Banorte Net Income Rises 43 Percent on Loan Portfolio
(Corrects Banorte’s ranking among Mexican lenders in first paragraph.)
Grupo Financiero Banorte SAB (GFNORTEO), Mexico’s third-largest lender, said fourth-quarter profit rose 43 percent as an acquisition boosted its loan portfolio.
Net income climbed to 2.51 billion pesos ($191 million) from 1.76 billion pesos a year earlier, Banorte said today in an e-mailed statement. That beat the 2.33 billion-peso average estimate of five analysts polled by Bloomberg. Outstanding loans gained 33 percent to 350 billion pesos.
The integration of Ixe Grupo Financiero SAB, acquired by Banorte last year, helped boost the loan portfolio. Commercial lending climbed 38 percent and business lending rose 34 percent, the company said.
Banorte shares rose 2.3 percent to 51.96 pesos in Mexico City trading today before the results were announced.
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