Banorte
Banorte

Banorte

Coverage: Mexico
Grupo Financiero Banorte is the second largest financial group in Mexico. It operates as a full-service bank, offering a suite of products and services through its banking, insurance, asset management and broker-dealer divisions.
Location: Mexico

Latest from Banorte

Mexico: Ahead of the Curve

Proceeding in chronological order... Consumer confidence stable in June. Hence, with seasonally adjusted data we estimate 0.9% m/m growth. In contrast, the pace could moderate on rising inflation, which remains as the main risk for performance ahead....
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 1 July 2022

Mexico: IMEF’s PMI surveys–Moderation in June, with manufacturing in contraction

Both indicators moderated, although highlighting that manufacturing returned to contraction territory. Except for employment, all sectors declined. ‘ Finally, deliveries fell to 48.4pts from 48.9pts (-0.4pts), again the only sector below the 50pts th...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 1 July 2022

Remittances – New historical high in May on seasonality and the US job market

Seasonally adjusted, inflows fell 1.5% m/m, which is modest after advancing 4.8% in April. Specifically, hard data such as retail sales and industrial production were weaker, especially the former. Meanwhile, wages seem to be lagging, with an increas...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 1 July 2022

Mexico: Public Finances – $104.4 billion deficit in the PSBRs up to May

PSBRs deficit of $104.4 billion up to May. The MoF released its public finance report for May, in which we highlight the $104.4 billion deficit in Public Sector Borrowing Requirements (PSBR) –the broadest measure of the public balance[1]–. This compa...
Banorte Francisco Jose
Francisco Jose Flores Serrano @ Banorte 1 July 2022

Mexico: Banking credit keeps rising, driven by consumer loans

Banking credit rose 2.2% y/y in real terms, adding a second month in positive territory. Lastly, inflationary pressures continued –especially within the core component, with 18 consecutive months to the upside (7.28% y/y)–, which could imply addition...
Banorte Francisco Jose
Francisco Jose Flores Serrano @ Banorte 30 June 2022

Pause in the recovery of the labor market in May despite a favorable backdrop

The labor force decreased by 390.3 thousand, with unemployed persons +127.8 thousand. The result on job positions is negative, considering that the usual seasonality points to a moderate creation, considering the jobs that are usually lost during the...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 28 June 2022