Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)

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 25, 2021

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 Announces Results for the Second Quarter of 2021

Buenos Aires, Argentina, August 25, 2021 – Banco Macro S.A. (NYSE: BMA; BYMA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the second quarter ended June 30, 2021 (“2Q21”). All figures are in Argentine pesos (Ps.) and have been restated in terms of the measuring unit current at the end of the reporting period. As of 1Q20, the Bank began reporting results applying Hyperinflation Accounting, in accordance with IFRS IAS 29 as established by the Central Bank. For ease of comparison, figures of previous quarters of 2020 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through June 30, 2021.

Summary

• The Bank’s net income totaled Ps.4.6 billion in 2Q21. This result was 90% higher than the result posted in 1Q21 and 50% lower than in 2Q20. In 2Q21, the accumulated annualized return on average equity (“ROAE”) and the annualized return on average assets (“ROAA”) were 7.8% and 1.7%, respectively. Total comprehensive income was Ps.4.8 billion, 57% higher than in 1Q21

• In 2Q21, Banco Macro’s financing to the private sector decreased 7% or Ps.20 billion quarter over quarter (“QoQ”) totaling Ps.267.8 billion and 19% or Ps.61.7. billion year over year (“YoY”).

• In 2Q21, Banco Macro’s total deposits decreased 3% or Ps.15.1 billion QoQ, totaling Ps.492.3 billion and representing 78% of the Bank’s total liabilities. Private sector deposits decreased 1% or Ps.5.2 billion QoQ.

• Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.167 billion, 38.3% regulatory capital ratio – Basel III and 30.9% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 93% of its total deposits in 2Q21.

• In 2Q21, the Bank’s non-performing to total financing ratio was 1.68% and the coverage ratio reached 212.91%.

2Q21 Earnings Release Conference Call		IR Contacts in Buenos Aires:

Thursday, August 26, 2021		Jorge Scarinci
Time: 11:00 a.m. Eastern Time \| 12:00 p.m. Buenos Aires Time		Chief Financial Officer

To participate, please dial:		Nicolás A. Torres
Argentina Toll Free:		Investor Relations
(011) 3984 5677
Participants Dial In (Toll Free):	Webcast Replay: click here
+1 (844) 450 3847		Phone: (54 11) 5222 6682
Participants International Dial In:	Available from 08/26/2021 through 09/09/2021	E-mail: investorelations@macro.com.ar
+1 (412) 317 6370
Conference ID: Banco Macro		Visit our website at:
Webcast: click here		www.macro.com.ar/relaciones-inversores

Disclaimer

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 2020 have been restated in accordance with said Communication in order to make a comparison possible.

Results

Earnings per outstanding share were Ps.7.22 in 2Q21, 90% higher than in 1Q21 and 50% lower than the result posted a year ago.

EARNINGS PER SHARE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20		3Q20		4Q20		1Q21		2Q21		QoQ			YoY
Net income -Parent Company- (M $)		9,161		6,743		3,976		2,427		4,617		90	%		-50	%
Average # of shares outstanding (M)		639		639		639		639		639		0	%		0	%
Average #of treasury stocks (shares repurchased)		0		0		0		-		-		-			-100	%
Book value per avg. Outstanding share ($)		280		292		290		295		286		-3	%		2	%
Shares Outstanding (M)		639		639		639		639		639		0	%		0	%
Earnings per avg. outstanding share ($)		14.33		10.55		6.22		3.80		7.22		90	%		-50	%
EOP FX (Pesos per USD)		70.4550		76.1750		84.1450		91.9850		95.7267		4	%		36	%
Book value per avg. issued ADS (USD)		39.74		38.33		34.46		32.07		29.88		-7	%		-25	%
Earnings per avg. outstanding ADS (USD)		2.03		1.39		0.74		0.41		0.75		83	%		-63	%

Banco Macro’s 2Q21 net income of Ps.4.6 billion was 90% or Ps.2.2 billion higher than the previous quarter and 50% or Ps.4.5 billion lower YoY. This result represented an annualized ROAE and ROAA of 7.8% and 1.7% respectively. Total comprehensive income was Ps.4.8 billion, 57% or Ps.1.8 billion higher than in 1Q21 and 54% or Ps.5.7 billion lower than the same period of last year.

Net operating income (before G&A and personnel expenses) was Ps.39.4 billion in 2Q21, decreasing 5% or Ps.1.9 billion compared to 1Q21. On a yearly basis Net operating income decreased 1% or Ps.355 million due to lower net interest income and lower net fee income.

In 2Q21 Provision for loan losses totaled Ps.213 million, Ps.211 million higher than in 1Q21. It should be noted that in previous quarters loan loss provisions were explained by additional provisions made by the Bank based on estimations of the macroeconomic impact of the current Covid-19 pandemic.

Operating income (after G&A and personnel expenses) was Ps.19.4 billion in 2Q21, 7% or Ps.1.6 billion lower than in 1Q21 and 1% or Ps.178 million higher than a year ago.

It is important to emphasize that this result was obtained with a leverage of only 4.4x assets to equity ratio.

INCOME STATEMENT	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20		3Q20		4Q20		1Q21		2Q21		QoQ			YoY
Net Interest Income		30,102		29,521		27,283		26,439		25,482		-4	%		-15	%
Net fee income		6,982		7,354		7,093		6,578		6,764		3	%		-3	%
Net Interest Income + Net Fee Income		37,084		36,875		34,376		33,017		32,246		-2	%		-13	%
Net Income from financial instruments at fair value through P&L		3,409		3,767		4,114		5,061		5,282		4	%		55	%
Income from assets at amortized cost		28		85		157		66		61		-8	%		118	%
Differences in quoted prices of gold and foreign currency		1,180		1,684		1,594		1,349		640		-53	%		-46	%
Other operating income		1,598		1,648		1,744		1,830		1,409		-23	%		-12	%
Provision for loan losses		3,519		2,441		2,706		2		213		10550	%		-94	%
Net Operating Income		39,780		41,618		39,279		41,321		39,425		-5	%		-1	%
Employee benefits		8,613		8,649		8,593		8,053		8,395		4	%		-3	%
Administrative expenses		4,362		4,743		4,884		3,788		3,887		3	%		-11	%
Depreciation and impairment of assets		1,383		1,417		1,395		1,429		1,434		0	%		4	%
Other operating expenses		6,158		6,400		6,253		7,054		6,267		-11	%		2	%
Operating Income		19,264		20,409		18,154		20,997		19,442		-7	%		1	%
Result from associates & joint ventures		12		21		-74		26		19		-27	%		58	%
Result from net monetary postion		-6,203		-9,272		-13,332		-16,025		-13,557		-15	%		119	%
Result before taxes from continuing operations		13,073		11,158		4,748		4,998		5,904		18	%		-55	%
Income tax		3,912		4,415		772		2,571		1,287		-50	%		-67	%
Net income from continuing operations		9,161		6,743		3,976		2,427		4,617		90	%		-50	%
				-		-
Net Income of the period		9,161		6,743		3,976		2,427		4,617		90	%		-50	%
Net income of the period attributable to parent company		9,161		6,743		3,976		2,427		4,617		90	%		-50	%
Net income of the period attributable to minority interest		-		-		-		-		-		-			-
Other Comprehensive Income		1,366		1,064		-149		652		213		-67	%		-84	%
Foreign currency translation differences in financial statements conversion		117		72		-28		-108		-200		-			-
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a)		1,249		992		-121		760		413		-			-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		10,527		7,807		3,827		3,079		4,830		57	%		-54	%
Total Comprehensive Income attributable to parent Company		10,527		7,807		3,827		3,079		4,830		57	%		-54	%
Total Comprehensive Income attributable to non-controlling interests		-		-		-		-		-		-			-

The Bank’s 2Q21 net interest income totaled Ps.25.5 billion, 4% or Ps.957 million lower than in 1Q21 and 15% or Ps.4.6 billion lower YoY as a result of different regulations adopted that set caps on lending rates and floors on deposit rates.

In 2Q21 interest income totaled Ps.44.3 billion, 12% or Ps.5.8 billion lower than in 1Q21 and Ps.215 million lower than in 2Q20.

Income from interest on loans and other financing totaled Ps.23.1 billion, 7% or Ps.1.7 billion lower compared with the previous quarter. On a yearly basis Income from interest on loans decreased 15% or Ps.4 billion.

In 2Q21 income from government and private securities decreased 14% or Ps.3.2 billion QoQ (due to lower income from Government securities) and increased 30% or Ps.4.6 billion compared with the same period of last year. This result is explained 93% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 7% is explained by income from sovereign bonds in pesos at amortized cost.

In 2Q21 income from Repos totaled Ps.1.4 billion, 41% or Ps.1 billion lower than the previous quarter and 38% or Ps.843 million lower than a year ago.

In 2Q21 FX income totaled Ps.640 million, 53% or Ps.709 million lower than the previous quarter and 46% or Ps.540 million lower than a year ago. FX income gain was due to the 4% argentine peso depreciation against the US dollar, the Bank’s long spot dollar position during the quarter and FX trading results.

FX INCOME	MACRO Consolidated						Variation
In MILLION $ (Measuring Unit Current at EOP)	2Q20		1Q21		2Q21		QoQ			YoY
(1) Differences in quoted prices of gold and foreign currency		1,180		1,349		640		-53	%		-46	%
Translation of FX assets and liabilities to Pesos		953		1,214		575		-53	%		-40	%
Income from foreign currency exchange		227		135		65		-52	%		-71	%

(2) Net Income from financial assets and liabilities at fair value through P&L		29		0		0		-100	%		-100	%
Income from investment in derivative financing instruments		29		0		0		-			-100	%

(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency		1,209		1,349		640		-53	%		-47	%

INTEREST INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20		3Q20		4Q20		1Q21		2Q21		QoQ			YoY
Interest on Cash and due from Banks		21		40		3		3		3		0	%		-86	%
Interest from government securities		14,636		23,207		24,225		22,822		19,702		-14	%		35	%
Interest from private securities		520		368		203		114		65		-43	%		-88	%
Interest on loans and other financing
To the financial sector		375		274		220		186		132		-29	%		-65	%
To the public non financial sector		934		810		618		512		408		-20	%		-56	%
Interest on overdrafts		3,947		1,915		1,721		1,883		1,455		-23	%		-63	%
Interest on documents		1,371		1,112		1,466		1,536		1,640		7	%		20	%
Interest on mortgages loans		2,240		2,165		2,870		3,388		3,395		0	%		52	%
Interest on pledged loans		145		147		136		123		145		18	%		0	%
Interest on personal loans		10,473		9,984		9,973		10,259		9,898		-4	%		-5	%
Interest on credit cards loans		3,425		3,495		3,175		3,012		2,880		-4	%		-16	%
Interest on financial leases		17		7		12		24		16		-33	%		-6	%
Interest on other loans		4,160		4,869		4,379		3,852		3,153		-18	%		-24	%
Interest on Repos
From the BCRA		2,201		2,922		3,104		2,305		1,343		-42	%		-39	%
Other financial institutions		1		14		38		16		16		0	%		1500	%
Total Interest income		44,466		51,329		52,143		50,035		44,251		-12	%		0	%

Income from Interest on loans		27,087		24,778		24,570		24,775		23,122		-7	%		-15	%

The Bank’s 2Q21 interest expense totaled Ps.18.8 billion, decreasing 20% or Ps.4.8 billion compared to the previous quarter and 31% or Ps.4.4 billion higher compared to 2Q20.

In 2Q21, interest on deposits represented 95% of the Bank’s total interest expense, decreasing 20% or Ps.4.5 billion QoQ, due to a 16% decrease in the average volume of deposits from the private sector and a 129 b.p. decrease in the average rate paid on deposits. On a yearly basis, interest on deposits increased 37% or Ps.4.8 billion.

INTEREST EXPENSE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20		3Q20		4Q20		1Q21		2Q21		QoQ			YoY
Deposits
Interest on checking accounts		167		591		1,528		806		79		-90	%		-53	%
Interest on saving accounts		185		173		231		256		280		9	%		51	%
Interest on time deposits		12,657		19,746		21,710		21,291		17,464		-18	%		38	%
Interest on other financing from BCRA and financial inst.		21		24		45		48		43		-10	%		105	%
Repos
Other financial institutions		30		2		109		60		67		12	%		123	%
Interest on corporate bonds		539		485		465		391		132		-66	%		-76	%
Interest on subordinated bonds		748		771		761		737		699		-5	%		-7	%
Interest on other financial liabilities		17		16		11		7		5		-29	%		-71	%
Total financial expense		14,364		21,808		24,860		23,596		18,769		-5	%		55	%

Expenses from interest on deposits		13,009		20,510		23,469		22,353		17,823		-5	%		61	%

In 2Q21, the Bank’s net interest margin (including FX) was 18.8%, higher than the 17.4% posted in 1Q21 and lower than the 19.8% posted in 2Q20.

In 2Q21 Net Interest Margin (excluding FX) was 18.4%, higher than the 16.6% posted in 1Q21 and lower than the 19.1% posted in 2Q20.

In 2Q21 Net Interest Margin (Pesos) was 20.7%, higher than the 19.1% posted in 1Q21 and lower than the 23% posted in 2Q20; meanwhile Net Interest Margin (USD) was 3.4%, higher than the 2.2% posted in 1Q21 and lower than the 2.3% registered in 2Q20.

ASSETS & LIABILITIES PERFORMANCE (AR$)	MACRO Consolidated
In MILLION $	2Q20						3Q20						4Q20						1Q21						2Q21
(Measuring Unit Current at EOP)		AVERAGE	REAL INT		NOMINAL			AVERAGE	REAL INT		NOMINAL			AVERAGE	REAL INT		NOMINAL			AVERAGE	REAL INT		NOMINAL			AVERAGE	REAL INT		NOMINAL
Yields & rates in annualized nominal %		BALANCE	RATE		INT RATE			BALANCE	RATE		INT RATE			BALANCE	RATE		INT RATE			BALANCE	RATE		INT RATE			BALANCE	RATE		INT RATE

Interest-earning assets
Loans & Other Financing
Public Sector		9,415	15.0	%	39.9	%		7,011	11.9	%	46.0	%		5,174	1.7	%	47.5	%		4,127	-1.5	%	50.3	%		3,379	3.1	%	48.4	%
Financial Sector		3,553	17.0	%	42.3	%		2,688	7.6	%	40.4	%		2,346	-5.5	%	37.1	%		2,206	-12.0	%	34.2	%		1,617	-7.8	%	32.7	%
Private Sector		278,707	10.9	%	34.9	%		281,302	0.9	%	31.6	%		280,627	-9.2	%	31.7	%		267,000	-11.8	%	34.6	%		243,832	-6.3	%	34.9	%
Other debt securities
Central Bank Securities (Leliqs)		127,457	13.1	%	37.5	%		169,822	5.4	%	37.5	%		150,880	-5.4	%	37.2	%		151,343	-9.9	%	37.5	%		126,042	-4.5	%	37.5	%
Government & Private Securities		42,879	7.4	%	30.6	%		100,698	-0.6	%	29.7	%		125,663	-8.5	%	32.7	%		100,255	-10.8	%	36.1	%		91,800	-6.3	%	34.8	%
Repos		51,288	-3.5	%	17.3	%		61,015	-8.7	%	19.1	%		37,170	-7.9	%	33.6	%		26,008	-10.7	%	36.2	%		15,075	-5.4	%	36.2	%
Total interest-earning assets		513,299	9.9	%	33.6	%		622,536	1.1	%	31.9	%		601,860	-7.9	%	33.6	%		550,939	-10.9	%	35.9	%		481,745	-5.7	%	35.7	%

Non interest-earning assets		154,092						97,430						113,561						113,541						10,018
Total Average Assets		667,391						719,966						715,421						664,480						589,763

Interest-bearing liabilities
Deposits
Public Sector		27,482	-0.3	%	21.3	%		72,746	-4.3	%	24.8	%		70,209	-12.0	%	27.6	%		40,948	-14.9	%	29.8	%		24,775	-11.1	%	28.0	%
Private Sector		268,801	-3.8	%	17.0	%		312,855	-7.9	%	20.2	%		312,353	-14.8	%	23.6	%		309,097	-17.9	%	25.3	%		261,309	-13.4	%	24.7	%
BCRA and other financial institutions		596	-5.6	%	14.8	%		569	-6.7	%	21.7	%		685	-11.8	%	27.9	%		748	-16.7	%	27.1	%		676	-12.0	%	26.7	%
Corporate bonds		7,264	6.7	%	29.8	%		6,925	-2.0	%	27.9	%		6,295	-10.8	%	29.4	%		5,633	-16.0	%	28.2	%		2,772	-17.3	%	19.1	%
Repos		1,309	-10.2	%	9.2	%		69	-14.5	%	11.5	%		1,425	-10.1	%	30.4	%		790	-14.2	%	30.8	%		896	-9.7	%	30.0	%
Total int.-bearing liabilities		305,452	-3.2	%	17.7	%		393,164	-7.2	%	21.1	%		390,967	-14.2	%	24.5	%		357,216	-17.5	%	25.9	%		290,428	-13.2	%	24.9	%

Total non int.-bearing liabilities		194,118						207,371						209,161						188,364						183,611

Total Average Liabilities		499,570						600,535						600,128						545,580						474,039

Assets Performance			42,838						49,946						50,798						48,709						42,885
Liabilities Performance			13,421						20,901						24,038						22,816						18,044
Net Interest Income			29,417						29,045						26,760						25,893						24,841
Total interest-earning assets			513,299						622,536						601,860						550,939						481,745
Net Interest Margin (NIM)			23.0	%					18.6	%					17.7	%					19.1	%					20.7	%

ASSETS & LIABILITIES PERFORMANCE USD	MACRO Consolidated
In MILLION $	2Q20						3Q20						4Q20						1Q21						2Q21
(Measuring Unit Current at EOP)		AVERAGE	REAL INT		NOMINAL			AVERAGE	REAL INT		NOMINAL			AVERAGE	REAL INT		NOMINAL			AVERAGE	REAL INT		NOMINAL			AVERAGE	REAL INT		NOMINAL
Yields & rates in annualized nominal %		BALANCE	RATE		INT RATE			BALANCE	RATE		INT RATE			BALANCE	RATE		INT RATE			BALANCE	RATE		INT RATE			BALANCE	RATE		INT RATE

Interest-earning assets
Cash and Deposits in Banks		60,704	13.0	%	0.1	%		62,226	1.7	%	0.3	%		63,647	-2.4	%	0.0	%		65,302	-9.7	%	0.0	%		48,815	-19.2	%	0.0	%
Loans & Other Financing
Financial Sector		95	17.7	%	4.2	%		78	6.6	%	5.1	%		33	9.4	%	12.1	%		26	0.0	%	0.0	%		7	0.0	%	0.0	%
Private Sector		54,838	26.1	%	11.7	%		34,709	16.8	%	15.2	%		30,353	14.8	%	17.6	%		26,812	8.1	%	19.7	%		23,745	-0.8	%	22.7	%
Other debt securities
Government & Private Securities		6,204	13.5	%	0.5	%		6,394	2.5	%	1.1	%		7,476	0.0	%	0.0	%		6,277	-8.5	%	1.3	%		3,661	-17.5	%	2.1	%
Total interest-earning assets		121,841	19.0	%	5.4	%		103,407	6.8	%	5.3	%		101,509	2.8	%	5.3	%		98,417	-4.7	%	5.5	%		76,228	-13.4	%	7.2	%

Non interest-earning assets		62,912						129,798						117,917						124,289						124,444
Total Average Assets		184,753						233,205						219,426						222,706						200,672

Interest-bearing liabilities
Deposits
Public Sector		1,979	14.1	%	1.0	%		1,083	1.8	%	0.4	%		1,613	-9.4	%	0.3	%		1,613	-9.4	%	0.3	%		2,519	-19.0	%	0.2	%
Private Sector		71,672	14.1	%	1.0	%		70,243	2.1	%	0.7	%		62,576	-9.5	%	0.2	%		62,576	-9.5	%	0.2	%		58,512	-19.0	%	0.2	%
BCRA and other financial institutions		902	20.9	%	7.1	%		713	6.5	%	5.0	%		427	-5.4	%	4.7	%		427	-5.4	%	4.7	%		592	-17.6	%	2.0	%
Subordinated bonds		42,153	20.9	%	7.1	%		42,985	8.6	%	7.1	%		42,052	-3.3	%	7.1	%		42,052	-3.3	%	7.1	%		39,675	-13.4	%	7.1	%
Total int.-bearing liabilities		116,706	16.5	%	3.2	%		115,024	4.6	%	3.1	%		106,668	-7.0	%	3.0	%		106,668	-7.0	%	3.0	%		101,298	-16.8	%	2.9	%

Total non int.-bearing liabilities		56,021						54,711						51,409						51,409						35,310

Total Average liabilities		172,727						169,735						158,077						158,077						136,608

Assets Performance			1,628						1,383						1,345						1,326						1,366
Liabilities Performance			943						907						822						780						725
Net Interest Income			685						476						523						546						641
Total interest-earning assets			121,841						103,407						101,509						98,417						76,228
Net Interest Margin (NIM)			2.3	%					1.8	%					2.0	%					2.2	%					3.4	%

In 2Q21 Banco Macro’s net fee income totaled Ps.6.8 billion, 3% or Ps.186 million higher than in 1Q21 and 3% or Ps.218 million lower than the same period of last year.

In the quarter, fee income totaled Ps.7.4 billion, 3% or Ps.199 million higher than in 1Q21. On a yearly basis, fee income decreased 1% or Ps.90 million.

In the quarter, total fee expense increased 2% or Ps.13 million. On a yearly basis, fee expenses increased 23% or Ps.128 million.

NET FEE INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20		3Q20		4Q20		1Q21		2Q21		QoQ			YoY
Fees charged on deposit accounts		2,877		3,100		2,772		2,722		2,983		10	%		4	%
Credit card fees		1,545		1,606		1,660		1,337		1,263		-6	%		-18	%
Corporate services fees		642		769		773		766		787		3	%		23	%
ATM transactions fees		620		715		707		727		669		-8	%		8	%
Insurance fees		450		487		518		474		471		-1	%		5	%
Debit card fees		503		502		514		478		469		-2	%		-7	%
Financial agent fees (Provinces)		386		389		423		391		436		12	%		13	%
Credit related fees		316		183		172		164		190		16	%		-40	%
Mutual funds & securities fees		152		210		186		143		130		-9	%		-14	%
AFIP & Collection services		23		28		28		30		32		7	%		39	%
ANSES fees		18		16		14		11		12		9	%		-33	%
Total fee income		7,532		8,005		7,767		7,243		7,442		3	%		-1	%

Total fee expense		550		651		674		665		678		2	%		23	%

Net fee income		6,982		7,354		7,093		6,578		6,764		3	%		-3	%

In 2Q21 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.5.3 billion gain, 4% or Ps.221 million higher than the previous quarter. This gain is mostly related to higher income from Government and private securities.

On a yearly basis Net income from financial assets and liabilities at fair value through profit or loss increased 55% or Ps.1.9 billion.

2Q21 Earnings Release

NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20		3Q20		4Q20		1Q21		2Q21		QoQ			YoY
Profit or loss from government securities		3,028		3,616		3,882		4,485		4,839		8	%		60	%
Profit or loss from private securities		153		382		169		180		443		146	%		190	%
Profit or loss from investment in derivative financing instruments		29		2		8		0		0		0	%		-100	%
Profit or loss from other financial assets		17		-5		-1		-13		-3		-			-
Profit or loss from investment in equity instruments		122		-149		-55		442		-19		-			209	%
Profit or loss from the sale of financial assets at fair value		60		-79		111		-33		27		-			-
Income from financial assets at fair value through profit or loss		3,409		3,767		4,114		5,061		5,287		4	%		55	%

Profit or loss from derivative financing instruments		0		0		0		0		-5		-			-
Income from financial liabilities at fair value through profit or loss		0		0		0		0		-5		-			-

NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS		3,409		3,767		4,114		5,061		5,282		4	%		55	%

In the quarter Other Operating Income totaled Ps.1.4 billion, 23% or Ps.421 million lower than in 1Q21. On a yearly basis Other Operating Income decreased 12% or Ps.189 million.

OTHER OPERATING INCOME	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20		3Q20		4Q20		1Q21		2Q21		QoQ			YoY
Credit and debit cards		25		39		50		57		66		16	%		164	%
Lease of safe deposit boxes		248		270		246		229		246		7	%		-1	%
Other service related fees		545		608		428		466		499		7	%		-8	%
Other adjustments and interest from other receivables		257		261		288		299		415		39	%		61	%
Initial recognition of loans		27		-17		-10		3		-3		-			-
Sale of property, plant and equipment		1		7		2		2		0		-100	%		-100	%
Others		495		480		740		774		186		-76	%		-62	%
Other Operating Income		1,598		1,648		1,744		1,830		1,409		-23	%		-12	%

In 2Q21 Banco Macro’s administrative expenses plus employee benefits totaled Ps.12.3 billion, 4% or Ps.441 million higher than the previous quarter, due to higher employee benefits(+4%) and higher administrative expenses(+3%). On a yearly basis administrative expenses plus employee benefits decreased 5% or Ps.693 million.

Employee benefits increased 4% or Ps.342 million QoQ. On a yearly basis Employee benefits decreased 3% or Ps.218 million.

In 2Q21 administrative expenses increased 3% or Ps.99 million, due to higher advertising and publicity fees (+166%) and higher Other professional fees (+37%).

In 2Q21, the efficiency ratio reached 38.4%, deteriorating from the 35.7% posted in 1Q21 and higher than the 36.3% posted a year ago. In 2Q21 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) increased 3% or Ps.446 million, 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 3% or Ps. 1.3 billion compared to 1Q21.

2Q21 Earnings Release

PERSONNEL & ADMINISTRATIVE EXPENSES	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20			3Q20			4Q20			1Q21			2Q21			QoQ			YoY
Employee benefits		8,613			8,649			8,593			8,053			8,395			4	%		-3	%
Remunerations		6,511			6,441			6,197			5,805			6,080			5	%		-7	%
Social Security Contributions		1,449			1,429			1,427			1,307			1,393			7	%		-4	%
Compensation and bonuses		517			574			775			767			738			-4	%		43	%
Employee services		136			205			194			174			184			6	%		35	%
Administrative Expenses		4,362			4,743			4,884			3,788			3,887			3	%		-11	%
Taxes		546			565			604			601			599			0	%		10	%
Maintenance, conservation fees		689			708			807			646			662			2	%		-4	%
Directors & statutory auditors fees		429			368			757			116			102			-12	%		-76	%
Security services		451			432			426			418			416			0	%		-8	%
Electricity & Communications		491			476			457			442			432			-2	%		-12	%
Other professional fees		270			286			266			282			386			37	%		43	%
Rental agreements		41			14			23			35			19			-46	%		-54	%
Advertising & publicity		124			105			221			64			170			166	%		37	%
Personnel allowances		33			34			41			32			41			28	%		24	%
Stationary & Office Supplies		28			30			26			22			25			14	%		-11	%
Insurance		56			60			57			51			55			8	%		-2	%
Hired administrative services		1			2			0			3			2			-			100	%
Other		1,203			1,663			1,199			1,076			978			-9	%		-19	%
Total Administrative Expenses		12,975			13,392			13,477			11,841			12,282			4	%		-5	%

Total Employees		8,706			8,651			8,561			8,459			8,318
Branches		463			463			463			463			464
Efficiency ratio		36.3	%		36.8	%		38.8	%		35.7	%		38.4	%

Accumulated efficiency ratio		50.7	%		43.7	%		41.2	%		45.9	%		50.7	%

In 2Q21, Other Operating Expenses totaled Ps.6.3 billion, decreasing 11% or Ps.787 million QoQ, due to lower Turnover Tax (7% or Ps.264 million), lower provision charges (59% or Ps.262 million) and lower other operating expenses (11% or Ps.281 million). On a yearly basis Other Operating Expenses increased 2% or Ps.109 million.

OTHER OPERATING EXPENSES	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20		3Q20		4Q20		1Q21		2Q21		QoQ			YoY
Turnover Tax		3,496		3,478		3,262		3,879		3,615		-7	%		3	%
Other provision charges		294		365		271		442		180		-59	%		-39	%
Deposit Guarantee Fund Contributions		215		257		263		250		208		-17	%		-3	%
Donations		34		1		6		1		1		0	%		-97	%
Insurance claims		24		18		14		12		14		17	%		-42	%
Initial loan recognition		-4		0		60		0		60		100	%		-
Others		2,099		2,281		2,377		2,470		2,189		-11	%		4	%
Other Operating Expenses		6,158		6,400		6,253		7,054		6,267		-11	%		2	%

2Q21 Earnings Release

In 2Q21 the result from the net monetary position totaled a Ps.13.6 billion loss, 15% or Ps.2.5 billion lower than the loss posted in 1Q21. On a yearly basis the loss related to the net monetary position increased 119% or Ps.7.4 billion. This is the second quarter in which the result from net monetary position is shown pursuant to Communication “A” 7211 of the Central Bank of Argentina in which the inflation adjustment on our Leliqs and other government securities holdings is included (previously shown in Net Income from financial instruments at fair value through P&L). Previous quarters of 2020 have been restated in accordance with Communication “A” 7211 in order to make a comparison possible. Also lower inflation was observed during the quarter (200 b.p. below 1Q21 level, down from 12.95% to 10.95%).

OPERATING RESULT	MACRO consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20		3Q20		4Q20		1Q21		2Q21		QoQ			YoY
Operating Result (exc. Loss from net monetary position)		19,264		20,409		18,154		20,997		19,442		-7	%		1	%
Result from net monetary position (i.e. inflation adjustment)		-6,203		-9,272		-13,332		-16,025		-13,557		-15	%		119	%
Operating Result (Inc. Loss from net monetary position)		13,061		11,137		4,822		4,972		5,885		18	%		-55	%

In 2Q21 Banco Macro's effective income tax rate was 21.8%, lower than the 51.4% effective tax rate of 1Q21 and the 29.9% registered one year ago. For more information see note 19 to our Financial Statements.

Financial Assets

Private sector financing

The volume of “core” financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.267.8 billion, decreasing 7% or Ps.20 billion QoQ and 19% or Ps.61.7 billion YoY as a consequence of the economic recession that affected Argentina during 2020 and the effects of the ongoing Covid-19 pandemic.

Commercial loans decreased 13% or Ps.13.4 billion, among which Others stand out with a 24% or Ps.9.4 billion decrease (mostly loans extended to SMEs at 24% interest rate as part of the Covid-19 relief package) and Documents with a 9% or Ps.2.5 billion decrease.

Consumer lending decreased 5% or Ps.7.3 billion. Personal loans decreased 6% or Ps.4.7 billion, while Credit Card loans decreased 4% or Ps.2.6 billion.

Within private sector financing, peso financing decreased 5% or Ps.12.4 billion, while US dollar financing decreased 31% or USD 90 million.

As of 2Q21, Banco Macro´s market share over private sector loans was 7%.

2Q21 Earnings Release

FINANCING TO THE PRIVATE SECTOR	MACRO Consilidated															Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20			3Q20			4Q20			1Q21			2Q21			QoQ			YoY
Overdrafts		30,750			23,982			21,400			16,103			15,604			-3	%		-49	%
Discounted documents		32,819			29,803			32,800			29,744			27,197			-9	%		-17	%
Mortgage loans		19,479			19,047			16,898			15,656			14,644			-6	%		-25	%
Pledged loans		5,541			5,048			4,084			3,682			3,805			3	%		-31	%
Personal loans		86,762			84,563			84,087			83,023			78,358			-6	%		-10	%
Credit Card loans		68,283			73,412			80,053			72,661			70,071			-4	%		3	%
Others		57,577			61,528			49,390			39,975			30,533			-24	%		-47	%
Interest		25,308			24,221			24,765			24,328			25,072			3	%		-1	%
Total loan portfolio		326,519			321,604			313,477			285,172			265,284			-7	%		-19	%

Total loans in Pesos		283,442			290,339			285,575			259,237			246,831			-5	%		-13	%

Total loans in USD		43,077			31,265			27,902			25,935			18,453			-29	%		-57	%
Financial trusts		1,257			507			713			326			420			29	%		-67	%
Leasing		233			186			149			138			160			16	%		-31	%
Others		1,462			1,734			2,053			2,145			1,899			-11	%		30	%
Total other financing		2,952			2,427			2,915			2,609			2,479			-5	%		-16	%

Total other financing in Pesos		1,436			1,113			1,622			1,405			1,351			-4	%		-6	%

Total other financing in USD		1,516			1,314			1,293			1,204			1,128			-6	%		-26	%

Total financing to the private sector		329,471			324,031			316,392			287,781			267,763			-7	%		-19	%

EOP FX (Pesos per USD)		70.4550			76.1750			84.1450			91.9850			95.7267			4	%		36	%

USD financing / Financing to the private sector		14	%		10	%		9	%		9	%		7	%

Public Sector Assets

In 2Q21, the Bank’s public sector assets (excluding LELIQs) to total assets ratio was 21%, higher than the 16.9% registered in the previous quarter, and higher than the 9.3% posted in 2Q20.

In 2Q21, a 19% or Ps.26.8 billion increase in Other Government securities and a 9% or Ps.12.7 billion decrease in Leliqs stand out. Since 2Q20 the Bank decided to invest in CER adjustable and Badlar bonds.

PUBLIC SECTOR ASSETS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20			3Q20			4Q20			1Q21			2Q21			QoQ			YoY
Leliqs		158,325			176,402			161,262			135,209			122,501			-16	%		20	%
Other		78,078			175,015			164,151			140,106			166,932			-15	%		320	%
Government securities		236,403			351,417			325,413			275,315			289,433			-15	%		88	%
Provincial loans		9,499			5,426			4,315			3,481			3,461			-19	%		-46	%
Loans		9,499			5,426			4,315			3,481			3,461			-19	%		-46	%
Purchase of government bonds		195			194			192			184			172			-4	%		-4	%
Other receivables		195			194			192			184			172			-4	%		-4	%

TOTAL PUBLIC SECTOR ASSETS		246,097			357,037			329,920			278,980			293,066			-15	%		82	%

TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)		87,772			180,635			168,658			143,771			170,565			-15	%		260	%

TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS		9.3	%		17.7	%		17.5	%		16.9	%		21.0	%

2Q21 Earnings Release

Funding

Deposits

Banco Macro’s deposit base totaled Ps.492.3 billion in 2Q21, decreasing 3% or Ps.15.1 billion QoQ and a 19% or Ps.117.5 billion decrease YoY and representing 78% of the Bank’s total liabilities.

On a quarterly basis, both public and private sector deposits decreased with a 16% or Ps.9.8 billion decrease and a 1% or Ps.5.2 billion decrease respectively.

The decrease in private sector deposits was led by time deposits, which decreased 7% or Ps.15.7 billion, while demand deposits increased 4% or Ps.8.6 billion QoQ.

Within private sector deposits, peso deposits decreased 3% or Ps.11.1 billion, while US dollar deposits decreased 8% or USD 81 million.

As of 2Q21, Banco Macro´s market share over private sector deposits was 5.1%.

DEPOSITS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20			3Q20			4Q20			1Q21			2Q21			QoQ			YoY
Public sector		89,623			147,383			92,195			61,425			51,605			-16	%		-42	%

Financial sector		525			615			873			770			720			-6	%		37	%

Private sector		519,688			539,430			519,444			445,177			439,984			-1	%		-15	%
Checking accounts		107,238			100,045			81,964			77,150			77,961			1	%		-27	%
Savings accounts		159,597			150,335			173,641			136,393			144,171			6	%		-10	%
Time deposits		239,104			277,892			254,368			221,399			205,686			-7	%		-14	%
Other		13,749			11,158			9,471			10,235			12,166			19	%		-12	%
Total		609,836			687,428			612,512			507,372			492,309			-3	%		-19	%

Pesos		494,335			577,545			515,886			415,414			404,341			-3	%		-18	%
Foreign Currency (Pesos)		115,501			109,883			96,626			91,958			87,968			-4	%		-24	%

EOP FX (Pesos per USD)		70.4550			76.1750			84.1450			91.9850			95.7267			4	%		36	%
Foreign Currency (USD)		1,639			1,443			1,148			1,000			919			-8	%		-44	%

USD Deposits / Total Deposits		19	%		16	%		16	%		18	%		18	%

Banco Macro’s transactional deposits represent approximately 51% of its total deposit base as of 2Q21. These accounts are low cost and are not sensitive to interest rate increases.

Other sources of funds

In 2Q21, the total amount of other sources of funds decreased 6% or Ps.13.1 billion compared to 1Q21. On a yearly basis other sources of funds decreased 13% or Ps.6.2 billion. In 2Q21 Shareholder’s Equity decreased 3% or Ps.6.2 billion as a consequence of the Ps.10.6 billion dividend declared and approved by the General Shareholders’ Meeting in April which was partially offset by the Ps.4.8 billion total comprehensive income of the quarter; also in the quarter subordinated corporate bonds decreased 8% while non subordinated corporate bonds decreased 57%. On April 9, 2021 the Bank fully paid principal and interest on Series “C” peso denominated notes.

OTHER SOURCES OF FUNDS	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20		3Q20		4Q20		1Q21		2Q21		QoQ			YoY
Central Bank of Argentina		27		27		25		22		24		9	%		-11	%
Banks and international institutions		825		561		445		578		567		-2	%		-31	%
Financing received from Argentine financial institutions		753		371		681		675		118		-83	%		-84	%
Subordinated corporate bonds		43,036		43,991		42,987		42,327		39,093		-8	%		-9	%
Corporate bonds		7,283		7,002		6,175		5,608		2,432		-57	%		-67	%
Shareholders' equity		179,039		186,848		185,579		188,658		182,495		-3	%		2	%
Total other source of funds		230,963		238,800		235,892		237,868		224,729		-6	%		-3	%

2Q21 Earnings Release

Liquid Assets

In 2Q21, the Bank’s liquid assets amounted to Ps.457.8 billion, showing a 3% or Ps.16.7 billion decrease QoQ, and a 10% or Ps.52.9 billion decrease on a yearly basis.

In 2Q21, Cash decreased 16%; LELIQs own portfolio decreased 9% while Other government securities increased 19%

In 2Q21 Banco Macro’s liquid assets to total deposits ratio reached 93%.

LIQUID ASSETS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20			3Q20			4Q20			1Q21			2Q21			QoQ			YoY

Cash		156,053			157,565			162,881			170,329			143,465			-16	%		-8	%
Guarantees for compensating chambers		16,946			15,249			15,090			13,262			12,168			-8	%		-28	%
Call		0			209			63			1,220			0			-100	%		0	%
Leliq own portfolio		158,325			176,402			161,262			135,209			122,501			-9	%		-23	%
Net Repos		101,340			75,300			48,630			14,302			12,776			-11	%		-87	%
Other government & private securities		78,078			175,015			164,151			140,106			166,932			19	%		114	%
Total		510,742			599,740			552,077			474,428			457,842			-3	%		-10	%

Liquid assets to total deposits		84	%		87	%		90	%		94	%		93	%

Solvency

Banco Macro continued showing high solvency levels in 2Q21 with an integrated capital (RPC) of Ps.212.2 billion over a total capital requirement of Ps.45.2 billion. Banco Macro’s excess capital in 2Q21 was 369% or Ps.167 billion. Since the beginning of 2020 and due to inflation adjustments Equity has increased significantly leading to higher solvency levels (shown under Ordinary Capital Level 1).

The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 38.3% in 2Q21; TIER1 Ratio stood at 30.9%.

The Bank’s aim is to make the best use of this excess capital.

MINIMUM CAPITAL REQUIREMENT	MACRO Consolidated															Change
In MILLION $	2Q20			3Q20			4Q20			1Q21			2Q21			QoQ			YoY

Credit risk requirement		24,046			23,972			28,025			29,047			29,413			1	%		22	%
Market risk requirement		1,122			1,172			1,556			1,538			1,559			1	%		39	%
Operational risk requirement		9,493			10,604			11,777			12,934			14,252			10	%		50	%
Total capital requirements		34,660			35,749			41,358			43,519			45,224			4	%		30	%

Ordinary Capital Level 1 (COn1)		116,048			131,531			146,350			171,410			182,409			6	%		57	%
Deductible concepts Level 1 (COn1)		-10,011			-11,768			-9,150			-9,889			-11,194			13	%		12	%
Capital Level 2 (COn2)		30,427			32,854			36,248			39,442			40,987			4	%		35	%
Integrated capital - RPC (i)		136,464			152,618			173,449			200,964			212,202			6	%		56	%

Excess capital		101,804			116,869			132,091			157,445			166,978			6	%		64	%

Risk-weighted assets - RWA (ii)		424,501			438,129			506,766			533,407			554,596			4	%		31	%

Regulatory Capital ratio [(i)/(ii)]		32.1	%		34.8	%		34.2	%		37.7	%		38.3	%

Ratio TIER 1 [Capital Level 1/RWA]		25.0	%		27.3	%		27.1	%		30.3	%		30.9	%

RWA - (ii): Risk Weighted Assets, considering total capital requirements.

(¹) Figueres are not inflation adjusted. Expressed in Pesos current at end of each quarter

(²) Figures are inflaiton adjusted. Expressed in Pesos current at EOP

2Q21 Earnings Release

Asset Quality

In 2Q21, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 1.68%, up from 0.92% in 1Q21, and above the 1.52% posted in 2Q20.

Consumer portfolio non-performing loans increased 89b.p. (up to 1.88% from 0.89%) while Commercial portfolio non-performing loans increased 11b.p. in 2Q21 (up to 1.11% from 1%).

During 2020 Consumer portfolio non-performing loans ratio were positively impacted by measures adopted by the Central Bank of Argentina in the current Covid19 pandemic context, particularly the 60 day grace period that was added to debtor classification before a loan was considered as non performing and the possibility to refinance outstanding credit card balances. These measures were in place until March 31^st, 2021.

In March 2021 through Communication “A” 7245, the Central Bank established a gradual transition in the definition of debtors for clients who chose to postpone the payment of installments. Financial entities must increase the grace period to classify their debtors in levels 1, 2 and 3, both for the commercial portfolio and for the consumer or housing portfolio, according to the following schedule: i) Until March 31, 2021, in 60 days, ii) Until May 31, 2021, in 30 days, and iii) As of June 1, 21, financial entities must classify their debtors according to the general debtor classification.

The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) reached to 212.91% in 2Q21. Write-offs over total loans totaled 0.04%.

The Bank is committed to continue working in this area to maintain excellent asset quality standards.

ASSET QUALITY	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20			3Q20			4Q20			1Q21			2Q21			QoQ			YoY

Commercial portfolio		122,751			106,083			95,814			84,227			73,132			-13	%		-40	%
Non-performing		1,896			1,647			864			840			815			-3	%		-57	%
Consumer portfolio		236,237			242,347			243,069			223,791			212,443			-5	%		-10	%
Non-performing		3,553			2,325			1,766			1,991			3,988			100	%		12	%
Total portfolio		358,988			348,430			338,883			308,018			285,574			-7	%		-20	%
Non-performing		5,449			3,972			2,630			2,831			4,803			70	%		-12	%
Commercial non-perfoming ratio		1.54	%		1.55	%		0.90	%		1.00	%		1.11	%
Consumer non-perfoming ratio		1.50	%		0.96	%		0.73	%		0.89	%		1.88	%

Total non-performing/ Total portfolio		1.52	%		1.14	%		0.78	%		0.92	%		1.68	%

Total allowances		11,479			12,034			12,605			10,979			10,226			-7	%		-11	%
Coverage ratio w/allowances		210.65	%		302.96	%		479.28	%		387.82	%		212.91	%
Write Offs		762			880			1,244			142			110			-23	%		-86	%
Write Offs/ Total portfolio		0.21	%		0.25	%		0.37	%		0.05	%		0.04	%

2Q21 Earnings Release

Expected Credit Losses (E.C.L) (I.F.R.S.9)

The Bank records an allowance for expected credit losses for all loans and other debt financial assets not held at fair value through profit or loss, together with loan commitments and financial guarantee contracts, in this section all referred to as ‘financial instruments’. Equity instruments are not subject to impairment under IFRS 9. The ECL allowance is based on the credit losses expected to arise over the life of the asset (the lifetime expected credit loss), unless there has been no significant increase in credit risk since origination, in which case, the allowance is based on the 12 months expected credit loss.(For further information please see our 2020 20-F)

CER Exposure and Foreign Currency Position

CER EXPOSURE	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20		3Q20		4Q20		1Q21		2Q21		QoQ			YoY

CER adjustable ASSETS

Government Securities		29,418		61,680		64,161		79,096		98,917		25	%		236	%

Loans (*)		24,653		24,076		23,366		22,929		22,807		-1	%		-7	%
Private sector loans		10,312		9,688		8,789		7,989		7,146		-11	%		-28	%
Mortgage loans (UVA adjusted)		14,336		14,382		14,568		14,931		15,652		5	%		-28	%
Other loans		5		6		9		9		9		0	%		-28	%
Total CER adjustable assets		54,071		85,756		87,527		102,025		121,724		19	%		125	%

CER adjustable LIABILITIES
Deposits *()**		3,361		1,333		1,729		4,014		8,075		101	%		-28	%
UVA Unemployment fund		908		968		971		1,016		1,178		16	%		-28	%
Total CER adjustable liabilities		4,269		2,301		2,700		5,030		9,253		84	%		117	%

NET CER EXPOSURE		49,802		83,455		84,827		96,995		112,471		16	%		126	%

(*) Includes Loans &Time Deposits CER adjustable (UVAs)

FOREIGN CURRENCY POSITION	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20		3Q20		4Q20		1Q21		2Q21		QoQ			YoY

Cash and deposits in Banks		120,130		128,848		132,494		130,081		112,530		-13	%		-6	%
Cash		6,537		10,768		12,288		8,788		8,280		-6	%		27	%
Central Bank of Argentina		52,065		81,230		51,851		61,358		59,572		-3	%		14	%
Other financial institutions local and abroad		61,521		36,843		68,348		59,928		44,672		-25	%		-27	%
Others		7		7		7		6		6		0	%		-14	%
Net Income from financial instruments at fair value through P&L		50		6		7		42		769		1731	%		1438	%
Other financial assets		6,162		6,375		6,238		6,270		5,462		-13	%		-11	%
Loans and other financing		44,502		32,600		29,189		27,131		19,551		-28	%		-56	%
Other financial institutions		89		54		27		26		0		-100	%		-100	%
Non financial private sector & foreign residents		44,413		32,545		29,163		27,105		19,551		-28	%		-56	%
Other debt securities		6,430		6,318		7,382		4,367		5,608		28	%		-13	%
Guarantees received		3,217		2,199		2,284		2,004		1,934		-3	%		-40	%
Investment in equity instruments		11		12		15		14		11		-21	%		0	%
Total Assets		180,503		176,357		177,608		169,910		145,865		-14	%		-19	%
Deposits		115,501		109,883		96,626		91,958		87,968		-4	%		-24	%
Non financial public sector		5,073		3,539		5,262		4,537		5,342		18	%		5	%
Financial sector		404		549		719		703		659		-6	%		63	%
Non financial private sector & foreign residents		110,024		105,796		90,645		86,717		81,967		-5	%		-26	%
Other liabilities from financial intermediation		8,185		7,937		23,121		20,477		7,038		-66	%		-14	%
Financing from the Central Bank and other fin. Inst		1,066		753		589		670		610		-9	%		-43	%
Subordinated corporate bonds		43,036		43,991		42,987		42,327		39,093		-8	%		-9	%
Other non financial liabilities		90		78		25		29		22		-24	%		-76	%
Total Liabilities		167,878		162,641		163,347		155,461		134,731		-13	%		-20	%

NET FX POSITION (Pesos)		12,625		13,716		14,261		14,449		11,134		-23	%		-12	%
EOP FX (Pesos per USD)		70.4550		76.1750		84.1450		91.9850		95.7267		4	%		36	%
NET FX POSITION (USD)		179		180		169		157		116		-26	%		-35	%

2Q21 Earnings Release

Relevant and Recent Events

Credit Rating Senior Unsecured Series B Notes. In July 2021 Moody’s Local Argentina informed us the upgrading of the local ratings of Banco Macro S.A., particularly the rating affected was: Senior Unsecured debt Series B notes from AA+.ar to AAA.ar

Credit Rating Subordinated Series A Notes. In August 2021, that Fix SCR S.A (affiliated of Fitch Ratings) informed us of the upgrading of the local ratings of Banco Macro S.A., particularly the rating affected was: Subordinated debt Series A notes from AA(arg) to AA+(arg)

Covid-19: In early March 2020, the World Health Organization recognized Coronavirus (Covid-19) as a pandemic that is severely affecting almost all countries around the world. The spread of this disease globally has forced the authorities to take drastic health and financial measures to contain and mitigate its effects on health and economic activity. Particularly in the Argentine Republic, on March 19, 2020, through Decree No. 297/2020, the Government established the “social, preventive and compulsory isolation” measure until March 31, 2020, which was then extended until June 7, 2020. Along with health protection rules, tax and financial measures were taken to mitigate the impact on the economy associated with the pandemic, including public direct financial assistance measures for part of the population, the establishment of financial and fiscal facilities for both individuals and companies. As regards measures related to the Entity’s business, the BCRA established maturities extensions, froze the mortgage loan installments and encouraged banks to lend to companies at reduced rates. In addition, the distribution of dividends of the finance institutions was suspended until December 31, 2021. In addition, in the mandatory quarantine context, the BCRA ruled that financial institutions would not be able to open their branches for public service during that period and should continue to provide services to users remotely. They could also trade with each other and their clients in the exchange market remotely. During quarantine, remote trading of stock exchanges and capital markets authorized by the CNV, the custodians and capital market agents registered with the CNV was admitted. In view of the extension of mandatory quarantine, the BCRA then decided that financial institutions would open their branches from Friday, April 3, 2020 for public attention through previous appointments obtained by the Bank’s website. The Bank is developing its activities under the conditions detailed above, giving priority to the compliance of social isolation measures by its employees, with the primary objective of taking care of the public health and well-being of all its stakeholders (employees, suppliers, customers, among others). To this end, it has put in place contingency procedures and has enabled its staff to carry out their tasks remotely. From a commercial point of view, it has emphasized maintaining a close relationship with its customers, trying to respond to their needs at this difficult time, sustaining all virtual channels of care to ensure operability and good response to requirements, monitoring compliance with their business obligations and monitoring the active portfolio in order to detect possible delays in collection and set new conditions for them. Considering the size of the abovementioned situation, the Bank’s Management estimates that this situation could have an impact on its operations and the financial situation and the results of the Bank, which are under analysis, and will ultimately; depend on the extent an duration of the health emergency and the success of the measures taken.

2Q21 Earnings Release

Regulatory Changes

Inflation Adjustment (Other Comprehensive Income) In January 2021 through Communication “A” 7221 with starting in fiscal year 2021, the monetary result accrued with respect to items of a monetary nature that are measured at fair value with changes in Other Comprehensive Income (OCI), must be recorded in results for the period/fiscal year. Consequently, the unallocated results must be adjusted and recorded in the account "Adjustments to results from previous years" at the beginning of fiscal year 2021, in order to incorporate the accumulated monetary results of the aforementioned items as of that date that will be recorded in OCI. All the comparative information for the next periods/fiscal years must consider this change in the exposure criteria.

	·	Minimum Reserve Requirements. In late May 2021, through Communication “A” 7290 The Central Bank resolved that as of June 1, 2021, all reserve requirement that financial institutions meet with LELIQs, will also be able to be integrated with sovereign securities in pesos that are not USD linked, with a residual maturity of at least 180 days and 450 days at most, purchased at primary offering as of that date. Public securities used to integrate reserve requirements in pesos will be excluded from “Nonfinancial public sector financing” regulation limits.

	·	Dividend distribution. On June 24, 2021 The Central Bank of Argentina through Communication “A” 7312 extended until December31, 2021, the ban on dividend distribution for financial institutions.

Minimum Reserve requirements. On July 29, 2021 through Communication “A” 7334 the Central Bank of Argentina resolve that as of September 1, 2021, the deduction of average reserve requirements in pesos related to financings within the “Ahora 12” Program, cannot exceed 8% of all concepts in pesos subject to reserve requirement, in average, from the month prior to calculation (previously 6%).

Financing at subsidized interest rate. In August 2021, through Communication “A” 7342 the Central Bank of Argentina resolved that financial institutions must grant “Zero interest rate credits” financing in pesos, pursuant to Decree No 512/21,with the same conditions as the “Zero rate credits” specified in the “Financial services within the sanitary emergency disposed by Decree No 260/2020 Coronavirus (COVID-19)” regulation, with the following characteristics:

Financing must be granted in one unique installment.

Fee charges are banned on these credits, even if they are classified as non-performing.

Clients granted these financings will pay an interest rate and total financial cost of 0%.

Financing will get a grace period of 6 months since accreditation. As of month 7, it will be repaid in at least 12 monthly equal consecutive installments.

Refinancing of “Zero rate credits” specified in Decree No 332/2020 through “Zero rate credits 2021” lines must absorb the amounts due and will not be considered as refinancing in accordance to regulation regarding debtor classification.

Financial institutions will not be able to deduct from these financings any kind of charge or fee against the client. The interest rate that the FONDEP will recognize to financial institution will be 15% nominal annual over the balances of granted credits.

2Q21 Earnings Release

QUARTERLY BALANCE SHEET	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	2Q20		3Q20		4Q20		1Q21		2Q21		QoQ			YoY
ASSETS
Cash and deposits in Banks		156,053		157,565		162,881		170,329		143,465		-16	%		-8	%
Cash		23,853		28,115		31,861		26,241		21,372		-19	%		-10	%
Central Bank of Argentina		70,546		92,595		62,656		84,142		77,411		-8	%		10	%
Other local & foreign entities		61,647		36,848		68,358		59,940		44,676		-25	%		-28	%
Other		7		7		6		6		6		0	%		-14	%
Debt securities at fair value through profit & loss		18,800		23,086		68,906		42,585		61,942		45	%		229	%
Derivatives		25		19		9		-		4		-			-84	%
Repo Transactions		103,255		75,300		49,405		14,302		13,052		-9	%		-87	%
Other financial assets		16,841		21,721		23,669		19,380		15,400		-19	%		-7	%
Loans & other receivables		341,241		331,609		322,493		294,059		272,546		-7	%		-20	%
Non Financial Public Sector		9,744		5,593		4,530		3,650		3,654		0	%		-63	%
Financial Sector		3,283		2,492		2,284		2,954		1,549		-48	%		-53	%
Non Financial private sector and foreign		328,214		323,524		315,679		287,455		267,343		-7	%		-19	%
Other debt securities		224,038		335,193		262,082		235,895		232,127		-2	%		4	%
Financial assets in guarantee		20,909		17,061		17,912		15,247		14,443		-5	%		-31	%
Investments in equity instruments		2,418		2,269		2,084		2,282		2,087		-9	%		-14	%
Investments in other companies (subsidiaries and joint ventures)		224		253		256		274		384		40	%		71	%
Property, plant and equipment		43,209		43,111		43,073		43,123		43,372		1	%		0	%
Intangible assets		6,193		6,183		6,397		6,455		6,647		3	%		7	%
Deferred income tax assets		97		99		79		63		70		11	%		-28	%
Other non financial assets		2,923		2,900		2,798		2,846		2,530		-11	%		-13	%
Non-current assets held for sale		3,064		3,135		2,830		2,828		2,824		0	%		-8	%
TOTAL ASSETS		939,290		1,019,504		964,874		849,668		810,893		-5	%		-14	%

LIABILITIES
Deposits		609,836		687,428		612,512		507,372		492,309		-3	%		-19	%
Non Financial Public Sector		89,623		147,383		92,195		61,425		51,605		-16	%		-42	%
Financial Sector		525		615		873		770		720		-6	%		37	%
Non Financial private sector and foreign		519,688		539,430		519,444		445,177		439,984		-1	%		-15	%
Liabilities at fair value through profit & loss		-		-		-		-		12		-			-
Derivatives		-		1		-		-		2		-			0	%
Repo Transactions		1,915		-		775		-		275		-			-86	%
Other financial liabilities		43,246		39,952		61,679		55,338		40,365		-27	%		-7	%
Financing received from Central Bank and Other Financial Institutions		1,607		960		1,152		1,275		709		-44	%		-56	%
Issued Corporate Bonds		7,283		7,002		6,175		5,608		2,432		-57	%		-67	%
Current income tax liabilities		11,248		13,898		6,448		5,248		1,585		-70	%		-86	%
Subordinated corporate bonds		43,036		43,991		42,987		42,327		39,093		-8	%		-9	%
Provisions		2,425		2,268		1,635		1,544		963		-38	%		-60	%
Deferred income tax liabilities		5,505		3,536		7,884		8,982		9,057		1	%		65	%
Other non financial liabilities		34,148		33,618		38,045		33,314		41,594		26	%		23	%
TOTAL LIABILITIES		760,249		832,654		779,292		661,008		628,396		-5	%		-17	%

SHAREHOLDERS' EQUITY
Capital Stock		639		639		639		639		639		0	%		0	%
Issued Shares premium		12,430		12,430		12,430		12,430		12,430		0	%		0	%
Adjustment to Shareholders' Equity		66,364		66,364		66,364		66,364		66,364		0	%		0	%
Reserves		142,725		142,725		137,627		137,627		101,150		-27	%		-29	%
Retained earnings		-63,429		-63,429		-63,429		-32,890		-7,406		-77	%		-88	%
Other accumulated comprehensive income		493		1,558		1,409		2,061		2,274		10	%		361	%
Net income for the period / fiscal year		19,817		26,561		30,539		2,427		7,044		190	%		-64	%
Shareholders' Equity attributable to parent company		179,039		186,848		185,579		188,658		182,495		-3	%		2	%

Shareholders' Equity attributable to non controlling interest		2		2		3		2		2		0	%		0	%
TOTAL SHAREHOLDERS' EQUITY		179,041		186,850		185,582		188,660		182,497		-3	%		2	%

2Q21 Earnings Release

INCOME STATEMENT	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	1Q20		2Q20		3Q20		4Q20		1Q21		QoQ			YoY
Interest Income		44,466		51,329		52,143		50,035		44,251		-12	%		0	%
Interest Expense		14,364		21,808		24,860		23,596		18,769		-20	%		31	%
Net Interest Income		30,102		29,521		27,283		26,439		25,482		-4	%		-15	%
Fee income		7,532		8,005		7,767		7,243		7,442		3	%		-1	%
Fee expense		550		651		674		665		678		2	%		23	%
Net Fee Income		6,982		7,354		7,093		6,578		6,764		3	%		-3	%
Subtotal (Net Interest Income + Net Fee Income)		37,084		36,875		34,376		33,017		32,246		-2	%		-13	%
Net Income from financial instruments at Fair Value Through Profit & Loss		3,409		3,767		4,114		5,061		5,282		4	%		55	%
Result from assets at amortised cost		28		85		157		66		61		-8	%		118	%
Difference in quoted prices of gold and foreign currency		1,180		1,684		1,594		1,349		640		-53	%		-46	%
Other operating income		1,598		1,648		1,744		1,830		1,409		-23	%		-12	%
Provision for loan losses		3,519		2,441		2,706		2		213		10550	%		-94	%
Net Operating Income		39,780		41,618		39,279		41,321		39,425		-5	%		-1	%
Personnel expenses		8,613		8,649		8,593		8,053		8,395		4	%		-3	%
Administrative expenses		4,362		4,743		4,884		3,788		3,887		3	%		-11	%
Depreciation and impairment of assets		1,383		1,417		1,395		1,429		1,434		0	%		4	%
Other operating expenses		6,158		6,400		6,253		7,054		6,267		-11	%		2	%
Operating Income		19,264		20,409		18,154		20,997		19,442		-7	%		1	%
Income from associates and joint ventures		12		21		-74		26		19		-27	%		58	%
Result from net monetary position		-6,203		-9,272		-13,332		-16,025		-13,557		-			-
Net Income before income tax on cont. operations		13,073		11,158		4,748		4,998		5,904		18	%		-55	%
Income tax on continuing operations		3,912		4,415		772		2,571		1,287		-50	%		-67	%
Net Income from continuing operations		9,161		6,743		3,976		2,427		4,617		90	%		-50	%

Net Income for the period		9,161		6,743		3,976		2,427		4,617		90	%		-50	%
Net Income of the period attributable to parent company		9,161		6,743		3,976		2,427		4,617		90	%		-50	%
Net income of the period attributable to non-controlling interests		-		-		-		-		-		-			-

Other Comprehensive Income		1,366		1,064		-149		652		213		-67	%		-84	%
Foreign currency translation differences in financial statements conversion		117		72		-28		-108		-200		-			-
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a)		1,249		992		-121		760		413		-46	%		-67	%

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		10,527		7,807		3,827		3,079		4,830		57	%		-54	%
Total Comprehensive Income attributable to parent Company		10,527		7,807		3,827		3,079		4,830		57	%		-54	%
Total Comprehensive Income attributable to non-controlling interests		-		-		-		-		-		-			-

2Q21 Earnings Release

	MACRO Consolidated
QUARTERLY ANNUALIZED RATIOS	2Q20		3Q20		4Q20		1Q21		2Q21
Profitability & performance
Net interest margin	19.8	%	17.1	%	16.3	%	17.4	%	18.8	%
Net interest margin adjusted (exc. FX)	19.1	%	16.2	%	15.4	%	16.6	%	18.4	%
Net fee income ratio	12.3	%	13.1	%	13.9	%	11.5	%	12.2	%
Efficiency ratio	36.3	%	36.8	%	38.8	%	35.7	%	38.4	%
Net fee income as % of A&G Expenses	33.9	%	35.6	%	35.7	%	32.2	%	31.7	%
Return on average assets	4.3	%	2.8	%	1.7	%	1.1	%	2.3	%
Return on average equity	20.5	%	14.7	%	8.8	%	5.4	%	10.3	%
Liquidity
Loans as a percentage of total deposits	56.0	%	48.2	%	52.7	%	58.0	%	55.4	%
Liquid assets as a percentage of total deposits	84.0	%	87.0	%	90.0	%	94.0	%	93.0	%
Capital
Total equity as a percentage of total assets	19.1	%	18.3	%	19.2	%	22.2	%	22.5	%
Regulatory capital as % of APR	32.2	%	34.8	%	34.2	%	37.7	%	38.3	%
Asset Quality
Allowances over total loans	2.5	%	2.9	%	3.5	%	3.7	%	3.8	%
Non-performing financing as a percentage of total financing	1.5	%	1.1	%	0.8	%	0.9	%	1.7	%
Coverage ratio w/allowances	210.7	%	303.0	%	479.3	%	387.8	%	212.9	%
Cost of Risk	4.1	%	3.0	%	3.4	%	0.0	%	0.3	%

	MACRO Consolidated
ACCUMULATED ANNUALIZED RATIOS	2Q20		3Q20		4Q20		1Q21		2Q21
Profitability & performance
Net interest margin	22.3	%	20.3	%	19.2	%	17.4	%	18.1	%
Net interest margin adjusted (exc. FX)	21.6	%	19.5	%	18.4	%	16.6	%	17.4	%
Net fee income ratio	11.7	%	12.2	%	12.6	%	11.5	%	11.8	%
Efficiency ratio	33.6	%	34.7	%	35.7	%	35.7	%	37.0	%
Net fee income as % of A&G Expenses	34.9	%	35.1	%	35.3	%	32.2	%	32.0	%
Return on average assets	4.9	%	4.1	%	3.5	%	1.1	%	1.7	%
Return on average equity	21.9	%	19.5	%	16.8	%	5.4	%	7.8	%
Liquidity
Loans as a percentage of total deposits	56.0	%	48.2	%	52.7	%	58.0	%	55.4	%
Liquid assets as a percentage of total deposits	84.0	%	87.0	%	90.0	%	94.0	%	93.0	%
Capital
Total equity as a percentage of total assets	19.1	%	18.3	%	19.2	%	22.2	%	22.5	%
Regulatory capital as % of APR	32.2	%	34.8	%	34.2	%	37.7	%	38.3	%
Asset Quality
Allowances over total loans	2.5	%	2.9	%	3.5	%	3.7	%	3.8	%
Non-performing financing as a percentage of total financing	1.5	%	1.1	%	0.8	%	0.9	%	1.7	%
Coverage ratio w/allowances	210.7	%	303.0	%	479.3	%	387.8	%	212.9	%
Cost of Risk	2.9	%	2.9	%	3.1	%	0.0	%	0.2	%

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: August 25, 2021