Grupo Financiero Banorte Sab De Cv Class O · BMV:GFNORTE/O
Grupo Financiero Banorte Sab De Cv Class O — Q4 2024 Earnings Presentation
121 slides from Grupo Financiero Banorte Sab De Cv Class O's earnings presentation, March 2025
Slide 1: Corporate Presentation 4Q24
Corporate Presentation 4Q24
Slide 2: Table of Content
Table of Content Markets Awards About Banorte 3 Results NIM 9 GFNORTEO Fees 11 Cost to Income 12 Net Income 13 ROE / ROA 14 Digital Bank 17 GBOOY Deposits & Loans 22 Loans / Deposits 23 Deposits growth 24 Loan growth 25 Asset Quality - NPL 28 XNOR CAR 30 BAP (Insurance, Pension & Afore) Insurance
Slide 3: About Banorte
About Banorte Div TI NIM Dep BAP Guid ESG Eco Rev NI Div Loan ICAP BAP Div Rev LD Dep Eco ICAP BAP ICAP Guid L D Dep ESG Eco TI NIM Rev C/I NI ROE LD NIM Mkt Guid NI TI Hist C/I ROE Loan Mkt App ROE Loan 3 C/I Mkt Hist App Hist App
Slide 4: GFNORTE – A Leading and Profitable Financial Franchise in Mexico
GFNORTE – A Leading and Profitable Financial Franchise in Mexico Adequate Business Mix - Strong retail, wholesale, premium traditional and digital banking platforms, as well as leading 1 insurance and pension fund management units, serving more than 20 million clients. 2 Sound Fundamentals - Solid
Slide 5: From Regional Bank to Second Largest National Financial Group
From Regional Bank to Second Largest National Financial Group 15.2%* 4,5,6 Plan 1,2,3 Plan 20|20 Plan • Best experience • Banorte’s Digital Client • Best Transformation Business Diversification Segmentation personalized • JV Rappi offer * Loan book IT : central DB, Market Share Inorganic Growth mu
Slide 6: Strategy – Client centric & Digital Evolution
Strategy – Client centric & Digital Evolution PRODUCTS & DISTRIBUTION SOLUTIONS CHANNELS 1M New customer Rappi clients behavior Deposits & Loans Mobile Client Segmentation Insurances ▪ 12.8 million banking clients 7.9 million Afore clients Web Rappi JV Consumer focus Digital Bank Pensions ATM ▪ St
Slide 7: Diversified Business Mix
Diversified Business Mix Banking Insurance & Pension Wealth Management Other Financials Digital - Traditional Funds Banco Casa de Operadora Banorte Arrendadora bineo* Mercantil Bolsa de Fondos Ahorro y y Factor Almacenadora del Norte Banorte Banorte Previsión Banorte Banorte 99.9999% 98.2618% 99.9
Slide 8: Business Mix - Diversified Net Income and Balance
Business Mix - Diversified Net Income and Balance ◼ Sound business diversification: Net Income by Subsidiary ▪ Banorte Bank +6% y/y; 2024 +7% y/y, ROE +29.1% 2024 ▪ Broker dealer & mutual funds 2024 +28% y/y ▪ Insurance 2024 +26% y/y Holding ▪ Annuities 2024 +14% y/y Afore 2.5% 2.3% ▪ Afore 2024 +
Slide 9: Net Interest Margin Moving in the Right Direction
Net Interest Margin Moving in the Right Direction NIM 7.0% 6.5% 6.5% 6.3% 6.3% 6.4% 6.5% 6.2% 6.0% 5.6% 5.6% 5.5% 5.4% 5.5% 5.3% 4.9% 4.8% 5.0% 4.7% 4.4% 4.5% 4.5% 4.1% 4.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 4Q23 1Q24 2Q24 3Q24 4Q24 Previous criteria IFRS NIM (Post-P
Slide 10: Net Interest Income sensitivity evolution
Net Interest Income sensitivity evolution Bank's NII Sensitivity per 100bps change in rate - ◼ Dynamic risk management hedging Local Currency Balance Sheet Million pesos ◼ Focus on stable low-cost liabilities 1250 1,222 1,127 11.5% 11.1% ◼ Active ALCO 1000 979 ◼ Organic growth of fixed rate portfo
Slide 11: Core Banking Fees keep growing
Core Banking Fees keep growing Net Fees 18% y/y ● Net fees +18% y/y; 2024 +20% y/y, doble-digit growth across Million banking, brokerage house & mutual funds. 5,500 pesos 5,302 5,273 ● Core banking fees +15% y/y; 2024 +15% y/y 5,000 4,465 4,500 ● POS transactions +21% y/y; +42% y/y in mobile monet
Slide 12: Efficiency already recovered from the pandemic
Efficiency already recovered from the pandemic Cost to Income 57.0% 54.0% 52.0% 52.0% 48.5% 47.9% 44.9% Recurring 45.4% 47.0% 40.0% 39.7% 42.8% 41.9% 42.6% 41.4% 42.0% 39.0% 39.1% 42.7% 37.4% 37.0% 36.2% 35.5% 37.0% 32.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 4Q23 1Q24 2
Slide 13: Net Income growing
Net Income growing Net Income Million Pesos 7% CAGR 2012-2024 YoY 15% 56,188 14,238 55,000 52,418 14,000 13,724 45,408 45,000 13,044 (4%) 13,000 q/q 36,528 35,048 35,000 31,958 30,508 5% 12,000 23,908 y/y *Recurring 25,000 19,308 17,108 11,000 15,000 10,888 5,000 10,000 2012 2013 2014 2015 2016 20
Slide 14: Positive Growth in Profitability (ROA)
Positive Growth in Profitability ROA 3.00% 2.30% 2.36% 2.32% 2.35% 2.50% 2.18% 2.27% 2.22% 2.05% 1.86% 1.94% 2.26% 2.00% 2.22% 1.60% 2.07% 1.40% 1.46% 1.47% 1.76% 1.85% 1.50% 1.30% 1.00% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 4Q23 1Q24 2Q24 3Q24 4Q24 Previous criteria IFR
Slide 15: Positive Growth in Profitability (ROE)
Positive Growth in Profitability ROE 25.0% 22.9% 22.4% 21.3% 21.4% 21.6% 20.3% 20.1% 19.2% 20.0% 17.0% 17.1% 19.3% 19.6% 15.3% 14.3% 14.2% 14.1% 15.0% 13.2% 13.3% 14.8% 10.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 4Q23 1Q24 2Q24 3Q24 4Q24 ROE of the Bank 35.0% 31.1% 29.1%
Slide 16: Positive Growth in Profitability (ROTE)
Positive Growth in Profitability ROTE of the Group 30.0% 28.6% 28.0% 27.5% 26.9% 27.0% 26.9% 25.9% 26.9% 25.1% 25.0% 24.7% *Recurring 20.9% 20.0% 19.1% 18.7% 19.2% 17.3% 18.8% 16.2% 16.4% 15.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 4Q23 1Q24 2Q24 3Q24 4Q24 Note: A new me
Slide 17: Transformation
Transformation Div TI NIM Dep BAP Guid ESG Eco Rev NI Div Loan ICAP BAP Div Rev LD Dep Eco ICAP BAP ICAP Guid L D Dep ESG Eco TI NIM Rev C/I NI ROE LD NIM Mkt Guid NI TI Hist C/I ROE Loan Mkt App ROE Loan 17 C/I Mkt Hist App Hist App
Slide 18: Digital Transformation Gaining Share
Digital Transformation Gaining Share Transactions (Tx) Transactions 1,359 4Q24 Branches 1.4% WEB 1,400 (millions) 1,200 9% POS 1,000 21% Correspondents 0.2% 800 Call Center 0.4% 600 9% ATM 40% y/y 59% Mobile 400 200 - 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 4Q 2020 2021 2022 2023 2024 Customers Using Dig
Slide 19: Customer's Voice, Key in Banorte's Evolution
Customer’s Voice, Key in Banorte’s Evolution ● On the right track to reach a 90-point NPS score, based on improvements from internal customers: 4Q24 o processes / services / systems o products Banorte Móvil WEB App o branch-administration, contingency, others 85.3 +1.1 pts 86.5 +2.6 pts YOUR y/y y
Slide 20: A Customer-centric bank in minutes
A Customer-centric bank in minutes 81 80 92 84 NPS 93 85 82 New claim Mobile payroll loan Digital advanced payroll 80 Portability Opening account in movil Opening a new account 4 min 3 min 3 min Tablet branches Time to Market Mobile account on Tablet 3 min 9 min opening ATM Withdrawal 5 min 12 min 0
Slide 21: Leaders in the Business & Infrastructure for the Payments Market
Leaders in the Business & Infrastructure for the Payments Market Rappi JV – Credit Cards and Credits to affiliates POS Transactions 21% y/y 500 The best DIGITAL PLATFORM for aggregators Digital Physical 231 400 208 300 203 187 200 268 251 100 177 196 0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24
Slide 22: Loans & Deposits
Loans & Deposits Div TI NIM Dep BAP Guid ESG Eco Rev NI Div Loan ICAP BAP Div Rev LD Dep Eco ICAP BAP ICAP Guid L D Dep ESG Eco TI NIM Rev C/I NI ROE LD NIM Mkt Guid NI TI Hist C/I ROE Loan Mkt App ROE Loan 22 C/I Mkt Hist App Hist App
Slide 23: Healthy Funding & Loan Portfolio Structure
Healthy Funding & Loan Portfolio Structure Bank Deposits 2018 $759 bn 4Q24 1,149bn US55.3bn Senior Unsec. Debt Senior Unsec. Debt Money Market 4% 4% Money Market Demand Time 28% Time 64% Demand Loan Portfolio $777 bn 1,180bn US56.8bn Consumer Consumer Government 17% 16% Government Mortgage Mortgag
Slide 24: Loyal Deposits' Base
Loyal Deposits’ Base Deposits CAGR 2013-2024 YoY +10% Billion 1,059 1,029 1,059 1,100 Pesos 962 962 Core Deposits* Time Demand 10% 840 900 751 750 750 744 715 744 637 667 689 689 8% 700 590 623 509 551 533 538 538 436 414 438 500 384 384 397 336 351 316 314 316 300 273 273 300 255 223 229 211 211
Slide 25: Continued Growth in Performing Loan Book, Special Focus on Consumer
Continued Growth in Performing Loan Book, Special Focus on Consumer YoY Loan Portfolio 1,400 Billion 14% Pesos 1,180 1,180 1,200 1,125 1,032 1,032 1,000 920 802 821 821 777 763 800 CAGR: 616 +9.7% 567 600 518 472 401 425 400 200 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 2022 2023 2024
Slide 26: Cost of Funds vs Loan Growth y/y
Cost of Funds vs Loan Growth y/y 20% 55% 15% 14.3% 50% 46.6% 10% 45% 5% 40% 0% 35% j f mam j j a s o n d j f mam j j a s o n d j f mam j j a s o n d j f mam j j a s o n d j f mam j j a s o n d 2020 2021 2022 2023 2024 Loan Growth y/y Cost of Funds vs CETES Div TI NIM Dep BAP Guid ESG Eco Rev NI Di
Slide 27: Rate comparison
Rate comparison Reference Rate vs Loan Portfolio’s Yield Reference Rate vs Consumer Yield 14% 29% 28.8% 13.1% 25.9% 12% 24% 11.6% 11.0% 10% 19% 10.0% 8% 14% 13.8% 10.0% 6% 9% 9.3% 4% 4% J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND 2022
Slide 28: Sound Asset Quality
Sound Asset Quality NPL Ratio 3.5% 3.1% 2.9% 3.0% 2.5% 2.2% 2.1% 2.0% 1.8% 1.7% 1.7% 2.0% 1.5% 1.0% 1.1% 1.0% 1.00% 0.9% 1.04% 0.93% 1.0% 1.1% 0.9% 0.5% 0.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 4Q23 1Q24 2Q24 3Q24 4Q24 Previous Criteria IFRS | 2018 2019 2020 2021 4Q22
Slide 29: Sound Asset Quality
Sound Asset Quality Coverage Ratio 250% 224% 207% 179% 182% 184% 182% 178% 184% 200% 138% 139% 142% 138% 191% 150% 129% 107% 116% 105% 100% 50% Previous criteria IFRS 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 4Q23 1Q24 2Q24 3Q24 4Q24 Cost of Risk 3.0% 2.8% 2.5% 2.4% 3 mon
Slide 30: Strong Capital Position
Strong Capital Position Capital Adequacy Ratio Basel III 24.7% 22.8% 21.8% 20.2% 20.7% 20.7% 21.3% 20.2% 0.2% Tier 2 TLAC 19.2% to 2025 18.5% 17.90% 17.3% 17.2% 8.3% 16.275% 15.3% 15.3% 14.6% Total +4.875% Tier 1 TLAC 4Q24 21.6% 11.40% 9.40% 13.9% 15.3% 15.1% 14.7% 14.7% 15.5% 14.1% 13.9% CET1 7.9
Slide 31: Annuities NII vs. Technical Results
Annuities NII vs. Technical Results When valorization on UDIS securities go up or down, the same effect occurs in Technical Reserves with null effect in Net Income Annuities 8,000 6,774 6,565 6,054 5,845 6,000 4,000 2,000 3,054 2,153 0 (1,357) (2,103) -2,000 -4,000 (4,894) (4,748) -6,000 (5,662) (
Slide 32: Annuities Margin – inflation effect
Annuities Margin – inflation effect 3Q24 4Q24 Monthly Inflation $3,735 $6,565 $2,900 $5,845 1.2% 0.9% $2,467 $2,579 0.6% 0.3% 0.0% $278 $284 Loans’ Investments’ Inflation Margin Loans’ Investments’ Inflation Margin -0.3% interests interests interests interests Jul-23 Jul-24 Aug-23 Sep-23 Aug-24 Se
Slide 33: Technical Reserves – inflation effect
Technical Reserves – inflation effect 3Q24 4Q24 Monthly Inflation $3,735 $2,900 1.2% $66 $6,002 0.9% -$1,734 $83 $4,401 -$1,732 $3,150 0.6% $3,935 0.3% 0.0% Issuance Technical Technical Issuance Technical Technical Others Net Increase Others Net Increase -0.3% Interest - Interest in Technical Inte
Slide 34: BAP: Long Term Savings Business
BAP: Long Term Savings Business Million Pesos 4Q24 2024 YoY 4Q24 2024 YoY Insurance Considering Banorte Futuro Net Income 1,153 5,478 27% 1,483 6,883 22% Equity 10,481 10,481 20% 26,596 26,596 8% Assets 81,956 81,956 25% 97,766 97,766 20% Premiums 9,670 45,382 21% 9,670 45,382 21% ROE 45.5% 54.9%
Slide 35: Insurance business steadily improving
Insurance business steadily improving Retained Insurance Technical Reserves Premiums 8,000 Change Change Million 16,000 4Q24 2024 Pesos 6,000 2,906 (Million Pesos) q/q y/y y/y 2,353 4,000 1,655 Net Interest Income (NII) 983 8% 19% 3,754 15% 14,000 2,000 103 Premium Income 8,891 22% 7% 39,763 21% 1
Slide 36: 2024 Guidance
2024 Guidance 2024 2024 Guidance Real Loan Growth 10% – 12% 14% ✓✓ NIM 6.1% – 6.4% 6.3% ✓ NIM of Bank 6.3% – 6.5% 6.5% ✓ Recurring Expense Growth 6.0% - 7.0% 7.4% Total Expense Growth* 13.0% – 14.0%* 12.4% ✓ Efficiency 36.0% – 37.0% 37.0% ✓ Cost of Risk 1.7% - 1.9% 1.8% ✓ Tax Rate 25% – 27% 26% ✓
Slide 37: 2025 Guidance
2025 Guidance 2025 Guidance Loan Growth 8% – 11% NIM 6.1% – 6.4% NIM of Bank 6.4% – 6.6% Recurring Expense Growth 6.0% - 7.0% Total Expense Growth* 9.0% – 10.5% Efficiency 36.0% – 37.5% Cost of Risk 1.8% - 2.0% Tax Rate 26% – 28% Net Income 59.6 – 62.1 bn ROE 21.5% – 23.0% ROE of the Bank 28.0% –
Slide 38: Market Presence
Market Presence Div TI NIM Dep BAP Guid ESG Eco Rev NI Div Loan ICAP BAP Div Rev LD Dep Eco ICAP BAP ICAP Guid L D Dep ESG Eco TI NIM Rev C/I NI ROE LD NIM Mkt Guid NI TI Hist C/I ROE Loan Mkt App ROE Loan 38 C/I Mkt Hist App Hist App
Slide 39: Deposit & Loan Market Share
Deposit & Loan Market Share Deposits Loans BBVA Others Others BBVA 23% 20% 22% 25% Inbursa Inbursa 6% 4% 2nd 2nd HSBC Banorte 7% Scotiabank Banorte 14% 6% 15% Scotiabank HSBC 7% 7% Citibanamex Santander Citibanamex Santander 8% 12% 13% 11% Source: CNBV Nov 2024 Div TI NIM Dep BAP Guid ESG Eco Rev
Slide 40: Market Share by Segment
Market Share by Segment Auto Payroll C. Card Mortgage Commercial Government Deposits Nov-23 Nov-24 Nov-23 Nov-24 Nov-23 Nov-24 Nov-23 Nov-24 Nov-23 Nov-24 Nov-23 Nov-24 Nov-23 Nov-24 Banorte 22.0% 18.0% 20.2% 20.8% 9.8% 11.0% 19.6% 19.6% 12.2% 12.8% 27.1% 27.2% 13.7% 13.5% BBVA 27.1% 22.8% 37.3% 3
Slide 41: Market Share by Segment
Market Share by Segment Total Loan Book Commercial & Corporate Mortgage 12.8% 15.2% 12.2% 19.5% 19.6% 19.6% 15.0% 11.8% 15.0% 11.6% 19.0% 19.0% 14.9% 11.3% (2bps) +60bps 14.5% +16bps Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Credit Car
Slide 42: Afore Market Share (Retirement Savings)
Afore Market Share (Retirement Savings) Assets Under Management Billion Pesos AUM Market Share Dic-23 Dic-24 Dic-23 Dic-24 1° XXI Banorte 1,168 1,303 19.5% 19.1% Profuturo GNP 1,068 1,270 17.9% 18.6% SURA 927 1,080 15.5% 15.8% CitiBanamex 938 1,062 15.7% 15.6% Coppel 449 506 7.5% 7.4% PensionISSST
Slide 43: Insurance Market Share
Insurance Market Share Million Pesos Premiums Market Share Net Income Market Share Sep-23 Sep-24 Sep-23 Sep-24 Sep-23 Sep-24 Sep-23 Sep-24 G.N.P. 73,374 84,865 13.1% 12.9% 2,854 2,819 7.4% 5.5% BBVA 53,768 63,014 9.6% 9.6% 7,138 8,378 18.5% 16.2% Metlife México 58,644 62,258 10.5% 9.5% 6,027 7,202
Slide 44: Annuities Market Share
Annuities Market Share Million Pesos Resolutions * Market Share Dic-23 Dic-24 Dic-23 Dic-24 Banorte 15,361 16,013 42.8% 42.9% 1° Bancomer 13,460 11,376 37.5% 30.5% Profuturo GNP 7,110 9,911 19.8% 26.6% Total Industry 35,931 37,301 100.0% 100.0% Annuitants Market Share Dic-23 Dic-24 Dic-23 Dic-24 B
Slide 45: GFNorte in the World
GFNorte in the World Market Capitalization US 18.1bn 550 Billion 4Q23 4Q24 Pesos Total Shares Outstanding(1) : 2,883.5 m 2,812.2 m 500 Float: ~ 86% ~ 86% 450 Total ADRs(2) Outstanding: 8.21 m 9.33 m 421.3 392.4 400 Ticket Indexes 376.7 350 IPC (BMV) Sustainable IPC (BMV) GFNORTE O (BMV) 300 MSCI M
Slide 46: Analysts' Opinion & Investment Grade by All Major Rating Agencies
Analysts’ Opinion & Investment Grade by All Major Rating Agencies Analysts’ Estimates Ratings Agencies (as of Jan 31, 2025) Agency Rating Outlook Date Net Income 2025 $56,550 Target Price $181.6 Standard & Poor’s BBB Stable Aug-24 Maximum $230.0 Number of Analysts 21 Fitch BBB- Stable Nov-24 # BUY
Slide 47: ESG
ESG Div TI NIM Dep BAP Guid ESG Eco Rev NI Div Loan ICAP BAP Div Rev LD Dep Eco ICAP BAP ICAP Guid L D Dep ESG Eco TI NIM Rev C/I NI ROE LD NIM Mkt Guid NI TI Hist C/I ROE Loan Mkt App ROE Loan 47 C/I Mkt Hist App Hist App
Slide 48: Sustainability Strategy
Sustainability Strategy MSCI ESG Latest Ratings Action: Three consecutive AA years Div TI NIM Dep BAP Guid ESG Eco Rev NI Div Loan ICAP BAP Div Rev LD Dep Eco ICAP BAP ICAP Guid L D Dep ESG Eco TI NIM Rev C/I NI ROE LD NIM Mkt Guid NI TI Hist C/I ROE Loan Mkt App ROE Loan 48 C/I Mkt Hist App Hist
Slide 49: Sustainability Updates
Sustainability Updates Sustainable Bond: 70% of proceeds allocated 40 Financial Education Workshops Operadora de Fondo’s PRI rating Green auto loans “Autoestrene Verde” to mobility, affordable housing, hybrid / electric delivered to +3,200 payroll clients, rose +24 points for its ESG ended 2024 with
Slide 50: Sustainable business
Sustainable business Social and Environmental Risk Management System Responsible Investment *FN-AC-410a.1 AFORE XXI Banorte 180,000 150,000 9.45% Non-sustainable analyzed In 4Q24: 140,000 During 4Q24: 160,000 130,000 portfolio 863 Analyzed loans Assets with ESG criteria 3% 120,000 1.95% Sustainable
Slide 51: Appendix
Appendix Div TI NIM Dep BAP Guid ESG Eco Rev NI Div Loan ICAP BAP Div Rev LD Dep Eco ICAP BAP ICAP Guid L D Dep ESG Eco TI NIM Rev C/I NI ROE LD NIM Mkt Guid NI TI Hist C/I ROE Loan Mkt App ROE Loan 51 C/I Mkt Hist App Hist App
Slide 52: Quarterly Summary
Quarterly Summary GFNorte-Consolidated Statement of Change Change Comprehensive Income Highlights 4Q23 3Q24 4Q24 2023 2024 (Million Pesos) 3Q24 4Q23 2023 Interest Income (1) 97,257 103,919 110,994 7% 14% 375,497 405,433 8% Interest Expense 63,218 67,911 74,357 9% 18% 248,015 266,073 7% Net Interes
Slide 53: Quarterly Summary
Quarterly Summary Financial Ratios GFNorte 4Q23 3Q24 4Q24 2023 2024 12M* NIM (1) 6.4% 6.5% 6.5% 6.2% 6.3% 6.3% NIM adjusted w/o Insurance & Annuities 6.0% 6.0% 6.2% 5.9% 6.0% ROE (2) 21.4% 22.9% 21.6% 21.3% 22.4% 22.4% ROA (3) 2.3% 2.4% 2.2% 2.4% 2.3% 2.3% Efficiency Ratio - Cost to Income (4) 41.
Slide 54: Quarterly Summary
Quarterly Summary GFNorte-Consolidated Statement of Financial Change Position Highlights 4Q23 3Q24 4Q24 (Million Pesos) 3Q24 4Q23 Asset Under Management 3,957,801 4,437,289 4,495,930 1% 14% Stage 1 Loans 1,023,899 1,115,560 1,171,045 5% 14% Stage 2 Loans 8,027 9,777 8,611 (12%) 7% Stage 1 & 2 Loan
Slide 55: Quarterly Summary
Quarterly Summary Change Change Share Data 4Q23 3Q24 4Q24 2023 2024 3Q24 4Q23 2023 Earnings per share (Pesos) (1) 4.524 5.061 4.880 (4%) 8% 18.179 19.980 10% Earnings per share Basic (Pesos) (2) 4.550 5.023 4.840 (4%) 6% 18.311 19.707 8% Div idend per Share for the period (Pesos) 5.20 0.00 3.55 N.
Slide 56: Healthy Liquidity
Healthy Liquidity Loans to Deposits 110% 104% 105% 100% 100% 98% 95% 90% 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 4Q 2017 2018 2019 2020 2021 2022 2023 2024 Liquidity Coverage Ratio - LCR 230% 210% 190% 161% 164% 170% 156% 150% 130% 110% 90% 70% 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q
Slide 57: Selected industry exposures
Selected industry exposures Vs. Total Loans 4Q24 Oil Industry* 3.1% Electricity Companies* 2.6% Construction & Real Estate Housing 1.4% Commercial 0.8% Vs. Total Loans Others 1.3% SMEs Malls 1.3% • 78% Nafin / Bancomext guaranteed 4.9% loans, 47% of SME book Tourism 5.9% Dollar denominated 16.1% R
Slide 58: Insurance and Annuities P&L
Insurance and Annuities P&L Insurance P&L + Annuities P&L = Insurance & Annuities P&L Premium Revenue Premium Premium Revenue Revenue Claims ∆ ∆ = Technical Non-Interest = ∆ Technical Non-Interest Non-Interest Result Income Income = Technical Result Result Claims Income Claims Acquisition Technica
Slide 59: Financial Targets GFNorte
Financial Targets GFNorte 5 years Net Income Double digit growth ROE 19.5% - 21.5% ROA 2.2% - 2.6% NIM 6.0% - 6.3% Cost-to-Income ratio 34% - 36% CET1 12.0% - 13.0% Cross-sell ratio 2.3 - 2.6 2.8* Note: Forecasts were generated under the new accounting rules, approaching convergence to IFRS intern
Slide 60: 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 social topics.
Slide 61: 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 4Q24 report. During 2024 we have released: 1. Annual Report 2023 to the Banking
Slide 62: Economic and Financial Perspectives
Main macro view Economic activity will continue to grow in Mexico in 2024 and 2025 Risks abound amid increased global Economic and uncertainty Financial Nearshoring and long-term opportunities Perspectives and challenges A solid banking sector Div TI NIM Dep BAP Guid ESG Eco Rev NI Div Loan ICAP BAP
Slide 63: Forecasts of main economic and financial variables
Forecasts of main economic and financial variables Forecasts of main macroeconomic and financial variables in Mexico End of period 2020 2021 2022 2023 2024 2025F GDP -8.4 6.0 3.7 3.3 1.5 1.0 (% y/y) Inflation 3.2 7.4 7.8 4.7 4.2 4.0 (% y/y) Exchange rate 19.91 20.53 19.50 16.97 20.82 21.40 USD/MXN
Slide 64: Economic activity moderated through 2024, with slowdown expected in 2025
Economic activity moderated through 2024, with an additional slowdown expected in 2025 GDP Index 100 = 4Q18 110 2024: 2025: 2023: 105.2 103.7 106.4 105 100 2022: 100.4 95 2019: 99.6 2021: 96.8 90 2020: 91.1 85 Primary activities 2024: 2025: Industrial production 1.6% 1.0% 80 Services GDP 75 2017 2
Slide 65: Performance across sectors will remain heterogeneous
Performance across sectors will remain heterogeneous… GDP: Supply GDP: Aggregate Demand % y/y nsa, % q/q sa % y/y nsa 4Q24 1Q25 2Q25 3Q25 4Q25 2025 4Q24 1Q25 2Q25 3Q25 4Q25 2025 GDP GDP 1.2 1.5 -0.1 0.7 1.8 1.0 1.2 1.5 -0.1 0.7 1.8 1.0 (% y/y) Consumption 2.2 2.3 0.9 1.6 2.2 1.7 Agricultural 5.1 5
Slide 66: Domestic demand did moderate
Domestic demand did moderate… Employment: INEGI (general) and Investment Consumption IMSS (formal sector) Index 100 = July 2018 Index 100 = Feb 2020 Million 65 23 120 115 22 110 110 10.1% 60 26.2% 105 21 10.3% 100 100 20 55 90 95 19 80 90 50 INEGI (left axis ) 18 85 IMSS (right axis) 70 17 80 45 1
Slide 67: Wages and employment still a positive driver
…albeit with wages and employment still being a positive driver Formal employment Daily wages** Thousand, % y/y % y/y in real terms (ex-post) 50 24 Minimum wage 342.1 k -647.7 k 846.4 k 752.7 k 651.5 k 214.0 k 30 IMSS 1.7% y/y -3.2% y/y 4.3% y/y 3.7% y/y 3.0% y/y 1.0% y/y INEGI 23 14.8 10 4.1 4.8
Slide 68: Mexico will continue growing at various speeds across states
Mexico will continue growing at various speeds, with differentiated drivers across states Economic growth by state States with greatest relevance for % y/y, 20-year average manufacturing 1.- Nuevo Leon 2.- State of Mexico 3.- Jalisco 4.- Guanajuato 5.- Baja California States with greatest relevanc
Slide 69: Nowcasting Economic Activity – IGAE
Nowcasting Economic Activity – IGAE (GDP proxy) Nowcasting of Monthly Economic Activity - IGAE % y/y; nsa IGAE Nowcast IGAE Nowcast 30 5.4 5.3 20 3.9 10 2.4 0 1.29 1.7 1.29 0.9 0.96 0.7 0.8 0.5 0.7 -10 0.3 0.1 0.2 -20 -0.4 -30 Dec-19 Jun-22 Dec-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 N
Slide 70: Performance of households' expenditures
A Performance of households’ expenditures Households’ Expenditures – Resilient Sectors Households’ Expenditures – Vulnerable Sectors Debit & Credit Purchases in real terms; January 1st, 2020 = 100 Debit & Credit Purchases in real terms; January 1st, 2020 = 100 Supermarkets Accommodation and Food Se
Slide 71: Performance of businesses' revenues
Performance of businesses’ revenues SMEs’ Revenues – Resilient Sectors SMEs’ Revenues – Vulnerable Sectors POS Billing in real terms; % y/y POS Billing in real terms; % y/y Accommodation and Food 32.1 8.0 Retail Sales Services 15.5 20.2 8.0 Professional Services 4.7 7.0 Healthcare 26.9 Recreation,
Slide 72: Inflation has moderated, allowing for additional easing from Banxico
Inflation has moderated, allowing for additional easing from Banxico Inflation forecast Reference rate forecast % y/y fortnightly frequency % 12 14 Headline 11 2024 12 Core 10.00 10 Non-core 10 2022: 7.8 9 2025 8 8.50 8 2023: 6 4.7 7 4 6 2024: 2025: 2 4.2 4.0 5 0 4 -2 3 Dec-21 Dec-22 Dec-23 Dec-24
Slide 73: The Board has turned more dovish
The Board has turned more dovish, expecting Irene Espinosa’s replacement soon Bias Member Relevant comments Hawkish "...looking ahead, monetary policy normalization should not be rushed…" Irene "...the monetary policy stance should remain sufficiently restrictive for an extended period…" Espinosa
Slide 74: Banxico's hawk-o-meter
Banxico’s hawk-o-meter Tone of Banxico’s Board comments Index*; 2024 Avg Jan-Nov'24 Dec'24 0.65 0.60 0.42 0.40 0.17 0.09 0.07 -0.08 -0.33 -0.75 Irene Espinosa Jonathan Heath Galia Borja Victoria Rodríguez Omar Mejía Note: * From -1 to 0 implies a dovish tone; from 0 to 1 implies a hawkish tone Sou
Slide 75: The MXN will remain supported by a solid macro stance
The MXN will remain supported by a solid macro stance, healthy inflows and a high carry, although performance will still be influenced by external and idiosyncratic factors USD/MXN forecast Performance of main currencies in the last 12 months Pesos per dollar % 24.5 MYR 3.1 23.5 ILS 3.0 2025: HKD
Slide 76: USD/MXN retains premiums amid greater volatility
USD/MXN retains premiums amid greater volatility Performance of the Mexican peso USD/MXN* USD/MXN, +/-2σ from the 90-day moving average Relative to the 90-day moving average, daily data 21.50 Date ±2σ 6 2004 2008 2012 2016 2020 2024 5 20.50 4 Election day in the US 3 19.50 2 18.50 1 0 17.50 -1 -2
Slide 77: Fiscal consolidation expected in 2025
Fiscal consolidation expected in 2025, despite focus remaining on social programs Revenues vs GEPC estimated figures Federal government spending $ billon % of total spending 10,000 Estimated Observed 2025 2024 2023 2022 8,000 6,000 Spending ($ billion) 9,226.2 9,022.0 8,257.6 7,048.2 4,000 Social
Slide 78: Primary surplus expected, allowing debt to remain unchanged
As such, a primary surplus is expected, allowing for debt to remain unchanged Primary Balance PEMEX maturities* % of GDP US$ billion 0.8 0.6 0.5 0.5 0.4 0.4 0.4 25 23.5 0.1 20 0.2 13.4 15 -0.4 -0.1 10 6.9 7.2 -0.3 4.6 3.5 4.6 6.2 -0.5 5 2.3 2.0 3.3 -1.0 0.3 0 Observed GEPC 2038+ 2024 2025 2026 202
Slide 79: Claudia Sheinbaum's inauguration and short-term goals
Claudia Sheinbaum’s inauguration and short-term goals Inauguration speeches The first 100 days ▪ From her speech at the Lower She outlined 100 commitments throughout her ✓ National Energy Plan House, we highlight administration, from which we highlight: ✓ National Security Strategy 1. Responsible
Slide 80: Sheinbaum's cabinet and composition of the legislative branch
Claudia Sheinbaum’s cabinet and composition of the legislative branch Key actors within the Sheinbaum’s cabinet Lower House composition Interior: Finance: Infrastructure: Simple Two thirds Rosa Icela Rogelio Ramírez de Jesús Antonio majority: 251 majority: Rodríguez la O Esteva 334 (fmr. Minister
Slide 81: Constitutional reforms presented by AMLO and Sheinbaum
Constitutional reforms presented by AMLO in early 2024 along with changes from Sheinbaum Reforms approved and to be approved Social ISSSTE’s Eliminate Animal Housing programs Pensions autonomous welfare bodies Austerity of Extortion and Wages Vapes and Electoral tax crimes as (minimum & government
Slide 82: Impact of the tensions between the United States and China
Impact of the tensions between the United States and China Foreign trade Armed conflicts Global economy Effects on other elections in 2024 Div TI NIM Dep BAP Guid ESG Eco Rev NI Div Loan ICAP BAP Div Rev LD Dep Eco ICAP BAP ICAP Guid L D Dep ESG Eco TI NIM Rev C/I NI ROE LD NIM Mkt Guid NI TI Hist
Slide 83: Economic activity remains tied to performance in the US
Economic activity remains tied to performance in the US GDP growth in US and Mexico Mexico GDP growth estimates* % y/y, 1990 to 2023 % y/y 8 2024 2025 y = 1.262x - 0.6836 1996 1997 2023 1994 6 R² = 0.4425 1990 2000 Banorte 1.6 1.0 2010 1991 2022 2012 2006 2011 1998 Consensus 1.6 1.0 4 2015 2004 20
Slide 84: US economic influence by sectors
US economic influence by sectors US Economic Influence in the Mexican Economy % of GDP 56% Real estate services 56% of Mexico’s GDP depends on the US economy US Dependent Non-US Dependent Source: Banorte Div TI NIM Dep BAP Guid ESG Eco Rev NI Div Loan ICAP BAP Div Rev LD Dep Eco ICAP BAP ICAP Guid
Slide 85: US economic influence by states
US economic influence by states US Economic Influence Top 7 States with High US Economic Dependency 1. Veracruz 2. Zacatecas 3. Guerrero 4. Nuevo Leon 5. Yucatan 6. Sonora 7. Estado de Mexico Top 7 States with None US Economic Dependency 1. Baja California Sur 2. Chihuahua 3. Jalisco 4. Michoacan
Slide 86: Mexico's location, demographics and natural resources as key drivers
Mexico's geographical location, benign demographics and natural resources (among other factors) remain as key drivers for the economy Real GDP growth FDI Population pyramid in 2020 % y/y US$ billion in nominal terms Million people by age bracket 10 Profit reinvestment and accounts between companie
Slide 87: Nearshoring impact in Mexico
Nearshoring impact in Mexico US$466.6bn US$18bn US$9.2bn US$8.8bn US$4.5bn (83%) (3%) (2%) (2%) (1%) Total impact from Autos Computers Auto parts Heavy Wires & nearshoring in the next (9%) (8%) (7%) vehicles cables 5 years: US$168bn (6%) (3%) Agro Auto Warehousing Appliances industry industry and
Slide 88: Positive evidence of nearshoring in Mexico
Positive evidence of nearshoring in Mexico Investment announcements in 2023 by country of origin Investment announcements in 2024 by country of origin US$ million US$ million (up to September 30th) Ranking Country of origin Amount % total Ranking Country of origin Amount % total Total 110,744 -- T
Slide 89: United States at the forefront of investment in Mexico
The United States remains at the forefront of investment in Mexico amidst tensions with China Foreign Direct Investment FDI in 2023 by country of origin** US$ billion % of total USA 37.8 60 FCH: EPN AMLO* Spain 10.5 Average: Average: Average: Canada 9.6 Japan 8.1 US$25.7 billion US$35.7 billion US
Slide 90: Nearshoring evidence across GFI figures
Nearshoring evidence across GFI figures, mainly non-residental construction and imported machinery and equipment Non-residential construction Imported machinery and equipment and capital goods Index 100 = March 2014 imports Index 100 = March 2014 140 170 130 Machinery and equipment imported 150 12
Slide 91: FIBRAs and demand for industrial spaces
FIBRAs and demand for industrial spaces Major industrial real estate markets in Mexico as of 1Q24 Demand for industrial spaces Demand for Investment Cumulative demand industrial spaces growth 2026-2027 6.1 2024 million m2 6 million m2 2.8% due to nearshoring +14% Most dynamic sectors according to
Slide 92: However, some bottlenecks persist
However, some bottlenecks persist Electricity demand in Mexico Maximum water level of Mexico’s dams Billion cubic meters ● According to the IEA the current electricity 130 consumption in Mexico is around 300 TWh 120 ● For the next five years it could need between 380 - 400 TWh 110 ● Mexico will ne
Slide 93: Mexico has benefited previously from similar investments
Mexico has benefited previously from similar investments, driving structural changes across several industries Mexico: Non-oil exports to the US: Top five goods imported from US: Vehicle imports by country world* Mexico % of total vehicle imports (yearly figures) US$ billion constant prices (month
Slide 94: Mexico consolidating position as main commercial partner with US
Mexico is consolidating its position as main commercial partner with US US: Main commercial partners, ranking by imports % of total imports (cumulated Jan-Nov for each year) 23 Canada China Mexico 21 19 17 15.7 15 13.4 13 12.7 11 9 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Source
Slide 95: Main destination of Mexican exports is Texas
The main destination of Mexican exports is Texas, followed by Michigan and California US: Imports from Mexico US$ billion, 2023 Imports 142.7 69.1 0.0 61.5 142.7 Con tecnología de Bing © GeoNames, Microsoft, TomTom *The three states represent close to 58% of the share of total imports Source: US C
Slide 96: Export centers concentrated in north and center of Mexico
Export centers are concentrated in the north and center of Mexico Mexico: Exports to US US$ billion, 2023 55.7 gdp 81.7 69.1 0.0 55.8 29.1 81.7 29.0 Con tecnología de Bing © Microsoft, TomTom Source: Ministry of Economy Div TI NIM Dep BAP Guid ESG Eco Rev NI Div Loan ICAP BAP Div Rev LD Dep Eco IC
Slide 97: Geolocalization of industrial zones and Banorte's branches
Geolocalization of industrial zones and parks and Banorte’s branches Manufacturing industry and Banorte’s branches US$ millions Source: Banorte with figures from S&P and AMIA Div TI NIM Dep BAP Guid ESG Eco Rev NI Div Loan ICAP BAP Div Rev LD Dep Eco ICAP BAP ICAP Guid L D Dep ESG Eco TI NIM Rev C
Slide 98: Good's journey – Autos and other vehicles
Good’s journey – Autos and other vehicles The road to U.S. – January 2021 to April 2023 US$ millions Source: Banorte with figures from S&P Global-Panjiva and AMIA Div TI NIM Dep BAP Guid ESG Eco Rev NI Div Loan ICAP BAP Div Rev LD Dep Eco ICAP BAP ICAP Guid L D Dep ESG Eco TI NIM Rev C/I NI ROE LD
Slide 99: Good's journey – Autos and other vehicles
Good’s journey – Autos and other vehicles Key border crossings Shipping method % of total export value: January 2021 to April 2023 % of total export value: January 2021 to April 2023 Laredo (TAMPS) 40.1 Port of Veracruz (VER) 18.2 Port of Altamira (TAMPS) 9.1 Nogales (SON) 9.0 Juarez (CHIH) 8.8 P.
Slide 100: Nearshoring score – Top 10 states
Nearshoring score – Top 10 states Nearshoring score – Top 10 states with the largest potential Score: Maximum value = 10 Nuevo León 9.3 Chihuahua 9.1 Baja California 8.9 Tamaulipas 8.5 Coahuila 8.2 Sonora 8.1 Querétaro 7.8 Jalisco 7.7 San Luis Potosí 7.6 Guanajuato 7.6 Source: Banorte Div TI NIM D
Slide 101: Banking credit forecast using lagged GDP
Banking credit forecast using lagged GDP Banking credit Backtest and forecast* $ billons % y/y in real terms 5,200 Forecast Year Observed Model 4,700 Fitted 2021 -9.0 -7.8 4,200 Observed 2022 2.2 1.5 3,700 2023 5.6 5.4 3,200 2024* 6.6% (until November) 5.8 2025* 4.6 2,700 Banking Credit Forecast M
Slide 102: Capitalization ratios
Capitalization ratios Capitalization ratio % of net capital / credit risk assets Tier 1 Common Capital Additional Tier 1 Additional Capital Regulatory Minimum 25 23.5 22.8 21.8 19.8 19.5 20 19.4 19.3 18.9 18.8 18.5 17.8 17.0 16.9 16.8 16.2 16.1 16.1 15.9 15.9 15.5 15.2 14.9 14.7 14.5 14.5 14.5 15
Slide 103: Credit has grown significantly, while NPLs remain low
Credit has grown significantly, while NPLs remain quite low Banking credit Non-performing loans ratio % y/y, in real terms % of total loan portfolio 10 18 Total Consumer Mortgage Firms Total Consumer Mortgage Firms 9 14 8 10 6 7 2 6 -2 5 -6 4 -10 3 -14 2 -18 1 -22 0 2019 2020 2021 2022 2023 2024 2
Slide 104: Financial access in Mexico
Financial access in Mexico Key FAS Indicators Outstanding deposits with commercial banks % GDP 30 2016 2017 2018 2019 2020 2021 2022 27 24 Number of ATMs per 100,000 adults 54.59 55.62 59.56 62.38 63.16 63.56 66.32 21 18 Number of commercial bank branches 15 14.02 14.03 14.03 13.92 13.00 12.23 12.
Slide 105: Financial access in Mexico
Financial access in Mexico Accounts Made or received a digital payment* % of population aged 15+, in a financial institution or mobile money % of population aged 15+ account 50 50 49.0 43.9 39.1 36.9 45 40 27.4 30 40 20 34.5 35 31.7 10 0 30 2011 2014 2017 2022 2014 2017 2022 Owns a credit or debit
Slide 106: Formal and informal savings
Formal and informal savings Current savings instrument Reasons for not having a savings account* % of population between 18 and 70 years old % of population that does not have an account 100 33.2 32.2 Without savings 80 39.8 Doesn't have enough money 31.9 60 13.6 15.4 Both 5.4 4.6 15.3 She/he does
Slide 107: Formal and informal credit
Formal and informal credit Current loan instruments Reasons for not having a loan* % of population between 18 and 70 years old % of population that does not have a loan 100 80 42.9 Without a loan Doesn't like to borrow 34.4 45.6 47.9 60 12.6 12.7 11.0 Both Doesn't fullfil the requirements 25.9 40
Slide 108: Access to financial instruments and digitalization
Access to financial instruments and digitalization in urban and rural populations Financial instrument access by type of area Channels used to do transactions or check account’s % of population between 18 and 70 years old balance 80 % of population between 18 and 70 years old 74.2 Urban Rural 70 7
Slide 109: Financial conditions of Mexicans
Financial conditions of Mexicans Savings Savings relative to current income % of population aged 18-years-old or more % of population aged 18-years-old or more with savings Avg. 52.0 70 57.3 18 - 29 59.6 60 Women Men 30 - 49 54.0 50 - 64 46.9 50 ≥65 41.3 40 Debt 63.3 30 % of population aged 18-yea
Slide 110: Financial strategies and behavioral of Mexicans
Financial strategies and behavioral of Mexicans Not enough money to cover his/her expenses Options to cover his/her expenses % of population aged 18-years-old or more % of population aged 18-years-old or more Reduce expenses 68.3 Total 30.5 Women 32.5 Borrow from family or friends 41.6 Men 28.0 Us
Slide 111: Financial strategies and behavioral of Mexicans
Financial strategies and behavioral of Mexicans Means to cover an economic emergency (equivalent to How often do you have money left at the end of the month? one-month income % of population aged 18-years-old or more % of population aged 18-years-old or more 50 45.9 40 34.7 30 64.3 Loans from fami
Slide 112: MSMEs represent a key part of Mexico's productive chain
MSMEs represent a key part of Mexico’s productive chain Key facts on MSMEs Number of MSMEs, employees and added value % of the total ▪ According to INEGI, there are around 4.8 million MSMEs in Mexico 100 94.9 ▪ INEGI estimates that these companies are responsible of 90 Micro Small Medium Large 72%
Slide 113: Key figures on AFOREs and the pension system
Key figures on AFOREs and the pension system AUMs by Siefore Employer contributions to retirement % of GDP % of the base wage 20 16 15.0 11.5 12.5 13.5 15 10.5 12 9.5 7.5 8.5 10 8 6.5 5 4 0 0 1998 2003 2008 2013 2018 2023 2022 2023 2024 2025 2026 2027 2028 2029 2030 Investment regime by Siefore Ne
Slide 114: Job informality
Job informality People working in informality Informality rate Population aged 15+, million % of population aged 15+ 58 62 56 56.1 60 54 58 52 56 50 54.6 54 48 52 46 50 44 42 48 40 46 May-06 Jul-12 Sep-18 Nov-24 May-06 Jul-12 Sep-18 Nov-24 Source: INEGI Div TI NIM Dep BAP Guid ESG Eco Rev NI Div L
Slide 115: State economic activity and Banorte's regional reach
State economic activity and Banorte’s regional reach Heat Map: Contribution to Economic Growth Branch Network % GDP, contribution points # of branches Average Net Income by branch Thousand MXN Source: Banorte Div TI NIM Dep BAP Guid ESG Eco Rev NI Div Loan ICAP BAP Div Rev LD Dep Eco ICAP BAP ICAP
Slide 116: Changes implied by the reform of the Judicial Branch
Changes implied by the reform of the Judicial Branch Topic Actual New proposal Number of ministers in the 11 ministers 9 ministers Supreme Court 12 years (As part of the transition there will be terms of eight, eleven and fourteen Term as SC minister 15 years years) Structure of the SC Two bodies
Slide 117: Profile and Career Topics addressed by Claudia Sheinbaum
Profile and Career Topics addressed by Claudia Sheinbaum since her victory ▪ Bachelor's degree in Physics ▪ Presented two new social program (UNAM). Thesis topic: initiatives (cash transfer to women between 60 and 64 years old and Thermodynamic study of a wood universal scholarship for public stov
Slide 118: Axes and proposals for the six-year term 2024-2030
Axes and proposals for the six-year term 2024-2030* Investment & Employment & Security & Health & Economy State-owned Infrastructure Housing Justice Education Enterprises • Nearshoring: • Fair pensions for • Expansion of the • 169,000 young • Republican austerity • CFE will maintain its competitiv
Slide 119: Analyst Certification
Analyst Certification. We, Alejandro Padilla Santana, Juan Carlos Alderete Macal, Alejandro Cervantes Llamas, Marissa Garza Ostos, Katia Celina Goya Ostos, Francisco José Flores Serrano, José Luis García Casales, Santiago Leal Singer, Víctor Hugo Cortes Castro, Leslie Thalía Orozco Vélez, Hugo Arman
Slide 120: Visit our website
Visit our website Div TI NIM Dep BAP Guid ESG Eco Rev NI Div Loan ICAP BAP Div Rev LD Dep Eco ICAP BAP ICAP Guid L D Dep ESG Eco TI NIM Rev C/I NI ROE @alexpadillasan LD Mkt NIM Guid NI TI Hist C/I ROE Loan Mkt App ROE Loan 120 C/I Mkt Hist App 120 Hist App de BANORTE
Slide 121: Our Corporate Presentation & Annual Report
Our Corporate Presentation & Annual Report Corporate Presentation
Grupo Financiero Banorte — Q4 2024 Earnings Presentation on 6ix