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Mexico's Financiera Independencia closed 31 branches in 2017


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Mexico's Financiera Independencia closed 31 branches in 2017

Financiera Independencia SAB de CV said investments in technology and the consolidation of its operating and analytical models allowed the company to reduce its branch network by 5.6% and its headcount by 18.7% in 2017.

At the end of 2017, the lender closed a net total of 31 branches, leaving it with 542 operational branches across Mexico, Brazil and the U.S.

Financiera Independencia booked consolidated net income of 30.3 million Mexican pesos for the fourth quarter of 2017, down 49.5% from 59.9 million pesos in the year-ago period, as provisions for loan losses jumped 30.2% to 415.4 million pesos.

The company's full-year 2017 profit totaled 225.4 million pesos, down from 234.0 million pesos in 2016.

As of Feb. 15, US$1 was equivalent to 18.51 Mexican pesos.