BANCO MACRO ANNOUNCES RESULTS FOR THE FOURTH QUARTER OF 2010

Buenos Aires, Argentina, February 10, 2011 – Banco Macro S.A. (NYSE: BMA; Buenos Aires: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the fourth quarter ended December 31, 2010 (“4Q10”). All figures are in Argentine pesos (Ps.) and have been prepared in accordance with Argentine GAAP.

SUMMARY

The Bank’s net income totalled Ps.274.4 million in 4Q10. This result was 13% higher than the Ps.241.8 million posted for the fourth quarter of 2009 (“4Q09”) and 2% higher than the result posted in the third quarter of 2010 (“3Q10”). In 4Q10, the annualized return on average equity (“ROAE”) and return on average assets (“ROAA”) were 27.3% and 3.7%, respectively.

·	In 4Q10, the Bank’s net financial income was Ps.647.8 million growing 8% compared to 3Q10 due to higher income from interest on loans supported by the significant loan growth achieved.

In 4Q10, Banco Macro’s financing to the private sector grew 14% or Ps.1.9 billion quarter on quarter (“QoQ”) excluding liquidity administration credit lines. Within the commercial credit lines, documents and structured loans to SMEs grew 24% and 15% QoQ respectively. While among consumer credit lines, credit cards and consumer loans expanded 17% and 13% QoQ respectively.

·	In 4Q10, total deposits grew 3% QoQ, totalling Ps.23.4 billion and representing 80% of the Bank’s total liabilities. Private sector deposits grew 8% in 4Q10, led by transactional deposits which increased 16%.

In 4Q10, the Bank’s non-performing financing to total financing ratio improved to 2.1%. During the 4Q10 the Bank decided to create provisions, for Ps.64.7 million, in excess of those required by the Argentine Central Bank (“BCRA”) and to comply with the provisioning policy established by the Bank. Therefore, due to the improvement in the NPL portfolio and the additional provisions, the coverage ratio reached 147.2%.

·	Banco Macro continued showing a strong solvency ratio, with excess capital of Ps.2.6 billion (24.7% capitalization ratio). In addition, the Bank’s liquid assets remained at a high level, reaching 51.9% of its total deposits in 4Q10.

RESULTS

Earnings per outstanding share were Ps.0.46 in 4Q10, 13% higher than 4Q09 and 2% higher than 3Q10. In fiscal year (FY) 2010 earnings per outstanding share of Ps.1.70 were 34% higher than FY2009’s Ps.1.26.

EARNINGS PER SHARE	MACRO Consolidated
	IV09		I10	II10		III10		IV10

Net income (M $)		241.8	246.0		222,1		267.9		274.4
Average shares outstanding (M)		594.5	594.5		594.5		594.5		594.5
Average shares in portfolio (M)		0.0	0.0		0.0		0.0		0.0
Average shares issued (M)		594.5	594.5		594.5		594.5		594.5
Book value per issued share ($)		5.65	6.06		6.07		6.52		6.99
Earnings per outstanding share ($)		0.41	0.41		0.37		0.45		0.46

Since September 20, 2010, Banco Macro has consolidated its financial statements with the financial statements of Banco Privado de Inversiones S.A.

Banco Macro’s 4Q10 net income of Ps.274.4 million rose 13% or Ps.32.6 million year over year (“YoY”) and 2% or Ps.6.5 million QoQ. In 4Q10, Banco Macro accounted additional provisions for Ps.64.7 million. Had we excluded these provisions, 4Q10 net income would have been Ps.339.1 million.

In FY2010, Banco Macro earned Ps.1,010.4 million, 34% or Ps.258.5 million higher than the FY2009. The Bank’s annualized ROAE and ROAA were 27.1% and 3.6% respectively, higher than FY2009’s ROAE and ROAA of 24.6% and 3.0% respectively. Had we excluded 4Q10’s additional provisions, FY2010 net income would have been Ps.1,075.1 million (28.8% ROAE and 3.8% ROAA).

The leverage of Banco Macro’s balance sheet (8.1 assets to equity ratio) remained lower than the system and our competitors’ average, according to figures published by the Central Bank.

INCOME STATEMENT	MACRO consolidated
In MILLION $	IV09		I10	II10		III10		IV10

Net financial income		585.1	654.0		496.7		599.7		647.8
Provision for loan losses		-64.6	-37.8		-23.2		-25.2		-128.8
Net fee income		214.9	220.3		241.7		265.0		312.2
		735.4	836.5		715.2		839.5		831.2
Administrative expenses		-418.9	-414.2		-454.2		-471.8		-577.1
Operating result		316.5	422.3		261.0		367.7		254.1
Minority interest		-1.6	-1.5		-1.8		-2.0		-1.6
Net other income		-28.1	15.0		35.2		22.3		5.5
Net income before income tax		286.8	435.8		294.4		388.0		258.0
Income tax		-45.0	-189.8		-72.3		-120.1		16.4
NET INCOME		241.8	246.0		222.1		267.9		274.4

4Q10 Results

Page 2 of 18

The Bank’s total financial income of Ps.1,005.7 million increased 8% as compared to the previous quarter and increased 7% YoY, due to interest on loans.

Interest on loans represented 68% of total financial income compared to 63% in 3Q10 and 57% in 4Q09. In addition, interest on loans was 17% higher than 3Q10’s level and 28% above 4Q09´s level on the back of the Bank’s loan growth. This positive performance took place in a macroeconomic scenario of decreasing interest rates where the Bank’s average private sector lending rate was 17.8% in 4Q10 compared to 19.2% in 4Q09.

In 4Q10, income from government and private securities decreased 8% QoQ, mainly due to lower income from Lebacs/Nobacs. The average portfolio of Lebacs/Nobacs in the 4Q10 was 12% lower QoQ.

YoY, income from securities declined 44%, or Ps.168.5 million, as a result of the Bank´s reduction in its special investment account bond portfolio during 4Q09. Additionally, income from Lebacs/Nobacs declined 20% YoY with a 15% smaller portfolio.

On the other hand, income from guaranteed loans showed an increase Ps.18.1 million QoQ and Ps.36.1 million YoY, due to valuation adjustments resulting from the present value appraisal of the portfolio determined by reference to figures published by the BCRA (Communication "A" 4898 and supplementary).

Income from differences in quoted prices of foreign currency increased Ps.24.5 million YoY (the average exchange rate depreciated 4%) due to a higher FX position revaluation and higher income from FX trading.

Other financial income increased Ps.22.5 million compared to 4Q09 due to higher income from forward foreign currency transactions payable in pesos, and higher interest rates accrued on Repo transactions.

4Q10 Results

Page 3 of 18

FINANCIAL INCOME	MACRO consolidated
In MILLION $	IV09		I10	II10		III10		IV10

Interest on cash and due from banks		0.1	0.0		0.0		0.2		0.1
Interest on loans to the financial sector		0.8	2.0		3.0		4.2		4.5
Interest on overdrafts		76.4	59.6		63.4		69.0		86.8
Interest on documents		43.5	34.7		35.7		35.7		40.2
Interest on mortgages loans		25.9	25.7		27.6		28.3		30.9
Interest on pledges loans		11.1	11.5		12.8		12.7		14.3
Interest on credit cards loans		45.9	47.4		49.7		48.3		64.6
Interest on other loans		331.7	345.2		364.7		387.6		441.3
Interest on other receivables from finan. interm.		0.0	0.1		0.5		0.1		0.3
Income from government & private securities,net (1)		382.4	369.6		171.8		233.4		213.9
Net options results		0.0	0.6		0.0		0.0		0.0
Income from Guaranteed Loans		3.7	0.1		0.5		21.7		39.8
CER adjustment		7.8	1.0		1.8		35.7		7.7
CVS adjustment		0.2	0.2		0.1		0.3		0.1
Difference in quoted prices of foreign currency		11.0	43.8		48.2		32.6		35.5
Other		3.2	31.0		35.3		25.3		25.7

Total financial income		943.7	972.5		815.1		935.1		1,005.7

(1) Income from government & private securities
LEBAC / NOBAC		170.6	162.0		145.0		160.0		136.5
Other		211.8	207.6		26.8		73.4		77.4
TOTAL		382.4	369.6		171.8		233.4		213.9

The Bank’s financial expense totalled Ps.357.9 million increasing 7% (Ps.22.5 million) compared with previous quarter and remained relatively stable compared to 4Q09.

In 4Q10, interest on deposits represented 73% of the Bank’s total financial expenses. Interest on deposits increased by 6% or Ps.14.3 million QoQ mainly due a 6% increase in average time deposits base. The average interest rate paid on CDs in 4Q10 remained relatively stable compared to the previous quarter.

On an annual basis, interest on deposits decreased 1%, although the average time deposit base grew 22%, due to lower interest rates paid on CDs (from 10.3% average in 4Q09 to 8.3% average in 4Q10).

On the other hand, other financial expenses grew 13% or Ps.6.4 million QoQ due to higher turnover tax.

FINANCIAL EXPENSE	MACRO consolidated
In MILLION $	IV09		I10	II10		III10		IV10

Interest on checking accounts		3.7	3.0		1.0		0.1		0.0
Interest on saving accounts		4.6	4.6		4.9		5.1		5.0
Interest on time deposits		254.5	230.0		229.8		240.1		254.6
Interest on loans from financial sector		1.4	1.1		1.1		1.2		1.0
Interest on other liabilities from financial interm.		19.5	16.2		15.2		15.5		16.0
Interest on subordinated notes		14.1	14.1		14.2		14.4		14.7
Other Interest		0.5	0.5		0.5		0.4		0.6
CER adjustments		1.0	1.4		1.4		1.0		1.1
Deposits Guarantee Fund		7.7	7.9		8.4		9.0		9.9
Other		51.6	39.7		41.9		48.6		55.0

Total Financial Expense		358.6	318.5		318.4		335.4		357.9

4Q10 Results

Page 4 of 18

In 4Q10, the Bank’s net interest margin was 11.4%, slightly higher than the 11.3% posted in 3Q10. Excluding the income from government bonds and guaranteed loans, the Bank’s net interest margin would have been 9.1% compared to the 8.3% in 3Q10, evidencing the bank's ability to expand the margin given the growth in consumer lending.

In 4Q10, Banco Macro’s net fee income of Ps.312.2 was 18% higher QoQ and 45% YoY, including the impact of the inclusion of Banco Privado. Excluded Banco Privado from the analysis the increase of net fee income would have been 16% QoQ and 42% YoY.

The increase was mainly driven by fees on deposit accounts, by debit and credit cards fees and credit-related fees. Structured transactions and trusts fees increased within the credit-related fees.

NET FEE INCOME	MACRO consolidated
In MILLION $	IV09		I10	II10		III10		IV10

Fee charges on deposit accounts		171.4	179.4		193.7		210.7		232.3
Debit and credit card income		47.8	47.7		50.9		57.8		66.1
Other fees related to foreign trade		7.2	5.2		9.5		6.2		7.5
Credit-related fees		18.6	20.0		18.0		22.4		36.2
Lease of safe-deposit boxes		6.0	6.0		6.2		7.7		12.2
Other		26.8	24.7		31.5		34.2		38.5
Total fee income		277.8	283.0		309.8		339.0		392.8

Total fee expenses		62.9	62.7		68.1		74.0		80.6

Net fee income		214.9	220.3		241.7		265.0		312.2

In 4Q10 Banco Macro’s administrative expenses of Ps.577.1 million were 22% or Ps.105.3 million higher than 3Q10, mainly due to personnel expenses.

Personnel expenses grew 21% QoQ due to the provision for the payment of bonuses which totalled Ps.50 million. Excluding this non-recurrent provision, personnel expenses would have grown 4% QoQ, that was explained by the inclusion of Banco Privado (Ps.5.5 million) and the portion of the 13th salary related to the one-time payment done in October (Ps.8 million).

Personnel expenses increased 34% in FY2010 compared to FY09, primarily due to the 23.5% salary increase agreed with the labor union in March 2010 (effective as of January 2010) and the impact of the provisions mentioned above.

The efficiency ratio reached 55.8% in FY2010. Had we excluded the impact of the charge for the special payment registered in 4Q10, the Bank’s efficiency ratio would have been 54% as of 4Q10, similar to the previous quarter.

4Q10 Results

Page 5 of 18

ADMINISTRATIVE EXPENSES	MACRO consolidated
In MILLION $	IV09			I10		II10			III10			IV10

Personnel expenses		273.6		279.7			283.0			304.0			367.2
Directors & statutory auditors´fees		3.7		4.2			17.0			9.4			28.8
Other professional fees		17.7		17.2			20.6			20.9			22.5
Advertising & publicity		15.9		8.5			13.3			16.3			25.3
Taxes		18.3		20.3			30.3			25.2			26.7
Depreciation of equipment		14.0		14.0			14.3			14.6			15.4
Amortization of organizational costs		9.1		9.6			10.2			11.2			12.3
Other operating expenses		60.3		55.8			60.3			63.2			69.1
Other		6.3		4.9			5.2			7.0			9.8
Total Administrative Expenses		418.9		414.2			454.2			471.8			577.1
							373
Total Employees		7,810		7,807			7,864			8,060			8,154
Branches		408		408			403			400			404

Efficiency ratio		52.4	%	47.4	%		61.5	%		54.6	%		60.1	%

Efficiency ratio accumulated		48.0	%	47.4	%		53.8	%		54.1	%		55.8	%

In 4Q10, the Bank’s net other income decreased Ps.16.8 million due to lower other income as compared to 3Q10.

NET OTHER INCOME	MACRO consolidated
In MILLION $	IV09		I10	II10		III10		IV10

Other Income
Penalty interest		5.8	6.4		8.8		5.7		5.9
Recovered loans and allowances reversed		11.7	23.1		10.6		19.8		16.5
Other		11.3	6.1		32.0		24.6		8.0
Total Other Income		28.8	35.6		51.4		50.1		30.4

Other Expense
Uncollected charges for other loans and other provisions		2.0	7.5		4.3		8.2		12.5
Difference in amparos amortization		4.0	4.2		4.3		4.5		4.5
Goodwill amortization		2.1	2.1		2.1		2.6		3.5
Other Expense		48.8	6.8		5.5		12.5		4.4
Total Other Expense		56.9	20.6		16.2		27.8		24.9

Net Other Income		-28.1	15.0		35.2		22.3		5.5

In FY 2010, Banco Macro’s effective income tax rate was 26.6% lower than 46.7% registered in FY 2009 due to a lower government securities gains for tax purposes.

4Q10 Results

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FINANCIAL ASSETS

Private sector financing

The volume of “core” financing to the private sector (including loans, financial trust and leasing portfolio), but excluding short term advances to companies with AAA local rating, totalled Ps.16.4 billion, showing an increase of 14% or Ps.1.9 billion QoQ and 40% or Ps.4.7 billion YoY.

Within commercial loans, discounted documents grew 24% QoQ, overdrafts increased 21% QoQ and structured loans rose 15% QoQ.

Within retail loans, credit card increased 17% QoQ, personal loans grew 13% QoQ and mortgage and pledged loans 11%.

Financial trusts declined 16% QoQ.

PRIVATE SECTOR LOAN PORTFOLIO	MACRO consolidated									Variation
In MILLION $	IV09		I10	II10		III10		IV10		IV10/III10			IV10/IV09

Overdrafts (total)		1,436.3	1,254.9		1,671.8		1,684.3		2,033.0		21	%		42	%
Overdrafts		1,169.2	1,215.0		1,352.3		1,535.0		1,820.9		19	%		56	%
AAA (liquidity administration)		267.1	39.9		319.5		149.3		212.1		42	%		-21	%
Discounted documents		1,412.6	1,341.5		1,326.3		1,451.8		1,805.2		24	%		28	%
Mortgages loans		746.8	802.0		791.2		827.2		902.7		9	%		21	%
Pledges loans		262.5	282.3		295.1		298.1		347.3		17	%		32	%
Consumer loans		4,006.6	4,234.1		4,668.1		5,150.5		5,802.4		13	%		45	%
Credit Cards loans		950.1	970.0		1,021.9		1,326.5		1,553.2		17	%		63	%
Others		2,271.8	2,447.4		2,739.8		2,865.2		3,302.2		15	%		45	%
Total credit to the private sector		11,086.7	11,332.2		12,514.2		13,603.6		15,746.0		16	%		42	%
Financial trusts		597.0	697.2		680.0		726.3		612.1		-16	%		3	%
Leasing		274.1	247.6		231.0		229.8		247.4		8	%		-10	%
Total credit w/ f. trusts and leasing		11,957.8	12,277.0		13,425.2		14,559.7		16,605.5		14	%		39	%

Total credit w/o liquidity administration		11,690.7	12,237.1		13,105.7		14,410.4		16,393.4		14	%		40	%

PUBLIC SECTOR ASSETS

The Bank’s public sector assets (excluding LEBAC / NOBAC) to total assets ratio was 2.5% in 4Q10, showing a decline from the 2.9% posted in 3Q10 and the 3.9% of 4Q09. The Bank’s exposure to the public sector remained below the system’s average (13%).

The decline of other government securities in the quarter was partially offset by the increase in the value of guaranteed loans.

4Q10 Results

Page 7 of 18

PUBLIC SECTOR ASSETS	MACRO consolidated
In MILLION $	IV09			I10		II10			III10			IV10

LEBAC / NOBAC B.C.R.A.		5,157.0		4,890.9			4,855.9			5,127.1			3,849.3
Other		824.2		336.3			389.5			647.2			480.3
Government securities		5,981.2		5,227.2			5,245.4			5,774.3			4,329.6
Guaranteed loans		190.5		186.3			183.8			236.4			280.6
Provincial loans		16.0		152.6			48.0			41.8			55.8
Government securities loans		10.9		0.0			0.0			0.0			0.0
Loans		217.4		338.9			231.8			278.3			336.4
Purchase of government bonds		16.2		16.4			16.6			16.8			16.5
Other receivables		16.2		16.4			16.6			16.8			16.5

TOTAL PUBLIC SECTOR ASSETS		6,214.8		5,582.5			5,493.8			6,069.3			4,682.5

TOTAL PUBLIC SECTOR LIABILITIES		110.5		89.5			100.9			98.2			92.1

Net exposure		6,104.3		5,493.0			5,393.0			5,971.1			4,590.4

TOTAL PUBLIC SECTOR ASSETS (net of LEBAC / NOBAC )		1,057.8		691.6			637.9			942.3			833.2

TOTAL PUBLIC SECTOR ASSETS (net of LEBAC / NOBAC) /TOTAL ASSETS		3.9	%	2.5	%		2.1	%		2.9	%		2.5	%

Net exposure (net of LEBAC/NOBAC) / TOTAL ASSETS		3.5	%	2.1	%		1.8	%		2.6	%		2.2	%

FUNDING

Deposits

Banco Macro’s deposit base totalled Ps.23.4 billion in 4Q10. Deposits remained the Bank’s most important source of funding, growing 26% YoY and 3% QoQ and represented 80% of the Bank’s total liabilities.

The increase of Private sector deposits in 4Q10 was led by transactional deposits which increased 16% QoQ and 30% YoY. Time deposits grew by 13% YoY and 1% in the quarter.

Public sector deposits declined 9% or Ps.508.2 million in the quarter.

DEPOSITS	MACRO consolidated									Variation
In MILLION $	IV 09		I 10	II 10		III 10		IV 10		Q to Q			Y to Y

Public sector		3,613.9	4,312.4		5,134.5		5,724.3		5,216.1		-9	%		44	%

Financial sector		14.1	10.9		14.2		10.9		15.8		45	%		12	%

Private sector		14,964.9	15,189.9		16,146.7		16,905.7		18,175.5		8	%		21	%
Checking accounts		3,275.8	3,256.1		3,716.7		3,730.4		4,178.7		12	%		28	%
Savings accounts		3,445.6	3,236.3		3,523.2		3,771.6		4,526.7		20	%		31	%
Time deposits		7,711.5	8,140.7		8,090.9		8,592.7		8,714.1		1	%		13	%
Other		532.0	556.8		815.9		811.0		756.0		-7	%		42	%
TOTAL		18,592.9	19,513.2		21,295.4		22,640.9		23,407.4		3	%		26	%

4Q10 Results

Page 8 of 18

Other sources of funds

In 4Q10, the total amount of other sources of funds increased 5% or Ps.243 million as compared with 3Q10, based on the increase in shareholders equity. The increase in equity of Ps.274.4 million was originated by 4Q10 net income. The other sources of funds decreased by 2%.

OTHER FUNDING	MACRO consolidated
In MILLION $	IV09		I10	II10		III10		IV10

Central Bank		1.9	1.9		1.7		1.6		1.9
Banks and international institutions		227.2	30.2		32.0		53.6		45.7
Financing received from Argentine financial institutions		191.2	109.6		103.2		94.1		76.9
Subordinated corporate bonds		572.5	598.2		591.5		610.5		598.5
Unsubordinated corporate bonds		616.7	622.0		631.5		631.0		636.4
Shareholders´ equity		3,358.8	3,604.8		3,610.5		3,878.4		4,152.8
Total Funding		4,968.3	4,966.8		4,970.4		5,269.2		5,512.2

In December 2010, Banco Macro’s average cost of funds was 5.07%, slightly lower than previous quarter and one of the lowest in the banking sector. Banco Macro’s transactional deposits represented approximately 43% of its deposit base. These accounts are low cost and are not sensitive to interest rate increases.

LIQUID ASSETS

In 4Q10, the Bank’s liquid assets amounted to Ps.12.1 billion, showing a decrease of 2% QoQ and an increase of 8% YoY.

Banco Macro’s liquid asset to total deposits ratio remained at high levels reaching 51.9% in 4Q10.

LIQUID ASSETS	MACRO consolidated
In MILLION $	IV09			I10		II10			III10			IV10

Cash		5,016.2		4,960.7			4,507.6			4,797.3			5,202.0
Guarantees for compensating chambers		242.4		270.5			270.7			286.4			287.1
Loans to AAA companies		267.1		39.9			319.5			149.3			212.1
Call		50.0		4.6			51.0			48.0			110.1
Repos		1,046.2		1,308.3			1,838.4			1,827.0			2,323.5
LEBAC / NOBAC		4,650.4		5,209.1			5,538.7			5,293.5			4,005.8
TOTAL		11,272.3		11,793.0			12,525.9			12,401.5			12,140.6

Liquid assets to total deposits		60.6	%	60.4	%		58.8	%		54.8	%		51.9	%

4Q10 Results

Page 9 of 18

SOLVENCY

In 4Q10, Banco Macro’s integrated capital was Ps.4.3 billion, well above the required capital of Ps.1.8 billion.

The capitalization ratio was 24.7% in 4Q10, well above the minimum required by the regulations. The reduction in the capitalization ratio from 26.9% was due to the increased in the required capital that accompanied the Bank’s loan growth.

The Bank’s excess capital is aimed at supporting growth, and consequently, a higher leverage of the Bank’s balance sheet.

MIN.CAP.REQUIREMENT	MACRO consolidated
In MILLION $	IV09			I10		II10			III10			IV10

Credit risk requirement		1,103		1,115			1,197			1,225			1,423
Market risk requirement		40		58			51			59			56
Interest rate requirement		201		265			231			238			283
Integrated capital		3,708		3,979			3,999			4,042			4,324
Excess capital		2,364		2,541			2,520			2,520			2,562

Capitalization ratio		27.4	%	29.1	%		27.1	%		26.9	%		24.7	%

ASSET QUALITY

In 4Q10, Banco Macro’s non-performing to total financing ratio reached 2.09% following the recovery process initiated in early 2010.

In 4Q10, the irregular (non-performing) commercial portfolio improved, with a reduction in the non-performing ratio of 14 basis points, as well as non-performing consumer loans, with a decrease of 44 basis points.

In 4Q10, the Bank decided to account additional provisions of Ps.64.7 million to those required by the Central Bank and to comply with the provisioning policy established by the Bank. Consequently, the Bank created an additional provision of Ps.60 million to be assigned to commercial loans that might continue suffering the consequences of the past crisis (2008/2009). Additionally, the Bank accounted provisions of Ps.4.7 million to cover the consumer portfolio since clients categorized as 4 without guarantee are 100% provisioned.

Due to the improvement in the NPL portfolio and the additional provisions, the coverage ratio reached 147.2% in 4Q10.

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

4Q10 Results

Page 10 of 18

ASSET QUALITY	MACRO consolidated
In MILLION $	IV09			I10		II10			III10			IV10

Commercial portfolio		5,559.8		5,796.2			6,719.1			6,795.1			7,887.9
Irregular		118.5		102.4			103.8			86.5			89.3
Consumer portfolio		6,733.9		7,003.0			7,366.5			8,219.0			9,331.6
Irregular		278.7		275.2			246.7			273.8			270.1
Total portfolio		12,293.7		12,799.2			14,085.6			15,014.1			17,219.5
Irregular		397.2		377.7			350.5			360.3			359.4
Irregular / Total portfolio		3.23	%	2.95	%		2.49	%		2.40	%		2.09	%
Total provisions		461.0		447.9			434.2			437.9			529.2
Coverage ratio w/allowances		116.06	%	118.60	%		123.87	%		121.56	%		147.22	%

CER EXPOSURE AND FOREIGN CURRENCY POSITION

	MACRO consolidated
CER EXPOSURE	IV 09		I 10	II 10		III 10		IV 10
In MILLION $

CER adjustable ASSETS
Government Securities		424.9	25.9		0.2		0.1		0.0

Guaranteed loans		210.6	218.5		226.9		236.9		279.3
Private sector loans		31.4	28.0		25.0		21.8		18.6
Other loans		5.1	5.2		5.3		3.1		3.2
Loans		247.1	251.7		257.2		261.8		301.1

Leasing		1.1	1.0		1.0		0.0		0.0
Other loans		3.9	3.1		2.5		2.4		2.2
Total CER adjustable assets		677.0	281.7		261.0		264.3		303.3

CER adjustable LIABILITIES
Deposits		0.5	0.5		0.6		0.6		0.6
Other liabilities from financial intermediation		44.8	45.4		45.6		45.5		45.4
Subordinated corporate bonds		0.9	0.5		0.5		0.0		0.0
Total CER adjustable liabilities		46.2	46.4		46.7		46.1		46.0

NET ASSET CER EXPOSURE		630.8	235.3		214.3		218.2		257.3

FX CURRENCY POSITION	MACRO consolidated
In MILLION $	IV09		I10	II10		III10		IV10

Cash		2,635.0	2,341.1		2,481.2		2,500.9		2,199.9
Government Securities		1,596.8	588.6		360.5		362.3		2,581.7
Loans		1,899.2	2,040.4		2,061.6		2,122.9		2,382.8
Other receivables from financial intermediation		1,264.2	1,885.4		2,370.1		2,494.6		2,846.6
Investments in other companies		0.6	0.6		0.6		0.6		0.6
Other receivables		30.0	36.8		37.2		39.8		43.9
Other assets		72.6	69.8		66.0		64.7		60.4
TOTAL ASSETS		7,498.4	6,962.7		7,377.2		7,585.8		10,115.9
Deposits		3,895.9	3,879.9		3,908.8		3,947.1		3,890.4
Other liabilities from financial intermediation		1,892.3	749.2		762.2		813.0		3,329.2
Other liabilities		5.6	5.0		4.4		4.6		5.5
Subordinated corporate bonds		571.5	597.7		590.9		610.5		598.5
TOTAL LIABILITIES		6,365.3	5,231.8		5,266.3		5,375.4		7,823.6

NET FX POSITION		1,133.1	1,730.9		2,110.9		2,210.4		2,292.3

4Q10 Results

Page 11 of 18

RELEVANT AND RECENT EVENTS

In November 2010, Banco Macro signed a purchase agreement with the Government of the City of Buenos Aires to acquire a property for an amount of Ps.110 million.

In December 2010, Banco Macro S.A. transferred 2% of the shares of Banco Privado S.A. to Sud Inversiones y Análisis S.A. (1%) and to Macro Securities S.A. Sociedad de Bolsa (1%).

In December 2010, the Bank paid semiannual interests on Class 1 Notes for USD7.3 million and Class 3 Notes for Ps.10.6 million.

In February 2011, the Bank paid semiannual interests on Class 2 Notes for USD4.5 million.

The Board of Directors will propose to the next Shareholder’s Meeting a cash dividend of Ps.505.3 million (Ps.0.85 per share).

4Q10 Results

Page 12 of 18

QUARTERLY CONFERENCE CALL

A conference call to discuss this press release will be held on February 11, 2011 at 13:00 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:

(800) 817-8873 (Within the U.S.)

(719) 325-2496 (Outside the U.S.)

Conference ID: 2300322

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

4Q10 Results

Page 13 of 18

QUARTERLY BALANCE SHEET	MACRO consolidated
In MILLION $	IV09		I10		II10		III10		IV10

ASSETS		26,859.2		28,201.5		30,372.8		32,165.8		33,524.4
Cash		5,016.2		4,960.7		4,507.6		4,797.3		5,202.0
Government Securities		6,981.1		7,381.4		8,038.2		8,079.1		7,030.1
LEBAC/NOBAC		4,650.4		5,209.1		5,538.7		5,293.5		4,005.8
Other		2,330.7		2,172.4		2,499.5		2,785.6		3,024.3
Loans		11,096.8		11,458.1		12,611.3		13,750.0		15,910.1
to the non-Financial Government Sector		206.5		338.9		231.8		278.3		336.4
to the Financial Sector		90.9		53.4		120.4		114.5		155.7
to the non-financial private sector		11,247.5		11,499.4		12,679.2		13,780.9		15,932.9
-Overdrafts		1,436.3		1,254.9		1,671.8		1,684.3		2,033.0
-Discounted documents		1,412.6		1,341.5		1,326.3		1,451.8		1,805.2
-Mortgages		746.8		802.0		791.2		827.2		902.7
-Pledges		262.5		282.3		295.1		298.1		347.3
-Consumer		4,006.6		4,234.1		4,668.1		5,150.5		5,802.4
-Credit cards		950.1		970.0		1,021.9		1,326.5		1,553.2
-Other		2,271.8		2,447.4		2,739.8		2,865.2		3,302.2
- Less: int. doc., cotiz dif.		160.8		167.2		165.0		177.3		186.9
Allowances		-448.0		-433.6		-420.1		-423.7		-514.9
Other receivables from financial intermediation		2,433.3		2,974.8		3,867.8		3,920.3		3,599.3
Investments in other companies		10.0		10.0		9.8		9.8		9.7
Other receivables		366.5		427.0		359.9		530.6		597.0
Other assets		955.3		989.5		978.2		1,078.7		1,176.2
LIABILITIES		23,500.4		24,596.7		26,762.3		28,287.4		29,371.6
Deposits		18,592.9		19,513.2		21,295.4		22,640.9		23,407.4
From the non-financial government sector		3,613.9		4,312.4		5,134.5		5,724.3		5,216.1
From the financial sector		14.1		10.9		14.2		10.9		15.8
From the non-financial private sector		14,964.9		15,189.9		16,146.7		16,905.7		18,175.5
-Checking accounts		3,275.8		3,256.1		3,716.7		3,730.4		4,178.7
-Savings accounts		3,445.6		3,236.3		3,523.2		3,771.6		4,526.7
-Time deposits		7,711.5		8,140.7		8,090.9		8,592.7		8,714.1
-Other		532.0		556.8		515.9		811.0		756.0
Other liabilities from financial intermediation		3,338.1		3,281.6		4,292.0		4,320.7		4,591.3
Subordinated corporate bonds		572.5		598.2		591.5		610.5		598.5
Other liabilities		996.9		1,203.7		583.4		715.3		774.4

SHAREHOLDERS' EQUITY		3,358.8		3,604.8		3,610.5		3,878.4		4,152.8

LIABILITIES + SHAREHOLDERS' EQUITY		26,859.2		28,201.5		30,372.8		32,165.8		33,524.4

4Q10 Results

Page 14 of 18

ANUAL BALANCE SHEET	MACRO consolidated
In MILLION $	2006		2007		2008		2009		2010

ASSETS		14,505.0		19,718.2		22,425.0		26,859.2		33,524.4
Cash		2,626.9		3,117.4		3,523.9		5,016.2		5,202.0
Government Securities		3,223.0		3,950.7		4,779.3		6,981.1		7,030.1
LEBAC/NOBAC		2,787.0		3,478.2		3,838.9		4,650.4		4,005.8
Other		436.0		472.5		940.4		2,330.7		3,024.3
Loans		6,527.1		10,009.4		11,280.0		11,096.8		15,910.1
to the non-Financial Government Sector		774.3		732.5		744.5		206.5		336.4
to the Financial Sector		436.9		161.7		80.4		90.9		155.7
to the non-financial private sector		5,524.4		9,335.6		10,893.4		11,247.5		15,932.9
-Overdrafts		1,103.3		1,375.1		1,556.4		1,436.3		2,033.0
-Discounted documents		543.7		1,213.7		1,348.6		1,412.6		1,805.2
-Mortgages		426.1		619.8		738.6		746.8		902.7
-Pledges		300.9		348.0		339.9		262.5		347.3
-Consumer		1,431.1		3,207.5		3,806.5		4,006.6		5,802.4
-Credit cards		497.9		722.0		869.1		950.1		1,553.2
-Other		1,131.3		1,719.0		2,071.9		2,271.8		3,302.2
- Less: int. doc., cotiz dif.		90.1		130.5		162.4		160.8		186.9
Allowances		-208.6		-220.4		-438.3		-448.0		-514.9
Other receivables from financial intermediation		914.6		1,226.3		1,454.1		2,433.3		3,599.3
Investments in other companies		10.4		10.4		10.5		10.0		9.7
Other receivables		193.4		254.3		251.8		366.5		597.0
Other assets		1,009.6		1,149.7		1,125.4		955.3		1,176.2
LIABILITIES		12,190.0		17,010.5		19,608.4		23,500.4		29,371.6
Deposits		10,071.0		13,591.1		15,828.4		18,592.9		23,407.4
From the non-financial government sector		1,295.6		1,774.1		3,938.0		3,613.9		5,216.1
From the financial sector		5.1		13.3		22.4		14.1		15.8
From the non-financial private sector		8,770.3		11,803.7		11,868.0		14,964.9		18,175.5
-Checking accounts		1,876.2		2,599.7		2,581.1		3,275.8		4,178.7
-Savings accounts		2,097.4		2,780.4		2,716.9		3,445.6		4,526.7
-Time deposits		4,381.0		5,907.0		6,031.9		7,711.5		8,714.1
-Other		415.7		516.6		538.1		532.0		756.0
Other liabilities from financial intermediation		1,237.1		2,571.9		2,714.9		3,338.1		4,591.3
Subordinated corporate bonds		507.8		490.7		521.7		572.5		598.5
Other liabilities		374.1		356.8		543.4		996.9		774.4

STOCKHOLDERS´ EQUITY		2,315.0		2,707.7		2,816.6		3,358.8		4,152.8

LIABILITIES + STOCKHOLDERS´ EQUITY		14,505.0		19,718.2		22,425.0		26,859.2		33,524.4

4Q10 Results

Page 15 of 18

QUARTERLY INCOME STATEMENT	MACRO consolidated
In MILLION $	IV09		I10	II10		III10		IV10

Financial income		943.7	972.5		815.1		935.1		1,005.7
Interest on cash and due from banks		0.1	0.0		0.0		0.2		0.1
Interest on loans to the financial sector		0.8	2.0		3.0		4.2		4.5
Interest on overdrafts		76.4	59.6		63.4		69.0		86.8
Interest on documents		43.5	34.7		35.7		35.7		40.2
Interest on mortgages loans		25.9	25.7		27.6		28.3		30.9
Interest on pledges loans		11.1	11.5		12.8		12.7		14.3
Interest on credit cards loans		45.9	47.4		49.7		48.3		64.6
Interest on other loans		331.7	345.2		364.7		387.6		441.3
Income from government & private securities		382.4	369.6		171.8		233.4		213.9
Net options results		0.0	0.6		0.0		0.0		0.0
Income from guaranteed loans		3.7	0.1		0.5		21.7		39.8
Interest on other receivables from fin. intermediation		0.0	0.1		0.5		0.1		0.3
CER adjustment		7.8	1.0		1.8		35.7		7.7
CVS adjustment		0.2	0.2		0.1		0.3		0.1
Difference in quoted prices of foreign exchange		11.0	43.8		48.2		32.7		35.5
Other		3.2	31.0		35.3		25.4		25.7
Financial expense		-358.6	-318.5		-318.4		-335.4		-357.9
Interest on checking accounts		-3.7	-3.0		-1.0		-0.1		0.0
Interest on saving accounts		-4.6	-4.6		-4.9		-5.1		-5.0
Interest on time deposits		-254.5	-230.0		-229.8		-240.1		-254.6
Interest on loans from the financial sector		-1.4	-1.1		-1.1		-1.2		-1.0
Interest on subordinated notes		-0.1	0.0		0.0		0.0		0.0
Other Interest		-14.1	-14.1		-14.2		-14.4		-14.7
Interest on other liabilities from fin. intermediation		-19.5	-16.2		-15.2		-15.5		-16.0
CER adjustments		-1.0	-1.4		-1.4		-1.0		-1.1
Deposits guarantee fund		-7.7	-7.9		-8.4		-9.0		-9.9
Other Interest		-51.6	-39.7		-41.9		-48.6		-55.0
Net financial income		585.1	654.0		496.7		599.7		647.8
Provision for loan losses		-64.6	-37.8		-23.2		-25.2		-128.8

Fee income		277.8	283.0		309.8		339.0		392.8
Fee expenses		-62.9	-62.7		-68.1		-74.0		-80.6
Net fee income		214.9	220.3		241.7		265.0		312.2

Administrative expenses		-418.9	-414.2		-454.2		-471.8		-577.1
Minority interest		-1.6	-1.5		-1.8		-2.0		-1.6
Net other income		-28.1	15.0		35.2		22.3		5.5
Earnings before income tax		286.8	435.8		294.4		388.0		258.0
Income tax		-45.0	-189.8		-72.3		-120.1		16.4

Net income		241.8	246.0		222.1		267.9		274.4

4Q10 Results

Page 16 of 18

ANNUAL INCOME STATEMENT	MACRO consolidated
In MILLION $	2006		2007		2008		2009		2010

Financial income		1,155.3		1,890.4		3,029.9		3,860.5		3,728.4
Interest on cash and due from banks		11.7		19.9		7.0		0.4		0.3
Interest on loans to the financial sector		16.7		32.1		15.6		7.5		13.7
Interest on overdrafts		120.1		177.5		357.2		340.3		278.9
Interest on documents		57.0		103.4		184.9		195.1		146.3
Interest on mortgages		48.5		68.1		97.1		104.0		112.5
Interest on pledges		43.0		51.5		64.5		55.1		51.3
Interest on credit cards		31.0		55.7		118.0		183.4		210.1
Interest on other loans		259.8		578.7		1,032.8		1,243.8		1,538.8
Income from government & private securities		324.2		487.8		641.3		1,371.0		988.7
Net options results		0.0		1.6		0.2		0.0		0.6
Results of guaranteed loans		29.9		35.0		37.0		7.2		62.1
Interest on other receivables from fin. intermediation		15.2		18.5		14.4		0.1		1.0
CER adjustment		85.0		78.1		70.5		18.7		46.2
CVS adjustment		2.0		1.6		0.8		0.7		0.7
Difference in Foreign Exchange		40.0		48.8		143.1		133.7		160.2
Other		71.3		131.1		245.4		199.5		117.4
Financial expense		-395.0		-805.2		-1,342.1		-1,511.6		-1,330.2
Interest on checking accounts		-9.5		-20.0		-17.7		-16.4		-4.1
Interest on saving accounts		-6.7		-11.4		-14.5		-17.1		-19.6
Interest on time deposits		-233.7		-457.4		-933.9		-1,146.0		-954.5
Interest on interfinancing received loans		-0.8		-4.6		-3.9		-2.7		-4.4
Interest on other financing from financial institutions		-0.3		-0.2		0.0		-0.1		0.0
Interest on subordinated notes		0.0		-49.9		-47.5		-54.9		-57.4
Other Interest		-14.4		-9.8		-8.8		-2.7		-2.0
Net Income from options		-0.4		0.1		0.0		0.0		0.0
Interest on other receivables from fin. intermediation		-14.4		-70.7		-91.1		-81.5		-62.9
CER adjustments		-55.7		-43.7		-33.0		-4.3		-4.9
Deposits guarantee fund		-11.8		-20.2		-26.0		-30.0		-35.2
Other Interest		-47.2		-117.4		-165.7		-155.9		-185.3
Net financial income		760.3		1,085.2		1,687.8		2,348.9		2,398.2
Provision for loan losses		-59.7		-94.7		-297.6		-197.5		-215.0

Fee income		452.6		662.4		891.7		1,050.3		1,324.5
Fee expense		-93.4		-150.3		-172.4		-226.6		-285.4
Net fee income		359.3		512.1		719.3		823.7		1,039.2

Administrative expense		-652.4		-953.9		-1,211.4		-1,522.4		-1,917.3
Minority interest		-3.1		-2.1		-3.4		-5.1		-6.9
Net other income		97.1		41.0		26.5		-36.3		78.0
Earnings before income tax		501.2		587.6		921.3		1,411.2		1,376.2
Income tax		-76.9		-92.4		-261.2		-659.3		-365.8

Net income		424.3		495.2		660.0		751.9		1,010.4

4Q10 Results

Page 17 of 18

QUARTER ANNUALIZED RATIOS	MACRO consolidated
	IV09			I10		II10			III10			IV10

Profitability & performance
Net interest margin		12.5	%	12.1	%		9.5	%		11.3	%		11.4	%
Net fee income ratio		26.9	%	25.2	%		32.7	%		30.7	%		32.5	%
Efficiency ratio		52.4	%	47.4	%		61.5	%		54.6	%		60.1	%
Net fee income as a percentage of adm expenses		51.3	%	53.2	%		53.2	%		56.2	%		54.1	%
Return on average assets		3.8	%	3.6	%		3.3	%		3.8	%		3.7	%
Return on average equity		30.2	%	28.0	%		25.6	%		28.9	%		27.3	%
Liquidity
Loans as a percentage of total deposits		62.1	%	60.9	%		61.2	%		62.6	%		70.2	%
Liquid assets as a percentage of total deposits		60.6	%	60.4	%		58.8	%		54.8	%		51.9	%
Capital
Total equity as a percentage of total assets		12.5	%	12.8	%		11.9	%		12.1	%		12.4	%
Regulatory capital as a percentage of risk weighted assets		27.4	%	29.1	%		27.1	%		26.9	%		24.7	%
Asset Quality
Allowances over total loans		3.9	%	3.7	%		3.2	%		3.0	%		3.1	%
Non-performing loans as a percentage of total loans		3.3	%	3.0	%		2.6	%		2.4	%		2.1	%
Allowances as a percentage of non-performing loans		119.5	%	121.0	%		126.1	%		123.1	%		148.9	%
Amparos as a percentage of average equity		1.6	%	1.4	%		1.5	%		1.4	%		1.3	%

ACCUMULATED ANNUALIZED RATIOS	MACRO consolidated
	IV09			I10		II10			III10			IV10

Profitability & performance
Net interest margin		11.7	%	12.1	%		11.2	%		11.3	%		11.1	%
Net fee income ratio		26.0	%	25.2	%		28.6	%		29.3	%		30.2	%
Efficiency ratio		48.0	%	47.4	%		53.8	%		54.1	%		55.8	%
Net fee income as a percentage of adm expenses		54.1	%	53.2	%		53.2	%		54.2	%		54.2	%
Return on average assets		3.0	%	3.6	%		3.3	%		3.4	%		3.6	%
Return on average equity		24.6	%	28.0	%		26.8	%		27.5	%		27.1	%
Liquidity
Loans as a percentage of total deposits		62.1	%	60.9	%		61.2	%		62.6	%		70.2	%
Liquid assets as a percentage of total deposits		60.6	%	60.4	%		58.8	%		54.8	%		51.9	%
Capital
Total equity as a percentage of total assets		12.5	%	12.8	%		11.9	%		12.1	%		12.4	%
Regulatory capital as a percentage of risk weighted assets		27.4	%	29.1	%		27.1	%		26.9	%		24.7	%
Asset Quality
Allowances over total loans		3.9	%	3.7	%		3.2	%		3.0	%		3.1	%
Non-performing loans as a percentage of total loans		3.3	%	3.0	%		2.6	%		2.4	%		2.1	%
Allowances as a percentage of non-performing loans		119.5	%	121.0	%		126.1	%		123.1	%		148.9	%
Amparos as a percentage of average equity		1.7	%	1.4	%		1.5	%		1.5	%		1.5	%

ANNUAL RATIOS	MACRO consolidated
	2006			2007			2008			2009			2010

Profitability & performance
Net interest margin		7.1	%		6.9	%		8.2	%		11.7	%		11.1	%
Net fee income ratio		32.4	%		32.0	%		29.9	%		26.0	%		30.2	%
Efficiency ratio		59.5	%		59.9	%		50.3	%		48.0	%		55.8	%
Net fee income as a percentage of adm expenses		54.5	%		53.5	%		59.4	%		54.1	%		54.2	%
Return on average assets		3.6	%		2.8	%		3.0	%		3.0	%		3.6	%
Return on average equity		22.2	%		20.2	%		23.8	%		24.6	%		27.1	%
Liquidity
Loans as a percentage of total deposits		66.9	%		75.3	%		74.0	%		62.1	%		70.2	%
Liquid assets as a percentage of total deposits		65.2	%		53.1	%		51.4	%		60.6	%		51.9	%
Capital
Total equity as a percentage of total assets		16.0	%		13.7	%		12.6	%		12.5	%		12.4	%
Regulatory capital as a percentage of risk weighted assets		31.3	%		26.8	%		22.9	%		27.4	%		24.7	%
Asset Quality
Allowances over total loans		3.1	%		2.2	%		3.7	%		3.9	%		3.1	%
Non-performing loans as a percentage of total loans		2.0	%		1.6	%		2.6	%		3.3	%		2.1	%
Allowances as a percentage of non-performing loans		154.3	%		138.8	%		141.8	%		119.5	%		148.9	%
Amparos as a percentage of average equity		3.2	%		4.1	%		1.3	%		1.7	%		1.5	%

4Q10 Results

Page 18 of 18

	MACRO BANK INC.


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