UPDATE 1-Argentine Banco Macro Q1 net rises 23 percent

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BUENOS AIRES, May 8 (Reuters) - Banco Macro SA (BMA.BA: Quote, Profile, Research, Stock Buzz) (BMA.N: Quote, Profile, Research, Stock Buzz), one of Argentina's largest private banks, posted a first-quarter net profit of 151.6 million pesos ($47.5 million) on Thursday -- 23 percent more than a year ago.

The company said in a statement net earnings increased mainly due to higher financial income from its loans and the improved performance of bonds.

"Personal loans, which represent a strategic product for the bank, once again led portfolio growth," the statement said.

Net financial income was 354.9 million pesos, jumping 37 percent from the same period in 2007, while operating income rose 27 percent to 177.7 million pesos.

Net profit beat market expectations. The median target in a Reuters survey of six analysts was for net profit of 142.3 million pesos in the quarter. ($1 = 3.1875 pesos on March 31) (Reporting by Cesar Illiano; Writing by Helen Popper; Editing by Jeffrey Benkoe)