Banco Rio de la Plata reported net profits of $207.6m for the year 2000, up from $119.2m in 1999. The result was better than expected given no real growth Argentine economy. Some of the additional income came from its acquisition of Gire during the year. Expenses were $475.5m up 14%. The bank said its expenses were up partly due to increased branches and higher salaries.
Last year Banco Santander Central Hispano bought full control of the bank. For some years previous it had held a minority stake.
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