Grupo Financiero Banorte SAB de CV Class O ( (GBOOF) ) has released its Q4 earnings. Here is a breakdown of the information Grupo Financiero Banorte SAB de CV Class O presented to its investors.
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Grupo Financiero Banorte SAB de CV Class O is a leading financial services group in Mexico, offering a range of banking, insurance, and investment products and services. The company operates primarily in the financial sector and is known for its strong market presence and extensive client base.
In its latest earnings report for the fourth quarter of 2024, Grupo Financiero Banorte reported a solid financial performance, highlighted by a 7% increase in net income year over year, reaching Ps 56.19 billion. The company achieved record profitability metrics, with a return on equity (ROE) of 22.4%, reflecting its focus on client relationships and efficient balance sheet management.
Key financial highlights of the year include a 9% growth in net interest income, driven by higher loan volumes and optimized funding costs. The bank’s net interest margin reached a record high of 6.8% in Q4 2024. Additionally, the company reported a significant 28% increase in non-interest income and a notable improvement in its non-performing loan ratio to 0.9%, underscoring effective credit risk management.
Banorte’s strong capital and liquidity positions were reinforced, with a Capital Adequacy Ratio of 21.78% and a Core Equity Tier 1 level of 13.21%. The company’s subsidiaries contributed positively to overall performance, with notable income growth in the insurance and brokerage sectors.
Looking ahead, Grupo Financiero Banorte remains committed to maintaining strong financial health and capital adequacy while pursuing growth opportunities in key segments. The company’s management is focused on adapting to market dynamics and continuing to provide comprehensive financial solutions to its clients.
