Banorte increased its net profits in eight years
Grupo Financiero Banorte’s net income tripled between 2015 and 2023, rising from 17.108 billion pesos to 52.418 billion pesos, according to Carlos Hank González, Chairman of the Board of Directors.
«In 2014 and 2015, Marcos Ramírez became CEO and I was appointed Chairman of the Board of Directors of Grupo Financiero Banorte.» We embarked on an ambitious transformative initiative, the 20/20 Plan, with the objective of tripling earnings,» he said at a news conference held at Grupo Financiero Banorte’s corporate headquarters in San Pedro to commemorate the company’s 125th anniversary.
He pointed out that in the same comparison period, during which Hank González has been at the helm, the ROE (which measures the firm’s profitability on its own funds) went from 13.3 percent to 21.3 percent in 2023. As of the third quarter of this year, it stands at 22.7 percent.
Hank González pointed out that from 2000 to 2024 the number of branches grew 159 percent, from 452 to 1,172.
The ATM network also increased 669 percent, with a total of 11,027 ATMs, and the number of point-of-sale terminals increased from 9,037 to 219,000.
“Regardless of the fact that there are challenges, we have great opportunities such as nearshoring, but on the other hand we see the level of banking penetration in Mexico, there is still a huge potential for banking penetration, for us to contribute to banking penetration,” he said.
