Grupo Financiero Banorte SAB de CV
BMV:GFNORTEO
Grupo Financiero Banorte SAB de CV
Grupo Financiero Banorte SAB de CV, one of Mexico's leading financial institutions, traces its roots back to 1899, grounded in a regionally-focused mission that has since blossomed into a national powerhouse. As the years progressed, Banorte adeptly navigated through economic shifts and policy changes, amassing a reputation for resilience and adaptability. Serving a vast spectrum of clients from individuals to large corporations, Banorte’s operations span across an array of financial services. These include traditional savings and checking accounts, loans and credit cards, insurance products, and wealth management services. The conglomerate stands as an emblem of financial inclusivity in Mexico, leveraging a balance of technological innovation and human-centric service to enhance customer experience.
In the nucleus of its operations, the firm capitalizes on its comprehensive banking network and extensive understanding of local markets to drive profitability. Retail banking forms the bedrock of Banorte's revenue stream, augmented by interest from loans and fees on various financial products. Its prowess in integrating technological advancements into banking operations facilitates efficient service delivery and operational cost reduction, further solidifying its competitive edge. Moreover, with strategic investments in fintech and digital platforms, Banorte amplifies its reach among a tech-savvy clientele. By weaving traditional banking reliability with modern conveniences, the institution secures its position as a formidable player in Mexico's financial sector, while continuously exploring avenues for growth and diversification.
Grupo Financiero Banorte SAB de CV, one of Mexico's leading financial institutions, traces its roots back to 1899, grounded in a regionally-focused mission that has since blossomed into a national powerhouse. As the years progressed, Banorte adeptly navigated through economic shifts and policy changes, amassing a reputation for resilience and adaptability. Serving a vast spectrum of clients from individuals to large corporations, Banorte’s operations span across an array of financial services. These include traditional savings and checking accounts, loans and credit cards, insurance products, and wealth management services. The conglomerate stands as an emblem of financial inclusivity in Mexico, leveraging a balance of technological innovation and human-centric service to enhance customer experience.
In the nucleus of its operations, the firm capitalizes on its comprehensive banking network and extensive understanding of local markets to drive profitability. Retail banking forms the bedrock of Banorte's revenue stream, augmented by interest from loans and fees on various financial products. Its prowess in integrating technological advancements into banking operations facilitates efficient service delivery and operational cost reduction, further solidifying its competitive edge. Moreover, with strategic investments in fintech and digital platforms, Banorte amplifies its reach among a tech-savvy clientele. By weaving traditional banking reliability with modern conveniences, the institution secures its position as a formidable player in Mexico's financial sector, while continuously exploring avenues for growth and diversification.
Net Income: Banorte reported quarterly net income of MXN 15.9 billion, up 22% sequentially, with full-year net income of MXN 58.8 billion, up 5% year-over-year and in line with guidance.
ROE: Group return on equity for the quarter reached 24.2%, and for the full year stood at 22.8%, both rising compared to 2024 and near the upper end of guidance.
Loan Growth: The total loan portfolio grew 8% for the year (9% excluding government loans), in line with guidance, with double-digit gains in consumer, credit card, and auto loans.
Asset Quality: Asset quality remains strong with an NPL ratio of 1.4% and cost of risk at 1.8%, both in line with expectations, and no signs of deterioration in the loan book.
Cost Control: Expense growth was 9% after adjusting for acquisitions, meeting the bank's commitment for single-digit growth.
Guidance 2026: For 2026, Banorte guides for 8–11% total loan growth, net income of MXN 62–64 billion, group ROE of 22–24%, and cost of risk of 1.8–2.1%.
Fintech Integration: The integration of Tarjetas Del Futuro and Bineo is expected to boost future cross-selling and efficiency, with most one-off accounting effects now behind.
Competitive Landscape: Management sees a highly competitive market, especially from fintechs, and is focused on digital transformation, personalized offerings, and targeting younger customers.
