“The successful strategy of the Sofipos is based on offering the highest deposit rewards for their clients and continuing to have insurance that covers up to 25,000 UDIS,” Moody’s report highlights.
Analysts point out that this is positive for the entities, but in the medium term the sustainability of the strategies to raise funds will be reviewed.
The challenge in the medium term will be for these companies to demonstrate that they are respecting credit issuance standards, since a large part of the Sofipos are issuing credit without guarantees, such as credit cards.
“It is too early to know the true quality of the credit portfolio of these entities, since the growth of the portfolio itself tends to dilute the delinquency rates of the credit portfolios,” he said.
According to data from the National Banking and Securities Commission (CNBV), the Sofipos with the greatest growth have been Nu (which has requested its license to be a bank), Klar, Finsus (which is also seeking a banking license), as well as Crediclub.
The problem with such rapid growth, according to Moody’s, is that it can be an important leading indicator of a deterioration in asset quality. “This is because it can signal a large appetite for increased risk and provide clues to a possible future deterioration in asset quality,” it notes.
