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GFNORTE. November 2008. 1. Yearly Recap. MILLION PESOS. 3Q07. 3Q08. Net Income. 1,740. 2,007. 15%. ROE. 22.3 %. 21.8%. ROA. 2.6%. 2.4%. Efficiency Ratio. 55.4%. 48.0%. Net Interest Margin. 7.7 %. 7.7 %. Past Due Loan Ratio. 1.5 %. 1.7 %. Reserve Coverage. 132 %. 123 %.

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Gfnorte

GFNORTE

November 2008.

1


Gfnorte

Yearly Recap

MILLION PESOS

3Q07

3Q08

Net Income

1,740

2,007

15%

ROE

22.3%

21.8%

ROA

2.6%

2.4%

Efficiency Ratio

55.4%

48.0%

Net Interest Margin

7.7%

7.7%

Past Due Loan Ratio

1.5%

1.7%

Reserve Coverage

132%

123%

Book Value

15.98

18.44

15%


Income statement

Income Statement

MILLION PESOS

3Q07

2Q08

3Q08

QoQ

YoY

Net Interest Income

4,435

5,232

5,756

10%

30%

Non Interest Income

1,939

1,989

2,028

2%

5%

Service Fees

1,520

1,712

1,682

(2%)

11%

Recovery

119

117

223

90%

88%

FX & Trading

300

160

123

(23%)

(59%)

Total Income

6,374

7,221

7,784

8%

22%

Non Interest Expense

(3,607)

(3,903)

(3,736)

(4%)

4%

Net Operating Income

2,767

3,318

4,048

22%

46%

Provisions

(709)

(1,255)

(1,653)

32%

133%

Non Operating Income, Net

527

551

593

7%

12%

Income Tax

(806)

(751)

(982)

31%

22%

Subs & Minority Interest

(39)

(57)

1

102%

103%

Net Income

1,740

1,806

2,007

11%

15%


Gfnorte

Subsidiaries

NET INCOME IN MILLION PESOS

3Q07

2Q08

3Q08

QoQ

YoY

Bank

1,545

1,522

1,802

18%

17%

Broker Dealer

72

143

58

(59%)

(19%)

Insurance / AFORE

66

63

111

76%

67%

Other Finance Companies

55

85

60

(29%)

8%

Microlending

2

(7)

(24)

-

(1,214%)

Holding

-

1

-

(108%)

-

Total

1,740

1,806

2,007

11%

15%


Gfnorte

Quarterly Net Income

MILLION PESOS

2,007

1,928

1,806

1,740

1,685

3Q07

1Q08

4Q07

2Q08

3Q08


Gfnorte

Core Earnings

(NII + Fees – Expenses – Provisions)

MILLION PESOS

2,272

2,138

2,134

1,903

1,758

3Q07

4Q07

1Q08

2Q08

3Q08


Non interest expense

Non Interest Expense

BILLION PESOS

3Q07

3Q08

Interest Income

6.3

7.7

22%

Non Interest Expense

3.6

3.7

4%

EFFICIENCY RATIO

57%

55%

52%

48%

3Q08

3Q07

9M08

9M07


Gfnorte

Net Interest Margin vs CETES

PERCENTAGE

Cetes

8.2

8.1

7.9

NIM

7.7

95%

7.5

7.5

7.1

NIM

113%

7.7

7.4

7.5

7.4

7.2

7.1

7.0

Cetes

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08


Deposits

Deposits

BILLION PESOS

Change

3Q08

3Q07

2Q08

QoQ

YoY

11%

Demand

108

1%

97

107

56%

Time *

134

17%

86

114

32%

Total

241

9%

183

221

* Retail time deposits plus money market promissory notes.


Funding evolution

Funding Evolution

Retail and Wholesale Deposits

(Billion pesos)

264.8

246.0

231.5

226.2

9%

205.3

10%

206.6

15%

10%

Interbank

12%

11%

51%

47%

41%

41%

Time *

39%

42%

49%

45%

43%

41%

49%

Demand

47%

* Retail time deposits plus money market promissory notes.

10

10


Performing loan portfolio

Performing Loan Portfolio

BILLION PESOS

230

217

175

3Q07

2Q08

3Q08

Change

3Q07

2Q08

3Q08

QoQ

YoY

59

71

74

5%

26%

Consumer

68

79

85

8%

26%

Commercial

31

43

45

6%

47%

Corporate

Government

18

24

25

4%

42%

Total

175

217

230

6%

31%


Consumer loan portfolio

Consumer Loan Portfolio

BILLION PESOS

74

71

59

3Q07

2Q08

3Q08

Change

3Q07

2Q08

3Q08

QoQ

YoY

Mortgage Loans

33

40

43

6%

29%

Car Loans

7

8

8

3%

12%

Credit Card Loans

13

16

16

2%

29%

6

7

7

8%

18%

Payroll Loans

Consumer

59

71

74

5%

26%


Loan portfolio breakdown

Loan Portfolio Breakdown

PERCENTAGE

3Q07

2Q08

3Q08

3Q06

19

19

19

22

Mortgage

7

7

7

6

Credit Card

3

3

3

4

Payroll /Personal

4

4

3

5

Car

36

39

37

36

Commercial

20

18

20

17

Corporate

11

10

11

10

Government

13


Loans to deposits ratio

Loans to Deposits Ratio

Total Loans / Total Deposits

103%

100%

97%

98%

97%

95%

90%

2Q08

1Q08

3Q08

4Q07

1Q07

2Q07

3Q07

14


Asset quality

Asset Quality

BILLION PESOS

3Q07

2Q08

3Q08

180

Total Loan Portfolio

220

233

2.7

Past Due Loans

4.0

3.2

3.6

4.2

4.9

Loan Loss Reserves

PAST DUE LOAN

RATIO

RESERVE

COVERAGE

1.7%

132%

1.5%

1.5%

131%

123%

3Q07

2Q08

3Q08

3Q07

2Q08

3Q08


New reserve requirements

New Reserve Requirements

  • CNBV instructed the banks to increase the reserves on credit cards with zero missed payments from 0.5% to 2.5%:

    • 2Q08: $103 million pesos against equity.

    • 3Q08: $121 million against P&L.

    • 4Q08: $122 million against P&L.

  • Possible increase in 2009.

    • 2.5% to 4%.

    • Response to increase in delinquencies.

    • Growth in this product will slow down.


Provisions

Provisions

As a % of Average Gross Loan Book

2.9%*

2.4%

1.6%

2.6%

Recurring

3Q07

2Q08

3Q08

* The non recurring item corresponds to Ps $121 million from a new requirement by the authorities.


Past due loans

Past Due Loans

3Q07

2Q08

3Q08

Credit Cards

5.5%

6.7%

9.0%

Payroll

1.8%

2.0%

1.9%

Car

1.8%

1.7%

1.8%

Mortgage

2.4%

1.5%

1.6%

1.3%

Commercial

1.2%

1.1%

Corporate

0%

0%

0%

Government

0%

0%

0%


Capitalization

Capitalization

3Q06

3Q07

3Q08

Tier 1

12.6%

11.0%

10.6%

Tier 2

2.3%

3.9%

5.2%

TOTAL

14.9%

14.9%

15.8%

% Tier 1

84%

74%

67%


Inter national bank

Inter National Bank

MILLION DOLLARS IN US GAAP

2Q08

QoQ

3Q07

3Q08

YoY

6%

1,018

17%

Performing Loans

928

1,084

0%

12%

1,420

Deposits

1,269

1,415

20%

19%

4.1

Net Income (70%)

4.2

5.0

18.3%

ROE

20.9%

20.9%

43.9%

Efficiency

42.2%

42.8%

4.1%

NIM

4.4%

4.2%


Gfnorte

Final Considerations

  • Banorte’s medium term strategy.

    • Adequate reading of environment.

    • Maintain solid fundamentals.

      - Deposits- Costs

      - Capitalization- Collections

      - Asset Quality- Liquidity

    • Moderation in growth strategy / investments.

    • Strict risk management practices.

    • Anticipate market opportunities.


Gfnorte

www.banorte.com/ri

[email protected]


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