July 25, 2019 / 10:34 PM / 4 months ago

UPDATE 1-Mexico's Banorte profits boosted by government lending

(Adds details on results)

MEXICO CITY, July 25 (Reuters) - Mexico’s Grupo Financiero Banorte, which owns the country’s second-largest bank and largest pension fund, reported on Thursday a 21% increase in second-quarter net profit versus the same quarter a year earlier.

Net profit totaled 8.728 billion pesos ($454.7 million) in the period and was driven by growth in its banking business, with government lending up 44% following the 2017 acquisition of specialized government lender Grupo Financiero Interacciones.

Corporate and commercial lending both increased 19% in the quarter, while consumer lending was up 8%, driven by mortgages, loans for auto purchases and credit cards.

($1 = 19.197 pesos)

Reporting by Stefanie Eschenbacher and Noe Torres; Editing by Anthony Esposito and Leslie Adler

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