trending Market Intelligence /marketintelligence/en/news-insights/trending/zynxSO6iNojk_PUytXePTQ2 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 posts 16% rise in Q2 profit

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

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Banorte posts 16% rise in Q2 profit

GrupoFinanciero Banorte SAB de CV posted a 16% rise in net profit forthe second quarter, as stronger net interest and non-interest income outpacedgrowth in provision expenses.

The Mexican lender showed second-quarter net income of 4.63billion Mexican pesos, or 1.67 pesos per share, up from 4.00 billion pesos, or1.44 pesos per share, earned in the year-ago period.

Banorte attributed the improved results to stronger resultsfrom all group subsidiaries. The company's main unit, , contributed 3.10 billion pesos to the group'squarterly profit, up 38% from 2.24 billion pesos a year ago.

For the group, net interest income ticked 9% higher yearover year to 12.65 billion pesos from 11.58 billion pesos in the second quarterof 2015. The net interest margin expanded to 4.6% from 4.3% a year earlier.Banorte noted that its net interest income for the first half of 2016 increaseddue to the positive impact of a hike in benchmark interest rate by .

Non-interest income for the quarter jumped 16% year overyear to 4.43 billion pesos, from 3.83 billion pesos, as income from servicefees grew 8% year over year to 2.71 billion pesos. The company also booked a69% increase in income related mainly to loan recoveries and provisionreversals, which helped bolster other operating income by 84% year over year to955 million pesos.

Non-interest expenses fell 1% annually to 7.53 billion pesosfrom 7.58 billion pesos.

Provisions for loan losses increased 27% to 3.53 billionpesos from 2.78 billion pesos a year ago, which Banorte attributed to higher requirementsin the corporate, payroll and credit card loans. Banorte's past due loan ratiofell to 2.3% in the second quarter from 2.8% in the same period of 2015.

The bank's return on equity was 13.4% for the secondquarter, up from 12.6% in the year-ago period. Return on assets was 1.5%.

Banorte's total performing loan portfolio held 544.12billion pesos at the end of the second quarter, a 12% annual increase from486.02 billion pesos. The company's consumer loan portfolio also grew 13%annually to 186.98 billion pesos.

As of July 21, US$1was equivalent to 18.56 Mexican pesos.