Grupo Financiero Banorte (GFNORTEO) Q3 2026 earnings summary

Executive summary

• 3Q26 net income was Ps 15.66bn, up 20% YoY and 1% QoQ; 9M26 net income reached Ps 46.67bn, up 9%.

• Lending and fee growth supported results; 3Q26 provisions rose 4% YoY while asset quality remained sound.

• Stage 1 and 2 loans grew 11% YoY, deposits rose 13%, and 9M26 ROE improved to 24.7%.

Financial highlights

• 3Q26 total income was Ps 44.09bn, up 9% YoY; operating income was Ps 20.76bn, up 10%.

• 3Q26 net interest income rose 5% YoY to Ps 38.13bn; 9M26 NII increased 7% to Ps 115.22bn.

• Net service fees rose 14% YoY to Ps 5.67bn in 3Q26; 9M26 fees grew 15%.

• 9M26 non-interest expenses rose 10% to Ps 46.12bn; Q3 cost-to-income was 35.5%.

• 9M26 net income growth included a gain from the sale of the stake in Buró de Crédito in 1Q26.

Outlook and guidance

• FY26 guidance: loan growth 8%-11%, ex-government loan growth 10%-12%, group NIM 6.2%-6.5%, and bank NIM 6.4%-6.8%.

• FY26 guidance includes net income of Ps 62bn-Ps 64bn, expenses of Ps 63.8bn-Ps 65.0bn, ROE of 22%-24%, and ROA of 2.2%-2.4%.

• FY26 macro assumptions include GDP growth of 1.9%, inflation of 3.9%, and a 6.5% year-end Banxico reference rate; 2027 forecasts are 2.0%, 3.9%, and 7.0%.

• Group NIM faced inflation-indexed annuity headwinds; management expected recovery toward year-end, while bank NIM guidance remained at the high end.