November 10, 2016
Faced with lower oil prices and moderate GDP growth, along with government spending cuts and the worst-performing emerging market currency of the year, Mexico’s financial services firms are under pressure to deliver.
Against the volatility, Grupo Financiero Banorte has worked to change its revenue composition and improve its relationships with clients. It also improved net income and visited the international bond market, feats that make it LatinFinance’s Bank of the Year Mexico 2016.
Net income hit 4.626 billion pesos for the second quarter, 4% higher than the second quarter of 2015, while client deposits grew 13% year-on-year at the end of June.
Marcos Ramírez, Banorte’s chief executi
Amid a difficult year, this year’s winner diversified its revenue sources, posted improved numbers and rolled out new options for its customers