July 20, 2017 / 10:41 PM / a year ago

UPDATE 1-Mexico's Banorte 2nd-qtr net profit jumps 23 pct on broad growth

(Adds quote from chief executive)

MEXICO CITY, July 20 (Reuters) - Mexico’s Grupo Financiero Banorte, one of the country’s largest banks by assets, on Thursday reported a 23 percent rise in second-quarter net profit, propelled by growth across its divisions.

Banorte, the largest Mexican-owned bank in the country, said profit rose to 5.68 billion pesos ($313 million) during the three-month period.

The bank’s active loan portfolio reached 593.9 billion pesos ($32.7 billion) in the first six months of the year, up 13 percent from the comparable period in 2016.

The bank said the results marked its seventh straight quarter of double-digit growth.

Despite the turbulent relations between the United States and Mexico following the election of U.S. President Donald Trump, Marcos Ramírez Miguel, the bank’s chief executive, projected a confident vision for the future.

“The worst has passed and nothing happened,” he said at a news conference, referring to the potential threats to Mexico’s economy many had expected from the Trump administration.

The bank’s share price closed at 120.86 pesos before results were released, essentially flat from the previous day.

$1 = 18.143 pesos on June 30 Reporting by Stefanie Eschenbacher, Noe Torres and Julia Love; editing by Leslie Adler

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below