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Interacciones sees loans to SMEs growing 30% in '16

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Interacciones sees loans to SMEs growing 30% in '16

Mexico'sGrupo Financiero Interacciones SAde CV expects its portfolio of loans to small- and medium-sized businessesto grow by 30% in 2016, mainly on strong demand in the country's central and northernstates, El Financiero reported April 27,citing comments by CEO Carlos Rojo.

The group,which owns Banco Interacciones SA,also expects loans for infrastructure projects to grow by 20% and loans to stateand municipal governments to grow 15%.

The federalgovernment's recent spending cuts have not affected Interacciones given that itmainly lends to state and municipal governments to finance infrastructure projectssuch as jails, hospitals, schools and water treatment plants, Rojo reportedly said.

State-energyfirm Pemex has also borrowed from Interacciones but the risk is limited since itsperformance has been solid and it has no loan defaults, he added.

GrupoFinanciero Interacciones posted a 24.21% rise in profit in the first quarter of 2016 compared to the sameperiod a year ago with net income of 508 million Mexican pesos.

As of April 27, US$1 was worth 17.43 Mexican pesos.