Stable Quarter for Santander Mexico; Shares Still Trading at a Premium to Our Fair Value
No-moat-rated Grupo Financiero Santander Mexico reported net income of MXN 4.61 million, a sequential increase of 2%. This quarter’s results were driven by balanced growth across the bank’s entire business. Nevertheless, loan growth has decelerated. Since 2015, Santander Mexico has frequently grown loans each quarter by more than 4.5%. Loan growth this quarter was only 0.9%, while loans contracted the prior two quarters. Much of the loan deceleration is coming from mortgages where the bank has i...
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