Banorte stock holds 2026 profit target after 20% Q3 gain

Grupo Financiero Banorte increased third-quarter net income by 20 percent year over year to MXN 15.66 billion, according to the Q3 2026 earnings summary published by Quartr. The result covered the July-to-September period and came as the Mexican financial group expanded its core lending business.

Banorte stock traded at 10.08 euros on Lang & Schwarz at 13:14 CET on Tuesday, November 10, 2026.

Lending Drives Third-Quarter Earnings

Performing loans grew 11 percent from a year earlier to MXN 1.33 trillion, while deposits increased 13 percent. Commercial loans expanded 13 percent, corporate lending rose 11 percent and consumer lending gained 9 percent, giving the group a broad base for revenue growth.

Total income reached MXN 44.09 billion, up 9 percent year over year. Net interest income increased 5 percent to MXN 38.13 billion, while net service fees rose 14 percent to MXN 5.67 billion. The combination points to continued operating momentum, although the earnings mix also requires attention as provisions increased 20 percent during the first nine months.

Full-Year Targets Remain Unchanged

Management kept its 2026 net-income target at MXN 62 billion to MXN 64 billion. The group also retained its loan-growth range of 8 percent to 11 percent, a return-on-equity target of 22 percent to 24 percent and a cost-of-risk range of 1.8 percent to 2.1 percent.

After nine months, net income stood at MXN 46.67 billion, up 9 percent year over year. Nine-month return on equity reached 24.7 percent, compared with the full-year target range, while quarterly return on equity was 24.5 percent. Management expects fourth-quarter loan growth to be more balanced and closer to the lower end of the annual range. Cost-of-risk guidance remains in place, although management expects it could finish near the upper end.

Quality Of Growth Matters

The earnings picture includes a one-off factor: first-quarter results benefited from the sale of Banorte's stake in Buró de Crédito. That gain helped the nine-month comparison, making the underlying development of lending, fees and provisions important for investors assessing the sustainability of the 2026 target.

Banorte's outlook also reflects a more constructive macroeconomic view. Management's 2026 gross domestic product forecast stands at 1.9 percent, while its 2027 forecast is 2.0 percent. The group expects inflation of 3.9 percent and a reference rate of 7.0 percent in 2027, assumptions that influence loan demand, margins and credit costs.

Next Earnings Test Is In The Fourth Quarter

The fourth-quarter figures will determine whether Banorte reaches its full-year profit range. Investors will focus on whether loan growth remains within guidance, whether the net interest margin stays near the lower end of the outlook and whether provisions stabilize as lending expands.

Mexican equities provide the wider market backdrop for Banorte stock.

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