Grupo Financiero Banorte reported full-year 2024 net income of 56.2 billion pesos on Tuesday, an increase of 7% from the 52.4 billion pesos earned in 2023, as the Mexican banking group sustained a return on equity above 20% through the year.
FOURTH-QUARTER RESULT
Fourth-quarter 2024 net profit fell 4% sequentially compared with the third quarter, while fourth-quarter profit was still about 5% higher than a year earlier.
Banco de México kept its benchmark rate at 10% or higher throughout 2024.
Banorte is Mexico's largest domestically-owned bank. Management gave its 2025 guidance alongside the results, including loan growth of 8% to 11%.