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

Volaris: Traffic maintains positive trend

Volaris’ total passengers in November increased 13.7% y/y, supported by domestic growth 9.5% and international 32.7%. Load factor decreased 0.6pp, although standing at a good level of 88.0%. In turn, the cost of fuel dropped 2.7% m/m. We expect an im...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 8 December 2022

Grupo Aeroportuario Centro Norte: International segment stands out

Oma’s total passengers in November increased 20.2%, in line with our 18.0% expectation. Domestic segment continued with solid growth of 22.9%y/y, albeit surprising in the international with a 22.9% y/y rise. Though the outlook is favorable given stoc...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 8 December 2022

Grupo Aeroportuario del Pacifico: Expected to be the group with the greatest passenger growth during November

Gap’s total passengers in November increased 22.3% (vs 23.0%e), given favorable demand performance. Domestic segment grew of 21.6%y/y and international 23.3%. Mexico’s traffic increase was 20.2% y/y vs 20.0%e. Growth perspectives for the group remain...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 8 December 2022

AIRPORTS: Gap stands out due to diversified portfolio

Passenger traffic in Asur rose 16.8%, in Gap 22.3%, and in Oma 20.2%. Figures foresee a good year-end in traffic growth. Considering total and only-Mexico operations, Gap achieved the highest y/y growth, given its diversified portfolio. We reaffirm t...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 8 December 2022

ASUR: Flash: Growth moderates, but continues with the most attractive valuation

Asur’s total passengers in November increased 16.8% y/y, driven by a strong demand, albeit at a slower expansion. The international segment, showed the highest growth of 20.1% y/y, followed by the domestic with a 15.1% y/y increase. The outlook remai...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 8 December 2022

Mexico: November CPI – Strong downward surprise, both at the core and non-core

Headline inflation grew 0.58% m/m, with the core at 0.45%, mostly explained by the positive effects of El Buen Fin. As such, annual headline inflation fell to 7.80% from 8.41%, but the core climbed to 8.51% (previous: 8.42%). Given this result, we re...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 8 December 2022