Grupo Financiero Banorte (GFNORTEO.MX): Key takeaways from 2Q26 conf. call: CET1 ratio above 13.5% could trigger extraordinary dividends

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Grupo Financiero Banorte (GFNORTEO.MX): Key takeaways from 2Q26 conf. call: CET1 ratio above 13.5% could trigger extraordinary dividends

Equity Research

22 July 2026 | 10:56PM EDT

Grupo Financiero Banorte (GFNORTEO.MX): Key takeaways from 2Q26

conf. call: CET1 ratio above 13.5% could trigger extraordinary dividends

Guidance reiterated with loan growth expected to accelerate in 2H26 Tito Labarta

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

Banorte hosted its conference call post 2Q26 results and reiterated 2026 guidance Goldman Sachs & Co. LLC

across all key metrics. Management explained that credit card NPLs rose due to Tiago Binsfeld, CFA

portfolio mix normalization rather than structural deterioration, but noted that cost +55(11)3371-4574tiago.binsfeld@gs.com|

of risk could see modest additional pressure in September related to another Goldman Sachs do Brasil CTVM S.A.

Juliana Oharaisolated commercial exposure. On capital, the company confirmed a c.65bps CET1 +55(11)3372-0202 |

benefit from the mortgage model recalibration in July, bringing CET1 to c.13.2%, and juliana.ohara@gs.comGoldman Sachs do Brasil CTVM S.A.

noted that capital generation above 13.5% could support extraordinary shareholder

return. As such, we believe there are upside risks to the current 50% payout ratio.

Moreover, management expressed confidence in its funding cost trajectory, citing

11% growth in non-interest bearing deposits and a superior value proposition based

on a full banking relationship that it can offer clients. We maintain our Buy rating, as

we expect Banorte to continue delivering strong profitability with excess capital.

Largely unchanged estimates after an in-line quarter

We adjust our estimates for 2Q26 results, with our 2026 and 2027 reported net