Grupo Financiero Banorte Reports Consolidated Earnings Results for the Fourth Quarter and Full Year of 2016
January 27, 2017 at 11:48 am
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Grupo Financiero Banorte reported consolidated earnings results for the fourth quarter and full year of 2016. For the quarter, the company pasted consolidated net income of MXN 5.24 billion, up 5% over the previous quarter and a 6% year-on-year increase. Net interest income, excluding the pension and insurance operations, increased 4% quarter-on-quarter (with deposits up 11%) and 8% year-on-year, while net interest income in the pension and insurance operations reached MXN 11.9 billion, climbing 8% year-on-year, though it dropped 3% compared to third quarter.
The bank reported cumulative 2016 net income at MXN 19.3 billion, up 13% year-on-year.
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. 
