Grupo Financiero Banorte, which now runs the third largest bank in Mexico by assets, deferment of loan payments for its clients in the state of Guerrero for six months after damage caused by Hurricane Otis, said Director of Finance and Operations Rafael Arana.
During a call to present his results, the executive noted that this bracket in payments from your clients in Guerrero will include, among other things, Credit cardsmortgage loans, car loans and payslips.
Concerning branch in GuerreroThe company said its four branches in the state are almost ready to return to business and that they hope to be back in business in the area in a few days.
As for his results, Banorte reported on Tuesday that its profit rose 15% year-on-year in the third quarter, driven by higher income from its loan book.
net profit of the company was 13,268 million pesos during the period, lower than the estimate of 13,440 million.
Total income of Banorte, who manages Pension Fund The largest in the country, reached P33,802 million during the period, up 16% from the P29,205 million recorded between July and September 2022.
In response to the question about the high probability that Bank of Mexico to begin cutting interest rates next year, Banorte executives said the firm would seek to soften the impact of the cut by rebalancing its assets and liabilities.
“We view Banorte’s results and trends as positive,” analysts said Santander Bank in a note to clients, adding that they consider the stock’s current position to be “attractive.”
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
