GF Galicia cuts losses to US$24mn in Q3

Argentine financial group Grupo Financiero Galicia (GFGalicia) (NasdaqSC:GGAL) cut its losses to 68.2mn pesos (US$24mn) in the third quarter, compared to a 339mn pesos loss in the same year-ago quarter, the group said in a statement. GF Galicia expects to return to profits in the first quarter of next year if the economy continues to improve as it has during the previous quarters, a group executive told BNamericas. The group's accumulated nine-month loss came in at 195mn pesos, a clear improvement compared to a 1.08bn pesos loss in the same period last year. GF Galicia's main asset Banco Galicia accumulated the majority of the nine-month loss with 154mn pesos. Banco Galicia is one of Argentina's three largest banks in the local financial system together with rivals BBVA Frances (NYSE: BFR) and Banco Rio.