It is expected that with the acquisition of 100% of Rappicard there will also be a cost reduction that will allow them to recover.
“There will be no more charges for impairments related to Bineo and we do not see tax benefits,” said Marcos Ramírez, general director of Banorte.
Ramírez highlighted that after the agreement to sell Bineo last September to Klar, the bank managed to integrate the digital part into its app. “There’s a lot to learn,” he said.
Arana highlighted that Banorte has a very clear roadmap on how to address digital evolution, especially among young people, so there will soon be news about a new proposal.
The directors added in the call with investors that the costs of Bineo and Rappicard implied a cost of 5 percentage points of the Group and that now, after the sale of Bineo and the acquisition of 100% of Rappicard, there will be a cost efficiency that will allow this percentage to be reduced to 3 percentage points.
After posting a 9% drop in profits, Banorte added that it may not reach its profit target this year.
“There are many initiatives trying to minimize this effect to try to be as close as possible to the guide at the end of the year,” declared Rafael Arana.
“I’m not promising that we will be in the guide, but efforts are being made to be very close,” he said.
