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

June 8, 2020

Commission File Number: 001-32827

MACRO BANK INC.

(Translation of registrant’s name into English)

Avenida Eduardo Madero 1182

Ciudad Autónoma de Buenos Aires C1106 ACY

Tel: 54 11 5222 6500

(Address of registrant’s principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

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):

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):

Banco Macro Announces Results for the First Quarter of 2020

Buenos Aires, Argentina, June 8, 2020 – Banco Macro S.A. (NYSE: BMA; BYMA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the first quarter ended March 31, 2020 (“1Q20”). All figures are in Argentine pesos (Ps.) and have been restated in terms of the measuring unit current at the end of the reporting period. As of 1Q20, the Bank began reporting results applying Hyperinflation Accounting, in accordance with IFRS IAS 29 as established by the Central Bank. For ease of comparison, figures of previous quarters of 2019 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through March 31, 2020.

Summary

•       The Bank’s net income totaled Ps.7.1 billion in 1Q20. This result was 15% higher than the result posted in 4Q19 and 80% higher than in 1Q19. In 1Q20, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 27.3% and 4.9%, respectively.

•       In 1Q20, Banco Macro’s net monetary position resulted in a Ps.295 million gain, improving from the Ps.5.1 billion loss posted in 4Q19 and lower than the Ps.3.2 billion gain registered in 1Q19.

•       In 1Q20, Banco Macro’s financing to the private sector decreased 4% or Ps.9.2 billion quarter over quarter (“QoQ”) totaling Ps.219.8 billion and 15% or Ps.38.7 billion year over year (“YoY”). In the quarter commercial loans stand out, among which Documents and Others stand out; with a 8% and a 14% increase respectively QoQ.

•       In 1Q20, Banco Macro’s total deposits increased 10% or Ps.27.9 billion QoQ, totaling Ps.311.3 billion and representing 80% of the Bank’s total liabilities. Private sector deposits increased 7% or Ps.19.6 billion QoQ.

•       Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.96.4 billion, 32% regulatory capital ratio – Basel III and 25.4% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 66% of its total deposits in 1Q20.

•       As of 1Q20, the efficiency ratio reached 39.8%, deteriorating from the 35.5% posted in 4Q19.

•       In 1Q20, the Bank’s non-performing to total financing ratio was 1.36% and the coverage ratio reached 173.49%.

Disclaimer

This press release includes forward-looking statements. We have based these forward-looking statements largely on our current beliefs, expectations and projections about future events and financial trends affecting our business. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements, including, among other things: inflation; changes in interest rates and the cost of deposits; government regulation; adverse legal or regulatory disputes or proceedings; credit and other risks of lending, such as increases in defaults by borrowers; fluctuations and declines in the value of Argentine public debt; competition in banking and financial services; deterioration in regional and national business and economic conditions in Argentina; and fluctuations in the exchange rate of the peso.

The words “believe,” “may,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar words are intended to identify forward-looking statements. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to update publicly or to revise any forward-looking statements after we distribute this press release because of new information, future events or other factors. In light of the risks and uncertainties described above, the forward-looking events and circumstances discussed in this press release might not occur and are not guarantees of future performance.

This report is a summary analysis of Banco Macro's financial condition and results of operations as of and for the period indicated. For a correct interpretation, this report must be read in conjunction with all other material periodically filed with the Comisión Nacional de Valores (www.cnv.gob.ar), the Securities and Exchange Commission (www.sec.gov), Bolsas y mercados Argentinos (www.byma.com.ar) and the New York Stock Exchange (www.nyse.com). In addition, the Central Bank (www.bcra.gov.ar) may publish information related to Banco Macro as of a date subsequent to the last date for which the Bank has published information.

Readers of this report must note that this is a translation made from an original version written and expressed in Spanish. Consequently, any matters of interpretation should be referred to the original version in Spanish.

This Earnings Release has been prepared in accordance with the accounting framework established by the Central Bank of Argentina (“BCRA”), based on International Financial Reporting Standards (“I.F.R.S.”) and the resolutions adopted by the International Accouting Standards Board (“I.A.S.B”) and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (“F.A.C.P.E.”). As of January 2020 the Bank started reporting with the application of (i) Expected losses of IFRS 9 “Financial Instruments” and (ii) IAS 29 “Financial Reporting in Hyperinflationary Economies”. Data and figures shown in this Earnings Release may differ from the ones shown in the 20-F annual report.

Results

Earnings per outstanding share were Ps.11.07 in 1Q20, 15% higher than 4Q19 and 80% higher than the result posted a year ago.

Banco Macro’s 1Q20 net income of Ps.7.1 billion was 15% or Ps.941 million higher than the previous quarter and 80% or Ps.3.1 billion higher YoY. This result represented an accumulated ROAE and ROAA of 27.3% and 4.9% respectively.

Net operating income (before G&A and personnel expenses) was Ps.23.3 billion in 1Q20, decreasing 25% or Ps.7.6 billion compared to 4Q19 and increased 16% or Ps.3.1 billion compared to the previous year.

Operating income (after G&A and personnel expenses) was Ps.10.7 billion in 1Q20, 31% or Ps.4.8 billion lower than in 4Q19 and 68% or Ps.4.3 billion higher than a year ago.

It is important to emphasize that this result was obtained with a leverage of 4.3x assets to equity ratio.

The Bank’s 1Q20 net interest income totaled Ps.21.3 billion, 17% or Ps.4.2 billion lower than in 4Q19 and 7% or Ps.1.3 billion higher YoY.

In 1Q20 interest income totaled Ps.30.9 billion, 16% or Ps.6 billion lower than in 4Q19 (due to lower income from interest on loans) and 18% or Ps.6.8 billion lower than in 1Q19.

Income from interest on loans and other financing totaled Ps.19.5 billion, 22% or Ps.5.4 billion lower compared with the previous quarter, due to an 8% decrease in the loan portfolio and a 600 b.p. decrease in the average lending rate. On a yearly basis Income from interest on loans decreased 14% or Ps.3.1 billion.

In 1Q20 income from government and private securities decreased 1% or Ps148 million QoQ (due to lower income from Private securities) and decreased 25% or Ps.3.6 billion compared with the same period of last year. This result is explained 86% by income from government and private securities through other comprehensive income (Central Bank Notes) and the remaining 14% is explained by income from government and private securities at amortized cost.

In 1Q20 income from Repos totaled Ps.364 million, Ps.416 million lower than the previous quarter and Ps.136 million lower than a year ago.

In 1Q20 Differences in foreign currency totaled a Ps.532 million gain, due to the 8% argentine peso depreciation against the US dollar and the Bank’s long spot dollar position during the quarter and FX trading results (Ps.49 million). Income from differences in foreign currency decreased 96% or Ps.1.1 billion due to lower results from trading due to currency controls and regulations. It should be noted that if income from investment in derivative financing instruments is added then differences in quoted prices of gold and foreign currency in 1Q20 resulted in a Ps.568 million gain.

The Bank’s 1Q20 interest expense totaled Ps.9.6 billion, decreasing 15% (Ps.1.8 billion) compared to the previous quarter and 46% (Ps.8.1 billion) compared to 1Q19.

In 1Q20, interest on deposits represented 91% of the Bank’s total interest expense, decreasing 17% or Ps.1.8 billion QoQ, due to a 400 b.p. reduction in the average rate of time deposits .This decrease can be traced to a 1,190 b.p. decline in the BADLAR rate as a consequence of the Leliq rate decline from around 55% at the beginning of the quarter, to 38% by the end of March and a 5% increase in the average volume of time deposit that did not offset the decline in interest rates. On a yearly basis, interest on deposits decreased 47% or Ps.7.6 billion.

In 1Q20, the Bank’s accumulated net interest margin (including FX) was 19.2%, lower than the 24.8% posted in 4Q19 and in 1Q19.

In 1Q20 Net Interest Margin (excluding FX) was 18.7%, lower than the 23.9% posted in 4Q19 and the 24.8% in 1Q19.

In 1Q20 Net Interest Margin (Pesos) was 30.3%, lower than the 40.3% posted in 4Q19 and higher than the 24% in 1Q19; meanwhile Net Interest Margin (USD) was 3.9%, higher than the 3.5% posted in 4Q19 and the 1.1% in 1Q19.