Santander Mexico perceives a better economic outlook and grows its portfolio 10%

In the second quarter of the year, the bank’s total credit portfolio accumulated 783,466 million pesos (mp), a growth of 10.3% compared to the same period in 2021.

The manager stressed that although they will increase their appetite for risk, they will continue to seek portfolio quality in order to maintain healthy delinquency levels.

Santander Mexico reported that in the placement of credit cards it had an increase of 12.9% compared to the second quarter of 2021, with a total of 57,566 million pesos. The bank highlighted that LikeU cards, which were launched at the end of 2021, generate 12% of total card billing.

Auto loans also boosted the bank’s loan portfolio. The placement of this type of financing had an increase of 59.6% compared to 2021, thanks to the commercial alliances that the bank made with the main car manufacturers in the country.

Thanks to these alliances, the bank’s market share went from 8.5% in 2021 to 14.2% in the first half of the year.

The bad behavior in the placement of credit was this quarter in credit to SMEs. The bank has loans with these companies for 54.175 million pesos, 4% less than in 2021.

“The SME portfolio continued to be affected by the current unfavorable economic conditions and weak demand for credit,” the bank explained.