Banorte report 7% profit increase, driven by loan activities

Grupo Financiero Banorte reported a net profit of 14,238 million pesos in the third quarter of 2024, up 7% from the same time the previous year.

In its report to the Mexican Stock Exchange (BMV), the financial institution stated that its profitability over the aforementioned period was based on lending activity driven by private spending.

He also mentioned the increase in credit cards (26%), vehicle loans (23%), salary (9%), and mortgages (7%).

The Group, led by Carlos Hank González, has stated that the institution’s success is based on good operational patterns, despite the volatility caused by Mexico’s political environment.

In comparison to the previous quarter, net profit increased by only 1.56%, reaching 14 thousand 018 million pesos.

Banorte’s CEO, Marcos Ramírez Miguel, stated at a conference that the organization has risen this year, with a non-performing loan ratio of 1%, down from 1.1 percent the previous quarter.