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

March 10, 2021

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):

4Q20 Earnings Release

Banco Macro Announces Results for the Fourth Quarter of 2020

Buenos Aires, Argentina, March 10, 2021 – Banco Macro S.A. (NYSE: BMA; BYMA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the fourth quarter ended December 31, 2020 (“4Q20”). 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 and 2020 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through December 31, 2020.

Summary

• The Bank’s net income totaled Ps.6.1 billion in 4Q20. This result was 2% higher than the result posted in 3Q20 and 11% lower than in 4Q19. In 4Q20, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 20.9% and 4.3%, respectively. Net Income for FY2020 totaled Ps.30.3 billion, 14% higher than the Ps.26.5 posted in FY2019. Total Comprehensive Income for FY2020 totaled Ps.25.3 billion, 5% lower than in FY2019.

• In 4Q20, Banco Macro’s financing to the private sector decreased 2% or Ps.6.1 billion quarter over quarter (“QoQ”) totaling Ps.252.5 billion and 13% or Ps.36.7 billion year over year (“YoY”). In the quarter, within consumer loans, Credit card loans stood out; with a 9% increase QoQ, meanwhile within commercial loans Documents stood out with a 10% increase QoQ, mainly driven by loans to SMEs.

• In 4Q20, Banco Macro’s total deposits decreased 11% or Ps.59.8 billion QoQ, totaling Ps.488.7 billion and representing 79% of the Bank’s total liabilities. Private sector deposits decrased 4% or Ps.15.9 billion QoQ. In FY2020, within private sector deposits, both time and demand deposits increased 41% and 14% respectively YoY.

• Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.132.1 billion, 34.2% regulatory capital ratio – Basel III and 27.1% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 90% of its total deposits in 4Q20.

• In 4Q20, the Bank’s non-performing to total financing ratio was 0.78% and the coverage ratio improved to 479.2%.

4Q20 Earnings Release

Disclaimer

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

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

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

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

4Q20 Earnings Release

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.10.8 in 4Q20, 2% higher than in 3Q20 and 11% lower than the result posted a year ago.

In FY2020 earnings per outstanding share were Ps.47.34, 14% higher than in FY2019.

Banco Macro’s 4Q20 net income of Ps.6.1 billion was 2% or Ps.141 million higher than the previous quarter and 11% or Ps.839 million lower YoY. This result represented an accumulated ROAE and ROAA of 20.9% and 4.3% respectively.

In FY2020 net income for the period totaled Ps.30.3 billion, 14% higher than the Ps.26.5 billion posted in FY2019. Total comprehensive income totaled Ps.25.3 billion, 5% lower than a year ago.

Net operating income (before G&A and personnel expenses) was Ps.17.4 billion in 4Q20, decreasing 20% or Ps.4.4 billion compared to 3Q20 and decreased 55% or Ps.21.6 billion compared to the previous year due to lower net interest income, lower net fee income and higher loan loss provisions.

In FY2020 Net operating income (before G&A and personnel expenses) totaled Ps.95.2 billion, 12% lower than the previous year.

In 4Q20 Provision for loan losses totaled Ps.2.2 billion, 11% or Ps.211 million higher than in 2Q20. In the previous quarter loan loss provisions were explained by additional provisions made by the Bank based on estimations of the macroeconomic impact of the current Covid-19 pandemic. In this quarter three main groups showing signs of credit deterioration were included in the estimates; i) Ps.666 million related to loans with deferred installments (both commercial and consumer), ii) Ps.1.5 billion related to refinancing of outstanding credit card balances and iii) Ps.68 million related to the 24% loans extended to SMEs, from sectors or activities which the Bank considered troubled o likely to have some trouble.

Operating income (after G&A and personnel expenses) was Ps.523 million in 4Q20, 89% or Ps.4.4 billion lower than in 3Q20 and 97% or Ps.19.1 billion lower than a year ago, nonetheless despite the lower result registered in 4Q20, Operating Income (after G&A and personnel expenses) in FY2020 totaled Ps.29.2 billion and was 5% higher than in FY2019.

It is important to emphasize that this result was obtained with a leverage of only 5.2x assets to equity ratio.

4Q20 Earnings Release

The Bank’s 4Q20 net interest income totaled Ps.21.7 billion, 8% or Ps.1.8 billion lower than in 3Q20 and 32% or Ps.10.5 billion lower YoY.

In FY2020 net interest income was 19% lower than in FY2019 as a result of different regulations adopted that set caps on lending rates and floors on deposit rates.

In 4Q20 interest income totaled Ps.41.6 billion, 2% or Ps.651 million higher than in 3Q20 and 11% or Ps.5 billion lower than in 4Q19.

Income from interest on loans and other financing totaled Ps.19.6 billion, 1% or Ps.164 million lower compared with the previous quarter. On a yearly basis Income from interest on loans decreased 38% or Ps.11.8 billion.

In FY2020 interest on loans totaled Ps.85.6 billion and decreased 23% compared to FY2019.

In 4Q20 income from government and private securities increased 4% or Ps.680 million QoQ (due to higher income from Government securities) and increased 38% or Ps.5.4 billion compared with the same period of last year. This result is explained 91% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 9% is explained by income from sovereign bonds in pesos at amortized cost.

4Q20 Earnings Release

In FY2020 income from government and private securities decreased 29% compared with FY2019.

In 4Q20 income from Repos totaled Ps.2.5 billion, 7% or Ps.165 million higher than the previous quarter and Ps.1.5 billion higher than a year ago.

In 4Q20 FX income totaled Ps.1.3 billion, 5% or Ps.73 million lower than the previous quarter and 32% lower than a year ago. FX income gain was due to the 10% argentine peso depreciation against the US dollar, the Bank’s long spot dollar position during the quarter and FX trading results.

In FY2020 FX income totaled a Ps.4.2 billion gain, 11% lower than FY2019.

The Bank’s 4Q20 interest expense totaled Ps.19.8 billion, increasing 14% or Ps.2.4 billion compared to the previous quarter and 38% (Ps.5.4 billion) compared to 4Q19.

4Q20 Earnings Release

In 4Q20, interest on deposits represented 94% of the Bank’s total interest expense, increasing 14% or Ps.2.4 billion QoQ, due to a 320 b.p. increase in the average rate paid on deposits (up from 17.9% in 3Q20 to 21.1% in 4Q20, this increase can be traced to a 456 b.p QoQ increase in the average Badlar rate). The average volume of deposits from the private sector decreased 3%. On a yearly basis, interest on deposits increased 40% or Ps.5.4 billion.

In FY2020 interest expense decreased 30% compared with FY2019.

In 4Q20, the Bank’s net interest margin (including FX) was 16.3%, lower than the 17.1% posted in 3Q20 and the 33.6% posted in 4Q19.

In 4Q20 Net Interest Margin (excluding FX) was 15.4%, lower than the 16.2% posted in 3Q20 and than the 31.7% posted in 4Q19.

In 4Q20 Net Interest Margin (Pesos) was 17.7%, lower than the 18.6% posted in 4Q20 and than the 40.3% in 4Q19; meanwhile Net Interest Margin (USD) was 2%, higher than the 1.8% posted in 3Q20 and lower than the 3.5% registered in 4Q19.

4Q20 Earnings Release