Equity Snap: Gentera (GENTERA* MM): Course correction, with 2Q26 earnings in line

研报英文原文证据摘录

Equity Snap: Gentera (GENTERA* MM): Course correction, with 2Q26 earnings in line

22 July 2026

Equity Snap: Gentera (GENTERA* Equities Commercial Banks

MM)

Course correction, with 2Q26 earnings in line Mexico

◆ Cutting loan growth guidance to control asset quality, EPS Carlos Gomez-Lopez, CFA

range unchanged; profitability remains robust; ROAE 24.5% HeadHSBCofSecuritiesEM and (USA)LatAmInc.Financials

carlos.gomezlopez@us.hsbc.com

+1 212 525 5253

Gentera (GENTERA* MM, MXN39.68, Buy, TP MXN60.00)

Neha Agarwala, CFA

(Priced as of 22 Jul 2026) Senior Analyst, Fintech & LatAm Financials

HSBC Securities (USA) Inc.

Relief from in-line earnings: Gentera reported 2Q26 earnings of MXN2.28bn, up neha.agarwala@us.hsbc.com

9% y-o-y, in line with consensus and 3% above HSBC estimates. There had been +1 212 525 5418

concerns about asset quality deterioration that could lead to a miss from higher

provisions or lower revenues; this did not happen, and the company remains very

profitable (24.5% ROAE) and on track for 13-16% EPS growth.

Guidance for lower loan growth at Banco Compartamos: Management had

acknowledged higher delinquencies in individual lending at Banco Compartamos,

and explained that it had taken corrective action. Thus, the overall loan portfolio was

flat in the quarter, while growth declined to 13% y-o-y, from 15% in 1Q26 and 22% in

2Q25. More importantly, management reduced loan growth guidance by half, from

13-16% to 6-9%; the reduction is exclusively for Banco Compartamos in Mexico,

while the other two units (Peru and ConCredito) will continue to grow c15%.

Earnings guidance maintained: On the other hand, the company maintained its

guidance for EPS (MXN 5.88 – MXN 6.03), or 13-16% growth. The reason is that