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GFNORTE

GFNORTE. February 2009. 1. 14%. 3%. Yearly Recap. BILLION PESOS. 2007. 2008. Net Income. 6.81. 7.01. 11%. 22.7 %. 19.7 %. ROE. ROA. 2.6 %. 1.9 %. Efficiency Ratio. 56.3 %. 51.0 %. Net Interest Margin. 7.6 %. 6.8 %. Past Due Loan Ratio. 1.5 %. 2.0 %. 130.9%. 135.2%.

bertha-kelley
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GFNORTE

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  1. GFNORTE February 2009. 1

  2. 14% 3% Yearly Recap BILLION PESOS 2007 2008 Net Income 6.81 7.01 11% 22.7% 19.7% ROE ROA 2.6% 1.9% Efficiency Ratio 56.3% 51.0% Net Interest Margin 7.6% 6.8% Past Due Loan Ratio 1.5% 2.0% 130.9% 135.2% Reserve Coverage 11% Book Value 16.42 18.77

  3. Income Statement MILLION PESOS 4Q07 3Q08 4Q08 QoQ YoY 12% Net Interest Income 5,065 5,756 6,460 28% 18% Non Interest Income 1,914 2,028 2,389 25% (3%) Service Fees 1,666 1,682 1,625 (2%) (8%) Recovery 164 223 205 25% 354% FX & Trading 83 123 559 573% 14% Total Income 6,979 7,784 8,849 27% 17% Non Interest Expense 3,841 3,736 4,369 14% 11% Net Operating Income 3,138 4,048 4,480 43% 81% Provisions (921) (1,653) (2,983) 224% (37%) Non Operating Income, Net 198 593 375 89% (40%) Income Tax (694) (982) (592) (15%) (800%) Subs & Minority Interest (36) 1 (7) (81%) (37%) Net Income 1,685 2,007 1,272 (24%)

  4. Subsidiaries NET INCOME IN MILLION PESOS 4Q07 3Q08 4Q08 QoQ YoY Bank 1,496 1,802 1,215 (33%) (19%) Broker Dealer 90 58 (89) (253%) (199%) Long Term Savings 65 111 100 (10%) 50% Other Finance Companies 66 60 121 102% 84% Microlending (23) (24) (80) - - Holding (9) - 6 - - Total 1,685 2,007 1,272 (37%) (24%)

  5. Cost to Income BILLION PESOS 4Q07 3Q08 4Q08 QoQ YoY 7.7 14% 27% Total Income 6.9 8.8 3.7 17% 14% Non Interest Expense 3.8 4.4 EFFICIENCY RATIO 55% 49% 48% 4Q08 3Q08 4Q07

  6. Net Interest Margin PERCENTAGE 8.2 8.1 7.9 NIM 7.9 7.7 7.5 7.5 7.1 Cetes 7.7 101% 7.7 79% 7.4 7.5 7.4 7.2 7.1 7.0 Cetes 6.1 * NIM 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 * Includes repos reclassified as assets in the balance sheet.

  7. Deposits BILLION PESOS Change 3Q08 4Q07 4Q08 QoQ YoY 16% Demand 128 19% 108 111 64 75 13% 18% 67 Time Core Deposits 175 174 203 17% 16% Money Market 29 67 57 (15%) 100% Total 204 241 260 8% 28%

  8. Performing Loan Portfolio BILLION PESOS 240 230 193 4Q07 3Q08 4Q08 Change 4Q07 3Q08 4Q08 QoQ YoY 63 74 75 1% 18% Consumer 75 85 93 Commercial 8% 24% 37 45 45 Corporate -% 23% 18 25 27 Government 6% 50% Total 193 230 240 4% 24%

  9. Consumer Loan Portfolio BILLION PESOS 75 74 63 4Q07 3Q08 4Q08 Change 4Q07 3Q08 4Q08 QoQ YoY Mortgage 36 43 45 6% 26% Car 7 8 8 (3%) 5% Credit Card 14 16 15 (8%) 9% Payroll 6 7 7 (6%) 10% 63 74 75 1% 18% Consumer

  10. Loan Portfolio Breakdown PERCENTAGE 4Q07 3Q08 4Q08 19 19 19 Mortgage 7 7 6 Credit Card 3 3 3 Payroll /Personal 3 4 3 Car 37 39 39 Commercial 20 19 19 Corporate 11 9 11 Government 10

  11. Loans to Deposits Ratio Total Loans / Total Deposits 103% 99% 97% 98% 97% 95% 93% 90% 2Q08 1Q08 3Q08 4Q08 4Q07 1Q07 2Q07 3Q07 11

  12. Asset Quality BILLION PESOS 4Q07 3Q08 4Q08 Total Loan Portfolio 196 233 242 Past Due Loans 2.9 4.0 4.9 Loan Loss Reserves 3.8 4.9 6.7 PAST DUE LOAN RATIO RESERVE COVERAGE 135% 2.0% 131% 123% 1.7% 1.5% 4Q07 3Q08 4Q08 4Q07 3Q08 4Q08

  13. Provisions As a % of Average Gross Loan Book 3.2% Comerci 2.6% 1.8% 1.1% 2006 2007 2008

  14. Past Due Loans 4Q07 3Q08 4Q08 Credit Cards 5.6% 9.0% 12.4% Payroll 2.1% 2.2% 2.8% Car 1.8% 2.0% 2.2% Mortgage 2.3% 1.6% 1.6% Commercial 2.0% 1.4% 1.7% Corporate 0% 0% 0% Government 0% 0% 0%

  15. Past Due Loans Banorte BBVA - Bancomer Banamex - Citi 4.1% 3.9% 3.2% 2.8% 2.9% 2.3% 2.0% 1.7% 1.5% 4Q07 3Q08 4Q08 4Q07 3Q08 4Q08 4Q07 3Q08 4Q08 Santander HSBC Scotiabank 6.2% 5.2% 4.0% 3.5% 3.0% 3.1% 2.9% 2.6% 1.8% 4Q07 3Q08 4Q08 4Q07 3Q08 4Q08 4Q07 3Q08 4Q08 Source: CNBV

  16. Capitalization 2006 2007 2008 Tier 1 12.2% 10.2% 9.4% Tier 2 5.1% 3.6% 4.9% TOTAL 17.4% 13.8% 14.3% % Tier 1 70% 74% 65%

  17. Capitalization Strategy 2009 • Objectives. • Maintain robust regulatory capitalzation ratios. • Reinforce our future growth capacity. • Main uses of capital. • Increase in risk weighted assets. • Payment of old subordinated debt. • February: US 300 million. • Reinforce Banorte’s credibility as an issuer in global markets. • Main sources of capital. • Reinvestment of profits. • Issuance of new subordinated debt in local markets.

  18. Recovery Bank MILLION PESOS 2007 2008 Net Income 766 701 2008 2007 Investment Projects Investment Projects Proprietary Assets Proprietary Assets 10% 32% 39% 37% 51% 32% Acquired Assets Acquired Assets 18

  19. Recovery Bank ASSETS UNDER MANAGEMENT Billion Pesos 2007 2008 Total: 62 Total: 61 Investment Projects Investment Projects IPAB IPAB Proprietary Assets Proprietary Assets 3% 3% 3% 5% 26% 37% 55% 67% Acquired Assets Acquired Assets 19

  20. Long Term Savings NET INCOME IN MILLION PESOS 2007 2008 Total 388 354 AFORE ANNUITIES INSURANCE 243 170 136 94 136 82 178 17 2007 2008 2008 2007 2008 (42) 2007 Non Recurring Recurring

  21. Other Subsidiaries NET INCOME IN MILLION PESOS MICROLENDING BROKER DEALER OTHER FINANCE COMPANIES 336 288 271 183 2008 2007 2007 2008 2007 2008 (30) (120)

  22. Inter National Bank MILLION DOLLARS IN US GAAP 2007 2008 Change Net Interest Income 58.8 65.9 12% Non Interest Income 11.3 15.6 37% Total Income 70.2 81.4 16% Non Interest Expense 29.2 34.6 19% Loan Loss Reserves 4.9 5.3 8% Net Income (100%) 23.7 27.3 15% Performing Loans 966 1,108 15% Past Due Loans 16 23 39% Demand Deposits 712 617 (13%) Time Deposits 694 762 10%

  23. Inter National Bank FINANCIAL RATIOS % Change pp 2007 2008 NIM 4.4 4.2 (0.2) ROE 21.5 20.4 (1.0) ROA 1.7 1.6 (0.1) Efficiency Ratio 41.6 42.5 0.9 PDL Ratio 1.6 2.0 0.3 Reserve Coverage 60.1 62.4 2.3 Leverage Ratio 7.4 8.0 0.7 Capitalization Ratio 11.3 12.5 1.2

  24. Risks & Opportunities Asset Quality • Contain increase in delinquencies. • Debt restructuring. • Incentives for timely payments. • Better collection. • Avoid contamination to other segments. • New risk models. • Analyze behavioral patterns. • Improved origination. • Recovery of troubled loans. • Comercial Mexicana.

  25. Risks & Opportunities • Total loan growth of around 10%. • Emphasis on SMEs, corporate and government. • Cautious approach to consumer and mortgage segments. Loans • Total deposit growth of around 12%. • Special emphasis on core deposits demand. • Focus on government, corporate and commercial payrolls. Deposits

  26. Risks & Opportunities • Growth in line with inflation. • Merger of around 50 branches. • Intensify cost containment measures. Expenses • Target BIS ratio of around 13-15%. • Emphasis on strengthening Tier 1. • Take advantage of AFORE window. Capitalization • Funding pressures will remain. • Minimize the use of interbank loans. • Emphasis on retail deposits. • Balanced growth between assets and liabilities. Liquidity

  27. www.banorte.com/ri investor@banorte.com

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