Grupo Financiero Inbursa SA (GFINBURO.MX): 2Q26 First Take: Miss on weaker non-interest revenues and higher provisions

Research evidence excerpt

Grupo Financiero Inbursa SA (GFINBURO.MX): 2Q26 First Take: Miss on weaker non-interest revenues and higher provisions

Equity Research

22 July 2026 | 11:31PM EDT

Grupo Financiero Inbursa SA (GFINBURO.MX): 2Q26 First Take: Miss on

weaker non-interest revenues and higher provisions

Deterioration in commercial asset quality impacted results Tito Labarta

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

Net income of P$6.0bn was down 19% qoq (-29% yoy), 24% below GSe and 25% Goldman Sachs & Co. LLC

below Visible Alpha consensus. The miss was primarily due to higher provisions, Tiago Binsfeld, CFA

lower insurance results and lower market-related income, which fell to -P$0.3bn, +55(11)3371-4574tiago.binsfeld@gs.com|

compared to P$2.3bn in 1Q26 and P$1.3bn in 2Q25. While consumer provisioning Goldman Sachs do Brasil CTVM S.A.

Juliana Oharaalso rose qoq, approximately P$1,250mn of the increase in commercial provisions +55(11)3372-0202 |

during 1H26 is attributable to three clients currently formalizing debt restructuring juliana.ohara@gs.comGoldman Sachs do Brasil CTVM S.A.

agreements (24% of the total provision increase). Moreover, the NPL ratio rose

57bps qoq to 1.9%, largely on the commercial and mortgage portfolio, as consumer

NPLs remained mostly stable. As such, ROE declined to 8.3% from 10.3% in 1Q26

and 12.6% in 2Q25. We expect a negative market reaction to the earnings miss.

Higher net interest income despite lower reference rates

Net interest income rose 8% qoq (+2% yoy, in-line with GSe), given continued loan

growth and lower funding costs, despite a 25% decline YTD in the 28-day CETES.

Loan growth expanded modestly by 2% qoq (+9% yoy, 2% above GSe), with growth

in commercial (+2% qoq) and consumer loans (+3% qoq) partially offset by a

contraction in mortgages (-2% qoq).