- BBVA, Banorte and Santander were, in that order, the banks in Mexico that fared best in their finances in the first half of 2022.
- The favorable scenario is due to higher interest rates and higher commissions.
- Analysts understand that the rate will continue to rise until it reaches 10 percent at the end of the year.
Crises are often a scenario of opportunities. The best proof is in banking, which, based on the changes promoted to contain inflation, see their income and profits increase.
This happens in all parts of the world, not only in Mexico. The financial sector is one of the sectors that is benefiting the most from the strong increase in interest rates in most countries of the world, a strategy carried out by governments to avoid a greater boost in retail prices.
In Mexico, the private banking sector is one of the healthiest and, for those months, it is one of the most profitable.
In parallel with the rise in interest rates driven by the Bank of Mexico to contain reserves and quell inflation, private banking posted large dividends in the first half.
According to what El Universal published this Tuesday, August 2, the 7 most important financial groups in Mexico, those who monopolize nine out of every 10 pesos that circulate through the banking sector, added benefits higher than those 105 billion pesos.
The data correspond to the first six months of 2022 and come from the accounting results of each entity.
According to reports, most of the profits came from interest charges, from financial margins that between the seven holding companies totaled 250 billion pesos and that commissions and net fees generated returns of 60 billion.
On the expenditure side, expenses, costs and taxes totaled 204 billion pesos.
Winning banks in 2022
Analyzing by bank, the group of Spain BBVA It was the one that obtained the most benefits in the first six months of 2022 in Mexico: 39 billion pesos.
This represents an increase of 50.1 percent over the same period in 2021.
In second place was the Mexican bank Banortewith profits that totaled 22 billion, 30.1 percent more than between January and June 2021.
The third location in earnings in the first half of 2022 went to the other large Spanish bank with a presence, Santanderwhose net profits totaled 12 billion pesos, more than 49 percent above what was earned in 2021.
According to what the general director of the holding company, Héctor Grisi, told El Universal, the second quarter of 2022 was “the best in the history” of the bank.
CitiBanamex, Inbursa, Scotiabank and HSBC
The fourth place in the ranking of the banks that earned the most in the first months of 2022 went to the American CitiBanamexwhich earned 11 billion pesos.
Also off the podium, but still making big gains in the first half of 2022, he placed Inbursaby Carlos Slim, an entity that obtained 10 billion pesos (21 percent more in the year-on-year comparison).
Canada’s holding company scotiabank, meanwhile, accumulated profits of seven billion pesos and was in sixth place. However, compared to 2021, it grew the most: 59 percent.
Finally, seventh place went to the British bank HSBCwhich made 5 billion profits between January and June 2022.
Rates up in the banks of Mexico
The explanation for the higher profits is based on the fact that in order to control inflation, the highest in two decades, Banxico raised its main interest rate from 4.25 percent (2020) to 7.75 percent (June 2022).
According to experts, the rate will continue to rise to at least 8.50 percent (which would happen on August 11). There is even talk that it would reach 10 percent in December.
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