Nov
5
(Adds comparative figure, economic context, forecast from
Reuters poll)
BUENOS AIRES Nov 5 (Reuters) – Argentine banking
conglomerate Grupo Financiero Galicia reported stronger
than expected third-quarter net earnings of 931.2 million pesos
($110.5 million) on Wednesday, up from 536 million pesos in the
same period of 2013.
The market had expected a net profit of 815 million pesos,
according to the median forecast of analysts polled by Reuters.
The group controls Argentina’s biggest privately owned bank,
Banco Galicia.
With inflation in the South American grain-exporting country
approaching 40 percent, according to private analysts, consumers
have increased spending to avoid future price hikes. This
benefits banks charging interest on credit cards.
(Reporting by Walter Bianchi Editing by W Simon and Peter
Galloway)
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