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Banco Santander Río Q2 net income down 8.4% YOY

Banco Santander Río SA on Aug. 11 reported a net profit of 1.25 billion Argentine pesos for the second quarter of 2017, around 8% lower year-over-year from the 1.36 billion pesos earned previously.

Financial income went up to 8.73 billion pesos from 7.50 billion pesos a year earlier. Net revenue from services was sharply up to 2.26 billion pesos from the 1.63 billion pesos earned in the year-ago period.

However, administrative expenses jumped to 4.25 billion pesos for the quarter from 2.61 billion pesos annually. Financial expenses were reported at about 3.40 billion pesos in the quarter, down from 4.18 billion pesos.

Provisions for loan losses in the quarter leaped to 915.4 million pesos from 297.8 million pesos a year ago.

Return on equity was 20.4% in the second quarter, down from 30.0% a year earlier. Return on assets also dropped to 1.9%, from 3.5%. Banco Santander Río added that its delinquency rate was 2.21% for the second quarter.

As of Aug. 14, US$1 was equivalent to 17.17 Argentine pesos.