2Q26 Conference Call Highlights

Research evidence excerpt

2Q26 Conference Call Highlights

UpdateMthe ratio to remain broadly stable.

Competition. Management acknowledged that its expansion into Mexico City,

Monterrey, and Guadalajara will increase exposure to more competitive markets,

particularly in corporate lending. However, it continues to see a more attractive

competitive environment and stronger growth opportunities within SMEs. While

greater competition may place some pressure on corporate lending spreads,

management expects increased cross-selling and a broader mix of products and

services, including deposits, cash management, FX, trusts, and leasing, to offset

margin pressure and enhance overall client profitability.

NIM. NIM sensitivity remains relatively high, with management estimating a 19 bp

impact on NIM for every 100 bp movement in TIIE, equivalent to approximately M

$740 million in revenue and M$466 million in net income under the current balance

sheet structure. Following a period of strong customer acquisition, commercial

efforts are increasingly focused on deepening client relationships through the cross-

selling of deposits and fee-generating products. Management is willing to accept

modest near-term NIM pressure in exchange for stronger and more durable balance

sheet growth. That said, it does not expect margins to decline materially from

current levels and anticipates greater stabilization going forward.

Expenses. Operating expenses increased at a faster pace during the quarter due to

the recognition of previously delayed costs and continued investments in

technology and artificial intelligence, including the migration of certain expenditures

from capex to opex. Nevertheless, year-to-date expense growth remained

manageable at 8%, and management reiterated its expectation of staying within full-