Banorte reported a profit of 13,018 million pesos for the first quarter of 2023, which meant an increase of 21% compared to the 10,748 million obtained in the same period of 2022.
This result was influenced, in part, by higher interest income, derived from the high rate environment, as well as by greater credit activity.
“Net interest income increased 2.0% sequentially and 17% compared to the first quarter of 2022, in line with the expansion of the portfolio and reflecting the strength and mix of the credit portfolio and, partially, the effect of rising rates”, exposed the financial group.
Progress in all portfolios
And it is that according to its results report, Banorte’s current credit portfolio reached 950,157 million pesos, a growth of 14% in its annual comparison, showing an increase in all portfolios.
Thus, the consumer portfolio showed a growth of 17% in the first quarter of 2023 compared to the same period of 2022, for a balance of 384,832 million pesos.
Within this portfolio, mortgages grew 15% in the period, automobiles grew 25%, credit cards grew 16%, and payroll loans grew 22%.
Meanwhile, the commercial portfolio totaled 234.136 million pesos, an annual growth of 16%; that of corporate increased 4% with a balance of 150,826 million; and the government 180,364 million for a balance of 180,364 million.
Meanwhile, the Delinquency Index (IMOR) was located at 1.04%, one of the lowest in the system.
Catchment also with growth
Banorte also reported that total deposits stood at 832.641 million pesos, which represented an increase of 5.0 percent.
In the interior, sight deposits increased 5.0% for a balance of 613,792 million pesos, and term deposits grew 3.0%, reaching 218,848 million.
As for the Capitalization Index (ICAP) this was located at 22.1% at the end of the first quarter of 2023, and the average Liquidity Coverage Ratio (CCL) was 154.8 percent.
