BMA 6-K, filed Nov 30, 2020, 0001104659-20-130545

SECURITIES AND EXCHANGE COMMISSION

Washington**,D.C. 20549**

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDERTHE

SECURITIES EXCHANGE ACT OF 1934

November 30, 2020

Commission File Number: 001-32827

MACROBANK INC.

(Translation of registrant’s nameinto English)

Avenida Eduardo Madero 1182

Ciudad Autónoma de Buenos Aires C1106 ACY

Tel: 54 11 5222 6500

(Address of registrant’s principalexecutive 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	x	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	¨	No	x

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	¨	No	x

3Q20 Earnings Release

BancoMacro Announces Results for the Third Quarter of 2020

BuenosAires, Argentina, November 30, 2020 – Banco Macro S.A. (NYSE: BMA; BYMA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the third quarter ended September 30, 2020 (“3Q20”). 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 2019 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through September 30, 2020.

Summary

• TheBank’s net income totaled Ps.6.1 billion in 3Q20. This result was 12% lower than the result posted in 2Q20 and 33% lowerthan in 3Q19. In 3Q20, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualizedreturn on average assets (“ROAA”) were 21.5% and 4.6%, respectively.

• In3Q20, Banco Macro’s financing to the private sector decreased 2% or Ps.3.9 billion quarter over quarter (“QoQ”)totaling Ps.232.2 billion and 12% or Ps.31.9 billion year over year (“YoY”). In the quarter consumer loans stood out,among which Credit card loans stood out; with a 8% increase QoQ, meanwhile within commercial loans Others stood out with a 7%increase QoQ, mainly driven by the 24% loans to SMEs.

• In3Q20, Banco Macro’s total deposits increased 13% or Ps.55.6 billion QoQ, totaling Ps.493 billion and representing 83% ofthe Bank’s total liabilities. Private sector deposits increased 4% or Ps.14.2 billion QoQ.

• BancoMacro continued showing a strong solvency ratio, with an excess capital of Ps.116.9 billion, 34.8% regulatory capital ratio –Basel III and 27.3% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 87% of itstotal deposits in 3Q20.

• In3Q20, the Bank’s non-performing to total financing ratio was 1.14% and the coverage ratio improved to 302.9%.

3Q20 Earnings Release Conference Call<br><br> <br>**<br><br> <br>Tuesday, December 1, 2020 Time: 10:00 a.m. Eastern Time	12:00 p.m. Buenos Aires Time**		IR Contacts in Buenos Aires:<br><br> <br><br><br> <br>Jorge Scarinci<br><br> <br>Chief Financial Officer<br><br> <br><br><br> <br>Nicolás A. Torres<br><br> <br>Investor Relations<br><br> <br><br><br> <br>Phone: (54 11) 5222 6682<br><br> <br>E-mail: investorelations@macro.com.ar<br><br> <br><br><br> <br>Visit our website at: www.macro.com.ar/relaciones-inversores
To participate, please dial:<br><br> <br>Argentina Toll Free:<br><br> <br>(011) 3984 5677<br><br> <br>Participants Dial In (Toll Free):<br><br> <br>+1 (844) 450 3847<br><br> <br>Participants International Dial In:<br><br> <br>+1 (412) 317 6370<br><br> <br>Conference ID: Banco Macro<br><br> <br>Webcast: click here	<br><br> <br><br><br> <br>Webcast Replay: click here<br><br> <br>**<br><br> <br>Available from 12/01/2020 through 12/15/2020**

3Q20 Earnings Release

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.

3Q20 Earnings Release

ThisEarnings 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 InternationalAccouting Standards Board (“I.A.S.B”) and by the Federación Argentina de Consejos Profesionales de CienciasEconómicas (“F.A.C.P.E.”). As of January 2020 the Bank started reporting with the application of (i) Expectedlosses 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.

Results

Earnings per outstanding share were Ps.9.51 in 3Q20, 12% lower than 2Q20 and 33% lower than the result posted a year ago.

EARNINGS<br> PER SHARE
In<br> MILLION (Measuring Unit Current at EOP)	3Q19	4Q19	1Q20	2Q20	3Q20	QoQ		YoY
Net<br> income -Parent Company- (M )	9,112	6,956	8,025	6,885	6,076	-12	%	-33	%
Average<br> # of shares outstanding (M)	639	639	639	639	639	0	%	0	%
Average<br> #of treasury stocks (shares repurchased) (M)	19	-	-	-	-	-		-100	%
Book<br> value per avg. Outstanding share ()	184	201	211	201	210	4	%	14	%
Shares<br> Outstanding (M)	639	639	639	639	639	0	%	0	%
Earnings<br> per avg. outstanding share ()	14.26	10.89	12.56	10.77	9.51	-12	%	-33	%
EOP<br> FX (Pesos per )	57.5583	59.8950	64.4700	70.4550	76.1750	8	%	32	%
Book<br> value per avg. issued ADS ()	31.97	33.56	32.73	28.53	27.57	-3	%	-14	%
Earnings<br> per avg. outstanding ADS ()	2.48	1.82	1.95	1.53	1.25	-18	%	-50	%

All values are in US Dollars.

Banco Macro’s 3Q20 net income of Ps.6.1 billion was 12% or Ps.809 million lower than the previous quarter and 33% or Ps.3 billion lower YoY. This result represented an accumulated ROAE and ROAA of 21.5% and 4.6% respectively.

Net operating income (before G&A and personnel expenses) was Ps.19.6 billion in 3Q20, decreasing 18% or Ps.4.3 billion compared to 2Q20 and decreased 5% or Ps.1.1 billion compared to the previous year.

In 3Q20 Provision for loan losses totaled Ps.1.8 billion, 31% or Ps.774 million lower than in 2Q20. In the previous quarter 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. In this quarter three main groups showing signs of credit deterioration were included in the estimates; i) Ps.617 million related to loans with deferred installments (both commercial and consumer), ii) Ps.600 million related to refinancing of outstanding credit card balances and iii) Ps.531 million related to the 24% loans extended to SMEs, from sectors or activities which the Bank considered troubled o likely to have some trouble.

Operating income (after G&A and personnel expenses) was Ps.4.4 billion in 3Q20, 52% or Ps.4.8 billion lower than in 2Q20 and Ps.4.5 billion higher than a year ago.

It is important to emphasize that this result was obtained with a leverage of only 5.5x assets to equity ratio.

3Q20 Earnings Release
INCOME<br> STATEMENT	MACRO<br> Consolidated										Change
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
In<br> MILLION $ (Measuring Unit Current at EOP)	3Q19		4Q19		1Q20		2Q20		3Q20		QoQ			YoY
Net<br> Interest Income		28,731		28,958		24,164		21,576		21,159		-2	%		-26	%
Net<br> fee income		5,395		5,237		5,027		5,004		5,271		5	%		-2	%
Net<br> Interest Income + Net Fee Income		34,126		34,195		29,191		26,580		26,430		-9	%		-17	%
Net<br> Income from financial instruments at fair value through P&L		-16,732		-315		-4,643		-2,163		-7,541		249	%		-55	%
Income<br> from assets at amortized cost		0		66		967		20		61		205	%		-
Differences<br> in quoted prices of gold and foreign currency		2,138		1,670		604		846		1,207		43	%		-44	%
Other<br> operating income		1,510		1,147		1,247		1,145		1,182		3	%		-22	%
Provision<br> for loan losses		393		1,776		977		2,523		1,749		-31	%		345	%
Net<br> Operating Income		20,649		34,987		26,389		23,905		19,590		-9	%		27	%
Employee<br> benefits		6,350		6,339		5,361		6,174		6,199		0	%		-2	%
Administrative<br> expenses		4,153		4,190		3,034		3,126		3,400		9	%		-18	%
Depreciation<br> and impairment of assets		956		950		948		992		1,015		2	%		6	%
Other<br> operating expenses		9,334		5,879		4,905		4,412		4,587		4	%		-51	%
Operating<br> Income		-144		17,629		12,141		9,201		4,389		-24	%		-
Result<br> from associates & joint ventures		24						9		15		67	%		-38	%
Result<br> from net monetary postion		8,185		32		23		479		4,836		910	%		-41	%
Result<br> before taxes from continuing operations		8,065		-5,644		335		9,689		9,240		-22	%		20	%
Income<br> tax		-1,047		12,017		12,499		2,804		3,164		13	%		-402	%
Net<br> income from continuing operations		9,112		5,061		4,474		6,885		6,076		-14	%		111	%
				-		-
Net<br> Income of the period		9,112		6,956		8,025		6,885		6,076		-14	%		111	%
Net<br> income of the period attributable to parent company		9,112		6,956		8,025		6,885		6,076		-12	%		-33	%
Net<br> income of the period attributable to minority interest		0		-		-		0		0		-			-

The Bank’s 3Q20 net interest income totaled Ps.21.2 billion, 2% or Ps.417 million lower than in 2Q20 and 26% or Ps.7.6 billion lower YoY.

In 3Q20 interest income totaled Ps.36.8 billion, 15% or Ps.4.9 billion higher than in 2Q20 (due to higher income from securities) and 28% or Ps.14.3 billion lower than in 3Q19.

Income from interest on loans and other financing totaled Ps.17.8 billion, 9% or Ps.1.7 billion lower compared with the previous quarter, due to a 155 b.p. decrease in the average lending rate (down from 31.5% in 2Q20 to 30% in 3Q20), while the average volume of private sector loans decreased 5%. On a yearly basis Income from interest on loans decreased 23% or Ps.5.4 billion.

In 3Q20 income from government and private securities increased 56% or Ps.6 billion QoQ (due to higher income from Government securities) and increased 39% or Ps.11 billion compared with the same period of last year. This result is explained 90% by income from government and private securities through other comprehensive income (Central Bank Notes) and the remaining 10% is explained by income from government and private securities at amortized cost.

In 3Q20 income from Repos totaled Ps.2.1 billion, 33% or Ps.525 million higher than the previous quarter and Ps.2 billion higher than a year ago.

In 3Q20 FX income totaled a Ps.1.2 billion gain, due to the 8% argentine peso depreciation against the US dollar and the Bank’s long spot dollar position during the quarter and FX trading results (Ps.457 million).

3Q20 Earnings Release
FX<br> INCOME	MACRO<br> Consolidated						Variation
---	---	---	---	---	---	---	---	---	---	---	---	---
In MILLION $ (Measuring<br> Unit Current at EOP)	3Q19		2Q20		3Q20		QoQ			YoY
(1) Differences<br> in quoted prices of gold and foreign currency		2,138		846		1,207		43	%		-44	%
Translation<br> of FX assets and liabilities to Pesos		481		683		750		10	%		56	%
Income<br> from foreign currency exchange		1,656		162		457		181	%		-72	%
(2) Net Income<br> from financial assets and liabilities at fair value through P&L		1,062		20		2		-90	%		-100	%
Income<br> from investment in derivative financing instruments		1,062		20		2		-90	%		-100	%
(1) +(2) Total<br> Result from Differences in quoted prices of gold and foreign currency		3,200		866		1,209		40	%		-62	%
INTEREST<br> INCOME	MACRO<br> Consolidated										Change
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
In<br> MILLION $ (Measuring Unit Current at EOP)	3Q19		4Q19		1Q20		2Q20		3Q20		QoQ			YoY
Interest on<br> Cash and due from Banks		125		84		69		15		29		93	%		-77	%
Interest from government<br> securities		27,357		11,458		11,850		10,490		16,633		59	%		-39	%
Interest from private<br> securities		520		1,223		662		373		264		-29	%		-49	%
Interest on loans and<br> other financing
To<br> the financial sector		540		559		286		269		196		-27	%		-64	%
To<br> the public non financial sector		103		348		630		418		509		22	%		394	%
Interest<br> on overdrafts		4,783		8,856		4,608		3,081		1,443		-53	%		-70	%
Interest<br> on documents		1,383		1,599		1,444		983		796		-19	%		-42	%
Interest<br> on mortgages loans		2,114		2,844		2,039		1,605		1,552		-3	%		-27	%
Interest<br> on pledged loans		185		160		121		104		105		1	%		-43	%
Interest<br> on personal loans		8,870		8,158		7,553		7,507		7,156		-5	%		-19	%
Interest<br> on credit cards loans		3,730		3,670		3,104		2,455		2,505		2	%		-33	%
Interest<br> on financial leases		40		36		25		13		4		-69	%		-90	%
Interest<br> on other loans		1,363		2,005		2,261		2,979		3,494		17	%		156	%
Interest<br> on Repos
From<br> the BCRA		0		480		365		1,578		2,094		33	%		-
Other<br> financial institutions		11		411		47		1		10		900	%		-9	%
Total Interest income		51,124		41,891		35,064		31,871		36,790		15	%		-28	%
Income from Interest<br> on loans		23,111		28,235		22,071		19,414		17,760		-9	%		-23	%

The Bank’s 3Q20 interest expense totaled Ps.15.6 billion, increasing 52% or Ps.5.3 billion compared to the previous quarter and decreasing 30% (Ps.6.8 billion) compared to 3Q19.

In 3Q20, interest on deposits represented 94% of the Bank’s total interest expense, increasing 58% or Ps.5.4 billion QoQ, due to a 300 b.p. increase in the average rate paid on deposits (up from 13.6% in 2Q20 to 16.6% in 3Q20, this increase can be traced to a 458 b.p QoQ increase in the average Badlar rate). The average volume of deposits from the private sector increased 13%. On a yearly basis, interest on deposits decreased 28% or Ps.5.8 billion.

3Q20 Earnings Release
INTEREST<br> EXPENSE	MACRO<br> Consolidated										Change
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
In<br> MILLION $ (Measuring Unit Current at EOP)	3Q19		4Q19		2Q20		2Q20		3Q20		QoQ			YoY
Deposits
Interest<br> on checking accounts		152		34		136		120		424		253	%		179	%
Interest<br> on saving accounts		164		230		165		133		124		-7	%		-24	%
Interest<br> on time deposits		20,153		11,710		9,632		9,069		14,155		56	%		-30	%
Interest on other financing<br> from BCRA and financial inst.		90		59		25		15		17		13	%		-81	%
Repos
Other<br> financial institutions		77		40		74		22		2		-91	%		-97	%
Interest on corporate<br> bonds		1,136		247		323		386		348		-10	%		-69	%
Interest on subordinated<br> bonds		553		547		520		536		552		3	%		0	%
Interest on other financial<br> liabilities		68		66		25		14		9		-36	%		-87	%
Total financial expense		22,393		12,933		10,900		10,295		15,631		52	%		-30	%
Expenses from interest<br> on deposits		20,469		11,974		9,933		9,322		14,703		58	%		-28	%

As of 3Q20, the Bank’s accumulated net interest margin (including FX) was 20.3%, lower than the 22.3% posted in 2Q20 and the 21.5% posted in 3Q19.

In 3Q20 Net Interest Margin (excluding FX) was 19.5%, lower than the 21.6% posted in 2Q20 and than the 20.8% posted in 3Q19.

In 3Q20 Net Interest Margin (Pesos) was 18.6%, lower than the 23% posted in 2Q20 and than the 34.3% in 3Q19; meanwhile Net Interest Margin (USD) was 1.8%, lower than the 2.3% posted in 2Q20 and higher than the 0.6% registered in 3Q19.

ASSETS &<br> LIABILITIES<br><br> PERFORMANCE (AR$)	MACRO<br> Consolidated
In<br> MILLION $	3Q19						4Q19						1Q20						2Q20						3Q20
(Measuring Unit Current<br> at EOP)		AVERAGE	REAL INT		NOMINAL			AVERAGE	REAL INT		NOMINAL			AVERAGE	REAL INT		NOMINAL			AVERAGE	REAL INT		NOMINAL			AVERAGE	REAL INT		NOMINAL
Yields &<br> 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<br> assets
Loans &<br> Other Financing
Public<br> Sector		2,094	-20.1	%	19.5	%		3,512	-4.9	%	39.3	%		7,065	3.4	%	35.9	%		6,749	2.7	%	24.9	%		5,025	7.5	%	40.3	%
Financial<br> Sector		4,063	1.7	%	52.1	%		4,062	5.1	%	54.0	%		2,403	11.4	%	46.4	%		2,547	17.0	%	42.3	%		1,927	7.5	%	40.3	%
Private<br> Sector		170,025	-0.1	%	49.4	%		212,840	1.2	%	48.2	%		191,320	7.6	%	41.4	%		199,761	11.3	%	35.4	%		201,621	1.0	%	31.8	%
Other debt securities
Central<br> Bank Securities (Leliqs)		133,981	15.5	%	72.7	%		27,756	37.2	%	101.0	%		82,013	10.9	%	45.7	%		91,354	13.1	%	37.5	%		121,719	5.4	%	37.5	%
Government &<br> Private Securities		19,159	12.7	%	68.5	%		25,407	27.8	%	87.2	%		22,875	18.7	%	55.9	%		30,733	7.3	%	30.5	%		72,175	-0.6	%	29.7	%
Repos		46	30.3	%	94.9	%		4,372	23.5	%	80.9	%		3,786	9.5	%	43.8	%		36,760	-3.5	%	17.3	%		43,732	-8.7	%	19.1	%
Total interest-earning<br> assets		329,368	6.8	%	59.8	%		277,949	7.6	%	57.6	%		309,462	9.3	%	43.6	%		367,904	9.9	%	33.6	%		446,199	1.1	%	31.9	%
Non interest-earning<br> assets		71,723						112,387						102,340						110,445						69,832
Total Average Assets		401,091						390,336						411,802						478,349						516,031
Interest-bearing<br> liabilities
Deposits
Public<br> Sector		17,422	-8.6	%	36.7	%		9,775	-5.1	%	39.0	%		13,159	-4.6	%	25.3	%		19,698	-0.3	%	21.3	%		52,140	-4.3	%	24.8	%
Private<br> Sector		200,446	-8.9	%	36.2	%		148,160	-12.0	%	28.9	%		160,855	-6.9	%	22.3	%		192,661	-3.8	%	17.0	%		224,237	-7.9	%	20.2	%
BCRA and other financial<br> institutions		697	1.9	%	52.4	%		266	32.4	%	94.0	%		390	-4.2	%	25.8	%		427	-3.8	%	17.0	%		408	-7.6	%	20.5	%
Corporate bonds		8,311	3.1	%	54.2	%		7,035	-22.3	%	13.9	%		6,188	-7.9	%	21.0	%		5,206	6.7	%	29.8	%		4,963	-2.0	%	27.9	%
Repos		488	8.7	%	62.6	%		317	2.5	%	50.1	%		1,305	-6.1	%	23.4	%		939	-10.0	%	9.4	%		49	-10.9	%	16.2	%
Total int.-bearing<br> liabilities		227,364	-8.4	%	37.0	%		165,553	-11.9	%	29.0	%		181,897	-6.8	%	22.5	%		218,931	-3.2	%	17.7	%		281,797	-7.1	%	21.2	%
Total non int.-bearing<br> liabilities		84,179						106,478						106,002						139,133						148,631
Total Average Liabilities		311,543						272,031						287,899						358,064						430,428
Assets Performance			49,668						40,321						33,516						30,703						35,798
Liabilities Performance			21,195						12,103						10,188						9,620						14,983
Net Interest Income			28,473						28,218						23,328						21,083						20,815
Total interest-earning<br> assets			329,368						277,949						309,462						367,904						446,199
Net Interest Margin<br> (NIM)			34.3	%					40.3	%					30.3	%					23.0	%					18.6	%

3Q20 Earnings Release
ASSETS &LIABILITIESPERFORMANCE USDIn MILLION $	MACRO Consolidated																																							****
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(Measuring Unit Current at EOP)	3Q19							****	4Q19							****	1Q20							****	2Q20							****	3Q20							****
Yields & rates in annualized	AVERAGE		REAL INT		****	NOMINAL		****	AVERAGE		REAL INT		****	NOMINAL		****	AVERAGE		REAL INT		****	NOMINAL		****	AVERAGE		REAL INT		****	NOMINAL		****	AVERAGE		REAL INT		****	NOMINAL		****
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		84,692		62.3	%		0.6	%		33,313		-20.0	%		1.0	%		34,930		0.3	%		0.8	%		43,510		13.0	%		0.1	%		44,600		1.7	%		0.3	%
Loans & Other<br> Financing
Public Sector		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%		0		0.0	%		0.0	%
Financial Sector		399		71.0	%		6.0	%		385		-15.8	%		6.2	%		522		6.4	%		6.9	%		68		19.6	%		5.9	%		56		8.6	%		7.1	%
Private Sector		80,918		71.6	%		6.4	%		48,321		-11.3	%		11.9	%		47,780		11.6	%		12.2	%		39,305		26.1	%		11.7	%		24,878		16.8	%		15.2	%
Other debt securities
Government & Private<br> Securities		0		0.0	%		0.0	%		2,104		-16.9	%		4.9	%		3,174		1.7	%		2.2	%		4,447		13.5	%		0.5	%		4,583		2.5	%		1.1	%
Total interest-earning<br> assets		166,009		66.9	%		3.5	%		84,123		-14.9	%		7.4	%		86,406		6.7	%		7.2	%		87,330		19.0	%		5.4	%		74,117		6.8	%		5.3	%
Non interest-earning<br> assets		10,384								55,971								49,517								45,092								93,032
Total Average Assets		176,393								140,094								135,923								132,422								167,149
Interest-bearing liabilities
Deposits
Public Sector		2,484		64.4	%		1.9	%		1,309		-18.6	%		2.7	%		2,244		0.6	%		1.1	%		1,418		13.9	%		0.9	%		776		1.9	%		0.5	%
Private Sector		104,037		64.8	%		2.2	%		65,184		-19.6	%		1.4	%		64,143		0.5	%		1.0	%		51,370		14.1	%		1.0	%		50,346		2.1	%		0.7	%
BCRA and other financial<br> institutions		3,569		70.0	%		5.4	%		3,159		-16.1	%		5.9	%		1,443		5.9	%		6.4	%		647		20.6	%		6.8	%		511		6.9	%		5.4	%
Subordinated bonds		28,095		73.9	%		7.8	%		31,038		-15.2	%		7.0	%		29,314		6.6	%		7.1	%		30,213		20.9	%		7.1	%		30,809		8.6	%		7.1	%
Total int.-bearing<br> liabilities		138,185		66.8	%		3.4	%		100,690		-18.1	%		3.3	%		97,144		2.4	%		2.9	%		90,236		2.4	%		3.0	%		82,442		4.6	%		3.1	%
Total non int.-bearing<br> liabilities		32,532								31,385								31,258								40,153								39,213
Total Average liabilities		170,717								132,075								128,402								123,801								121,655
Assets Performance				1,456								1,570								1,548								1,168								992
Liabilities Performance				1,198								830								712								675								650
Net Interest Income				258								740								836								493								342
Total interest-earning<br> assets				166,009								84,123								86,406								87,330								74,117
Net Interest Margin<br> (NIM)				0.6	%							3.5	%							3.9	%							2.3	%							1.8	%

In 3Q20 Banco Macro’s net fee income totaled Ps.5.3 billion, 5% or Ps.267 million higher than in 2Q20 and 2% or Ps.124 million lower than the same period of last year.

In the quarter, fee income totaled Ps.5.7 billion, 6% or Ps.340 million higher than in 2Q20. Fees charged on deposit accounts, Corporate Services fees and ATM transaction fees stand out; with an 8% and 20% and 15% increase respectively QoQ. On a yearly basis, fee income decreased 4% or Ps.209 million.

In the quarter, total fee expense increased 19% or Ps.73 million. On a yearly basis, fee expenses decreased 15% or Ps.85 million.

NET FEE INCOME
In MILLION (Measuring Unit Current at EOP)	3Q19	4Q19	1Q20	2Q20	3Q20	QoQ		YoY
Fees charged on deposit accounts	2,338	2,042	2,018	2,060	2,223	8	%	-5	%
Credit card fees	1,286	1,166	1,219	1,107	1,152	4	%	-10	%
Corporate services fees	709	686	611	460	551	20	%	-22	%
ATM transactions fees	326	498	459	445	512	15	%	57	%
Insurance fees	331	336	350	361	359	-1	%	8	%
Debit card fees	319	291	286	323	349	8	%	9	%
Financial agent fees (Provinces)	274	410	271	277	279	1	%	2	%
Credit related fees	248	197	172	226	131	-42	%	-47	%
Mutual funds & securities fees	72	79	96	109	151	39	%	110	%
AFIP & Collection services	32	72	27	17	20	18	%	-38	%
ANSES fees	12	14	13	13	11	-15	%	-8	%
Total fee income	5,947	5,791	5,522	5,398	5,738	6	%	-4	%
Total fee expense	552	554	495	394	467	19	%	-15	%
Net fee income	5,395	5,237	5,027	5,004	5,271	5	%	-2	%

All values are in US Dollars.

In 3Q20 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.7.5 billion loss, higher than the Ps.2.1 billion loss posted in the previous quarter. This loss can be traced to a higher loss related to sale of financial assets at fair value as a consequence of the inflation adjustment applied to our Leliq holdings (higher inflation was observed during 3Q20) which was partially offset by a Ps.422 million increase in profit from government securities.

3Q20 Earnings Release
NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS						Change
---	---	---	---	---	---	---	---	---	---	---
In MILLION (Measuring Unit Current at EOP)	3Q19	4Q19	1Q20	2Q20	3Q20		QoQ		YoY
Profit or loss from government securities	-535	2,498	1,508	2,170	2,592		19	%	-
Profit or loss from private securities	189	337	257	111	273		146	%	44	%
Profit or loss from investment in derivative financing instruments	1,062	292	41	20	2		-90	%	-100	%
Profit or loss from other financial assets	14	64	-7	12	-4		-		-
Profit or loss from investment in equity instruments	-14	17	103	87	-107		-		664	%
Profit or loss from the sale of financial assets at fair value	-17,448	-3,523	-6,545	-4,563	-10,297		126	%	-41	%
Income from financial assets at fair value through profit or loss	-16,732	-315	-4,643	-2,163	-7,541		249	%	-55	%
Profit or loss from derivative financing instruments	0	0	0	0	0		-		-
Income from financial liabilities at fair value through profit or loss	0	0	0	0	0		-		-
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS	-16,732	-315	-4,643	-2,163	-7,541		249	%	-55	%

All values are in US Dollars.

In the quarter Other Operating Income totaled Ps.1.2 billion, 3% or Ps.37 million higher than in 2Q20. On a yearly basis Other Operating Income decreased 22% or Ps.328.

OTHER OPERATING INCOME
In MILLION (Measuring Unit Current at EOP)	3Q19	4Q19	1Q20	2Q20	3Q20	QoQ		YoY
Credit and debit cards	63	55	28	18	28	56	%	-56	%
Lease of safe deposit boxes	132	141	152	178	194	9	%	47	%
Other service related fees	453	340	547	390	436	12	%	-4	%
Other adjustments and interest from other receivables	234	233	229	184	188	2	%	-20	%
Initial recognition of loans	-12	45	0	19	-12	-		0	%
Sale of property, plant and equipment	0	0	0	0	6	-		-
Others	640	333	291	356	342	-4	%	-47	%
Other Operating Income	1,201	1,147	1,247	1,158	1,064	-8	%	-11	%

All values are in US Dollars.

In 3Q20 Banco Macro’s administrative expenses plus employee benefits totaled Ps.9.6 billion, 3% or Ps.299 million higher than the previous quarter, due to higher administrative expenses (9%). On a yearly basis administrative expenses plus employee benefits decreased 9% or Ps.904 million.

Employee benefits increased Ps.25 million QoQ (remunerations and social security contributions were 1% lower but were offset by higher compensation a bonuses and employee services which increased 11% and 49% respectively QoQ). On a yearly basis Employee benefits decreased 2% or Ps.151 million.

In 3Q20 administrative expenses increased 9% or Ps.274 million, due to higher other administrative expenses (38% or Ps.329 million) related to legal expenses which were partially offset by lower (14% or Ps.44 million) Directors and auditors fees.

In 3Q20, the efficiency ratio reached 45.9%, deteriorating from the 41.6% posted in 2Q20. In 3Q20 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) increased 3%, 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 22% compared to 2Q20.

3Q20 Earnings Release

If we had excluded from the efficiency ratio calculation the inflation adjustment on our Leliqs holding (as per Central Bank rules shown under profit/loss from financial instruments at fair value through P&L), efficiency ratio would have been 34.7% in 3Q20 and 33.7% in 2Q20

PERSONNEL & ADMINISTRATIVE EXPENSES
In MILLION (Measuring Unit Current at EOP)	3Q19		4Q19		1Q20		2Q20		3Q20		QoQ		YoY
Employee benefits	6,350		6,339		5,361		6,174		6,199		0	%	-2	%
Remunerations	4,536		4,601		3,951		4,667		4,617		-1	%	2	%
Social Security Contributions	961		1,043		878		1,039		1,024		-1	%	7	%
Compensation and bonuses	691		527		414		370		412		11	%	-40	%
Employee services	162		168		118		98		146		49	%	-10	%
Administrative Expenses	4,153		4,190		3,034		3,126		3,400		9	%	-18	%
Taxes	464		450		436		392		405		3	%	-13	%
Maintenance, conservation fees	480		626		460		493		508		3	%	6	%
Directors & statutory auditors fees	790		717		344		308		264		-14	%	-67	%
Security services	363		364		333		323		310		-4	%	-15	%
Electricity & Communications	348		366		353		352		341		-3	%	-2	%
Other professional fees	313		323		208		194		205		6	%	-35	%
Rental agreements	55		52		26		29		10		-66	%	-82	%
Advertising & publicity	149		195		66		88		75		-15	%	-50	%
Personnel allowances	62		59		38		23		25		9	%	-60	%
Stationary & Office Supplies	39		25		22		20		21		5	%	-46	%
Insurance	39		38		29		41		42		2	%	8	%
Hired administrative services	3		0		1		0		2		-		-33	%
Other	1,048		975		718		863		1,192		38	%	14	%
Total Administrative Expenses	10,503		10,529		8,395		9,300		9,599		3	%	-9	%
Total Employees	8,843		8,768		8,732		8,706		8,651
Branches	462		463		463		463		463
Efficiency ratio	64.3	%	34.5	%	39.8	%	43.3	%	57.1	%
Accumulated efficiency ratio	60.3	%	50.7	%	39.8	%	41.6	%	45.9	%

All values are in US Dollars.

In 3Q20, Other Operating Expenses totaled Ps.4.6 billion, increasing 4% or Ps.175 million QoQ. Others and Other provision charges stand out with a 9% (Ps.132 million) increase and a 25% (Ps.52 million) increase respectively QoQ. On a yearly basis Other Operating Expenses decreased 51% or Ps.4.7 billion.

OTHER OPERATING EXPENSES
In MILLION (Measuring Unit Current at EOP)	3Q19	4Q19	1Q20	2Q20	3Q20	QoQ		YoY
Turnover Tax	3,034	3,325	2,773	2,506	2,493	-1	%	-18	%
Other provision charges	660	389	341	210	262	25	%	-60	%
Deposit Guarantee Fund Contributions	194	141	137	155	184	19	%	-5	%
Donations	52	170	123	24	0	-100	%	-100	%
Insurance claims	19	19	17	17	13	-24	%	-32	%
Initial loan recognition	0	0	3	-3	0	-		-
Others	5,375	1,834	1,511	1,503	1,635	9	%	-70	%
Other Operating Expenses	9,334	5,879	4,905	4,412	4,587	4	%	-51	%

All values are in US Dollars.

In 3Q20 the result from the net monetary position (excluding Leliqs) totaled a Ps.4.8 million gain, Ps.4.4 billion higher than the Ps.479 million gain posted in 2Q20. This result is explained by the breakdown of monetary assets and monetary liabilities and their behavior during the quarter; an increase in monetary assets (loans, and government securities) and a bigger increase in monetary liabilities (deposits), and higher inflation observed during the quarter (228 b.p. above 2Q20 level, up from 5.37% to 7.65%) generating a positive result. If we include the inflation adjustment on our Leliqs holdings (a Ps.8.3 billion loss) the total result from the monetary position (including Leliqs) would be a Ps.3.4 billion loss, lower than the Ps.3.8 billion loss posted in 2Q20. On a yearly basis result from net monetary position (exc. Leliqs) decreased 41% or Ps.3.4 billion.

3Q20 Earnings Release

In 3Q20 Banco Macro's effective income tax rate 34.2%, higher than the 28.9% effective tax rate of 2Q20.

RESULT FROM NET MONETARY POSITION	BANCO MACRO
In MILLION $ (Measuring Unit Current at EOP)	1Q20		2Q20		3Q20
Result from Net Monetary Position (Consolidated)	335		479		4,836
Change in Consumer Price Index	7.7995	%	5.3746	%	7.6549	%
RECPPC MONETARY ASSETS & LIABILITIES (*)
Monetary Assets (MA)
Cash and deposits in banks	-8,281		-6,212		-8,093
Government and private securities	-1,805		-1,221		-2,745
Loans	-18,718		-13,048		-17,367
Other financial assets	-871		-2,544		-5,479
Other receivables	-629		-425		-636
Investment in other companies					-33
Others	-43		-30
Total RECPPC Monetary Assets	-30,346		-23,480		-34,353
Monetary Liabilities (ML)
Deposits	24,452		19,249		32,300
Other financial liabilities	2,391		1,546		2,250
Other liabilities	1,554		1,511		2,286
Subordinated Corporte Bonds	2,205		1,586		2,272
Others	10		11		18
Provisions	135		93		126
Total RECPPC Monetary Liabilities	30,747		23,995		39,252
Result from Net Monetary Position	401		516		4,899
RECPPC Leliqs	-6,389		-4,274		-8,327
Result from Net Monetary Position (inc. Leliqs)	-5,988		-3,758		-3,428
RECPPC: Result from changes in purchasing<br> power of currency
(*)Banco Macro, not consolidated

Financial Assets

Private sector financing

The volume of “core” financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.232.2 billion, decreasing 2% or Ps.3.9 billion QoQ and 12% or Ps.31.9 billion YoY.

Within commercial loans, Others stand out with a 7% or Ps.2.8 billion increase QoQ (mostly due to loans extended to SMEs at a 24% interest rate, as part of the relief package given the Covid-19 pandemic); meanwhile Overdrafts decreased 22% or Ps.4.9 billion.

Within consumer lending credit card loans increased 8% or Ps.3.7 billion QoQ.

Within private sector financing, peso financing increased 2% or Ps.4.7million, while US dollar financing decreased 32% or USD 147 million.

As of 3Q20, Banco Macro´s market share over private sector loans was 7.6%.

3Q20 Earnings Release
FINANCING TO THE PRIVATE SECTOR															Change
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
In MILLION (Measuring Unit Current at EOP)			4Q19			1Q20			2Q20			3Q20			QoQ			YoY
Overdrafts	38,433			45,416			36,483			22,040			17,189			-22	%		-55	%
Discounted documents	29,605			24,038			25,986			23,523			21,361			-9	%		-28	%
Mortgage loans	17,685			15,579			14,475			13,962			13,652			-2	%		-23	%
Pledged loans	6,159			4,900			4,223			3,971			3,618			-9	%		-41	%
Personal loans	76,781			67,978			65,341			62,186			60,610			-3	%		-21	%
Credit Card loans	45,233			51,553			50,239			48,941			52,618			8	%		16	%
Others	32,933			27,694			31,630			41,268			44,099			7	%		34	%
Interest	13,848			18,921			17,760			18,139			17,360			-4	%		25	%
Total loan portfolio	260,677			256,079			246,137			234,030			230,507			-2	%		-12	%
Total loans in Pesos	186,975			210,117			201,850			203,155			208,098			2	%		11	%
Total loans in	73,702			45,962			44,287			30,875			22,409			-27	%		-70	%
Financial trusts	1,873			2,369			1,874			901			364			-60	%		-81	%
Leasing	399			281			223			167			133			-20	%		-67	%
Others	1,151			1,052			1,087			1,048			1,243			19	%		8	%
Total other financing	3,423			3,702			3,184			2,116			1,740			-18	%		-49	%
Total other financing in Pesos	2,050			2,441			2,090			1,029			798			-22	%		-61	%
Total other financing in	1,373			1,261			1,094			1,087			942			-13	%		-31	%
Total financing to the private sector	264,100			259,781			249,321			236,146			232,247			-2	%		-12	%
EOP FX (Pesos per )	57.5583			59.8950			64.4697			70.4550			76.1750			8	%		32	%
financing / Financing to the private sector	28	%		18	%		18	%		14	%		10	%

All values are in US Dollars.

Public Sector Assets

In 3Q20, the Bank’s public sector assets (excluding LELIQs) to total assets ratio was 17.7%, higher than the 9.3% registered in the previous quarter, and higher than the 4.8% posted in 3Q19.

In 3Q20, a 124% or Ps.69.5 billion increase in Government Securities stands out, also in the quarter Leliqs increased 11% or Ps.13 billion. Since 2Q20 the Bank decided to invest in CER adjustable bonds and Badlar bonds.

PUBLIC SECTOR ASSETS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	3Q19			4Q19			1Q20			2Q20			3Q20			QoQ			YoY
Leliqs		76,396			56,170			81,045			113,478			126,435			11	%		65	%
Other		26,430			26,073			23,883			55,962			125,441			124	%		375	%
Government securities		102,826			82,243			104,928			169,440			251,876			49	%		145	%
Provincial loans		464			7,717			4,585			6,809			3,889			-43	%		738	%
Loans		464			7,717			4,585			6,809			3,889			-43	%		738	%
Purchase of government bonds		150			139			137			140			139			-1	%		-8	%
Other receivables		150			139			137			140			139			-1	%		-8	%
TOTAL PUBLIC SECTOR ASSETS		103,440			90,099			109,650			176,389			255,904			45	%		147	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)		27,044			33,929			28,605			62,911			129,469			106	%		379	%
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS		4.8	%		6.3	%		5.0	%		9.3	%		17.7	%

3Q20 Earnings Release

Funding

Deposits

Banco Macro’s deposit base totaled Ps.493 billion in 3Q20, increasing 13% or Ps.55.6 billion QoQ and 39% or Ps.138.6 billion increase YoY and representing 83% of the Bank’s total liabilities.

On a quarterly basis, both public and private sector deposits increased with a 64% or Ps.41.4 billion increase and a 4% or Ps.14.2 billion increase respectively.

The increase in private sector deposits was led by time deposits, which increased 17% or Ps.29.4 billion, while demand deposits decreased 6% or Ps.11.8 billion QoQ.

Within private sector deposits, peso deposits increased 6% or Ps.17.2 billion, while US dollar deposits decreased 11% or USD 124 million.

As of 3Q20, Banco Macro´s market share over private sector deposits was 6.6%.

DEPOSITS															Change
In MILLION (Measuring Unit Current at EOP)			4Q19			1Q20			2Q20			3Q20			QoQ			YoY
Public sector	27,799			21,474			30,980			64,237			105,636			64	%		280	%
Financial sector	400			384			330			376			441			17	%		10	%
Private sector	325,921			299,597			321,849			372,483			386,633			4	%		19	%
Checking accounts	47,979			49,067			60,901			76,862			71,707			-7	%		49	%
Savings accounts	105,464			110,950			108,280			114,390			107,751			-6	%		2	%
Time deposits	162,960			129,710			144,396			169,744			199,177			17	%		22	%
Other	9,518			9,870			8,272			11,487			7,998			-30	%		-16	%
Total	354,120			321,455			353,159			437,096			492,710			13	%		39	%
Pesos	244,335			224,013			264,787			354,311			413,952			17	%		69	%
Foreign Currency (Pesos)	109,785			97,442			88,372			82,785			78,758			-5	%		-28	%
EOP FX (Pesos per )	57.5583			59.8950			64.4697			70.4550			76.1750			8	%		32	%
Foreign Currency ()	1,907			1,627			1,371			1,175			1,034			-12	%		-46	%
Deposits / Total Deposits	31	%		30	%		25	%		19	%		16	%

All values are in US Dollars.

Banco Macro’s transactional deposits represent approximately 44% of its total deposit base as of 3Q20. These accounts are low cost and are not sensitive to interest rate increases.

Other sources of funds

In 3Q20, the total amount of other sources of funds increased 3% or Ps.5.6 billion compared to 2Q20. On a yearly basis other sources of funds increased 3% or Ps.4.6 billion. In 2Q20 Shareholder’s Equity increased 4% or Ps.5.6; also in the quarter subordinated corporate bonds increased 2% or Ps.648 due to the argentine peso depreciation.

OTHER SOURCES OF FUNDS	MACRO Consolidated										Change
In MILLION $ (Measuring Unit Current at EOP)	3Q19		4Q19		1Q20		2Q20		3Q20		QoQ			YoY
Central Bank of Argentina		42		33		18		20		19		-5	%		-55	%
Banks and international institutions		3,635		2,247		589		591		402		-32	%		-89	%
Financing received from Argentine financial institutions		891		465		372		540		266		-51	%		-70	%
Subordinated corporate bonds		32,415		29,730		30,182		30,846		31,530		2	%		-3	%
Corporate bonds		8,208		6,757		6,197		5,220		5,019		-4	%		-39	%
Shareholders' equity		121,326		128,229		135,073		128,325		133,922		4	%		10	%
Total other source of funds		166,517		167,461		172,431		165,542		171,158		3	%		3	%

3Q20 Earnings Release

Liquid Assets

In 3Q20, the Bank’s liquid assets amounted to Ps.429.9 billion, showing a 17% or Ps.63.8 billion increase QoQ, and a 79% or Ps.189.5 billion increase on a yearly basis.

In 3Q20, LELIQs own portfolio increased 11% or Ps.13 billion. Other government & private securities increased 124% or Ps.69.5 billion.

In 3Q20 Banco Macro’s liquid assets to total deposits ratio reached 87%.

LIQUID ASSETS	MACRO Consolidated															Change
In MILLION $ (Measuring Unit Current at EOP)	3Q19			4Q19			1Q20			2Q20			3Q20			QoQ			YoY
Cash		131,988			123,121			139,896			111,850			112,934			1	%		-14	%
Guarantees for compensating chambers		9,703			9,097			9,868			12,146			10,929			-10	%		13	%
Call		205			122			681			0			150			-			-27	%
Leliq own portfolio		75,002			56,170			81,045			113,478			126,435			11	%		69	%
Net Repos		-2,961			104			465			72,635			53,971			-26	%		-
Other government & private securities		26,430			26,073			23,883			55,962			125,441			124	%		375	%
Total		240,367			214,687			255,838			366,071			429,860			17	%		79	%
Liquid assets to total deposits		68	%		67	%		72	%		84	%		87	%

Solvency

Banco Macro continued showing high solvency levels in 3Q20 with an integrated capital (RPC) of Ps.152.6 billion over a total capital requirement of Ps.35.7 billion. Banco Macro’s excess capital in 3Q20 was 327% or Ps.116.9 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 34.8% in 3Q20; TIER1 Ratio stood at 27.3%.

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

MINIMUM CAPITAL REQUIREMENT	MACRO Consolidated															Change
In MILLION $	3Q19(¹)			4Q19(¹)			1Q20(²)			2Q20(²)			3Q20(²)			QoQ			YoY
Credit risk requirement		19,343			21,404			23,808			24,046			23,972			0	%		24	%
Market risk requirement		778			591			694			1,122			1,172			5	%		51	%
Operational risk requirement		6,627			7,563			8,606			9,493			10,604			12	%		60	%
Total capital requirements		26,748			29,558			33,108			34,660			35,749			3	%		34	%
Ordinary Capital Level 1 (COn1)		69,629			83,090			115,532			116,048			131,531			13	%		89	%
Deductible concepts Level 1 (COn1)		-7,807			-10,637			-12,442			-10,011			-11,768			18	%		51	%
Capital Level 2 (COn2)		24,972			26,113			26,427			30,427			32,854			8	%		32	%
Integrated capital - RPC (i)		86,793			98,566			129,517			136,464			152,618			12	%		76	%
Excess capital		60,045			69,008			96,409			101,804			116,869			15	%		95	%
Risk-weighted assets - RWA (ii)		327,312			361,678			405,179			424,501			438,129			3	%		34	%
Regulatory Capital ratio [(i)/(ii)]		26.5	%		27.3	%		32.0	%		32.1	%		34.8	%
Ratio TIER 1 [Capital Level 1/RWA]		18.9	%		20.0	%		25.4	%		25.0	%		27.3	%

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

3Q20 Earnings<br>Release

Asset Quality

In 3Q20, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 1.14%, down from 1.52% in 2Q20, and down from the 1.9% posted in 3Q19.

Consumer portfolio non-performing loans improved 54b.p. (down to 0.96% from 1.5%) while Commercial portfolio non-performing loans were practically unchanged in 3Q20 (up to 1.55% from 1.54%).

Consumer portfolio non-performing loans ratio continues to be positively impacted by recent 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 is considered non performing and the possibility to refinance outstanding credit card balances.

The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) improved to 302.94% in 3Q20. Write-offs over total loans totaled 0.25%.

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)	3Q19			4Q19			1Q20			2Q20			3Q20			QoQ			YoY
Commercial portfolio		121,370			127,331			112,709			87,981			76,034			-14	%		-37	%
Non-performing		566			1,700			1,535			1,359			1,180			-13	%		109	%
Consumer portfolio		159,267			155,881			153,059			169,322			173,701			3	%		9	%
Non-performing		4,768			4,170			2,082			2,547			1,667			-35	%		-65	%
Total portfolio		280,637			283,212			265,768			257,302			249,735			-3	%		-11	%
Non-performing		5,334			5,870			3,617			3,906			2,847			-27	%		-47	%
Commercial non-perfoming ratio		0.47	%		1.34	%		1.36	%		1.54	%		1.55	%
Consumer non-perfoming ratio		2.99	%		2.68	%		1.36	%		1.50	%		0.96	%
Total non-performing/ Total portfolio		1.90	%		2.07	%		1.36	%		1.52	%		1.14	%
Total allowances		5,929			6,225			6,275			8,227			8,625			5	%		45	%
Coverage ratio w/allowances		111.15	%		106.05	%		173.49	%		210.62	%		302.94	%
Write Offs		1,134			753			592			546			631			16	%		-44	%
Write Offs/ Total portfolio		0.40	%		0.27	%		0.22	%		0.21	%		0.25	%

3Q20 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 2019 20-F)

The table below shows, under the E.C.L model, the allowances for credit losses with their respective classification in stages, and the impact the transition to I.F.R.S. 9 has on earnings.

Transition to I.F.R.S.9 (BOP Jan 1,2019)
IN MILLION (Measuring Unit Current at end of 3Q20)
Allowances under BCRA rules
Re-measurement of financial inst.
ECL under I.F.R.S9 (Jan 2019)
Expected Credit Losses (ECL) - 2020 Evolution
ECL under I.F.R.S.9 EOP 4Q19
12months ECL (Stage 1)
Financial inst. with increased credit risk (Stage 2)
Financial inst. considered credit impaired (Stage 3)
Monetary result generated by allowances
ECL under I.F.R.S.9 EOP 3Q20

All values are in US Dollars.

3Q20 Earnings Release

CER Exposure and Foreign Currency Position

CER EXPOSURE
In MILLION (Measuring Unit Current at EOP)	3Q19	4Q19	1Q20	2Q20	3Q20	QoQ		YoY
CER adjustable ASSETS
Government Securities	119	5,014	2,932	21,085	44,209	110	%	37050	%
Loans (*)	17,641	17,780	17,858	17,669	17,257	-2	%	-2	%
Private sector loans	9,536	8,522	7,932	7,391	6,944	-6	%	-27	%
Mortgage loans (UVA adjusted)	8,105	9,258	9,923	10,275	10,309	0	%	27	%
Other loans	0	0	3	3	4	-		-
Total CER adjustable assets	17,760	22,794	20,790	38,754	61,466	59	%	246	%
CER adjustable LIABILITIES
Deposits (*)	272	503	662	2,409	955	-60	%	251	%
UVA Unemployment fund	497	681	702	651	694	7	%	40	%
Total CER adjustable liabilities	769	1,184	1,364	3,060	1,649	-46	%	114	%
NET CER EXPOSURE	16,991	21,610	19,426	35,694	59,817	68	%	252	%
(*) Includes Loans &Time Deposits CER adjustable (UVAs)

All values are in US Dollars.

FOREIGN CURRENCY POSITION
In MILLION (Measuring Unit Current at EOP)	3Q19	4Q19	1Q20	2Q20	3Q20	QoQ		YoY
Cash and deposits in Banks	76,000	86,770	77,790	86,103	92,351	7	%	22	%
Cash	13,315	13,350	5,094	4,686	7,718	65	%	-42	%
Central Bank of Argentina	26,958	41,658	35,325	37,318	58,221	56	%	116	%
Other financial institutions local and abroad	35,722	31,757	37,367	44,095	26,407	-40	%	-26	%
Others	5	5	4	4	5	25	%	0	%
Net Income from financial instruments at fair value through P&L	323	302	159	36	4	-89	%	-99	%
Derivatives	0			0	0	-		-
Other financial assets	5,145	4,602	4,612	4,417	4,569	3	%	-11	%
Loans and other financing	75,007	47,661	45,297	31,896	23,366	-27	%	-69	%
Other financial institutions	265	744	81	64	39	-39	%	-85	%
Non financial private sector & foreign residents	74,742	46,917	45,216	31,832	23,327	-27	%	-69	%
Other debt securities	2,032	1,058	4,216	4,609	4,529	-2	%	123	%
Guarantees received	2,341	3,537	2,371	2,306	1,576	-32	%	-33	%
Investment in equity instruments	12	13	6	7	7	0	%	-42	%
Investment in associates and joint ventures	0	1	0	0	0	-		-
Total Assets	160,861	143,944	134,451	129,375	126,403	-2	%	-21	%
Deposits	109,785	97,442	88,372	82,785	78,758	-5	%	-28	%
Non financial public sector	3,725	4,880	3,544	3,636	2,536	-30	%	-32	%
Financial sector	300	281	279	290	393	36	%	31	%
Non financial private sector & foreign residents	105,760	92,281	84,549	78,859	75,829	-4	%	-28	%
Other liabilities from financial intermediation	6,759	6,418	6,586	5,866	5,688	-3	%	-16	%
Financing from the Central Bank and other fin. Inst	3,924	2,502	780	764	540	-29	%	-86	%
Subordinated corporate bonds	32,316	29,611	30,182	30,846	31,530	2	%	-2	%
Other non financial liabilities	82	30	36	64	56	-13	%	-32	%
Total Liabilities	152,866	136,003	125,956	120,325	116,572	-3	%	-24	%
NET FX POSITION (Pesos)	7,995	7,941	8,495	9,050	9,831	9	%	23	%
EOP FX (Pesos per )	57.5583	59.8950	64.4700	70.4550	76.1750	8	%	32	%
NET FX POSITION ()	139	133	132	128	129	0	%	-7	%

All values are in US Dollars.

3Q20 Earnings Release

Relevant and RecentEvents

·	Interest Payment Class CPeso denominated Notes. In October 2020, the Bank paid quarterly interest on Class C Peso denominated notes in the<br>amount of Ps.201,528,367.94.
·	Interest Payment Class ASubordinated Notes. In November 2020, the Bank paid semiannual interest on Class A subordinated notes in the amount<br>of USD 13,500,000.
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·	Interest Payment Class BPeso denominated Notes. In Novebmer 2020, the Bank paid semiannual interest on Class B Peso denominated notes in the amount<br>of Ps.252,804,212.
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·	Special ShareholdersMeeting- Complementary Dividend. The Special Shareholders’<br>Meeting held on October 21^st^, 2020 adopted the following resolutions: a) separate a portion of the optional reserve<br>fund for future profit distributions equal to $3,791,721,509 to be applied to the payment of a cash dividend to supplement the<br>Dividend (hereinafter referred to as the ”Supplementary Dividend”) pursuant to paragraph b) below; b) calculate the<br>Supplementary Dividend by multiplying the dividend of $ 20 per share already approved by the General and Special Shareholders’<br>Meeting held on April 30th 2020, by the coefficient obtained after dividing the most recent Consumer Price Index (“CPI”)<br>published by Instituto Nacional de Estadísticas y Censos (INDEC) and informed by such entity to the date on which Banco<br>Central de la República Argentina issues its authorization for the payment of the Dividend and the Supplementary Dividend,<br>by the CPI of the month of April 2020. The difference arising between the amount obtained after the above described calculation<br>and the Dividend shall determine the amount of the Supplementary Dividend. The aggregate amount to be distributed as Supplementary<br>Dividend may not exceed the amount of $3,791,721,509 separated from the optional reserve fund for future profit distributions.<br>This amount will be deducted from Shareholders’ equity in 4Q20.
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·	Death of Mr. JorgeHoracio Brito- Chairman of the Board of Banco Macro. On November 23rd,<br>2020 Banco Macro informed the death of the Chairman of our Board, Mr. Jorge Horacio Brito. Pursuant to article 17 of the Bylaws,<br>the office of the Chairman shall be covered by the Vice Chairman, Dr. Delfín J. Ezequiel Carballo. At the first Board<br>meeting to be held, the appointment of a new Vice Chairman and the election, from among the Alternate Directors appointed by the<br>General Shareholder Meeting, of the one who will assume in order to complete the number of regular directors will be discussed.
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·	Covid-19: In early<br>March 2020, the World Health Organization recognized Coronavirus (Covid-19) as a pandemic that is severely affecting almost<br>all countries around the world. The spread of this disease globally has forced the authorities to take drastic health and financial<br>measures to contain and mitigate its effects on health and economic activity. Particularly in the Argentine Republic, on March 19,<br>2020, through Decree No. 297/2020, the Government established the “social, preventive and compulsory isolation”<br>measure until March 31, 2020, which was then extended until June 7, 2020. Along with health protection rules, tax and<br>financial measures were taken to mitigate the impact on the economy associated with the pandemic, including public direct financial<br>assistance measures for part of the population, the establishment of financial and fiscal facilities for both individuals and companies.<br>As regards measures related to the Entity’s business, the BCRA established maturities extensions, froze the mortgage loan<br>installments and encouraged banks to lend to companies at reduced rates. In addition, the distribution of dividends of the finance<br>institutions was suspended until June 30, 2020. In addition, in the mandatory quarantine context, the BCRA ruled that financial<br>institutions would not be able to open their branches for public service during that period and should continue to provide services<br>to users remotely. They could also trade with each other and their clients in the exchange market remotely. During quarantine,<br>remote trading of stock exchanges and capital markets authorized by the CNV, the custodians and capital market agents registered<br>with the CNV was admitted. In view of the extension of mandatory quarantine, the BCRA then decided that financial institutions<br>would open their branches from Friday, April 3, 2020 for public attention through previous appointments obtained by the Bank’s<br>website. The Bank is developing its activities under the conditions detailed above, giving priority to the compliance of social<br>isolation measures by its employees, with the primary objective of taking care of the public health and well-being of all its stakeholders<br>(employees, suppliers, customers, among others). To this end, it has put in place contingency procedures and has enabled its staff<br>to carry out their tasks remotely. From a commercial point of view, it has<br>emphasized maintaining a close relationship with its customers, trying to respond to their needs at this difficult time, sustaining<br>all virtual channels of care to ensure operability and good response to requirements, monitoring compliance with their business<br>obligations and monitoring the active portfolio in order to detect possible delays in collection and set new conditions for them.<br>Considering the size of the abovementioned situation, the Bank’s Management estimates that this situation could have an impact<br>on its operations and the financial situation and the results of the Bank, which are under analysis, and will ultimately, depend<br>on the extent an duration of the health emergency and the success of the measures taken.
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3Q20 Earnings Release

Regulatory Changes

·	Net Foreign CurrencyPosition. In September 2020, through Communication “A” 7101 the Central Bank of Argentina established that<br>that export pre-financings for which its foreign currency funding is matched by liabilities linked to the evolution of such currency<br>(for the same amount), can be deducted from the calculation of the cash position within the Net foreign currency position USD-linked<br>liabilities that exceed that position are not to be considered in such deduction.
·	USD savings accountopening. In September through Communication “A” 7105 the BCRA established that prior to the opening of a USD<br>currency savings account; financial institutions must gather evidence that the client has an income or assets consistent with foreign<br>currency savings, and should not be a beneficiary of any social plan or program.
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·	Foreign currency purchaserestrictions. In September 2020 through Communication “A” 7106, the Central Bank of Argentina established<br>debit and credit card consumption abroad with debit on local accounts in pesos, and foreign currency purchased by individuals for<br>the payment of obligations between residents, including payments of foreign currency consumptions through credit cards, will be<br>deducted as of the following month, from the USD 200 cap. Those who are beneficiaries of credit relief programs related to the<br>pandemic will not be able, until the total cancellation of credits or while the relief stands, to have access to the foreign exchange<br>market or sell securities that settle in foreign currency, or transfer them to custodians abroad. For those with capital amortizations<br>due between October 15, 2020 and March 31, 2021, related to financial debts abroad or public securities denominated in<br>foreign currency, must present to the BCRA refinancing plan.
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·	COVID-19. In September 2020<br>through Communication “A” 7107 the BCRA extended until December 31, 2020, the regulation stating that financial<br>institutions cannot charge fees for transactions done through ATMs (previously until June 30 and extended until September 30).<br>It also extended the regulation that financial institutions cannot charge punitive interest over unpaid credits, and ratifies unpaid<br>instalments deferral to maturity, considering accrual of a compensatory interest rate.
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·	LELIQ position.<br>As of October 2, 2020 through Communication “A” 7122 the Central Bank of Argentina established that financial<br>institutions must reduce in 20 percentage points their net excess position in LELIQ versus their monthly average of daily balances<br>recorded in September 2020. To comply, they shall reduce the excess net position through the gradual maturity of the securities.<br>Along this regulation but in line with it, the BCRA decided to increase the REPO rate from 19% t0 24%.
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·	Rates (Leliqs and Repo).<br>The BCRA decided to increase to 27% the passive REPO BCRA rate (from 24% and previously 19%) and increase the LELIQ rate to 37%.<br>It also determined that companies can access the foreign exchange market 30 days prior to financial debt maturities to cancel capital<br>and interest payments. Corporates can also have access when the pre-cancellation is done within the frame of a securities exchange<br>restructuring process.
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·	Time deposits minimumrate. In October 2020 through Communication “A” 7131 the Central Bank established that as of October 13,<br>2020, the minimum interest rates are for time deposits of up to Ps.1 million to 89.35% (previously 87%). Additionally, as of the<br>same date, the coefficient that determines the fixed rate of pre-cancellation of UVA-linked time deposits (with early termination<br>option) was increased to 0.7703.
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·	Minimum cash requirements.<br>In October 2020 through Communication “A” 7132 the Central Bank of Argentina decided that for financings that<br>are disbursed as of October 9, 2020, financial institutions will not be able to deduct from cash requirements financings granted<br>to individuals or companies that (i) belong to activity sectors that are not eligible for the “Programa de Asistencia<br>de Emergencia al Trabajo y la Producción” (ATP) social program benefits and/or (ii) have imported consumer goods<br>after March 19, 2020, unless these were medical products and/or supplies.
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3Q20 Earnings Release
·	Rates (Leliq and Repo). The BCRA decided to increase the one-day passive REPO nominal annual<br> rate from 27% to 30%, implying an increment of three percentage points, and offer 7-day<br> REPOs at a nominal annual rate of 33%. In line with this, the LELIQ rate was established<br> at 36%.
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·	Time deposits minimum rate. (Communication “A” 7139. 10/15/2020). The BCRA<br> decided to increase, for time deposits granted as of October 16, 2020, the percentages<br> applicable to the average rates of LELIQ used to set the minimum rates for time deposits<br> of less than $1 million to 91.89% (previously 89.35%). For time deposits granted as of<br> October 21, 2020, the increment goes up to 94.44% and the coefficient that determines<br> the fixed rate of pre-cancellation of UVA-linked time deposits (with early termination<br> option) was increased to 0.7917. This is equivalent to a 34% nominal annual rate for<br> individuals with time deposits of less than $1 million and 32% for the rest.
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·	New credit lines. In October 2020 through Communication “A” 7140 the<br> Central Bank of Argentina established that financial institutions shall grant, within<br> the frame of the ATP social program created by the Decree N°332/2020- financing for<br> a maximum limit equivalent to the amount resulting from the number of employees (F.931)<br> multiplied by the minimum wage plus a 20%, to the SMEs in a list provided by the Federal<br> Administration of Public Revenues (AFIP), and that will be able to rely on a warrant<br> to be arranged by FOGAR, and as of November 1, 2020, can be deducted of reserve<br> requirements (40%). Moreover, credit lines to SMEs are launched to (i) finance investment<br> projects aimed for the purchase of capital assets and/or the construction of facilities<br> necessary for the manufacturing of goods and/or services, at a 30% nominal annual rate;<br> and (ii) for working capital and discounted instruments to SMEs at 35%. Financial<br> institutions affected by this regulation must comprise under these financings, as of<br> October 16, 2020 and until March 31, 2021, the equivalent to 7.5% of their<br> non-financial private sector deposits in pesos (as a monthly average of daily balances<br> of September 2020). For the financing of investment projects, this limit must be<br> 30% of the 7.5% previously stated.
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·	Branch Closures. In October 2020, through Communication “A” 7147 the Central<br> Bank established that financial institutions must require prior approval by the BCRA<br> to proceed to the transfer or closure of branches until March 31, 2020.
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·	REPO rate. In October through Communciation “C” 88436 the Central Bank<br> of Argentina increased the 1-day REPO rate from 30% to 31% and the 7-day REPO rate from<br> 33% to 34.5%.
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·	Fee increases. In November 2020, through Communication “A” 7158 the<br> BCRA established that until February 28, 2020, financial institutions cannot communicate<br> fee increases greater than 9% for January 2021, and 9% for February 2021 for<br> fees on i) Savings accounts: additional debit card issuance; replacement of stolen or<br> lost debit cards; ATM use (other than the Bank’s, the Bank network local or abroad)<br> and cash withdrawal services at points of purchase. Ii) Credit cards: issuance services,<br> renewal, maintenance; replacement or reprinting of stolen or lost cards and additional<br> cards.
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·	Time deposits minimum rate. In November 2020, through Communication “A”<br> 7160 the BCRA increased rates, for time deposits granted as of November 13, 2020,<br> the percentages applicable to the average rates of LELIQ used to set the minimum rates<br> for time deposits of less than $1 million to 102.78% (previously 94.44%). For the rest<br> of time deposits this percentage will be 94.44% (prev. 88.89%). For time deposits granted<br> as of November 18, 2020, for time deposits of less than $1 million, the applicable<br> rate over LELIQ will be 97.37% (89.48% for the rest). The coefficient that determines<br> the fixed rate of pre-cancellation of UVA-linked time deposits (with early termination<br> option) granted as of November 13, 2020, was increased to0.8472 (from 0.7917). For<br> the ones granted as of November 18, 2020, the coefficient will be 0.8026. Additionally,<br> as of November 13, 2020, financial institutions that keep time deposits from the<br> non-financial private sector in pesos below 10% of total deposits in pesos considering<br> only capital balances without interests or adjustments will not be able to: (i) buy<br> LELIQ for their excess position (ii) do 7-day REPOs with the BCRA.
---	---
·	SMEs productive investment credit lines. Reserve requirements. (Communication “A”<br> 7161.
---	---
·	12/11/2020).<br> The BCRA states that as of November 1, 2020, it grants a reduction in the average<br> reserve requirements in pesos for an amount of 14% of financings considered in item 4.1.<br> of “SMEs productive investment credit line” regulation, granted at a nominal<br> annual rate of up to 30%. As of November 13, 2020, financings to SMEs that have<br> imported consumer goods after March 19, 2020, can be considered within this credit<br> line.
---	---
·	Rates (Leliq and Repo). In November 2020, through Communication “C” 88548<br> the Central Bank of Argentina increased the one-day passive REPO rate from 31% to 32%<br> and the 7-day rate from 34.5% to 36.5% Additional to this regulation, the BCRA decided<br> to increase the LELIQ rate from 37% to 38%.
---	---

3Q20 Earnings Release
QUARTERLY BALANCE SHEET	MACRO Consolidated										Change
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
In MILLION $ (Measuring Unit Current at EOP)	3Q19		4Q19		1Q20		2Q20		3Q20		QoQ		****	YoY		****
ASSETS
Cash and deposits in Banks		131,988		123,121		139,896		111,850		112,934		1	%		-14	%
Cash		21,146		23,861		21,052		17,097		20,151		18	%		-5	%
Central Bank of Argentina		75,097		67,452		81,472		50,563		66,367		31	%		-12	%
Other local& foreign entities		35,740		31,803		37,368		44,185		26,411		-40	%		-26	%
Other		5		5		4		5		5		0	%		0	%
Debt securities at fair value through profit& loss		2,044		6,940		1,926		13,475		16,547		23	%		710	%
Derivatives		77		62		47		18		14		-22	%		-82	%
Repo Transactions		-		1,330		465		74,007		53,971		-27	%		-
Other financial assets		7,590		7,538		13,833		12,071		15,568		29	%		105	%
Loans& other receivables		266,204		270,133		255,365		244,582		237,678		-3	%		-11	%
Non Financial Public Sector		646		7,888		4,769		6,984		4,009		-43	%		521	%
Financial Sector		3,331		4,833		3,149		2,353		1,786		-24	%		-46	%
Non Financial private sector and foreign		262,227		257,412		247,447		235,245		231,883		-1	%		-12	%
Other debt securities		104,640		78,948		110,358		160,578		240,248		50	%		130	%
Financial assets in guarantee		14,633		13,052		11,344		14,986		12,228		-18	%		-16	%
Investments in equity instruments		2,066		1,879		1,796		1,733		1,627		-6	%		-21	%
Investments in other companies<br> (subsidiaries and joint ventures)		185		179		191		161		182		13	%		-2	%
Property, plant and equipment		31,356		31,486		31,265		30,970		30,900		0	%		-1	%
Intangible assets		4,447		4,332		4,478		4,439		4,432		0	%		0	%
Deferred income tax assets		44		53		65		70		71		1	%		61	%
Other non financial assets		2,146		1,327		1,659		2,094		2,076		-1	%		-3	%
Non-current assets held for sale		1,718		2,141		2,211		2,196		2,247		2	%		31	%
TOTAL ASSETS	****	569,138	****	542,521	****	574,899	****	673,230	****	730,723	****	9	%	****	28	%
LIABILITIES
Deposits		354,120		321,455		353,159		437,096		492,710		13	%		39	%
Non Financial Public Sector		27,799		21,474		30,980		64,237		105,636		64	%		280	%
Financial Sector		400		384		330		376		441		17	%		10	%
Non Financial private sector and foreign		325,921		299,597		321,849		372,483		386,633		4	%		19	%
Derivatives		201		940		182		-		-		-			-100	%
Repo Transactions		2,961		1,226		-		1,372		-		-100	%		-100	%
Other financial liabilities		22,832		27,111		26,641		30,996		28,635		-8	%		25	%
Financing received from Central Bank and Other<br> Financial Institutions		4,570		2,746		981		1,151		688		-40	%		-85	%
Issued Corporate Bonds		8,208		6,757		6,197		5,220		5,019		-4	%		-39	%
Current income tax liabilities		6,159		9,950		11,674		8,062		9,961		24	%		62	%
Subordinated corporate bonds		32,415		29,730		30,182		30,846		31,530		2	%		-3	%
Provisions		1,834		1,802		1,801		1,738		1,626		-6	%		-11	%
Deferred income tax liabilities		2,022		199		4		3,946		2,535		-36	%		25	%
Other non financial liabilities		12,488		12,375		9,003		24,477		24,095		-2	%		93	%
TOTAL LIABILITIES	****	447,810	****	414,291	****	439,824	****	544,904	****	596,799	****	10	%	****	33	%
SHAREHOLDERS' EQUITY
Capital Stock		639		639		639		639		639		0	%		0	%
Issued Shares premium		12,428		12,430		12,430		12,430		12,430		0	%		0	%
Adjustment to Shareholders' Equity		43,863		43,864		43,864		43,864		43,864		0	%		0	%
Reserves		67,168		67,168		67,168		102,297		102,297		0	%		52	%
Retained earnings		-19,814		-19,814		3,968		-45,454		-45,454		0	%		129	%
Other accumulated comprehensive income		217		160		-1,021		-361		-840		133	%		-
Net income for the period / fiscal year		16,825		23,782		8,025		14,910		20,986		41	%		25	%
Shareholders' Equity attributable to parent<br> company		121,326		128,229		135,073		128,325		133,922		4	%		10	%
Shareholders' Equity attributable to non<br> controlling interest		2		1		2		1		2		100	%		0	%
TOTAL SHAREHOLDERS' EQUITY		121,328		128,230		135,075		128,326		133,924		4	%		10	%

3Q20 Earnings Release
INCOME STATEMENT	MACRO Consolidated										Change
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
In MILLION $ (Measuring Unit Current at EOP)	3Q19		4Q19		1Q20		2Q20		3Q20		QoQ			YoY
Interest Income		51,124		41,891		35,064		31,871		36,790		15	%		-28	%
Interest Expense		22,393		12,933		10,900		10,295		15,631		52	%		-30	%
Net Interest Income		28,731		28,958		24,164		21,576		21,159		-2	%		-26	%
Fee income		5,947		5,791		5,522		5,398		5,738		6	%		-4	%
Fee expense		552		554		495		394		467		19	%		-15	%
Net Fee Income		5,395		5,237		5,027		5,004		5,271		5	%		-2	%
Subtotal (Net Interest Income + Net Fee Income)		34,126		34,195		29,191		26,580		26,430		-1	%		-23	%
Net Income from financial instruments at Fair Value Through Profit& Loss		-16,732		-315		-4,643		-2,163		-7,541		249	%		-55	%
Result from assets at amortised cost		-		66		967		20		61		205	%		-
Difference in quoted prices of gold<br> and foreign currency		2,138		1,670		604		846		1,207		43	%		-44	%
Other operating income		1,510		1,147		1,247		1,145		1,182		3	%		-22	%
Provision for loan losses		393		1,776		977		2,523		1,749		-31	%		345	%
Net Operating Income		20,649		34,987		26,389		23,905		19,590		-18	%		-5	%
Personnel expenses		6,350		6,339		5,361		6,174		6,199		0	%		-2	%
Administrative expenses		4,153		4,190		3,034		3,126		3,400		9	%		-18	%
Depreciation and impairment of assets		956		950		948		992		1,015		2	%		6	%
Other operating expense		9,334		5,879		4,905		4,412		4,587		4	%		-51	%
Operating Income		-144		17,629		12,141		9,201		4,389		-52	%		-
Income from associates and joint ventures		24		32		23		9		15		67	%		-38	%
Result from net monetary position		8,185		-5,644		335		479		4,836		910	%		-41	%
Net Income before income tax on cont. operations		8,065		12,017		12,499		9,689		9,240		-5	%		15	%
Income tax on continuing operations		-1,047		5,061		4,474		2,804		3,164		13	%		-402	%
Net Income from continuing operations		9,112		6,956		8,025		6,885		6,076		-12	%		-33	%
Net Income for the period		9,112		6,956		8,025		6,885		6,076		-12	%		-33	%
Net Income of the period attributable<br> to parent company		9,112		6,956		8,025		6,885		6,076		-12	%		-33	%
Net income of the period attributable<br> to non-controlling interests		-		-		-		-		-		-			-
Other Comprehensive Income		533		-57		-1,181		660		-478		-			-
Foreign currency translation differences in<br> financial statements conversion		492		-172		-8		84		51		-39	%		-90	%
Profits or losses from financial assets measured at<br> fair value through other comprehensive income (FVOCI)(IFRS 9(4.1.2)(a)		41		-		-		-1,173		-529		-			-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		9,645		6,899		6,844		7,545		5,598		10	%		145	%
Total Comprehensive Income attributable<br> to parent Company		9,645		6,899		6,844		7,545		5,598		10	%		145	%
Total Comprehensive Income attributable<br> to non-controlling interests		-		-		-		-		-		-			-

3Q20 Earnings Release
QUARTERLY ANNUALIZED RATIOS	MACRO Consolidated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	3Q19			4Q19			1Q20			2Q20			3Q20
Profitability & performance
Net interest margin		24.7	%		33.6	%		25.2	%		19.8	%		17.1	%
Net interest margin adjusted (exc. FX)		23.0	%		31.7	%		24.6	%		19.1	%		16.2	%
Net fee income ratio		20.6	%		8.8	%		14.3	%		14.7	%		20.3	%
Efficiency ratio		64.3	%		34.5	%		39.8	%		43.3	%		57.1	%
Net fee income as % of A&G Expenses		32.1	%		25.4	%		36.0	%		33.9	%		35.6	%
Return on average assets		6.3	%		5.2	%		5.9	%		4.5	%		3.5	%
Return on average equity		38.0	%		21.8	%		24.6	%		21.5	%		18.4	%
Liquidity
Loans as a percentage of total deposits		75.2	%		84.0	%		72.3	%		56.0	%		48.2	%
Liquid assets as a percentage of total deposits		61.0	%		59.0	%		66.0	%		54.0	%		51.0	%
Capital
Total equity as a percentage of total assets		21.3	%		23.6	%		23.5	%		19.1	%		18.3	%
Regulatory capital as % of APR		26.5	%		27.3	%		32.0	%		32.2	%		34.8	%
Asset Quality
Allowances over total loans		2.2	%		2.4	%		2.5	%		3.1	%		3.6	%
Non-performing financing as a percentage of total financing		1.9	%		2.1	%		1.4	%		1.5	%		1.1	%
Coverage ratio w/allowances		111.2	%		106.1	%		173.5	%		210.7	%		302.9	%
Cost of Risk		0.6	%		2.6	%		1.6	%		4.1	%		3.0	%
ACCUMULATED ANNUALIZED RATIOS	MACRO Consolidated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	3Q19			4Q19			1Q20			2Q20			3Q20
Profitability & performance
Net interest margin		21.5	%		23.9	%		25.2	%		22.3	%		20.3	%
Net interest margin adjusted (exc. FX)		20.8	%		23.0	%		24.6	%		21.6	%		19.5	%
Net fee income ratio		26.9	%		20.1	%		14.3	%		14.5	%		16.1	%
Efficiency ratio		60.3	%		50.7	%		39.8	%		41.6	%		45.9	%
Net fee income as % of A&G Expenses		44.6	%		39.7	%		36.0	%		34.9	%		35.1	%
Return on average assets		3.6	%		3.9	%		5.9	%		5.2	%		4.6	%
Return on average equity		18.4	%		19.3	%		24.6	%		23.0	%		21.5	%
Liquidity
Loans as a percentage of total deposits		75.2	%		84.0	%		72.3	%		56.0	%		48.2	%
Liquid assets as a percentage of total deposits		61.0	%		59.0	%		66.0	%		54.0	%		51.0	%
Capital
Total equity as a percentage of total assets		21.3	%		23.6	%		23.5	%		19.1	%		18.3	%
Regulatory capital as % of APR		26.5	%		27.3	%		32.0	%		32.2	%		34.8	%
Asset Quality
Allowances over total loans		2.2	%		2.4	%		2.5	%		3.1	%		3.6	%
Non-performing financing as a percentage of total financing		1.9	%		2.1	%		1.4	%		1.5	%		1.1	%
Coverage ratio w/allowances		111.2	%		106.1	%		173.5	%		210.7	%		302.9	%
Cost of Risk		1.5	%		1.8	%		1.6	%		2.8	%		2.9	%

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: November 30, 2020

MACRO BANK INC.
By:	/s/ Jorge Francisco Scarinci
Name: Jorge Francisco Scarinci
Title: Chief Financial Officer

Macro Bank Inc 6-K, filed Nov 30, 2020

About this 6-K