Mexican Banking Grew 15.1% Last Year Compared to 2022
The CNBV (Mexican Banking and Securities Commission) reported unprecedented profits for the Mexican banking sector in 2023, totaling 273.314 billion pesos, 15.1% more than in 2022. This historic growth was driven by a 29% increase in consumer credit, the most dynamic segment of the sector.
BBVA Leads the Way
BBVA bank emerged as the most profitable financial institution in the country, accumulating 87.612 billion pesos in profits during the past year. Completing the top 5 are:
- Banorte (42.311 billion pesos)
- Santander (29.095 billion pesos)
- Citibanamex (22.279 billion pesos)
- Inbursa (20.400 billion pesos)
It is worth noting that only 8 banks concentrate 85% of the total profits of the sector, reflecting a high concentration in the market. Among them are Scotiabank (11.279 billion pesos), Banco del Bajío (11.091 billion pesos) and HSBC (7.989 billion pesos).
Credits for a Total of 197 Billion Pesos
In terms of credit distribution, banking institutions granted a total of 197 billion pesos for mortgages, 32 billion for investments and financial services, 22 billion for the commercial sector, 6 billion for exchange banks and 5 billion for small businesses.
Return on Assets (ROA) on the Rise
The CNBV also reported that the ROA (Return on Assets) of Mexican banks reached 2.08% at the close of 2023, representing an increase of 0.13% compared to 1.95% in 2022. This improvement comes despite the context of high interest rates implemented by the Bank of Mexico to combat inflation.
Overall, 2023 was characterized by solid growth and historic results for Mexican banking. The sector’s profitability, driven mainly by consumer credit, reflects the country’s economic recovery and the confidence of financial institutions in the future.
