Mexican banks face analyst scrutiny as central bank reserves dip

Regional, the parent of Banregio, cut its 2026 guidance again during its investor call, prompting analysts from JPMorgan, Citi and Bank of America to probe its profitability outlook. CFO Enrique Navarro explained that tighter net interest margins, a less favorable loan‑deposit mix and slower returns on recent branch expansions in Mexico City and Guadalajara are key risks. Analysts questioned the bank’s conservative net interest margin target, the timing of returns on Banregio’s investments, and the impact of a potential credit exposure to Pemex.

Separately, Bank of Mexico reported a $34 million drop in international reserves for the week ending 24 July, bringing total foreign assets and gold to $255.3 billion. The decline stemmed from valuation changes rather than capital flight. Meanwhile, the federal treasury deposited a record $623 billion in its account, pulling $320.9 billion of liquidity from the banking system and prompting the central bank to intervene via open‑market operations to offset the shortfall.