Latin America Financials: Citi’s Daily Statement – 2026.07.22 – BZ Indebtedness; 2Q26 Results: Banorte, Qualitas, BMV

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Latin America Financials: Citi’s Daily Statement – 2026.07.22 – BZ Indebtedness; 2Q26 Results: Banorte, Qualitas, BMV

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22 Jul 2026 09:24:51 ET │ 12 pages

Latin America Financials

Citi’s Daily Statement – 2026.07.22 – BZ Indebtedness; 2Q26 Results:

Banorte, Qualitas, BMV

CITI'S TAKE

Daily report over key topics of LatAm financial companies under Citi’s

coverage.

Gustavo SchrodenAC

Credit Cards Increasingly Fund Everyday Spending in Brazil (Valor, Jul 20) +55-11-4009-5858

gustavo.schroden@citi.com

Serasa data show that nearly 70% of Brazilian adults have an active credit product, Arnon Shirazi, CFA

with credit cards remaining the main borrowing tool. The survey highlights that +55-11-4009-7906

cards are increasingly used to cover everyday expenses, underscoring ongoing arnon.shirazi@citi.com

pressure on household budgets and the importance of consumer credit in

Brian Flores, CFA

supporting spending.

+55-11-4009-2842

luis.brian.flores@citi.com

Credit Remains Essential, but Borrower Regret Is High (O Globo, Jul 20)

A Serasa survey found that 48% of Brazilians rely on credit to maintain their current

standard of living, while 57% use credit frequently. However, 55% have regretted

taking credit, mainly due to higher-than-expected interest rates and installment

burdens, reflecting persistent affordability challenges for consumers.

Banorte (GFNORTEO.MX) - Solid delivery rises potential for capital returns – 2Q26

Results

Citi's take: Banorte reported earnings of P$15.6bn, +1% vs. Citi and Bloomberg

consensus, for an ROE of 23.8%. The loan portfolio grew +8%YoY (+9%YoY ex-

government), while deposits grew +5%YoY. NIM ex-insurance and annuities

expanded 20bp to 6.5%. Cost-of-risk was 1.9%, more in line with guidance and a

~30bp QoQ improvement.