Banorte expects to reach a trillion pesos in portfolio in 2023 or at least be quite close to that figure, said the general director of the financial group, Marcos Ramírez Miguel.
At the end of the first quarter of this year, Banorte’s current portfolio reached 950,157 million pesos, a growth of 14.0% compared to 834,748 million in the same period of 2022, after a greater credit demand in all portfolios.
“I said it in the Council (of administration) that we hope this year to cross one billion and if not, be quite close to one billion; it is possible,” said the banker.
In an interview with El Economista, he estimated that the good dynamism of credit will continue for the rest of the year, with double-digit growth in the institution, given the good prospects for the economy.
Just last week Banorte raised its growth expectation for the Gross Domestic Product (GDP) from 1.5 to 2.0%.
Increase in all segments
In the first quarter of the year, Banorte’s current portfolio grew 14 percent. In the interior, the consumption increased 17%, the commercial 16%, the corporate 4.0% and the government 13 percent.
But if you only look at the consumer portfolio, within it mortgage loans increased 15%, automobile loans 25%, credit cards 16% and payroll loans 22 percent.
“Where do we see it? It seems that it is going to look very good, because automotive let’s remember that there were no cars last year, and now there are as many cars as there is demand, there we already see that this trend will continue.
“The mortgage also, the rates are very low and we want to grab many customers and that is why we give them very good rates so that they stay with us,” said the manager.
He added: “The same thing with credit cards, responsibly, but Mexicans are knowing how to spend, it is growing well, and payroll credit, which is a product that they pay for with their own payrolls, so hopefully it will grow as much as possible and it is growing well.”
In this sense, the director of Banorte was confident that double-digit growth could continue in the coming quarters.
He stressed that the dynamism that has been seen in consumer credit is a reflection of how Mexicans are doing, beyond large companies.
And both the mortgage and the automobile, credit cards and payroll, we see them all well and growing, I insist, at double digits for the rest of the year”.
There is already strong demand for nearshoring
Marcos Ramírez assured that today there is already a fairly strong demand for credit due to the phenomenon of relocation of value chains, known as nearshoring, but not only in a few large companies on the border, but rather, he pointed out, it is something that is going to impact businesses of all sizes and that will spread throughout the country.
