of earnings for 2022, but future extensions of this measure are uncertain[142] Market Position and Customer Base - The bank serves approximately 4.3 million retail customers and 0.09 million corporate customers, with a significant focus on low- and middle-income individuals and SMEs outside the City of Buenos Aires[165] - The bank operates the largest private-sector branch network in Argentina, with 466 branches and 1,779 ATMs, 94% of which are located outside the City of Buenos Aires[166] - The strategy includes expanding the branch network and customer base, focusing on underserved markets with strong growth potential, particularly in low- and middle-income sectors[170] - Plans to enhance corporate banking services by increasing financing options and expanding Plan Sueldo payroll services to attract more corporate clients[172] - The bank aims to grow its high-end customer base through the Selecta product suite and increase market share in credit cards[174] - The bank is committed to sustainability, focusing on financial inclusion, environmental protection, and responsible management of business impacts[178] - The bank offers a range of inclusive financial products targeting traditionally underserved sectors, including personal loans for beneficiaries of social programs and mortgage loans for low-income families[178] Workforce and Employment - The number of employees decreased to 8,005 in 2021 from 8,561 in 2020, indicating a reduction in workforce[39] - The ongoing economic instability in Argentina may slow growth in the target market of low- and middle-income individuals and small to medium-sized enterprises (PyMEs)[112] - The COVID-19 pandemic has led to a marked decline in production and consumption, adversely affecting employment levels and financial flows in Argentina[95] Customer Acquisition and Product Offering - The total number of retail customers reached 4,312,883, representing a growth of 4.5% from 2020[183] - Only 14.8% of retail customers had a personal loan and 29% had a credit card as of December 31, 2021, indicating significant potential for growth in these areas[184] - The number of retail accounts increased by 7% in 2019, 11% in 2020, and 4% in 2021, demonstrating a consistent upward trend in customer acquisition[193] - The total number of savings accounts grew from 4,469,531 in 2019 to 5,453,645 in 2021, marking an increase of approximately 22%[199] - The issuance of debit cards rose from 3,601,847 in 2019 to 4,187,155 in 2021, reflecting a growth of about 16.2%[199] - The company maintained its leadership in personal loans and retained market share in consumer products despite a challenging economic environment[207] - In 2021, the company launched a new indirect sales channel, "Rapicompra," to finance products at the point of sale, enhancing its product offering[209] - The "Adelanto Tasa 0 %" plan was introduced in 2021, allowing customers to modify loan amounts at ATMs, aimed at increasing customer engagement[210] - The company established 13 new branches as ANSES payment agencies in 2021 to improve its positioning in the pensioners segment[211] - The implementation of a new line of credit for point-of-sale purchases was highlighted, targeting underserved markets and enhancing financial inclusion[214]

Banco Macro SA (NYSE:BMA) Q4 2021 Results Conference Call February 24, 2022 11:00 AM ET Company Participants Gustavo Manriquez - CEO Jorge Scarinci - CFO Nicolas Torres - IR Conference Call Participants Ernesto Gabilondo - Bank of America Yuri Fernandes - JPMorgan Carlos Gomez - HSBC Rodrigo Nistor - AR Partners Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Banco Macro's 4Q '21 Earnings Conference Call. We would like to inform you ...

Banco Macro SA (NYSE:BMA) Q2 2021 Earnings Conference Call August 26, 2021 11:00 AM ET Company Participants Nicolas Torres – Investor Relations Conference Call Participants Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Banco MacroÂ's 2Q 2021 Earnings Call. We would like to inform you that the 2Q 2021 press release is available to download at the Investor Relations website of Banco Macro at www.macro.com.ar/relaciones-inversores. Al ...

Banco Macro S.A. (NYSE:BMA) Q1 2021 Earnings Conference Call May 28, 2021 11:00 AM ET Company Participants Nicolas Torres - IR Jorge Scarinci - CFO Conference Call Participants Gabriel Nobrega - Citigroup Ernesto Gabilondo - Bank of America Alejandra Aranda - Itau Alonso Garcia - Credit Suisse Carlos Gomez - HSBC, New York Santiago Petri - Templeton Rodrigo Nistor - AR Partners Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Banco Ma ...

Table of Contents Title of Each ClassTrading Symbol(s)Name of Each Exchange On Which Registered American Depositary Shares BMA New York Stock Exchange Class B ordinary shares, par value Ps.1.00 per share BMA New York Stock Exchange(*) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ Registration statement pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934 or ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of ...

Banco Macro S.A. (NYSE:BMA) Q3 2020 Earnings Conference Call December 1, 2020 10:00 AM ET Company Participants Nicolas Torres - Investor Relations Jorge Scarinci - Chief Financial Officer Conference Call Participants Ernesto Gabilondo - Bank of America Jason Mollin - Scotiabank Gabriel Nobrega - Citigroup Alonso Garcia - Credit Suisse Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Banco Macro's Third Quarter 2020 Earnings Conference ...

Banco Macro S.A. (NYSE:BMA) Q2 2020 Results Conference Call September 1, 2020 11:00 AM ET Company Participants Nicolas Torres - IR Gustavo Manriquez - CEO Jorge Scarinci - CFO Conference Call Participants Ernesto Gabilondo - Bank of America Merrill Lynch Gabriel da Nóbrega - Citigroup Alonso Garcia - Crédit Suisse Nicolas Riva - Bank of America Merrill Lynch Yuri Fernandes - JP Morgan Carlos Gomez - HSBC Juan Recalde - Scotiabank Operator Good morning, ladies and gentlemen, and thank you for waiting. At thi ...

Banco Macro S.A. (NYSE:BMA) Q1 2020 Results Earnings Conference Call June 9, 2020 12:00 PM ET Company Participants Nicolas Torres - Investor Relations Jorge Scarinci - Chief Financial Officer Conference Call Participants Gabriel da Nóbrega - Citi Jason Mollin - Scotiabank Ernesto Gabilondo - Bank of America Alonso Garcia - Credit Suisse Domingos Falavina - JPMorgan Santiago Petri - Franklin Operator Good morning, ladies and gentlemen. Thank you for waiting. At this time, we would like to welcome everyone to ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ Registration statement pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934 or ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2019 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to or ☐ Shell Company Report Pursuant to Se ...

Banco Macro S.A. (NYSE:BMA) Q4 2019 Earnings Conference Call February 20, 2020 11:30 AM ET Company Participants Gustavo Manriquez – Chief Executive Officer Jorge Scarinci – Chief Financial Officer Nicolas Torres – Investor Relations Conference Call Participants Ernesto Gabilondo – Bank of America Gabriel Nobrega – Citibank Domingos Falavina – JP Morgan Carlos Gomez – HSBC Santiago Petri – Templeton Brian Flores – Citibank Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, ...