Banks - Mexico: April data: Mixed reading across the banks

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Banks - Mexico: April data: Mixed reading across the banks

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Banks - Mexico

April data: Mixed reading across the banks

Industry Overview

Relatively stable loan growth but higher NPLs 08 June 2026

Monthly data as of April reflected loan growth for the industry of 6.3% (vs. 6.1% in Equity

March). Loan growth continues to be driven by consumer loans (+12%), while Mexico

commercial loans continued to grow at 4%. Meanwhile, NPL ratio deteriorated by +10bp Financial Services

MoM to 2.3%. Overall, Mexican banks under our coverage showed single-digit loan

growth (except for Gentera), mixed revenue generation, higher provision charges, and Mario Pierry

Research Analyst

lower reserve coverage ratios. Company-specific data points to better-than-expected BofAS

2Q26 NI for Bajío and Banorte, and lower for Gentera, Regional and Inbursa. +1 646 743 0047 mario.pierry@bofa.com

Banorte – NI above expectations on stronger revenue ErnestoResearch GabilondoAnalyst >>

Net income grew 14% YoY, largely explained by stronger revenue generation. Core Merrill Lynch (Mexico) +52 55 5201 3428

revenue generation remained solid, reflecting high single-digit NII growth (+19% YoY) ernesto.gabilondo@bofa.com

and double-digit fee income (+25% YoY). Loan growth came at 7% YoY, as we have Antonio Ruette >>

previously anticipated that 1H26 would be soft. Results showed 1) modestly higher NPLs Research Analyst Merrill Lynch (Brazil)

QoQ, but sequentially lower provision charges, reflecting a CoR of 2.0% of average gross +55 11 2188 4225

loans (vs 2.2% in 1Q26), and a relatively stable reserve coverage ratio of 137%. Lastly, antonio.ruette@bofa.com

opex came at high single-digit growth (+9% YoY). NI in April of Ps4.3bn implies 2Q26 AugustoResearch UeharaAnalyst >>