Banorte’s profit rises 9% in I-2024; adds $14.208 billion pesos

Grupo Financiero Banorte (Banorte) reported that during the first quarter of the year, its net income reached 14,208 million pesos, an increase of nine percent compared to the same period last year.

«The results obtained during the first quarter show our efforts to focus on our customers and offer them personalized services, according to their needs. This is reflected, at the close of the first quarter of 2024, in growth of 10 percent in our performing loan portfolio and 16 percent in comprehensive bank deposits, both consolidating above one trillion pesos,» said Carlos Hank González, Chairman of the Board of Directors of Banorte.

The consumer credit portfolio, which reflects financing to Mexican households, amounted to 434 thousand 691 billion pesos, a 13 percent increase with respect to the same period of the previous year.

Mortgage loans grew nine percent year-on-year, totaling 255,760 billion pesos, and automotive loans increased 27 percent, with a balance of 44,625 billion pesos.

Credit card placements totaled 58,22 billion pesos, an annual growth of 26 percent. The balance of payroll loans totaled 76,285 billion pesos, an increase of 10 percent over the first quarter of last year. the first quarter of last year.

The commercial loan portfolio reached 259 thousand 132 billion pesos, representing an annual increase of 11 percent; the corporate portfolio totaled 176 thousand 827 billion pesos, an increase of 17 percent in the same comparison period, and the government portfolio reached 176 thousand 417 billion pesos.