UPDATE 1-Mexico's Banorte 3rd-qtr net profit up 30 pct yr/yr
MEXICO CITY Oct 25 (Reuters) - Grupo Financiero Banorte , Mexico's fourth-largest bank by assets, on Thursday posted a 30 percent rise in third-quarter profit.
The financial group said earnings in the July-September period were 2.78 billion pesos (US$216 million), in line with market expectations.
The banking arm has contributed some 70 percent to earnings in the first nine months of the year, helped by promotions encouraging clients to save more and to extend the time they keep money on deposit.
The group has also benefited from its acquisition last year of boutique bank IXE, which gave Banorte access to IXE's portfolio of wealthy clients.
Banorte's loan book was up 19 percent as of the end of September. Its shares, up more than 70 percent so far this year, gained 0.29 percent to close at 73.19 pesos on Thursday.
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