2019 ANNUAL REPORT
MORE THAN A BANK
MORE
THAN A
BANK
102-10 / 102-14 / 102-15
Message from the Chairman
of the Board and the CEO
Ladies and gentlemen,
We are pleased to share with you some reflections on what the past year meant for Banorte. The word that guided us throughout the year was “commitment”: to our clients, to our investors, our employees, and especially to the community.
This past year, more than ever, we were closely in touch with the needs of Mexican families and we embodied our conviction in promoting a closer, more inclusive, solidary bank with greater social involvement.
To our communities: With Banorte Adopta, our program to rebuild properties damaged in the 2017 earthquake. We have delivered more than 630 homes and carried out 18,000 actions in favor of health, nutrition, education and culture, benefiting our nine adopted communities.
To the country: The best example of our conviction was the 2019 Banorte Forum, which this year had the title “The Social Challenge of Banking.” In it we asserted that, in light of the pressing challenges of poverty and exclusion, businesses must assume greater commitment to our people, to our communities and to our country.
To the world: We are proud to have been founding signers of the Responsible Banking Principles launched this year with the U.N., by which we commit to aligning our business with the Sustainable Development Goals and to support Mexico and meeting the climate change targets established in the Paris Agreement.
At the same time, we reiterate our commitment to the Women’s Empowerment Principles and the 10 Principles of the United Nations Global Compact, and are signatories of both.
Our clients are our center of gravity, our reason for being. Because of this, we are transforming not to become a digital financial group, but to do banking in a digital world. This process works to make our relationship with clients easier, more practical, more secure and personalized.
We are combining banking and financial services with innovative technology and processes that allow us to be there right at the time and in the channel we’re needed.
We measure customer satisfaction at Banorte through the Net Promoter Score, or NPS, in which our customers rate us highly, and the crossed sales rate is above two products per client. We remain firmly committed to being the best for our customers.
We are in the final stretch of our 20/20 Vision strategic plan, which we announced almost five years ago. We are proud to inform you that with a year still to go, we have already met many of the commitments we made to our shareholders.
The diversification of GFNorte’s businesses through some major transactions in banking, insurance, pensions, annuities and stock brokerage was key to facing the challenges that arose during the year, and to achieving the results we present here.
The most emblematic of these achievements was our net profit of Ps. 36.53 billion, 14% higher than the year before, and our return on equity of 20.1%.
Both the group and its individual subsidiaries are highly solvent, and report healthy growth in all their businesses.
The employees of Banorte are our driving force, and for the eighth year in a row they named us one of the best places to work, according to the Great Place to Work Institute.
We are bent on offering them the best quality of life. We offer them options for personal and professional advancement. And besides standard benefits, we provide vaccination campaigns, nutritional and physical activity coaching and breastfeeding rooms, among others.
All of these achievements were produced by the confidence of our investors, the guidance of our board members and the efforts of our more than 29,000 employees.
Next year, our main goal is to achieve all of the targets of our 20/20 Vision plan. We are convinced that we must not be complacent: we must redouble our efforts and work as a team.
We say this with all our conviction: we have unshakeable confidence in Mexico. Our commitment is to Mexicans: we are the ones who best understand their aspirations and their needs.
We work as a strong, committed team, and even though there are challenges ahead, we have everything we need to seize the opportunities that present themselves.
We will continue providing good results for our shareholders, the best experience to our clients, and the best place to work for our employees, and we intend to remain close and committed to our communities and our country.
Our warmest thanks.
Carlos Hank González
Chairman of the Board of Directors of Grupo Financiero Banorte
Marcos Ramírez Miguel
Chief Executive Officer of Grupo Financiero Banorte