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Mexico's Banorte posts steep drop in fourth-quarter net profit

MEXICO CITY, Jan 23 (Reuters) - Mexico's Grupo Financiero Banorte, which owns the country's second-largest bank and largest pension fund, reported on Thursday a fourth-quarter net profit of 9.01 billion pesos ($477 million), down 12% from the same quarter a year earlier.

($1 = 18.8860 pesos at end-December) (Reporting by Stefanie Eschenbacher and Noe Torres; Editing by Julia Love)