Banorte, second largest financial group in Mexico

In 2017, BBVA Bancomer accounted for 23.6% of the sector's assets while Banorte accumulated 14.8% unseating Santander and Banamex
Banorte, second largest financial group in Mexico
The logo of Grupo Financiero Banorte is pictured at its headquarters in Mexico City – Photo: Ginnette Riquelme/Reuters
28/03/2018
15:47
Notimex
Mexico City
-A +A

Mexico's National Banking and Securities Commission (CNBV) confirmed that at the end of 2017, bank Grupo Financiero Banorte reached the second position among the four main financial groups in Mexico, by asset size.

In 2017, BBVA Bancomer Financial Group accounted for 23.6% of the sector's assets while Banorte Financial Group accumulated 14.8% unseating Santander Financial Group which reached 14.4% and Grupo Financiero Banamex with 14.3%, according to CNBV.

CNBV also reported that last year the 23 financial groups operating in Mexico had a profit of more than MXN$158 billion, 27.5% higher than in 2016.

Overall, the benefits derived from the increase in the financial margin, the increase in the result from intermediation and net fees.

It should be noted that the largest contribution came from subsidiary banks amounting to more than MXN$126 billion while subsidiary insurers posted a profit higher than MXN$10,900 million.

Similarly, the higher net result of the sector was related to a 9.0% increase observed by the loan portfolio, with a balance of MXN$4.38 billion, representing 47.8% of total assets at the term of 2017.

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