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Grupo Financiero Galicia books 33.5% rise in Q2 profit

Grupo Financiero Galicia SA on Aug. 8 posted a 33.5% hike in second-quarter profit as the Argentine lender saw markedly higher contributions from its main operating units.

The company posted net income of 1.84 billion Argentine pesos, or 1.41 pesos per share, up from 1.38 million pesos, or 1.06 pesos per share, earned in the year-ago period.

The result came mainly from Banco de Galicia y Buenos Aires SA, whose earnings contribution rose by 44.3% year over year to 1.66 billion pesos. Sudamericana Holding SA, meanwhile, contributed about 101 million pesos, and Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes contributed 98 million pesos, up 188.1% year over year.

On a consolidated basis, Grupo Financiero Galicia's financial income reached 10.73 billion pesos in the quarter, up from 9.10 billion pesos a year ago.

Net income from services grew to 3.60 billion pesos year over year, while income from insurance activities came in at 515 million pesos.

Grupo Galicia's provision for loan losses soared to 1.45 billion pesos during the quarter from 723 million pesos a year ago while administrative expenses for the group grew to 5.74 billion pesos from 4.24 billion pesos a year earlier.

As of Aug. 8, US$1 was equivalent to 17.71 Argentine pesos.