Aug
13
* Banco Galicia is biggest private Argentine bank
* Group benefits from increase in operating income
BUENOS AIRES Aug 13 (Reuters) – Leading Argentine banking
conglomerate Grupo Financiero Galicia said on
Monday second-quarter net profit jumped 36 percent from a year
earlier to 339.1 million pesos ($74.9 million).
The figure far surpassed market expectations. A Reuters poll
of four analysts had put the company’s net at a median of 253
million pesos, with estimates ranging from 225 million to 289.9
million pesos.
The big jump in quarterly net profit stemmed from “a
significant increase in the volume of activity and the financial
margin that improved operating income, more than offsetting the
administrative expenses increase,” the group said in a
statement.
Grupo Galicia’s net profit totaled 620.8 million pesos in
the first half of this year. In the second quarter of 2011, its
net was 248.6 million pesos.
The group’s main affiliate, Banco Galicia, posted a
second-quarter net profit of 329.2 million pesos, up from 247.7
million in the year-earlier period, the company said in a
statement to the Buenos Aires Stock Exchange.
As of June 30, the bank’s market share of loans to the
private sector was 8.57 percent while its share of
private-sector deposits was 8.70 percent. Banco Galicia is the
biggest privately owned Argentine bank.
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