MEXICO CITY, April 27 Mexico's Grupo Financiero
Banorte, the country's fourth-largest bank by assets, on
Thursday reported a 24 percent rise in first-quarter profit,
boosted by strong performance of its loan portfolios.
Banorte, the largest Mexican-owned bank in the
country, said profit rose to 5.53 billion pesos ($295 million)
during the January-March period, up from 4.46 billion during the
same period in 2016.
Its corporate portfolio registered a year-on-year increase
of 14 percent to 102.3 billion pesos, while its commercial
portfolio grew 10 percent to reach 123.5 billion pesos. Its
consumer loan portfolio, which amounted to 211.62 billion pesos,
grew 19 percent.
The bank's non-performing loan portfolio fell to 1.8 percent
from 2.2 percent in the first quarter of 2016.
Shares of Banorte closed down 0.17 percent before results
($1=18.7275 pesos on March 31)
(Reporting by Gabriel Stargardter; Editing by Lisa Shumaker)