BUENOS AIRES May 12 Leading Argentine banking
conglomerate Grupo Financiero Galicia (GFG.BA) (GGAL.O)
reported on Wednesday a first-quarter net profit of 51.7
million pesos ($13.3 million), compared with 91.9 million pesos
a year before.
The net profit was lower than market expectations. A
Reuters poll of four analysts put the company's net at a median
of 54.5 million pesos, with estimates ranging from 52 million
to 64 million pesos.
The group's main unit, Banco Galicia GAL.BA, posted a
first-quarter profit of 60.7 million pesos, compared with 30.1
million a year earlier, the company said in a statement to the
Buenos Aires Stock Exchange.
($1 = 3.885 pesos on March 31)
(Reporting by Jorge Otaola; Writing by Hilary Burke; Editing
by Gerald E. McCormick)