MEXICO CITY, April 23 (Reuters) - Mexico’s Grupo Financiero Banorte on Thursday said its first-quarter profit rose 7 percent from the year-earlier period.
The bank, Mexico’s fourth largest by assets, reported a profit of 3.88 billion pesos ($254 million), up from a profit of 3.6 billion pesos a year earlier.
Banorte said its loan book, excluding bad loans, expanded 12 percent to $479.8 billion pesos.
Before the report was released, Banorte’s shares closed down 0.56 percent at 87.28 pesos per share.
$1 = 15.2610 pesos at end March Reporting by Joanna Zuckerman Bernstein