The recession in the US will make Banorte grow less in 2023

The main concern is that this year the United States will face a recession and infect Mexico, but Ramírez said the bank is “documented optimistic” and is confident that demand for credit will continue, especially consumer credit. This type of credit had an increase of 12% at the end of 2022.

“The recession factors that we see are basically what we import from the United States,” Ramírez said. Banorte estimates that the Mexican economy will have a growth of between 0.5% and 1.5%, this 2023.

Alejandro Padilla, Chief Economist of the institution, said that the recession is caused by the increase in interest rates made by the Federal Reserve.

At the end of last year, the bank’s net profit was 45,408 million pesos, 30% more than in 2021. The profits were thanks to the new generation of credits and the increase in interest rates.