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Mexico's Banorte Q4 profit climbs 5% on loan book growth
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Mexico's Banorte Q4 profit climbs 5% on loan book growth
Jan 28, 2025 4:35 PM

MEXICO CITY, Jan 28 (Reuters) -

Mexican lender Banorte on Tuesday posted a 5%

jump in fourth-quarter net profit, boosted by growth in its loan

book across sectors.

Banorte's net profit hit 13.72 billion Mexican pesos

($657 million), in line with the 13.81-billion-peso estimate

from analysts polled by LSEG.

Quarterly revenue for the group, which owns one of the

country's largest banks and pension funds, was up 9% to total

38.18 billion pesos, in line with analysts' forecast of 38.89

billion pesos.

In a statement, Banorte said its total loans grew 14%

year-on-year in the quarter, "supported by solid consumer demand

dynamics."

Corporate loans led Banorte's book growth, up nearly 24%

compared with the year-ago quarter, while commercial loans

jumped 18%, government loans 7% and consumer loans 11%.

"We are very proud of the results achieved in 2024, and

now we are moving towards a 2025 full of goals to meet," Chief

Executive Jose Marcos Ramirez said on a call with journalists.

Ramirez expressed optimism when asked about the

potential impact of U.S. President Donald Trump's policies

affecting Mexico.

"This is Trump 2.0 because we already know Trump 1.0.

When he arrived, the exchange rate went very high, he began with

the kind of negotiations that we all know. And I think that this

second time, although it may be a bit different, we all know a

bit more about where things are coming from," Ramirez said.

Asked about Trump's designation of drug cartels as

terrorist organizations, which has raised questions of how banks

might be exposed to greater risks, Ramirez said Banorte faced

"zero risk" thanks to a "very strict money laundering policy."

($1 = 20.8829 Mexican pesos at end-December)

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