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Mexico's Banorte posts 6 pct rise in profit in 3rd quarter

The bank, the biggest still owned by Mexicans, reported a net profit of 4.284 billion pesos (US$253 million).

(Photo: Archive/El Universal)
English 22/10/2015 17:03 Reuters Actualizada 17:03

Mexico's Grupo Financiero Banorte, the country's fourth-largest bank by assets, on Thursday reported a third-quarter net profit 6 percent higher compared to the same period last year.

The bank, the biggest still owned by Mexicans, reported a net profit of 4.284 billion pesos (US$253 million), up from a profit of 4.042 billion pesos in the third quarter of 2014.

Banorte said its loan book, excluding bad loans, expanded 12 percent to $500.208 billion pesos.

Banorte has reported steadily growing profits so far this year, reflecting increased deposits and falling numbers of bad loans. Its share price has risen 8 percent in 2015 and closed at 87.96 pesos before the earnings report came out. 

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