Grupo Financiero Inbursa SA (GFINBURO.MX): Key takeaways from 2Q26 - Cost of risk and market related income to improve in 2H26

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Grupo Financiero Inbursa SA (GFINBURO.MX): Key takeaways from 2Q26 - Cost of risk and market related income to improve in 2H26

Goldman Sachs Grupo Financiero Inbursa SA (GFINBURO.MX)

Highlights from 2Q26 conference call

Asset quality poised for improvement. Inbursa expects the cost of risk to decrease in

the coming quarters, primarily driven by the positive restructuring path of the three

specific large commercial accounts that drove a sharp increase in provisions YTD.

Management expects these cases to show improvement next quarter and to be fully

resolved by year-end without translating into write-offs. On the retail side, despite

industry-wide Credit Bureau deterioration due to higher leverage and lower disposable

income, Inbursa’s portfolio remains resilient.

Sustained and selective loan growth ahead. The bank remains optimistic about

maintaining a steady growth pace across both commercial and consumer portfolios.

Consumer growth will be supported by auto loans and the gradual ramp-up of the new

Aeroméxico credit card program (launched June 1st), which aims to replace lost

Walmart clients with a higher-profile, lower-risk segment. In Brazil, payroll loans will

continue growing at a more moderate pace. In commercial loans, Inbursa explained it

will selectively target higher-margin opportunities, such as expected upcoming

infrastructure projects.

Sinca spin-off likely to be completed by year-end, dividend payout ratio

maintained. Management expressed confidence that they are close to obtaining the

required regulatory authorizations to finalize the Sinca spin-off. While the transaction

may not close in the immediate quarter, Inbursa believes that the spin-off will likely be

completed by year-end. While the spin-off implies a reduction in equity, it should not