© Reuters. FILE PHOTO: The logo of Grupo Financiero Banorte at its headquarters in Mexico City, Mexico, August 10, 2017. REUTERS/Ginnette Riquelme
MEXICO CITY (Reuters) – Grupo Financiero Banorte de México reported on Thursday that its fourth-quarter net income rose 28% to 11.6 billion pesos ($595 million) from the same period a year earlier, driven by a strong revenue growth.
Revenues for the group, which owns one of the country’s largest banks and pension funds, totaled 31.9 billion pesos ($1.64 billion) in the fourth quarter, 26% more than a year earlier.
The bank’s performing loan book grew 5% quarter-over-quarter, while its consumer loans increased 4%, driven by increases in credit cards, mortgages and payroll.
Non-interest expenses increased 11% in the quarter on a year-over-year basis.
“During 2022, Banorte showed clear growth trends in most of its business lines, despite operating in an increasingly challenging macroeconomic environment,” the company said in its report.
($1 = 19.5089 pesos at the end of December)
