Argentina's Grupo Galicia posts bigger 1st-qtr net

Tue May 8, 2012 5:01pm EDT

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Leading Argentine banking conglomerate Grupo Financiero Galicia reported on Tuesday a first-quarter net profit of 281.7 million pesos ($64 million), up 23 percent from the 228.1 million peso profit reported for the period a year ago.

The net profit was below market expectations. A Reuters poll of four analysts had put the company's net at an average of 299 million pesos, with estimates ranging from 270 million to 330 million pesos.

The group's main affiliate, Banco Galicia, posted a first-quarter profit of 270.2 million pesos, up from a profit of 235.3 million a year earlier, the company said in a statement to the Buenos Aires Stock Exchange.

($1 = 4.38 pesos on March 31)

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