Grupo Financiero Banorte reported a 14% increase in second-quarter net profit to 13.09 billion pesos ($764.68 million), with both units profiting 38% more.

The business, which owns one of Mexico’s largest banks and pension funds, earned 33.06 billion pesos, up 19%.

Net interest income climbed 5% year-over-year due to loan book expansion and interest rate rise.

Banorte’s CEO Marcos Ramirez attributed its 21.4% return on equity to expanding businesses and plans to launch its digital bank in early 2024.