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Housing Crisis Hits Financial Results of Santander in Mexico


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2013-12-24 09:55:31 - Banco Santander Mexico made loan loss provisions of 326 million euros in the first half of the year, mainly due to the impact of housing developers corporations.

The financial director of Banco Santander, José Antonio Álvarez, recognized loan loss provisions that impact the outcome, "which was not bad at all" in the context of these provisions, but "the trend is expected to continue to generate results."

He said that this is reflected in that from January to June last thousand gross margin was 575 million euros, up 14 percent from the first half of 2012.A Despite the drop from the first half of 2012, attributable profit of Mexico was in the first half of 2013 by 12 percent of the group total, amounting to two thousand 255 million euros.

He explained that the semester was spent in Mexico in a scenario of lower activity on the lower public expenditure

under the change of government, which is also reflected in a "slowdown" credit in the sector, although the Santander Mexico maintained growth in various segments. Alvarez stressed that overall credit grew six percent in segments such as SMEs increased by 8.0 per cent, 15 per cent cards and mortgages 14 percent.

More information about the Santander in Mexico at mxbanks.com/banks/santander-bank-mexico





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