Santander Mexico's Commercial Loans Continue Their Red-Hot Pace
Narrow-moat-rated Santander Mexico reported results largely in line with our expectations, and we plan to maintain our $10 fair value estimate. The company reported net income of MXN 3.926 billion, or MXN 0.58 per share. Net income grew 5.9% sequentially and 13.3% year over year. Net interest margin expanded to 5.01% from 4.86% during the previous quarter. During the third quarter, nonperforming loans as a percentage of total loans declined to 2.82% from 2.96%.Much of these results were driven...
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