6-K 1 v359912_6-k.htm FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

November 8, 2013

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 of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

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 o 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 o No x

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 o No x

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

3Q13 Earnings Release

Banco Macro Announces Results for the Third Quarter of 2013

Buenos Aires, Argentina, November 8, 2013 – Banco Macro S.A. (NYSE: BMA; BCBA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the third quarter ended September 30, 2013 (“3Q13”). All figures are in Argentine pesos (Ps.) and have been prepared in accordance with Argentine GAAP.

Summary

• The Bank’s net income totaled Ps.571.9 million in 3Q13. This result was 24% higher than the Ps.460.4 million reported in the second quarter of 2013 (“2Q13”) and 39% higher than the Ps.411.9 million posted in the third quarter of 2012 (“3Q12”). In 3Q13, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 28.3% and 3.8%, respectively.

• In 3Q13, Banco Macro’s financing to the private sector grew 8% or Ps.2.6 billion quarter over quarter (“QoQ”) totaling Ps.37.1 billion. Commercial loans showed the best performance. Among commercial loans, overdrafts and other loans, including loans to small and medium size companies (SMEs), grew 26% and 5% QoQ, respectively. Among consumer loans, credit cards loans and personal loans rose 8% and 6% QoQ, respectively.

• In 3Q13, Banco Macro’s total deposits grew 6% QoQ, totaling Ps.41.8 billion and representing 85% of the Bank’s total liabilities. Private sector deposits grew 9% QoQ.

• Banco Macro continued showing a strong solvency ratio, with excess capital of Ps.3.5 billion (23.1% capitalization ratio). In addition, the Bank’s liquid assets remained at an adequate level, reaching 30.2% of its total deposits in 3Q13.

• In 3Q13, the Bank’s non-performing to total financing ratio was 1.76% and the coverage ratio reached 147.45%.

 

3Q13 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), the Bolsa de Comercio de Buenos Aires (www.bolsar.com) 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.

2

3Q13 Earnings Release

Results

Earnings per outstanding share were Ps.0.98 in 3Q13, 24% higher than 2Q13´s level and 40% higher than in 3Q12.

EARNINGS PER SHARE		MACRO consolidated
		III12				IV12				I13				II13				III13
Net income (M $)			411.9				425.8				457.9				460.4				571.9
Average shares outstanding (M)			584.5				584.5				584.5				584.5				584.5
Average shares in portfolio (M)			10.0				10.0				10.0				10.0				10.0
Average shares issued (M)			594.5				594.5				594.5				594.5				594.5
Book value per share ($)			9.7				10.4				11.2				11.9				12.9
Earnings per outstanding share ($)			0.70				0.73				0.78				0.79				0.98
Book value per ADS (USD)			20.69				21.15				21.87				22.10				22.27
Earning per ADS (USD)			1.50				1.48				1.53				1.47				1.69

Banco Macro’s 3Q13 net income of Ps.571.9 million was 24% or Ps.111.5 million higher than the previous quarter and rose 39% or Ps.160 million year over year (“YoY”). In 3Q13, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 28.3% and 3.8%, respectively.

In 3Q13, Banco Macro’s operating result was Ps.987.8 million, 37% higher than the operating result posted in 2Q13. On an annual basis, Banco Macro´s operating result increased 44% or Ps.302.4 million.

It is important to emphasize that this result was obtained with the leverage of 7.4x assets to equity ratio.

INCOME STATEMENT		MACRO consolidated
In MILLION $		III12				IV12				I13				II13				III13
Net financial income			1,059.7				1,122.9				1,166.5				1,197.1				1,550.0
Provision for loan losses			-103.0				-197.3				-128.5				-113.9				-139.1
Net fee income			496.3				505.7				560.0				640.2				606.4
			1,453.0				1,431.3				1,598.0				1,723.4				2,017.3
Administrative expenses			-767.6				-895.8				-878.5				-1,002.5				-1,029.5
Operating result			685.4				535.5				719.5				720.9				987.8
Minority interest in subsidiaries			-3.8				-4.2				-3.9				-4.1				-4.7
Net other income			-16.8				21.8				31.7				37.0				11.0
Net income before income tax			664.8				553.1				747.3				753.8				994.1
Income tax			-252.9				-127.3				-289.4				-293.4				-422.2
NET INCOME			411.9				425.8				457.9				460.4				571.9

The Bank’s 3Q13 financial income totaled Ps.2.6 billion, increasing by 22% (Ps.459.8 million) compared to the previous quarter and 47% (Ps.825 million) compared to 3Q12.

3

3Q13 Earnings Release

Interest on loans represented 82% of total financial income in 3Q13. Interest on loans was 12% or Ps.226.9 million higher than 2Q13’s level mainly due to a higher average volume of the loan portfolio and, to an increase in the average interest lending rates. On an annual basis, interest on loans grew 42% or Ps.622.3 million.

In 3Q13, net income from government and private securities increased Ps.148.7 million QoQ mainly due to higher income from other government securities (mainly variable interest rate) in which Banco Macro had invested in the previous quarter. On an annual basis, net income from government and private securities also increased Ps.112.9 million.

Also in this quarter, a decrease of 62% or Ps.5 million in income from Guaranteed Loans and in CER Adjustment was observed, mainly due to valuation adjustments limits determined by the present value of figures published by the BCRA (Communication "A" 5180 and supplementary). On an annual basis, income from Guaranteed Loans and in CER Adjustment also decreased 87% or Ps.21.4 million.

Income from differences in quoted prices of gold and foreign currency grew 67% or Ps.91.6 million QoQ due to the acceleration in the depreciation of the Argentine Peso against the U.S. dollar. On an annual basis, the increase was 120% or Ps.124.2 million.

Other financial income decreased by 4% or Ps.2.1 million compared to 2Q13 due to lower income from reverse repos from government securities. On an annual basis, the decrease was 19% or Ps.13.3 million.

FINANCIAL INCOME		MACRO consolidated
In MILLION  $		III12				IV12				I13				II13				III13
Interest on cash and due from banks			0.0				0.1				0.1				0.0				0.1
Interest on loans to the financial sector			12.4				11.3				10.3				11.6				12.9
Interest on overdrafts			205.5				209.1				228.0				244.6				274.4
Interest on documents			99.1				120.3				126.6				149.8				175.3
Interest on mortgages loans			47.8				59.3				67.6				79.9				86.4
Interest on pledges loans			29.3				36.1				42.5				46.0				50.0
Interest on credit cards loans			184.3				207.1				222.8				223.2				260.2
Interest on financial leases			14.1				14.9				15.8				16.5				17.7
Interest on other loans			905.4				998.5				1,051.7				1,121.7				1,243.3
Net Income from government & private securities (1)			67.6				75.5				100.9				31.8				180.5
Interest on other receivables from financial interm.			0.2				0.4				0.9				0.8				0.5
Income from Guaranteed Loans - Decree 1387/01			10.6				6.3				12.1				3.3				1.1
CER adjustment			13.9				8.5				16.4				4.8				2.0
CVS adjustment			0.2				0.2				0.2				0.2				0.1
Difference in quoted prices of gold and foreign currency			103.3				113.7				102.1				135.9				227.5
Other			70.6				60.1				49.0				59.4				57.3
Total financial income			1,764.3				1,921.4				2,047.0				2,129.5				2,589.3
(1) Net Income from government & private securities
LEBAC / NOBAC			26.4				13.2				33.0				16.6				2.3
Other			41.2				62.3				67.4				15.2				178.2
TOTAL			67.6				75.5				100.9				31.8				180.5

The Bank’s 3Q13 financial expense totaled Ps.1.0 billion, increasing by 11% (Ps.106.9 million) compared to the previous quarter and increasing by 48% (Ps.334.7 million) compared to 3Q12.

In 3Q13, interest on deposits including checking and saving accounts represented 77% of the Bank’s total financial expense. Interest on deposits including checking and saving accounts increased 12% or Ps.84.3 million QoQ due to the increase of the average deposit rate and, in less extend, to an increase in the average volume of deposits. On a yearly basis, interest on deposits including checking and saving accounts grew 47% or Ps.257.2 million. In 3Q13, the average BADLAR rate increased 189 bp, from 15.8% in 2Q13 to 17.7% in 3Q13.

4

3Q13 Earnings Release

Other financial expense grew 13% or Ps.20.3 million QoQ and 63% or Ps.70.2 million YoY due to higher gross income taxes.

FINANCIAL EXPENSE		MACRO consolidated
In MILLION $		III12				IV12				I13				II13				III13
Interest on checking accounts			0.1				0.1				0.1				0.1				0.1
Interest on saving accounts			8.7				9.8				10.0				10.6				10.3
Interest on time deposits			536.0				614.5				667.2				707.0				791.6
Interest on financing from financial institutions			1.1				1.0				1.0				1.0				0.9
Interest on subordinated bonds			16.9				17.9				18.5				19.0				20.7
Other Interest			0.8				0.8				0.8				0.9				0.8
Interest on other liabilities from fin intermediation			14.1				15.0				14.8				14.8				15.1
CER adjustment			1.1				1.1				1.2				0.9				1.1
Contribution to Deposit Guarantee Fund			14.4				14.9				15.9				16.8				17.1
Other			111.4				123.4				151.1				161.3				181.6
Total financial expense			704.6				798.5				880.5				932.4				1,039.3

As of 3Q13, the Bank’s net interest margin was 13.3%, higher than the 12.6% posted in 2Q13 and higher than the 11.7% posted in 3Q12. Had income from government and private securities and guaranteed loans (including CER adjustment) been excluded, the Bank’s net interest margin would have been 13.6% in 3Q13, higher than the 13.3% posted in 2Q13 and the 12.2% posted in 3Q12.

In 3Q13, Banco Macro’s net fee income totaled Ps.606.4 million, 5% or Ps.33.8 million lower than 2Q13, and 22% or Ps.110.1 million higher than 3Q12. In 3Q13, a 33% increase was observed in total fee expenses, while total fee income increased 4%, therefore, a decrease in net fee income was observed.

In 3Q13, debit and credit card fees and fees on deposits, including checking and saving accounts, increased 13% and 4% QoQ, respectively. On a yearly basis, this increase was mainly driven by debit and credit card fees and fees on deposits which grew 44% and 30% respectively.

Total fee expenses increased in 3Q13 due to different credit cards positioning campaigns.

NET FEE INCOME		MACRO consolidated
In MILLION $		III12				IV12				I13				II13				III13
Fee charges on deposit accounts			405.5				419.1				452.3				505.2				525.2
Debit and credit card fees			142.0				161.9				166.4				180.2				204.0
Other fees related to foreign trade			10.3				10.7				10.0				10.8				11.9
Credit-related fees			34.3				53.9				38.6				49.0				38.4
Lease of safe-deposit boxes			17.0				16.8				16.9				18.1				18.0
Other			64.6				68.3				80.3				85.7				86.5
Total fee income			673.7				730.7				764.5				849.0				884.0
Total fee expense			177.4				225.0				204.5				208.8				277.6
Net fee income			496.3				505.7				560.0				640.2				606.4

In 3Q13 Banco Macro’s administrative expenses reached Ps.1.0 billion, 3% or Ps.27 million higher than the previous quarter mainly due to higher advertising & publicity expenses and higher other operating expenses. Administrative expenses increased 34% or Ps.261.9 million YoY due to an increase in personnel expenses (higher salaries and number of employees) and higher other operating expenses.

5

3Q13 Earnings Release

Personnel expenses decreased 6% or Ps.37.1 million QoQ, mainly due to the provision accounted for bonuses in the previous quarter, and the difference between the provision accounted in 1Q13 for future salary increases and what was effectively paid in the previous quarter according to what was arranged with the Banking Union as salary increase.

As of September 2013, the accumulated efficiency ratio reached 50.9%, compared to the 52.8% posted in 2Q13. This significant ratio improvement in 3Q13 was because the increase in administrative expenses (3% QoQ) was lower than the increase in net financial income and net fee income of 17% QoQ.

ADMINISTRATIVE EXPENSES		MACRO consolidated
In MILLION $		III12				IV12				I13				II13				III13
Personnel expenses			453.4				526.5				529.6				609.1				572.0
Directors & statutory auditors´fees			18.9				27.0				15.8				31.0				23.8
Other professional fees			28.1				33.0				30.6				34.8				36.4
Advertising & publicity			22.3				28.2				21.3				20.0				48.1
Taxes			39.8				48.7				47.3				54.3				56.9
Depreciation of equipment			21.6				22.9				23.0				24.3				24.9
Amortization of organization costs			18.8				19.0				19.6				20.9				22.9
Other operating expenses			108.2				123.8				128.8				139.4				164.5
Other			56.5				66.7				62.4				68.7				80.0
Total Administrative Expenses			767.6				895.8				878.5				1,002.5				1,029.5
Total Employees			8,476				8,482				8,484				8,527				8,641
Branches			427				428				428				428				428
Efficiency ratio			49.3%				55.0%				50.9%				54.6%				47.7%
Accumulated efficiency ratio			50.4%				51.6%				50.9%				52.8%				50.9%

In 3Q13, the Bank’s net other income totalled Ps.11 million, decreasing 70% or Ps.26 million QoQ. This decrease was due to recovered income taxes posted in the previous quarter. Also, during 3Q13, other tax expenses were accounted for Ps.11.5 million.

NET OTHER INCOME		MACRO Consolidated
In MILLION $		III12				IV12				I13				II13				III13
Other Income
Penalty interest			11.9				9.6				8.9				11.8				9.9
Recovered loans and  reversed allowances			29.4				21.2				35.2				25.8				21.5
Other			13.5				23.0				17.4				38.4				26.8
Total Other Income			54.8				53.8				61.5				76.0				58.2
Other Expense
Charges for other receivables uncollectibility and other allowances			9.0				14.0				9.9				17.6				14.0
Amortization of differences related to court orders			50.0				0.0				0.0				0.0				0.0
Goodwill amortization			3.5				3.5				3.5				3.5				3.5
Other Expense			9.1				15.5				16.4				17.9				29.7
Total Other Expense			71.6				32.0				29.8				39.0				47.2
Net Other Income			-16.8				21.8				31.7				37.0				11.0

6

3Q13 Earnings Release

In 3Q13, Banco Macro's effective income tax rate was 42.5%, compared to 38.9% in 2Q13. This increase was due to certain concepts which are deductible from the financial statements but are not deductible from the taxable financial statements, resulting in a higher taxable income.

Financial Assets

Private sector financing

The volume of “core” financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.37.1 billion, increasing 8% or Ps.2.6 billion QoQ and 27% or Ps.8.0 billion YoY.

Within commercial loans, growth was driven by overdrafts and other loans which grew 26% and 5% QoQ, respectively.

Year to date (“YTD”), mortgages loans and pledge loans stand out. These loans grew 27% and 26% YTD, respectively, and indicate the impact of the productive investment loans in our loan portfolio.

The main growth in consumer loans was driven by credit card loans which grew 8% QoQ, and personal loans, which increased 6% QoQ.

PRIVATE SECTOR LOAN PORTFOLIO		MACRO consolidated																				Variation
In MILLION $		III12				IV12				I13				II13				III13				III13/II13				III13/III12
Overdrafts			4,552.3				4,280.6				5,296.2				4,487.6				5,642.0				26%				24%
Discounted documents			2,951.7				3,651.4				3,586.3				3,635.9				3,654.4				1%				24%
Mortgages loans			1,129.0				1,508.5				1,603.2				1,896.9				1,916.2				1%				70%
Pledges loans			638.4				928.7				983.2				1,144.0				1,168.9				2%				83%
Personal loans			10,285.6				10,826.6				11,466.8				12,315.1				13,012.5				6%				27%
Credit Card loans			3,928.5				4,725.2				4,884.1				5,310.9				5,755.4				8%				47%
Others			4,741.4				4,808.5				4,272.3				4,635.8				4,878.0				5%				3%
Total credit to the private sector			28,226.9				30,729.5				32,092.1				33,426.2				36,027.4				8%				28%
Financial trusts			639.9				839.8				908.0				664.0				710.4				7%				11%
Leasing			291.5				323.1				352.6				376.5				375.7				0%				29%
Total credit w/ f. trusts and leasing			29,158.3				31,892.4				33,352.7				34,466.7				37,113.5				8%				27%

Public Sector Assets

In 3Q13, the Bank’s public sector assets (excluding LEBACs / NOBACs) to total assets ratio was 4.4%, lower than the 5.1% posted in 2Q13 and higher than the 2.7% in 3Q12. Such decrease was due to a lower volume of government securities (excluding LEBACs/NOBACs).

The Bank’s exposure to the public sector remained below the Argentine system’s average (10%).

7

3Q13 Earnings Release

PUBLIC SECTOR ASSETS		MACRO consolidated
In MILLION $		III12				IV12				I13				II13				III13
LEBAC / NOBAC B.C.R.A.			848.0				125.8				1,391.1				57.0				82.8
Other			931.1				1,284.2				1,357.9				2,117.7				1,778.5
Government securities			1,779.1				1,410.0				2,749.0				2,174.7				1,861.3
Guaranteed loans			282.8				272.6				295.5				298.7				295.2
Provincial loans			41.5				313.6				309.1				304.1				296.4
Government securities loans			6.0				0.0				0.0				10.8				13.5
Loans			330.3				586.2				604.6				613.6				605.1
Purchase of government bonds			18.0				18.4				18.9				19.2				19.0
Other receivables			18.0				18.4				18.9				19.2				19.0
TOTAL PUBLIC SECTOR ASSETS			2,127.4				2,014.6				3,372.5				2,807.5				2,485.4
TOTAL PUBLIC SECTOR LIABILITIES			44.1				42.2				43.6				25.4				42.6
Net exposure			2,083.3				1,972.4				3,328.9				2,782.1				2,442.8
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC / NOBAC )			1,279.4				1,888.8				1,981.4				2,750.5				2,402.6
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC / NOBAC) /TOTAL ASSETS			2.7%				3.9%				3.9%				5.1%				4.4%
Net exposure (net of LEBAC/NOBAC) / TOTAL ASSETS			2.6%				3.8%				3.8%				5.1%				4.3%

Funding

Deposits

Banco Macro’s deposit base totaled Ps.41.8 billion in 3Q13, growing 6% or Ps.2.2 billion QoQ and 20% or Ps.7.1 billion YoY, and representing 85% of the Bank’s total liabilities.

On a quarterly basis, private sector deposits increased 9% or Ps.2.8 billion and public sector deposits decreased 7% or Ps.577.1 million QoQ respectively. Within private sector deposits, an increase in peso deposits of 9% was observed, while foreign currency deposits increased 8%.

The increase in private sector deposits was led by time deposits, which grew 15% or Ps2.3 billion QoQ. In addition, transactional deposits increased 3% QoQ.

DEPOSITS		MACRO consolidated																				Variation
In MILLION $		III12				IV12				I13				II13				III13				III13/II13				III13/III12
																						%				%
Public sector			8,227.1				8,318.4				9,220.8				8,549.7				7,972.6				-7%				-3%
Financial sector			21.9				24.2				20.2				24.1				20.9				-13%				-5%
Private sector			26,446.0				27,846.1				29,818.2				30,956.6				33,780.5				9%				28%
Checking accounts			6,072.2				6,716.9				6,509.7				7,145.8				7,494.3				5%				23%
Savings accounts			6,161.1				6,467.2				6,728.4				7,384.0				7,454.0				1%				21%
Time deposits			13,309.1				13,596.2				15,440.1				15,318.9				17,582.0				15%				32%
Other			903.6				1,065.8				1,140.0				1,107.9				1,250.2				13%				38%
TOTAL			34,695.0				36,188.7				39,059.2				39,530.4				41,774.0				6%				20%

8

3Q13 Earnings Release

Other sources of funds

In 3Q13, other sources of funds increased 7% or Ps.581 million compared to 2Q13, as a result of the increase in the Bank´s equity (totaling Ps.571.9 million), driven by 3Q13 results.

OTHER FUNDING		MACRO consolidated
In MILLION $		III12				IV12				I13				II13				III13
Central Bank of Argentina			21.8				21.7				21.3				21.2				21.9
Banks and international institutions			287.0				276.8				209.6				96.6				34.6
Financing received from Argentine financial institutions			91.2				85.1				93.0				100.3				56.9
Subordinated corporate bonds			723.6				740.2				789.8				810.4				892.7
Non-subordinated corporate bonds			506.4				541.7				552.7				593.1				624.8
Shareholders´ equity			5,773.3				6,199.1				6,657.0				7,102.1				7,674.0
Total Funding			7,403.3				7,864.7				8,323.4				8,723.8				9,304.8

As of September 2013 Banco Macro’s average cost of funds reached 9.4%, one of the lowest in the Argentine banking sector. Banco Macro’s transactional deposits represented approximately 44% of its deposit base. These accounts are low cost and are not sensitive to interest rate increases.

Liquid Assets

In 3Q13, the Bank’s liquid assets amounted to Ps.12.6 billion, showing a increase of 8% QoQ and a increase of 3% on a yearly basis.

In 3Q13, Banco Macro experienced an increase in Cash and Reverse repos.

In September 2013 Banco Macro’s liquid assets to total deposits ratio reached 30.2%.

LIQUID ASSETS		MACRO consolidated
In MILLION  $		III12				IV12				I13				II13				III13
Cash			7,393.7				10,047.0				9,270.3				8,323.1				9,449.6
Guarantees for compensating chambers			486.3				517.4				553.7				616.7				574.3
Call			373.0				166.5				305.0				247.9				444.9
Reverse repos from other securities			246.6				146.3				337.2				164.6				360.1
Reverse repos from LEBAC / NOBAC			2,861.4				487.0				937.1				2,265.1				1,695.0
LEBAC / NOBAC own portfolio			847.9				125.9				1,358.9				57.0				82.8
TOTAL			12,209.0				11,490.1				12,762.2				11,674.4				12,606.7
Liquid assets to total deposits			35.2%				31.7%				32.7%				29.5%				30.2%

Solvency

Banco Macro continued showing high solvency levels in 3Q13 with an integrated capital (RPC) of Ps.7.8 billion over a total capital requirement of Ps.4.4 billion. Banco Macro´s excess capital in 3Q13 was 80% or Ps.3.5 billion.

9

3Q13 Earnings Release

According to Communication “A” 5369 of BCRA, substantial changes regarding minimum capital requirements for all financial entities were incorporated. These adjustments include variations in capital requirements categories and in Integration Capital (RPC). Within these changes, outstands the fact that interest rate risk requirement has been excluded from the total capital requirement since February 2013, being January 2013 the last month where interest risk requirement should be contemplated.

Despite this modification, January´s 2013 calculation for the total capital requirement remains as reference for the total capital requirement for the 2013 coming months. The modification requires the comparison between January´s 2013 total capital requirement for Ps.4.4 billion (when interest rate risk requirement was still contemplated) against the month under analysis total capital requirement for Ps.4.0 billion (September 2013 in this case). From this comparison, the highest must be considered.

The interest rate risk requirement as of 3Q13 would have been Ps.1.0 billion or 13% higher than 2Q13.

As of December 31^st 2013, the total capital requirement will be based on the new regulations (Communication “A” 5369).

The capitalization ratio (as a percentage of risk-weighted assets) was 23.1% in 3Q13, above the minimum required by the Central Bank.

If we consider September´s 2013 total capital requirement, without comparing with January 2013, Banco Macro´s excess capital would have been 98% or Ps.3.9 billion.

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

MIN.CAP.REQUIREMENT		MACRO consolidated
In MILLION $		III12				IV12				I13				II13				III13
Credit risk requirement			2,566.6				2,678.1				2,752.5				2,752.5				2,752.5
Market risk requirement			37.3				36.1				52.0				52.0				52.0
Operational risk requirement			490.3				693.5				709.9				709.9				709.9
Interest rate risk requirement			714.8				806.6				838.2				838.2				838.2
Total capital requirement (*)			3,809.0				4,214.4				4,352.6				4,352.6				4,352.6
Ordinary Capital Level 1 (COn1)			5,612.6				6,035.4				6,481.4				6,929.3				7,388.1
Deductible concepts COn1			-363.2				-367.7				-359.3				-314.1				-336.5
Aditional Capital Level 1 (CAn1)			458.5				458.5				412.7				412.7				412.7
Capital level 2 (COn2)			141.8				155.0				324.3				338.8				364.8
Integrated capital (RPC)			5,849.8				6,281.2				6,859.0				7,366.7				7,829.1
Excess capital			2,040.8				2,066.8				2,506.4				3,014.1				3,476.5
Capitalization ratio			18.5%				19.0%				20.2%				21.7%				23.1%

(*) Total Capital requirement for I13, II13 & III13 quarters, are January´s 2013 total capital requeriement since the highest must be considered accoridng to Comunication "A"5369.

Asset Quality

In 3Q13, Banco Macro’s non-performing to total financing ratio reached a level of 1.76% compared to 1.88% posted in 2Q13.

The coverage ratio reached 147.45% in 3Q13.

10

3Q13 Earnings Release

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

ASSET QUALITY		MACRO consolidated
In MILLION $		III12				IV12				I13				II13				III13
Commercial portfolio			13,499.6				13,962.1				14,641.4				14,675.2				16,448.9
Non-performing			100.8				182.9				177.6				222.8				250.1
Consumer portfolio			17,139.7				19,027.2				19,845.9				21,232.9				22,314.9
Non-performing			390.5				402.9				414.6				452.8				435.3
Total portfolio			30,639.3				32,989.3				34,487.3				35,908.1				38,763.8
Non-performing			491.3				585.8				592.2				675.6				685.4
Total non-performing/ Total portfolio			1.60%				1.78%				1.72%				1.88%				1.76%
Total allowances			792.7				905.2				924.7				972.5				1,010.6
Coverage ratio w/allowances			161.35%				154.52%				156.15%				143.94%				147.45%

11

3Q13 Earnings Release

CER Exposure and Foreign Currency Position

CER EXPOSURE		MACRO consolidated
In MILLION $		III12				IV12				I13				II13				III13
CER adjustable ASSETS
Guaranteed loans			325.3				305.6				312.6				317.8				324.8
Private sector loans			8.0				7.2				6.7				6.1				5.5
Other loans			0.5				0.4				0.3				0.5				0.4
Loans			333.8				313.2				319.6				324.4				330.7
Other receivables			2.3				2.6				2.5				2.2				3.4
Total CER adjustable assets			336.1				315.8				322.1				326.6				334.1
CER adjustable LIABILITIES
Deposits			0.0				0.2				0.3				0.2				0.2
Other liabilities from financial intermediation			43.9				43.7				43.4				42.9				42.5
Total CER adjustable liabilities			43.9				43.9				43.6				43.1				42.7
NET ASSET CER EXPOSURE			292.2				271.9				278.5				283.5				291.4

FOREIGN CURRENCY POSITION		MACRO Consolidated
In MILLION $		III12				IV12				I13				II13				III13
Cash			3,524.0				3,618.4				4,224.2				4,339.8				4,980.8
Government and private securities			469.0				617.8				766.2				619.0				757.2
Loans			2,608.8				2,518.0				2,155.3				2,159.2				1,929.6
Other receivables from financial intermediation			551.2				483.8				417.7				581.0				767.9
Receivables from financial leases			35.2				31.5				29.2				20.2				20.8
Investments in other companies			0.7				0.7				0.7				0.8				0.8
Other receivables			163.2				123.7				186.8				169.3				116.1
Items pending allocation			0.5				1.1				1.0				1.3				1.4
TOTAL ASSETS			7,352.6				7,395.0				7,781.1				7,890.6				8,574.6
Deposits			3,441.6				3,324.7				3,353.9				3,369.0				3,616.0
Other liabilities from financial intermediation			1,265.0				1,210.6				1,214.8				1,253.8				1,281.9
Other liabilities			6.3				8.4				7.1				8.2				5.7
Subordinated corporate bonds			723.4				740.2				789.8				810.4				892.7
Items pending allocation			0.0				0.0				0.2				2.8				0.1
TOTAL LIABILITIES			5,436.3				5,283.9				5,365.8				5,444.2				5,796.4
NET FX POSITION			1,916.3				2,111.1				2,415.3				2,446.4				2,778.2

12

3Q13 Earnings Release

QUARTERLY BALANCE SHEET		MACRO consolidated
In MILLION $		III12				IV12				I13				II13				III13
ASSETS			48,089.8				48,379.0				51,454.2				53,686.6				56,732.3
Cash			7,393.7				10,047.0				9,270.3				8,323.1				9,449.6
Government and Private Securities			5,204.0				2,343.1				4,451.2				5,040.0				4,436.9
-LEBAC/NOBAC			3,709.4				612.9				2,296.0				2,322.1				1,777.8
-Other			1,494.6				1,730.2				2,155.2				2,717.9				2,659.1
Loans			28,696.7				31,202.6				32,722.5				33,965.6				36,613.9
to the non-financial government sector			330.3				586.6				604.6				602.8				591.6
to the financial sector			528.1				299.3				464.4				441.0				513.8
to the non-financial private sector and foreign residents			28,618.5				31,203.9				32,562.1				33,869.6				36,494.4
-Overdrafts			4,552.3				4,280.6				5,296.2				4,487.6				5,642.0
-Documents			2,951.7				3,651.4				3,586.3				3,635.9				3,654.4
-Mortgage loans			1,129.0				1,508.5				1,603.2				1,896.9				1,916.2
-Pledge loans			638.4				928.7				983.2				1,144.0				1,168.9
-Personal loans			10,285.6				10,826.6				11,466.8				12,315.1				13,012.5
-Credit cards			3,928.5				4,725.2				4,884.1				5,310.9				5,755.4
-Other			4,741.4				4,808.5				4,272.3				4,635.8				4,878.0
-Accrued interest, adjustments, price differences receivables and unearned discount			391.7				474.4				470.0				443.4				467.0
Allowances			-780.1				-887.2				-908.6				-947.8				-986.0
Other receivables from financial intermediation			4,561.8				2,380.2				2,970.9				4,193.6				4,019.9
Receivables from financial leases			290.7				321.5				351.4				375.4				373.9
Investments in other companies			10.3				11.6				11.7				11.7				11.8
Other receivables			747.4				855.2				427.2				470.8				451.1
Other assets			1,185.2				1,217.8				1,249.0				1,306.4				1,375.2
LIABILITIES			42,316.5				42,179.9				44,797.2				46,584.5				49,058.3
Deposits			34,695.0				36,188.7				39,059.2				39,530.4				41,774.0
From the non-financial government sector			8,227.1				8,318.4				9,220.8				8,549.7				7,972.6
From the financial sector			21.9				24.2				20.2				24.1				20.9
From the non-financial private sector and foreign residents			26,446.0				27,846.1				29,818.2				30,956.6				33,780.5
-Checking accounts			6,072.2				6,716.9				6,509.7				7,145.8				7,494.3
-Savings accounts			6,161.1				6,467.2				6,728.4				7,384.0				7,454.0
-Time deposits			13,309.1				13,596.2				15,440.1				15,318.9				17,582.0
-Other			903.6				1,065.8				1,140.0				1,107.9				1,250.2
Other liabilities from financial intermediation			5,657.3				3,785.0				3,808.8				5,188.9				5,028.7
Subordinated corporate bonds			723.6				740.2				789.8				810.4				892.7
Other liabilities			1,240.6				1,466.0				1,139.4				1,054.8				1,362.9
SHAREHOLDERS' EQUITY			5,773.3				6,199.1				6,657.0				7,102.1				7,674.0
LIABILITIES + SHAREHOLDERS' EQUITY			48,089.8				48,379.0				51,454.2				53,686.6				56,732.3

13

3Q13 Earnings Release

QUARTERLY INCOME STATEMENT		MACRO consolidated
In MILLION  $		III12				IV12				I13				II13				III13
Financial income			1,764.3				1,921.4				2,047.0				2,129.5				2,589.3
Interest on cash and due from banks			0.0				0.1				0.1				0.0				0.1
Interest on loans to the financial sector			12.4				11.3				10.3				11.6				12.9
Interest on overdrafts			205.5				209.1				228.0				244.6				274.4
Interest on documents			99.1				120.3				126.6				149.8				175.3
Interest on mortgage loans			47.8				59.3				67.6				79.9				86.4
Interest on pledge loans			29.3				36.1				42.5				46.0				50.0
Interest on credit card loans			184.3				207.1				222.8				223.2				260.2
Interest on financial leases			14.1				14.9				15.8				16.5				17.7
Interest on other loans			905.4				998.5				1,051.7				1,121.7				1,243.3
Income from government & private securities, net			67.6				75.5				100.9				31.8				180.5
Interest on other receivables from fin. intermediation			0.2				0.4				0.9				0.8				0.5
Income from Guaranteed Loans - Decree 1387/01			10.6				6.3				12.1				3.3				1.1
CER adjustment			13.9				8.5				16.4				4.8				2.0
CVS adjustment			0.2				0.2				0.2				0.2				0.1
Difference in quoted prices of gold and foreign currency			103.3				113.7				102.1				135.9				227.5
Other			70.6				60.1				49.0				59.4				57.3
Financial expense			-704.6				-798.5				-880.5				-932.4				-1,039.3
Interest on checking accounts			-0.1				-0.1				-0.1				-0.1				-0.1
Interest on saving accounts			-8.7				-9.8				-10.0				-10.6				-10.3
Interest on time deposits			-536.0				-614.5				-667.2				-707.0				-791.6
Interest on interfinancing received loans			-1.1				-1.0				-1.0				-1.0				-0.9
Interest on subordinated bonds			-16.9				-17.9				-18.5				-19.0				-20.7
Other Interest			-0.8				-0.8				-0.8				-0.9				-0.8
Interest on other liabilities from fin. intermediation			-14.1				-15.0				-14.8				-14.8				-15.1
CER adjustment			-1.1				-1.1				-1.2				-0.9				-1.1
Contribution to Deposit Guarantee Fund			-14.4				-14.9				-15.9				-16.8				-17.1
Other			-111.4				-123.4				-151.0				-161.3				-181.6
Net financial income			1,059.7				1,122.9				1,166.5				1,197.1				1,550.0
Provision for loan losses			-103.0				-197.3				-128.5				-113.9				-139.1
Fee income			673.7				730.7				764.5				849.0				884.0
Fee expense			-177.4				-225.0				-204.5				-208.8				-277.6
Net fee income			496.3				505.7				560.0				640.2				606.4
Administrative expenses			-767.6				-895.8				-878.5				-1,002.5				-1,029.5
Minority interest in subsidiaries			-3.8				-4.2				-3.9				-4.1				-4.7
Net other income			-16.8				21.8				31.7				37.0				11.0
Earnings before income tax			664.8				553.1				747.3				753.8				994.1
Income tax			-252.9				-127.3				-289.4				-293.4				-422.2
Net income			411.9				425.8				457.9				460.4				571.9

14

3Q13 Earnings Release

QUARTER ANNUALIZED RATIOS		MACRO consolidated
		III12		IV12		I13		II13		III13
Profitability & performance
Net interest margin		12.1%		12.5%		12.9%		12.3%		14.5%
Net interest margin adjusted (1)		12.6%		13.0%		13.2%		13.4%		14.2%
Net fee income ratio		31.9%		31.1%		32.4%		34.8%		28.1%
Efficiency ratio		49.3%		55.0%		50.9%		54.6%		47.7%
Net fee income as a percentage of adm expenses		64.7%		56.5%		63.7%		63.9%		58.9%
Return on average assets		3.6%		3.5%		3.7%		3.5%		4.3%
Return on average equity		28.9%		27.8%		28.4%		26.4%		30.1%
Liquidity
Loans as a percentage of total deposits		85.0%		88.7%		86.1%		88.3%		90.0%
Liquid assets as a percentage of total deposits		35.2%		31.8%		32.7%		29.5%		30.2%
Capital
Total equity as a percentage of total assets		12.0%		12.8%		12.9%		13.2%		13.5%
Regulatory capital as a percentage of risk weighted assets		18.5%		19.0%		20.2%		21.7%		23.1%
Asset Quality
Allowances over total loans		2.6%		2.8%		2.7%		2.7%		2.6%
Non-performing loans as a percentage of total loans		1.6%		1.8%		1.7%		1.9%		1.8%
Allowances as a percentage of non-performing loans		162.8%		155.4%		157.2%		145.9%		149.7%
(1) Net interest margin excluding income from government securities and guaranteed loans

ACCUMULATED ANNUALIZED RATIOS		MACRO consolidated
		III12		IV12		I13		II13		III13
Profitability & performance
Net interest margin		11.7%		12.1%		12.9%		12.6%		13.3%
Net interest margin adjusted (1)		12.2%		12.6%		13.2%		13.3%		13.6%
Net fee income ratio		33.0%		32.5%		32.4%		33.7%		31.6%
Efficiency ratio		50.4%		51.6%		50.9%		52.8%		50.9%
Net fee income as a percentage of adm expenses		65.5%		62.9%		63.7%		63.8%		62.1%
Return on average assets		3.2%		3.3%		3.7%		3.6%		3.8%
Return on average equity		26.8%		27.1%		28.4%		27.3%		28.3%
Liquidity
Loans as a percentage of total deposits		85.0%		88.7%		86.1%		88.3%		90.0%
Liquid assets as a percentage of total deposits		35.2%		31.8%		32.7%		29.5%		30.2%
Capital
Total equity as a percentage of total assets		12.0%		12.8%		12.9%		13.2%		13.5%
Regulatory capital as a percentage of risk weighted assets		18.5%		19.0%		20.2%		21.7%		23.1%
Asset Quality
Allowances over total loans		2.6%		2.8%		2.7%		2.7%		2.6%
Non-performing loans as a percentage of total loans		1.6%		1.8%		1.7%		1.9%		1.8%
Allowances as a percentage of non-performing loans		162.8%		155.4%		157.2%		145.9%		149.7%
(1) Net interest margin excluding income from government securities and guaranteed loans

15

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 8, 2013

	MACRO BANK INC.
	By:	/s/ Luis Cerolini
	Name: Luis Cerolini
	Title: Director