Banorte Financial Group announced its interest in buying Banamex. “We are initiating an analysis of this opportunity, and if we find that a possible transaction adds value to the shareholders, we would submit it for their consideration, and at the time we would make it public knowledge,” according to Marcos Ramírez, general director of Banorte.
Ramírez said that in the fourth quarter of the year, the Bank managed to increase its consumer portfolio by 6% compared to the fourth quarter of 2020. mortgage credits and the Credit cards increased 7%, while payroll credit increased 6%. The automotive credit had a shrinkage of 1%.
The commercial credit had an increase of 5% derived from a “greater economic dynamism”. However, corporate and government loans fell 2% and 4%, respectively.
The delinquency rate of the Bank it fell to 1%, this being the lowest level in its history.
Results list
Banorte Financial Group closed 2021 with a growth in its net income of 35,048 million pesos, which represents a growth of 15%, compared to 2020.
The Bank and the pension business caused this profit growth and helped offset the poor performance of businesses such as insurance, which had an annual drop of 45%; the business of saving and forecast also reported a 30% contraction.
The insurance business had a drop in profits due to the increase in registered claims in life insurance. “Regarding insurance claims, an increase of 9% is observed compared to the previous quarter, and a decrease of 5% compared to the same period of the previous year stands out, gradually reflecting the expected change in trend”, detailed the Bank.
In the Afore division, XXI Banorte reported an increase in its profits of 2%, with 1,920 million pesos.
Until the end of 2021, Banorte had a network of 9,668 ATMs, 1,151 branches and 31,175 employees