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Commercial credit drives loan expansion for Mexican banks in January

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Commercial credit drives loan expansion for Mexican banks in January

The total loan portfolio for Mexico's banking sector expanded 9.4% year over year in January to reach around 4.750 trillion Mexican pesos, local banking and securities commission CNBV said in a report.

The growth was driven by an annual expansion of 10.0% in commercial lending, 8.6% in consumer credit and 8.1% in mortgage loans, according to the report.

However, the sector's overall profits for January declined 11.8% from a year earlier to 12.9 billion pesos, with return on assets and return on equity standing at 1.57% and 14.92%, respectively, for the month.

The CNBV report further noted that total assets for Mexico's 49 banking institutions reached approximately 8.964 trillion pesos in January, rising 2.4% from the same month a year ago.

As of March 7, US$1 was equivalent to 18.79 Mexican pesos.