Banco de Valores 2Q19 (VALO)

Grupo Financiero Valores (BYMA:VALO) achieved a quarterly profit of ARS 481.5 million (+161% y/y), in a context of high interest rates, a drop in the number of corporate issues and a weak peso. The appreciation of dollar-denominated assets together with a reduction in country risk during the first months of the year resulted in an extraordinary gain. Although the trusts segment was negatively affected, banking activity and custody of mutual funds boosted the net result.