After 'challenging' 2019, Mexico's Banorte bets on economic recovery [Reuters (UK)]
GRUPO FINC BANORTE S/ADR (GBOOY)
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Source: Reuters
After 'challenging' 2019, Mexico's Banorte bets on economic recovery - Reuters 2 Min Read MEXICO CITY, Jan 24 (Reuters) - Grupo Financiero Banorte said on Friday it was expecting the Mexican economy to recover in 2020, which would help lift its banking unit after it suffered a drop in net profit during a difficult last quarter. Banorte, which owns the largest Mexican bank, its most important asset, on Thursday reported a 12% drop in fourth-quarter net profit compared to the same quarter a year earlier. Net profit was 9.01 billion pesos ($477 million). Recurring net income for the last quarter rose 6%. “It was quite a challenging year,” Chief Executive Marcos Ramirez told investors during an earnings call. “We had to change course several times.” However, Ramirez said the group was expecting 0.8% economic growth for 2020 and 3.5% inflation. Mexico entered a mild recession in the first half of last year and was flat in the third quarter, which Ramirez said made it difficult to grow Bano
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