Banorte’s earnings up 13 percent and loan portfolio up 12 percent
Grupo Financiero Banorte (GFNorte) reported a 12 percent annual growth in its Loan Portfolio at the end of the fourth quarter of 2023 (4Q23), with a profit of 13,044 mdp, which is 13 percent higher than the same period in 2022. At the end of the fourth quarter of 2023 (4Q23), the Loan Portfolio reached 1,031,926 million pesos (mdp).
«Grupo Financiero Banorte consolidates its digital leadership, we are pleased to close the year with 8.7 million digital customers. In addition, product sales in digital channel increased from 7 percent in 2020 to 44 percent in 2023,» declared Carlos Hank González, GFNorte’s chairman of the board of directors.
With a fundamental capital level of 14.7 percent and a capitalization ratio of 20.7 percent at the end of 4Q23—well above current regulatory levels—the indicators point to a strong financial position. The leverage ratio was 11.5 percent, and the average liquidity coverage ratio for the quarter was 160.5 percent.
Likewise, the Delinquency Rate (formerly the Overdue Portfolio Index) remained at 1.04 percent, one of the lowest in the banking sector, with a return on equity (ROE) of 20.9 percent and a return on assets (ROA) of 2.3 percent.
A breakdown of the Loan Portfolio shows that Mortgage Loans grew 12 percent annually, amounting to 253.138 billion pesos.
The Consumer Loan Portfolio, which reflects financing to Mexican households, totaled 428,402 billion pesos, an increase of 15 percent compared to the same period of the previous year.
Automotive loans increased 32 percent, with a balance of 42,604 billion pesos, and credit card loans amounted to 58,137 billion pesos, an annual growth of 29 percent. The balance of Payroll Loans totaled 74.522 billion pesos, an increase of 11 percent compared to 4Q22.
The Commercial Loan Portfolio reached 253,015 billion pesos, an annual increase of 10 percent; the Corporate Portfolio reached 178,549 billion pesos, an increase of 21 percent in the same comparison period, and the Government Portfolio reached 171,961 billion pesos.
