墨西哥 国家银行和证券委员会（2025年4月） 损益与信贷 迄今强劲的贷款增长

Mexico | BanksEquity ResearchJune 5, 2025 Inigo Vega *  | Equity Analyst+34 910769995 | ivega@jefferies.comMiruna Chirea ^  | Equity Associate+44 (0)20 7029 8336 | mchirea@jefferies.comMexico | CNBV (Apr-25) | P&L and Credit |Resilient Loan Growth HithertoSystem's ROE at 16.8% in April, 120bps below Q1. No change in credit qualitytrends; still healthy. The key highlight is that loan growth remains resilient evenin the context of sluggish GDP growth (0.8% yoy in Q1), with private sectorloans growing 12.3% y/y in April (+11% FX adjusted), which incorporates astill abnormally strong growth in corporates (10% yoy FX adjusted) and evenaccelerating consumer loan growth (15.1% yoy, +30bps delta qoq).16.8% RoE in April | Total system ROE in Apr-25 stood at 16.8%, 140bp lower than Mar-25 and 120bpbelow the 1Q25 average. NIM (over loans) of 11.3%, down 30bp m/m. CoR for the system was40bps better m/m and slightly below the 1Q average. Depos slightly down m/m, with time depositsup 1%, but offset