Aug
8
BUENOS AIRES–Argentine banking group Grupo Financiero Galicia SA (GGAL.BA, GGAL) saw its profit during the second quarter rise to 361.8 million pesos ($65 million), up from ARS339.1 million a year earlier.
The bulk of the company’s profit came from its majority stake in Banco de Galicia y Buenos Aires SA (GALI.BA). Second-quarter revenue from the stake in Banco de Galicia totaled ARS363.6 million, up from ARS312.5 million a year earlier, the company said in a statement.
Despite the gain, Grupo Galicia’s second-quarter profit was weighed down by an ARS59.2 million loss in its financial results, and a charge of ARS11.7 million for administrative costs, the company said.
Write to Shane Romig at shane.romig@wsj.com
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