Banorte Deep dive into main trends after 2Q26 result; Model updated

研报英文原文证据摘录

Banorte Deep dive into main trends after 2Q26 result; Model updated

Global Research

26 July 2026ab

Banorte Equities

AmericasDeep dive into main trends after 2Q26 result;

Model updated Diversified Financial

12-month rating Buy *

12m price target P252.00Assessing four key topics; Banorte still a Buy rating

Prior : P237.00

Following Banorte's 2Q26 earnings release, we maintain our focus on NII sensitivity,

capital position, operating expenses and asset quality. Overall, earnings came in Price (24 Jul 2026) P192.08

pretty much in line with our and consensus estimates. It was another quarter of RIC: GFNORTEO.MX BBG: GFNORTEO MM

solid profitability levels with the bank reporting loan growth along with controlled

asset quality, good fees performance and higher-than-anticipated trading gains. Trading data and key metrics

Lastly, the bank reiterated its 2026 guidance, projecting earnings between Ps 62.0 – 52-wk range P208.50-163.91

64.0 bn (vs. Ps 63.5 bn UBSe) and ROE in the range of 22.0%–24.0% (vs. 24.0% UBSe) - Market cap. P548b/US$31.4b

note that 1H26 earnings represent ~49% of our estimates for the full year. Shares o/s 2,854m (ORDB)

Free float 81%

NIM sensitivity increased Avg. daily volume ('000) 6,013

Historically, Banorte used to have a relevant negative exposure to easing monetary Avg. daily value (m) P1,121.2

cycle (lower monetary policy rate means weaker NIM), but the bank managed to Common s/h equity (12/26E) P280b

materially reduce this sensitivity (between 3Q24 to 3Q25 the sensitivity went down P/BV (12/26E) 1.9x

to almost zero). In 2Q26, the sensitivity posted some expansion and it is now each Tier 1 ratio 22%

100 bps contraction in the monetary policy rate would have a negative impact of Ps

281mn (vs. Ps 48mn previously) in its NII. EPS (UBS, diluted) (MXN)