MEXICO CITY (Reuters) – Mexico’s Grupo Financiero Banorte reported on Wednesday a 13% increase in its fourth-quarter net profit, driven by loan growth, a decline in interest expense and lower funding costs.
Net profit for the financial group stood at 13.04 billion pesos ($768.8 million)
Revenue for the group, which owns one of the country’s largest banks and pension funds, totaled 34.89 billion pesos in the quarter, up 10% from a year earlier.
Return on equity decreased 79 basis points from the year-ago quarter to 20.9%.
Net interest income (NII), the difference between what banks earn on loans and dole out in deposits, grew 9% year-over-year.
The financial entity announced late last year it plans to launch its digital bank in January after receiving approval from the country’s banking regulator.
($1= 16.9666 Mexican pesos at December-end)
(Reporting by Valentine Hilaire and Marion Giraldo; Editing by Sarah Morland)
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