Grupo Financiero HSBC S.A. DE C.V. or HSBC Mexico (HBC: Quote,HSBA.L) reported a 46.9% rise in first-half 2012 net income to 2.33 billion Mexican peso from 1.58 billion Mexican peso last year, driven mainly by lower administrative expenses, partially offset by increased loan impairment charges, lower trading income and foregone business from the sale of the Afore pension funds management business which completed in August 2011.
Six-month net interest income for the Group totaled 10.85 billion Mexican peso, up 1.9% from 10.64 billion Mexican peso a year ago. The company said higher net interest income was due to loan portfolio growth, mainly in payroll, consumer and commercial loans, coupled with increased deposit volumes, partially offset by lower spreads in credit cards, payroll and business banking loans.
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by RTT Staff Writer
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