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GFNORTE

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 %.

raymond-sheppard
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GFNORTE

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  1. GFNORTE November 2008. 1

  2. 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%

  3. 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%

  4. 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%

  5. Quarterly Net Income MILLION PESOS 2,007 1,928 1,806 1,740 1,685 3Q07 1Q08 4Q07 2Q08 3Q08

  6. Core Earnings (NII + Fees – Expenses – Provisions) MILLION PESOS 2,272 2,138 2,134 1,903 1,758 3Q07 4Q07 1Q08 2Q08 3Q08

  7. 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

  8. 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

  9. 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.

  10. 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

  11. 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%

  12. 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%

  13. 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

  14. Loans to Deposits Ratio Total Loans / Total Deposits 103% 100% 97% 98% 97% 95% 90% 2Q08 1Q08 3Q08 4Q07 1Q07 2Q07 3Q07 14

  15. 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

  16. 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.

  17. 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.

  18. 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%

  19. 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%

  20. 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%

  21. 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.

  22. www.banorte.com/ri investor@banorte.com

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