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Banorte's Q3 profit rises 13% as trading income surges

Grupo Financiero Banorte SAB de CV's third-quarter profit rose 13% year over year as strong net interest and trading income more than offset a drop in service fees.

The company's net income for the three months to Sept. 30 reached 8.86 billion Mexican pesos, or 3.07 pesos per share, up from the year-ago 7.82 billion pesos, or 2.71 pesos per share.

A large chunk of the group's profits came from Banco Mercantil del Norte SA Institución de Banca Múltiple, which reported net income of 6.61 billion pesos, up 12% year over year. Profit at the company's insurance operations, meanwhile, grew 7% from a year ago to 739 million pesos.

The group's net interest income hit 20.11 billion pesos in the third quarter, up from 19.49 billion pesos earned in the previous quarter and 19.06 billion pesos a year earlier. The net interest margin for the third quarter came to 5.7%, up from 5.5% in the prior quarter and unchanged from the year-ago period.

Noninterest income also grew 30% year over year to 6.21 billion pesos, as a 162% surge in trading income, which hit 2.30 billion pesos, offset an 8% slide in net service fees, which came in at 3.18 billion pesos.

Banorte noted its trading results included 760 million pesos in gains generated from treasury operations; they also included a gain of 400 million pesos from "the correct positioning in fixed income in a highly volatile quarter" and a 155 million-peso gain on the sale of available-for-sale securities.

Provisions for the quarter were little changed compared to the prior-year period at 4.12 billion pesos. The bank's past-due loans came to 14.36 billion pesos, rising 3% from a year earlier, while the past-due loan ratio ticked up modestly to 1.9%.

The bank's return on assets rose to 2.24% from 2.1% a year ago. However, return on equity slightly dropped to 19.6% from 19.7%.

As of Oct. 23, US$1 was equivalent to 19.12 Mexican pesos.