6-K 1 v122347_6k.htm

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

August 7, 2008

Commission File Number: 333-130901

MACRO BANK INC.

(Exact name of registrant as specified in its Charter)

Sarmiento 447

Buenos Aires C1 1041

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 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

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A

BANCO MACRO ANNOUNCES RESULTS FOR THE SECOND QUARTER OF 2008

Buenos Aires, Argentina, August 7, 2008 – Banco Macro S.A. (NYSE: BMA; Buenos Aires: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the second quarter period ended June 30, 2008 (“2Q08”). All figures are in Argentine pesos (Ps.) and have been prepared in accordance with Argentine GAAP.

SUMMARY

·	The Bank’s net income totalled Ps.161.0 million. This result was 40%, or Ps.45.7 million higher than 2Q07’s Ps.115.3 million, and 6%, or Ps.9.4 million above 1Q08. The annualized 2Q08 ROAE and ROAA were 23.6% and 3.1%, respectively.

·	The Bank’s net financial income was Ps.398.6 million, increasing 70% year to year (“YoY”) and 12% quarter QoQ. Banco Macro’s operating income of Ps.233.6 million jumped 109% YoY compared to the Ps.111.9 million posted in 2Q07.

Banco Macro’s financing to the private sector showed an attractive growth of 47% YoY, or Ps.3,446 million and 8% QoQ, or Ps.819 million. Personal loans, which represent a strategic product for the Bank, once again led annual private loan portfolio growth while overdrafts to Triple “A” companies were the leading products for 2Q08.

·	Total deposits grew 2%, or Ps.355 million QoQ, totalling Ps.14.9 billion and representing 81% of the Bank’s liabilities. Quarterly deposit growth was led by public sector deposits (16%) while private sector deposits remained unchanged.

·	Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.1.66 billion (22.1% capitalization ratio). In addition, the Bank’s liquid assets remained at a high level, reaching 53.6% of total deposits.

·	The Bank’s non-performing loans to total loans ratio was 2.03% and the coverage ratio reached 107.8%.

·	During 2Q08, the Bank paid a cash dividend of Ps.171 million (Ps.0.25 per share).

·	In 2Q08, the Bank repurchased 13.6 million shares, according to the Share Buy Back Program launched in January 8, 2008.

RESULTS

Earnings per share were Ps.0.24. This was 41% or Ps.0.07 higher than the 2Q07 value of Ps.0.17.

EARNINGS PER SHARE	MACRO consolidated
	II07		III07		IV07		I08		II08

Net income (M $)		115.3		88.0		168.7		151.6		161.0
Average shares outstanding (M)		683.9		683.9		683.9		683.2		679.5
Average shares in portfolio (M)		0.0		0.0		0.0		0.7		4.5
Average shares issued (M)		683.9		683.9		683.9		683.9		684.0
Book value per share ($)		3.58		3.71		3.96		4.17		4.04
Earnings per share ($)		0.17		0.13		0.25		0.22		0.24

Banco Macro’s 2Q08 net income rose by 40% YoY to Ps.161.0 million from last year’s level of Ps.115.3 million. When compared to 2Q07, the Bank’s operating result of Ps. 233.6 million jumped 109% compared to Ps.111.9 million for 2Q07.

The Bank’s 2Q08 ROAE and ROAA were 23.6% and 3.1%, respectively. Additionally, this performance has a higher value considering the leverage of Banco Macro’s balance sheet (7.7x assets to equity ratio) was lower than the system average (8.5x).

INCOME STATEMENT	MACRO consolidated
In MILLION $	II07		III07		IV07		I08		II08

Net financial income		233.9		233.0		358.8		354.9		398.6
Provision for loan losses		-14.6		-29.8		-33.0		-28.7		-43.2
Net fee income		121.0		125.5		150.9		153.3		174.5
		340.3		328.7		476.7		479.5		529.9
Administrative expense		-228.4		-234.4		-274.2		-301.8		-296.3
		111.9		94.3		202.5		177.7		233.6
Minority interest		-0.1		-0.5		-0.6		-0.6		-0.7
Net other income		27.4		10.9		4.5		12.8		-12.9
Earnings before income tax		139.2		104.7		206.4		189.9		220.0
Income tax		-23.9		-16.7		-37.7		-38.3		-59.0
NET INCOME		115.3		88.0		168.7		151.6		161.0

The Bank’s financial income of Ps.699.3 million increased 73% YoY, or Ps.295.9 million. This attractive performance was mainly driven by the increase in interest on loans, by higher securities income and the increase in foreign exchange gains. For 2Q08, financial income increased 16% or Ps.95.6 million compared to 1Q08 based also on the above mentioned reasons.

Interest on loans grew Ps.186.8 million, or 79% YoY and represented 61% of total financial income. This performance was in line with the sustained private sector loan growth (please refer to Private Sector Financing section). In this segment, interests on “other loans”, which includes personal loans increased by 88% YoY and 9% QoQ. Interests on “overdrafts”, specially on those to Triple “A” companies, increased by 91% YoY and 27% QoQ.

2Q08 Results

Page 2 of 18

The quarterly increase in foreign exchange gains was explained by the decrease in the nominal exchange rate and its positive impact in the Bank’s negative foreign currency global position.

Net income from government and private securities increased 12% QoQ. This is mainly explained by interest income, trading gains and by the income on the sale of “Lujan” financial trust.

Finally, CER-adjusted income remained at similar levels as witnessed in 1Q08, in line with the CPI evolution.

FINANCIAL INCOME	MACRO consolidated
In MILLION $	II07		III07		IV07		I08		II08

Interest on cash and due from banks		2.8		6.6		5.3		2.5		1.7
Interest on loans to the financial sector		12.1		5.1		4.8		2.6		3.9
Interest on overdrafts		41.2		47.5		63.9		62.2		78.8
Interest on documents		27.9		37.1		50.2		52.6		60.6
Interest on mortgages		14.8		17.7		21.3		21.3		22.9
Interest on pledges		12.0		12.5		14.8		15.2		15.9
Interest on credit cards		13.0		13.7		17.4		20.6		24.5
Interest on other loans		115.0		140.9		171.7		198.9		216.2
Interest on other receivables from finan. interm.		4.8		5.7		3.8		6.2		3.7
Income from government & private securities (1)		86.6		84.4		191.3		139.6		156.4
Net options results		1.0		0.5		0.1		0.0		0.0
Results of guaranteed loans		8.8		14.4		2.9		9.0		9.2
CER adjustment (2)		16.8		6.3		30.5		22.4		21.6
CVS adjustment		0.6		0.4		0.3		0.2		0.2
Difference in Foreign Exchange		12.1		13.9		16.8		12.0		47.0
Other		33.9		33.3		34.7		38.4		36.7

Total financial income		403.4		440.0		629.8		603.7		699.3

(1) Income from government & private securities
LEBAC / NOBAC		69.5		73.4		173.5		133.6		119.8
Other		17.1		11.0		17.8		6.0		36.6
TOTAL		86.6		84.4		191.3		139.6		156.4

(2) CER adjustment
Guaranteed loans		14.6		5.0		28.7		20.6		19.8
Loans to the private sector		1.8		1.0		1.2		1.2		1.4
Other		0.4		0.3		0.6		0.6		0.4
TOTAL		16.8		6.3		30.5		22.4		21.6

In 2Q08, Banco Macro’s financial expenses of Ps.300.7 million climbed 77% or Ps. 131.2 million YoY. This performance was mainly driven by the increase in interest on deposits, 85% YoY, which represented 64% of total financial expenses. This can be traced to an increase in the volume of time deposits (31%) and the pick-up in the BADLAR average interest rate (13% in 2Q08 vs. 7.8% in 2Q07 and 9.1% in 1Q08).

2Q08 Results

Page 3 of 18

The quarterly increase in “other” financial expenses was explained by the higher interest rates used to discount Prestamos Garantizados’ (PGN) cash flow and its impact on their present value.

FINANCIAL EXPENSES	MACRO consolidated
In MILLION $	II07		III07		IV07		I08		II08

Interest on checking accounts		4.6		5.3		4.8		4.0		3.4
Interest on saving accounts		2.3		2.7		4.3		3.4		3.3
Interest on time deposits		97.7		119.3		150.7		165.7		186.6
Interest on loans from the financial sector		1.0		1.4		2.1		1.0		0.8
Interest on other loans from the financial sector		17.6		21.7		21.6		23.9		22.0
Interest on subordinated notes		12.5		11.7		12.0		11.8		11.5
Other Interest		2.8		2.6		1.3		2.3		2.7
CER adjustments (3)		10.2		7.6		10.4		11.4		10.5
Deposits guarantee fond		4.7		5.1		6.1		6.0		6.2
Other		16.1		29.6		57.7		19.3		53.7

Total Financial Expenses		169.5		207.0		271.0		248.8		300.7

(3) CER adjustments
Time deposits CER adjusted		2.5		1.8		2.4		1.2		0.5
Advance for BODEN purchase		6.9		5.1		7.0		9.1		8.8
Other		0.8		0.7		1.0		1.1		1.2
TOTAL		10.2		7.6		10.4		11.4		10.5

Banco Macro’s 2Q08’s net financial income was Ps.398.6 million, Ps.164.7 million or 70% higher than 2Q07 and Ps.43.7 million or 12% higher than 1Q08.

Banco Macro’s net fee income of Ps.174.5 million rose by 44% or Ps.53.5 million from last year’s level of Ps.121.0 million, which is attributable to an increase in fees on deposit accounts, debit and credit cards, and credit related fees. The quarterly increase, Ps.21.2 million or 14%, was explained by the same factors.

NET FEE INCOME	MACRO consolidated
In MILLION $	II07		III07		IV07		I08		II08

Fee charges on deposit accounts		97.1		107.9		127.5		133.9		143.6
Debit and credit card income		21.6		23.3		26.4		28.1		31.2
Other fees related to foreign trade		3.8		3.9		3.9		4.1		5.9
Credit-related fees		11.7		13.6		15.8		14.3		20.4
Lease of safe-deposit boxes		3.4		3.8		3.7		3.8		3.7
Other		15.6		16.1		16.4		12.6		13.3
Total fee income		153.2		168.6		193.7		196.8		218.1

Total fee expenses		32.2		43.1		42.8		43.5		43.6

Net fee income		121.0		125.5		150.9		153.3		174.5

2Q08 Results

Page 4 of 18

In 2Q08, Banco Macro’s administrative expenses grew by 30% to Ps.296.3, compared Ps.228.4 million in 2Q07. Personnel expenses climbed by 36% which was attributable to the salary increase agreed with the Unions (19.5% effective since March) and a slight increase in the number of employees.

When compared to 1Q08, administrative expenses declined by 2% or Ps.5.5 million. Personnel expenditures decreased by Ps.26.7 million due to the impact of year-end bonuses pay in 1Q08, partially compensated by the 19.5% salary increase effective since March. Moreover, fees to directors and statutory auditors rose by Ps.9.6 million and advertising and publicity expenses rose by Ps.4.1 million.

Banco Macro’s efficiency ratio (expenses / net financial and fee income) largely improved to 51.7% when compared to previous quarters (59.4% in 1Q08 and 64.5% in 2Q07).

ADMINISTRATIVE EXPENSES	MACRO consolidated
In MILLION $	II07			III07			IV07			I08			II08

Personnel expenses		138.1			147.2			166.0			213.9			187.2
Fees to directors & statutory auditors		14.8			3.8			15.6			3.8			13.4
Other profesional fees		9.1			9.5			14.2			10.2			11.8
Advertising & publicity		10.4			13.8			16.6			10.2			14.3
Taxes		2.3			2.9			2.8			2.7			3.4
Equipment depreciation		9.9			10.5			12.5			12.9			12.5
Organization expenses amortization		4.0			4.5			5.6			6.0			6.1
Other operating expenses		35.1			37.5			36.1			39.1			42.7
Other		4.7			4.7			4.8			3.0			4.9
Total Administrative Expenses		228.4			234.4			274.2			301.8			296.3

Total Employees		7.767			7.848			7.868			7.846			7.962
Branches		428			428			427			426			423

Efficiency ratio		64.5	%		65.6	%		54.0	%		59.4	%		51.7	%

The Bank’s net other loss was Ps.12.9 million. The decrease in “other income” was explained by lower loan recoveries and lower miscellaneous gains, while “other losses” increased based on higher accrued taxes.

2Q08 Results

Page 5 of 18

NET OTHER INCOME	MACRO consolidated
Other Income	II07		III07		IV07		I08		II08
Penalty interest		1.5		2.2		2.5		2.6		2.9
Recovered loans and allowances reversed		49.1		35.7		20.9		29.8		16.8
Other		13.3		8.0		16.1		21.1		11.7
Total Other Income		63.9		45.9		39.5		53.5		31.4
Other Expense
Uncollected charges for other loans and other provisions		1.0		5.6		4.2		11.4		4.0
Difference in amparos amortization		5.9		8.8		9.0		9.0		6.4
Depreciation and loss of other assets		0.9		0.9		0.5		0.4		0.4
Goodwill amortization		2.3		2.4		2.3		2.1		2.1
Other Expense		26.4		17.3		19.0		17.8		31.4
Total Other Expense		36.5		35.0		35.0		40.7		44.3

Net Other Income		27.4		10.9		4.5		12.8		-12.9

Finally, in 2Q08, the effective income tax rate increased to 26.8% from 17.2% and 20.2% registered in 2Q07 and 1Q08 respectively. Now, Nuevo Banco Bisel is the only subsidiary with tax-loss carry forwards after Suquia´s merge.

FINANCIAL ASSETS

Private sector financing

The volume of “core” financing to the private sector continued to grow at attractive rates (63% YoY, or Ps.4.13 billion). Aggregating the Bank’s financial trust and leasing portfolio, total financing increased 56% YoY, and netting the effects related to the Bank’s liquidity management policy (advances to AAA companies) increased 47% or Ps.3.45 billion YoY and 8% QoQ.

In 2Q08, the Bank’s lending portfolio expansion (YoY) resulted in a 73% increase in personal loans, or Ps.1.58 billion. It is important to highlight that Banco Macro has 90% of its personal loans extended to payroll accounts. Moreover, credit card loans increased by 41% YoY, or Ps.243.8 million.

In addition, overdrafts portfolio (mainly loans to “AAA” companies) increased 127% YoY, and 81% QoQ based on a different allocation of the Bank’s liquid asset (see “Liquid Assets”).

2Q08 Results

Page 6 of 18

PRIVATE SECTOR LOAN PORTFOLIO	MACRO consolidated										Variation
In MILLION $	II07		III07		IV07		I08		II08		Q to Q			Y to Y

Overdrafts (total)		891.5		1,342.8		1,375.1		1,116.7		2,022.5		81	%		127	%
Overdrafts		584.5		666.0		805.2		770.3		901.8
AAA (liquidity administration)		307.0		676.8		569.9		346.4		1,120.7
Discounted documents		729.7		1,043.2		1,213.7		1,058.8		1,093.5		3	%		50	%
Mortgages		477.2		575.3		619.8		621.6		722.9		16	%		51	%
Pledges		291.7		324.3		348.0		362.7		378.3		4	%		30	%
Consumer		2,167.3		2,763.2		3,207.5		3,521.8		3,744.1		6	%		73	%
Credit Cards		589.6		635.6		722.0		780.6		833.4		7	%		41	%
Others		1,441.1		1,584.9		1,719.0		1,741.4		1,925.6		11	%		34	%
Total credit to the private sector		6,588.1		8,269.3		9,205.1		9,203.6		10,720.3		16	%		63	%
Financial trusts		664.2		728.2		548.9		658.7		733.5		11	%		10	%
Leasing		331.1		373.6		372.9		387.5		388.9		0	%		17	%
Total credit w/ f. trusts and leasing		7,583.4		9,371.1		10,126.9		10,249.8		11,842.7		16	%		56	%

Total credit w/o liquidity administration		7,276.4		8,694.3		9,557.0		9,903.4		10,722.0		8	%		47	%

PUBLIC SECTOR ASSETS

The Bank’s exposure of public sector assets (net of LEBAC / NOBAC) to total assets ratio was 6.3% in 2Q08, smaller percentage when compared to the 7.1% posted in 1Q08 and the 8% system’s average.

PUBLIC SECTOR ASSETS

MACRO consolidated

In MILLION $

II07

III07

IV07

I08

II08

LEBAC / NOBAC B.C.R.A.

3,670.9

3,853.6

3,268.7

3,856.3

3,118.5

Other

357.2

268.2

311.6

706.1

378.7

Government securities

4,028.1

4,121.8

3,580.3

4,562.4

3,497.2

Guaranteed loans

763.1

750.2

730.0

742.7

731.7

Provincial loans

0.2

0.4

0.3

Government securities loans

8.8

14.5

7.0

6.0

13.8

Loans

772.1

765.1

737.4

749.1

745.8

Purchase of government bonds

190.6

111.0

125.8

64.5

195.1

Other receivables for financial intermediation

190.6

111.0

125.8

64.5

195.1

BODEN to collect

15.7

14.5

21.9

22.6

18.7

Other receivables

15.7

14.5

21.9

22.6

18.7

TOTAL PUBLIC SECTOR ASSETS

5,006.5

5,012.4

4,465.4

5,398.6

4,456.8

TOTAL PUBLIC SECTOR LIABILITIES

831.7

642.9

470.0

580.4

685.1

Net exposure

4,174.8

4,369.5

3,995.4

4,818.2

3,771.7

TOTAL PUBLIC SECTOR ASSETS (net of LEBAC / NOBAC )

1,335.6

1,158.8

1,196.7

1,542.3

1,338.3

TOTAL PUBLIC SECTOR ASSETS (net of LEBAC / NOBAC) /TOTAL ASSETS

7.4

5.9

6.0

7.1

6.3

Net exposure (net of LEBAC/NOBAC) / TOTAL ASSETS

2.8

2.6

3.7

4.5

3.1

2Q08 Results

Page 7 of 18

FUNDING

Deposits

Banco Macro’s total deposit base amounted to Ps.14.9 billion, and is the most important source of funds for the Bank (81% of total liabilities).

Public sector deposits rose 16% QoQ. This expansion was mainly explained by the higher fiscal surplus in the provinces in which the Bank acts as financial agent. Additionally, private and financial sector deposits remained at similar levels as 1Q08.

Nevertheless, private sector funding increased 20% YoY, or Ps.2.1 billion, while public sector funds grew Ps.0.8 billion or 49%.

DEPOSITS	MACRO consolidated										Variation
In MILLION $	II 07		III 07		IV 07		I 08		II 08		Q to Q			Y to Y

Public sector		1,650.1		2,043.9		1,774.1		2,132.7		2,466.3		16	%		49	%

Financial sector		9.4		9.3		13.3		9.7		9.9		2	%		5	%

Private sector		10,363.0		11,419.3		11,803.7		12,410.1		12,430.8		0	%		20	%
Current accounts		2,415.8		2,370.0		2,599.7		2,552.9		2,536.4		-1	%		5	%
Savings accounts		2,261.8		2,603.8		2,780.4		2,610.5		2,559.5		-2	%		13	%
Time deposits		5,176.3		5,947.8		5,907.0		6,667.4		6,776.8		2	%		31	%
Other		509.1		497.7		516.6		579.3		558.1		-4	%		10	%
TOTAL		12,022.5		13,472.5		13,591.1		14,552.5		14,907.0		2	%		24	%

Other sources of funds

In 2Q08, other sources of funds remained at similar levels as the previous quarter. The increase compared to 2Q07 (9%) was mainly explained by the Bank’s equity growth.

When compared to 1Q08, corporate bonds (subordinated and unsubordinated) decreased due to the interest payments of Class 1 and 3 in the amount of Ps.38.7 million, as well as the positive impact of the decline of nominal exchange rates on the corporate bonds portfolio.

In 2Q08, the Bank’s equity was reduced as compared to 1Q08 due to the cash dividend payment of Ps.171 million in May and to the repurchase of the Bank’s shares for Ps.85 million.

2Q08 Results

Page 8 of 18

OTHER FUNDING	MACRO consolidated
In MILLION $	II07		III07		IV07		I 08		II08

Central Bank		402.7		339.0		347.9		355.3		366.4
Banks and international institutions		166.1		167.6		164.8		170.5		212.7
Financing received from Argentine financial institutions		92.2		130.3		160.3		114.8		208.2
Subordinated corporate bonds		481.0		501.5		490.7		504.4		471.1
Unsubordinated corporate bonds		790.2		787.0		799.5		769.4		749.9
Shareholders´ equity		2,450.8		2,538.9		2,707.7		2,849.3		2,766.5
Total Funding		4,383.0		4,464.3		4,670.9		4,763.7		4,774.8

Banco Macro’s average cost of funds reached 6.7% as of June 2008, an increase equivalent to 130 bp. Despite being a slight increase from 5.4% in March 2008, this is still among one of the lowest in the banking sector. Banco Macro’s current and saving accounts continued to represent approximately 50% of its deposit base. These accounts are low cost and are not sensitive to interest rate increases.

LIQUID ASSETS

The Bank’s liquid assets increased by 4% YoY, but slightly decreased 0.6% QoQ.

During the quarter, LEBAC/NOBAC portfolio declined by Ps.1.8 billion explained by the scheduled mature of the portfolio, trading and by lower Repos volume. This was compensated with higher cash levels that rose by Ps.1.0 billion, and an increase in loans to “AAA” companies (Ps. 774.3 million); thus taking advantage of the lower competitive environment in this segment and the attractive interest rates.

Banco Macro’s liquid asset to deposits ratio remained at a healthy 53.6%.

LIQUID ASSETS	MACRO consolidated
In MILLION $	II07			III07			IV07			I08			II08

Cash		2,472.8			2,567.6			3,117.4			2,462.1			3,485.0
Guarantees for compensating chambers		156.5			154.2			186.4			178.6			183.0
Loans to AAA companies		307.0			676.8			569.9			346.4			1,120.7
Call		483.0			28.6			65.0			130.0			65.0
Repos		48.1			25.2			67.0			18.4			14.5
LEBAC / NOBAC		4,236.2			4,586.0			3,478.2			4,900.6			3,118.5
TOTAL		7,703.6			8,038.4			7,483.9			8,036.1			7,986.7

Liquid assets to total deposits		64.1	%		59.7	%		55.1	%		55.2	%		53.6	%

2Q08 Results

Page 9 of 18

SOLVENCY

In 2Q08, Banco Macro showed an excess capital of Ps.1.7 billion, a value grater than the required capital amount of Ps.1.3 billion.

The capitalization ratio was 22.1%, well above the 10.5% minimum required by the Central Bank.

The main target for the Bank’s excess capital is growth with the consequent higher leverage of its balance sheet.

MIN.CAP.REQUIREMENT	MACRO consolidated
In MILLION $	II07		III07		IV07		I08		II08
Credit requirements		764		799		884		927		1.023
Market risk requirements		85		127		127		111		103
Interest rate requirements		6		7		102		118		165
Incremental requirements		129		18		36		148		11
Integrated capital		2,710		2,852		2,970		3,132		2,962
Excess capital		1,726		1,901		1,821		1,828		1,660

ASSET QUALITY

In 2Q08, Banco Macro’s non-performing financing to total financing ratio was 2.03%, a value similar to the previous quarter. This slight weakening in consumer portfolio asset quality was expected by the Bank due to the lower growth rate of the Argentine economy and the portfolio maturity.

The coverage ratio continued at 107.8%.

ASSET QUALITY	MACRO consolidated
In MILLION $	II07			III07			IV07			I 08			II08
Commercial portfolio		4,517.6			4,981.7			5,291.3			4,908.0			6,150.7
Irregular		47.2			47.3			46.2			67.6			60.6
Consumer portfolio		4,267.4			5,057.8			5,699.6			6,054.1			6,292.6
Irregular		88.9			87.5			121.8			150.4			191.4
Total portfolio		8,785.0			10,039.5			10,990.9			10,962.1			12,443.3
Irregular		136.2			134.8			168.0			218.0			252.0
Irregular / Total portfolio		1.55	%		1.34	%		1.53	%		1.99	%		2.03	%
Total provisions		216.9			211.8			238.3			241.9			271.7
Coverage ratio w/allowances		159.25	%		157.12	%		141.85	%		110.95	%		107.81	%

2Q08 Results

Page10 of 18

CER EXPOSURE AND FOREIGN CURRENCY POSITION

CER EXPOSURE	Macro consolidated
In MILLION $	II 07		III 07		IV 07		I 08		II 08

CER adjustable ASSETS

Guaranteed loans		760.7		749.0		728.7		742.1		730.9
Loans to the private sector		70.0		57.0		65.5		60.4		59.7
Other loans		17.0		16.1		16.0		15.7		11.6
Loans		847.7		822.1		810.2		818.2		802.2

Leasing		4.5		4.3		4.4		4.2		4.3
Other loans		12.5		12.9		13.1		12.8		12.8
Total CER adjustable assets		864.7		839.3		827.7		835.2		819.3

CER adjustable LIABILITIES
Deposits		125.6		92.9		74.6		23.2		13.1
Other liabilities for financial intermediation		441.4		379.9		387.2		396.8		406.1
Subordinated debt		2.8		2.4		2.5		2.1		2.2
Total CER adjustable liabilities		569.8		475.2		464.3		422.1		421.4

NET ASSET CER EXPOSURE		294.9		364.1		363.4		413.1		397.9

FX CURRENCY POSITION	MACRO consolidated
In MILLION $	II07		III07		IV07		I08		II08

Cash		1,226.1		1,262.4		1,001.5		1,010.5		1,141.5
Government Securities		333.2		187.4		288.4		277.8		174.2
Loans		1,143.2		1,497.9		1,599.7		1,493.2		1,781.6
Other receivables from financial intermediation		158.9		228.0		238.1		163.3		298.7
Investments in other companies		1.3		1.3		1.3		1.3		0.4
Other receivables		35.0		21.2		23.1		24.4		52.3
Other assets		0.0		19.0		20.4		52.5		55.2
TOTAL ASSETS		2,897.7		3,217.2		3,172.5		3,023.0		3,503.9
Deposits		1,928.6		2,089.5		2,119.2		2,121.6		2,186.5
Other liabilities from financial intermediation		863.7		901.4		984.0		880.6		1,158.1
Other liabilities		4.7		5.3		7.7		4.7		3.9
Subordinated corporate bonds		478.2		499.1		488.2		502.2		468.9
TOTAL LIABILITIES		3,275.2		3,495.3		3,599.1		3,509.1		3,817.4

NET FX POSITION		-377.5		-278.1		-426.6		-486.1		-313.5

2Q08 Results

Page11 of 18

RELEVANT AND RECENT EVENTS

In July 15, 2008, the Board of Directors increased the Share Buy Back Program to 50 million ordinary shares from 30 million and the maximum amount to be invested to Ps.290 million from Ps.210 million.

In August 1, 2008, Banco Macro paid semi-annual interest on Class 2 Notes for USD 6 million. In June 2008, the Bank had also paid semi-annual interest on Class 1 and 3 Notes for USD 7.3 million and Ps.16.6 million, respectively.

As of August 4 2008, Banco Macro has repurchased 31.2 million ordinary shares Class B (including ADS) totaling Ps.185.3 million according to the terms and conditions established in the Share Buy Back Program launched in January 8, 2008.

2Q08 Results

Page12 of 18

QUARTERLY CONFERENCE CALL

A conference call to discuss this press release will be held on August 8, 2008 at 12:00 p.m. Buenos Aires time (11:00 a.m., New York time), with the presence of Jorge Pablo Brito (Member of the Executive Committee), Guillermo Stanley (Board Member), Guillermo Goldberg (Deputy General Manager) and Jorge Scarinci, (Finance and Investor Relations Manager). Dial in information:

(877) 718-5101 (Within the U.S.)

(719) 325-4800 (Outside the U.S.)

Conference ID: 9227304

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, 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.gov.ar), the Securities and Exchange Commission (www.sec.gov), the Bolsa de Comercio de Buenos Aires (www.bolsar.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.

INVESTOR RELATIONS CONTACTS:

In Buenos Aires:

Jorge Scarinci, CFA

Finance and Investor Relations Manager

Tel: +5411-5222-6730

E-mail: investorelations@macro.com.ar

visit our website at: www.macro.com.ar

2Q08 Results

Page13 of 18

QUARTERLY BALANCE SHEET	MACRO consolidated
In MILLION $	II07		III07		IV07		I08		II08

ASSETS		17,963.1		19,731.7		19,781.2		21,606.6		21,170.7
Cash		2,472.8		2,567.6		3,117.4		2,462.1		3,485.0
Government Securities		4,811.0		4,946.2		3,950.7		5,715.1		3,600.7
LEBAC/NOBAC		4,236.2		4,586.0		3,478.2		4,900.6		3,118.5
Other		574.8		360.2		472.5		814.5		482.2
Loans		7,799.9		9,015.9		10,009.4		10,044.8		11,436.9
to the non-Financial Government Sector		765.0		752.8		732.5		745.1		733.8
to the Financial Sector		544.4		80.5		161.7		183.5		97.9
to the non-financial private sector		6,685.0		8,376.0		9,335.6		9,339.9		10,858.7
-Overdrafts		891.5		1,342.8		1,375.1		1,116.7		2,022.5
-Discounted documents		729.7		1,043.2		1,213.7		1,058.8		1,093.5
-Mortgages		477.2		575.3		619.8		621.6		722.9
-Pledges		291.7		324.3		348.0		362.7		378.3
-Consumer		2,167.3		2,763.2		3,207.5		3,521.8		3,744.1
-Credit cards		589.6		635.6		722.0		780.6		833.4
-Other		1,441.1		1,584.9		1,719.0		1,741.4		1,925.6
- Less: int. doc., cotiz dif.		96.9		106.7		130.5		136.3		138.4
Allowances		-194.5		-193.4		-220.4		-223.7		-253.5
Other receivables from financial intermediation		1,549.5		1,740.5		1,226.3		1,902.8		1,216.2
Investments in other companies		10.8		10.4		10.4		10.4		9.7
Other receivables		233.2		265.5		254.3		257.7		238.0
Other assets		1,085.9		1,185.6		1,212.7		1,213.7		1,184.2
LIABILITIES		15,512.3		17,192.8		17,073.5		18,757.3		18,404.2
Deposits		12,022.5		13,472.5		13,591.1		14,552.5		14,907.0
From the non-financial government sector		1,650.1		2,043.9		1,774.1		2,132.7		2,466.3
From the financial sector		9.4		9.3		13.3		9.7		9.9
From the non-financial private sector		10,363.0		11,419.3		11,803.7		12,410.1		12,430.8
-Checking accounts		2,415.8		2,370.0		2,599.7		2,552.9		2,536.4
-Savings accounts		2,261.8		2,603.8		2,780.4		2,610.5		2,559.5
-Time deposits		5,176.3		5,947.8		5,907.0		6,667.4		6,776.8
-Other		509.1		497.7		516.6		579.3		558.1
Other liabilities from financial intermediation		2,726.6		2,858.7		2,571.8		3,197.0		2,595.9
Subordinated corporate bonds		481.0		501.5		490.7		504.4		471.1
Other liabilities		282.2		360.1		419.9		503.4		430.2

STOCKHOLDERS´ EQUITY		2,450.8		2,538.9		2,707.7		2,849.3		2,766.5

LIABILITIES + STOCKHOLDERS´ EQUITY		17,963.1		19,731.7		19,781.2		21,606.6		21,170.7

2Q08 Results

Page14 of 18

QUARTERLY BALANCE SHEET	BISEL
In MILLION $	II07		III07		IV07		I08		II08

ASSETS		3,434.2		3,513.6		3,775.9		3,836.1		3,957.5
Cash		366.1		400.8		484.4		417.7		454.6
Government Securities		1,177.4		1,089.5		840.5		1,103.8		867.5
Loans		1,308.5		1,450.4		1,663.3		1,690.2		1,873.7
to the non-Financial Government Sector		187.4		182.7		176.8		181.3		175.2
to the Financial Sector		0.0		0.1		3.3		0.0		0.0
to the non-financial private sector		1,150.1		1,295.2		1,515.0		1,550.9		1,743.7
-Overdrafts		236.1		143.4		117.8		113.4		265.4
-Discounted documents		255.8		375.4		469.3		450.9		420.5
-Mortgages		68.6		89.8		103.7		104.1		106.3
-Pledges		72.9		77.7		109.7		118.2		126.0
-Consumer		202.1		284.9		344.3		383.2		415.3
-Credit cards		168.9		176.3		210.0		220.8		223.5
-Other		120.8		122.7		128.2		130.2		154.5
-Less: int. doc., cotiz dif.		24.9		25.0		32.0		30.1		32.2
Allowances		-29.0		-27.6		-31.8		-42.0		-45.2
Other receivables from financial intermediation		401.6		368.1		572.8		404.3		532.2
Investments in other companies		1.3		1.3		1.3		1.3		0.4
Other receivables		40.8		41.9		45.6		46.5		52.7
Other assets		138.5		161.6		168.0		172.3		176.4
LIABILITIES		2,426.1		2,475.6		2,662.5		2,668.9		2,720.3
Deposits		1,844.9		1,951.0		1,929.9		2,065.9		1,892.9
From the non-financial government sector		23.6		19.7		14.7		20.4		23.6
From the financial sector		0.5		0.5		1.7		0.6		1.6
From the non-financial private sector		1,820.8		1,930.8		1,913.5		2,044.9		1,867.7
-Checking accounts		505.5		498.1		501.8		552.0		530.0
-Savings accounts		454.5		478.8		496.1		492.4		458.6
-Time deposits		786.4		877.9		836.9		916.4		809.8
-Other		74.4		76.0		78.7		84.1		69.3
Other liabilities from financial intermediation		546.9		472.6		676.5		539.5		774.2
Subordinated corporate bonds		0.0		0.0		0.0		0.0		0.0
Other liabilities		34.3		52.0		56.1		63.5		53.2

STOCKHOLDERS´ EQUITY		1,008.1		1,038.0		1,113.4		1,167.3		1,237.2

LIABILITIES + STOCKHOLDERS´ EQUITY		3,434.2		3,513.6		3,775.9		3,836.1		3,957.5

2Q08 Results

Page15 of 18

QUARTERLY INCOME STATEMENT	MACRO consolidated
In MILLION $	II07		III07		IV07		I08		II08

Financial income		403.1		440.0		629.8		603.7		699.3
Interest on cash and due from banks		2.8		6.6		5.3		2.5		1.7
Interest on loans to the financial sector		12.1		5.1		4.8		2.6		3.9
Interest on overdrafts		41.2		47.5		63.9		62.2		78.8
Interest on documents		27.9		37.1		50.2		52.6		60.6
Interest on mortgages		14.8		17.7		21.3		21.3		22.9
Interest on pledges		12.0		12.5		14.8		15.2		15.9
Interest on credit cards		13.0		13.7		17.4		20.6		24.5
Interest on other loans		115.0		140.9		171.7		198.9		216.2
Income from government & private securities		86.6		84.4		191.3		139.6		156.4
Net options results		1.0		0.5		0.1		0.0		0.0
Results of guaranteed loans		8.8		14.4		2.9		9.0		9.2
Interest on other receivables from fin. intermediation		4.8		5.7		3.8		6.2		3.7
CER adjustment		16.7		6.3		30.5		22.4		21.6
CVS adjustment		0.5		0.4		0.3		0.2		0.2
Difference in Foreign Exchange		15.5		13.9		16.8		12.0		47.0
Other		30.4		33.3		34.7		38.4		36.7
Financial expense		-169.5		-207.0		-271.0		-248.8		-300.7
Interest on checking accounts		-4.6		-5.3		-4.8		-4.0		-3.4
Interest on saving accounts		-2.3		-2.7		-4.3		-3.4		-3.3
Interest on time deposits		-97.7		-119.3		-150.7		-165.7		-186.6
Interest on loans from the financial sector		-1.0		-1.4		-2.1		-1.0		-0.8
Interest on other loans from the financial sector		0.0		0.0		-0.1		0.0		-0.1
Interest on subordinated notes		-12.5		-11.7		-12.0		-11.8		-11.5
Other Interest		-2.8		-2.6		-1.3		-2.3		-2.4
Net Income from options		0.5		0.0		0.1		-0.3		0.1
Interest on other receivables from fin. intermediation		-17.6		-21.7		-21.6		-23.9		-22.0
CER adjustments		-10.2		-7.6		-10.4		-11.4		-10.5
Deposits guarantee fund		-4.7		-5.1		-6.1		-6.0		-6.2
Other Interest		-16.6		-29.6		-57.7		-19.0		-54.0
Net financial income		233.9		233.0		358.8		354.9		398.6
Provision for loan losses		-14.6		-29.8		-33.0		-28.7		-43.2

Fee income		153.2		168.7		193.7		196.8		218.1
Fee expense		-32.2		-43.1		-42.8		-43.5		-43.6
Net fee income		121.0		125.6		150.9		153.3		174.5

Administrative expense		-228.4		-235.4		-274.2		-301.8		-296.3
Minority interest		-0.1		-0.4		-0.6		-0.6		-0.7
Net other income		27.4		11.6		4.5		12.8		-12.9
Earnings before income tax		139.2		104.6		206.4		189.9		220.0
Income tax		-23.9		-16.6		-37.7		-38.3		-59.0

Net income		115.3		88.0		168.7		151.6		161.0

2Q08 Results

Page16 of 18

QUARTERLY INCOME STATEMENT	BISEL
In MILLION $	II07		III07		IV07		I08		II08

Financial income		74.6		81.2		132.4		117.2		150.2
Interest on cash and due from banks		0.1		0.8		0.4		0.2		0.1
Interest on loans to the financial sector		0.6		0.0		0.0		0.0		0.0
Interest on overdrafts		10.1		9.9		11.9		12.9		10.3
Interest on documents		15.1		20.6		28.9		31.8		39.0
Interest on mortgages		2.1		2.4		3.3		3.4		3.5
Interest on pledges		2.9		2.8		4.6		5.1		5.6
Interest on credit cards		2.2		1.8		2.7		3.6		4.8
Interest on other loans		0.1		0.1		0.2		0.1		0.1
Income from government & private securities		28.0		31.3		65.0		44.6		59.0
Net options results		0.0		0.0		0.0		0.0		0.0
Results of guaranteed loans		2.3		8.0		-3.6		2.4		2.4
Interest on other receivables from fin. intermediation		0.6		0.7		0.8		0.8		0.4
CER adjustment		4.2		-3.0		10.6		5.8		5.5
CVS adjustment		0.0		0.0		0.0		0.0		0.0
Difference in Foreign Exchange		2.3		1.7		2.8		1.3		14.2
Other		4.0		4.1		4.8		5.2		5.3
Financial expense		-23.8		-33.6		-41.7		-32.4		-47.6
Interest on checking accounts		-0.2		-0.1		-0.2		-0.2		-0.2
Interest on saving accounts		-0.5		-0.6		-0.7		-0.7		-0.6
Interest on time deposits		-13.0		-15.2		-17.9		-18.8		-19.0
Interest on loans from the financial sector		0.0		0.0		-0.1		0.0		-0.1
Interest on other loans from the financial sector		-0.1		0.0		0.0		0.0		-0.1
Other Interest		-0.9		-0.9		-0.8		-0.9		-0.8
Interest on other receivables from fin. intermediation		0.0		0.0		-0.1		-0.1		0.0
CER adjustments		-4.0		-2.8		-4.0		-4.7		-4.2
Deposits guarantee fund		-0.7		-0.8		-0.8		-0.9		-0.9
Other Interest		-4.4		-13.2		-17.1		-6.1		-21.7
Net financial income		50.8		47.6		90.7		84.8		102.6
Provision for loan losses		-5.1		-6.3		-4.8		-7.8		-7.2

Fee income		29.3		33.1		36.2		38.1		40.0
Fee expense		-2.6		-4.0		-6.7		-6.1		-6.0
Net fee income		26.7		29.1		29.5		32.0		34.0

Administrative expense		-46.0		-51.2		-53.4		-62.4		-64.3
Minority interest		0.0		0.0		0.0		0.0		0.0
Net other income		25.1		10.7		13.4		7.3		4.8
Earnings before income tax		51.5		29.9		75.4		53.9		69.9
Income tax		0.0		0.0		0.0		0.0		0.0

Net income		51.5		29.9		75.4		53.9		69.9

2Q08 Results

Page17 of 18

3 MONTHS ANNUALIZED RATIOS	MACRO consolidated
	II07			III07			IV07			I08			II08

Profitability & performance
Net interest margin		6.1	%		5.8	%		8.4	%		7.8	%		7.7	%
Fee income ratio		34.1	%		35.0	%		29.6	%		30.2	%		30.5	%
Efficiency ratio		64.5	%		65.6	%		54.0	%		59.4	%		51.7	%
Fee income as a percentage of adm expenses		52.9	%		53.4	%		54.8	%		50.8	%		58.9	%
Return on average assets		2.7	%		2.0	%		3.5	%		3.0	%		3.1	%
Return on average equity		19.5	%		14.5	%		26.2	%		22.0	%		23.6	%
Liquidity
Loans as a percentage of total deposits		66.5	%		68.4	%		75.3	%		70.6	%		78.4	%
Liquid assets as a percentage of total deposits		64.1	%		59.7	%		55.1	%		55.2	%		53.6	%
Capital
Total equity as a percentage of total assets		13.6	%		12.9	%		13.7	%		13.2	%		13.1	%
Regulatory capital as a percentage of risk weighted assets		27.9	%		28.1	%		26.8	%		27.3	%		22.1	%
Asset Quality
Allowances over total loans		2.4	%		2.1	%		2.2	%		2.2	%		2.2	%
Non-performing loans as a percentage of total loans		1.6	%		1.4	%		1.6	%		2.0	%		2.0	%
Allowances as a percentage of non-performing loans		156.7	%		152.1	%		138.8	%		111.4	%		107.0	%
Amparos as a percentage of average equity		3.7	%		4.5	%		3.9	%		3.3	%		3.4	%

6 MONTH ANNUALIZED RATIOS	MACRO consolidated
	II07			III07			IV07			I08			II08

Profitability & performance
Net interest margin		6.8	%		6.4	%		6.9	%		7.8	%		7.7	%
Fee income ratio		32.3	%		33.2	%		32.0	%		30.2	%		30.3	%
Efficiency ratio		61.3	%		62.7	%		59.9	%		59.4	%		55.3	%
Fee income as a percentage of adm expenses		52.8	%		53.0	%		53.5	%		50.8	%		54.8	%
Return on average assets		2.9	%		2.6	%		2.8	%		3.0	%		3.0	%
Return on average equity		20.4	%		18.4	%		20.2	%		22.0	%		22.8	%
Liquidity
Loans as a percentage of total deposits		66.5	%		68.4	%		75.3	%		70.6	%		78.4	%
Liquid assets as a percentage of total deposits		64.1	%		59.7	%		55.1	%		55.2	%		53.6	%
Capital
Total equity as a percentage of total assets		13.6	%		12.9	%		13.7	%		13.2	%		13.1	%
Regulatory capital as a percentage of risk weighted assets		27.9	%		28.1	%		26.8	%		27.3	%		22.1	%
Asset Quality
Allowances over total loans		2.4	%		2.1	%		2.2	%		2.2	%		2.2	%
Non-performing loans as a percentage of total loans		1.6	%		1.4	%		1.6	%		2.0	%		2.0	%
Allowances as a percentage of non-performing loans		156.7	%		152.1	%		138.8	%		111.4	%		107.0	%
Amparos as a percentage of average equity		3.7	%		4.6	%		4.1	%		3.3	%		3.4	%

2Q08 Results

Page18 of 18

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 7, 2008

	MACRO BANK INC.


	By:	/s/
	Name:	Luis Cerolini
	Title:	Director