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Scotiabank's Mexican unit sees continued double-digit consumer loan growth

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Scotiabank's Mexican unit sees continued double-digit consumer loan growth

The consumer loan portfolio of Scotiabank Inverlat SA Institución de Banca Múltiple has seen continued double-digit growth despite stagnant economic growth in Mexico, El Economista reported, citing the bank's executives.

Retail Banking Head Thayde Olarte reportedly said that, in contrast with the general tendency in Mexico, consumer credit has not stopped growing at the bank, which Olarte attributed to the research into the markets that the bank has targeted.

Meanwhile, the head of consumer finance operations at the bank, Salvador Espinosa, said its loan book had expanded by between 12% and 15%, a considerable difference from an average 6% growth in the sector.

According to the report, both directors estimated delinquencies at less than 5%.

Espinosa reportedly estimated that consumer loans would close 2019 with an increase of around 16% in the bank's portfolio.