BBVA Mexico profit grew 45% in 1Q 2023

BBVA Mexico reported a profit of 25,732 million pesos for the first quarter of 2023, which represented an increase of 44.8% compared to the same period of 2022.

According to the bank, said result is due to a greater credit demand in the country, as well as adequate risk management and higher levels of customer transactionality.

Portfolio exceeded 1.5 trillion pesos

The institution explained that at the end of March 2023, the total current credit portfolio exceeded 1.5 trillion pesos, equivalent to an annual growth of 14.1%, compared to 1.3 trillion in March 2022.

He specified that the granting of credit to companies registered a balance of 622,000 million pesos, 15.3% higher than the first quarter of 2022.

On the other hand, in the individual segments of the portfolio, the consumer credits (payroll, auto and personal) registered a balance of 220,478 million pesos at the end of March 2023.

“These segments have shown a high dynamism, aligned with the growth of the country’s internal demand,” he pointed out.

Regarding mortgage credit, the balance totaled 310,000 million pesos, 10.6% more than in the first quarter of the previous year.

BBVA reported that the Delinquency Index (IMOR) stood at 1.49% at the end of March 2023.

Deposits, with growth of 2.6%

Regarding deposits, it showed an annual growth of 2.6%, reaching a balance of 1.5 trillion pesos.

Demand deposits grew 1.6%, and time deposits increased 8.5% year-on-year.

The Capitalization Index (ICAP) of BBVA Mexico closed March at 18.4%, while the Liquidity Coverage Ratio (CCL) stood at 185.6%.

At the end of the first quarter of 2023, the bank exceeded 28.5 million customers, adding 2.6 million more in the last year. Of these, 20 million are digital.