MEXICO CITY (Reuters) -Mexico’s Grupo Financiero Banorte reported on Thursday that its third-quarter net profit surged 30% to 11.54 billion pesos ($573.56 million) from the year-ago period, boosted by growth across its insurance, brokerage and banking units.
The result beat a Refinitiv forecast of 11.44 billion pesos.
Revenue for the group, which owns one of the country’s largest banks and pension funds, totaled 29.91 billion pesos in the third quarter, up 24% from a year earlier, beating the Refinitiv forecast of 29.6 billion pesos.
The bank said it has maintained expense controls despite inflationary pressures, adding that “sound levels of loan loss provisions and strong capital ratios” helped to shield its balance sheet for the rest of 2022 and 2023.
($1 = 20.1271 pesos by end-September)
(Reporting by Carolina Pulice and Aida Pelaez-Fernandez; Editing by Christian Plumb)
