Bansefi reports US$138k first quarter profit

Mexico's federal savings bank Bansefi reported its first quarterly profit in the first three months of 2005 thanks to non-operational revenues. Profits of 1.5mn pesos (US$137,788) compared with 20.4mn pesos in losses for the same period last year, Bansefi told banking and securities regulator CNBV. Net interest income doubled to 104mn pesos, while gross fee income increased 101% to 62.6mn pesos. The bank's operating loss narrowed 84% to 9.82mn pesos, with non-operational revenues of 16.6mn pushing the bottom line into the black. Bansefi provides savings accounts and other financial services like remittances through 568 branches as part of its mission to develop a banking culture among the rural and urban poor. Deposits held by Bansefi were up 25% to 4.84bn pesos at the end of the quarter.