Banamex Reports Results

Citigroup unit Banamex, Mexico´s second largest bank, posted a net profit of $454 million in the second quarter, up 5 percent year-on-year. Profits from consumer banking operations jumped 57 percent to $368 million, while corporate and investment banking profits fell 59 percent to $76 million. Citigroup accounts for about 20 percent of all deposits and credits in Mexico, competing mainly with Spain´s Banco Bilbao Vizcaya Argentaria. Banamex accounts for seven percent of Citigroup’s global profit.