Remittances (April): US$2,861.4mn; Banorte: US$3,139.7mn; consensus: US$2,620.5mn; (range: US$2,043 to US$3,246mn) previous: US$4,007.0mn. Inflows fell 2.6% y/y after the strong 35.5% expansion in March. In our view, this was likely payback from recent strength along worsening employment conditions in the US. Nevertheless, we believe the result was still positive.