Overview of Grupo Financiero Banorte’s Third Quarter Performance
In the third quarter of 2025, Grupo Financiero Banorte reported profits of 13,008 million pesos, marking an 11% decrease compared to the previous quarter’s 14,618 million pesos and a 9% decrease compared to the same period in 2024.
According to the financial results report, the group demonstrated strength across all business lines, expansion of margins, and disciplined cost management during the quarter. However, the results were affected by the desconsolidación (deconsolidation) of Bineo, its digital bank, as well as increased reserves due to an isolated event.
Impact of Bineo Desconsolidation
“The quarterly results were impacted by two special events: the desconsolidación of Bineo, recording an initial write-down loss of 1,307 million pesos, and the registration in stage 3 of a significant case in the commercial portfolio, leading to higher provisions,” explained Grupo Financiero Banorte.
As a result, the accumulated profit for the first nine months of 2025 totaled 42,914 million pesos, representing a 1% growth compared to the same period in 2024.
Banorte’s Digital Bank, Bineo, Up for Sale
In April of last year, it was confirmed that Grupo Financiero Banorte intended to sell its digital bank, Bineo, which was launched only at the beginning of 2024.
In September of this year, the agreement to sell Bineo to Clearscope Holdings, a subsidiary of Klar Holdings Limited (Klar USA), was announced. Klar is also a parent company of the Mexican financial society popular (sofipo) known as Klar.
Growth in Credit Portfolio
Grupo Financiero Banorte reported that, by the end of the third quarter of 2025, its credit portfolio in force reached nearly 1.2 trillion pesos, representing a 7% growth compared to the same period in 2024.
Within this, the consumer portfolio increased by 12%. The mortgage segment grew by 8%, automotive by 31%, credit cards by 16%, and salary loans by 10%. Meanwhile, the commercial portfolio increased by 9%, corporate by 7%, and government by 12%.
The Index of Delinquency (IMOR) stood at 1.37% by the end of the third quarter.
Key Questions and Answers
- What is Grupo Financiero Banorte? It’s a Mexican financial group that includes Banorte, one of the country’s largest banks, and other financial entities.
- Why is Bineo relevant? Bineo is a digital bank launched by Grupo Financiero Banorte in early 2024. Its desconsolidation (deconsolidation) impacted the group’s third-quarter profits.
- What led to the decrease in profits? The 11% decrease in profits was primarily due to the desconsolidation of Bineo and increased reserves for an isolated event.
- What is the credit portfolio in force? It refers to the total amount of loans and credits currently being repaid by borrowers, which stood at nearly 1.2 trillion pesos for Grupo Financiero Banorte by the end of Q3 2025.
- What is the Index of Delinquency (IMOR)? It’s a measure of the percentage of overdue loans in a bank’s portfolio. For Grupo Financiero Banorte, it was 1.37% by the end of Q3 2025.
