During the fourth quarter of last year, Grupo Financiero Banorte (Banorte) recorded an estimated net profit of 13,713 million pesos (mdp), representing a 5.1% increase compared to the same period in 2023 when 13,044 mdp was reached, according to the estimate by Vector Casa de Bolsa. For the entire year 2024, a profit of 56,176 mdp is projected, a 7.2% increase compared to the previous year.
Marco Antonio Montañez, director of analysis and strategy at Vector, mentioned that a 4.9% increase in the financial margin is expected compared to the fourth quarter of 2023. This is due to the average reduction of the reference interest rate by 83 basis points in the last twelve months, counteracted by a solid annual growth of 10% in the credit portfolio.
Despite the additional expenses generated by the operation of the digital bank Bineo, which was not present in the fourth quarter of 2023, a growth in net operating income is anticipated due to the increase in the financial margin and other incomes. Montañez highlighted that while provisions are expected to experience a significant increase in line with the credit portfolio, a negative impact on the generation of net profits for this quarter is not anticipated.
Regarding projections, the net interest margin (NIM) and return on equity (ROE) are expected to stand at 6.2% and 20.3% respectively in the analyzed quarter, figures lower than the previous year due to the decrease in interest rates.
On the other hand, the delinquency rate is estimated to reach 1.1%, 10 basis points above the same quarter in 2023, mainly due to the increase in the credit portfolio.
