Banorte stock follows 20% profit growth as 2026 target holds
Published on 11/06/2026 at 16:00 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSProfit Growth Leaves 2026 Target Unchanged
- Third-quarter net profit rose 20 percent year over year to MXN 15.658 billion.
- Loans increased 11 percent and deposits grew 13 percent from a year earlier.
- Management retained its 2026 net income target of MXN 62 billion to MXN 64 billion.
Banorte stock traded at 10.00 euros on Lang & Schwarz at 15:41 CET on Friday, November 6. Compared with the 10.18 euros quoted in the November 3 report, the price was 1.77 percent lower.
Banorte reported a stronger third quarter on November 3, with net profit rising 20 percent year over year to MXN 15.658 billion. The result covered the July-to-September period and included a 1 percent increase from the second quarter, according to The Rio Times.
Loans Support Quarterly Earnings
Loan growth remained a central operating driver. Performing loans increased 11 percent from a year earlier to MXN 1.33 trillion, while deposits rose 13 percent to MXN 1.31 trillion. Consumer lending expanded 9 percent, led by a 23 percent increase in car loans.
Net interest income rose 5 percent to MXN 38.127 billion. Non-interest income increased 45 percent to MXN 5.965 billion, while the bank set aside MXN 7.674 billion for loan losses. The non-performing loan ratio stood at 1.4 percent of the portfolio.
Management Keeps 2026 Outlook
Banorte maintained its full-year net income target of MXN 62 billion to MXN 64 billion. The group also continues to target loan growth of 8 percent to 11 percent and return on equity of 22 percent to 24 percent. Profit for the first nine months reached MXN 46.667 billion, up 9 percent year over year.
At 24.5 percent, quarterly return on equity exceeded the 20.1 percent level reported a year earlier. The nine-month return on equity reached 24.7 percent, placing profitability above the upper end of the full-year target range.
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Banorte stock at a glance
- Company: Grupo Financiero Banorte
- ISIN: MXP370711014
- Trading venue: Lang & Schwarz
- Quote: 10.00 euros on November 6, 2026, at 15:41 CET
- Change since November 3 report: 1.77 percent lower from 10.18 euros
