|Bid||114.32 x 239600|
|Ask||114.30 x 355000|
|Day's Range||112.02 - 114.71|
|52 Week Range||88.72 - 124.19|
|Beta (5Y Monthly)||0.51|
|PE Ratio (TTM)||8.75|
|Forward Dividend & Yield||5.54 (4.89%)|
|Ex-Dividend Date||Jun 04, 2019|
|1y Target Est||135.01|
Grupo Financiero Banorte said on Friday it was expecting the Mexican economy to recover in 2020, which would help lift its banking unit after it suffered a drop in net profit during a difficult last quarter. Banorte, which owns the largest Mexican bank, its most important asset, on Thursday reported a 12% drop in fourth-quarter net profit compared to the same quarter a year earlier. Net profit was 9.01 billion pesos ($477 million).
The Mexican president has been in office for a year now. But while he’s not done badly for financial markets, many still worry that he’ll let the fiscal reins slip to fund grandiose social projects.
Grupo Financiero Banorte, the bank with the biggest weight in Mexico's benchmark stock index, posted a third quarter net profit of 8.86 billion pesos ($450 million) on Thursday, up 13%compared to the same period last year. Banorte's revenue for the July through September period reached 26.3 billion pesos, up some 10% compared to the year-earlier period, the bank said in a statement.
Moody's de México S.A. de C.V ("Moody's") has affirmed all ratings of Arrendadora y Factor Banorte, S.A. de C.V., SOFOM, E.R., Grupo Financiero Banorte (AyF Banorte) including its long- and short-term global local currency Baa2/Prime-2 and Mexican national scale Aa2.mx/MX-1 issuer ratings. Moody's has also affirmed the short-term global local currency and Mexican national scale senior unsecured debt program ratings of P-2 and MX-1.
The Mexican peso could fall almost 9% to 21.30 per dollar next year if U.S. President Donald Trump again threatens the country during his re-election campaign, Mexican financial group Banorte said on Tuesday. Trump has repeatedly sent the Mexican currency and stock market tumbling after attacking Mexico over immigration and trade, mostly on Twitter, threatening to impose tariffs on Mexican goods or close the countries' shared border. Banorte's forecast would represent an 8.7% depreciation for the currency from its current level of about 19.60 pesos per dollar.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Arrendadora y Factor Banorte, S.A. de C.V. New York, September 17, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Arrendadora y Factor Banorte, S.A. de C.V. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Mexican President Andres Manuel Lopez Obrador said on Monday his government will order an end to tax forgiveness for the country's largest companies, saying $20 billion in exemptions given by his predecessors was akin to theft by gangsters. Of the firms that benefited from tax breaks totaling more than 400 billion pesos, 58 are listed on the stock exchange, said Mexico's tax chief Margarita Rios-Farjat at the president's regular news conference. Nearly a third of the companies listed on the benchmark S&P/BMV IPC received tax breaks, she said.
Latin American currencies firmed on Tuesday as the dollar lost ground a day ahead of the outcome of U.S. Federal Reserve's two-day scheduled meeting as well as civil unrest in Venezuela. Analysts expect no policy changes coming out of the U.S. central bank's policy meeting, but investors want to hear how Fed Chairman Jerome Powell resolves the divergence between solid economic growth and slowing inflation. "Risks are skewed to a more dovish reaction, however, should Powell's remarks suggest the potential for rate cuts this year," analysts at TD Securities wrote in a note to clients.
Mexico's Grupo Financiero Banorte, the bank with the biggest weight in Mexico's benchmark stock index, posted a first quarter net profit of 9.93 billion pesos ($512 million) on Monday, up 47 percent compared to the same period last year. The quarterly result was also boosted by gains from the sale of Banorte USA, the bank said in a statement. Banorte's current loan portfolio registered a year-on-year increase in the quarter of 22 percent to reach 762.10 billion pesos, amid growth in commercial, corporate and government lending.
Mexico's Grupo Financiero Banorte reported on Monday a 9.93 billion peso net profit for the first quarter of 2019, the bank said in a statement.