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GRUPO FINANCIERO BANCOMER REPORTS GAINS IN FIRST QUARTER

 MEXICO CITY, May 5 /PRNewswire/ -- Grupo Financiero Bancomer (GFB) today reported net income for the first quarter of US$128.7 million (398.2 million new pesos), a gain of 8.5 percent over the fourth quarter of 1992 and 2.3 percent over the first quarter of 1992.
 According to Ricardo Guajardo, chief executive officer, "Grupo Financiero Bancomer's first quarter results for 1993 are positive considering that the Mexican economy continues to grow at a slow rate. While helping to reduce inflation, tight monetary policy has maintained interest rates at a high level. Bancomer's results reflect an increase in reserves to improve the bank's asset quality and a dividend payout in February. GFB's companies continue to perform well in Mexico's evolving economy."
 Highlights of GFB's first quarter results include:
 -- Bancomer's net income increased $24.3 million, up 17.4 percent over fourth quarter of 1992.
 -- Bancomer's net interest income grew 18.9 percent over the first quarter of 1992.
 -- Bancomer's efficiency ratio improved to 53.16 percent from 53.4 percent in the year of 1992.
 -- The earnings of non-bank subsidiaries were up 21 percent over the fourth quarter of 1992.
 -- GFB paid a dividend of $83.7 million (259.2 million new pesos), $0.48 per GDS/ADS.
 As of March 31, 1993, GFB owned the following percentages in its subsidiaries:
 3/31/93
 Bancomer 72.72 percent
 Casa de Bolsa Bancomer 99.96 percent
 Arrendadora Monterrey 98.43 percent
 Almacenadora Bancomer 60.92 percent
 Results of GFB subsidiaries follow and correspond to each individual company and do not reflect the proportion of earnings attributable to GFB.
 GFB was formed in 1991, and as of March 31, 1993, owns 72.72 percent interest in Bancomer, the leading retail bank in Mexico. In addition to Bancomer, GFB's subsidiaries include Casa de Bolsa Bancomer, a brokerage house; Arrendadora Monterrey, a leading company; and Almacenadora Bancomer, a warehouse bonding company.
 Summary Results
 Quarter Ended Year
 Net income 3/31/93 12/31/92 3/31/92(C) 1992
 Grupo Financiero Bancomer $128.7 $118.4 $125.8 $475.0
 Bancomer 163.4 139.1 158.2 585.3
 Arrendadora Bancomer(B) 11.8 10.0 9.2 37.4
 Factoraje Bancomer(B) 2.3 1.4 1.0 3.2
 Casa de Bolsa Bancomer 5.4 5.1 6.3 20.1
 Almacenadora Monterrey 0.6 0.1 0.6 1.5
 Arrendadora Monterrey 2.1 1.5 2.2 8.0
 Earnings per ADS(A) $0.74 $0.69 $0.73 $2.75
 (A) -- Average ADS for the period.
 (B) -- Indirect subsidiaries of GFB. Earnings are not consolidated in Bancomer or GFB.
 (C) -- Figures for first quarter 1992 have been restated for comparison purposes.
 Bancomer Results
 Bancomer reported a 3.29 percent increase in earnings for the first quarter of 1993 vs. the first quarter of 1992, with net income up from $158.2 million (485.5 million new pesos) to $163.4 million (505.5 million new pesos).
 Loan growth was moderate during the first quarter mainly from slow economic growth and the tightening of credit policy to improve asset quality. From first quarter of 1992 to first quarter of 1993 loan growth was 15.4 percent for traditional loans, 45.3 percent for consumer loans, 19.3 percent for credit card loans, 93.5 percent for mortgage loans, 13.2 percent for rediscounted loans and a decrease of 2.5 percent in dollar loans. The overall growth was 24.9 percent in nominal peso terms. Loans decreased 0.4 percent vs. the end of 1992.
 Net interest margin was 8.96 percent in the first quarter, a slight improvement of 0.01 percent from the previous quarter, and an increase of 0.68 percent over the yearly average of 1992 of 8.28 percent. Efficiency ratio improved from 53.4 percent for the year of 1992 to 53.16 percent for the first quarter. Return on average assets for the first quarter of 1993 was 2.19 percent, compared to 2.02 percent for the fourth quarter of 1992. During the month of March, Bancomer paid a cash dividend of $104.9 million (324.8 million new pesos).
 Non-Bank Subsidiary Results
 Arrendadora Bancomer (GFB's leasing subsidiary) showed earnings of $11.8 million (36.4 million new pesos) for first quarter 1993, an increase of 28.26 percent from $9.2 million (28.3 million new pesos) of same quarter 1992. This increase in earnings resulted from a 19 percent growth in credit between both periods, and favorable funding costs.
 Casa de Bolsa Bancomer (GFB's brokerage subsidiary) showed earnings of $5.4 million (16.7 million new pesos) for the first quarter of 1992, a decline of 14.29 percent compared to $6.3 million (19.5 million new pesos). This reduction was due to lower volume in repo operations and from strong earnings in the first quarter of 1992 related to GFB's equity issue.
 Arrendadora Monterrey (GFB's other leasing subsidiary) reported first quarter of 1993 earnings of $2.1 million (6.5 million new pesos) compared with 1992 period of $2.2 million (6.7 million new pesos) a reduction of 4.55 percent. Credit volume was reduced 1.9 percent between both quarters.
 Factoraje Bancomer (GFB's factoring subsidiary) reported earnings of $2.3 million (7.1 million new pesos) for first quarter 1993, an increase of 130 percent compared with $1.0 million (3.1 million new pesos) for the same quarter 1992. This increase comes from more credit volume as well as benefits obtained from low funding cost from a medium-term debt issue.
 Almacenadora Bancomer (GFB's bonded warehousing subsidiary) reported earnings $0.6 million (1.8 million new pesos) for the first quarter of 1993, with no increase over earnings for first quarter of 1992 of $0.6 million (1.9 million new pesos).
 All results found in the preceding summaries are in millions of U.S. dollars and were converted from nominal new pesos using the following exchange rates:
 Quarter Ended Year
 Free Market Exchange Rate 3/31/93 12/31/92 3/31/92 1992
 (pesos/dollars)
 Period-end rate 3,0976 3,1154 3,0835 3,115
 Average rate 3,0951 3,1211 3,0701 3,100
 -0- 5/5/93
 /CONTACT: Peter McCue of Fleishman-Hillard, 212-265-9150, for Grupo Financiero Bancomer/


CO: Grupo Financiero Bancomer ST: IN: FIN SU: ERN

CK-PS -- NY039 -- 4845 05/05/93 11:44 EDT
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