The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Banorte pushes hard towards 20% ROE

Bank’s new digital platform delivering quick revenue growth; capital optimization makes the bank a potential dividend play.

Banorte’s recent third-quarter results confirm the bank is the outperformer in the Mexican market and that even the uncertainty surrounding the North America Free Trade Agreement could not take the gloss off its success story.

In late October, CFO Rafael Arana revealed that Banorte achieved its best-ever efficiency ratio – coming in at 40.4%. This result reflects tight cost control after recent capex spending that is now producing strong revenue growth. 

If it maintains this momentum, which has seen its return on equity (ROE) in the third quarter hit 18% (within striking distance of management’s target of 20%), the bank is set to overtake BBVA Bancomer as the most profitable in the country. 


“Nafta and elections pose risks that are hard to price in and, as a result, could lead to weaker lending activity and major volatility in FX and stock performances, but none of that stops us reiterating our positive view,” says BTG Pactual’s equity analyst Eduardo Rosman. “Sure, the stock isn’t cheap, but the trends for its results remain very favourable, leaving us comfortable with our buy rating.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree