BBVA Bancomer, Mexico’s most profitable bank
Javier Malagón, CFO of BBVA Bancomer, the most profitable bank in Mexico and the leader of the country’s financial sector, presented the bank’s strategy and main financial data at the Barclays Global Financial Services Conference today.
During his presentation to investors and analysts, Javier Malagón underscored the key figures that make BBVA Bancomer the number one bank in Mexico. In terms of profitability, BBVA Bancomer continues to outperform its main competitors in NIM on total assets (5.7%), profitability (2.1% ROA and 22.9% ROE), efficiency (39%) and net income (€1.02 billion, double the amount of the second competitor in the ranking), according to local accounting standards.
The BBVA Group’s Mexican franchise continues to improve and according to its CFO, the key to its success lies in the following:
- An ambitious investment plan to boost the business performance, supported with a strategic focus in digital banking;
- Solid and high quality results with controlled expenses;
- Constant increase in commercial activity with a conservative approach to risk, reflected in positive asset quality indicators; and
- High solvency and liquidity levels.
At the end of June, BBVA Bancomer had a market share of 23.9% based on loans, 23.5% in deposits and 33.3% in net income. Its commercial network includes 1,821 offices, 11,133 ATMs, 30,387 correspondents and 177,145 point of sale terminals. The BBVA Group has invested more than 70% of the $3.5 billion investment plan for 2013-2015 to renovate the entire commercial network, optimize technological platforms, launch new apps and complete the construction of the corporate buildings. All of this has led the bank to constantly improve in customer satisfaction.
Furthermore, BBVA Bancomer is a leader in digital banking, thanks to a business model focused in the customer that combines the digital experience with a human touch. The number of customers using digital channels to perform transactions has increased 23% year-on-year. Among these customers, the percentage of customers who choose to interact with the bank using their smartphone has increased 30% during this same period of time.
The Barclays Global Financial Services Conference is one of the most important events in New York. More than 1,000 investors from around the world participate, including key investors for the BBVA Group.