(Reuters) – Grupo Financiero Bamorte in Mexico reported Thursday a 26% increase in its first quarter net profit to 10.7 billion pesos ($540 millions).

According to Refinitiv, analysts had estimated a profit in excess of 9.64 trillion pesos.

The group’s revenue increased 18% to 28.4 Billion Pesos during the first quarter.

It also stated that it expected full-year net profits of between 40.5 and 42 billion pesos. That’s up from its earlier forecasts of 39.5 billion pesos or 41.1 million pesos.

Banorte’s 2022 loan growth outlook has been lowered to 5% to 7.7% (from 7% to 9.9%).

($1 = 19.8911 pesos at end-March)