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GFNorte´s 3Q07 Results

GFNorte´s 3Q07 Results. Conference Call October 26, 2007. 24%. 23%. 1%. Highlights. CONSTANT MILLION PESOS. 3Q 06. 3Q 07. Net Income. 1,573. 1,712. 8%. ROE. 25.1 %. 22.3 %. Stock Price. 34.66. 42.92. Net Interest Margin. 8.0 %. 7.7 %. Book Value. 12.78. 15.71. P/BV. 2.71.

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GFNorte´s 3Q07 Results

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  1. GFNorte´s 3Q07 Results Conference Call October 26, 2007.

  2. 24% 23% 1% Highlights CONSTANT MILLION PESOS 3Q06 3Q07 Net Income 1,573 1,712 8% ROE 25.1% 22.3% Stock Price 34.66 42.92 Net Interest Margin 8.0% 7.7% Book Value 12.78 15.71 P/BV 2.71 2.73 Tax Rate 38% 34% Performing Loan Growth 23% 29% Past Due Loan Ratio 1.6% 1.5%

  3. Income Statement CONSTANT MILLION PESOS 3Q06 3Q07 Change Net Interest Income 3,793 4,363 15% Non Interest Income 1,856 1,907 3% Service Fees 1,350 1,495 11% Recovery 156 117 (25%) Foreign Exchange 89 92 3% 261 204 (22%) Trading Total Income 5,649 6,270 11% Non Interest Expense (3,009) (3,549) 18% Net Operating Income 2,640 2,721 3% Provisions (377) (697) 85% Non Operating Income (Expense) Net 155 518 234% Income Tax (967) (793) 18% Subsidiaries and Minority Interest 122 (37) (130%) 1,573 1,712 9% Net Income

  4. Quarterly Net Income CONSTANT MILLION PESOS 1,712 1,695 1,573 1,480 880 2Q07 3Q04 3Q05 3Q06 3Q07

  5. Comparable Results MILLION PESOS 9M06 Accounting standards ‘07 9M07 Net Interest Income 10,547 12,301 17% Non Interest Income 5,198 5,887 13% Total Income 15,745 18,188 16% Non Interest Expense 9,521 10,422 9%

  6. Non Interest Expense CONSTANT BILLION PESOS 9M06 9M07 9,377 10,422 Non Interest Expense 11% EFFICIENCY RATIO 57% 57% 55% Accounting Standards + Others 4 pp 53% 9M07 9M05 9M06

  7. Net Interest Margin vs CETES PERCENTAGE Average CETE: 9M05: 9.39% 9M06: 7.25% 9M07: 7.13% CETES 9.5 8.6 87% 8.0 7.9 NIM 8.5 7.7 7.7 7.6 8.3 7.5 7.1 107% 7.5 7.1 7.2 7.1 7.0 7.0 7.0 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07

  8. 18% 16% 28% 16% 17% 20% 10% 11% 7% Core Deposits CONSTANT BILLION PESOS YoY Change w/o INB Deposits 3Q05 3Q06 3Q07 70 82 95 Demand 42 48 61 Time 112 130 156 Total Mix 63% 63% 61% Demand 37% 37% 39% Time 100% 100% 100%

  9. 25% 23% Performing Loan Portfolio CONSTANT BILLION PESOS 173 165 134 3Q06 2Q07 3Q07 Variation YoY w/o Extras 3Q06 2Q07 3Q07 QoQ YoY Consumer 50 55 58 6% 17% 48 63 67 5% 39% Commercial 23 30 30 (1%) 32% Corporate 13 17 18 4% 32% Government Total 134 165 173 5% 29%

  10. 23% 25% Performing Consumer Loan Portfolio CONSTANT BILLION PESOS 58 55 50 3Q06 2Q07 3Q07 YoY Change w/o Extras Variation 3Q06 2Q07 3Q07 QoQ YoY 30 31 33 6% 10% Mortgage Loans Car Loans 6 7 7 1% 6% Credit Cards 9 12 13 7% 45% Payroll Loans 5 6 6 6% 24% Consumer 50 55 58 6% 17%

  11. Thousands of New Credit Cards 503 371 160 116 9M06 9M04 9M05 9M07

  12. Banking Sector Capitalization Ratio PERCENTAGE 3Q05 3Q06 3Q07 15.0% 12.6% 10.9% Tier 1 3.2% 2.3% 3.9% Tier 2 18.3% 14.9% 14.8% TOTAL 82% 84% 74% Percentage Tier 1

  13. MILLION DOLLARS Banorte USA Results 9M07 9M06 Performing Loan Portfolio 737 935 27% Net Interest Margin 4.7% 4.5% Deposits 1,034 1,269 23% Net Income 10.2 12.4 22% Efficiency 42.9% 41.6% ROE 20.9% 22.8%

  14. Asset Quality CONSTANT BILLION PESOS 3Q06 2Q07 3Q07 Total Loan Portfolio 137 169 176 Past Due Loans 2.2 2.5 2.7 3.7 Loan Loss Reserves 3.6 3.6 PAST DUE LOAN RATIO RESERVE COVERAGE 1.6% 172% 1.5% 1.5% 141% 132% 3Q06 2Q07 3Q07 3Q05 2Q07 3Q07

  15. Credit Cards Past Due Loan Ratio comparison Jul’06 Jul’07 6.2% 5.0% 4.4% 3.6% Banorte Other Mexican Banks Banorte Other Mexican Banks

  16. Mortgages Past Due Loan Ratio comparison Jul’06 Jul’07 3.5% 2.9% 2.7% 2.5% Other Mexican Banks Other Mexican Banks Banorte Banorte

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