Mexico's Banorte posts 7% net profit bump in second quarter as loan book expands
Updates with additional detail from report
MEXICO CITY, July 23 (Reuters) -Mexico's Grupo Financiero Banorte GFNORTEO.MX reported on Tuesday a 7% climb in second-quarter net profit from the year-ago period, citing double-digit growth in its loan book.
Net profit for the quarter hit 14.02 billion pesos ($766.59 million), as its active loan book topped 1 trillion pesos for the fourth consecutive quarter.
The results were just under an estimate from analysts compiled by LSEG of 14.65 billion pesos in net profit.
Net interest income, the difference between what banks earn on loans and dole out in deposits, grew 12% year-over-year on the larger loan book.
Commercial loans leaped nearly 12% compared to the year-ago quarter while corporate loans were up 23% and government loans up 11%.
Return on equity grew 236 basis points year-over-year to 23.3%.
Reporting by Kylie Madry; Editing by Brendan O'Boyle
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