The consolidated financial information in this document has been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
Financial & Business Highlights
Improved profitability, with Net Profits reaching $64.2 million in 2Q25 (+28% YoY) and $115.9 million in 6M25 (+14% YoY), fostered by strong top-line revenues, with stable credit provisions and greater efficiency.
Annualized Return on Equity ("ROE") increased to 18.5% in 2Q25 (+222bps YoY) and 17.0% in 6M25 (+47bps YoY), on the back of stronger income growth and the strengthening of the Bank's business model and successful execution of its strategy.
Net Interest Income ("NII") increased to a record-high of $67.7 million in 2Q25 (+8% YoY) and $133.0 million in 6M25 (+6% YoY), mainly driven by higher average business volumes and margin stability. Consequently, Net Interest Margin ("NIM") stood at 2.36% for 2Q25 (-7bps YoY) and 6M25 (-9bps YoY), in the face of increased USD market liquidity driving competitive pricing.
Record Fee Income at $19.9 million for 2Q25 (+59% YoY) and $30.5 million for 6M25 (+39% YoY), driven by the strong performance in all business lines, highlighted by the Bank's largest ever structured transaction and higher fees from letters of credit and credit commitments.
Well-managed Efficiency Ratio of 23.1% for 2Q25 and 24.9% in 6M25, as revenue growth overcompensated the ongoing investments in technology, modernization and other business initiatives related to the Bank's strategy execution.
Credit Portfolio reached new all-time high at $12,182 million as of June 30, 2025 (+18% YoY), resulting from:
Commercial Portfolio EoP balances reaching an historic peak of $10,819 million at the end of 2Q25 (+18% YoY), driven by higher off-balance sheet business (+25% YoY), supported by strong credit demand across all business products.
Investment Portfolio amounted to $1,363 million (+20% YoY), mostly consisting of investment-grade securities outside of Latin America held at amortized cost, further enhancing country and credit-risk diversification and providing contingent liquidity funding.
Healthy asset quality, with most of the credit portfolio (97.9%) remaining low risk or Stage 1 at the end of 2Q25. Impaired credits or Stage 3 principal balance totaled $19 million or 0.2% of total Credit Portfolio, with a robust reserve coverage of 5.1x.
Steady growth of the Bank's deposit base, reaching $6,446 million at the end of 2Q25 (+23% YoY), representing a new all-time high, and 62% of the Bank's total funding sources (+4pp YoY). The Bank also counts on ample and constant access to interbank and debt capital markets, denoted by its most recent $4 billion MXN bond issuance in the Mexican capital market.
Strong Liquidity position at $1,959 million, or 15.5% of total assets as of June 30, 2025, mostly consisting of deposits placed with the Federal Reserve Bank of New York (96%).
The Bank´s Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios stood at 15.0% and 13.9%, respectively, enhanced by strong earnings generation and within the Bank's risk appetite.
Quarterly dividend payment: The Board of Directors approved a quarterly common dividend of $0.625 per share corresponding to 2Q25. The cash dividend will be paid on September 3, 2025, to shareholders registered as of August 15, 2025.
Financial Snapshot
(US$ million, except percentages and per share amounts)
2Q25
1Q25
2Q24
6M25
6M24
Key Income Statement Highlights
Net Interest Income ("NII")
$67.7
$65.3
$62.8
$133.0
$125.6
Fees and commissions, net
$19.9
$10.6
$12.5
$30.5
$22.0
Gain (loss) on financial instruments, net
$2.2
$2.0
($0.4)
$4.1
($0.2)
Total revenues
$90.0
$77.9
$75.0
