“The main central banks have started to raise interest rates and we have already seen a considerable increase in the main reference rates. With the Interbank Equilibrium Interest Rate (TIIE) increasing more than 5.50 basis points (in Mexico), we expect that these increases continue, and this has positive implications for the results of the group with an increase in our margins of 3.4% in the case of Mexico,” said the banker at the National Meeting of Regional Directors 2022, which was held this Tuesday at the Mexico City.
For the parent company, in Spain, the increase in interest rates is expected to have a profit margin of up to 12%. The manager highlighted that in the first quarter of this year, the group obtained the highest net profit in its history.
Torres Vila considered that the war between Russia and Ukraine has affected the economic prospects of all economies worldwide due to the rise in energy and food prices. In the case of Mexico, despite the fact that lower economic growth is expected, it is considered a country of opportunities.
By 2023, a growth of 2% is expected and this figure will foreseeably accelerate to around 3% in successive years, said Torres Vila. The growth will be thanks to the economic growth of the United States, a greater investment derived from the new TMEC trade agreement and the relocation of supply chains, also known as nearshoring.
The Chairman of the Board of Directors of BBVA Mexico, Jaime Serra Puche, also considered that there are sectors of the economy that have performed better than others, which will be a challenge for the bank in the coming months, since it will have to evaluate the financing of the regions They have not had as much economic progress.
