Banorte’s profit increases 21% in the first quarter of 2023

He Banorte Financial Group reported a profit of 13 thousand 018 million pesos for January to March 2023, which meant a 21% increase compared to the 10 thousand 748 million obtained in the same period of 2022.

According to the financial group, this result was influenced, in part, by higher interest income, derived from the high rate environment, as well as by greater credit activity.

“Net interest income increased 2.0% sequentially and 17% compared to the first quarter of 2022, in line with the expansion of the portfolio and reflecting the strength and mix of the credit portfolio and, partially, the effect of rising rates”, detailed the financial institution.

Banorte’s current credit portfolio reached 950,157 million pesos, a growth of 14% in its annual comparison, showing an increase in all portfolios.

For his part, the consumer loan portfolio showed 17% growth in the first quarter of 2023 with respect to the same period of 2022, for a balance of 384 thousand 832 million pesos.

Within this portfolio, the mortgage grew fifteen% in the period, the automaker did it in 25%that of credit cards increased 16% and the payroll credit accounted for 22 percent.

Meanwhile, the commercial portfolio added 234 thousand 136 million pesos, an annual growth of 16%; that of corporate increased 4% with a balance of 150,826 million; and the government 180,364 million for a balance of 180 thousand 364 million.

Meanwhile, the Delinquency rate (IMOR) was located at 1.04%, one of the lowest in the system.

The bank announced that it made structural changes to its credit strategies, which helped it “maintain quality and risk indicators below historical averages.”

For his part, the general director of Grupo Financiero Banorte, Marcos Ramírez, said that the new strategy has focused on customers who have good ability to pay.

“You have to recognize what has changed for the better in Mexico and our clients are becoming more mature, very prudent, that’s why (the portfolio) is growing very healthy,” Ramírez said in a conference.

Likewise, he explained that the bank’s credit portfolio amounted to 950 thousand 157 million pesosa 14% more than in the first quarter of 2022.

The consumer credit portfolio was the one that had the highest growth of 17%, followed by the commercial credit portfolio that increased 16%, followed by loans to the government that increased 13%.