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Argentina's Grupo Galicia 3rd-qtr net profit jumps

Tue Nov 11, 2008 7:45am EST

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BUENOS AIRES, Nov 11 (Reuters) - Leading Argentine banking conglomerate Grupo Financiero Galicia (GFG.BA) (GGAL.O) reported on Tuesday a third-quarter net profit of 66.3 million pesos ($21 million), sharply up from 6.9 million pesos a year ago.

The net profit was higher than market expectations. A Reuters poll of five analysts put the company's net at a median of 41 million pesos, with estimates ranging from 37.8 million to 45 million pesos.

The group's main unit, Banco Galicia (GAL.BA), posted a third-quarter net profit of 77.6 million pesos, the company said in a statement to the Buenos Aires Stock Exchange.

($1 = 3.155 pesos on Sept 30) (Reporting by Jorge Otaola; Writing by Hilary Burke; Editing by Steve Orlofsky)



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