January 23, 2020 / 10:23 PM / a month ago

Mexico's Banorte profits drop as main banking unit suffers

MEXICO CITY (Reuters) - Mexico’s Grupo Financiero Banorte, which owns the country’s second-largest bank and largest pension fund, reported on Thursday a 12% drop in fourth-quarter net profits from the same quarter a year earlier.

The group said its net profit in the quarter was 9.01 billion pesos ($477 million) after suffering losses from its largest business unit, Banco Mercantil del Norte, which operates as Banorte in Mexico.

Reporting by Noe Torres and Stefanie Eschenbacher; Editing by Julia Love and Marguerita Choy

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below