MEXICO · COMPANY RESULTS
Key Facts
- Profit: MXN 15.658 billion (about US$835 million) in July to September, up 20% on the year.
- Nine months: Profit of about US$2.49 billion, up 9%, with a 2026 target of US$3.31 billion to US$3.41 billion.
- Loans and deposits: Loans grew 11% and deposits 13% over the year.
- Bad loans: 1.4% of the portfolio.
- US shares: GBOOY trades over the counter on the OTCQX market, not on the New York Stock Exchange.
- Power Index Mexico ranks 2nd of 14 in The Rio Times Latin America Power Index, with 70.8 points (November 2026 edition).
Banorte profit rose 20% to MXN 15.658 billion (about US$835 million) in the third quarter, the Mexican bank group reported. It published the results on Tuesday 3 November 2026, covering July to September, and said loans grew 11% over the year.
For US investors, Banorte is a large Mexican-owned bank group whose shares trade in the US over the counter under the ticker GBOOY. Dollar figures here use the Bank of Mexico rate of MXN 18.76 per US$1 on 3 November.
What Banorte Reported
Net profit for the quarter was MXN 15.658 billion (about US$835 million), up 1% from the second quarter and 20% from a year earlier. For the first nine months of 2026, profit reached MXN 46.667 billion (about US$2.49 billion), up 9%.
Earnings per share were MXN 5.57 (about US$0.30) in the quarter. Return on equity, a measure of profit against shareholder capital, was 24.5%, compared with 20.1% a year earlier.
Net interest income, the gap between what the bank earns on loans and pays on deposits, was MXN 38.127 billion (about US$2.03 billion), up 5%. Non-interest income, which includes fees, insurance and pensions, rose 45% to MXN 5.965 billion (about US$318 million).
Loans, Deposits and Bad Debts
Loans not in default grew 11% over the year to MXN 1.33 trillion (about US$71 billion). Government lending rose 14%, loans to mid-sized businesses 13% and loans to large corporations 11%.
Consumer lending grew 9%, led by car loans at 23%, payroll loans at 11%, credit cards at 10% and mortgages at 6%. Total deposits rose 13% to MXN 1.31 trillion (about US$69.8 billion).
Bad loans were 1.4% of the portfolio. The bank set aside MXN 7.674 billion (about US$409 million) for loan losses, 26% more than in the second quarter.
The banking unit’s capital adequacy ratio, a regulatory safety measure, was 22.54%. Its core capital ratio was 13.20%, which the company says is well above the regulatory limits.
Where the Profit Came From
The banking unit, Banco Mercantil del Norte, earned MXN 12.313 billion (about US$656 million), 9% more than a year earlier. Its pensions insurance arm earned MXN 1.262 billion (about US$67 million), up 62%.
Insurance earned MXN 1.214 billion (about US$65 million), down 14% on the year. Afore XXI Banorte, which manages workers’ retirement savings, earned MXN 357 million (about US$19 million), down 9%.
Banorte is selling Bineo, its digital bank, and has wound down Tarjetas del Futuro, a consumer-credit unit, so both appear as discontinued operations. Together they cost MXN 143 million (about US$7.6 million) in the quarter, against MXN 1.549 billion (about US$83 million) a year earlier.
What the Bank Expects for 2026
Banorte’s 2026 target is net income of MXN 62 billion to 64 billion (about US$3.31 billion to US$3.41 billion). After nine months it has earned MXN 46.667 billion (about US$2.49 billion), about 75% of the low end.
Its return-on-equity target is 22% to 24%, and the nine-month figure of 24.7% is just above that range. It also targets loan growth of 8% to 11% and a cost of risk, the loan-loss charge relative to loans, of 1.8% to 2.1%.
The tax rate in the third quarter was 24.8%, below the 27% to 29% range the bank guides for the full year. Our report on Banorte’s chief executive and Mexico’s coming income tax changes covers the 2027 outlook.
In Plain English, Who Is Who
Grupo Financiero Banorte is the holding company, and its largest unit is Banco Mercantil del Norte, the bank customers know as Banorte. It also owns insurance, pensions, retirement-fund and brokerage businesses.
The Mexican Stock Exchange, known as the BMV, is where the shares trade under GFNORTEO. Banxico, Mexico’s central bank, had its policy rate at 6.50% at the end of September.
What It Means for You
US investors can own Banorte through GBOOY, which trades on the OTCQX, an over-the-counter market, and not on a major US exchange. The shares also trade in Mexico as GFNORTEO and on Spain’s Latibex market as XNOR.
The result shows Mexican loan demand is strong, which helps US companies that sell into Mexico and borrow there. The group’s net interest margin, the spread between lending income and funding costs, slipped to 6.0% from 6.3% a year earlier.
Our guide to who runs Mexico’s economy explains the officials who set the rates and rules Banorte works under. Our report on Banorte’s second-quarter profit gives the comparison from three months earlier.
What Is Not Known
The company’s report does not say how much extra tax Banorte will pay in 2027 under Mexico’s new income tax rules. It also gives no profit target for 2027.
No buyer or price for Bineo is stated in the results. The fourth-quarter report, due after the year ends, will show whether profit reaches the 2026 target.
More: Latin America news in English, every day from The Rio Times.
Frequently Asked Questions
How much did Banorte earn in the third quarter of 2026?
Banorte earned MXN 15.658 billion (about US$835 million), up 20% from a year earlier. For nine months, profit was MXN 46.667 billion (about US$2.49 billion), up 9%.
Can US investors buy Banorte shares?
Yes, through GBOOY, which trades on the OTCQX over-the-counter market. It is not listed on the New York Stock Exchange, and the home listing is GFNORTEO on Mexico’s BMV.
How healthy is Banorte’s loan book?
Bad loans were 1.4% of the portfolio, and reserves covered 141.9% of them. Performing loans grew 11% over the year.
Does Banorte pay a dividend?
Banorte paid MXN 10.45 per share (about US$0.56) in the second quarter, a 50% payout. Its policy is to pay between 16% and 50% of the previous year’s profit.
Sources: Grupo Financiero Banorte, Financial Information 3Q26 (results to 30 September 2026), Tuesday 3 November 2026; Grupo Financiero Banorte, 3Q26 conference call presentation with 2026 guidance, November 2026; Banco de México, FIX exchange rate of MXN 18.7592 per US$1, Tuesday 3 November 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error