Mexican Lending in Pictures: May 2026: Loan growth accelerating, but only Banorte running above GSe

Research evidence excerpt

Mexican Lending in Pictures: May 2026: Loan growth accelerating, but only Banorte running above GSe

Equity Research

15 July 2026 | 6:40AM EDT

Mexican Lending in Pictures: May 2026: Loan growth accelerating, but

only Banorte running above GSe

Further acceleration of loan growth, but mixed profitability trends Tito Labarta

+1(212)357-6760 | tito.labarta@gs.com

May data showed further loan growth acceleration at the system level (6.6%/6.5% in Goldman Sachs & Co. LLC

May/April) and at all covered companies, while asset quality remained stable with Tiago Binsfeld, CFA

NPLs at 2.3%. However, profitability increased only at Banco del Bajío and Gentera +55(11)3371-4574tiago.binsfeld@gs.com|

(based on Compartamos), while it fell at the system level, Banorte, Inbursa and Goldman Sachs do Brasil CTVM S.A.

Juliana OharaRegional. Meanwhile, we adjust our models to reflect the latest data, where implied +55(11)3372-0202 |

2Q26 earnings are running 2% above GSe at Banorte, but below at BanBajio (-1%), juliana.ohara@gs.comGoldman Sachs do Brasil CTVM S.A.

Regional (-5%), Inbursa (-16%) and Gentera (-20%), as we believe June data might

still show accelerating trends. Finally, Condusef June data for NU shows loan growth

of 3% mom and 54% yoy (vs. 56% yoy in May).

System loan growth accelerated slightly

System loan growth accelerated slightly to 6.6% yoy (+10bps) with stronger

commercial loans (+20bps to 5.0% yoy) offsetting softer individual loans (-30bps to

11.7%), while mortgage expansion kept the pace at 5.2% yoy. The commercial loan

growth was supported by an improvement in government loans (+580bps to -1.1%

yoy), compensating weaker lending activity of companies and financial entities

(-40/-310bps to 7.1%/-9.0% yoy). Meanwhile, retail lending slowed as weaker