Mexico’s Banorte reports Q1 net profit of $540 million

2022.04.21 23:51

FILE PHOTO: The logo of Grupo Financiero Banorte is pictured at its headquarters in Mexico City, Mexico, August 10, 2017. REUTERS/Ginnette Riquelme

(Reuters) – Mexico’s Grupo Financiero Banorte reported on Thursday a first quarter net profit of 10.7 billion pesos($540 million), up 26% from the same year ago period, beating the Refinitiv forecast of 9.64 billion pesos.

Revenues for the group, which owns one of the country’s largest banks and pension funds, stood at 28.4 billion pesos in the first quarter, up 18% from a year earlier.

($1 = 19.8911 pesos at end-March)

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