Aug

22

Banco Galicia sees NPLs deteri …

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Companies / Entities

  • Banco de Galicia y Buenos Aires S.A.
    • Grupo Financiero Galicia S.A.

      Keywords

      • Commercial/Retail Banking
      • |

      Argentina’s Banco Galicia is expecting its non-performing loan (NPL) ratio to worsen to 3.8-3.9% by year end, Pablo Firvida, IR head of the lender’s parent company Grupo Financiero Galicia (NasdaqCM: GGAL) told a conference call.

      Banco Galicia’s NPL ratio deteriorated 36 basis points as of end-June compared to the same time 2011 to 3.42%.

      “Although the retail loan book is showing signs of deterioration, NPLs and coverage are healthy regarding historical terms,” Firvida said.

      “In the last year, we have been building up an anti-cyclical reserve because we were foreseeing this slight deterioration. So, the coverage should be going down to between 110% to 120%, definitely above 100%,” Firvida said.

      The bank’s coverage ratio decreased to 128% as of end-June from 141% at the same time 2011.

      Banco Galicia is the country’s largest locally owned private sector bank.

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