Interacciones turns from loss to US$4.16mn profit in Q1

Mexican banking group Grupo Financiero Interacciones (GFI) reported profits of 47.6mn pesos (US$4.16mn) in the first quarter of 2004, compared to a loss of 35.5mn pesos a year ago, according to a company filing with the Mexico City stock exchange BMV. The group's financial margin was a negative 28.7mn pesos, a significant improvement over the negative 145mn pesos reported the previous year. Financial intermediation revenues fell 28% to 136mn pesos, while commission income grew 96% to 50.4mn pesos. Assets rose 15% to 6.96bn pesos, while performing loans were up 27% at 3.33bn pesos. Performing loans were broken down as follows: government entities (51.8%), commercial (21%), financial intermediaries (24.3%), housing (1.9%), and consumer (0.8%). Non-performing loans stood at 42.8mn pesos or 1.29% of total loans, down from 4.47% a year ago. Deposits grew 11.8% to 4.8bn pesos broken down between demand (5.3%) and time deposits (94.7%). The group's equity increased 8.77% to 1.19bn pesos. GFI is controlled by the Hank family, which also owns US-based Loredo National Bank. The group formerly came into being in 1992 and has three subsidiaries: Banco Interacciones which specializes in infrastructure financing, stock brokerage Interacciones Casa de Bolsa, and insurance company Aseguradora Interacciones.