January 25, 2018 / 10:55 PM / a year ago

UPDATE 1-Mexico's Banorte sees 24 pct rise in 4th-quarter net profit

(Adds details on Banorte performance)

MEXICO CITY, Jan 25 (Reuters) - Mexico’s Grupo Financiero Banorte, which owns one of the country’s largest banks, said on Thursday its net profit rose 24 percent in the fourth quarter.

Banorte said net profit rose to 6.48 billion pesos ($330 million) during the three-month period that ended in December.

Banorte said the profitability of its banking unit rose 30 percent over the year-ago quarter. The gains were driven in part by a 19 percent increase in consumer credit.

In December, Banorte shareholders voted in favor of the acquisition of Grupo Financiero Interacciones, which would create the country’s second-biggest bank. ($1 = 19.6595 pesos on Dec. 29) (Reporting by Stefanie Eschenbacher and Noe Torres; Writing by Julia Love; Editing by Peter Cooney)

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