Citibanamex profits fall more than 40% between January and September

Business

By CAPosts 30 October, 2020 - 04:21pm 19 views

Mexico City. From January to September, Citibanamex reported profits of 12 billion pesos, which represented a drop of 43.7 percent compared to the 21 thousand 300 million obtained in the same period but last year.

© Provided by La Jornada En This screenshot, Manuel Romo, CEO of Citibanamex, in the presentation of his report of results of the third quarter of 2020.

When presenting his report of results corresponding to the third quarter of the year, the bank said that only between July and September , obtained a net profit of 4,500 million pesos, a drop of 40.2 percent compared to the 7,500 million pesos of the same period but the previous year.

Manuel Romo, CEO of Citibanamex, specified that these results They are due to greater creations of reserves for credit risks, this, due to the crisis that the Covid-19 pandemic has generated.

In videoconference, he specified that until September, the loan portfolio reached a balance of 643 billion pesos, an amount 3.7 percent lower when compared to the results as of September 2019. If compared on a quarterly basis, that is, compared to the second quarter of 2020, it was reduced 8.5 percent

This portfolio, Romo explained, has a delinquency rate of 1.9 percent and is expected to increase for the remainder of the year and at the beginning of 2021.

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"Our expectations is that the growth of non-performing loans will come towards the end of this year and the beginning of 2021, it is something that we have contemplated," he said.

He commented that as of today, of the total debtors who joined to the program to defer the payment of their monthly payments without the temporary collection of extraordinary interest, 90 percent are already up to date and with the remaining 10 percent they work directly to sign agreements

Concerns about effects on people

Manuel Romo commented that One of the issues that most concerns the institution is that the figures for the economic contraction in the country as a result of the Covid-19 pandemic is that it is already beginning to be noticed in the families of the country, so it is the government needs to step up support for households.

“When we look at the macroeconomic data in certain industries and the drama that this can be for many people and n terms of unemployment or how many SMEs suffer or have already closed, that is what worries us the most. The supports cushion the direct impact on people. We are already touching on how economic figures touch people's lives, ”said the manager.

As long as there is no government support, he added, the recovery time after the crisis will lengthen.