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1
GFNORTE3Q03
2
HIGHLIGHTS
GFNORTE1,227*
15.8%
23.0
2.5 *
1.1
12.8%
78%
3.3%
118.6%
1,625
17.7%
33.2
3.2
1.3
13.8%
33%
2.3%
127.6%NET INCOME IN MILLION PESOS AS OF 3Q03.EPS & BOOK VALUE ARE PESOS PER SHARE. BOOK VALUE EXCLUDES MINORITY HOLDINGS.* EXCLUDES GENERALI EXTRAORDINARY INCOME OF Ps 403 millions.
9M039M02
BANKING SEGMENT
Net Income
Annualized ROE
Stock Price
EPS
P/BV
Capitalization Ratio
Traditional loan CAGR
Past due loan ratio
Reserve Coverage
32%
44%
3
1,6251,6571,6231,659
1,3981,282
936
774
'96 '97 '98 '99 '00 '01 '02 9M03
EXTRAORDINARY INCOME NOT INCLUDED IN GRAPH: 1997: PS 783, 1998 : PS 476, 2000: PS 241 AND 2002: PS 403. MILLIONS AS OF SEPTEMBER 2003.
GFNorte’s Recurrent Income
1996 1997 1998 1999 2000 2001 2002 9M03ROE 21.0% 29.1% 21.5% 15.1% 20.7% 17.2% 15.6% 17.7%CETE 31.4% 19.9% 24.4% 21.6% 15.3% 11.4% 7.1% 6.6%DIFERENCE 5.4 5.8 8.5 11.1
4
Net Interest Margin
CeteTIIE
5.0%4.7% 4.9%
4.3%3.9%
3Q02 4Q02 1Q03 2Q03 3Q03
8.1%
5.1%
7.1%
4.6%
8.4%
7.4%
9.6%
8.8%
6.8%
6.3%
TYPE OF ASSET 2Q03 3Q03
Fobaproa / Ipab Notes 86,125 2.7% 84,107 2.2%Loan Portfolio 63,592 7.8% 67,087 7.6%
VOL NIM VOL NIM
Other (1) 34,209 1.9% 38,272 1.3%Total 183,927 4.3% 189,466 3.9%
(1): 3Q03 Includes: Deposits in Central Bank Ps 17,079 millions, Fixed Income Securities Ps 14,585 millions and in other banks Ps 6,609 millions.
1.0
0.8
0.5
5
Non Interest Income
Recovery 484
Service 1,478
Trading 811
TOTAL 2,774
704
1,472
170
2,346
MILLION PESOS AS OF 3Q03
41% 18%
803
595
264
1,661
1,661
2,3462,774
9M01 9M02 9M03
460 470495 513
4Q02 1Q03 2Q03 3Q03
Service Fees
6
Non Interest Expense
MILLION PESOS. (*) FOURTH QUARTER 2001 INCLUDES PROFORMA FOR BANCRECERVAT = VALUE ADDED TAX. AT 3Q02 VAT=PS 421 MILLIONS AND IPAB=PS 493 MILLIONS. AT 3Q03 VAT=PS 449 MILLIONS AND IPAB=PS 537 MILLIONS O&AE = OPERATION AND ADMINISTRATIVE EXPENSES INCLUDING IT.OTHER EXPENSES = RENT, DEPRECIATION & AMORTIZATION.
2,703
2,354
4Q01 * 3Q03
9%
925 998
914 986
1.715 1.675
3.221 3.150
9M02 9M03
6,775 6,810
PERSONNEL
O&AE
VAT & IPAB
OTHER
7
EFFICIENCY RATIO INCLUDES TRADING.* AVERAGE FOR THE PERIOD.
Banorte has successfully integrated three institutions over the last 6 years.
The Efficiency ratio has suffered after each acquisition, being Banorte able to return to
adecuate efficiency levels in the following years.
The efficiency ratio should continue to improve in the coming quarters as we leverage
the Bancrecer branch network and penetrate its client base.
Efficiency Ratio
1992
EfficiencyRatio
1996 1997 2001 Dec 2002
55% 66% 93% 78% 105% 78%87%
3Q’03 *
77%
8
Traditional Loan Portfolio
TRADITIONAL LOAN PORTFOLIO 3Q02 2Q03 3Q03QUARTER
Commercial 16,986 18,580 19,776 6% 16%
Corporate 11,836 13,654 12,459 (9)% 5%
Mortgage 10,139 11,791 12,469 6% 23%
Automobile 2,671 4,046 4,573 13% 71%
Credit Card 1,579 2,169 2,499 15% 58%
Electronic Payroll Loans 471 816 1,001 23% 112%
Government Entities 3,995 7,608 8,805 16% 120%
Financial Entities 1,557 3,333 3,644 9% 134%
TOTAL 49,234 61,997 65,229 5% 33%
FIGURES = MILLION PESOS. TRADITIONAL LOAN PORTFOLIO DOES NOT INCLUDE NEITHER FOBAPROA / IPAB NOTES NOR RECOVERY BANK BUSINESSGOVERNMENT ENTITIES INCLUDES FEDERAL, STATE & MUNICIPALITIESFINANCIAL ENTITIES = INCLUDES GOVERNMENT AND PRIVATE FINANCIAL ENTITIES LIKE LEASING,FACTORING COMAPNIES AND OTHERS.
VARIATION
ANNUAL
49.234
61.99765.229
3Q02 2Q03 3Q03
9
Past Due Loans
Grupo Pulsar non performing loan of USD 50 million was fully paid with a 46% discount.
MORTGAGE
CORPORATE
COMMERCIAL
2Q03
1,227
1,141
389
AUTOMOBILE 141
CREDIT CARD 119
ELECTRONIC PAYROLL 74
3Q03
1,159
652
398
158
132
87
TOTAL 3,911 3,414
3,9113,414
2Q03 3Q03
RECOVERY LOANS 819 827
TYPE OF LOAN PDLRatio
0.8%
0.8%
0.3%
0.1%
0.1%
0.1%
2.6%
0.5%
PDLRatio
0.8%
0.4%
0.3%
0.1%
0.1%
0.1%
2.3%
0.5%
MILLION PESOS
10
Loans & Insurance allocation by quarter
3Q02 1Q03 3Q03
BANCRECERBANORTENUMBER OF LOANS AND INSURANCE POLICIES.
AUTOMOBILE ELECTRONIC PAYROLL LOANS MORTGAGE
10% 21%
90% 79%
1,677
1,397
LIFE INSURANCE
3Q02 1Q03
42%100%
58%
13,626
29,872
CAR INSURANCE
3Q02 1Q03
74%
63%
16,678
20,753
26%37%
3Q02 1Q03 3Q03
38%
62%
9,929
21%
79%
6,946
41%
59%
10,729
3Q02 1Q03 3Q03
20% 33%
80%
67%
20,40322,793
35%
65%
34,988
39%
61%
2,085
3Q03
45%
55%
36,470
3Q03
61%
19,317
39%
11
Loan Allocation by quarter
3Q02 4Q02 1Q03 2Q03 3Q03
MORTGAGE $ 788 838 713 952 1,125
# 1,677 1,737 1,397 1,867 2,085
Average amount per loan 470 483 511 510 539
AUTOMOBILE $ 739 887 1,060 1,110 1,215
# 6,946 8,287 9,929 9,894 10,729
Average amount per loan 106 107 107 112 113
$= MILLION OF PESOS; #= NUMBER OF LOANS; AVERAGE AMOUNT PER LOAN=THOUSAND PESOS.NUMBER OF LOANS AND AMOUNTS ARE ACCUMULATED IN THE QUARTER.
49,000 dlls
10,000 dlls
12
PDL by date of origination
LOAN ALLOCATION AS OF SEPTEMBER 2003...
MILLION PESOS.*INCLUDES RECOVERY LOANS AND IPAB/FOBAPROA.
COMMERCIAL
CONSUMER- Mortgage
- Automobile- Credit Card- Other
CORPORATE
GOVERNMENT
TRADITIONAL LOANS
TOTAL LOANS*
FINANCIAL ENTITIES
Total Past Due Ratio
Granted Before Dec’01 Granted After Jan’02 TOTAL
Total Past Due Ratio Total Past Due Ratio
2,769 208 7.5% 17,008 190 0.9% 19,777 398 2.0%
9,162 575 6.3% 11,380 312 2.7% 20,542 887 4.3%7,251 450 6.2% 5,218 85 1.6% 12,469 535 4.3%
322 48 14.8% 4,251 110 2.6% 4,573 157 3.4%1,567 61 3.9% 933 71 7.6% 2,499 132 5.3%
22 17 75.4% 978 46 4.7% 1,000 63 6.3%
1,484 274 18.5% 10,976 379 3.4% 12,459 652 5.2%
2,660 - 0.0% 6,146 - 0.0% 8,805 - 0.0%
72 - 0.0% 3,572 - 0.0% 3,644 - 0.0%
16,147 1,057 49,081 881 65,228 1,938
102,105 2,493 49,205 921 151,310 3,4142.4% 1.9% 2.3%
6.5% 1.8% 3.0%
13
Recovery Bank
AUM Composition
AUM = ASSETS UNDER MANAGEMENT(*): FIGURES IN BILLION PESOS.
2001 2002 3Q03
6560 59Proprietary
Loans Acquired
SERFIN
IPAB
11%11% 7%
17%17% 25%
30%29% 25%
42% 43% 43%
14
Loan AuctionsDate Loans Auctioned Amount Winner Amount Price Type of
($MM) ($MM) Loans
23-Nov-99 UNION 7,639 Goldman Sach’s – GE 7,639 Commercial
28-Feb-00 SERFIN 20,931 GFNorte 20,931 11.8551% Com & Mor
8-Mar-00 SANTANDER 6,943 First City 6,943 Commercial
23-Aug-00 SERFIN II (Grises) 7,797 Operadora AURITEC 7,797 Com & Mor
24-Oct-00 CREMI 2,492 FirstCity 2,492 Commercial
1-Dec-00 INVERLAT 1,200 Goldman Sach’s 1,200 Commercial
6-Dec-00 Bancos Intervenidos: 4,947 GFNorte 2,691 23.1032% MortgageCremi, Obrero, Op. AURITEC 805Unión, Serfín Meseta LONE-STAR 508
SECORSE 943GFNorte 2,061 27.1458% Mortgage
6-Mar-01 BANCRECER 1 2,839 FirstCity 572LONE-STAR 206
20-Jun-01 SANTANDER 3,075 FirstCity 3,075 Commercial
29-Jun-01 SERFÍN SANTANDER 2,753 GFNorte 2,753 29.0593% Com & Mor
1-Jul-01 Bancomer 2,230 Goldman Sach’s 2,230 Commercial
GFNorte 211 18.0000% Mortgage24-Jul-01 BANCRECER 2 1,600 LONE-STAR 1,013
GE CAPITAL 37620-Sep-01 BANCRECER Comercial 1,239 Lend Lease 1,239 Commercial1-Oct-01 Goldman Sach’s 3,941 GFNorte 3,191 20.3236% Mortgage
LONE-STAR 7507-Dec-01 Banco Obrero 250 Gramercy Advisors 250 Commercial13-Dec-01 BANCRECER Comercial 1,278 GMAC Commercial M 1,278 Commercial26-Feb-02 Bancos en Liquidación 1,005 FirstCity 1,005 Commercial1-May-02 Scotia Bank INVERLAT 2,002 ? 2,002 Commercial6-Sep-02 Bancomer 1,254 SECORSE 1,254 Commercial1-Nov-02 Bancos en Liquidación 1,068 Lend Lease 1,068 Commercial5-Nov-02 CREMI (C. Hip VivMed) 1,012 GFNorte 364 25.4223% Mortgage
GE CAPITAL 648
11-Dec-02 QUADRUM 344 GFNorte 344 82.0000% Commercial
10-Jun-03 Bancos en Liquidación 3,187 First City 935Asesores Profesionales 517 CommercialIndustrias CH 1,734
16-Jul-03 Bancrecer 980 GFNorte 980 3.8600% Commercial18-Jul-03 Banco Industrial 934 GFNorte 934 7.1600% Commercial12-Sep-03 BBVA Bancomer 1,189 GFNorte 1,189 17.3251% Mortgage23-Sep-03 QUADRUM 362 Basilik 362 Commercial
84,491
September
Financial GroupAmount
$MM %
GFNorte 35,649 42.2%
First City 15,022 17.8%
Goldman Sach's 11,069 13.1%
GMAC / AURITEC 9,880 11.7%
Otros 12,871 15.2%
TOTAL 84,491 100.0%
Ps 27.2 billion to be sold by IPAB and private financial institutions from 4Q03 to 3Q04.
15
Long Term Savings Sector
3,641
6,489
9,831
15,091
19,480
23,653
1998 1999 2000 2001 2002 3Q03
AFORE(Assets under Management)
350
730
912971
1,318 1,324
1998 1999 2000 2001 2002 3Q03
INSURANCE(Gross Written Premiums)
304
843
1,239
1,457
837
221
1998 1999 2000 2001 2002 3Q03
ANNUITIES(Gross Written Premiums)
MARKETSHARE
GFNORTE’S PROFIT CONTRIB.
RANK
3Q02 3Q03 3Q02 3Q03 3Q02 3Q03
INSURANCE’S MARKET SHARE AND PLACE ARE AS OF JUNE 2003
9.8%10.1% 6.3% 6.0% 6° 5°
1.1% 1.6% 1.7% 4.0% 15° 14°
9.8% 9.6% - 2.7% 5° 6°
MILLION PESOS
MILLION PESOS
MILLION PESOS
16
Dividends
$353
$500
3Q02 3Q03
Payout ratio (1) 33%
(1) Ps 500 millions / Net Income as of 2001 Ps 1,587.9 millions; Ps 353 millions / Net Income as of 2002 Ps 2,016.0 millions(2) $ 1 / Share Price as of Sep’ 2002 $ 22.99; $ 0.70 / Share Price as of Sep’ 2003 $ 33.16
Dividend / Share Ps 1.0
18%
Ps 0.7
Yield (2) 4.4% 2.1%
17
Stock Performance
3Q’ 3Q’ 3Q’
2001 2002 2003Nov 6th
2003
STOCK PRICE 13.8
GROWTH VS 3Q01
PS -
USD -
P / BV
GFNORTE
BBVA BANCOMER
GFBanorte's P/BV Discount to GFBB's
DAILY VOLUME (USD Million)
0.8
1.5
1.5
23.0
66.8%
55.6%
1.1
1.4
1.8
33.2
140.6%
108.3%
1.3
1.6
1.8
(20)%
39.5
186.6%
148.8%
1.5
1.5
4.5
0%(47)% (21)%
18
Dec ’01 – Nov 5th‘ 03
-18.9%-8.2%
-0.5%
2.6%7.1%
28.6%28.9%
46.6%
68.4%
1st
GFNorte Bancode Brasil
Bancode Chile
SantanderChile
Itaú Unibanco Bancomer Bradesco
Source: Bear StearnsGrowths were calculated on USD share prices
Stock Price Performance among Mexican, Brazilian and Chilean Banks
Inbursa
19
Management
AGECEO Othón Ruiz Montemayor 60
BANKING Manuel Sescosse Varela 51
LONG TERM SAVINGS Enrique Castillón Vega 63
RECOVERY Miguel A. García Padilla Fdz. 49
PREVIOUS EXPERIENCE
GRUPO VISA
Bancen MULTIVA, Probursa’sBrokerage House, Sesvar, Sesscose Hnos. Constructores
Inverméxico, Seguros Monterrey Aetna, Finanzas Monterrey y Seguros Monterrey.GRUMA
AGE
PREVIOUS EXPERIENCEBUSINESS UNITS
CORPORATE Antonio Emilio Ortíz Cobos 52 Bancomext y Citibank
PYMES Enrique Catalán Guzmán: 55 Fitchibca, Productos Químicos yVegetales and Nacional Financiera
PLANNING Sergio García Robles Gil 43
RISK MANAGEMENT Gerardo Coindreau Farías 50TECHNOLOGY Alejandro Ramos Larios 49
FINA Value, Banamex and Bank of America
Serfín and Citibank.Banca Quadrum, Hidelbrando,BBVA Probursa, Probursa’sBrokerage House and Culliet Mexicana.
AGE
PREVIOUS EXPERIENCESUPPORT & CONTROL
FINANCE Federico A. Valenzuela Ochoa 55 Afin Casa de Bolsa, Grupo TécnicoAsesor and Inverméxico.
HUMAN RESOURCES Gerardo Soto Pérez 47 Productora e Imp. De Papel, S.A., Presidencia de la República and Instituto Mexicano de Comercio Exterior.
MARKETING Gloria Cecilia Miller Suárez 40 Duraligth de México, Industrias Cannon.LEGAL Aurora Cervantes Martínez 39 Procuraduría General de la República.COMPTROLLING Jorge Eduardo Vega Camargo 43 Banco Internacional, S.N.C.
EXPERIENCE
39
27
42
231734
20
2631
28
22
181823
EXPERIENCE
EXPERIENCE
20
Outlook
Traditional Loan Portfolio growth:
Low Cost Deposit growth:
Asset Quality:
NIM:
Non Interest Income:- Service fees:- Recovery fees:
Capital Management:
improving steadily
improving slowly
stable
improving slowly
improving slowly stable
cash dividend
21
GFNORTE3Q03