BanBajío (BBAJIOO.MX): Prioritizing growth - 2Q26 Call

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BanBajío (BBAJIOO.MX): Prioritizing growth - 2Q26 Call

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30 Jul 2026 13:19:37 ET │ 11 pages

BanBajío (BBAJIOO.MX)

Prioritizing growth - 2Q26 Call

CITI'S TAKE

Neutral We joined BanBajío's conference call. Management reinforced an

increasingly constructive message around loan growth sustainability, Price (29 Jul 26 14:00) P$59.63

market-share gains, and profitability normalization into 2027. The key Target price P$57.00

takeaway was that the double-digit growth pace is expected to be Expected share price return -4.4%

sustained through at least 2027, supported by continued expansion in Expected dividend yield 6.6%

underpenetrated markets such as Mexico City, Monterrey, and Expected total return 2.2%

Guadalajara. Management highlighted strong pipeline activity, ongoing

Market Cap P$70,956M hiring of relationship managers, and continued rollout of mid-market

US$4,069M centers nationwide as key drivers of growth. Bajio should remain focused

on growing, with no extraordinary dividend in the pipeline. Management

argued that the recent increase in NPLs reflects a limited number of

specific cases rather than broader stress within the portfolio and Brian Flores, CFAAC

emphasized that underwriting standards have not changed. Going +55-11-4009-2842

forward, we believe investors will focus less on the earnings revisions luis.brian.flores@citi.com

themselves and more on the sustainability of low credit costs and lower

Gustavo Schroden reserve coverage going forward.

+55-11-4009-5858

gustavo.schroden@citi.com

Conference call highlights:

Arnon Shirazi, CFA

+55-11-4009-7906

arnon.shirazi@citi.com

• Growth outlook remains strong: Management stated that the loan

pipeline remains robust and sees current growth levels as sustainable

through 2027.