By Business News Americas staff reporters
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Mexican financial group Grupo Financiero Banorte (GFNorte) reported recurring net income of 2.64bn pesos (US$198mn) in the second quarter, 29% higher than the same quarter last year, the bank said in a quarterly results release.
Loan growth was up 21% year-on-year, an increase of 66.5bn pesos totaling 378bn pesos. The loan portfolio registered sustained growth across all segments for a ninth straight quarter, the release said.
Consumer loan growth remained robust, showing a 4% increase over the previous quarter and 19% above 2Q11 on the back of payroll loans.
Core deposits rose by 41.6bn pesos, to 314bn pesos in 2Q12 from 272bn pesos in 2Q11.
Bank Banorte's NIM remained relatively stable for a sixth consecutive quarter hitting 4.4% and the non-performing loan (NPL) ratio was stable for a third consecutive quarter at 1.8%, consolidating as one of the lowest of the Mexican financial system.
As of June 2012, GFNorte reported a 5.1bn peso profit for the first six months of the year, an increase of 32% on the first half of 2011.
To read the full results release, go to this link
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