April 23, 2020 / 9:09 PM / a month ago

Mexico's Banorte reports 8% drop in net profits for 1st-qtr

MEXICO CITY, April 23 (Reuters) - Mexican financial group Grupo Financiero Banorte on Thursday reported an 8% fall in net profits to reach 9.1 billion pesos (383 million) during the first quarter of this year.

Banorte, which owns one of the country’s largest banks and pension funds, also reported revenues of 26.9 billion pesos, unchanged from the same quarter last year.

$1 = 23.7980 pesos as of March 31, 2020 Reporting by Noe Torres; Writing by Stefanie Eschenbacher; Editing by David Alire Garcia

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