Mexico's Banorte posts 9% profit climb in Q1 as loan book grows [Reuters]
GRUPO FINC BANORTE S/ADR (GBOOY)
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Source: Reuters
MEXICO CITY, April 16 (Reuters) - Mexico's Grupo Financiero Banorte (GFNORTEO.MX) New Tab , opens new tab reported on Tuesday a 9% increase in first-quarter net profit from the year-ago period, citing growth in its loan book. Net profit for the quarter hit 14.21 billion pesos ($859.48 million). Net interest income, the difference between what banks earn on loans and dole out in deposits, grew 10% year-over-year on the larger loan book, which also benefited from higher interest rates. Nearly all loan sectors showed double-digit growth year-over-year, Banorte said. Revenue for the group, which owns one of the country's largest banks and pension funds, totaled 37.038 billion pesos in the quarter, up 15% from a year earlier. Return on equity jumped to 22.2%, up 134 basis points from the fourth quarter, which Banorte attributed to seasonality in the insurance business. Non-financial expenses in the quarter dropped, Banorte said, as the firm had paid out previously planned la
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