Banorte: Turning Bullish, as It Bites the Provisions Bullet and Non-Bank Entities Support Group ROE
Cost of risk for the Mexican bank system to May has moved higher, with negative implications for bank returns, as shown in the key chart in this...
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Mexican Banks – April Data Sets the Scene for 2Q20
Mexican banks’ key data for April sets out the key challenges for 2Q20; cost of risk continues to worsen, with fee generation under pressure; near...
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EM Growth Vs Value: Maximum Divergence
The nature of the COVID-19 induced sell-off has favoured Aggressive Growth strategies over Value this year. During this period, the divergence in...
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Mexican Banks’ Cost of Risk Assumptions: Banorte Management in Denial?
The top five banks 1Q20 results, as disclosed by the bank regulator, CNBV, show a broad range on cost of risk assumptions In the more conservative...
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Banorte (GFNORTEO MM) – Reasons to Be Fearful, Part I
Our key take aways from Grupo Financiero Banorte-O (GFNORTEO MF) ’s 1Q20 results are that management are potentially underestimating credit risk...
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