GFNORTE profits increase 30 percent with healthy financial structure

Grupo Financiero Banorte (GFNorte) reported at the end of 2022, a 30 percent annual growth in its net income by obtaining 45.408 billion pesos, while in the fourth quarter (4Q22) it was 11.592 billion pesos, a 28 percent growth compared to the same period of the previous year. It also indicated that, at the end of the quarter, the group’s performing loan portfolio totaled 919.881 billion pesos, an increase of 12 percent year-over-year.

«During 2022, Banorte demonstrated that it continues to be the ally of Mexican families and businesses, supporting them with the financing they need to achieve their goals. Our commitment is to continue growing stronger with Mexico and to be closer than ever,» said Carlos Hank González, Chairman of the Board of Directors of GFNorte.

Return on equity (ROE) at the end of 2022 stood at 19.2 percent, while that of 4Q22 reached 19.4 percent; return on assets (ROA) stood at 2.3 percent, at the same level of 4Q22; its efficiency ratio stood at 38.0 percent at the end of 2022 and 41.4 percent in 4Q22.

Also that, as of November 15, 2022, in line with its digital transformation strategy, Banorte allows its customers with Android and WearOS devices to make contactless payments from Google Wallet.
Through this secure and accessible payment method, its customers can add Banorte cards from the Google Wallet app or from Banorte Mobile, as well as store and use benefit cards, transportation passes and event access.