trending Market Intelligence /marketintelligence/en/news-insights/trending/NJGWKX9pNH7_nNmSXPeo2g2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Banorte's Q3 profit rises 13% as trading income surges

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Banorte's Q3 profit rises 13% as trading income surges

Grupo Financiero Banorte SAB de CV's third-quarter profit rose 13% year over year as strong net interest and trading income more than offset a drop in service fees.

The company's net income for the three months to Sept. 30 reached 8.86 billion Mexican pesos, or 3.07 pesos per share, up from the year-ago 7.82 billion pesos, or 2.71 pesos per share.

A large chunk of the group's profits came from Banco Mercantil del Norte SA Institución de Banca Múltiple, which reported net income of 6.61 billion pesos, up 12% year over year. Profit at the company's insurance operations, meanwhile, grew 7% from a year ago to 739 million pesos.

The group's net interest income hit 20.11 billion pesos in the third quarter, up from 19.49 billion pesos earned in the previous quarter and 19.06 billion pesos a year earlier. The net interest margin for the third quarter came to 5.7%, up from 5.5% in the prior quarter and unchanged from the year-ago period.

Noninterest income also grew 30% year over year to 6.21 billion pesos, as a 162% surge in trading income, which hit 2.30 billion pesos, offset an 8% slide in net service fees, which came in at 3.18 billion pesos.

Banorte noted its trading results included 760 million pesos in gains generated from treasury operations; they also included a gain of 400 million pesos from "the correct positioning in fixed income in a highly volatile quarter" and a 155 million-peso gain on the sale of available-for-sale securities.

Provisions for the quarter were little changed compared to the prior-year period at 4.12 billion pesos. The bank's past-due loans came to 14.36 billion pesos, rising 3% from a year earlier, while the past-due loan ratio ticked up modestly to 1.9%.

The bank's return on assets rose to 2.24% from 2.1% a year ago. However, return on equity slightly dropped to 19.6% from 19.7%.

As of Oct. 23, US$1 was equivalent to 19.12 Mexican pesos.