Grupo Financiero Galicia SA's first-quarter 2018 profit jumped 109% from a year earlier as all of the company's major operating units reported improved results.
The company booked quarterly net income of about 2.99 billion Argentine pesos, or 2.10 pesos per share, up from 1.43 billion pesos, or 1.10 pesos per share, earned in the year-ago period.
Income from the group's banking unit Banco de Galicia y Buenos Aires SA increased 51% year over year to 1.96 billion pesos, while profit at Galicia Administradora de Fondos S.A. SA rose 87% to 159 million pesos. The net result for Sudamericana Holding SA improved 54% from a year earlier to hit 146 million pesos.
Profit from Tarjetas Regionales SA, which is now owned by Grupo Financiero Galicia after a split-off deal with Banco de Galicia, came to 699 million pesos in the quarter.
On a consolidated basis, net interest income rose 45% year over year to 6.18 billion pesos from 4.26 billion pesos. Net fee income, meanwhile, ticked to 1.51 billion pesos from 1.15 billion pesos.
The company's administrative expenses reached 2.93 billion pesos, up from 2.10 billion pesos a year earlier. The company recorded 1.62 billion pesos in provisions for loan losses, up from 1.04 billion pesos a year ago.
Net loans and other financing grew to 210.43 billion pesos from 143.63 billion pesos at the close of the first quarter of 2017. The ratio of nonperforming loans to loans to the private sector reached 3.21%, compared to 2.96% a year earlier.
The annualized return on average assets rose to 3.66% in the first quarter from 2.34% a year ago, while annualized return on average shareholders' equity increased to 27.33% from 24.72%.
As of May 23, US$1 was equivalent to 24.46 Argentine pesos.
