Grupo Fin Banorte Ord (GBOOF) Q3 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. I'm Tomas Lozano, Head of Corporate Development, Financial Planning, Investor Relations, and ESG. I would like to welcome you to Grupo Financiero Banorcero's third quarter earnings call. We will begin today's presentation with our CEO, Marco Ramirez, who will provide an update of the political and macroeconomic events that surrounded our third quarter's operation, followed by an overview of the group's main results, our quarterly update on sustainability, as well as details on our capital and an update on the shares we bought through the buyback program. Then Rafael Arana, our COO, will walk us through the evolution of the margin and balance sheet sensitivity, as well as details on asset quality and efficiency, among other relevant updates. Please note that today's presentation may include forward-looking statements that are subject to risk and uncertainties, which may cause actual results to differ materially. On page two of our conference call deck, you will find our full disclaimer regarding forward-looking statements. Thank you. Marcos, please go ahead. Thank you, Thomas. Good morning, everyone. Thank you for joining us today. The third quarter of the year showed a sound evolution for Banot, regardless of the current operation, operating environment. High-frequency economic data continue to show signs of a slowdown, thus bringing us to adjust our GDP growth expectation for 2024 to 1.3%. Nevertheless, we still perceive a strong inertia in domestic demand, driven by resilient consumer fundamentals. For 2025, we forecast GDP growth of 1% given the current global step boost, despite the Mexican resilience derived from its high dependence to the U.S. Annual headline inflation continues to trend down, yet it is still above the central bank targe...