Banking income from interest collection reported in October 2023 a historical amount and grew 35.8 percent annually in real terms, driven by higher interest rates and for him growth in the credit portfolio.
Data of the National Banking and Securities Commission (CNBV) They revealed that banks received 1.32 trillion pesos between January and October, 349 billion pesos more than in the same period of 2022. It is the highest growth rate for the same period since 2005.
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The increase in interest income from banks occurs in an environment in which these credit institutions have obtained record profits month after month, which has been influenced by the high reference rate established by the Bank of Mexico (Banxico).
This rate determines the cost at which companies and families are financed, which prevails at its maximum level since the central bank aims to control inflation through monetary policy, at a level of 11.25 percent. During October, Banorte represented 20.6 percent of total interest collection income, followed by BBVA Mexico with 18.77 percent, Santander with 11.99 percent, and Banamex with 8.29 percent.
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Regarding the commissions and fees charged, the amount was 190 billion pesos at the end of October, that is, an increase of 13.7 percent at an annual rate. Jacobo Rodríguez, financial specialist of Roga Capital, assured that the increase in interest income is explained by two factors, “the first has to do with the banking business and the increase in the reference rate that caused the profit margins be much broader.”
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He added that the second factor was that people continued to access credit from consumption, mortgage and automotive despite the high rate. “By putting these two situations together, the margins generated Profits and in addition, economic activity has remained buoyant.”