Grupo Financiero Banorte, S.A.B. de C.V. Reports Unaudited Group and Bank Earnings Results for the Fourth Quarter and Year Ended December 31, 2018; Provides Earnings Guidance for the Year 2019
January 25, 2019 at 08:30 pm IST
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Grupo Financiero Banorte, S.A.B. de C.V. reported unaudited group and bank earnings results for the fourth quarter and year ended December 31, 2018. For the quarter, on group basis, the company's interest income was MXN 38,865 million against MXN 29,283 million a year ago. Net interest income was MXN 19,600 million against MXN 16,640 million a year ago. Total operating income was MXN 23,481 million against MXN 17,406 million a year ago. Net income was MXN 10,182 million against MXN 6,482 million a year ago. Earnings per share were MXN 3.531 against MXN 2.337 a year ago. Earnings per share basic were MXN 3.557 against MXN 2.354 a year ago.
For the full year, on group basis, the company reported net income of MXN 31,958 million against MXN 23,908 million a year ago. Earnings per share were MXN 11.083 against MXN 8.619 a year ago. Earnings per share basic were MXN 11.389 against MXN 8.684 a year ago.
For the quarter, on bank basis, the company's interest income was MXN 32,587 million against MXN 25,181 million a year ago. Net interest income was MXN 17,442 million against MXN 14,856 million a year ago. Total operating income was MXN 21,066 million against MXN 15,135 million a year ago. Net income was MXN 8,808 million against MXN 4,850 million a year ago. Total income was MXN 24,875 million against MXN 18,585 million a year ago.
For the full year, on bank basis, the company's net interest income of MXN 64,513 million against MXN 55,648 million a year ago. Total income was MXN 84,711 million against MXN 70,063 million a year ago. Net income was MXN 24,834 million against MXN 18,339 million a year ago. Operating income was MXN 33,997 million against MXN 25,675 million a year ago.
For the year 2019, the expected net income range will be between MXN 35.8 billion to MXN 36.8 billion.
Grupo Financiero Banorte SAB de CV is a Mexico-based financial institution (the Bank) engaged in the banking sector. The Bank operates in four business sectors: Banking, Savings, Brokerage and Other financial services. The Banking division provides current accounts, consumer and commercial loans, as well as credit and debit cards, among others. The Savings division offers products related to insurance and pension schemes. The Brokerage division focuses on the investment funds management and securities trading. The Other financial services division includes leasing, factoring, portfolio management and warehousing, among others. The Bank offers financial products and services to individual and business customers. It operates through a number of subsidiaries, such as Almacenadora Banorte SA de CV Organizacion Auxiliar del Credito Grupo Financiero Banorte, Casa de Bolsa Banorte IXE SA de CV Grupo Financiero Banorte and Ixe Servicios SA de CV.
Grupo Financiero Banorte, S.A.B. de C.V. Reports Unaudited Group and Bank Earnings Results for the Fourth Quarter and Year Ended December 31, 2018; Provides Earnings Guidance for the Year 2019