High interest rates still make profits for private banks. From January to September, Grupo Financiero Inbursa, owned by businessman Carlos Slim, reported profits of 25,554 million pesos, an increase of 22.5 percent compared to the 20,860 million reported in the same period of 2023.
According to the results report corresponding to the third quarter, sent to the Mexican Stock Exchange (BMV), the profits obtained between July and September alone totaled 10 thousand 99 million pesos, which implied an increase of 33.9 percent if compares with the 7,541 million reported in the same period of the previous year.
According to the financial institution, the increase in accumulated profits in the first 9 months of the year is the result of “a greater financial margin as a result of higher interest rates and the increase in the average credit portfolio.”
In this sense, the financial margin, which is mainly the difference between the income obtained from the collection of interest from debtors and those paid to savers, stood at 34,329 million pesos, an amount that is 24.8 percent higher than compared to the 27,493 million reported from January to September 2023.
In this sense, income from interest collection from January to September totaled 81,813 million pesos, while expenses were 47,483 million, figures that are 26.2 and 27.3 percent higher, respectively, when compared to the amounts reported in the first 9 months of last year.
The balance of the total credit portfolio stood at 470,983 million pesos, which implied an increase of 40 percent compared to the 337,309 million reported at the end of September 2023.
In this sense, Inbursa specified that said increase is related to the acquisition of 80 percent of the capital of Cetelem México, the multiple purpose financial company subsidiary of BNP Paribas Personal Finance in our country, for an amount of 8,982 million pesos. .
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#Inbursas #profits #grow #January #September
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