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Mexico's Banorte reports higher 4th-quarter profit
January 30, 2014 / 10:17 PM / 4 years ago

Mexico's Banorte reports higher 4th-quarter profit

MEXICO CITY, Jan 30 (Reuters) - Mexico’s fourth-largest bank by assets, Grupo Financiero Banorte, said on Thursday that its fourth-quarter profit rose 20 percent as it got a boost from its expanded pension fund business.

The bank’s quarterly profit rose to 3.622 billion pesos ($277 million).

Banorte’s total loan book increased 6 percent from a year earlier to 425 billion pesos, as it made more consumer loans.

Still, the bank’s non performing loans increased sharply to 13.7 billion pesos and it put more money aside to offset bad loans made to Mexico’s biggest homebuilders.

Mexico’s homebuilders are trying to restructure after poor sales left them unable to make payments on their heavy debts.

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