What Are the Top Argentinian Banks?

According to a ranking by iProfesional.com, the total income shared between the ten largest Argentinian banks amount to AR$4.385 million (US$1.286) for the period January - September 2008. Total deposits for Banco Macro (NYSE: BMA), the largest of the three, amount to AR$16.43 billion (US$4.82 billion), representing a (6.9%) market share. Total deposits for BBVA (NYSE: BFR) and Galicia (NAS: GGLA) were reported at AR$15.69 billion and AR$14.01 billion, respectively.

In terms of net income, Banco Macro topped the list with AR$475.8 million (US$139.5 million), up (+45.7%) from 2007. Macro was followed by Nación (AR$400.5 mln), Santander (AR$362.2 mln), BBVA (305.7 mln), Citi (AR$230.6 mln) and Galicia (AR$154.4 mln).

With a ROE at 35.5%, Citi (C) topped the list on profitability, followed by Santander (34.2%), HSBC (HBC) (29.9%), Macro (26.6%), Galicia (11.7%) and Nación (9.5%).

iProfesional.com presents a positive outlook for Argentine banks, expecting positive, yet weakening results for the fourth quarter. Factors affecting to the downside are lower deposits from the private sector, softer credit growth and narrowing interest rate spreads.

Comments

[Tim Plaehn:]

Do not forget the screwed up political system!

2008 Dec 04 08:20 AM