Net interest income grew 48%. The rock-hard results prove that Banorte – Mexico’s fifth-largest bank and the only major institution left in Mexican hands – is holding its own in an increasingly competitive market.
Part of the massive rise in earnings can be explained by one-off gains from a tax adjustment and the sale of bonds from Altos Hornos de México, a large Mexican steelmaker. On a more recurrent basis, a notable increase in lending is another major factor. Banorte is a leader in lending to Mexico’s small and medium-sized businesses.
