This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Grupo Financiero Galicia Management Discusses Q3 2011 Results - Earnings Call Transcript

Grupo Financiero Galicia ( GGAL)

Q3 2011 Earnings Call

November 10, 2011 11:00 AM ET

Executives

Pablo Firvida – Head, IR

Analysts

Daniel Abud – Citi

Federico Rey – Raymond James

Nicolas Chialva – Itaú BBA

Walter Chiarvesio – Santander Bank

Operator

Good day and welcome to this Grupo Financiero Galicia SA third quarter 2011 conference call. This call is being recorded. At this time I would like to turn the conference over to Mr. Pablo please go ahead sir.

Pablo Firvida

Thank you. Good morning ladies and gentlemen. Welcome to the Grupo Financiero Galicia third quarter of fiscal year 2011 conference call. I am Pablo Firvida Investor Relations. With me today are some members of the management of the bank and Grupo who want to thank you for attending this call.

I would like 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 US Federal Securities laws. These forward looking statements are subject to risk and uncertainty that could actual results to differ materially from those expressed in the forward looking statements.

During the third quarter, international and financial markets remained highly volatile and with increased uncertainty related to the solvency of certain European economies, specially Greece and the potential contingent to the rest of the region. Economic growth showed signs of a slight recovery compared to the previous quarter in the US. Under the influence of this international scenario, the Argentine economy maintained its good performance, but showing a deceleration as compared to the previous quarter. Private estimates point to a 5.3% year-over-year growth while Argentine GDP is expected to grow around 6.5% for the whole year. During the quarter national fiscal revenues increased 33% year-over-year showing an acceleration as compared to the 31% recorded in the second quarter while growth of primary expenditures accelerated from 32.4% in the second quarter to 36% year-over-year in the third quarter as a consequence of the electoral process. The primary surplus for the quarter amounted to 1.3 billion pesos, 8.4 billion pesos lower than a year before. After interest payments of 4.4 billion pesos, the global balance was at 3.1 billion pesos deficit.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,131.97 +100.83 0.59%
S&P 500 1,998.98 +14.85 0.75%
NASDAQ 4,552.7590 +33.8570 0.75%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs