Financial groups see assets rise in Sep, but profits fall in first 9 months

Monday, December 12, 2011

The total assets of Mexican financial groups reached 5.75tn pesos (US$415bn) at the end of September, an 11.2% increase on the same time in 2010, according to a report from banking and securities regulator CNBV.

But net income for the sector in January-September decreased 10.7% to 60.2bn pesos, compared to the same period in 2010.

The decrease was largely driven by higher administration costs, according to the report.

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The financial groups saw their interest income increase 6.9% to 281bn pesos compared to January-September 2010, while expenditure on interest increased 7.4% to 105bn pesos in the same period, CNBV said.