Banco del Bajío ScA Institución de Banca Múltiple (BBAJIO O) Q2 2024 earnings summary

Executive summary

• Net income for 2Q24 reached $2,847 million, up 2.3% year-over-year, with revenues up 7.7% and net interest income up 4.7%.

• Return on average equity (ROAE) reached 26.8% and return on average assets (ROAA) was 3.3%.

• Total loan portfolio grew 10.4% year-over-year to $248.6 billion, with company/corporate loans up 12.1% and deposits up 11.3%.

• Efficiency ratio improved to 33.7%, outperforming the system's 47.8%.

• Asset quality remained stable, with NPL ratio at 1.48% and coverage ratio at 151.8%.

Digital Transformation

• Digital transaction volume increased 41.2% and transaction count rose 39.3% year-over-year.

• 82% of transaction volume and count are now through self-service channels.

• Clients with digital transactions grew 28.6% year-over-year, with individual clients up 38.5%.

• Mobile channel transactions surged 64.2% year-over-year.

Loan Portfolio and Deposits Growth

• Total loan portfolio reached $248.6 billion, up 10.4% year-over-year.

• Company/corporate loans increased 12.1%, while consumer loans grew 34.9%.

• Total deposits rose 11.3% to $245.8 billion, with a balanced mix between demand and time deposits.