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UPDATE 1-Mexico's Banorte says 2nd-qtr profit rises 16 pct
July 24, 2014 / 9:35 PM / 3 years ago

UPDATE 1-Mexico's Banorte says 2nd-qtr profit rises 16 pct

(Adds loan book details and share price)

MEXICO CITY, July 24 (Reuters) - Mexico’s fourth-largest bank by assets, Grupo Financiero Banorte, on Thursday said its second-quarter profit rose 16 percent as it increased lending and took in more deposits.

The bank’s quarterly profit rose to 3.739 billion pesos ($288 million) in the April-June period.

Banorte said its loan book, not including bad loans, rose 6 percent in the quarter compared with last year to reach 434.7 billion pesos.

Bad loans increased to $14 billion pesos, up 54 percent compared with the year earlier period, principally reflecting loans to Mexico’s homebuilders that have gone unpaid as companies in the sector try to restructure.

Banorte shares closed up at 0.04 percent at 91.39 pesos per share before the bank reported its results.

$1 = 12.9865 pesos at end June Reporting by Christine Murray; Editing by Lisa Shumaker

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