Banorte stock posts 20% third-quarter profit gain

Grupo Financiero Banorte reported a stronger third quarter on Tuesday, November 3, 2026, with net profit of MXN 15.658 billion for July through September. The result was 20 percent above the year-earlier quarter and came as lending and fee-related income supported the Mexican financial group. The Rio Times reported the figures on November 5.

For the first nine months, net profit reached MXN 46.667 billion, an increase of 9 percent from the same period a year earlier. Earnings per share were MXN 5.57, while return on equity rose to 24.5 percent from 20.1 percent a year earlier.

Lending drives the quarterly result

Net interest income increased 5 percent to MXN 38.127 billion. Non-interest income, including fees, insurance and pensions, climbed 45 percent to MXN 5.965 billion. The figures point to broader revenue support beyond the lending margin, although the group's net interest margin slipped to 6.0 percent from 6.3 percent.

Performing loans grew 11 percent year over year to MXN 1.33 trillion. Government lending rose 14 percent, loans to mid-sized companies increased 13 percent and large-corporate lending advanced 11 percent. Consumer lending grew 9 percent, led by a 23 percent increase in car loans. Deposits rose 13 percent to MXN 1.31 trillion.

Credit costs remained a factor. Banorte set aside MXN 7.674 billion for loan losses, 26 percent more than in the second quarter, while bad loans represented 1.4 percent of the portfolio. The banking unit's capital adequacy ratio stood at 22.54 percent and its core capital ratio at 13.20 percent.

2026 targets remain unchanged

Banorte retained its full-year net-income target of MXN 62 billion to MXN 64 billion. After nine months, the group had reached roughly three-quarters of the lower end of that range. The company also continues to target loan growth of 8 percent to 11 percent, return on equity of 22 percent to 24 percent and a cost of risk between 1.8 percent and 2.1 percent.

The quarter also included MXN 143 million in costs from discontinued operations connected with the sale of digital bank Bineo and the wind-down of Tarjetas del Futuro. The fourth-quarter report, due after the end of 2026, will show whether the group reaches its annual profit target.

The real-time quote of Banorte stock was 10.18 euros on Lang & Schwarz at 12:46 CET on Friday, November 6, 2026.

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