Grupo Financiero Banorte Sab De Cv Class O · BMV:GFNORTE/O
Grupo Financiero Banorte Sab De Cv Class O — 4Q20 Earnings Presentation
59 slides from Grupo Financiero Banorte Sab De Cv Class O's earnings presentation, January 2021
Slide 1: GFNORTE 4Q20
GFNORTE GBOOY XNOR Best Bank 2019 México 1 Eco Hist DB NIM Rev C/I NI Div ROE TI LD Dep Loan ICAP BAP Guid Mkt App 4Q20
Slide 2: Expectation of a recovery in 2021
Expectation of a recovery in 2021 2020 GDP estimate GDP* 2020-2021 GDP estimates % y/y (nsa), % q/q (sa) % y/y (nsa), % q/q (sa) % y/y % y/y 1Q20 2Q20 3Q20 4Q20 2020 20 15.5 2020 2021 15 12.1 GDP -5.4 15.5 5.2 3.2 4.1 Banorte -9.0 4.1 10 5.2 Consumption -6.9 19.2 9.5 7.1 6.5 5 3.2 Enc. Citibanamex -
Slide 3: The fall in 2020's GDP would be the steepest since 1932
The fall in 2020’s GDP would be the steepest since 1932, with a moderate recovery in 2021 Mexico GDP % y/y 15 10 5 4.1 0 -5 -10 -9.0 -15 -14.0 -20 1899 1992 2010 1896 1902 1905 1908 1911 1914 1917 1920 1923 1926 1929 1932 1935 1938 1941 1944 1947 1950 1953 1956 1959 1962 1965 1968 1971 1974 1977 198
Slide 4: However, the great difference to those are inflation levels
However, the great difference to those are inflation levels Nominal governmental interest rate, inflation and annual exchange rate depreciation % 300 Interest rate Inflation Annual exchange rate depreciation 250 200 150 100 50 0 -50 Feb-80 Dec-85 Oct-91 Aug-97 Jun-03 Apr-09 Feb-15 Dec-20 Source: Ban
Slide 5: Banking sector KPI's
Banking sector KPI’s Non performing loans ratio Capitalization ratio % of total loan portfolio % of net capital / credit risk assets 10 Consumer 40 Mortgage Capitalization ratio 8 Corporate 35 Banking sector's average 6 30 5.0 4 3.2 25 2 1.9 21.12 20 0 17.21 Jan.-07 Apr.-09 Aug.-11 Dec.-13 Mar.-16 J
Slide 6: 'Recovery plan' to return back to 'normal' from COVID-19
‘Recovery plan’ to return back to ‘normal’ from COVID-19 ▪ Four-month advance to the senior citizen pension Programs from Development Banks ▪ Support for: MX$ billion, US$ million, % of GDP ⎯ Fishermen Institution Measure MXN USD* % of GDP** ⎯ Children with disabilities Total 61.1 2,535 0.25 ⎯ Benit
Slide 7: …and strengthen credit channels
…and strengthen credit channels Additional measures announced by Banxico to promote liquidity and strengthen credit channels MX$ billion, US$ billion, % of GDP Measure MXN USD % of GDP Total1 800.0 35.6 3.3 Provide liquidity and reestablish operational conditions in money markets (1) Reduction of th
Slide 8: Initial impact of COVID-19 lockdowns in Mexico and the path towards recovery
Initial impact of COVID-19 lockdowns in Mexico and the path towards recovery IMEF’s PMIs Industrial production Auto production Diffusion index Index base 100= 2013 , sa % y/y 56 120 100 54 80 52 110 60 50 40 48.7 100 48 48.1 20 18.4 46 90 0 44 -20 42 80 Total -40 40 Manufacturing -60 38 70 Manufactu
Slide 9: Initial impact of COVID-19 lockdowns in Mexico and the path towards recovery
Initial impact of COVID-19 lockdowns in Mexico and the path towards recovery Formal job creation Auto sales ANTAD’s same-store sales Thousands, seasonally adjusted* % y/y % y/y in nominal terms 200 30 15 100 20 10 97 10 5 0 0 0 -100 -5 -6.2 -10 -10 -200 NSA: -20 -19.4 April: -555 -15 May: -345 -30 -
Slide 10: We expect Banxico to resume its easing cycle in February
We expect Banxico to resume its easing cycle in February Inflation forecasts Banxico’s Hawk-o-meter Reference rate forecast % y/y, quarterly average % 9 1T21 2T21 3T21 4T21 Headline Dovish Hawkish Banxico 3.6 4.3 3.1 3.3 8 2019: Banorte 3.0 3.8 2.9 3.3 7.25 7 Core JH GE GB ADL IE Banxico 3.9 3.6 3.0
Slide 11: Mexican peso trading near "fair value"
Mexican peso trading near “fair value” MXN fair value* and current level USD/MXN forecast USD/MXN USD/MXN 26 Nominal Fair Value 24.50 24 Forecasts 23.50 22 20 22.50 21.60 18 21.50 16 20.50 20.90 14 19.80 19.50 12 19.00 10 18.50 2005 2007 2009 2010 2012 2013 2015 2017 2018 2020 Jan-20 Apr-20 Aug-20 D
Slide 12: Public debt will increase around 10%-pts of GDP in 2020
Public debt will increase around 10%-pts of GDP in 2020, resuming its downward trend in 2021 Public debt1 Due to… % of GDP (1) Exchange rate depreciation (30% of total 60 debt is foreign denominated); 54.7 53.7 (2) Fall in revenues, surpassing spending 48.7 cuts, with special assignation due to the
Slide 13: Attention on pending law reform proposals and mid-term elections
Attention on pending law reform proposals and mid-term elections Pending law reform proposals Governorship polls Lower House polls %, El Financiero (December 2020) %, Consulta Mitofsky (December 2020) Federal Labor Law – Outsourcing RSP Morena PAN PRI PES 1.9 Fuerza Social 1.3 Banco de México Law –
Slide 14: 2021 mid-term elections in Mexico
2021 mid-term elections in Mexico % of # State Current Governor Party Approval rate % of GDP % of territory population 1 Baja California Jaime Bonilla Valdez Morena 43.0% 3.1 2.8 3.6 2 Baja California Sur Carlos Mendoza Davis PAN 55.3% 1.0 0.6 3.8 3 Campeche Carlos Miguel Aysa González PRI 22.9% 3.0
Slide 15: About Banorte
About Banorte 15 Eco Hist DB NIM Rev C/I NI Div ROE TI LD Dep Loan ICAP BAP Guid Mkt App
Slide 16: GFNORTE – a Leading and Profitable Financial Franchise in Mexico
GFNORTE – a Leading and Profitable Financial Franchise in Mexico 1 2 3 Adequate business mix Sound Fundamentals Solid corporate governance Strong retail, wholesale and premium banking Independent Board Members represent platforms, as well as leading insurance and Increasing profitability, solid asse
Slide 17: From Regional Bank to Second Largest National Financial Group
From Regional Bank to Second Largest National Financial Group 20 | 20 Client Segmentation Business Diversification IT : central DB, multichannel Inorganic Growth Profitability Regional Bank 1899 … 1982-1992 1995 2000 2005 2010 2015 2020 Banorte INB IXE Nationalization Privatization Establish
Slide 18: Strategy | Perfect Vision
Strategy 20 | 20 Perfect Vision PRODUCTS & DISTRIBUTION SOLUTIONS CHANNELS Deposits & Loans Mobile Revenues Insurances Client Segmentation Internet Pension ▪ 12 million ex-Afore clients 9 million Afore clients ATM Digital Annuities ▪ Structured Info & Learning Contact Center Bank (Central DB & Watso
Slide 19: Diversified Business Mix
Diversified Business Mix Banco Casa de Operadora Banorte Arrendadora Mercantil Bolsa de Fondos Ahorro y y Factor Other del Norte Banorte Banorte Previsión Banorte** Subsidiaries* 98.2618% 99.9999% 99.9999% 99.9999% 99.9058% Banorte Financial (Fondos de Seguros Pensiones Services Inversión) Banorte B
Slide 20: Business Mix - Diversified Net Income and Balance in Profitability
Business Mix - Diversified Net Income and Balance in Profitability Net Income Mix 2020 $30.5 b Million pesos 4Q20 q/q y/y 2020 y/y ROE 2020 Bank 3,833 (41%) (43%) 20,029 (26%) 16.6% 20.6%* Broker Dealer & 356 (0%) (6%) 1,492 18% 27.6% Mutual Funds Insurance 471 (37%) (37%) 3,846 (2%) 42.4% Annuities
Slide 21: Net Interest Margin Moving in the Right Direction
Net Interest Margin Moving in the Right Direction NIM 6.0% 5.9% 5.9% 5.5% 5.6% 5.6% 5.5% 5.3% 5.7% 5.6% 5.2% 5.0% 4.9% 5.0% 4.7% 5.1% 4.4% 4.5% 4.8% 4.5% 4.1% 4.1% 4.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 4Q19 1Q20 2Q20 3Q20 4Q20 NIM NIM ex Insurance & Annuities 4.9bn on 2.4bn on NIM a
Slide 22: Fees on Services Affected But Recovering
Fees on Services Affected But Recovering Fees +19% 6.8 Fees recovering due to better economic activity 5.9 6.1 Billion Pesos 6.0 5.4 5.7 Fees charged +19% q/q: 5.0 Core banking fees +11% q/q 4.0 Electronic banking services fees +28% q/q 3.0 3.2 Remote digital transactions lead growth, 2.0 2.7 2.7 2.
Slide 23: Improving Efficiency
Improving Efficiency Cost to Income 56.0% 54.0% 55% 52.0% 48.5% 47.9% Recurring 50% 40.0% 39.7% 46.6% 44.9% 45% 42.8% 41.4% 41.7% 40.6% 39.0% 39.1% 38.9% 38.8% 40% 35% 2011 2012 2013 2014 2015 2016 2017 2018* 2019* 2020 4Q19 1Q20 2Q20 3Q20 4Q20 -0% +9%* +19%* +13% +10% +13% +5% +11% +8% +7% +5% +4%
Slide 24: Strong Net Income
Strong Net Income Net Income Million Pesos +1% CAGR * Recurring +15% YoY 2011-2020 Reported (16%) YoY Recurring (15%) 36,528 10,500 YoY 37,500 35,583 9,867 10,000 31,958 9,118 35,345 9,500 9,010 32,500 8,906 9,000 (14%) 30,311 30,508 q/q 27,500 8,500 23,908 8,000 7,692 22,500 7,500 19,308 17,108 7,0
Slide 25: Constant Positive Growth in Profitability
Constant Positive Growth in Profitability 4.9bn on 2.4bn on ROA advanced advanced provisions provisions 2.5% 2.30% 2.28% 2.18% 2.21% 2.05% 2.0% 1.86% 2.22% 2.25% *Recurring 2.07% 1.72% 1.60% 1.99% 1.40% 1.46% 1.47% *Recurring 1.76% 1.5% 1.30% 1.10% 1.49% 1.33% 1.0% 2011 2012 2013 2014 2015 2016 2017
Slide 26: Digital Transformation
Digital Transformation 26 Eco Hist DB NIM Rev C/I NI Div ROE TI LD Dep Loan ICAP BAP Guid Mkt App
Slide 27: Fast Moving to Self-service with Quality
Fast Moving to Self-service with Quality NPS 4Q 69 67 Self-service WEB and Transaction Change ATM Mobile Sep vs Feb 1 Account statement 433% 2 Check deposit 743% 3 Mobile bill payment 71% Served by staff 4 Transfers 53% 5 Credit card mobile payment 33% 6 Credit/debit card mobile dispute 70% Branch 7
Slide 28: Digital Transformation Gaining Share
Digital Transformation Gaining Share Transactions (Tx) Transactions +43% y/y 4Q20 4Q19 332.2 Branches 350 3.5% WEB 300 14% 232.1 250 POS 26% 200 150 94.2 Correspondents 1% 36% Mobile 100 Call Center 1% 50 18% 0 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q ATM 2017 2018 2019 2020 Customers Using Digital Digital Deposit A
Slide 29: Leaders in the Business & Infrastructure for the New Payments Market
Leaders in the Business & Infrastructure for the New Payments Market Beyond recovery on POS’s transactions pre The best DIGITAL PLATFORM COVID-19 with emphasis on e-commerce for aggregators +40% Millions q/q CoDi – Test Pilot and further development underway 29 Eco Hist DB NIM Rev C/I NI Div ROE TI
Slide 30: Loans & Deposits
Loans & Deposits 30 Eco Hist DB NIM Rev C/I NI Div ROE TI LD Dep Loan ICAP BAP Guid Mkt App
Slide 31: Healthy Funding & Loan Portfolio Structure
Healthy Funding & Loan Portfolio Structure 2018 4Q20 Bank Deposits $759 bn $843 bn US 42.4 bn Senior Unsec. Debt Senior Unsec. Debt Money Market Money Market Time Demand Time Demand Loan Portfolio $777 bn $802 bn US 40.3 bn Consumer Consumer Government Government Mortgage Mortgage Commercial Commerc
Slide 32: Loyal Deposits Base
Loyal Deposits Base Billion Pesos CAGR: Deposits +10% 751 706 729 751 YoY 667 681 +13% 700 Time Demand Core Deposits 637 590 600 551 509 533 533 509 YoY +12% 482 500 436 438 454 +22% 397 414 384 384 400 336 351 306 300 300 255 211 223 229 217 227 224 220 217 YoY 190 194 158 168 +7% (5%) 200 124 129
Slide 33: Continued Growth in Performing Loan Book, Special Focus on Consumer
Continued Growth in Performing Loan Book, Special Focus on Consumer US 40.3 bn US 15.3 bn Total Loan Portfolio Consumer Portfolio 802 780 792 798 802 304 291 293 301 304 777 288 800 763 300 269 241 700 250 616 203 567 176 600 518 200 158 472 CAGR: 140 CAGR: 118 401 425 500 150 +10% 99 +13% 400 350 1
Slide 34: Sound Asset Quality
Sound Asset Quality NPL Ratio 3.5% 3.1% 2.9% Anticipated Write-offs reducing NPL 2.5% 2.2% ↓4.6 bn ↓0.8 bn 1.9% 2.1% 2.0% 1.8% 1.7% 1.7% 1.7% 1.5% 1.1% 1.2% 1.1% 0.8% 0.5% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Credit Cards
Slide 35: Sound Asset Quality
Sound Asset Quality Coverage Ratio 270% 265% 240% 224% 224% 201% 210% 180% 143% 138% 139% 142% 138% 140% 150% 129% 107% 116% 120% 105% 90% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20 Cost of Risk 4.2% 4.5% 4.0% Current Prev. Criteria Recurring 3.5% 3.0% 2.8% 3.0% 2.3% 2.2%
Slide 36: Strong Capital Position
Strong Capital Position Capital Adequacy Ratio Basel III 21.1% 20.0% 20.3% 19.7% 20.2% Dividends already 18.1% 18.6% 19.0% 1.0% Tier 2 in GFNorte’s 17.2% 17.2% balance sheet 15.1% 15.3% 15.3% 5.3% 14.6% Total Tier 1 19.2% 11.40% 9.40% 9.70% 13.8% 13.1% 13.3% 13.7% 13.9% CET1 12.7% 12.4% 12.1% 11.9%
Slide 37: BAP: Long Term Savings Business
BAP: Long Term Savings Business Million Pesos 4Q20 2020 YoY 4Q20 2020 YoY Considering Banorte Futuro Insurance Net Income 452 3,775 (3%) 946 5,719 3% Equity 10,357 10,357 56% 28,325 28,325 25% Assets 47,456 47,456 25% 65,038 65,038 21% Premiums 5,104 26,911 1% 5,104 26,911 1% ROE 17.8% 42.4% (8.4) p
Slide 38: 2021 Guidance
2021 Guidance Guidance Loan Growth 6% – 8% NIM Contraction (15) – (30bps) Expense Growth 3.5% – 4.2% Efficiency 39.5% – 41.0% Cost of Risk 2.1% – 2.3% Tax Rate 26% – 27% Net Income 33.5 – 35.0 ROE 15% – 16% Bank ROE 18% - 19% Macro Estimates for 2021 GDP 3% - 4% Inflation 4.0% Reference Rate 4.00% 3
Slide 39: Market Presence
Market Presence 39 Eco Hist DB NIM Rev C/I NI Div ROE TI LD Dep Loan ICAP BAP Guid Mkt App
Slide 40: Deposit & Loan Market Share
Deposit & Loan Market Share Nov 2020 Deposits Loans 2° 3° Source: CNBV. 40 Eco Hist DB NIM Rev C/I NI Div ROE TI LD Dep Loan ICAP BAP Guid Mkt App
Slide 41: Market Share by Segment
Market Share by Segment Consumer C. Cards Mortgage Commercial Government Deposits Nov-19 Nov-20 Nov-19 Nov-20 Nov-19 Nov-20 Nov-19 Nov-20 Nov-19 Nov-20 Nov-19 Nov-20 Banorte 12.0% 13.4% 9.7% 10.2% 19.2% 19.5% 9.8% 11.6% 31.5% 28.2% 13.4% 13.6% BBVA 29.3% 29.8% 27.5% 29.0% 26.0% 25.8% 19.2% 19.6% 25.
Slide 42: Market Share by Segment
Market Share by Segment Loan Book Market Share Corporate & Mortgage market share Commercial market 11.4% 19.5% 19.5% 14.9% 14.9% share 19.2% 11.0% 18.7% 10.4% 13.7% 9.9% +31bp +114bp 9.4% +155bp 17.2% Nov/Nov 13.1% 13.0% Nov/Nov Nov/Nov 2016 2017 2018 Nov 19 Nov 20 2016 2017 2018 Nov 19 Nov 20 2016
Slide 43: Afore Market Share (Retirement Savings)
Afore Market Share (Retirement Savings) Assets Under Management Billion Pesos AUM Market Share Dec-19 Dec-20 Dec-19 Dec-20 XXI Banorte 882 1,016 22.1% 21.5% 1° CitiBanamex 724 813 18.1% 17.2% Profuturo GNP 600 736 15.0% 15.6% SURA 590 696 14.8% 14.7% Coppel 253 329 6.3% 7.0% Principal 259 293 6.5% 6
Slide 44: Insurance Market Share
Insurance Market Share Million Pesos Premiums Market Share Net Income Market Share Sep-19 Sep-20 Sep-19 Sep-20 Sep-19 Sep-20 Sep-19 Sep-20 G.N.P. 48,939 52,593 11.8% 12.7% 3,425 3,392 9.8% 9.0% Metlife México 43,260 44,052 10.4% 10.7% 4,270 5,325 12.2% 14.2% BBVA Bancomer 35,910 34,419 8.7% 8.3% 4,2
Slide 45: Annuities Market Share
Annuities Market Share Million Pesos RESOLUTIONS * Market Share Dec-19 Dec-20 Dec-19 eic-20 Banorte 11,172 14,025 42.3% 49.3% 1° Profuturo GNP 9,099 8,004 34.5% 28.1% Bancomer 6,104 6,424 23.1% 22.6% Total Industry 26,383 28,454 100.0% 100.0% ANNUITANTS Market Share Dec-19 Dec-20 Dec-19 Dec-20 Banor
Slide 46: GFNorte in the World
GFNorte in the World Market Capitalization Million pesos 4Q20 US 15.9 bn Total Shares Outstanding: 2,883.5 m Float: ~ 86% 400,000 (1) Total ADRs Outstanding: 8.64 m 350,000 316,978 302,763 Ticket Indexes 300,000 IPC (BMV) Sustainable IPC (BMV) 276,177 GFNORTEO (BMV) MSCI Mexico 250,000 STOXX Oil and
Slide 47: Analyst Opinion & Investment Grade by All Major Rating Agencies
Analyst Opinion & Investment Grade by All Major Rating Agencies Analysts‘ Estimates Ratings Agencies (as of January 20, 2021) Agency Rating Outlook Date Net Income 2020 $31,778 2021 $34,943 Standard & Poor’s BBB Negative Mar-20 Target Price $112.7 Maximum $137.0 Number of Analysts 21 Fitch BBB- Nega
Slide 48: Sustainability Strategy
Sustainability Strategy 48 Eco Hist DB NIM Rev C/I NI Div ROE TI LD Dep Loan ICAP BAP Guid Mkt App
Slide 49: ESG Updates
ESG Updates Environmental Social Governance • “Bóscares” Award (urban • Top-10 Great Place to Work • CDP climate change forests) by Reforestamos (diversity and inclusion) questionnaire: 2020: A- (2019: México • New diversity strategy in talent- B) • Sustainable mobility initiative attraction and ret
Slide 50: Sustainable Finance
Sustainable Finance Sustainable finance loan book evaluation Responsible investments - Mutual funds % of wholesale banking loan book %, share of total analyzed AUM 15.0 13.2 100 12.8 1.0 80 95.7 94.4 12.5 0.2 12.0 89.7 90 0.4 1.5 0.3 60 9.8 0.3 10.0 0.8 40 0.8 20 0.55 0.66 0.25 0.25 7.5 0 3Q19 4Q19
Slide 51: Financial Education Program results 2020 vs. 2019
Financial Education Program results 2020 vs. 2019 51 Eco Hist DB NIM Rev C/I NI Div ROE TI LD Dep Loan ICAP BAP Guid Mkt App
Slide 52: Appendix
Appendix 52 Eco Hist DB NIM Rev C/I NI Div ROE TI LD Dep Loan ICAP BAP Guid Mkt App
Slide 53: Quarterly Summary
Quarterly Summary Income Statement Highlights - GFNorte Change Change 4Q19 3Q20 4Q20 2019 2020 (Million Pesos) 3Q20 4Q19 2019 Interest Income 37,667 33,341 30,676 (8%) (19%) 150,514 133,593 (11%) Interest Expense 15,174 10,430 9,638 (8%) (36%) 68,693 47,898 (30%) Technical Results (Insurance & Annui
Slide 54: Quarterly Summary
Quarterly Summary Financial Ratios GFNorte 4Q19 3Q20 4Q20 2019 2020 NIM (1) 5.7% 5.1% 4.8% 5.62% 5.30% ROE (2) 19.0% 16.9% 10.9% 20.1% 14.8% ROA (3) 2.3% 2.0% 1.3% 2.3% 1.8% Efficiency Ratio (4) 40.6% 41.7% 46.6% 39.1% 41.4% Operating Efficiency Ratio (5) 2.7% 2.4% 2.6% 2.6% 2.5% CCL Banorte and SOF
Slide 55: Quarterly Summary
Quarterly Summary Change Change Share Data 4Q19 3Q20 4Q20 2019 2020 3Q20 4Q19 2019 Earnings per share (Pesos) 3.125 3.089 2.069 (33%) (34%) 12.668 10.580 (16%) Earnings per share Basic (Pesos) 3.138 3.132 2.097 (33%) (33%) 12.747 10.699 (16%) Dividend per Share for the period (Pesos) 0.00 0.00 0.00
Slide 56: Healthy Liquidity
Healthy Liquidity Loans / Deposits Liquidity Coverage Ratio (%) CCL (%) 110% 210% 193% 108% 194% 190% 105% 106% 104% 170% 102% 150% 100% 133% 98% 130% 98% 98% 107% 96% 110% 94% 90% 92% 90% 70% 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 4Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 4Q 2015 2016 2017 2018 2019 2020
Slide 57: Improving Corporate Governance
Improving Corporate Governance GFNorte Mexbol Index (Average)* Float 86% 45% Listed overseas Yes 46% of the companies Chairman of the Board-CEO separation Yes In 73% of the companies Share of independent board members, % 71.0 49.7 Share of total assets threshold to require shareholders Current Befor
Slide 58: Corporate Responsibility and Sustainability
Corporate Responsibility and Sustainability Global Initiative Report (GRI Standards) UNEP Finance Initiative International standards on sustainability reporting and disclosure of economic, Initiative that aims to identify, promote and carry out the adoption of best environmental and socialtopics. en
Slide 59: Contact Information and Reports
Contact Information and Reports If you have any information request or comments, please contact Banorte's Investor Relations Department at: Tel: (52) 55 1670 2276 E-mail: investor@banorte.com We recently published the Q20 report. During 2020 we have released: 1. Annual Report to the Banking and Secu
Grupo Financiero Banorte — 4Q20 Earnings Presentation on 6ix