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Mercados

UPDATE 1-Mexico's Banorte profits drop as main banking unit suffers

(Adds details from report)

MEXICO CITY, Jan 23 (Reuters) - Mexico’s Grupo Financiero Banorte, which owns the country’s second-largest bank and largest pension fund, reported on Thursday a 12% drop in fourth-quarter net profits from the same quarter a year earlier.

The group said its net profit in the quarter was 9.01 billion pesos ($477 million) after suffering losses from its largest business unit, Banco Mercantil del Norte, which operates as Banorte in Mexico.

$1 = 18.8860 pesos at end-December Reporting by Noe Torres and Stefanie Eschenbacher; Editing by Julia Love and Marguerita Choy

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