Grupo Financiero Banorte. de First Quarter 2024 Earnings: Revenues Beat Expectations, EPS In Line

Grupo Financiero Banorte. de (BMV:GFNORTEO) First Quarter 2024 Results

Key Financial Results

• Revenue: Mex$32.2b (up 13% from 1Q 2023).
• Net income: Mex$14.2b (up 9.1% from 1Q 2023).
• Profit margin: 44% (down from 46% in 1Q 2023). The decrease in margin was driven by higher expenses.
• EPS: Mex$5.00 (up from Mex$4.52 in 1Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Grupo Financiero Banorte. de Revenues Beat Expectations

Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) was mostly in line with analyst estimates.

Looking ahead, revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Banks industry in South America.

Performance of the market in Mexico.

The company's shares are down 1.9% from a week ago.

Risk Analysis

Be aware that Grupo Financiero Banorte. de is showing 1 warning sign in our investment analysis that you should know about...

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