May 8, 2014 / 3:25 PM / 4 years ago

UPDATE 1-Argentine GFG bank group's quarterly profit jumps

(Adds details on profit)

BUENOS AIRES, May 8 (Reuters) - Argentine banking conglomerate Grupo Financiero Galicia reported a stronger-than-expected jump in first-quarter net profit to 830.7 million pesos ($103.8 million) on Thursday largely due to the country’s currency devaluation.

Income was up from 298.9 million pesos in same quarter of 2013 and well above the median forecast in Reuters poll of four analysts for 590 million pesos.

Galicia controls 99.62 percent of Argentina’s biggest privately owned bank, Banco Galicia, which said on Thursday it benefited from the impact on the country’s sharp devaluation of the peso currency in January on its dollar-denominated assets. (Reporting by Alejandro Lifschitz; Editing by Jeffrey Benkoe; and Peter Galloway)

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