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Grupo Financiero Galicia Management Discusses Q2 2011 Results - Earnings Call Transcript

Grupo Financiero Galicia ( GGAL)

Q2 2011 Earnings Call

August 11, 2011 11:00 AM ET

Executives

Pablo Firvida – Head, IR

Analysts

Nicolas Chialva – Itau

Federico Rey – Raymond James

Walter Chiarvesio – Santander Bank

Presentation

Operator

Welcome to the Grupo Financiero Galicia’s Second Quarter 2011 Conference Call. Today’s event is being recorded.

At this time, I’d like to turn the call over to Mr. Pablo Firvida. Please go ahead, sir.

Pablo Firvida

Thank you. Good morning ladies and gentlemen. Welcome to the Grupo Financiero Galicia second quarter of fiscal year 2011 conference call. I am Pablo Firvida, Head of Investor Relations. With me today are some members of the management of the Bank and Grupo. We want to thank you for attending this call. I will make a short introduction in order to explain the operating conditions under which the reported results have occurred and summarize the Bank’s performance during the quarter. Then we will take your questions.

Some of the statements made during this conference call will be forward-looking statements within the meaning of the Safe Harbor Provisions of the U.S. Federal Securities Laws. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.

During the second quarter, the expansion of global economy recorded a deceleration when compared to the previous quarter. Well doubts about the solvency of certain European emerging economies and about United States level of indebtedness increased uncertainty and volatility in the financial markets. Under the influence of this international scenario, the Argentine economy maintained its good performance and growth rates were even better than expected. Private estimates point to a 1.9% growth for the quarter and Argentine GDP could grow between 6.5% and 7% for the whole year.

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