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UPDATE 1-Argentine bank group GFG's 2nd-qtr profit surges
August 7, 2014 / 3:06 PM / in 3 years

UPDATE 1-Argentine bank group GFG's 2nd-qtr profit surges

(Adds breakdown for Banco Galicia)

BUENOS AIRES, Aug 7 (Reuters) - Argentine banking conglomerate Grupo Financiero Galicia on Thursday reported a stronger-than-expected jump in second quarter net profit to 693.2 million pesos ($85.2 million), driven largely by the country’s currency devaluation.

The quarterly figure beat the median forecast in a Reuters poll of analysts for 583 million pesos and marked a 91.6 percent surge on the year.

GFG, which controls Argentina’s biggest privately owned bank, Banco Galicia, reported first-half net profit of 1.5 billion pesos.

Galicia, which has previously said it benefited from the impact of Argentina’s sharp devaluation of the peso on its dollar-denominated assets, reported net profit of 673.3 million pesos in the quarter ended June 30 compared with 290.3 million in the same period in 2013. ($1= 8.135 Argentine pesos as of June 30) (Reporting by Jorge Otoala; Writing by Richard Lough and Sarah Marsh; Editing by Jeffrey Benkoe and David Gregorio)

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