Santander Mexico reported a profit of 6,900 million pesos for the second quarter of 2022, which represented a growth of 46.4% compared to the 4,713 million for the same period of 2021.
For the entire first half of the year, the bank obtained profits of 12,011 million pesos, an increase of 50.3% compared to the first six months of the previous year, when the profit was 7,992 million.
According to the institution, the increase in its profit was mainly due to the solid performance of income from financial margin, commissions and net fees and income from intermediation, as well as a lower preventive estimate for credit risks.
“Regarding our most recent financial results, the second quarter of 2022 was the best quarter in the bank’s history (…) in other words, we have reached and exceeded the levels of profit that we had before the pandemic,” he said. Héctor Grisi Checa, Executive Chairman and CEO of Santander Mexico.
Portfolio grew 10.3%
At the end of the second quarter of 2022, the bank’s credit portfolio reached 783,466 million pesos, a growth of 10.3% compared to the same period in 2021. The increase occurred in practically all its portfolios.
Thus, the commercial portfolio totaled 446,923 million pesos, an increase of 8.5% year-on-year. Within this, the portfolio of companies increased 12.6% in the period; that of corporates 9.1%, and in small and medium-sized companies (SMEs) there was a decrease of 4.0 percent.
Meanwhile, the individual portfolio achieved a balance of 336,543 million pesos, an increase of 12.8% compared to June 2021. Within, the consumer portfolio increased 15.9%, and within this the credit card segment increased 12.9% and others 18.3%. Meanwhile, mortgage credit showed a growth of 10.9% year-on-year.
Delinquency Rate (IMOR) of Santander Mexico stood at 2.56% at the end of the second quarter, lower than the 2.87% of the same quarter of 2021.
“Although domestic and global economic conditions are expected to remain challenging, we will continue to advance our strategic priorities, strengthening our market position and maintaining our market position and maintaining our path of profitable growth, while developing and implementing new expansion initiatives. ”, highlighted Hector Grisi.
