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Bansefi strives to lower default levels to about 2.5%

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Bansefi strives to lower default levels to about 2.5%

Mexican state-run bank Banco del Ahorro Nacional y Servicios Financieros S.N.C., or Bansefi, hopes to lower its nonperforming loan ratio from the current level of 5.8% down to about 2% to 2.5% before the end of Mexican President Enrique Peña Nieto's term in November 2018, according to a report in El Economista.

The head of Bansefi, Virgilio Andrade, reportedly told journalists the bank would work towards lowering the delinquency rate to "traditional levels" of the bank and noted the nonperforming loan spike was due mainly to refinancing programs.

Bansefi's total loan portfolio amounted to 2.17 billion Mexican pesos at the end of 2016, the report noted.

As of May 29, US$1 was equivalent to 18.51 Mexican pesos.