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GRUPO GALICIA: Profit Rises 33.5% In Q2 Boosted By Banking Unit

(Agencia CMA Latam) - Argentina's Grupo Financiero Galicia reported a net profit of 1.835 billion pesos in the second quarter of 2017, 33.5% higher than the 1.375 billion recorded in the second quarter of 2016. Earnings per share were at 1.41 peso, compared to 1.06 peso for the same quarter of the previous fiscal year.

Net income for the quarter was primarily due to a 1.664 billion pesos gain from its stake in Banco de Galicia y Buenos Aires, which was 44% higher than in the same period of 2016. Galicia Administradora de Fondos contributed with 98 million pesos to the group's profit period last year. Meanwhile, in Sudamericana Holding, Grupo Galicia earned 101 million pesos, a 48% decrease compared to 2016.

The group reported that such gains were offset in 33 million pesos by administrative expenses and financial costs.

by Agencia CMA Latam

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