Grupo Financiero Banorte Announces Earnings Results for the Fourth Quarter and Full Year of 2017; Provides Earnings Guidance for the Year 2018
January 26, 2018 at 10:01 am
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Grupo Financiero Banorte announced earnings results for the fourth quarter and full year of 2017. For the quarter, net income was MXN 6.5 billion, growing 4%, both in return on equity of 18.1%, marking the first time since 2008 that Banorte achieved this level of return on equity.
For the year, net income reached MXN 23,908,000,000, growing 24%. Earnings per share reached MXN 8.62. Return on equity was 17% for the year. Net interest income grew 23.1% at Banorte versus 13.7% for the system, while the total revenue grew 20% versus 15% for the market.
For the year 2018, the group's net income should be between MXN 27.5 billion and MXN 28.5 billion. The net interest margin should stand between 20 and 30 basis points. ROE should range between 18.2% and 18.6%.
Grupo Financiero Banorte SAB de CV is a Mexico-based financial institution (the Bank) engaged in the banking sector. The Bank operates in four business sectors: Banking, Savings, Brokerage and Other financial services. The Banking division provides current accounts, consumer and commercial loans, as well as credit and debit cards, among others. The Savings division offers products related to insurance and pension schemes. The Brokerage division focuses on the investment funds management and securities trading. The Other financial services division includes leasing, factoring, portfolio management and warehousing, among others. The Bank offers financial products and services to individual and business customers. It operates through a number of subsidiaries, such as Almacenadora Banorte SA de CV Organizacion Auxiliar del Credito Grupo Financiero Banorte, Casa de Bolsa Banorte IXE SA de CV Grupo Financiero Banorte and Ixe Servicios SA de CV.
GRUPO FINANCIERO BANORTE, S.A.B. DE C.V. 
