(Corrects commercial loans in third paragraph.)

Oct. 28 (Bloomberg) -- Grupo Financiero Inbursa SA, the Mexican bank controlled by billionaire Carlos Slim, reported a third-quarter profit as its portfolio of loans expanded 22 percent.

Net income was 2.3 billion pesos ($173 million), compared with a loss of 353 million pesos a year earlier, Mexico City- based Inbursa said today. The loan portfolio grew to 136.2 million pesos from 111.6 million a year earlier, the company said in a statement to Mexico’s stock exchange.

Inbursa is expanding lending at a faster rate this year than larger rivals such as Grupo Financiero Banorte SAB to gain market share amid Mexico’s worst economic slump since the 1930s. Commercial loans from Slim’s bank grew 20 percent from a year earlier to 139 billion pesos.

Inbursa fell 7.3 percent to 36.87 pesos at 5:15 p.m. New York time in Mexico City trading. The shares have gained 14 percent this year, compared with a 28 percent advance on the Bolsa.

To contact the reporters on this story: Crayton Harrison in Mexico City at tharrison5@bloomberg.net; Emily Schmall in Mexico City at eschmall@bloomberg.net

Last Updated: October 28, 2009 21:52 EDT