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GFNorte’s 1Q08 Results

GFNorte’s 1Q08 Results. Conference Call April 25, 2008. 16%. 20%. Yearly Recap. MILLION PESOS. 1Q07. 1Q08. Net Income. 1,663. 1,928. 11%. ROE. 24.0 %. 23.2 %. ROA. 2.7 %. 2.6 %. Net Interest Margin. 7.1 %. 7.9 %. Performing Loan Growth. 24 %. 29 %. Past Due Loan Ratio.

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GFNorte’s 1Q08 Results

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  1. GFNorte’s 1Q08 Results Conference Call April 25, 2008.

  2. 16% 20% Yearly Recap MILLION PESOS 1Q07 1Q08 Net Income 1,663 1,928 11% ROE 24.0% 23.2% ROA 2.7% 2.6% Net Interest Margin 7.1% 7.9% Performing Loan Growth 24% 29% Past Due Loan Ratio 1.4% 1.6% 12% Stock Price 52.30 46.14 Book Value 14.03 16.79 P/BV 3.73 2.75

  3. Quarterly Net Income MILLION PESOS Non-recurring Recurring 1,928 237 1,685 1,663 1,691 286 1,377 1Q07 4Q07 1Q08

  4. Income Statement MILLION PESOS 1Q07 1Q08 YoY 3,821 5,179 36% Net Interest Income 2,104 1,961 (7%) Non Interest Income 1,418 1,573 11% Service Fees Recovery 116 190 64% FX 93 106 14% Trading 476 92 (81%) Total Income 5,925 7,140 21% (3,469) (3,799) 10% Non Interest Expense 2,456 3,341 36% Net Operating Income Provisions (261) (1,005) 284% Non Operating Income, Net 345 702 103% (926) (1,075) 16% Income Tax Subs & Minority Interest 49 (34) (170%) 1,663 1,928 16% Net Income

  5. Non Interest Expense BILLION PESOS 1Q07 1Q08 3.5 3.8 Non Interest Expense 10% EFFICIENCY RATIO 60% 58% 53% 1Q08 1Q06 1Q07

  6. Net Interest Margin vs CETES PERCENTAGE 8.2 8.0 7.9 7.9 Margin 7.7 7.7 7.6 7.5 107% 7.1 99% 7.4 7.4 7.5 7.2 CETES 7.1 7.1 7.0 7.0 7.0 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08

  7. 21% 27% 18% 11% Core Deposits BILLION PESOS 1Q07 1Q08 Deposits 1Q06 81 95 103 Demand 9% 45 57 63 Time 126 152 166 Total 9% Mix 63% 62% 64% Demand 37% 38% 36% Time 100% 100% 100%

  8. Performing Loan Portfolio BILLION PESOS 199 193 155 1Q07 4Q07 1Q08 Change 1Q07 4Q07 1Q08 QoQ YoY Consumer 52 63 67 5% 29% 62 75 76 2% 23% Commercial 26 37 39 5% 48% Corporate 15 18 18 (2%) 15% Government Total 155 193 199 3% 29%

  9. Performing Consumer Loan Portfolio BILLION PESOS 67 63 52 1Q07 4Q07 1Q08 Change 1Q07 4Q07 1Q08 QoQ YoY 5% 32% 29 36 38 Mortgage Loans 7 7 7 3% 11% Car Loans Credit Card Loans 11 14 15 8% 39% Payroll Loans 5 6 6 2% 20% 52 63 67 5% 29% Consumer

  10. Consumer Loans NEW LOANS IN BILLION PESOS AUTO PAYROLLS & PERSONAL MORTGAGES 2,902 21% (2%) 2,459 2,402 14% (1%) 1,612 1,597 4% 1,589 26% 1,411 1,361 1,267 1Q06 1Q07 1Q06 1Q07 1Q08 1Q06 1Q07 1T08 1Q08

  11. Credit Cards THOUSANDS OF NEW CARDS 185 26% 147 91% 77 1Q08 1Q06 1Q07

  12. Capitalization Ratio PERCENTAGE 1Q06 1Q07 1Q08 13.0% 11.0% 10.3% Tier 1 2.6% 4.9% 4.3% Tier 2 15.6% 15.9% 14.6% TOTAL 83% 69% 70% Percentage Tier 1

  13. Asset Quality BILLION PESOS 1Q07 4Q07 1Q08 159 196 203 Total Loan Portfolio 2.3 2.9 3.2 Past Due Loans 3.4 3.8 4.0 Loan Loss Reserves PAST DUE LOAN RATIO RESERVE COVERAGE 149% 1.6% 1.5% 131% 1.4% 127% 1Q07 4Q07 1Q08 1Q07 4Q07 1Q08

  14. Consumer Loans Asset Quality PAST DUE LOAN RATIO CREDIT CARDS MORTGAGES 5.9% 5.6% 4.3% 2.3% 2.3% 2.3% 1Q07 4Q07 1Q08 1Q07 4Q07 1Q08 AUTO PAYROLLS 2.0% 2.0% 1.9% 1.9% 1.9% 1.6% 1Q07 4Q07 1Q08 1Q07 4Q07 1Q08

  15. Subsidiaries

  16. Recovery Bank NET INCOME IN MILLION PESOS 1Q07 1Q08 Total 131 167 AUM IN BILLION PESOS 1Q07 1Q08 % 4% Acquired Loans 49 51 14% Assets 7 8 100% Projects 1.3 2.6

  17. Long Term Savings NET INCOME IN MILLION PESOS 1Q06 1Q07 1Q08 Total 154 132 79 AFORE ANNUITIES INSURANCE ROE: 5% ROE: 27% ROE: 16% 63 59 46 46 44 39 33 26 8 1Q06 1Q07 1Q08 1Q06 1Q07 1Q08 1Q06 1Q07 1Q08

  18. Other Finance Companies NET INCOME IN MILLION PESOS 1Q06 1Q07 1Q08 Total 61 74 71 FACTORING & LEASING WAREHOUSING ROE: 26% ROE: 18% 66 60 54 5 4 3 1Q06 1Q07 1Q08 1Q06 1Q07 1Q08

  19. Brokerage and Microlending NET INCOME IN MILLION PESOS BROKERAGE MICROLENDING ROE: 27% 71 63 41 5 1Q08 1Q07 1Q06 1Q07 1Q08 1Q06 (1) (9)

  20. 11% 11% 18% 15% Banorte USA MILLION DOLLARS 1Q08 1Q07 INB Performing Loans 891 1,025 Net Interest Margin 4.2% 4.2% Net Income (70%) 3.9 4.6 ROE 22.9% 22.1% Efficiency 42.8% 40.3%

  21. Challenges 2008 • Adequate reading of uncertain environment: • Reduced liquidity in international markets. • Slower economic growth and inflation. • Asset quality & profitability. • Initiatives: • Alliance with Comercial Mexicana. • Adjustment of microlending business model. • Infrastructure expansion.

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