Banorte’s profit increased 7% in 2024, surpassing 56.1 billion pesos

Grupo Financiero Banorte profit in the fourth quarter of last year alone was 13,724 million pesos, up 5% from the same time in 2023 but down 4% from the third quarter of 2024, owing to a seasonal effect.

The financial group’s report highlighted that at the end of the fourth quarter of 2024, the outstanding loan portfolio reached almost 1.18 billion pesos, a growth of 14% concerning 2023.

The increase occurred in practically all segments, especially the automotive segment.

Banorte’s consumer loan portfolio grew 11%, reaching a balance of 476,599 million pesos.

Within this portfolio, the mortgage segment grew 8%; the automotive segment increased 25%; credit cards 18%; and payroll loans 10%.

“During 2024, we sustained our growth in all indicators of soundness and credit quality. Most portfolios grew at double-digit rates, driving Mexico’s growth,” said Carlos Hank González, chairman of Banorte’s board of directors.