Mexico's largest development bank Nacional Financiero (Nafin) reported first half net income of 113m pesos (US$9.9m), compared to losses of 168m pesos in the same period last year, according to data from banking authority CNBV.
The bank's financial margin shrank 37% to 680m pesos due to a sharp decline in interest earning assets. However, fee income increased 56% to 87.2m pesos, while revenues from financial intermediation rose 75% to 462m pesos.
Administrative and marketing costs rose just 1% to 965m pesos. All the same, operating losses widened 372% to 42.5m pesos.
Saving the bottom line were non-operating revenues of 145m pesos and a significantly lower tax burden.
