Grupo Financiero Inbursa (GFINBUR O) Q2 2024 earnings summary

Executive summary

• Net income reached $15,455 million pesos in June 2024, up 16.0% year-over-year, driven by a 26.3% increase in financial margin and robust loan growth.

• Total loan portfolio expanded 37.9% year-over-year to $443,648 million pesos, with retail loans surging 115.1% and wholesale loans up 19.2%.

• Retail deposits grew 29.1% year-over-year, reaching $345,216 million pesos.

• Efficiency ratio remained strong at 17.3%, supporting flexibility and competitive offerings.

• Acquisition of 80% of Cetelem Mexico completed, significantly expanding auto financing capabilities.

Financial highlights

• Net income for 2Q24 was $9,365 million pesos, up 53.8% sequentially and 60.3% year-over-year.

• Financial margin for the first half of 2024 was $22,231 million pesos, up 26.3% year-over-year.

• Loan loss reserves stood at $9,674 million pesos, covering 1.4x Stage 3 loans and 2.2% of total loans.

• CET1 ratio at 22.25%, well above regulatory requirements.

• Stockholders' equity increased 16.2% year-over-year to $241,858 million pesos.

Outlook and guidance

• Strong capital and liquidity position post-Cetelem acquisition positions the group for continued loan growth.

• Efficiency and digitalization remain key competitive advantages.