Grupo Financiero Banorte reported second-quarter 2026 net income of MXN 15.55 billion, a 6% increase on the same period a year earlier and up 1% sequentially, as one of Mexico's largest financial groups posted a Group return on equity of 24.8% for the first half.
The Group ROE rose 129 basis points in H1 relative to the prior year, with Group return on tangible equity climbing 118 basis points to 30.4%, according to the results release published through the group's investor pages. The banking subsidiary alone delivered ROE of 31.3%, an increase of 217 basis points year on year.
PROFITABILITY METRICS STEP HIGHER
Banorte said the first-half ROE was supported by favourable performance across each of its business lines. The Group ROTE of 30.4% is calculated on average tangible equity, which excludes intangibles and goodwill.
In the second quarter alone, Group ROE reached 25.7% and Bank ROE expanded 221 basis points year on year to 32.4%.
STEADY GROWTH IN THE FIRST HALF
The 1% sequential rise in net income was supported by lower provisions, although the comparison was affected by a higher base from the sale of the group's stake in the credit bureau in the previous quarter. Half-year net income was 4% higher than the corresponding period of 2025 at MXN 31.01 billion, driven by revenue diversification across the group's subsidiaries, particularly banking services and the resilience of the financial margin.
Cost of risk stood at 1.9% in the second quarter, down 29 basis points from the first quarter, and the efficiency ratio was 36.2%.