Grupo Financiero Banorte (Banorte) presented its results for the third quarter of the year, revealing that although they were positive, there was growth in its portfolio lower than expected. As a consequence, the company decreased its estimates of net income for the entire year, placing it in a range between 56 billion and 56 billion 800 million pesos. This projection has undergone adjustments throughout the year, starting from a maximum of 58 billion 200 million pesos.
In relation to these results, Marco Antonio Montaño, director of analysis and strategy at Vector Casa de Bolsa, noted that the expected net income for 2024 has been revised down by 1.9%, with a new estimated range of between 56 billion and 56 billion 800 million pesos. This reduction is mainly attributed to the share buyback as part of the company's capital allocation strategies.
On the other hand, José Marcos Ramírez, general director of Grupo Banorte, highlighted that economic data reflects signs of slowdown, which has led to an adjustment in the GDP growth expectation for 2024, placing it at 1.3%. Despite this outlook, there is a solid inertia in domestic demand driven by resilient consumption fundamentals.
Regarding monetary policy, the implementation of two additional cuts is expected this year, reaching 10% in December, followed by a reduction of 200 basis points throughout 2025, arriving at 8% by the end of next year. Additionally, a decrease in the cost of risk is predicted to a range between 1.7 and 1.9%, which would have a positive impact on results due to lower portfolio provisions for the fourth quarter of the current year.
In summary, despite the current economic challenges, Grupo Financiero Banorte maintains a strategic approach to face volatility and preserve its future profitability.
