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Grupo Financiero HSBC's 2017 income jumps 37.4% YOY

Grupo Financiero HSBC SA de CV reported net income of about 4.54 billion Mexican pesos for the year of 2017, 37.4% higher year over year from 3.30 billion pesos in 2016.

Net interest income grew 7.4% yearly to 29.78 billion pesos for 2017. Net fee income was 5.1% higher year from year to 6.91 billion pesos.

Administrative and personal expenses for 2017 reached 23.62 billion pesos, slightly down compared to 24.01 billion pesos for 2016.

However, loan impairment charges totaled 11.09 billion pesos, 34.9% higher annually from 8.22 billion pesos for 2016, due to growth and higher delinquency rates in unsecured lending balances. Total loan loss allowances at the end of December 2017 reached 12.57 billion pesos, just 1.5% higher than 12.38 billion pesos a year earlier.

Return on equity was 7.4% for the 12 months ending December 2017, an improvement from 5.8% for 2016.

Net loans and advances made by the group to customers amounted to 305.35 billion pesos in 2017, 14.9% higher from 265.72 billion pesos for 2016.

Total impaired loans as a percentage of gross loans and advances was 2.4% for 2017, down from the 3.0% recorded in 2016.

As of Feb. 27, US$1 was equivalent to 18.81 Mexican pesos.