MEXICO · COMPANY NEWS
Key Facts
- Power Index Mexico ranks 2nd of 14 in The Rio Times Latin America Power Index, with 71.4 points (October 2026 edition).
- What is happening Banorte’s CEO said new income tax rules will raise the bank group’s tax payments in 2027.
- Why it matters Banorte is a Mexican bank group followed by US investors; its tax bill affects earnings.
- The numbers Third-quarter profit was MXN 15.658 billion (US$835 million), up 20%; tax paid so far MXN 17.407 billion (US$928 million).
- Who is who Marcos Ramírez is Banorte’s chief executive; Mexico’s Congress, which makes the laws, approved the income tax changes.
- What to watch Publication of the final tax law and how much extra tax Banorte books in 2027.
- What it means for you The CEO says the extra cost will not substantially affect the group; no guidance figure was given.
Mexico’s Banorte earned US$835 million in the third quarter. Its chief executive says new income tax rules will raise the group’s 2027 tax bill.
Grupo Financiero Banorte, a Mexican bank group, reported third-quarter net profit of MXN 15.658 billion (about US$835 million) on Tuesday, 3 November. Its chief executive, Marcos Ramírez, told a news conference the group will pay more tax in 2027.
The reason is a change to Mexico’s income tax law that Congress approved. US investors follow Banorte through its US-traded shares, so a higher tax bill matters to the earnings they track.
What Banorte Reported
- Net profit: MXN 15.658 billion (about US$835 million), up 20% from MXN 13.008 billion (about US$693 million) a year earlier.
- Taxes paid from January to September: MXN 17.407 billion (about US$928 million), up 11%.
- Traditional deposits: about MXN 1.24 trillion (about US$66 billion), up 13%.
- Performing loans, stages 1 and 2: about MXN 1.33 trillion (about US$71 billion), up 11%.
Dollar figures use the central bank’s 3 November rate of MXN 18.7592 per US dollar. A Mexican brokerage’s analysts called results slightly below market expectations on revenue and operating result, without giving the expected numbers.
What Mr Ramírez Said About Tax
Mr Ramírez said the group already sees a tax impact that it will measure carefully and budget for next year. He said the effect will not substantially affect the financial group.
He added that the bank is identifying which clients and business segments the new rules could hit. The aim, he said, is to support them and to assess their ability to repay credit.
What Changes From 1 January 2027
The income tax reform takes effect on 1 January 2027 and limits deductions and the use of past tax losses for companies. It applies to firms with accumulated income above MXN 50 million (about US$2.7 million) that report taxable profit.
The lower house passed the bill on Wednesday, 14 October, by 322 votes to 115. The Senate approved it on 27 October, exempting carmakers and petrol stations, and passed the separate 2027 Revenue Law unchanged.
What It Means for You
For investors, Banorte gave no figure for the extra tax, and its CEO called the effect manageable. Anyone holding the shares should watch the fourth-quarter report for the first measured cost.
Businesses that borrow from Banorte, including US firms operating in Mexico, may be contacted as the bank reviews affected segments.
What Is Not Known
Banorte has not disclosed how much extra tax it expects to pay in 2027. The group’s full results file could not be opened directly, so the figures here match several independent accounts and an analyst note.
No net-profit consensus figure and no share-price reaction were confirmed from the exchange. Final lower-house approval of the Senate’s change, reported by one source, and gazette publication are unconfirmed.
Frequently Asked Questions
How much profit did Banorte make in the third quarter?
Banorte earned MXN 15.658 billion (about US$835 million), up 20% from a year earlier. The figure was published on 3 November.
Will Banorte pay more tax in 2027?
Yes, according to its chief executive, Marcos Ramírez. He said the income tax changes will raise the group’s payments but not substantially affect it.
What are the new income tax rules?
They limit deductions and the use of past tax losses for companies with accumulated income above MXN 50 million (about US$2.7 million). They take effect on 1 January 2027.
Does the 2027 Revenue Law change Banorte’s tax?
No. The Revenue Law, which the Senate passed unchanged on 27 October, sets federal income for 2027. The income tax reform is a separate bill.
Sources: Grupo Financiero Banorte, investor relations (investors.banorte.com), third-quarter 2026 results and news conference of 3 November 2026; Banco de México, FIX exchange rate, 3 November 2026 (MXN 18.7592); Cámara de Diputados, income tax reform, vote of 14 October 2026; Senado de la República, votes of 27 October 2026; Mexican Stock Exchange.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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