Grupo Financiero Banorte (GFNORTEO) Financial Services Virtual Investor Forum 2025 summary

Macroeconomic and market overview

• Mexican GDP growth revised upward to 0.5% for 2024 and 1.8% for 2026, driven by strong internal demand and labor market improvements.

• Inflation is trending down, with forecasts of 4% by year-end and further central bank rate cuts expected.

• Regional economic growth is strongest in the north and center, where most operations are concentrated.

Strategic evolution and digital transformation

• Transitioned from a regional bank to a national leader through inorganic growth and technology transformation.

• IT investments from 2016 to 2025 have quadrupled, supporting stable expenses and improved efficiency.

• Now operates as a digital bank with branches, offering seamless digital and human-digital experiences and above-average customer satisfaction.

Financial performance and business fundamentals

• Net income and ROE have increased year-over-year, with ROE around 23-24%.

• Income is primarily from the banking business, supported by proactive balance sheet management against interest rate cycles.

• Holds a 50% market share as the second-largest franchise in Mexico.