UPDATE 1-Profit at Argentina's Galicia bank group stronger than expected

miércoles 5 de noviembre de 2014 10:37 GYT
 

(Adds comparative figure, economic context, forecast from Reuters poll)

BUENOS AIRES Nov 5 (Reuters) - Argentine banking conglomerate Grupo Financiero Galicia reported stronger than expected third-quarter net earnings of 931.2 million pesos ($110.5 million) on Wednesday, up from 536 million pesos in the same period of 2013.

The market had expected a net profit of 815 million pesos, according to the median forecast of analysts polled by Reuters.

The group controls Argentina's biggest privately owned bank, Banco Galicia.

With inflation in the South American grain-exporting country approaching 40 percent, according to private analysts, consumers have increased spending to avoid future price hikes. This benefits banks charging interest on credit cards. (Reporting by Walter Bianchi Editing by W Simon and Peter Galloway)