Banorte, which operates one of the largest banks in Mexico, reported a 14% increase in its quarterly profit on Thursday, thanks to better results in its income derived from insurance premiums and the intermediation business.
In a conference with analysts on Friday, Ramírez said that the financial group raised its net profit guidance for this year to a range between 51,000 million pesos (mdp) and 53,000 million pesos, from the previous forecast of between 50,500 million pesos and 52,500 million pesos.
The executive also stated that Banorte will convene a shareholders’ meeting in the coming months to propose the payment of an extraordinary dividend of 15,000 million pesos (about 876 million dollars) in the last quarter of the year.
“Internal capital generation has been consistently robust,” Ramírez told analysts. “The dividend payment will be added to our dividend policy…so we will arrive at approximately a 9% return to shareholders this year based on the current share price,” he explained.
Meanwhile, he also announced that Banorte now expects credit growth for 2023 to be between 10% and 12%, from the previous range between 6% and 8%.
The lender will seek to focus on organic growth in the coming months and will be closely watching opportunities that may arise from the nearshoring wave that is hitting Mexico, according to the head of the firm.
