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UPDATE 1-Mexico's Banorte posts higher 1st-quarter profit
April 23, 2013 / 10:16 PM / 5 years ago

UPDATE 1-Mexico's Banorte posts higher 1st-quarter profit

* Profit rises 27 percent to 3.14 billion pesos

* Loan portfolio up 12 percent to 404.6 billion pesos

* Bad loans rise to 2.1 percent

MEXICO CITY, April 23 (Reuters) - Mexico’s fourth-largest bank by assets, Grupo Financiero Banorte, on Tuesday said it posted a 27 percent increase in first-quarter profit.

The bank’s profit climbed to 3.14 billion pesos ($255 million) in the January to March period, according to a press release that did not give comparative figures for last year.

Banorte, the largest Mexican-owned financial institution, said its loan portfolio increased 12 percent to nearly 404.6 billion pesos.

Non-performing loans rose to 2.1 percent, up 0.3 percentage points from the first quarter last year.

Banorte late last year bought a local pension fund owned by Spain’s Banco Bilbao Vizcaya Argentaria S.A. (BBVA) in a deal valued at $1.6 billion. The acquired fund was included in the first-quarter results.

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