Press "Enter" to skip to content

Santander Mexico reports profits of 17.7 billion peso in 2017

Mexico City, Mexico — The financial group Santander Mexico has reported a profit increase of nearly 13 percent during 2017.

Due to an increase in new clients as well as its digital service usage, the bank says they had a profit or 17.7 billion peso during 2017, representing an increase of 12.7 percent over the previous year.

Héctor Grisi, CEO of Santander México, explained that “Our investment in digitalization and mobile banking is favoring operational innovation and the transformation of the business in Santander México.

“These initiatives contributed to a growth of more than 25 percent in loyal customers, reaching more than 2 million, and we have almost doubled the new net clients during the year.

“Similarly, digital customers grew 45 percent and mobile customers 67 percent year-on-year.”

He explained this allows them to drive greater profitability in the coming years, although this translates into higher expenses and lower profitability in the short term.

With regard to the loan portfolio, Santander Mexico reported a growth of 5 percent in the commercial part that groups companies, corporate, SMEs and government and financial entities.

Meanwhile, the number of individual loans reported a year-over-year growth of 3.7 percent for consumption, credit cards and mortgages.

Grisi Checa explained that “In consumer loans, we continue to see good performance, while we grow selectively in corporate and government loans as we prioritize profitability over market share. In the same way, our client-centered approach in individuals and SMEs, together with the momentum of the Santander Plus program, supports the continued growth of deposits.”

It is important to “emphasize that we maintain a healthy quality of the portfolio, while maintaining strict standards for the origination of loans, and recently we completely cleaned up our portfolio of homeowners,” he said.

He noted that during the fourth quarter of the year, a growth of 10.3 percent was reported in companies and individual credit, while the increase in consumer credit without a credit card increased 8.2 percent. Financing via credit cards grew 5.5 percent at the close.