Citigroup Inc.'s Mexican banking arm, Grupo Financiero Banamex, reported an 18% increase in first-quarter profit as loan growth and a decline in loan-loss provisions more than offset a slump in trading income.

Its profit was 7.06 billion pesos ($568.7 million), up from 5.98 billion ($478 million) in the first quarter of 2009, according to financial statements posted on Banamex's website.

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