In the third quarter of 2024, Grupo Financiero Galicia recorded a net result of $168,376 million, which represents a growth of 1% compared to the same period of the previous year. This increase is linked to an increase in commission income and results from financial instruments, although a decrease in net interest income, which fell 37% compared to the third quarter of 2023. This decrease was mainly due to lower income from public securities and Repos operations.
Knowing the balance, Galicia’s ADRs fell more than 2.5% on Wall Street this Tuesday.
The group managed to improve its efficiency, reaching a ratio of 48.75%, a reduction of 1,021 basis points compared to the same period of the previous year.. In terms of profitability, the return on equity (ROE) was 15.26%, although it shows a slight decrease compared to 2023. This reflects Galicia’s effort to optimize its operations in a challenging financial environment.
Another key fact is that Total deposits grew 14% year-on-year, driven primarily by an increase in foreign currency savings accounts, which experienced 295% growth. The market share of private sector deposits increased by 56 basis points, reaching 9.99%.
As of 30, the Group’s total assets reached $19,166,068 million, showing an increase of 14% compared to the same period in 2023. This growth reflects an expansion in its cash base and deposits in banks (+174%) and a increase in loans and financing (+15%).
For your partnet exposure to the public sector decreased by 39% year-on-year, representing 24% of total assets in 2024 compared to 46% in the same quarter of 2023. This adjustment reflects a risk reduction strategy in instruments issued by the BCRA, such as Leliqs and repo operations, which fell substantially in the portfolio.
Meanwhile, Naranja Meanwhile, Naranja X’s return on equity (ROE) was 40.71%, showing an increase of 4,611 basis points compared to the same quarter of the previous year. Furthermore, the efficiency ratio stood at 37.69%, significantly improving by more than 5,800 basis points.
As highlighted in the balance sheet, Naranja X has a solid base of digital clients, which represents 82% of its total. In the third quarter, the number of deposit accounts reached 6.47 million and credit cards reached 10 million, which highlights its position as one of the leading fintech companies in the Argentine market.. The fintech reached a market share of 5.37% in personal loans and 4.61% in savings banks.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
