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Grupo Inbursa's Q4'16 profit jumps 112% YOY

Grupo Financiero Inbursa SAB de CV more than doubled its profit for the fourth quarter of 2016 compared to a year earlier as the company booked substantially higher interest income.

The Mexico City-based financial group reported net income of about 5.70 billion Mexican pesos for the three-month period, up 112% from 2.69 billion pesos a year earlier.

Profit for the full year reached 12.33 billion pesos, rising from 11.78 billion pesos in 2015. According to S&P Capital IQ estimates, the company was expected to post a full-year 2016 profit of 10.82 billion pesos.

The company's interest income rose to 9.10 billion pesos in the final quarter of 2016 from 6.50 billion pesos a year ago. Commissions and fees income, meanwhile, increased to 1.98 billion pesos from 1.77 billion pesos.

The quarterly results were further buoyed by 3.59 billion pesos in market-related income, compared to just 712 million pesos in the fourth quarter of 2015. At the same time, net premiums written in Inbursa's insurance operations jumped to 4.72 billion pesos from 4.24 billion pesos a year ago.

The company recorded 2.11 billion pesos in loan-loss provisions in the final quarter of 2016, up from 1.41 billion pesos in the prior-year period.

Banking unit Banco Inbursa SA Institución de Banca Múltiple contributed about 3.62 billion pesos to the group's overall quarterly profit, up 53% from 2.36 billion pesos a year earlier.

Grupo Financiero Inbursa's total loan portfolio expanded 19% in the 12 months through December 2016 to reach about 281.81 billion pesos. The company's NPL ratio fell to 2.8% in 2016 from 3.1% in the previous year.

As of Feb. 1, US$1 was equivalent to 20.78 Mexican pesos.