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UPDATE 1-Argentina's Grupo Galicia net profit falls

Tue Nov 10, 2009 9:41am EST

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BUENOS AIRES, Nov 10 (Reuters) - Leading Argentine banking conglomerate Grupo Financiero Galicia (GFG.BA) (GGAL.O) said on Tuesday that third-quarter net profit fell 22.6 percent, weighed down by lower margins in its local banking unit.

Net profit was 51.3 million pesos ($13.36 million), down from 66.3 million pesos a year earlier.

The results were higher than some analysts' expectations. A Reuters poll of five analysts had put the company's net profit at a median of 48 million pesos, with estimates ranging from 41 million to 55 million pesos.

The group's main unit, Banco Galicia (GAL.BA), posted a third-quarter net profit of 47 million pesos, compared with 77.6 million pesos a year earlier, the company said in a statement to the Buenos Aires Stock Exchange. ($1 = 3.8375 pesos on Sept. 30) (Reporting by Jorge Otaola; Writing by Vivianne Rodrigues; Editing by Lisa Von Ahn)



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