Grupo Financiero Inbursa, SAB de C.V.: 2Q26 EPS First Look

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Grupo Financiero Inbursa, SAB de C.V.: 2Q26 EPS First Look

Equity Research

Canada & Latin America Banks

22 July 2026

Grupo Financiero Inbursa, SAB de C.V.

2Q26 EPS First Look

Earnings miss driven by higher-than-modeled provisions and

lower-than-expected fees. Still, NII rebounded on NIM

GFINBURO.MX/GFINBUROexpansion and expenses were lower. In addition, NPLs were MM EQUAL WEIGHT

Canada & Latin America

higher and capital ratio increased. We look for an update on Banks POSITIVE

guidance on its conference call tomorrow. Price Target MXN 52.00 Price (22-Jul-26) MXN 42.85

Potential Upside/Downside +21.4%

Source: Bloomberg, Barclays Research

Key Takeaways Canada & Latin America Banks

EPS miss: Inbursa reported 2Q26 EPS of P$0.99 vs consensus of P$1.32. The miss relative to Brian Morton, CFA

consensus was driven by higher-than-modeled provisions and lower-than-expected fees. Still, +1 212 526 2163

NII rebounded on NIM expansion and expenses were lower. Credit quality deteriorated modestly brian.morton@barclays.com

with nonperforming loans higher while capital increased. BCI, US

Revs lower sequentially: Operating revenues fell 9% y-o-y and 8% linked quarter to P$14.3bn.

Book value decreased 0.6% sequentially to $47.67 (0.9x). We estimate it generated an ROA of

2.8% and ROE of 8.3%. Its CET1 ratio was 23.24%, relatively unchanged from 23.25% in 1Q26.

Period end shares declined 0.5%.

NII higher: Net interest income rose 7.6% sequentially. Average earning assets increased 1.6%.

We calculate its NIM increased 29bps to 6.50%.

Fees & Expenses lower: Fee revenue declined 30.6% from 1Q26 to P$8.859bn due to a drop in

trading. Expenses decreased 12.8%. Its efficiency ratio in 2Q26 increased to 17.7% from 17.5% in

1Q26.

Loans higher. Total loans increased 2.4% from 1Q26 to P$542.7bn.