Mexico's 16 factoring companies reported consolidated net income of 153m pesos (US$14m) during the third quarter of 2003, up 30% compared to the same period the year before, according to statistics released by the banking regulator.
Factoring association (Amefac) committee coordinator Juan Carlos Salvado said that profits and loans would probably grow at a more modest pace this year, with the former expanding around 10% or 15%.
Net interest income grew 27% year-over-year to 541m pesos. Net losses from commissions and fees widened 23% to 11m pesos, from 8.96m pesos the year before.
Assets grew 31% to 10.4bn pesos, while the sector's active factoring portfolio was up 30% at 9.48bn pesos. The nonperforming portfolio decreased 18% to 186m pesos during the same period.
Five companies control about 63% of the sector's assets:
