The results of the first quarter of the year of Grupo Financiero Banregio (Regional) were classified as positive and exceeded market expectations, said Eduardo López, analyst at Intercam Banco.
“The results for the quarter were slightly above our estimates, so we see a positive implication of the report. We positively highlight the double-digit growth in income and expense control, which allows us to continue seeing improvements in the efficiency index,” he indicated.
In the quarter, the Financial Group recorded a loan portfolio growth of 12.2 percent compared to the same period last year, while the financial margin increased 21.7 percent and net profit increased 36 percent.
He highlighted that the commercial portfolio, which represents 81 percent of the total portfolio, grew 12 percent, which compares positively with the growth of the market.
“According to CNBV figures as of February, the commercial portfolio grew at an annual rate of 5.3 percent, so we see that Regional continues to gain market share,” he commented.
He indicated that in terms of deposits, traditional deposits increased five percent annually, mainly driven by the growth in time deposits (36 percent) that offset the decrease in demand deposits (two percent).
“Regional’s report seems positive to us due to the good growth in the portfolio, double-digit growth in income, the improvement in efficiency in the face of a slowdown in growth in expenses and the improvement in ROE,” López concluded.
