Grupo Financiero Banorte (Banorte) expects to increase its net profit this year by between 6 and 10.5 percent compared to last year, reaching up to 62 billion 100 million pesos (mdp), according to executives from the group in a conference call with market analysts. Rafael Victorio Arana de la Garza, director of finance of the financial group, mentioned that 2024 was a challenging year and that 2025 will also present challenges, so they are committed to the provided figures.
The growth of recurring expenses is being reduced to a range of 6 to 7 percent, while the growth of total expenses remains within 15 percent, with a goal of staying in single-digit figures for the year. Arana de la Garza added that a net profit is expected to be between 59 billion 600 million pesos and 62 billion 100 million pesos, with a return on equity of between 21.5 and 23 percent for the group and 28 to 30 percent for the bank.
If Banorte reports the estimated minimum profit, it would mean an increase of 6 percent compared to the previous year, and if it reaches the maximum forecasted, the year-on-year increase would be 10.5 percent. On the other hand, the growth of the loan portfolio is projected to be between 8 and 11 percent, with a net interest margin of 6.1 to 6.6 percent.
Marco Antonio Montañez, director of analysis and strategy at Vector Casa de Bolsa, considered Banorte's guidance for this year positive, highlighting the portfolio and profitability growth above estimates. He also positively valued the announcement of the Mexico Plan, which according to the administration could stimulate credit demand in the coming years.
