Company invites individual and institutional investors as well as advisors to attend interactive real-time virtual VirtualInvestorConferences.com
MEXICO CITY, May 8, 2017 /PRNewswire/ -- Banorte (OTCQX: GBOOY), a banking institution based in Mexico, today announced that Ursula Wilhelm, Head of Investor Relations, will present live at VirtualInvestorConferences.com on May 11, 2017.
DATE: Thursday, May 11, 2017
TIME: 10:30am - 11:00am ET
This will be a live, interactive online event where investors are invited to ask the company questions in real-time - both in the presentation hall as well as the association's "virtual trade booth." If attendees are not able to join the event live on the day of the conference, an on-demand archive will be available for 90 days.
It is recommended that investors pre-register and run the online system check to save time and receive event updates.
Learn more about the event at www.VirtualInvestorConferences.com.
Recent Company Highlights
- GFNorte reports record Net Income of Ps 5.5 billion in 1Q17, up +24% from same period last year.
- Net Income of Ps 5.5 billion, achieved outstanding sequential growth of +5%, driven by sound fundamentals, dedicated strategy, revenue expansion and healthy business diversification. The main increases came from the Insurance +58%, Brokerage +44%, Pensions Fund +31%, Annuities +14%, and the Bank +5%.
- Strong quarterly financial indicators: NIM to 5.5% from 5.0%, non-performing loans ratio stable at 1.8%, reserves coverage ratio stable at 138%, ROE at 15.7%, from 15.1% and ROA at 1.76%, up +5bp.
- Net Interest Income (NII) grew +6% in the quarter; while loan loss provisions were practically flat. Record net operating income of Ps 7.5 billion, +9% higher QoQ.
- Subsidiaries achieved strong sequential earnings growth: Banorte Bank +49%, Brokerage +50%, Annuities +42%, Pensions Fund +14%, Leasing and Factoring +15%.
- Annual key financial ratios improved substantially. NIM to 5.5%, from 5.0%, NPL Ratio at 1.8%, from 2.2%, reserves coverage ratio to 138%, from 119%, Efficiency Ratio to 44.5%, from 46.8%, ROA to 1.76%, from 1.50%, and ROE to 15.7%, from 13.3%.
- NII up +16% annually, and adjusted for credit risks +21%.
- Net service fees increased +18% annually on higher transaction volume and online banking services. Trading Income rise +66%.
- Controlled efficiency ratio at 44%, outstanding net operating income growth of +35% yearly.
- Strong growth in the Consumer book, +4% quarterly and +19% annually. Performing loans growth of +10% driven by a healthy decline in the government book. Non-performing loans steady vs. last quarter and decrease (12%) vs. 1Q16.
- Capital ratios remain solid, at 16.59% impacted by the sale of INB on March. Moreover, the leverage ratio remained solid at 7.98% in 1Q17.
Banorte, the banking subsidiary of Grupo Financiero Banorte (GFNorte), was founded in 1899 in the city of Monterrey and is currently the third largest banking institution in Mexico measured by size of deposits and the fourth by loans. With more than 27,000 employees and 7,242 ATMs across 1,139 branches, Banorte serves more than 12 million customers in the banking sector and manages more than 122 billion US dollars in assets. GFNorte shares trade on the Mexican Stock Exchange (BMV) under the ticker "GFNORTEO".
Since 2010, VirtualInvestorConferences.com, created by BetterInvesting (NAIC) and PRNewswire, has been the only monthly virtual investor conference series that provides an interactive forum for presenting companies to meet directly with investors using a graphically-enhanced online platform.
Designed to replicate the look and feel of location-based investor conferences, Virtual Investor Conferences unites PR Newswire's leading-edge online conferencing and investor communications capabilities with BetterInvesting's extensive retail investor audience network.
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