[REVISION HISTORY]

Mexico banking credit growth and debt 2026

Updated 4 times since CLSTR started tracking revisions of this situation.

What changed

2026-07-31 17:49 UTC → 2026-07-31 19:56 UTC · added ~~removed~~

In late July 2026, Santander Mexico’s credit portfolio ~~surpassed~~ topped the 1 trillion‑peso mark, driven ~~mainly~~ chiefly by commercial loans, while its net profit rose 14 % year‑on‑year and loan‑to‑deposit ratios improved as delinquency rates fell. ~~Around the same time, other major lenders expanded credit.~~ BBVA’s Mexican operations posted an 8 % profit increase, contributing roughly half of the group’s earnings, and the state‑owned NAFIN extended more than 539 billion pesos in ~~loans to micro‑enterprises.~~ micro‑enterprise loans. The Treasury reported public debt at about 19 trillion pesos (≈51 % of GDP), a level deemed sustainable and supportive of Mexico’s investment‑grade rating. Fiscal data released on 30 July 2026 showed debt rising to 19.59 trillion pesos (still 51 % of GDP) with a 4.8 % YoY drop in real financing costs. The government posted a primary surplus of 115 billion ~~pesos and~~ pesos, kept the overall deficit below the programmed target, ~~while revenues edged up~~ and recorded a modest revenue increase of 0.1 %. New figures for the first half of 2026 indicate the debt stock grew 11.7 % in real terms year‑on‑year, creating a fiscal deficit of roughly 580 billion pesos. Internal debt accounts for about 82 % of the total portfolio, with the remaining 18 % in external markets, and ~~net spending rose 2.1 %.~~ officials stress that the debt trajectory remains within authorized fiscal limits and below the average of Latin‑American economies. Later on 30 July, BBVA announced a record first‑half‑year profit of €6.051 billion, launching a €2 billion share‑buyback programme. Its Mexico unit contributed €2.979 billion, though net profit in Mexico slipped 1.4 % to 56.679 billion pesos. The unit expanded its credit portfolio by more than 199 billion pesos, with family credit up 9.9 % and corporate credit up 12.4 %. Over the six‑month period BBVA Mexico issued over 1.5 million new credit cards and increased lending to micro, small and medium‑sized enterprises.

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