BBVA Mexico achieves historic profit and contributes 52% of global profits

“We have more customers and more customers taking credit, before it took us many months to understand the customer and give him credit, today we are able to insert our approval models and make an offer. Let’s not forget that credit is to increase the quality of life of the families,” said Eduardo Osuna, president and CEO of BBVA Mexico.

The banker stressed that the rise in interest rates always help banks worldwide and Banxico is expected to raise the reference rate to 10.5% from the current 9.25%. Still, this could hurt the bank’s profits because its customers may face complications.

One of the credit segments that grew the most was the placement of credit cards with a 51% growth between January and September.

The bank reported that it had 1.4 million new plastics that invoiced 392,000 million pesos. Billing increased 25% more than in the same period of 2021.

Mortgages grew 18% and car financing 34%.

Although this year the demand for credit is expected to continue, BBVA estimates that in 2023 – when the GDP will grow 0.6% – its customers could see a deterioration in their income.

Bank customers preferred to make their transactions on their mobile device with 59% of the total operations, transactions at ATMs represented 32%, teller windows 5% and correspondents 4%.