Grupo Financiero Banorte SAB de CV Class O · BMV:GFNORTE/O
Grupo Financiero Banorte SAB de CV Class O — Q4 2021 Earnings Presentation
62 slides from Grupo Financiero Banorte SAB de CV Class O's earnings presentation, February 2022
Slide 1: 4Q21 Corporate Presentation
4Q21 CORPORATE PRESENTATION DB Rev Div Dep ESG NIM TI LD Loan BAP Guid Eco 1 Hist NI ROE ICAP Mkt App C/I
Slide 2: About Banorte
About Banorte DB Rev Div Dep ESG NIM TI LD Loan BAP Guid Eco 2 Hist NI ROE ICAP Mkt App C/I
Slide 3: GFNORTE – A Leading and Profitable Financial Franchise in Mexico
GFNORTE – A Leading and Profitable Financial Franchise in Mexico 2 1 4 Adequate Sound business mix Fundamentals 3 Digital Strong retail, wholesale Solid corporate Prepared for and premium banking Solid asset quality, governance platforms, as well as high liquidity and the Future Independent Board
Slide 4: From Regional Bank to Second Largest National Financial Group
From Regional Bank to Second Largest National Financial Group 20|20 Plan Client Business Diversification Segmentation IT : central DB, Inorganic Growth multichannel Regional Bank Profitability 1899 … 1982-1992 1995 2000 2005 2010 2015 2020 Banorte INB IXE Nationalization Privatization Esta
Slide 5: Strategy – Client centric & Digital Evolution
Strategy – Client centric & Digital Evolution PRODUCTS & DISTRIBUTION SOLUTIONS CHANNELS > 10M New customer Rappi clients behavior Deposits & Loans Mobile Client Segmentation Insurances ▪ 11 million ex-Afore clients Internet Rappi JV Digital 8 million Afore clients Pension ATM Consumer focus Bank
Slide 6: Diversified Business Mix
Diversified Business Mix In progress… Banco Casa de Operadora Banorte Arrendadora JV with Digital Other Mercantil Bolsa de Fondos Ahorro y y Factor RAPPI Bank Subsidiaries* del Norte Banorte Banorte Previsión Banorte** 50% 100% 98.2618% 99.9999% 99.9999% 99.9999% 99.9058% Looking for fully license
Slide 7: Business Mix - Diversified Net Income and Balance
Business Mix - Diversified Net Income and Balance Net Income Mix FY2021 $35 bn Million pesos 4Q21 q/q y/y 2021 y/y ROE 2021 Bank 6,649 (1%) 73% 25,633 28% 18.7% Broker Dealer & Mutual 314 (22%) (12%) 1,621 9% Funds 23.3% Insurance 459 42% (2%) 2,103 (45%) 22.6% Annuities 545 15% 8% 2,007 29% 27.0%
Slide 8: Net Interest Margin Moving in the Right Direction
Net Interest Margin Moving in the Right Direction NIM 6.0% 5.6% 5.5% 5.6% 5.5% 5.3% 5.1% 5.3% 4.9% 5.0% 4.9% 5.0% 4.7% 4.8% 4.4% 4.5% 4.9% 4.9% 4.9% 4.5% 4.8% 4.1% 4.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 4Q20 1Q21 2Q21 3Q21 4Q21 NIM NIM ex Insurance & Annuities 2.4bn on NIM (Post-Pr
Slide 9: Fees on Services Affected But Recovering
Fees on Services Affected But Recovering ● Quarterly Net Fees +16%, full year +6% y/y. Net Fees ● Core banking fees with outstanding quarter +20% q/q, 4,500 4,230 full year +26% y/y: 4,003 4,000 ▪ Consumer Loan Fees +11% y/y. 3,599 3,457 3,500 ▪ Electronic banking services +37% y/y. 3,000 ● Digita
Slide 10: Efficiency Temporally Affected by COVID-19
Efficiency Temporally Affected by COVID-19 Cost to Income 55% 52.0% Recurring 49.6% 54.0% 48.5% 47.9% 50% 46.6% 40.0% 39.7% 45.4% 44.9% 44.5% 43.9% 42.8% 43.5% 45% 41.4% 39.0% 39.1% 40% 35% 2012 2013 2014 2015 2016 2017 2018* 2019* 2020 2021 4Q20 1Q21 2Q21 3Q21 4Q21 Revenues & Expenses Million Pes
Slide 11: Resilient Net Income
Resilient Net Income Net Income Million Pesos CAGR +14% 2012-2021 +15% YoY 10,500 37,500 36,528 +2% 10,000 QoQ 31,958 35,345 35,583 Recurring 35,048 9,500 9,061 32,500 8,874 9,000 8,544 30,508 27,500 8,500 23,908 8,568 8,000 7,692 22,500 19,308 7,500 17,108 7,000 17,500 15,228 13,508 6,500 12,500
Slide 12: Pre-pandemic - Constant Positive Growth in Profitability
Pre-pandemic - Constant Positive Growth in Profitability ROA 2.4bn on advanced 2.5% 2.30% provisions 2.18% 1.94% *Recurring 1.97% 1.99% 2.0% 1.86% 2.05% 1.72% 2.22% 1.76% 1.60% 1.46% 1.47% *Recurring 1.90% 1.90% 1.40% 1.33% 1.5% 1.30% 1.0% 2012 2013 2014 2015 2016 2017 2018* 2019* 2020* 2021 4Q20
Slide 13: Digital Transformation
3. Digital Bank Digital 1. Digital Transformation Transformation at Banorte 2. Rappi JV DB Rev Div Dep ESG NIM TI LD Loan BAP Guid Eco 13 Hist NI ROE ICAP Mkt App C/I
Slide 14: Digital Transformation Gaining Share
Digital Transformation Gaining Share Transactions (Tx) Transactions (millions) 4Q20 4Q21 Branches 600 504.1 3.2% 2.7% WEB 500 21% 17% 400 332.2 24% POS 25% +92% Correspondents 300 2021 1% 0% 200 y/y 1% 33% Call Center 1% 13% 17% 41% 100 ATM Mobile 0 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 2017 2018 2019 202
Slide 15: Leaders in the Business & Infrastructure for the New Payments Market
Leaders in the Business & Infrastructure for the New Payments Market Rappi JV – Credit Cards and Credits to affiliates POS Transactions Millions +54% 115 110 2021 - y/y 105 The best DIGITAL PLATFORM for aggregators 95 89 88 85 75 65 54 55 45 35 CoDi Sep-20 Sep-21 Jul-21 Jul-20 Jan-20 Nov-20 Jan-21
Slide 16: Ongoing digital evolution
Ongoing digital evolution RappiCard: exceeded the goal of 400k for the first year Billing Profile 1400 million pesos 436k 36% 1200 Issued RappiCard is cards the first card for 1000 155K clients 800 407k 50% Cards with at Of cardholders 600 least one with a credit line purchase above Ps 5,000 400 2
Slide 17: Loans & Deposits
Loans & Deposits DB Rev Div Dep ESG NIM TI LD Loan BAP Guid Eco 17 Hist NI ROE ICAP Mkt App C/I
Slide 18: Healthy Funding & Loan Portfolio Structure
Healthy Funding & Loan Portfolio Structure Bank Deposits 2018 $759 bn 4Q21 $806 bn US 39.4 bn Senior Unsec. Debt Senior Unsec. Debt Money Market Money Market Time Demand Time Demand Loan Portfolio $777 bn $821 bn US 40.1 bn Consumer Consumer Government Government Mortgage Mortgage Commercial Comme
Slide 19: Loyal Deposits Base
Loyal Deposits Base Deposits CAGR 2011-2021: Billion Pesos +9% 751 750 763 751 733 750 YoY Time Demand Core Deposits 667 +0% 700 637 590 600 551 538 549 537 538 509 533 519 +11% YoY 500 436 438 +1% 397 414 384 384 400 336 351 306 300 300 255 211 194 223 229 217 211 214 214 214 211 YoY 190 168 (3%)
Slide 20: Continued Growth in Performing Loan Book, Special Focus on Consumer
Continued Growth in Performing Loan Book, Special Focus on Consumer Loan Portfolio Billion Pesos 821 Billion Pesos 4Q20 3Q21 4Q21 QoQ YoY Mortgage 188 198 200 1% 7% 800 Car Loans 28 28 28 (0%) (1%) 700 Credit Cards 37 37 39 6% 7% 600 Payroll 52 55 55 1% 6% 500 Consumer 304 317 322 2% 6% CAGR: Comm
Slide 21: Sound Asset Quality
Sound Asset Quality NPL Ratio Anticipated 3.5% 3.1% Write-offs 2.9% reducing NPL 2.5% 2.2% 2.1% 2.0% ↓0.8 bn 1.8% 1.7% 1.7% 1.3% 1.4% 1.5% 1.1% 1.1% 1.2% 1.0% 1.0% 0.5% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 4Q20 1Q21 2Q21 3Q21 4Q21 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Credit Ca
Slide 22: Sound Asset Quality
Sound Asset Quality Coverage Ratio 270% 240% 224% 224% 210% 191% 185% 191% 174% 180% 162% 138% 139% 142% 138% 150% 129% 107% 116% 120% 105% 90% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 4Q20 1Q21 2Q21 3Q21 4Q21 Cost of Risk 4.5% 4.0% Current Prev. Criteria Recurring 3.5% 3.0% 2.8% 3.0% 2.5
Slide 23: Strong Capital Position
Strong Capital Position Capital Adequacy Ratio Basel III 24.7% 0.9% Tier 2 21.7% 21.9% 21.8% 21.1% 19.7% 20.2% 18.6% TLAC 8.5% to 2025 17.2% 17.2% Total Tier 1 17.90% 15.1% 15.3% 14.6% 15.3% 23.8% 11.40% 9.40% CET1 15.2% 14.8% 15.3% 7.90% 13.9% 15.0% 12.7% 12.4% 12.1% 11.9% 12.7% 12.7% 13.2% 13.3%
Slide 24: BAP: Long Term Savings Business
BAP: Long Term Savings Business Million Pesos 4Q21 2021 YoY 4Q21 2021 YoY Considering Banorte Futuro Insurance Net Income 447 2,020 (46%) 1,068 4,022 (30%) Equity 5,863 5,863 (43%) 22,468 22,468 (21%) Assets 46,476 46,476 (2%) 62,714 62,714 (4%) Premiums 5,900 27,787 3% 5,900 27,787 3% ROE 31.5% 2
Slide 25: Insurance business affected by COVID-19
Insurance business affected by COVID-19 Retained Insurance Technical Reserves Premiums 4,537 ● Premiums’ growth: +24% sequentially and +2% full 3,304 12,000 year. 11,085 4,000 ● 1,062 Damages and claims still affected by COVID-19, 2,000 -1,525 -248 +9% above 3Q21. 10,000 -875 -78 ● Total COVID19-rel
Slide 26: 2022 Guidance
2022 Guidance 2022 Loan Growth 7% – 9% NIM expansion 30 – 40 bps NIM of Bank expansion 45 – 65 bps Expense Growth 7.0% – 7.6% Efficiency 41.9% – 42.7% Cost of Risk 1.6% – 1.9% Tax Rate 26% – 27% Net Income 39.5 – 41.1 bn ROE 17.0% – 18.0% ROA 2.0% – 2.2% Macro Estimates for 2022 GDP 3% – 4% Inflat
Slide 27: Market Presence
Market Presence DB Rev Div Dep ESG NIM TI LD Loan BAP Guid Eco 27 Hist NI ROE ICAP Mkt App C/I
Slide 28: Deposit & Loan Market Share
Deposit & Loan Market Share Deposits Loans 2nd 3rd Source: CNBV - Nov 2021 DB Rev Div Dep ESG NIM TI LD Loan BAP Guid Eco 28 Hist NI ROE ICAP Mkt App C/I
Slide 29: Market Share by Segment
Market Share by Segment Auto Payroll C. Card Mortgage Comm + Corp Government Deposits Nov-20 Nov-21 Nov-20 Nov-21 Nov-20 Nov-21 Nov-20 Nov-21 Nov-20 Nov-21 Nov-20 Nov-20 Nov-20 Nov-21 Banorte 19.1% 19.3% 20.6% 20.2% 10.2% 10.4% 19.5% 19.0% 11.6% 11.8% 28.2% 27.0% 13.6% 12.7% BBVA 35.8% 31.6% 37.2%
Slide 30: Market Share by Segment
Market Share by Segment Total Loan Book Corporate & Commercial Mortgage 19.5% 19.5% 19.2% 14.8% 14.9% 15.0% 11.4% 11.6% 19.0% 11.1% 18.5% 13.7% 9.9% +19bp (45bp) 9.7% 13.1% +9bp Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Credit Card Aut
Slide 31: Afore Market Share (Retirement Savings)
Afore Market Share (Retirement Savings) Assets Under Management AUM Market Share Billion Pesos dic-20 dic-21 dic-20 dic-21 XXI Banorte 1016 1094 21.5% 20.9% 1° CitiBanamex 813 848 17.2% 16.2% Profuturo GNP 736 853 15.6% 16.3% SURA 696 789 14.7% 15.0% Coppel 329 380 7.0% 7.2% Principal (Metlife, Ma
Slide 32: Insurance Market Share
Insurance Market Share Million Pesos Premiums Mayket Share Net Income Mayket Share Sep-20 Sep-21 Sep-20 Sep-21 Sep-20 Sep-21 Sep-20 Sep-21 G.N.P. 52,593 56,953 12.7% 12.9% 3,392 2,106 9.0% 9.6% Metlife México 44,052 48,678 10.7% 11.1% 5,325 1,794 14.2% 8.2% BBVA Seguros 34,419 38,113 8.3% 8.7% 4,1
Slide 33: Annuities Market Share
Annuities Market Share Million Pesos Resolutions * Market Share Dic-20 Dic-21 Dic-20 Dic-21 Banorte 14,025 22,218 49.3% 47.7% 1° Profuturo GNP 8,004 14,837 28.1% 31.9% Bancomer 6,424 9,507 22.6% 20.4% Total Industry 28,454 46,562 100.0% 100.0% Annuitants Market Share Dic-20 Dic-21 Dic-20 Dic-21 Ba
Slide 34: GFNorte in the World
GFNorte in the World Market Capitalization Million Pesos US 18.7 bn 400,000 383,529 4Q21 Total Shares Outstanding: 2,883.5 m Float: ~ 86% 350,000 Total ADRs(1) Outstanding: 8.48 m 300,000 Ticket Indexes IPC (BMV) 250,000 Sustainable IPC (BMV) Oil and GFNORTEO (BMV) MSCI Mexico COVID-19 STOXX crisi
Slide 35: Analyst Opinion & Investment Grade by All Major Rating Agencies
Analyst Opinion & Investment Grade by All Major Rating Agencies Analysts‘ Estimates Ratings Agencies (as of Jan 14, 2022) Agency Rating Outlook Date Net Income 2022 $39,683 Target Price $145.2 Standard & Poor’s BBB Negative Mar-20 Maximum $169.0 Number of Analysts 23 Fitch BBB- Stable Dec-21 # BUY
Slide 36: ESG
ESG DB Rev Div Dep ESG NIM TI LD Loan BAP Guid Eco 36 Hist NI ROE ICAP Mkt App C/I
Slide 37: MSCI ESG Upgraded to AA
Sustainability Strategy MSCI ESG Latest Ratings Action: Upgraded to AA from 'A’ DB Rev Div Dep ESG NIM TI LD Loan BAP Guid Eco 37 Hist NI ROE ICAP Mkt App C/I
Slide 38: Continuous evolution in ESG on the back of constant feedback from investors
Continuous evolution in ESG on the back of constant feedback from investors Environmental Governance • DSJI MILA Index- Constituent for the fifth consecutive year • CDP Climate Change Questionnaire – Score B • Leading Institution in Corporate Governance (ALAS20) – 2nd place for Afore • Recycling P
Slide 39: 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 12.0 100% 12.5 9.8 0.319 0.323 80% 10.0 0.815 7.0 0.650 60% 7.5 5.0 100% 99% 0.651 40% 92% 92% 5.0 0.509 2.5 20% 28% 0.45% 0.49%
Slide 40: Integrated Annual Report 2020
Integrated Annual Report 2020 Updates • ESG data was present throughout the report and not just in one chapter, as we did in previous years. • First time using the SASB standards (Sustainability Accounting Standards Board). • We updated our Sustainability Model and our Materiality Matrix. We used
Slide 41: Appendix
Appendix DB Rev Div Dep ESG NIM TI LD Loan BAP Guid Eco 41 Hist NI ROE ICAP Mkt App C/I
Slide 42: Quarterly Summary
Quarterly Summary Income Statement Highlights - GFNorte Change Change 4Q20 3Q21 4Q21 2020 2021 (Million Pesos) 3Q21 4Q20 2020 Interest Income 30,676 33,271 37,615 13% 23% 133,593 134,725 1% Interest Expense 9,638 10,356 11,159 8% 16% 47,898 40,772 (15%) Technical Results (Insurance & Annuities) (1
Slide 43: Quarterly Summary
Quarterly Summary Financial Ratios GFNorte 4Q20 3Q21 4Q21 2020 2021 NIM (1) 4.8% 4.9% 4.9% 5.3% 4.8% ROE (2) 10.9% 15.4% 15.5% 14.8% 15.3% ROA (3) 1.3% 2.0% 2.0% 1.8% 1.9% Operating Efficiency Ratio (5) 2.6% 2.4% 2.9% 2.5% 2.5% CCL Banorte and SOFOM - Basel III (6) 192.5% 183.7% 201.7% 192.5% 201.
Slide 44: Quarterly Summary
Quarterly Summary Change Change Share Data 4Q20 3Q21 4Q21 2020 2021 3Q21 4Q20 2020 Earnings per share (Pesos) 2.069 3.078 3.143 2% 52% 10.580 12.155 15% Earnings per share Basic (Pesos) 2.097 3.111 3.145 1% 50% 10.699 12.254 15% Dividend per Share for the period (Pesos) 0.00 0.00 2.65 N.A. N.A. 0.
Slide 45: 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, % 64% 50% Share of total assets threshold to require shareholders Current Befo
Slide 46: Corporate Responsibility and Sustainability
Corporate Responsibility and Sustainability Global Initiative Report (GRI Standards) UNEP Finance Initiative International standards on sustainability reporting and disclosure of Initiative that aims to identify, promote and carry out the adoption of best economic, environmental and socialtopics.
Slide 47: 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 4Q21 report. During 2021 we have released: 1. Annual Report 2020 to the Banking
Slide 48: Economic and Financial Perspectives
Economic and Financial Perspectives DB Rev Div Dep ESG NIM TI LD Loan BAP Guid Eco 48 Hist NI ROE ICAP Mkt App C/I
Slide 49: Mexico is in the final phase of the third wave of contagions
Mexico is in the final phase of the third wave of contagions, with progress still left to be made up on vaccinations Daily COVID-19 cases Daily deaths due to COVID-19 Vaccinated population Thousands Thousands % 50,000 49,343 2,000 1 dose 2 doses Booster shot 45,000 1,500 75 EE.UU. 63 24 1,000 40,0
Slide 50: We still expect a recovery in 2022, albeit with risks on the horizon
We still expect a recovery in 2022, albeit with risks on the horizon GDP: Aggregate demand GDP forecast path 2022 GDP estimates % y/y nsa, % q/q sa % y/y nsa, % q/q sa % y/y % y/y 1Q21 2Q21 3Q21 4Q21 2022 20 2022 19.9 % q/q GDP 2.8 2.3 3.2 3.5 3.0 Banorte 3.0 % y/y 15 Banxico survey 2.8 Consumptio
Slide 51: Stable growth outlook ahead, with competitive wages
Stable growth outlook ahead, with competitive wages and room to improve on productivity Average GDP growth expectation over the next 10 years Labor productivity in manufacturing* % y/y Index 100 = 2013 4.5 104 3.5 102 100 2.5 98 1.5 Jan-13 Apr-14 Jul-15 Oct-16 Jan-18 Apr-19 Jul-20 Oct-21 96 Averag
Slide 52: The recovery has been heterogeneous across states and sectors
The recovery has been heterogeneous, with ample room to be made up in certain states and sectors State activity level in 1Q21 vs. the most recent peak Economic activity level in 3Q21 vs. the most recent peak (3Q18)* (3Q18) %, non-seasonally adjusted figures %, using seasonally adjusted figures Gue
Slide 53: Some sectors have recovered faster than others…
Some sectors have recovered faster than others… Manufacturing production Private consumption Employment Index 100 = Month before the start of the Index 100 = Month before the start of the Index 100 = Month before the start of the recession, sa figures recession, sa figures recession, nsa figures 1
Slide 54: …which also includes banking credit
…which also includes banking credit Banking credit to the private non-financial sector Consumer loans Index 100 = Month before the start of the recesión, nsa figures Index 100 = Month before the start of the recesión, nsa figures 110 110 2008-2009 2020-2021 2008-2009 2020-2021 100 90 90 70 0 1 2 3
Slide 55: Banking sector KPI's
Banking sector KPI’s Capitalization ratio Non-performing loans ratio % of net capital / credit risk assets % of total loan portfolio 40 10 Capitalization ratio 35 Banking sector's average 9 Total Consumer 30 8 Mortgage Firms 25 22.12 7 20 19.00 6 15 5 10 4 5 3 0 2 Intercam Banco Banorte Autofin Ba
Slide 56: Market volatility and inflation concerns have impacted currencies
Market volatility and inflation concerns have impacted currencies, albeit with idiosyncratic factors still at play for each one 2021 performance vs. USD USD/MXN forecast % USD/MXN CNY 2.7 24.50 TWD 2.3 23.50 Forecast RUB -0.4 HKD -0.6 22.50 IDR -1.4 MXN -3.0 21.50 21.80 MYR -3.5 BRL -6.8 20.50 PLN
Slide 57: External accounts and flows remain healthy
External accounts and flows remain healthy, while remittances continue supporting domestic demand Current account FDI % of GDP US$bn 4 56 48 2.4 46 36 2 36 30 32 30 31 31 34 34 34 28 25 26 27 26 25 24 21 22 0 26 18 18 18 -0.9 -0.5 -0.3 -0.5 16 14 -2 -1 -1.5 6 -1.9 -1.8 -2.1 -4 -2.5 -2.7 -2.3 -4 20
Slide 58: Banxico will have to keep increasing rates
Considering a more challenging inflation backdrop, Banxico will have to keep increasing rates through 2021 and early 2022 Distribution of annual inflation Banxico’s Hawk-o-meter Reference rate forecast % share of generic items % Higher than 4% Between 2% and 4% 9 Lower than 2% Dovish Hawkish 100%
Slide 59: The government keeps working on maintaining healthy public finances
The government keeps working on maintaining healthy public finances, supporting credit rating MoF’s 2021 and 2022 macro Public balance (PSBR) Credit ratings framework and fiscal variables % of GDP 0 Variable 2021 2022 BBB+ BBB+ Baa1 GDP 6.3 4.1 -2 -1.1 BBB BBB Baa2 (% y/y) Consensus: 5.5 Consensus
Slide 60: Composition of the Lower House and Senate
Composition of the Lower House and Senate Lower House Senate Seats Seats Absolute majority: Simple majority: 64+ 250+ Qualified majority: Qualified majority: 85+ PT PVEM 43 PT PVEM 6 333+ 6 PES 4 33 PRI PRD 13 PRD PRI 71 15 MC 3 23 Morena MC Ind. Morena 62 8 1 201 PAN PAN 114 25 Morena + PT + PVEM
Slide 61: Implications of the results for the Lower House election
Implications of the results for the Lower House election, in which the President’s party (Morena) and its allies have an absolute majority (>50%), but not a qualified one (>66%) With an absolute majority they can approve… …while a qualified majority is required for It is obtained with 50% + 1, equ
Slide 62: Upcoming elections in Mexico
Upcoming elections in Mexico Electoral calendar 2021 - 2024 2021 Elections 2022 Elections 2023 Elections 2024 Elections Lower House 6 governorships 2 governorships President ▪ Aguascalientes (PAN) ▪ Coahuila (PRI) 15 governorships ▪ Estado de México Congress (Lower ▪ Durango (PAN) ▪ Baja Californi
Grupo Financiero Banorte — Q4 2021 Earnings Presentation on 6ix