Grupo Financiero Inbursa (GFINBUR O) Q3 2024 earnings summary

Executive summary

• Net income reached $25,554 million pesos in September 2024, up 22.5% year-over-year, driven by a 24.9% increase in financial margin and robust loan portfolio growth.

• Efficiency ratio remained strong at 17.6%, supporting flexibility and competitive offerings.

• Total loan portfolio expanded 39.6% year-over-year to $470,983 million pesos, with retail loans up 128.8% and wholesale loans up 18.4%.

• Retail deposits grew 26.4% to $356,243 million pesos, and stockholders' equity increased 15.9% to $250,849 million pesos.

• Digital transactions accounted for 93.8% of total monthly transactions, reflecting ongoing digital transformation.

Financial highlights

• Net income for 3Q24 was $10,099 million pesos, up 33.9% year-over-year and 7.8% sequentially.

• Financial margin for Jan–Sep 2024 was $34,329 million pesos, up 24.9% year-over-year.

• Operating income for Jan–Sep 2024 reached $32,218 million pesos, a 17.6% increase year-over-year.

• ROAA stood at 4.8% and ROAE at 15.0% for the last twelve months.

• CET1 ratio was 22.33% in September 2024, well above regulatory requirements.

Outlook and guidance

• Strong capital and liquidity positions enable continued loan growth and digital expansion.

• The acquisition of Cetelem Mexico is expected to further strengthen the consumer and auto financing business.