With the next government, banks will get along “perfectly well”: ABM

Acapulco, Gro. Regardless of who wins the next presidential elections, the private banks that operate in the country will have a “perfectly good” relationship with the next government, said the Association of Banks of Mexico (ABM).

Although the bankers know the proposals that the contenders for the presidential seat have, the question that arises is how are they going to promote the country’s growth and take advantage of all the opportunities available in the current environment? Doubts that will be resolved tomorrow when Claudia Sheinbaum, Xóchilt Gálvez and Jorge Álvarez Maynez participate in the 87th Banking Convention.

“How are we going to accommodate ourselves with the next government? Perfectly fine. We have already had the opportunity to meet with the two candidates who are leading the polls, but they have the same objective, they seek greater growth and dynamism and greater income distribution.

“We will have a good discussion on how they would like to reach the objectives based on taking advantage of Mexico’s opportunity, everyone wants a country that is growing, with better jobs and better income distribution, what is clear, what will be interesting tomorrow will be to hear how,” said Daniel Becker, vice president of the ABM.

The statements come at a time when foreign and national banks report the maximum generation of profits in the country since records began, a fact that, according to the directors, has nothing to do with high interest rates. but with greater dynamism in employment and consumption.

“The profits of the banks are historic not because of the high interest rates, a percentage is explained by that, but mostly, because we are having the historically largest balance sheet of the banks, credit is growing, we are investing, costs are growing, but we have a very healthy portfolio that was cleaned up after the pandemic.

“So the main reason for the historical profits of the banking sector is due to credit activity and banking penetration, which is a reality in this country, and the most important thing is that income maintains those levels this year,” said Eduardo Osuna, vice president of the ABM.

He explained that once rates are reduced and the placement of financing among the population also slows down, as a result of an expected slowdown in economic activity, the profits reported by credit institutions will tend to normalize in the medium term.

Yesterday, the National Banking and Securities Commission (CNBV) announced that in the first two months of the year, the group of private banks operating in the country obtained profits of 48,368 million pesos, a historical figure for a similar period.

With the nearshoringadditional growth of 1.7 percent

Julio Carranza, president of the ABM, added that as a result of the phenomenon of company relocation, better known as nearshoringthe Mexican economy could have an additional growth of 1.7 percent in the next four years.

This, he pointed out, will occur as long as the public sector strengthens its relationship with the United States and Canada, and the private sector makes greater investment in issues related to research and development.