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HSBC México sees stronger profit, credit growth in 2018

HSBC México SA Institución de Banca Múltiple Grupo Financiero HSBC expects its profit to improve by about a third in 2018 on the back of stronger credit growth, CEO Nuno Matos said, according to a Notimex report carried by El Economista.

Speaking to members of the media, Matos said that the Mexican unit of London-based HSBC Holdings Plc will book around $600.0 million in profit for the whole of 2018, some 33.3% higher than the $450.0 million HSBC México is estimated to record for 2017.

The CEO said that he believes the bank's credit portfolio will grow by between 10% and 12% next year, above the 8% growth seen for the Mexican banking industry overall.

The profit expectations come as HSBC México works toward hitting $1 billion in pretax profit by 2020.