Grupo Financiero Banorte (GFNORTEO.MX): 2Q26 First Take: Solid operating trends continue, new CFO announced

Research evidence excerpt

Grupo Financiero Banorte (GFNORTEO.MX): 2Q26 First Take: Solid operating trends continue, new CFO announced

Equity Research

21 July 2026 | 10:28PM EDT

Grupo Financiero Banorte (GFNORTEO.MX): 2Q26 First Take: Solid

operating trends continue, new CFO announced

Modest earnings expansion, as expected Tito Labarta

+1(212)357-6760 | tito.labarta@gs.com

Reported net income of P$15.6bn was up 1% qoq (+6% yoy), largely in-line with Gse Goldman Sachs & Co. LLC

(P$ 15.5bn) and 2% above Bloomberg consensus (P$15.2bn). While we believe Tiago Binsfeld, CFA

operating trends remain positive, with stronger insurance results, better fees and +55(11)3371-4574tiago.binsfeld@gs.com|

market related income, we note pre-tax profit was still 1% below GSe given a slightly Goldman Sachs do Brasil CTVM S.A.

Juliana Oharalower-than-expected NIM. Moreover, subsidiaries were also a positive highlight, +55(11)3372-0202 |

driven by better results at Afore and in Warehousing. Also, provisions fell 12% qoq juliana.ohara@gs.comGoldman Sachs do Brasil CTVM S.A.

with non-recurring tailwinds, while asset quality remained stable. As such, ROE also

strengthened to 24.5% (from 24.2% in 1Q26 and 22.5% in 2Q25). Finally, we note

Tomas Lozano was appointed as new CFO, but he will continue to report to Rafael

Arana, still COO and prior CFO, which should ensure a smooth transition. We expect

a modestly positive market reaction due to a solid operating backdrop, better cost of

risk and slight beat to consensus. Maintain Buy.

NIM pressure on seasonal impact from the annuities business

Net interest income was down 5% qoq and up 6% yoy (-2% GSe), due to the NIM

falling 37bps qoq to 6.1% due to lower valuation of inflation-linked securities in the

annuities business, mostly as expected.