The content has been shared, if you want to share this content with other users click here.
Third quarter personnel expenses were revised down primarily due to a reduction in bonus provisions, reinforcing Deutsche Bank's view that Q3 earnings were not good, according to the report.
The report also said that non-performing loans (NPLs) in the government loan book were revised to 0.8% from 0%, taking total NPLs at the bank to 2.4% from 2.2%.
Earlier this month Banorte reported that it was content with government loan exposure of 20% as no single state government represented more than 3% of total loans.
Deutsche Bank also said it continues to question if high loan exposure to states and municipalities should be a source of concern, but maintains a hold recommendation on the stock reflecting Banorte's recent increase in market-related gains.