Banorte (Grupo Financiero Banorte) is one of Mexico’s largest banking groups, offering retail, corporate and investment banking.
Sector: Banks
MX_BANORTE
Shares: yahoo_fundamentals_timeseries/GFNORTEO.MX
Monetary columns are in B MXN, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | Net interest incomeB MXN | Net profitB MXN | AssetsB MXN | EquityB MXN | ROE (annualized) | Source |
|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | Q2 2026 (3M) | OK | — y/y — | — y/y — | 2669.6 y/y — | 247.5 y/y — | 24.3% | Link |
| 2026-03-31 | Q1 2026 (3M) | OK | — y/y -37.7% | — y/y 1.1% | 2635.9 y/y 3.3% | 264.4 y/y -1.0% | 24.1% | Report (PDF) |
| 2025-12-31 | Q4 2025 (3M) | PARTIAL | — y/y — | — y/y — | 2598.7 y/y 5.2% | 249.1 y/y -0.1% | 23.1% | Link |
| 2025-09-30 | Q3 2025 (3M) | PARTIAL | — y/y — | — y/y — | 2509.3 y/y — | 260.9 y/y — | 6.6% | Report (PDF) |
| 2025-03-31 | Q1 2025 (3M) | OK | — y/y — | — y/y — | 2552.8 y/y — | 267.1 y/y — | 23.7% | Link |
| 2024-12-31 | FY 2024 (12M) | ERR | — y/y 11.5% | — y/y 7.2% | 2471.2 y/y 8.6% | 249.4 y/y 0.0% | 22.5% | Report (PDF) |
| 2023-12-31 | FY 2023 (12M) | ERR | — y/y — | — y/y — | 2274.9 y/y — | 249.4 y/y — | — | Report (PDF) |
Our earnings breakdowns and investment notes on this issuer.
Group: Banks. Each peer is shown as it trades and re-priced onto this company's market (Mexico) by the ratio of our coverage medians.
| Company | Market | Cap, $bn | P/E | P/E, adjusted |
|---|---|---|---|---|
| State Bank of India | India | 93.2 | 10.3x | 7.0x |
| Emirates NBD | UAE | 51.7 | 7.8x | 8.8x |
| HDFC Bank | India | 111.5 | 15.1x | 10.3x |
| Abu Dhabi Commercial Bank | UAE | 36.3 | 9.8x | 11.0x |
| First Abu Dhabi Bank | UAE | 57.9 | 10.0x | 11.3x |
| ICICI Bank | India | 105.2 | 17.0x | 11.6x |
| KB Financial Group | Korea | 39.3 | 8.3x | 13.8x |
| Bank Central Asia | Indonesia | 33.5 | 10.5x | 25.3x |
| Capitec Bank | South Africa | 31.8 | 31.4x | 47.5x |
| Royal Bank of Canada | Canada | 281.0 | 19.4x | — |
| Mitsubishi UFJ Financial Group | Japan | 240.9 | 14.1x | — |
| Bank of Nova Scotia | Canada | 114.8 | 20.7x | — |
| Group median | 12.3x | 11.3x | ||
| Group average | 14.5x | 16.3x | ||
| This company | Mexico | 31.9 | 10.1x | 10.1x |
Group median 12.3x as traded, 11.3x adjusted; this company 10.1x — a 11% discount.
Group average 14.5x as traded, 16.3x adjusted; against the average this company is at a 38% discount. The average sits 44% above the median: Capitec Bank (47.5x) skews the group.
At the adjusted group median the market cap would be +12% versus today.
The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 29.1x, Russia 6.1x, South Africa 11.3x, Kazakhstan 9.3x, India 25.1x, Indonesia 7.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-27; the company's own is live.
| Date | Per share | Details | Status | Source |
|---|---|---|---|---|
| 2026-05-28 | 10.4488 MXN | Ex-dividend: 10.4488 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2025-12-08 | 6.9907 MXN | Ex-dividend: 6.9907 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2025-05-02 | 9.9867 MXN | Ex-dividend: 9.9867 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2024-12-17 | 3.5547 MXN | Ex-dividend: 3.5547 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2024-06-27 | 9.0895 MXN | Ex-dividend: 9.0895 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2023-10-12 | 5.2021 MXN | Ex-dividend: 5.2021 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2023-06-08 | 7.8739 MXN | Ex-dividend: 7.8739 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2022-12-06 | 5.8121 MXN | Ex-dividend: 5.8121 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2022-05-27 | 6.0775 MXN | Ex-dividend: 6.0775 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2021-11-26 | 2.6451 MXN | Ex-dividend: 2.6451 MXN per share | Paid | Yahoo Finance (ex-div) |
KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).
Investor reporting (IR): https://investors.banorte.com/en/financial-information/quarterly-reports
Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)
Financial results, valuation multiples (P/E, P/B), profitability and dividend yield of Grupo Financiero Banorte — from primary filings.
See also: Mexican Stocks (2026): Quality Value and the Nearshoring Trade · The Cheapest Bank Stocks in the World (2026): Where Global Banks Trade Below Book · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map