Mexicos Banorte reports 28% surge in Q4 net profit

Mexico's Banorte reports 28% surge in Q4 net profit

MEXICO CITY (Reuters) – Mexicos Grupo Financiero Banorte GFNORTEO.MX reported on Thursday that its fourth-quarter net profit surged 28% to 11.6 billion pesos ($595 million) from the year-ago period, boosted by strong revenue growth.

Revenue for the group, which owns one of the countrys largest banks and pension funds, totaled 31.9 billion pesos ($1.64 billion) in the fourth quarter, up 26% from a year earlier.

The banks performing loan book grew 5% quarter-over-quarter, while its consumer loans rose 4%, driven by increases across credit cards, mortgages and payroll.

Non-interest expenses were up 11% in the quarter year-on-year.

“During 2022, Banorte showed clear growth trends in most of its business lines, despite operating in an increasingly challenging macroeconomic environment,” the company said in its report.

($1 = 19.5089 pesos at end-December)

(Reporting by Carolina Pulice, Valentine Hilaire and Marion Giraldo; Editing by Isabel Woodford)

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