July 25, 2019 / 10:04 PM / a month ago

Mexico's Banorte profits boosted by government lending

FILE PHOTO: A general view shows the of headquarters of Banorte Bank in Monterrey, Mexico, June 17, 2019. REUTERS/Daniel Becerril

MEXICO CITY (Reuters) - Mexico’s Grupo Financiero Banorte, which owns the country’s second-largest bank and largest pension fund, reported on Thursday a 21% increase in second-quarter net profit versus the same quarter a year earlier.

Net profit totaled 8.728 billion pesos ($454.7 million) in the period and was driven by growth in its banking business, with government lending up 44% following the 2017 acquisition of specialized government lender Grupo Financiero Interacciones.

Corporate and commercial lending both increased 19% in the quarter, while consumer lending was up 8%, driven by mortgages, loans for auto purchases and credit cards.

Reporting by Stefanie Eschenbacher and Noe Torres; Editing by Anthony Esposito and Leslie Adler

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