Mexico Credit Tracker (April, 2026) "Negative print: Tepid rise in NPL a..."

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Mexico Credit Tracker (April, 2026) "Negative print: Tepid rise in NPL a..."

Global Research

9 June 2026ab

Mexico Credit Tracker (April, 2026) Equities

Latin AmericaNegative print: Tepid rise in NPL and earnings

likely to contract QoQ Banks

Thiago Batista, CFA

Analyst

thiago.batista@ubs.com

Loans slightly increased on a monthly basis +55-11-3513 6518

The system’s credit portfolio expanded 0.2% MoM. On a YoY basis, it is slightly Olavo Arthuzo

accelerating at 6.5% versus 6.3% in Mar-26. The growth was mainly driven by Analyst

consumer and mortgage loans, which grew 0.9% MoM and 0.3% MoM, respectively. olavo.arthuzo@ubs.com

Meanwhile, commercial loans showed a modest decrease MoM (at -0.1%). In the +55-11-2767 6306

consumer loans breakdown, the strongest contribution came from credit card (up Beatriz Shinye

2.0% MoM) and payroll loans (up 0.8% MoM), while personal loans decreased 1.4% Associate Analyst

MoM. On the funding side, total deposits were flattish MoM, with time deposits beatriz.shinye@ubs.com

growing 0.5% MoM, while demand deposits contracted 0.3% MoM. Notably, demand +55-11-2767 6569

deposits represent 66% of the total deposits. Among the banks, CNBS loan growth

showed Regional as the top performer, up 1.5% MoM, followed by Banorte at 0.3%

MoM, Inbursa at 0.2% MoM, Banbajio at -0.2% MoM, and Gentera at -3.4% MoM.

Tepid rise in delinquency; Coverage ratio remains robust

Stage 3 loans across the industry experienced a modest rise of 6bps MoM to 2.3%,

driven by a 10bps uptick in the Commercial segment and a 3bps increase in

Mortgage. Meanwhile, the Consumer segment slightly contracted (2bps MoM) to

3.2%, mainly driven by a positive trend in Personal loans, contracting by ~10bps MoM

to 5.2%, while the other subsegments remained mostly unchanged. The system