Monday, On the Margin
Banorte; Nu; SOFIPOs; Liverpool; IGAE; inflation; trade.
Banorte
Banorte’s first quarter results showed an 8% annual increase in net income, taking the financial holding’s profits to over $15 billion pesos during the first three months of 2025.
According to February CNBV data, Banorte won 27 basis points (bps) of market share in loans against other commercial banks in the country — with important gains in the commercial portfolio (+58 bps)1, credit card loans (+49 bps) and payroll loans (+32 bps) on a year-over-year comparison.
Overall, market share in consumer loans contracted by 11 bps, mainly as a result of Inbursa’s acquisition of Cetelem — one of the largest non-bank players in the auto market.
Despite solid results across key areas, the poor performance of Bineo — Banorte’s digital bank — puts in question the subsidiary’s role as a strategic endeavor going forward.
During the past 12 months2, Bineo has spent over $1.5 billion pesos in non-financial expenses, a figure equivalent to 47 times its average loan book — for context, fintechs like Fondeadora and Ualá would have non-financial expenses in the range of 1.4 and 2.0 times the size of their respective loan portfolios.