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Annual Report and Balance Sheet Memoria Y Balance 2013 2013 Banco Macro S.A

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Annual Report and Balance Sheet Memoria Y Balance 2013 2013 Banco Macro S.A Annual Report and Balance Sheet Memoria y Balance 2013Memoria 2013 Banco Macro S.A.Banco Macro www.macro.com.ar 21 mm Laca brillante Annual Report for the Fiscal Year 2013 Banco Macro S.A. Table of contents 04 A Letter by the President 54 Financial Education and Inclusion 06 Board of Directors 54 Direct and Indirect 06 To the Shareholders Environmental Impact 08 Summons 56 Responsibility for public welfare 10 Branches Network and inclusion 13 Correspondent Banks 56 Development of PYMEs and ventures 56 Transparency in all our actions 16 Annual Report for 58 Highlights 2013 the Fiscal Year 2013 59 Corporate Governance 18 History 59 Corporate Governance Guidelines 19 Grupo Macro 62 Control Environment 19 Competitive Strengths 62 Committees 20 Our Philosophy 62 Risk Management 21 Our Corporate DNA 63 Compliance 22 Macroeconomic Context 64 Macro and its collaborators 25 Monetary Market 66 Grupo Macro Results and Financial System 66 Economic and Financial Situation 29 Main Indicators 69 Solvency of the Financial System 71 Deposits 30 Description of the Business 72 Loans 30 Goals 72 Liquidity 30 Achieved Goals 73 Results 32 Corporate Banking 74 Grupo Macro Main Indicators 32 Strategies and Actions 75 Salient Events 32 Banking Situation 75 New Capital Markets Act 34 Agribusiness Banking 75 Merger with Banco Privado 35 Small- and Medium-Sized de Inversiones Business (Pyme) Banking 75 Production Investment Credit 36 Personal Banking Facility (Central Bank of the 36 Strategies and Actions Republic of Argentina) 36 Personal Banking in Figures 76 Post Closing Events 36 Products 76 Distribution of Dividends 42 Service and Quality 77 Directors and Top Management 42 Channels Remuneration 45 Technological Development 77 Acknowledgements 47 Quality 50 Corporate Image 78 Exhibit I 50 Events and sponsoring actions Corporate Governance 52 Banco Macro corporate Explanatory Report reputation Project 52 Awards and honors received. 100 Financial Statements Rankings. 54 Social Responsibility 54 Our strategy of Social Corporate Responsibility Banco Macro A Letter by the President Year 2013 its expansion down and Brazil keeps a low growth dynamics due to As during the last years, it is a pleasure for me to address -through its anti-inflation policy. On the other hand, in our country in 2013 these presents- all public people and institutions related to Banco there was a growth of about 4.9 % in the GDP, qualified as reasonably Macro SA’s activity and the public in general. This Letter constitutes good, but below the average 7.2% registered during the decade start- a summary with the description of the job done and the results reached ing in 2003. The commercial balance dropped 29% from that registered by the Bank. It also includes, as usual, some general comments and in the previous year, the tax deficit -debt interests payment included- thoughts about the events of the year gone by, as well as about the reached 2.4% of the GDP and in the last months, the BCRA pushed forecasts for the future, based on the vision of the highest authority the devaluation pace up and adopted restrictive measures to purchase of the company. foreign currency in order to mitigate the external risk. Meanwhile, it had to issue national currency to finance the National Govern- We are really glad to say again that the results of the Bank during 2013 ment’s deficit in pesos and foreign currency. This situation differs were totally satisfactory, even better if we consider the local complex completely from that of previous years, when the exchange rate was context we are in. We must highlight that in 2013 the tax-discounted competitive, the tax result was positive and the commercial surplus net assets amounted to $ 2.444 billion, up 61 % on the $ 1.494 billion was strong. As this new condition of variables continues, we must registered in 2012. Therefore, the Bank confirmed its financial potential carefully consider the possibilities of the Argentine economy as re- and solvency. We must also point out that Administrative Expenses gards the economic growth and reduction in inflation indexes. That were proper evidence of the efficiency, very much higher than the aver- is why we are urged to be prudent. age of the system. Such performance is clear evidence of very important aspects such as the stability and continuity in the generation of incomes, Back to Banco Macro’s performance, we must say that in 2013 Corporate as well as the productivity and efficiency in using resources in time. Banking met most of its goals and reached a cumulative growth of 20% For sure, an isolated successful result may be the consequence of dif- in its credit portfolio. To this growth, the contribution of the SMEs and ferent circunstances, even fortuitous, and may not be repeated in Agrobusiness sectors was key, being both strategic areas for the Bank. another opportunity. But the maturity and quality of the financial Within the Credit Line for Productive Investment, more than 2,500 institution go together with the capacity it shows to sustain satisfactory companies were backed up, and this was possible because of the general results along the years, within a sustainability dynamics; of course, policy which provides for reaching more clients under a quick approval provided there are no external events which may go beyond the com- system. Within the Corporate Banking area, the goal was to keep a pany’s control and which may hinder or limit its actions. We think sustained growth in our portfolio of overnight and fixed-term deposits. Banco Macro has managed to show such capacity and it is today a very We managed to meet such goal as deposits registered a rise of 36.2% sound platform from which growth strategies may be deployed into in 2013, a figure that was higher than the evolution of financings and the future. We believe such strategies will be fully satisfactory for let us improve the sound relatioship between credits and deposits. shareholders and the community we belong to. As regards Individual Banking, goals were also met and we managed But optimism must not fall out with prudence and, through this letter, to consolidate our leading position in the personal loan portfolio and we call all those who build the Bank’s daily management to go on an outstanding growth in credit cards. The Bank is leader in the per- concentrated, to keep productivity and efficiency standards high above, sonal loans market with a share of 13.9 % and ranks fourth within to understand that the effort we are making to get better yields is es- Credit Cards, up over 7% in consumption share. Passive portfolios of sential to remain on the markets which are gradually becoming more Individual Banking registered an increase of 33.5 % in 2013, thus level- competitive and complex. ling off the growth of active portfolios, which accounted for 31.9 %. During the year, we also focused on improving the quality of our Prudence in future forecasts is advised because of two reasons. On customer service, with significant improvements in technological tools one hand, the International economy is giving signals to be consid- and going deeper into traditional service channels, adding those al- ered, as they will impact on the Argentine economy’s behavior. The lowed by digital applications. These improvements ranged from the US and Europe are still going through a weak recovery, China slows implementation of IP technoloty to the call center system with the Annual Report and Balance Sheet 2013 incorporation of facebook as a new communication channel for our clients and a means to follow the market trends. The Sustainable Management is another source we have dealt with, pushed by the slogan “We want to be the most sustainable bank at a federal level”. In 2013, the main pillars of our strategy were financial inclusion and education, taking care of the direct and indirect envi- ronmental impact, responsibility for people’s welfare and inclusion, SMEs and undertakings development and transparency in all our actions. We must point out that the action of financial inclusion is shared with ADEBA and the Latin American Federation of Banks (FELABAN in Spanish), which I have gladly run since 2012. All these strategies sum up our institutional goals and objectives, since they are deeply rooted together with the values we boast as a financial entity and an Argentine company. We are aware of the need and importance of persisting in the efforts for such initiatives. Present in 22 jurisdictions, a financial agent in four provinces, the Bank has 494 service centers distributed in such a way that makes us rank as the first private entity in the interior of the country, thus fulfilling one of the strategic objectives, maybe the most emblematic. Such deployment is complete with over 1,133 ATMs and 887 SSTs. With this operation capac- ity, we have reached 3.3 million clients, distributed mainly in the interior of the country, where the institution keeps strong, with a high share in the market and supporting the local industry. This is our Bank today, permanently growing and in search of new markets and business. We greet especially our people, over 8,000 members of the Bank’s staff and their families and acquaintances. We take pride in our people, we share our commitment to go on pushing this institution further and we highly appreciate their effort and loyalty year after year. As every year, the Board also thanks our shareholders, clients and suppliers, whose support and willingness have been key in reaching all these results. Jorge H. Brito Banco Macro Board of Directors President Jorge Horacio Brito Vice President Delfín Jorge Ezequiel Carballo Permanent Directors Jorge Pablo Brito Marcos Brito Juan Pablo Brito Devoto Luis Carlos Cerolini Roberto José Feletti Carlos Enrique Videla Alejandro Macfarlane Guillermo Eduardo Stanley Constanza Brito Emmanuel Antonio Álvarez Agis To the Shareholders In compliance with the legal and statutory provisions currently in force, the Board of Direc- tors submits to you this Annual Report, the Financial Statements, Auditing Committee’s Report, and other documents in connection with the 48th Fiscal Year, which ended on De- cember 31, 2013.
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