IXE posts US$17.4mn loss in 2010

Wednesday, March 2, 2011

Mexico's IXE Grupo Financiero reported a loss of 210mn pesos (US$17.4mn) last year, the company said in a financial statement.

In 2009, the group posted a net profit of 204mn pesos, which was largely impacted by the sale of its private pension fund manager (Afore) to Grupo Financiero Banorte that year. The 2010 loss was due to amortization-related expenses that were realized ahead of schedule, higher loan loss provisions and increased administrative and marketing expenses.

IXE's banking unit - its main subsidiary - saw its performing loan book increase 12% in the year to 31.8bn pesos at end-2010.

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IXE is in the process of merging with Banorte to form the country's third largest financial group. The two companies reached a merger agreement last year.

To read IXE's full financial statement in Spanish, go to this link