Mexico BBVA Bancomer Q3 Profits Down

Meanwhile, Mexico’s largest bank, Bancomer, a subsidiary of Spanish BBVA, has posted third-quarter net profits of $54.6 million, 4.6% down on last year. This takes the bank’s net profits for the first nine months of 2005 to $552 million, up 34% year on year. BBVA Bancomer contributes about 30% of the total profit of BBVA, and accounts for around 60% of the profit of BBVA’s Latin American operations.