Grupo Financiero Banorte reported first-quarter 2025 net income of MXN 15.3 billion, up 8% year-on-year and 11% on the previous quarter, according to results published by the Monterrey-based institution.
Earnings per share for the quarter came in at MXN 5.435, with the group's return on equity reaching 23.4%, an improvement of 136 basis points compared with the same period a year earlier. The group attributed the annual improvement in ROE to loan portfolio growth and mix, as well as lower funding costs.
BANKING DIVISION AND OPERATING INCOME
The banking subsidiary's ROE was 28.0%, up 182 basis points year-on-year. Return on assets for the group came in at 2.4%.
Operating income for the group totalled MXN 21.1 billion, a 26% increase on the preceding quarter. The group said the sequential improvement was mainly supported by the seasonality of its insurance business.
INSURANCE BUSINESS
Banorte's insurance net income rose 14% year-on-year in the first quarter.
The group noted that the quarter was marked by uncertainty stemming from US trade policy and its impact on economic growth and global inflation.