July 24 (Reuters) - Mexico's Grupo Financiero Banorte

could revise its net income guidance over the

coming quarters, depending on the evolution of its share buyback

program, a company executive said on a call with analysts on

Wednesday.

The bank's net income guidance for 2024 is currently set

between 56.4 billion and 57.4 billion pesos.

In addition, Banorte said it changed its long-term Common

Equity Tier (CET) target to a range of 13-13.5% from the

previous 12-13%, citing ongoing volatile market conditions and

the U.S. presidential election.

The group on Tuesday reported a 7% climb in second-quarter

net profit from the year-ago period, citing double-digit growth

in its loan book.

Net profit hit 14.02 billion pesos ($766.59 million) as its

active loan book topped 1 trillion pesos for the fourth

consecutive quarter. The profit was slightly below an

LSEG-compiled estimate of 14.65 billion pesos.

Banorte shares were down 2.3% on the Mexican stock exchange

on Wednesday amid widespread caution in the local market.

Analysts presented mixed reactions to the lender's

second-quarter results. Itau BBA acknowledged decent figures but

pointed to softer net interest income (NII), while BTG Pactual

noted weaker NII leading to an earnings miss.

However, both agreed on Banorte's strong capital

position bolstering further share buyback activities.

NII, the difference between what banks earn on loans and

dole out in deposits, grew 12% year-over-year on the larger loan

book, despite a lower benchmark interest rate, Banorte said.

Mexico's central bank

reduced its interest rate to 11.00% from 11.25% in March,

and has kept it on hold since then.