1

GFNorte´s 1Q07 Results

Conference callApril 27, 2007

2

New accounting standards

Careful consideration should be taken when comparing

1Q07 results with respect to previous quarters as new

regulations and accounting standards issued by the

National Banking and Securities Commission (CNBV) in

2006 went into effect in January of this year. As a result,

reported 1Q07 figures are not fully comparable with

previous quarters. Where applicable, GFNorte has

provided pro-forma comparisons.

3

New accounting standards

Change Impact

Deferral of fees charged on new loans. 89% in Commissions Charged.

20 bp NIM.

123 bp in efficiency ratio.

Non financial companies consolidated. 25 bp in efficiency ratio.

Financial derivatives marked to market. 54 bp in efficiency ratio.

Income of Portfolios Acquired: from Non Interest Income to Non Operating Income.

140 bp in efficiency ratio.

4Q06 excess loan loss reserves credited vs. income statement in 1Q07.

23 pp in reserve coverage.

4

GFNorte Highlights

MILLION PESOS

Performing loans growth

Past due loan ratio

Reserve Coverage

1Q07

Net Income

ROE

Stock Price

EPS

P/BV

1Q06

Net Interest Margin

Tax Rate

23% 24%

1,423

25.4%

14%

25.89

0.70

2.25

7.5%

102%

70%

0.80

3.83

7.1%

1.6%

171%

1.4%

149%

14%

24.0%

1,623

52.30

35% 37%

5

GFNorte´s Income Statement

MILLION PESOS

Net Interest Income

ServicesRecovery

Foreign ExchangeTrading

Non Interest Income

Total Income

Non Interest Expense

Net Operating Income

Non Operating Income (Expense) Net

Income Tax

Net Income

Loan loss and loss sharing provisions

Subsidiaries and minority interest

1Q06 Change1Q07

3,729

2,052

3,430

2,150

388

122386

1,254 1,383113

91465

9%

10%(71%)

47%

(5%)

(26%)

4%

8%

5,781

(3,387)

5,580

(3,123)

(3%)

6,605%

23%

14%

(34%)

(38%)

2,394

339

(903)

1,623

(255)

50

2,457

5

(734)

1,423

(386)

81

6

ROE and ROA

ROE ROA

26%

1Q06

27%

1Q05

24%

1Q07 1Q05

2.5%2.8%

1Q06

2.7%

1Q07

7

Net Interest Margin vs CETES

PERCENTAGE

1Q05 2Q05 3Q05 4Q05 2Q06 3Q06 4Q061Q06 1Q07

CETES

NIM

8.1

9.0

9.7 9.5

8.6

7.6

7.0

6.2

7.3

8.5 8.3 8.5

7.5

7.1

7.1 7.0 7.0

7.7 8.0 7.9

77% 101%

8

NIM Variation

PERCENTAGE

7.9% (0.2%) (0.2%) (0.2%) (0.2%) 7.1%

4Q06 1Q07

Loan commissions

INB Governmentloans

Calendar Effects

9

Non Interest ExpenseBILLION PESOS

EFFICIENCY RATIO

Non Interest Expense

1Q06

3.1

1Q07

3.48%

61%

1Q05

55%

1Q06

58%

1Q07

55%

Changes to Accounting Standards

340 bp

10

Core DepositsBILLION PESOS

Mix

Demand

Time

Demand

Time

Total

Deposits 1Q05 1Q071Q06

93

56

148

79

44

123

68

39

107 21%15%

8%

10%

9%

YoY Changew/o INB

18%

27%

16%

13%

63%

37%

100%

64%

36%

100%

63%

37%

100%

11

BILLION PESOS

Performing Loan Portfolio

1Q06 4Q06 1Q07 QoQVariation

YoY

Commercial

Corporate

Government

Total

Consumer

1Q06 4Q06 1Q07

121142 151

1% 45%

4% 16%

36% (1%)

6% 24%

5% 18%

60

26

15

151

50

59

24

11

142

48

42

22

15

121

42

12

Performing Consumer Loan PortfolioBILLION PESOS

Consumer

Car loans

Credit Card

Payroll loans

Mortgage

1Q06 4Q06 1Q07 QoQVariation

YoY

1Q06 4Q06 1Q07

4248 50

2% 5%

10% 50%

2% 27%

5% 18%

5% 12%

7

11

5

50

28

6

10

5

48

27

6

7

4

42

25

28%

YoY Changew/o Extras

28%

13

Asset Quality

Past Due Loans

Loan Loss Reserves

1Q06 4Q06 1Q07

RESERVECOVERAGEPAST DUE LOAN

RATIO

1Q06 4Q06 1Q071Q06 4Q06 1Q07

Total Loan Portfolio

BILLION PESOS

2.0

3.4

149%171% 172%

1.4%1.6% 1.4%

125

2.1

3.6

146

2.2

3.3

155

14

ReserveReversal

Balance1Q07

Balance4Q06

(464)

3,321

3,576

New Reserves

708

210

498

Performing loans

PDL’s

Charge offs

(499)

Evolution of Loan ReservesMILLION PESOS

15

Banking Sector Capitalization Ratio

Tier 1

Tier 2

TOTAL

1Q05 1Q06 1Q07

Percentage Tier 1

11.0%

4.9%

15.9%

69%

12.5%

3.6%

16.2%

77%

13.0%

2.6%

15.6%

83%

PERCENTAGE