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 ...

Financial Performance - Net interest income for the year ended December 31, 2019, was ARS 87,409,681, an increase of 18.5% from ARS 73,787,943 in 2018[31] - Total operating expenses for 2019 were ARS 59,110,624, up from ARS 53,200,092 in 2018, reflecting a growth of 11.0%[31] - Net income for the fiscal year 2019 was ARS 20,650,647, compared to a net loss of ARS 1,081,829 in 2018, marking a significant turnaround[31] - Basic earnings per share for 2019 were ARS 32.30, a recovery from a loss of ARS 1.64 per share in 2018[31] - Dividends per share approved by the shareholders' meeting for 2019 were ARS 20.00, up from ARS 10.00 in 2018[31] Asset and Liability Management - Total assets as of December 31, 2019, amounted to ARS 445,239,870, a decrease from ARS 540,301,708 in 2018[32] - Cash and deposits in banks decreased to ARS 100,680,063 in 2019 from ARS 115,012,597 in 2018, a decline of 12.0%[32] - Loans and other financing decreased to ARS 220,897,814 in 2019 from ARS 275,611,789 in 2018, a reduction of 19.9%[32] - Total liabilities as of December 31, 2019, were ARS 339,183,484, down from ARS 446,608,767 in 2018, indicating a decrease of 24.1%[32] Capital and Equity - Total equity as a percentage of total assets increased to 23.82% in 2019 from 17.34% in 2018, demonstrating enhanced capital strength[34] - Return on average equity rose to 21.32% in 2019, up from (1.01)% in 2018, indicating a strong recovery[34] Operational Efficiency - The efficiency ratio improved to 32.05% in 2019 from 38.15% in 2018, indicating better operational efficiency[34] - Non-performing loans as a percentage of total loans decreased to 1.71% in 2019 from 1.88% in 2018, reflecting improved asset quality[34] Economic Environment - The Argentine economy contracted by 2.2% in 2019, highlighting external economic challenges that could impact future performance[42] - The Consumer Price Index (CPI) reached 53.8% in 2019, marking the highest inflation rate since 1991[93] - The Argentine peso depreciated by 52% against the U.S. dollar in 2019, following previous depreciations of 58% in 2018 and 16% in 2017[96] - The Argentine economy is categorized as hyperinflationary, with a projected three-year cumulative inflation rate exceeding 100%[194] Government and Regulatory Impact - The Argentine government has faced litigation from foreign shareholders and bondholders, which may result in adverse judgments affecting its financial resources[69] - The Argentine government has implemented various economic interventions, including a tax amnesty for small and medium-sized companies and changes to the personal assets tax rate[80] - Regulatory measures by the Argentine government could have a material adverse effect on financial institutions, including penalties for non-compliance with regulations[147] COVID-19 Impact - COVID-19 has disrupted business activities, leading to increased volatility in financial markets and potential rises in impaired loans[108] - The Argentine government has implemented various monetary and fiscal measures in response to COVID-19, including layoff limitations and tax reductions[109] - The pandemic has significantly impacted the Argentine economy, leading to increased morosity levels in the financial system, with uncertain future effects[177] Company Strategy and Operations - The company considers Argentina's economy as "hyperinflationary" under IAS 29 for accounting periods ending after July 1, 2018[29] - The company will continue to consider acquisition opportunities, but there is no assurance that suitable candidates will be identified or that acquisitions will be completed successfully[174] - The company faces risks related to credit risk and potential credit losses, which may be exacerbated by changes in borrowers' income levels and economic conditions[175] Market Conditions - Changes in market conditions, including fluctuations in interest and currency exchange rates, could materially impact the company's financial results[179] - The Argentine securities market is less liquid and more volatile than major markets, which may limit the ability to sell shares at desired prices[207] Corporate Governance - Significant shareholders hold a combined total of 110,095,443 Class B shares, which could allow them to control major decisions without the concurrence of other shareholders[172] - Shareholders of Banco Macro are generally liable only for the payment of the shares they subscribe, with specific liabilities for conflicts of interest[209]

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, ...

Banco Macro S.A. (NYSE:BMA) Q3 2019 Earnings Conference Call November 12, 2019 10:00 AM ET Company Participants Nicolas Torres – Investor Relations Jorge Scarinci – Chief Financial Officer Conference Call Participants Gabriel Nobrega – Citibank Nicolas Riva – Bank of America Carlos Gomez – HSBC Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Banco MacroÂ's Third Quarter 2019 Earnings Conference Call. We would like to inform you that ...

Banco Macro S.A. (NYSE:BMA) Q2 2019 Earnings Conference Call August 8, 2019 12:00 PM ET Company Participants Nicolas Torres - Investor Relations Jorge Scarinci - Chief Financial Officer Conference Call Participants Gabriel Nobrega - Citibank Ernesto Gabilondo - Bank of America Jason Mollin - Scotiabank Alonso Garcia - Credit Suisse Yuri Fernandes - JPMorgan Carlos Gomez - HSBC Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Banco Mac ...

Financial Data and Key Metrics Changes - Banco Macro's net income for Q1 2019 was ARS 7.3 billion, a 40% increase or ARS 2.1 billion higher than Q4 2018, and a 106% increase compared to ARS 3.5 billion a year ago [4] - The bank's Q1 2019 ROE and ROA were 50% and 8.4%, respectively, indicating strong earnings potential [4] - Net operating income for Q1 2019 was ARS 19.1 billion, an 18% increase or ARS 2.9 billion quarter-over-quarter and a 78% increase or ARS 8.5 billion year-over-year [6] - The efficiency ratio improved to 28.6% from 39.7% in Q4 2018 and 35.6% in Q1 2018 [16] Business Line Data and Key Metrics Changes - Net interest income totaled ARS 12.9 billion, a 5% increase or ARS 643 million higher than Q4 2018, and a 63% increase or ARS 5 billion higher than the previous year [7] - Net fee income for Q1 2019 was ARS 3.3 billion, a 2% increase from Q4 2018 and a 40% increase or ARS 951 million year-over-year [12] - Net income from financial assets and liabilities at fair value through profit or loss was ARS 2 billion, a 442% increase or ARS 1.6 billion compared to Q4 2018 [13] Market Data and Key Metrics Changes - Banco Macro's market share over private sector loans reached 7.7% as of March 2019, with total deposits growing 15% quarter-on-quarter and 82% year-on-year [17][18] - Private sector deposits grew 12% quarter-on-quarter and 80% year-on-year, with transactional accounts representing approximately 37% of total deposits [18] Company Strategy and Development Direction - The bank's strategy in Q1 2019 included selling US dollars in the spot market and investing in LELIQs, which proved to be profitable [9] - The focus is on maintaining asset quality and profitability rather than market share, leading to a conservative approach in lending [37] Management's Comments on Operating Environment and Future Outlook - Management indicated that the economic environment remains challenging, with high interest rates and a projected real GDP decline of more than 1% to 1.5% in 2019 [27] - Nonperforming loans (NPLs) are expected to remain around 2% to 2.1%, with no major deterioration anticipated [28][29] - Future loan growth is expected to be nominally below inflation, with a potential pickup in demand next year if interest rates decrease [32][34] Other Important Information - The effective income tax rate for Q1 2019 was 30.1%, down from 31% in Q4 2018 [17] - The bank's liquidity remains strong, with a liquid assets to total deposits ratio of 66% [20] Q&A Session Summary Question: Why did the bank decide to fully write off the exposure to Molca? - Management stated that the decision was made by the credit committee and the Board, despite the possibility of future recoveries [23] Question: What was the direct exposure to Molca? - The direct exposure was approximately ARS 390 million [24] Question: What is the outlook for NPL ratios in the retail portfolio? - Management noted that 93% of personal loans are tied to payrolls, and they expect NPLs to remain around 2% to 2.1% going forward [26][28] Question: What are the volume growth expectations for this year? - Management indicated that loan growth has been sluggish due to the poor economic environment, with nominal growth expected to be around 30% for the year [32][34] Question: Is the bank's strategy focused on market share or asset quality? - The strategy is focused on maintaining asset quality and profitability, even if it results in a loss of market share [37] Question: How will the recent credit card regulation impact earnings? - The impact on bottom lines is estimated to be between 2.7% and 3%, but management plans to take measures to mitigate this effect [46]

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, 2018 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 ...

Financial Data and Key Metrics Changes - Banco Macro's net income for Q4 2018 was ARS 5.2 billion, a 37% increase or ARS 1.4 billion higher than Q3 2018 and also 37% higher than ARS 3.1 billion from a year ago, driven by increases in net interest income and net fee income [5][6] - The bank's return on equity and return on assets for Q4 2018 were 30.7% and 5.8%, respectively, indicating strong earning potential [5] - For fiscal year 2018, net income totaled ARS 15.8 billion, a 55% increase from ARS 10.1 billion in fiscal year 2017 [6] Business Line Data and Key Metrics Changes - Net interest income for Q4 2018 was ARS 4.3 billion, a 19% increase from Q3 2018 and 66% higher year-over-year, attributed to a 128% increase in interest income and a 276% increase in interest expenses [7][8] - Net fee income for Q4 2018 totaled ARS 3.1 billion, a 38% increase year-over-year, while for fiscal year 2018, it reached ARS 11.1 billion, a 31% increase from fiscal year 2017 [14] - Other operating income increased by 54% quarter-over-quarter and 69% year-over-year [15] Market Data and Key Metrics Changes - The bank's financing to the private sector grew by 2% quarter-over-quarter and 36% year-over-year, with a market share of 7.9% in private sector loans as of December 2018 [19] - Total deposits grew by 12% quarter-over-quarter and 65% year-over-year, with private sector deposits increasing by 14% quarter-over-quarter and 67% year-over-year [19][20] Company Strategy and Development Direction - Banco Macro aims to maintain a strong focus on asset quality control, especially in light of the economic downturn in Argentina, and plans to be cautious with lending in 2019 [24][32] - The bank is monitoring M&A opportunities but currently has no official deals on the table, preferring to wait for favorable conditions post-elections [35] Management's Comments on Operating Environment and Future Outlook - Management indicated that the NPL ratio is expected to stabilize in the first half of 2019, with a potential improvement by the end of the year, forecasting a range of 1.5% to 1.7% [24][25] - The economic outlook for 2019 is cautious, with expectations of negative real GDP growth, leading to conservative lending practices [32] Other Important Information - The bank's efficiency ratio improved to 37.9% in fiscal year 2018, better than the 40% in fiscal year 2017, reflecting a 38% increase in expenses and a 45% increase in income [18] - As of December 2018, the bank's nonperforming to total financing ratio was 1.91%, with a coverage ratio of 117.74% [21] Q&A Session Summary Question: Coverage of NPLs and outlook for NPL ratio - Management acknowledged the decrease in NPL coverage to slightly above 100% and indicated a target range of 120% to 140% by year-end, with expectations of stability in the NPL ratio around 1.9% in the first half of 2019 [23][24] Question: Financial instruments results and liquidity management - Management clarified that income from securities is classified under interest income, and they plan to continue investing excess liquidity in short-term instruments [29][30] Question: Guidance for net interest income and M&A activity - Management expects loan growth to align with inflation rates of 30% to 32% and remains open to M&A opportunities but currently has no active deals [35][36]