Mexican Banks: Mixed May – EPS Beats for Banorte Bajio; Gentera Asset Quality Sees Improvement; Regional Misses

Research evidence excerpt

Mexican Banks: Mixed May – EPS Beats for Banorte Bajio; Gentera Asset Quality Sees Improvement; Regional Misses

J P M O R G A N Latin America Equity Research

15 July 2026

Mexican Banks

Mixed May – EPS Beats for Banorte Bajío; Gentera

Asset Quality Sees Improvement; Regional Misses

Mexican banks reported regulatory figures for May, and our initial take is neutral, Latin American Financials

with okay trends for Banorte/Bajío and softer trends for Gentera/Regional, but Yuri R Fernandes AC

overall improving trends vs April. On the positive side, Banorte is tracking a 1–8% (1-212) 622-3400

beat, supported by strong NII and slightly lower provisions (though still higher yuri.r.fernandes@jpmorgan.com

J.P. Morgan Securities LLC

CoR than we expected) and results point to a ~32% bank-unit ROE - we believe

Guilherme Grespaninsurance and annuities are also important for the quarter and we have lower

(55-11) 4950-3058

visibility here, but overall we have an okay take for the name. Bajío is tracking a guilherme.grespan@jpmorgan.com

~4% EPS beat, as lower provisions offset weak NII pressured by margin Banco J.P. Morgan S.A.

headwinds; we note the company posted a Ps. 201mn decline in provisions during Fernanda Sayao

the quarter due to reduced additional provisions (it happened in April), though we (55-11) 4950-6588

are less certain that CoR can remain this low once updated model provisions are fernanda.sayao@jpmchase.com

Banco J.P. Morgan S.A.

built. On the negative side, Gentera is tracking a 21–26% EPS miss as asset quality

Diego Marquez Antonioremains a concern (particularly in the individual segment), though the magnitude

(52-55) 5339-94899

of the miss may be smaller if June repeats May trends and Peru helps, which seems diego.marquez@jpmorgan.com