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Mexico's Banorte reports higher 3rd-qtr profit

MEXICO CITY, Oct 24 (Reuters) - Mexico's fourth-largest bank by assets, Grupo Financiero Banorte, on Thursday said its third-quarter profit rose 27 percent, as it underwrote more loans and increased assets under management.

The bank's quarterly profit rose to 3.526 billion pesos ($268 million) from 2.78 billion pesos reported in the same period a year earlier.

Banorte's total loan book grew 6 percent from a year earlier to 414 billion pesos as it made more home, commercial and payday loans.