EconomyBineo, Banorte's digital bank, starts the first quarter of...

Bineo, Banorte's digital bank, starts the first quarter of 2023

Grupo Financiero Banorte plans that it will be in the next four months when the operations of the new digital bank Bineo will start.

The general director of the Group, Marcos Ramírez, said this Thursday afternoon that the name was thinking about “the future” and that the launch of this bank has nothing to do with the intentions of buying Banamex.

For his part, Francisco Martha, general director of digital business development at the bank, commented that they are still waiting for the certification process by the National Banking and Securities Commission (CNBV) and that they expect this to happen between January and March 2023.

The manager added that Bineo will be the responsibility of the same bank and that it will be focused on customer experiences rather than products. He did not give details of what kind of products they would offer to clients and whether there would be a difference for current Banorte clients.

Quarterly results

In the third quarter of 2022, the bank registered a loan portfolio of 876,040 million pesos (mp), an increase of 8% compared to the same quarter of last year. In the comparison with the second quarter of this 2022, the credit portfolio had an increase of 1.7%.

From June to September, the credit portfolio was boosted by consumer loans, that is, payroll loans, cards, car and mortgage loans.

The greatest growth in consumer credit was in payroll credit (19%) with 64,970 million pesos; the growth of credit card placement was 15% with 43,145 million pesos, while mortgage loans closed at 218,039 million pesos.

The bank highlighted that digital customers increased 25% annually with 7.1 million people. Mobile banking customers grew 24% annually, going from 4.2 million to 5.2 million.

Everything goes up, but Mexicans do not give up their Starbucks coffee or Domino's...

Starbucks and Domino's Pizza remain the restaurant operator's most profitable brands, with revenue growth of 43.3% and 16.5%, respectively.

The drop in copper production impacts the profits of Grupo México

At the same time that its copper production fell 6.6%, it observed a decrease in the price of the mineral of 18.6%

Get rid of inflation! Gentera achieves triple-digit profits

Despite the good dynamism of its portfolio, the institution will show caution in 2023 due to the "January slope" and the possible defaults of its clients.

Arca Continental enters the distribution of Don Julio tequila

The Coca-Cola bottler will now test distillate distribution, while reinforcing Topo Chico's presence in the ready-to-drink category.

Orbia's profitability falls in the face of inflation, currency volatility and Europe's energy crisis

The company's sales stagnated, its operating flow fell 28% and its net income fell 56%, due to the complex macroeconomic environment.