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Banregio posts 40% annual jump in Q2 profit

Banregio GrupoFinanciero SAB de CV on July 25 posted a 40% jump in second-quarterprofit on stronger financial margin revenues and the contribution of leasingincome.

The Mexican bank showed quarterly net income of 611 millionMexican pesos, up from 436 million pesos earned a year ago.

Results for the quarter included some 161 million pesos inleasing income, compared to no such income a year ago. The company noted thatin late May, The Capital Corp., a Mexico-based leasing business formerly underCIT Group Inc., wasmerged into AF Banregio SA de CVSOFOM.

Banregio's financial margin ticked 17% higher to 1.24billion pesos from 1.05 billion pesos a year ago, as interest expenses slippedto 667 million pesos from 954 million pesos. The net interest margin hit 5.3%in the second quarter, up from 5.0% in the linked quarter and 4.2% in the year-agoperiod.

Provisions for possible loan losses dropped 68% over theyear to 36 million pesos, from 114 million pesos.

Net commissions and fees rose 7% annually to 91 millionpesos from 85 million pesos, while net trading income increased to 96 millionpesos from 82 million pesos.

Banregio's return on average equity for the quarter was18.4%, compared to 17.8% a year earlier. Return on average assets was 2.0%,from 1.6% in the year-ago period.

The bank's net loan portfolio totaled 71.92 billion pesos atthe end of the second quarter, 28% higher annually from 56.15 billion pesos.

As of July 25, US$1was equivalent to 18.75 Mexican pesos.