Banorte’s Mexican net profit in the first quarter jumps 26%

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

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April 21 (Reuters) – Mexico’s Grupo Financiero Banorte (GFNORTEO.MX) reported higher-than-expected first-quarter net profit of 10.7 billion pesos ($540 million) on Thursday, up 26% from compared to a year ago.

Analysts had estimated a profit of 9.64 billion pesos, according to Refinitiv.

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

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The company also said it expects annual net profit of 40.5 billion pesos to 42 billion pesos, compared to an earlier forecast of 39.5 billion pesos to 41.1 billion pesos.

Banorte lowered its loan growth forecast for 2022 to 5% to 7%, from 7% to 9% previously.

($1 = 19.8911 pesos at the end of March)

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Reporting by Carolina Pulice and Noe Torres; Editing by Bill Berkrot

Our standards: The Thomson Reuters Trust Principles.

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