Financial consortiums increased their profits 3.4% last year

From January to October of last year, the 21 financial groups operating in Mexico have earned 256,325 million pesos, 3.4 percent more in real terms when compared to the 236,483 million obtained in the same period of 2023, they indicate. the most recent figures from the National Banking and Securities Commission (CNBV).

These are large financial consortia that bring together various financial institutions, including banks, insurance companies, brokerage houses or retirement fund managers (Afore). The majority are of foreign origin.

According to the regulatory body, at the end of October 2024, the financial groups operating in the national territory had assets of 14 trillion 753 thousand 962 million pesos, a figure 4 percent higher, in real terms, when compared to the 13 trillion 533 thousand 859 million reported at the end of the tenth month of 2023.

At the same time, the CNBV information indicates, financial groups had liabilities of 13 trillion 14 thousand 401 million pesos at the end of last October, while in the same month of 2023 the figure was 11 trillion 946 thousand 281 million pesos , which implies an increase of 3.9 percent.

Among the main financial groups operating in Mexico are BBVA, Banorte, Santander, Citibanamex, HSBC, Scotiabank, Inbursa, Monex, Banregio, Monex, Afirme and Mifel.

The four most important in the country, by amount of assets, are BBVA, Banorte, Santander and Citibanamex, which together have 9 billion 934 thousand 52 million pesos, 66.1 percent of the total.

BBVA, of Spanish origin, has assets of 3 billion 721 thousand 279 million pesos; Banorte, Mexican, for 2 billion 514 thousand 222 million; Santander, also Iberian, for one billion 958 thousand 307 million pesos, and Citibanamex, which in October had not yet separated from the American consortium Citi, for one billion 740 thousand 244 million.

The financial margin of these institutions, which mainly results from the difference between the income collected through interest and the expenses that must be paid, was 620 thousand 881 million pesos, an increase of 8.9 percent compared to the 544 thousand 157 million reported in October 2023.

Of that total, one trillion 349 thousand 278 million pesos were income obtained from interest, a figure 6.4 percent higher in real terms when compared to what was reported in October 2023, when it was one trillion 210 thousand 296 million pesos.

For its part, interest expenses totaled 728,397 million pesos, a figure 4.3 percent higher than the 666,139 million pesos that were reported between January and October 2023.

In this way, and in an environment in which high interest rates prevail, financial groups are set to close 2024 with unprecedented profits, assets and income.