MEXICO CITY (Reuters) – Mexico’s Grupo Financiero Banorte reported on Tuesday a 9% improve in first-quarter internet revenue from the year-ago interval, citing development in its mortgage e-book.
Web revenue for the quarter hit 14.21 billion pesos ($859.48 million).
Web curiosity revenue, the distinction between what banks earn on loans and dole out in deposits, grew 10% year-over-year on the bigger mortgage e-book, which additionally benefited from larger rates of interest.
Almost all mortgage sectors confirmed double-digit development year-over-year, Banorte stated. Income for the group, which owns one of many nation’s largest banks and pension funds, totaled 37.038 billion pesos within the quarter, up 15% from a yr earlier. Return on fairness jumped to 22.2%, up 134 foundation factors from the fourth quarter, which Banorte attributed to seasonality within the insurance coverage enterprise.
Non-financial bills within the quarter dropped, Banorte stated, because the agency had paid out beforehand deliberate labor bills and early amortizations within the fourth quarter. ($1= 16.5310 Mexican pesos on the finish of March)