Earnings release
Page 1
Financial Results 4Q24
Page 2
Content HighlightsI Financial ResultsII Financial StatementsIII AppendixIV Grupo Financiero Inbursa Banco Inbursa Other subsidiaries II.I II.II II.III Report for the Fourth Quarter ended December 31, 2024 3 6 29 33 6 12 23 Juan Ignacio Gonzalez Shedid (52) 55-56-25-4900 Ext. 6641 igonzalezs@inbursa.com
Page 3
I. Highlights Grupo Financiero Inbursa´s total loan portfolio expanded significantly in 2024 increasing from $362,113 million pesos in 2023 to $493,911 million pesos in 2024, reflecting a robust year-over-year growth of 36.4%, (or 18.5% excluding Cetelem). Growth was observed across both, retail and wholesale segments. The wholesale loan portfolio grew by 15.3% rising from $290,290 million pesos in 2023 to $334,667 million pesos in 2024. Meanwhile, the retail loans exhibited exceptional growth of 121.7%, (or 31.7% excluding Cetelem), climbing from $71,823 million pesos in 2023 to $159,244 million pesos in 2024. This strong performance was driven significant expansion in the auto, payroll (including Brazil), and credit card loan portfolios, which grew by 195.5%, 164.6%, and 7.8%, respectively. Analyzing the data on a quarterly basis, the total loan portfolio registered a 4.9% increase compared to September 2024. TOTAL LOAN PORTFOLIO: + 36.4% YoY As of the close of 2024, the Stage 3 loan portfolio (non-performing loans, NPL) totaled $7,690 million pesos, representing 1.56% of the total loan portfolio. Loan loss reserves amounted to $10,892 million pesos equivalent to 1.4 times the Stage 3 loan portfolio and 2.2% of total loans. Notably, the consumer loan portfolio´s Stage 3 loans accounted for $1,172 million pesos, r epresenting 1.0% of the total consumer loans. LOAN PORTFOLIO STAGE 3 (NPL): 1.56% of total loans Retail deposits grew significantly, reaching $381,733 million pesos by the end of 2024 representing an increase of $80,428 million pesos, or 26.7%, compared to $301,305 million pesos as of December 31, 2023. RETAIL DEPOSITS: +26.7% YoY I. Highlights II. Financial Results III. Financial Statements IV. Appendix In 2024, Grupo Financiero Inbursa reported a net income of $34,464 million pesos compared to $30,985 million pesos in the corresponding period of the previous year. This growth is primarily attributed to a 26.1% increase in the financial margin, which rose from $37,494 million pesos in 2023 to $47,295 million pesos in 2024 driven by higher loan portfolio levels and a robust cost of risk, highlighting the exceptional quality of the loan portfolio. It is important to note that during 2023, Inbursa released $1,950 million pesos in credit risk reserves. Additionally, the mark-to-market valuation of financial assets (stocks, bonds, derivatives an d currencies) yielded accumulated profits of $6,765 million pesos in 2023, compared to $1,705 million pesos in 2024. NET INCOME: $34,464 million pesos: (+11.2% YoY) EFFICIENCY RATIO: 17.1% The efficiency ratio remained outstanding at 17.1%, providing a competitive advantage that enables Inbursa to remain flexible and offer better products to its clients. For the last three months of 2024, the efficiency ratio stood at 15.8%. Grupo Financiero Inbursa´s Stockholders´ equity increased by 16.0% during the year. Additionally, stock buybacks over the last twelve months amounted to $905 million pesos. GFI STOCKHOLDERS´ EQUITY: $261,210 million pesos
Page 4
4 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Monthly transactions totaled 67,856,403 in the month of December 2024, with 94.5% conducted digitally. New contracts for December 2024 amounted to 437,635 with 98.9% originated through digital devices. DIGITAL TRANSACTIONS: 94.5% of total transactions 80% ACQUISITION: Cetelem Mexico On March 31 , 2024, Banco Inbursa completed the acquisition of 80% of the share capital of Cetelem Mexico for at total amount of $8,982 million pesos (1.44x BV). This acquisition significantly expands the scope and capability of Inbursa´s consumer and commercial auto financing business. As of December 31, 2024, Cetelem had total loans of $64,637 million pesos, and shareholders' equity of $8,464 million pesos with a 14.19% capitalization ratio. The Stage 3 loan portfolio was $243 million pesos, constituting 0.5% of the total loan portfolio. Additionally, loan loss reserves amounted to $833 million pesos, representing 3.4x the Stage 3 loan portfolio and 1.6% of total loans. The acquisition positions Grupo Financiero Inbursa as a leader in the Mexican financial group´s auto financing business. ESG: Annual report During the fourth quarter of 2024, Grupo Financiero Inbursa proudly presented its first Environmental, Social and Governance (ESG) report, addressing key topics related to sustainability. In line with our ongoing business, we included actions that support our community. Through Fundacion Inbursa, we highlighted our continuous efforts in activities such as organ transplants, equipping hospitals in underserved areas, providing microcredits, scholarships, social bonds to reintegrate individuals in prison due to poverty, and assisting communities in cases of natural disasters, among others. A notable example occurred on October 24, 2023, when Hurricane Otis, the strongest tropical cyclone ever recorded in the Mexican Pacific landfall in the state of Guerrero, primarily affecting the city of Acapulco. The Foundation called on society to join the relief effort, pledging two pesos for every peso donated. In total, more than $168 million pesos were raised, with Fundacion Inbursa contributing an additional $336 million pesos. The funds were allocated to education, health, housing reconstruction, culture and humanitarian aid for t hose affected. This approach not only differentiates us but also makes us better, delivering tangible benefits to our customers, employees, partners and to the society. Liquidity and solvency remain robust after the acquisition of Cetelem, as evidenced by a fully loaded CET1 ratio of 22.69%, well above the regulatory requirement of 11.1% for domestic systemically important banks and total loss-absorbing capacity (TLAC) requirement of 17.6% for 2025. This solid ratio positions Inbursa to continue capitalizing on opportunities for loan growth. CET1 RATIO: 22.69%
Page 5
5 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Key Metrics Profitability 4.4% ROAA 14.0% ROAEFinancial Margin $ 30,985 Mn $ 34,464 Mn2024 +11.2% Operation +27.3% Retail Deposits +36.4% Total Loan Portfolio 94.5% Digital Transactions (Monthly) 17.1% Efficiency Ratio +6.8% Operating Income Solvency and Liquidity 506.4% LCR 31.8% Equity to Assets +16.0% Stockholders Equity 22.7% CET1 2023 Net Income $ 47,295 Mn Risk 141.6% Coverage NPL 1.56% NPL Ratio $ 37,494 Mn +26.1%
Page 6
II. Financial Results Net Income In 2024, Grupo Financiero Inbursa reported a net income of $34,464 million pesos compared to $30,985 million pesos in the corresponding period of the previous year. This growth is primarily attributed to a 26.1% increase in the financial margin, which rose from $37,494 million pesos in 2023 to $47,295 million pesos in 2024 driven by higher loan portfolio levels and a robust cost of risk, highlighting the exceptional quality of the loan portfolio. It is important to note that during 2023, Inbursa released $1,950 million pesos in credit risk reserves. Additionally, the mark-to-market valuation of its financial assets (stocks, bonds, deriva tives and currencies) yielded accumulated profits of $6,765 million pesos, compared to $1,705 million pesos in 2024. II.I Grupo Financiero Inbursa Operating Income 6 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 4Q24 (%) 3Q24 Change (%) 4Q23 Change (%) Jan - Dec Change (%) vs. 3Q24 vs. 4Q23 2023 2024 vs. 2023 Banco Inbursa 6,376 71.6% 7,085 -10.0% 6,609 -3.5% 20,725 25,550 23.3% Seguros Inbursa 1,267 14.2% 1,663 -23.8% 1,823 -30.5% 5,036 5,187 3.0% Pensiones Inbursa 700 7.9% 621 12.7% 382 83.2% 1,630 1,533 -6.0% Inversora 169 1.9% 208 -18.8% 612 -72.4% 1,277 355 -72.2% Operadora 164 1.8% 268 -38.8% 288 -43.1% 681 686 0.7% Fianzas 286 3.2% 294 -2.7% 335 -14.6% 982 979 -0.3% Holding and Others -52 -0.6% -41 N.A. 76 N.A. 654 174 -73.4% Total 8,910 100.0% 10,099 -11.8% 10,125 -12.0% 30,985 34,464 11.2% Million Pesos 4Q24 3Q24 Change (%) 4Q23 Change (%) Jan - Dec Change (%) vs. 3Q24 vs. 4Q23 2023 2024 vs. 2023 Interest Income 29,722 29,508 0.7% 24,890 19.4% 89,667 111,535 24.4% Interest Expenses 16,756 17,410 -3.8% 14,890 12.5% 52,173 64,240 23.1% Financial Margin 12,966 12,098 7.2% 10,000 29.7% 37,494 47,295 26.1% Loan Loss Provisions 1,632 1,357 20.3% 1,162 40.5% 2,342 4,941 111.0% Risk Adjusted NII 11,333 10,741 5.5% 8,838 28.2% 35,152 42,353 20.5% Commissions and Fees Income 2,594 2,106 23.2% 1,783 45.5% 6,560 8,624 31.5% Commissions and Fees Expenses 565 698 -19.1% 289 95.4% 963 2,067 114.6% Premiums Written (Net) 5,972 5,092 17.3% 5,253 13.7% 20,512 22,846 11.4% Reserve for Unearned Premiums 659 149 342.3% 391 68.5% 2,495 3,070 23.0% Insurance Acquisition Cost (net) 928 799 16.1% 723 28.4% 2,392 2,824 18.1% Cost of Claims 4,119 3,908 5.4% 4,071 1.2% 14,227 15,021 5.6% Market‐Related Income -874 1,933 N.A. 3,831 N.A. 6,765 1,705 -74.8% Afores Acquisition Cost 40 40 0.0% 37 8.1% 168 181 7.7% Other Operational Income (Expense) 894 1,274 -29.8% 1,288 -30.6% 2,921 3,284 12.4% Non‐Interest Expense 3,306 3,394 -2.6% 3,046 8.5% 11,842 13,129 10.9% Operating Income 10,303 12,158 -15.3% 12,436 -17.2% 39,823 42,521 6.8%
Page 7
Financial Margin 7 Efficiency Ratio 17.1% December 2024 Grupo Financiero Inbursa 35.8% September 2024 Market Efficiency Ratio: Administrative Expenses / (Financial Margin + Commissions (net) + Premiums Written) I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Jan - Dec Change (%) 2023 2024 vs. 2023 Interest Income 23,319 24,890 24,648 27,657 29,508 29,722 89,667 111,535 24.4% Interest on Loans 10,907 11,937 11,927 14,425 15,193 15,908 42,860 57,453 34.0% Commercial 8,590 9,459 9,372 10,068 10,261 10,700 33,918 40,400 19.1% Consumer 2,182 2,346 2,428 4,235 4,810 5,090 8,397 16,561 97.2% Mortgages 136 133 128 122 122 119 545 491 -10.0% Financial inst. & Repo´s 4,660 5,014 5,331 4,370 4,513 4,132 18,624 18,344 -1.5% Others 7,751 7,939 7,390 8,863 9,803 9,682 28,183 35,738 26.8% Interest Expenses 13,430 14,890 14,227 15,847 17,410 16,756 52,173 64,240 23.1% Interest on Deposits & Funding 8,236 9,569 9,100 9,887 10,420 10,129 32,636 39,536 21.1% Demand Deposits 5,828 6,156 6,619 7,006 7,468 7,374 22,299 28,466 27.7% Time Deposits 1,111 1,750 1,233 1,298 1,473 1,306 4,801 5,310 10.6% Unsecured Notes 627 625 594 845 636 648 2,702 2,722 0.8% Interbank Loans 671 1,037 655 739 844 801 2,834 3,038 7.2% Repo´s Interest Expense 778 867 629 654 645 470 3,290 2,397 -27.1% Others 4,416 4,455 4,498 5,306 6,345 6,158 16,248 22,307 37.3% Total 9,889 10,000 10,421 11,810 12,098 12,966 37,494 47,295 26.1% Million Pesos 4Q24 3Q24 4Q23 Jan - Dec 2023 2024 Non Interest Expense 3,306 3,394 3,046 11,842 13,129 Financial Margin 12,966 12,098 10,000 37,494 47,295 Commissions & Fees (Net) 2,029 1,408 1,494 5,597 6,557 Premiums written (net) 5,972 5,092 5,253 20,512 22,846 Efficiency Ratio 15.8% 18.2% 18.2% 18.6% 17.1%
Page 8
Non – Financial Income Non – Financial Expense 8 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 4Q24 (%) 3Q24 Change (%) 4Q23 Change (%) Jan - Dec Change (%) vs. 3Q24 vs. 4Q23 2023 2024 vs. 2023 Commissions and Fees 2,594 27% 2,106 23.2% 1,783 45.5% 6,560 8,624 31.5% AFORE´s Commissions 252 3% 243 3.5% 225 11.8% 886 948 7.1% Credit Operations 671 7% 490 36.9% 294 128.0% 1,437 2,124 47.8% Funding Account 217 2% 218 -0.3% 164 32.3% 607 853 40.5% Others 1,454 15% 1,155 25.9% 1,100 32.2% 3,630 4,699 29.4% Premiums written 5,972 62% 5,092 17.3% 5,253 13.7% 20,512 22,846 11.4% Market Related Income -874 -9% 1,933 N.A. 3,831 -122.8% 6,765 1,705 -74.8% Other Op. Income 894 9% 1,274 -29.9% 1,288 -30.6% 2,921 3,284 12.4% Subsidiaries´ Net Income 1,020 11% 851 19.8% 1,029 -0.9% 1,518 2,452 61.5% Total 9,605 100% 11,256 -14.7% 13,185 -27.1% 38,276 38,911 1.7% Million Pesos 4Q24 (%) 3Q24 Change (%) 4Q23 Change (%) Jan - Dec Change (%) vs. 3Q24 vs. 4Q23 2023 2024 vs. 2023 Commissions and Fees 565 4.7% 698 -19.0% 289 95.6% 963 2,067 114.7% Technical Reserves 659 5.5% 149 340.8% 391 68.5% 2,495 3,070 23.1% Insurance Acquisition Cost 928 7.7% 798 16.3% 723 28.4% 2,392 2,824 18.1% Afore Acquisition Cost 40 0.3% 40 0.0% 37 8.1% 168 181 7.7% Net Cost of Claims 4,118 34.2% 3,908 5.4% 4,071 1.2% 14,227 15,021 5.6% Administrative expenses 3,306 27.5% 3,394 -2.6% 3,046 8.5% 11,842 13,129 10.9% Taxes 2,412 20.1% 2,909 -17.1% 3,340 -27.8% 10,356 10,508 1.5% Total 12,029 100.0% 11,898 1.1% 11,897 1.1% 42,443 46,799 10.3%
Page 9
Investment by Company 9 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Share Data Million Pesos 4Q24 (%) 3Q24 Change (%) 4Q23 Change (%) vs. 3Q24 vs. 4Q23 Banco Inbursa 193,757 74.2% 180,061 7.6% 156,430 23.9% Sinca 29,960 11.5% 28,598 4.8% 25,750 16.3% Sofom 16,220 6.2% 15,593 4.0% 15,714 3.2% STM Financial 5,778 2.2% 6,789 -14.9% 6,230 -7.3% Cetelem 8,464 3.2% 8,164 3.7% 0 N.A. Afore 2,605 1.0% 2,493 4.5% 2,458 6.0% Inmobiliaria 2,083 0.8% 2,047 1.8% 1,928 8.0% Brazil 5,541 2.1% 5,889 -5.9% 2,212 150.5% Seguros Inbursa 29,238 11.2% 37,541 -22.1% 33,264 -12.1% Pensiones Inbursa 11,673 4.5% 11,112 5.0% 10,357 12.7% Promotora 10,046 3.8% 9,501 5.7% 8,860 13.4% Inversora 6,227 2.4% 6,062 2.7% 5,876 6.0% Operadora 5,830 2.2% 5,666 2.9% 5,144 13.3% Fianzas 7,880 3.0% 7,579 4.0% 6,884 14.5% Holding Company and Others 6,605 2.5% 2,828 133.6% 7,204 -8.3% Total 261,210 100.0% 250,849 4.1% 225,159 16.0% 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Stock price (pesos) 39.51 36.57 42.16 46.63 43.47 46.57 44.93 Earnings per share 0.95 1.23 1.66 1.00 1.54 1.66 1.46 Book Value per Share 34.02 35.37 36.90 38.18 39.74 41.22 42.95 Outstanding Shares - BMV (million) 6,121 6,117 6,102 6,099 6,086 6,086 6,082 P/BV (Times) 1.16 1.03 1.14 1.22 1.09 1.13 1.05 Market Capitalization (million) 241,824 223, 716 257,265 284,406 264, 573 283,420 273,268 Trading Volume (thousands) 98,529 134,425 109,645 117,360 122,092 86,599 109,200
Page 10
General Information Transactions Digital Contracts 10 I. Highlights II. Financial Results III. Financial Statements IV. Appendix 13 Mn Clients 630 Branches 10,093 Employees 13,054 Sales Force 11,590 ATM´s 755 Inbursa 10,835 Agreements Infrastructure Channel Dec 1st - 31st, 2024 App 25,465,503 37.5% POS 27,998,083 41.3% Call Center (without operator) 3,506,191 5.2% Call Center (Cetelem) 11,654 0.0% ATM 2,718,782 4.0% Web (Individuals) 899,578 1.3% Domiciliation 1,702,493 2.5% Kiosk 518,834 0.8% Web (Companies) 911,811 1.3% IVR 104,045 0.2% IVR (Cetelem) 10,575 0.0% WhatsApp 231,300 0.3% Social Media 18,142 0.0% Digital Transactions 64,096,991 94.5% Call Center 1,252,351 1.8% Call Center (Cetelem) 81,080 Banking Correspondent 1,009,670 1.5% Branches 1,416,311 2.1% Non Digital Transactions 3,759,412 5.5% Total 67,856,403 100.0% New Contracts Dec 1st - 31st, 2022 Dec 1st - 31st, 2023 Dec 1st - 31st, 2024 Total (%) Total (%) Total (%) Traditional 59,748 48.6% 24,450 10.6% 4,891 1.1% Digital 63,306 51.4% 206,294 89.4% 432,744 98.9% Total 123,054 100.0% 230,744 100.0% 437,635 100.0%
Page 11
Grupo Financiero Inbursa, S.A.B. de C.V Pensiones Inbursa, S.A. Grupo Financiero Inbursa 100.00% Seguros Inbursa, S.A., Grupo Financiero Inbursa 100.00% Inbursa Seguros de Caución y Fianzas, S.A. Grupo Financiero Inbursa 90.5767% Banco Inbursa, S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa 100.00% Inversora Bursátil, S.A. de C.V., Casa de Bolsa, Grupo Financiero Inbursa 100.00% Operadora Inbursa de Fondos de Inversión, S.A. de C.V., Grupo Financiero Inbursa 100.00% Promotora Inbursa, S.A. de C.V 95.78% Patrimonial Inbursa, S.A 99.9924% Afore Inbursa, S.A. de C.V., Grupo Financiero Inbursa 94.2995% Inmobiliaria Inbursa, S.A. de C.V. 100.00% Sinca Inbursa, S.A. de C.V., Fondo de Inversión de Capitales 84.2053% SOFOM Inbursa, S.A. de C.V. SOFOM, ER., Grupo Financiero Inbursa 100.00% STM Financial, S.A. de C.V., SOFOM, ER., Grupo Financiero Inbursa 100.00% Corporate Structure 11 I. Highlights II. Financial Results III. Financial Statements IV. Appendix CETELEM Inbursa, S.A. de C.V. SOFOM, ER., Grupo Financiero Inbursa 80.00% Banco Inbursa S.A.(BRASIL) 100.00%
Page 12
Operating Income In 2024, Banco Inbursa reported a net income of $25,550 million pesos compared to $20,725 million pesos in the corresponding period of the previous year. This growth is primarily attributed to a 31.2% increase in the financial margin, which rose from $29,514 million pesos in 2023 to $38,731 million pesos in 2024 driven by higher loan portfolio levels and a robust cost of risk, highlighting the exceptional quality of the loan portfolio. It is important to note that during the twelve months of 2023, Banco Inbursa released $1,950 million pesos in credit risk reserves. In addition, Commissions and Fee Income rose from $6,490 million pesos in 2023 to $8,666 million pesos in 2024, a 33.5% increase, mainly related to the growth in retail customer transactions. II.II Banco Inbursa The financial margin for the period reached $38,731 Mn, marking a remarkable 31.2% increase compared to the same period the previous year. This growth is primarily driven by a 26.7% rise in interest income, amounting to $101,500 Mn as of December 2024, compared to $80,084 Mn in December 2023. In terms of market related, Banco Inbursa reported profi ts of $1,793 Mn in December 2024, compared to $3,382 Mn in the corresponding period of the previous year. During the twelve months of 2024, Banco Inbursa cost of risk totaled $4,948 Mn, resulting in a reserve balance of $10,892 Mn. This amount represents 1.4 times the loan portfolio at Stage 3 and accounts for 2.2% of the loans. Additionally, general expenses increased by 21.6% in 202 4 compared to 2023. The Banco Inbursa´s efficiency ratio remained robust at 25.4% end of the fourth quarter of 2024, showcasing careful cost management by Banco Inbursa after the acquisition of Cetelem.. This efficiency serves as a competitive advantage enabling Banco Inbursa to maintain flexibility and provide highly competitive products. 12 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 4Q24 3Q24 Change (%) 4Q23 Change (%) Jan - Dec Change (%) vs. 3Q24 vs. 4Q23 2023 2024 vs. 2023 Interest Income 27,272 26,991 1.0% 22,310 22.2% 80,084 101,500 26.7% Interest Expenses 16,480 17,026 -3.2% 14,498 13.7% 50,570 62,769 24.1% Financial Margin 10,792 9,965 8.3% 7,812 38.1% 29,514 38,731 31.2% Loan Loss Reserves (Net) 1,637 1,347 21.5% 1,163 40.8% 2,340 4,948 111.5% Risk Adjusted Net Interest Income 9,155 8,618 6.2% 6,649 37.7% 27,174 33,783 24.3% Commissions and fees income 2,596 2,132 21.8% 1,733 49.8% 6,490 8,666 33.5% Commissions and fees expenses 693 809 -14.3% 322 115.2% 1,081 2,411 123.0% Market related income -904 952 N.A. 1,641 N.A. 3,382 1,793 -47.0% Other operational income (expense) 212 660 -67.9% 924 -77.1% 288 1,278 343.8% Non‐Interest Expense 3,102 2,875 7.9% 2,358 31.6% 9,393 11,424 21.6% Operating Income 7,264 8,679 -16.3% 8,267 -12.1% 26,860 31,685 18.0%
Page 13
Total Loan Portfolio The total loan portfolio expanded from $363,105 million pesos in 2023 to $493,911 million pesos in 2024, reflecting a year-over-year growth of 36.0%, or 18.2% excluding Cetelem. This growth was evident in both the retail and wholesale segments. The wholesale loan portfolio increased by 15.3% rising from $290,290 million pesos in 2023 to $334,667 million pesos in 2024. Meanwhile, the retail loans exhibited a substantial increase of 121.7%, or 31.7% excluding Cetelem, escalating from $71,823 million pesos in 2023 to $159,244 million pesos in 2024. This surge was propelled by the expansion in the auto, payroll (including Brazil), and credit card loan portfolios, with growth rates of 195.5%, 164.6%, and 7.8%, respectively. Analyzing the data on a quarterly basis, the total loan portfolio showed a 4.9% increase compared to September 2024. Growth Rate Wholesale Retail Total 13 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 4Q24 (%) 3Q24 Change (%) 4Q23 Change (%) vs. 3Q24 vs. 4Q23 Loan Portfolio Stage 1 484,007 98.0% 461,496 4.9% 355,341 36.2% Commercial Loans 364,821 73.9% 351,244 3.9% 308,793 18.1% Commercial 313,746 63.5% 305,823 2.6% 262,556 19.5% Financial Institutions 17,376 3.5% 14,771 17.6% 16,599 4.7% Governmental 33,699 6.8% 30,650 9.9% 29,638 13.7% Consumer 115,169 23.3% 106,142 8.5% 42,043 173.9% Mortgages 4,017 0.8% 4,110 -2.3% 4,505 -10.8% Loan Portfolio Stage 2 2,214 0.4% 2,268 -2.4% 1,847 19.9% Commercial Loans 114 0.0% 489 -76.7% 102 11.8% Commercial 114 0.0% 489 -76.7% 102 11.8% Financial Institutions 0.0% 0.0% 0.0% Governmental 0.0% 0.0% 0.0% Consumer 1,959 0.4% 1,576 24.3% 1,553 26.1% Mortgages 141 0.0% 203 -30.6% 192 -26.5% Loan Portfolio Stage 3 7,690 1.6% 7,248 6.1% 5,917 30.0% Commercial Loans 5,740 1.2% 5,130 11.9% 4,347 32.1% Commercial 5,740 1.2% 5,130 11.9% 4,347 32.1% Financial Institutions 0.0% 0.0% 0.0% Governmental 0.0% 0.0% 0.0% Consumer 1,172 0.2% 1,374 -14.7% 878 33.5% Mortgages 778 0.2% 744 4.5% 693 12.3% Total Loan Portfolio 493,911 100.0% 471,012 4.9% 363,105 36.0% 7% 122% 4% 15%5% 36% Quarterly Y-o-Y
Page 14
Retail Loan Portfolio The retail loan portfolio is divided among four subsidiaries, all of which fully consolidate into Banco Inbursa as of September 2024: 1) Sofom handles personal loans, SME´s loans, and credit cards; 2) STM Financial and Cetelem specializes in auto-related loans; 3) Banco Inbursa focuses on mortgages. In comparison to December 2023, the retail loan portfolio experienced a 121.7% growth, rising form $71,823 million pesos in 2023 to $159,244 million pesos in 2024. This surge was propelled by the expansion in the auto, payroll (including Brazil), and credit card loan portfolios, with growth rates of 195.5%, 164.6%, and 7.8%, respectively. Analyzing the data on a quarterly basis, the total loan portfolio showed a 4.9% increase compared to September 2024. Customers Funding 14 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 4Q24 (%) 3Q24 Change (%) 4Q23 Change (%) vs. 3Q24 vs. 4Q23 Demand Deposits 330,552 86.6% 305,589 8.2% 257,790 28.2% Time Deposits 51,181 13.4% 48,851 4.8% 43,515 17.6% Total 381,733 100.0% 354,440 7.7% 301,305 26.7% Million Pesos 4Q24 (%) 3Q24 Change (%) 4Q23 Change (%) vs. 3Q24 vs. 4Q23 Auto Loans STM 31,346 19.7% 30,657 2.2% 32,477 -3.5% Auto Loans Cetelem 64,637 40.6% 62,210 3.9% 0 N.A. Credit Card 16,183 10.2% 14,734 9.8% 15,014 7.8% Brazil 31,720 19.9% 25,498 24.4% 10,482 202.6% Personal Loans 3,167 2.0% 3,157 0.3% 3,474 -8.8% Payroll 6,104 3.8% 5,772 5.8% 3,811 60.2% Mortgages 4,869 3.1% 5,018 -3.0% 5,370 -9.3% SME´s 1,218 0.8% 1,203 1.2% 1,195 1.9% Total 159,244 100.0% 148,249 7.4% 71,823 121.7% 4Q24 (%) 3Q24 Change (%) 4Q23 Change (%) vs. 3Q24 vs. 4Q23 Auto Loans STM 97,079 3.3% 99,051 -2.0% 102,111 -4.9% Auto Loans Cetelem 294,756 10.1% 299,493 -1.6% 0 N.A. Credit Card 1,474,139 50.6% 1,470,378 0.3% 1,492,102 -1.2% Brazil 825,235 28.3% 454,252 81.7% 229,404 259.7% Personal Loans 83,433 2.9% 83,475 -0.1% 84,900 -1.7% Payroll 131,478 4.5% 125,960 4.4% 92,375 42.3% Mortgages 6,138 0.2% 6,311 -2.7% 6,895 -11.0% SME´s 2,004 0.1% 1,975 1.5% 2,394 -16.3% Total 2,914,262 100.0% 2,540,895 14.7% 2,010,181 45.0%
Page 15
Wholesale Loan Portfolio In December 2024, the wholesale loan portfolio showed significant growth compared to December 2023. It increased by 14.9%, reaching a value of $334,667 Mn, compared to $291,282 Mn. It is important to point out, that USD, Euros and R$ represented 30% of total loans. Funding Breakdown by Sector Composition Infrastructure Others Retail Governmental Corporate Related Companies Fin. Inst Real EstateEnergy WholesaleRetail 15 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 4Q24 (%) 3Q24 Change (%) 4Q23 Change (%) vs. 3Q24 vs. 4Q23 Commercial 283,592 84.7% 278,408 1.9% 245,045 15.7% Financial Institutions 17,376 5.2% 14,388 20.8% 16,599 4.7% Governmental 33,699 10.1% 29,967 12.5% 29,638 13.7% Total 334,667 100.0% 322,763 3.7% 291,282 14.9% Million Pesos 4Q24 (%) 3Q24 Change (%) 4Q23 Change (%) vs. 3Q24 vs. 4Q23 Unsecured Notes 33,423 52.7% 32,440 3.0% 45,314 -26.2% Interbanking 29,994 47.3% 29,876 0.4% 21,952 36.6% Total 63,417 100.0% 62,315 1.8% 67,266 -5.7% 1% 3% 4% 4% 7% 21% 6% 32% 22% 32% 68%
Page 16
Loan Portfolio by Currency UDI´SPesos USD, EURO & R$ 16 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos Pesos UDI´s USD, EURO Total& R$ Loan Portfolio Stage 1 322,181 13,690 148,136 484,007 Commercial Loans 232,57 9 13,690 118,552 364,821 Commercial 200,525 13,690 99,531 313,746 Financial Institutions 14,231 3,145 17,376 Governmental 17,823 15,876 33,699 Consumer 85,585 29,584 115,169 Mortgages 4,017 4,017 Loan Portfolio Stage 2 1,602 612 2,214 Commercial Loans 113 1 114 Commercial 113 1 114 Financial Institutions Governmental Consumer 1,348 611 1,959 Mortgages 141 141 Loan Portfolio Stage 3 6,369 7 1,314 7,690 Commercial Loans 4,644 7 1,089 5,740 Commercial 4,644 7 1,089 5,740 Financial Institutions Governmental Consumer 947 225 1,172 Mortgages 778 778 Total Loan Portfolio 330,152 13,697 150,062 493,911 67%3% 30%
Page 17
As of the close of December 2024, the Stage 3 loan portfolio (NPL) was $7,690 million pesos, constituting 1.56% of total loans. Additionally, loan loss reserves amounted to $10,892 million pesos in 4Q24, r epresenting 1.4 times the Stage 3 loan portfolio and 2.2% of total loans. It´s important to mention that the consumer loan portfolio Stage 3 was $1,172 million pesos, representing 1.0% of the total. Selected Figures Loan Portfolio Stage 3 NPL Ratio Coverage NPL 17 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos Loan Portfolio Stage 3 as of Sep 30,2024 7,248 Decreases in Stage 3 -1,504 Recoveries & Restructures -654 Exchange rate effects Write Offs -850 Increases in Stage 3 1,946 Exchange rate effects -45 New Loan Portfolio Stage 3 1,991 Loan Portfolio Stage 3 as of Dec 31,2024 7,690 Selected Figures 4Q24 3Q24 4Q23 Total Loan Portfolio / Total Assets 70.2% 71.3% 64.6% Stage 3 Loans / Total Loans 1.6% 1.5% 1.6% Loan Loss Reserves / Stage 3 Loans 141.6% 142.9% 138.1% Loan Loss Reserves / Total Loan Portfolio 2.2% 2.2% 2.3% 4Q24 3Q24 4Q23 Commercial 1.5% 1.4% 1.4% Consumer 1.0% 1.3% 2.0% Mortgages 15.8% 14.7% 12.8% NPL 1.6% 1.5% 1.6% 4Q24 3Q24 4Q23 Commercial 115.3% 119.4% 119.0% Consumer 342.2% 289.0% 316.0% Mortgages 33.7% 34.3% 32.6% Coverage 141.6% 142.9% 138.1%
Page 18
Risk Rating of Preforming Loans Loan Loss Reserves Allowance for Loan Loss Reserves 18 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos Commercial Interbank Governmental Consumer Mortgages Total A 300,885 16,769 33,699 102,946 3,828 458,127 B 11,433 82 8,958 109 20,582 C 1,191 525 3,450 495 5,661 D 1,487 1,235 278 3,000 E 4,603 1,710 228 6,541 Total 319,599 17,376 33,699 118,299 4,938 493,911 Million Pesos Commercial Interbank Governmental Consumer Mortgages Total A 1,908 103 168 1,376 6 3,561 B 221 1 464 1 687 C 144 28 408 40 620 D 559 482 64 1,105 E 3,487 1,281 151 4,919 Total 6,319 132 168 4,011 262 10,892 Million Pesos 4Q24 (%) 3Q24 Change (%) 4Q23 Change (%) vs. 3Q24 vs. 4Q23 Commercial 6,319 58.0% 5,854 7.9% 4,922 28.4% Interbank 132 1.2% 120 10.0% 104 26.9% Governments 168 1.5% 153 9.8% 148 13.5% Consumer 4,011 36.8% 3,972 1.0% 2,773 44.6% Mortgages 262 2.4% 255 2.7% 226 15.9% Total 10,892 100.0% 10,354 5.2% 8,173 33.3% Million Pesos Total Loan Loss Reserves as of Sep 30, 2024 10,472 Adjustment for inflation Sep ´24 ‐ Dec ´24 118 Loan Loss Reserves as of Sep 30, 2024 (million nominal pesos) 10,354 Provisions recorded during the period 716 Currency valuation & other -178 Loan Loss Reserves as of Dec 31, 2024 10,892
Page 19
1. Accounting information relative to the loan classification of the portfolio for the quarter ending December 31, 2024, with a risk exposure rate of the portfolio based upon the ratings granted as of December 31, 2024. This procedure follows the guidelines of the CNBV. 2. In accordance with loan classification rules, the institution is obliged to grade individually at least 80% of its loan portfolio subject to rating. 3. Base loan portfolio classified includes contingent operations shown in its corresponding group for memorandum accounts at the end of the consolidated balance sheet reported on December 31, 2024. 4. In accordance with the regulation, preventive reserves includes the mortgage portfolio provisions for $5, $1, $0, $1, $0, $3, $36, $64 and $151 that corresponds to risks “A1 ”, “A2”, “B1”, “B2”, “B3”, “C1”, “C2”, “D” and “E”, respectively. 5. In accordance with the regulation, preventive reserves includes the consumer portfolio provisions for $990, $385, $222, $146, $96, $188, $221, $482 and $1,281 that corresponds to risks “A1”, “A2”, “B1”, “B2”, “B3”, “C1”, “C2”, “D” and “E”, respectively. 6. In accordance with the regulation, preventive reserves includes an adjustment of $0 that corresponds to the additional provisions for interest payable over payable portfolio. 7. Preventive reserves includes $0 that corresponds to additional reserves for operational risks. 8. The outcome of this credit risk rating is included in the consolidates balance sheet reported as of December 31, 2024. Notes: 19 Allowance for Loan Loss Reserves I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos Portfolio Reserves Required Risk % of risk Notional Provision (%) Notional A 93% 458,127 0% - 0.99% 3,560 B 4% 20,582 1% - 19.99% 687 C 1% 5,661 20% - 59.99% 620 D 1% 3,000 60% - 89.99% 1,106 E 1% 6,541 90% - 100% 4,919 Subtotal 100% 493,911 10,892 Plus: Plus: Non - Classified portfolio - - Additional Provisions Plus: Excepted Portfolio 0.00% 0 Total Credit Portfolio 100% 493,911 Total Reserves 10,892
Page 20
Solvency Capitalization Liquidity and Solvency remain robust after the acquisition of Cetelem, as evidenced by a fully loaded CET1 ratio of 22.69%, well above the regulatory requirement of 11.1% for domestic systemically important banks and total loss- absorbing capacity (TLAC) requirement of 17.6% for 2025. This solid ratio positions Inbursa to continue capitalizing on opportunities for loan growth. Equity to Assets Liquidity Coverage Ratio (LCR) 20 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 31-Dec ‐24 30-Sep ‐24 31 ‐Dec‐23 Credit Risk Assets 416,431 384,191 334,722 Tier 1 Capital 34.4% 33.6% 36.5% Net Capital 34.4% 33.6% 36.5% Total Risk Assets 630,799 577,961 537,338 Tier 1 Capital 22.7% 22.3% 22.8% Net Capital 22.7% 22.3% 22.8% Million Pesos 31-Dec‐24 30-Sep ‐24 31 ‐Dec‐23 Stockholders´ equity 261,210 250,849 225,159 Assets 822,560 783,063 691,238 Equity / Assets 31.8% 32.0% 32.6% LCR 31-Dec ‐24 30-Sep ‐24 31 ‐Dec‐23 Liquidity Coverage Ratio 506.4% 415.1% 728.1%
Page 21
Capitalization 21 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Capitalization as of December 31, 2024 TotalMillion Pesos Stockholders' Equity 185,316 Investments Financial Institutions 36,731 Investments In Non‐Financial Institutions 80 Restructuring Charges & Other Intangibles 4,503 Deferred Taxes 903 Tier 1 Capital 143,099 Tier 2 Capital 0 Tier 1 & 2 Capital 143,099 Market Risk - Weighted Assets Risk Weighted Required CapitalMillion Pesos Peso Nominal Interest Rate Operations 41,167 3,293 Peso Or Udi Real Interest Rate Operations 23,575 1,886 Foreign Currency Nominal Interest Rate 17,250 1,380 Position In Udis Or With A Return Indexed To Inflation 16 1.24 Positions In Foreign Currency Or Indexed To The Fx Rate 10,100 808 Positions In Gold 00 Positions In Shares Or Indexed To The Price Of Securities 98,753 7,900 Total 190,861 15,268 Credit Risk - Weighted Assets Risk Weighted Required CapitalMillion Pesos Capital Requirements For Credit Risk 416,431 33,314 Sub - Total 416,431 33,314 Total 416,431 33,314 Operational Risk - Weighted Assets Risk Weighted Required CapitalMillion Pesos Capital Requirements For Operational Risk 23,507 1,881 Sub - Total 23,507 1,881 Requirement For Total Risks 630,799 50,463
Page 22
Risk Value at Risk Banco Inbursa´s risk management framework is built upon robust methodologies, utilizing value at risk (VaR) models with varying confidence levels holding period horizons. These models are complemented by comprehensive stress testing analyses that incorporate hypothetical scenarios as well as historical data. Credit Risk assessment at Banco Inbursa is conducted meticulously by the Credit Committee, employing a granular and individualized approach to analyze each client. In addition to this detailed assessment, econometric models have been implemented to evaluate the probability of default, taking in to account anticipated losses on an individual basis as well as for risk groups. (1) Value at Risk for 1 day with a confidence level of 95% and using LTM information (2) SEPTEMBER 2024 TIER 1 CAPITAL 22 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Type of Risk Market Value Value at Risk (1) % VAR vs TIER1 Capital Equities 938 17 0.01% Swaps (Rates) -214 968 0.75% Swaps (Foreign exchange) -11,658 953 0.73% Swaps (Listed) 109 41 0.03% Nominal rate 52,385 63 0.05% Real rate 11,079 38 0.03% Forwards 141 360 0.28% Foreign exchange 2,344 62 0.05% Banco Inbursa 55,124 965 0.74% Tier 1 Capital (2) 129,807
Page 23
SINCA The investments of Sinca Inbursa in “Promoted Companies” are register at book value net of goodwill (which is later amortized), and the contribution to the results of the company are accounted under the equity method. II.III Other Subsidiaries 23 (1) Original investment + (-) capital cont ributions, reductions or dividends. I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos Acquisition Date % Shares Book Value (1) 1. Infrastructure Promotora de Infraestructura de Readaptación Social, S.A. de C.V. Feb-20 99.99% 9,543 Giant Motors Latinoamérica, S.A. de C.V. Jul-08 48.00% 130 Makobil, S. de R.L. de C.V. (PIRS subsidiary) Feb-20 2.00% 5 CRS Morelos, S.A. de C.V. (PIRS subsidiary) Feb-20 0.00% 0 Naturgy Mexico, S.A. de C.V. Sep-08 14.13% 0 Total 9,678 2. Petrochemical Grupo Idesa S.A. de C.V. Aug-06 73.82% 7,718 Total 7,718 3. Health Star Medica S.A. de C.V. Nov-15 50.00% 699 Salud Interactiva S.A. de C.V. Jan-08 62.16% 0 Patia Biopharma, S.A. de C.V. Jun-13 62.20% 88 Patiacan S.A. de C.V. Dec-14 28.00% 0 Enesa, S.A. de C.V. Dec-10 25.00% 0 Total 787 4. Technology Hitss Solutions S.A. de C.V. Feb-15 30.05% 518 SIESINT Holding S.A. de C.V. Oct-21 64.00% 337 Total 856 5. Logistics Excellence Freights de México S.A. de C.V. Sep-14 24.00% 5 Total 5 6. Others Parque Acuático Nuevo Veracruz S.A. de C.V. Jan-15 77.09% 273 Sociedad Financiera Campesina, S.A. de C.V. Aug-08 0.00% 0 Fanbot S.A.P.I. de C.V. Jun-17 6.00% 2 Contalisto S.A.P.I. de C.V. Jun-17 15.00% 1 Soccerton Games S.A.P.I. de C.V. Aug-17 15.00% 1 Havas Media, S.A. de C.V. Nov-97 5.00% 0 Total 276 Total 19,320
Page 24
AFORE Selected Figures In December 2024, Afore reported a net income of $559 Mn, an increase from $552 Mn in December 2023. Furthermore, stockholder´s equity increased from $2,458 Mn in the same period last year to $2,605 Mn in December 2024. It is noteworthy that during 2024, Afore Inbursa di stributed a dividend of $410 Mn. When adjusting for this dividend payment, Stockholders´ equity would have exhibited a growth rate of 22.6%. The assets under management increased by 8.7%, totaling $175,470 Mn in December 2024, compared to the same period in the previous year. Afore Inbursa´s affiliate base comprised 453,198 clients in December 2024, with the active workers representing 37.80% of the total, notably higher than the market average of 30.58% for the same period. Assets Under Management 24 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 4Q24 3Q24 Change (%) 4Q23 Change (%) Jan - Dec Change (%) vs. 3Q24 vs. 4Q23 2023 2024 vs. 2023 Commission Income 288 243 18.8% 226 27.7% 886 948 7.1% Adm. Expenses -31 -26 20.5% -24 28.5% -100 -107 6.9% Operating Expenses -61 -45 35.1% -44 39.5% -187 -204 9.2% Promotion Expenses -3 -2 N.A. 1 -479.7% -22 -26 15.4% Dep. & Amortization -5 -3 72.6% -4 49.1% -12 -13 15.2% Net Income 203 217 -6.7% 196 3.4% 552 559 1.2% Assets 3,566 3,594 -0.8% 3,306 7.9% 3,306 3,566 7.9% Investments 2,611 2,608 0.1% 2,418 8.0% 2,418 2,611 8.0% Liabilities 961 1,101 -12.7% 847 13.4% 847 961 13.4% Stockholders' Equity 2,605 2,493 4.5% 2,458 6.0% 2,458 2,605 6.0% 161,447 160,920 161,434 176,989 175,470 4Q23 1Q24 2Q24 3Q24 4Q24
Page 25
Operadora Mutual Funds Fixed Income Equity In December 2024, the assets under management totaled $142,830 Mn reflecting an increase from $136,243 Mn recorded in December 2023. Compound Annual Growth Rate Fondo Inbursa holds the highest profitability in USD for the last 43 years (March 1981 – December 2024). $8.1 Bn $21.8 Bn $4.7 Bn $17.3 Bn $68.6 Bn $22.1 Bn 25 I. Highlights II. Financial Results III. Financial Statements IV. Appendix 21% 29% 28% 79% 71% 72% Dinbur Inbumax Inburex Fondo Inbursa Ibuplus Inbuint 14.03% 8.98% 8.96% 5.88% 0.42% Inbursa Mexbol Dow Jones Cetes Inflation
Page 26
Seguros Selected Figures In 2024, Seguros Inbursa reported a net income of $5,188 Mn, showing an increase of 3.0%, from $5,036 Mn in the same period of the previous year. This outcome is primarily driven by higher technical income, although it was partially offset by a decline in net financial income. It is noteworthy that, as of December 2024, Seguros Inbursa´s direct premiums increased by 13.2% reaching $30,846 Mn. Premiums Breakdown In December 2024, the stockholder´s equity amounted to $29,238 Mn, indicating a 12.1% decrease compared to $33,264 Mn recorded in December 2023. 26 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 4Q24 3Q24 Change (%) 4Q23 Change (%) Jan - Dec Change (%) vs. 3Q24 vs. 4Q23 2023 2024 vs. 2023 Direct Premiums 6,964 6,157 13.1% 5,813 19.8% 27,255 30,846 13.2% Retained Premiums 5,452 4,645 17.4% 4,775 14.2% 18,637 20,911 12.2% Reserves Provisions 269 -244 N.A. 277 -2.9% 1,401 1,580 12.8% Technical Income 523 564 -7.3% 101 417.8% 2,023 3,096 53.0% Net Financial Income 1,447 2,103 -31.2% 2,530 -42.8% 6,632 5,511 -16.9% Net Income 1,267 1,664 -23.9% 1,823 -30.5% 5,036 5,188 3.0% Assets 94,947 103,358 -8.1% 96,050 -1.1% 96,050 94,947 -1.1% Investments 61,070 70,377 -13.2% 63,978 -4.5% 63,978 61,070 -4.5% Reserves 53,735 54,168 -0.8% 52,395 2.6% 52,395 53,735 2.6% Stockholders' Equity 29,238 37,541 -22.1% 33,264 -12.1% 33,264 29,238 -12.1% Line of business Breakdown Growth Rate Combined Ratio Combined Ratio 12M24 vs 12M23 12M24 12M23 P&C 38.8% 12.8% 77.3% 79.3% Automobile 21.7% 26.3% 94.4% 99.9% Life 19.5% 12.9% N.A. N.A. A & H 19.9% 2.5% 87.8% 92.0% Total 100.0% 13.2% 89.5% 95.8%
Page 27
Pensiones Selected Figures In December 2024, Pensiones Inbursa reported profits of $1,533 Mn, representing a decline compared to the $1,630 Mn recorded in the same period of the previous year. In contrast, stockholder´s equity increased, rising from $10,357 Mn in December 2023 to $11,673 Mn in December 2024. Seguros de Caución y Fianzas Seguros de Caución y Fianzas recorded profits of $979 Mn in 2024 Direct premiums showed an increase relative to the same period of the previous year, from $2,252 Mn in De cember 2023 to $2,289 Mn in December 2024. Additionally, stockholder´s equity increased to $7,880 Mn in December 2024, up from $6,884 Mn in the fourth quarter of 2023. 27 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Selected Figures Million Pesos 4Q24 3Q24 Change (%) 4Q23 Change (%) Jan - Dec Change (%) vs. 3Q24 vs. 4Q23 2023 2024 vs. 2023 Direct Premiums 0 1 0.0% 0 N.A. 1 1 N.A. Reserves Provisions 0 3 N.A. 0 N.A. -1 -11 N.A. Acquisition cost 0 0 N.A. 0 0.0% 0 0 0.0% Technical Income -6 -9 N.A. -6 N.A. -25 -13 N.A. Net Financial Income 49 71 -31.0% 68 -27.9% 210 227 8.1% Permanent investments 661 568 16.4% 329 100.9% 1,354 693 -48.8% Net Income 700 621 12.7% 382 83.2% 1,630 1,533 -6.0% Assets 12,070 11,504 4.9% 10,729 12.5% 10,729 12,070 12.5% Investments 2,406 2,373 1.4% 2,224 8.2% 2,224 2,406 8.2% Reserves 359 361 -0.4% 372 -3.4% 372 359 -3.4% Stockholders' Equity 11,673 11,112 5.0% 10,357 12.7% 10,357 11,673 12.7% Million Pesos 4Q24 3Q24 Change (%) 4Q23 Change (%) Jan - Dec Change (%) vs. 3Q24 vs. 4Q23 2023 2024 vs. 2023 Direct Premiums 567 571 -0.7% 577 -1.7% 2,252 2,289 1.6% Technical Income 161 160 0.6% 131 22.9% 697 572 -17.9% Earnings From Investments 178 175 1.7% 161 10.6% 550 694 26.2% Net Income 286 294 -2.7% 335 -14.6% 982 979 -0.3% Assets 10,551 10,002 5.5% 9,127 15.6% 9,127 10,551 15.6% Investments 8,177 7,813 4.7% 7,127 14.7% 7,127 8,177 14.7% Reserves 1,808 1,720 5.1% 1,474 22.7% 1,474 1,808 22.7% Stockholders' Equity 7,880 7,579 4.0% 6,884 14.5% 6,884 7,880 14.5%
Page 28
Inversora Selected Figures In December 2024, Inversora reported net income of $355 Mn compared to $1,277 Mn profits recorded in the same period of the previous year. Additionally, the company´s stockholder´s equity totaled $6,227 Mn in December 2024, up from $5,876 Mn in the forth quarter of 2023. 2nd Assets in Custody Market Position 23.4% Assets in Custody Market Share 28 I. Highlights II. Financial Results III. Financial Statements IV. Appendix September 2024 September 2024 Million Pesos 4Q24 3Q24 Change (%) 4Q23 Change (%) Jan - Dec Change (%) vs. 3Q24 vs. 4Q23 2023 2024 vs. 2023 Operating Margin 175 234 -25.2% 182 -3.8% 403 537 33.3% Interest Income 1,696 1,930 -12.1% 1,409 20.4% 5,228 6,351 21.5% Net Income 169 208 -18.8% 152 11.2% 1,277 355 -72.2% Total Assets 14,583 11,320 28.8% 7,105 105.2% 7,105 14,583 105.2% Investment Portfolio 13,241 9,840 34.6% 5,862 125.9% 5,862 13,241 125.9% Stockholders' Equity 6,227 6,062 2.7% 5,876 6.0% 5,876 6,227 6.0% Assets in Custody 2,329,699 2,401,420 -3.0% 2,491,035 -6.5% 2,491,035 2,329,699 -6.5%
Page 29
III. Financial Statements Consolidated Income Statement III.I Grupo Financiero Inbursa 29 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Jan - Dec 2023 2024 Interest income 23,319 24,890 24,648 27,657 29,508 29,722 89,667 111,535 Interest expense 13,430 14,890 14,227 15,847 17,410 16,756 52,173 64,240 Financial Margin 9,889 10,000 10,421 11,810 12,098 12,966 37,494 47,295 Loan Loss Provisions 1,118 1,162 995 957 1,357 1,632 2,342 4,941 Risk Adjusted NII 8,771 8,838 9,426 10,853 10,741 11,333 35,152 42,353 Commissions and fees income 1,623 1,783 1,569 2,355 2,106 2,594 6,560 8,624 Commissions and fees expenses 236 289 290 514 698 565 963 2,067 Premiums written (Net) 4,462 5,253 6,342 5,440 5,092 5,972 20,512 22,846 Increased in reserve for unearned premiums 45 391 1,592 670 149 659 2,495 3,070 Insurance acquisition cost (net) 579 723 700 397 799 928 2,392 2,824 Cost of claims and contractual obligations (net) 3,540 4,071 3,338 3,656 3,908 4,119 14,227 15,021 Market‐Related Income 1,659 3,831 -443 1,089 1,933 -874 6,765 1,705 Afores acquisition cost 40 37 52 49 40 40 168 181 Other operational income (expense) 794 1,288 22 1,094 1,274 894 2,921 3,284 Non‐Interest Expense 3,024 3,046 2,970 3,459 3,394 3,306 11,842 13,129 Operating Income 9,845 12,436 7,974 12,086 12,158 10,303 39,823 42,521 Subsidiaries' Net income 52 1,029 140 441 851 1,020 1,518 2,452 Net Income Before Taxes 9,897 13,465 8,114 12,527 13,009 11,323 41,341 44,973 Incurred Income tax 2,356 3,340 2,024 3,162 2,910 2,412 10,356 10,508 Results from Continued Operations 7,541 10,125 6,090 9,365 10,099 8,910 30,985 34,464 Net Income 7,541 10,125 6,090 9,365 10,099 8,910 30,985 34,464
Page 30
Consolidated Balance Sheet 30 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 ASSETS Cash & Due From Banks 53,031 28,323 51,260 26,969 35,997 28,304 Margin Accounts 0 0 0 1,453 4,202 1,988 Financial Instruments 196,474 203,948 178,277 166,744 163,357 163,632 Negotiable 185,421 191,821 166,841 153,544 148,860 150,926 Collect or sale 10,643 11,715 11,014 12,781 14,068 12,276 Collect principal & interest 410 412 422 419 429 430 Repos 1 9,711 115 17,445 11 21,882 Derivatives 12,807 10,074 13,961 11,261 5,050 8,533 Adjusted Valuation for Financial Assets -584 82 -183 -369 799 -190 LOAN PORTFOLIO STAGE 1 329,619 354,349 418,223 435,080 461,467 484,007 Commercial 287,067 307,801 325,395 335,687 351,215 364,821 Consumer 37,929 42,043 88,475 95,157 106,142 115,169 Mortgages 4,623 4,505 4,353 4,236 4,110 4,017 LOAN PORTFOLIO STAGE 2 2,019 1,847 1,998 1,753 2,268 2,214 Commercial 347 102 432 198 489 114 Consumer 1,484 1,553 1,348 1,382 1,576 1,959 Mortgages 188 192 218 173 203 141 LOAN PORTFOLIO STAGE 3 5,671 5,917 6,707 6,815 7,248 7,690 Commercial 4,034 4,347 4,779 4,822 5,130 5,740 Consumer 866 878 1,231 1,259 1,374 1,172 Mortgages 771 692 697 734 744 778 LOAN PORTFOLIO 337,309 362,113 426,928 443,648 470,983 493,911 Loan Loss Reserves -7,860 -8,169 -9,406 -9,674 -10,354 -10,892 Deferred parties (net) 0 -195 228 444 495 628 TOTAL LOANS 329,449 353,749 417,750 434,418 461,124 483,647 LOAN PORTFOLIO INSURANCE 1,608 1,610 1,622 1,735 1,664 566 Loan Loss Reserves -3 -4 -16 -3 -4 -4 TOTAL LOAN PORTFOLIO (net) 331,054 355,355 419,356 436,150 462,784 484,209 Insurance and bonding companies 8,991 8,804 10,780 13,072 9,652 9,930 Reinsurance and rebounders (net) 9,578 16,236 15,339 16,054 16,555 16,872 Receivables, Sundry Debtors & Adv. Payments 12,316 7,929 13,318 11,304 24,203 27,082 Inventories Repossessed Assets (net) 1,158 969 964 950 1,094 1,102 Long term assets for sell or distribution 10,806 11,448 18,147 21,444 22,828 24,119 Advance payments and other assets 5,404 5,717 5,182 6,792 8,137 6,747 Fixed Assets (net) 8,741 9,085 8,880 8,588 7,876 8,166 Fixed Assets rights (net) 759 839 805 699 702 818 Permanent Equity Investments 19,382 20,089 13,375 13,861 14,272 13,859 Deferred taxes (net) Intangible assets (net) 1,007 1,015 1,050 1,040 1,031 994 Intangible assets rights (net) Goodwill 1,614 1,614 4,502 4,512 4,513 4,513 TOTAL ASSETS 672,539 691,238 755,128 757,969 783,063 822,560
Page 31
31 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 LIABILITIES DEPOSITS 328,012 346,619 373,395 384,510 388,682 417,006 Demand Deposits 237,065 257,790 272,176 293,002 305,589 330,552 Time Deposits 44,782 43,515 46,620 52,214 50,654 53,031 Unsecured Notes (CEBURES) 46,165 45,314 54,599 39,294 32,439 33,423 Interbank Loans & Other 21,968 21,952 26,374 25,087 27,375 25,342 Technical reserves 45,354 54,195 54,025 55,306 56,200 55,857 Repos 3,132 0 724 0 3,793 0 Collaterals 2,223 0 0 0 0 0 Derivatives 5,887 4,491 4,773 10,281 19,209 26,670 Adjusted Valuation for Financial Liabilities Reinsurance and rebounders (net) 2,332 1,346 2,048 3,172 1,867 1,739 Leases 749 812 784 656 656 780 Other accounts payable 33,345 23,170 46,257 22,525 17,842 21,068 Income taxes 9,927 9,875 9,834 10,708 12,729 8,600 Employee benefits 1,539 2,029 2,331 2,200 2,186 2,580 Deferred credits 1,683 1,590 1,705 1,666 1,675 1,708 TOTAL LIABILITIES 456,151 466,079 522,250 516,111 532,214 561,350 STOCKHOLDERS´EQUITY SUSCRIBED CAPITAL 27,162 27,156 27,155 27,149 27,149 27,147 Paid‐in Capital 13,961 13,955 13,954 13,948 13,948 13,946 Share Subscription Premium 13,201 13,201 13,201 13,201 13,201 13,201 Subordinated debt EARNED CAPITAL 189,078 197,862 204,053 213,005 221,925 232,221 Capital Reserves 5,032 4,483 4,342 3,775 3,755 3,586 Retained Earnings 185,017 194,350 200,682 210,201 219,141 229,606 Valuation surplus (Deficit) of available for sale -971 -971 -971 -971 -971 -971 Result from conversion of foreign transactions Valuation effects on affiliates and associated firms Surplus (deficit) from Equity Restatement Net Income of the period Minority Interest 148 141 1,670 1,704 1,775 1,842 TOTAL STOCKHOLDERS´ EQUITY 216,388 225,159 232,878 241,858 250,849 261,210 LIABILITIES & STOCKHOLDERS´ EQUITY 672,539 691,238 755,128 757,969 783,063 822,560
Page 32
32 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Customer Position Accounts 4Q24 Company Position Accounts 4Q24Million Pesos Million Pesos CUSTOMER CURRENT ACCOUNTS Contingency assets and liabilities Customer bank balances 297 Assets under trust 942,545 Customer transaction liquidations -99 Assets under custody or administration 275,813 Client loans Irrevocable lines of credit granted 123,818 CUSTOMER SECURITIES 2,279,051 Shares held in custody Assets in custody or under administration 2,279,051 Other contingent obligations Assets received in guarantee Collaterals 136,180 TRANSACTIONS ON BEHALF OF CUSTOMERS Others 1,978,795 Customer Repos 55,443 Customer Securities Loans Purchase of Derivatives Collaterals received Trusts TOTAL CUSTOMER POSITION 2,334,692 TOTAL OWN POSITION 3,467,714
Page 33
IV . Appendix Consolidated Income Statement IV .I Banco Inbursa 33 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Jan - Dec 2023 2024 Interest income 21,056 22,310 22,119 25,118 26,991 27,272 80,084 101,500 Interest expense 13,127 14,498 13,752 15,511 17,026 16,480 50,570 62,769 Financial Margin 7,929 7,812 8,367 9,607 9,965 10,792 29,514 38,731 Loan Loss Provisions 1,120 1,163 1,007 957 1,347 1,637 2,340 4,948 Risk Adjusten NII 6,809 6,649 7,360 8,650 8,618 9,155 27,174 33,783 Comissions and fees income 1,612 1,733 1,572 2,367 2,132 2,596 6,490 8,666 Comissions and fees expenses 277 322 315 595 809 693 1,081 2,411 Market‐Related Income 1,846 1,641 282 1,463 952 -904 3,382 1,793 Other operational income (expense) -106 924 -224 630 660 212 288 1,278 Non‐Interest Expense 2,492 2,358 2,486 2,961 2,875 3,102 9,393 11,424 Operating Income 7,393 8,267 6,189 9,553 8,679 7,264 26,860 31,685 Subsidiaries' Net income 119 767 145 297 760 1,065 1,188 2,267 Net Income Before Taxes 7,512 9,034 6,334 9,849 9,438 8,328 28,048 33,952 Incurred Income tax 1,878 2,425 1,668 2,427 2,354 1,953 7,323 8,402 Results from Continued Operations 5,634 6,609 4,666 7,423 7,085 6,376 20,725 25,550 Discontinued operations 0 0 0 0 0 0 0 0 Net Income 5,634 6,609 4,666 7,423 7,085 6,376 20,725 25,550
Page 34
Consolidated Balance Sheet 34 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 ASSETS Cash & Due From Banks 53,115 28,424 51,332 27,056 36,087 28,425 Margin Accounts 0 0 0 1,453 4,202 1,988 Financial Instruments 110,743 115,027 94,448 78,670 69,801 72,056 Negotiable 109,853 113,858 93,772 76,394 67,477 71,088 Collect or sale 890 1,169 676 2,276 2,324 968 Repos 0 9,710 0 17,443 0 21,881 Derivatives 12,807 10,074 13,960 11,260 5,050 8,533 Adjusted Valuation for Financial Assets -584 82 -183 -369 799 -190 LOAN PORTFOLIO STAGE 1 330,626 355,341 418,934 436,991 461,496 484,007 Commercial loans 288,074 308,793 326,106 337,598 351,244 364,821 Commercial 250,230 262,556 279,317 293,243 305,823 313,746 Financial entities 8,186 16,599 16,763 14,388 14,771 17,376 Governments 29,658 29,638 30,025 29,967 30,650 33,699 Consumer 37,929 42,043 88,475 95,157 106,142 115,169 Mortgages 4,623 4,505 4,353 4,236 4,110 4,017 LOAN PORTFOLIO STAGE 2 2,019 1,847 1,998 1,753 2,268 2,214 Commercial loans 347 102 432 198 489 114 Commercial 347 102 432 198 489 114 Financial entities Governments Consumer 1,484 1,553 1,348 1,382 1,576 1,959 Mortgages 188 192 218 173 203 141 LOAN PORTFOLIO STAGE 3 5,671 5,917 6,707 6,815 7,248 7,690 Commercial loans 4,034 4,347 4,779 4,822 5,130 5,740 Commercial 4,034 4,347 4,779 4,822 5,130 5,740 Financial entities Governments Consumer 866 878 1,231 1,259 1,374 1,172 Mortgages 771 693 698 734 744 778 LOAN PORTFOLIO 338,316 363,105 427,639 445,558 471,012 493,911 Loan Loss Reserves -7,864 -8,173 -9,421 -9,683 -10,354 -10,892 Deferred parties (net) 0 -195 228 533 495 628 TOTAL LOAN PORTFOLIO (net) 330,451 354,737 418,446 436,409 461,153 483,647 Receivables, Sundry Debtors & Adv. Payments (net) 11,439 6,991 12,357 10,310 23,151 25,978 Repossessed Assets (net) 1,102 913 909 894 1,038 1,044 Long term assets for sell or distribution 10,806 11,448 15,694 17,854 20,126 21,343 Advance payments and other assets 3,520 3,500 3,563 4,708 5,927 4,529 Fixed Assets (net) 3,967 4,116 3,940 3,645 2,966 3,124 Fixed Assets rights (net) 593 650 602 531 539 627 Permanent Equity Investments 14,659 15,112 10,944 11,438 11,772 11,474 Deferred taxes (net) Intangible assets (net) 96 87 119 112 104 93 Intangible assets rights (net) Goodwill 1,608 1,608 4,496 4,506 4,508 4,508 TOTAL ASSETS 554,323 562,480 630,628 625,921 647,223 689,060
Page 35
35 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 LIABILITIES DEPOSITS 329,245 349,161 376,010 386,858 391,306 419,551 Demand Deposits 237,254 257,955 272,372 293,240 305,764 330,740 Time Deposits 45,825 45,893 49,039 54,325 53,102 55,388 Unsecured Notes (CEBURES) 46,165 45,314 54,598 39,293 32,440 33,423 INTERBANK LOANS & OTHER 21,968 21,952 32,388 29,124 29,876 29,994 Repos 5,352 0 724 0 3,793 0 Derivatives 5,887 4,491 4,773 10,281 19,209 26,670 Leases 585 633 587 506 515 611 OTHER ACCOUNTS PAYABLE 29,702 19,617 42,368 17,757 9,531 9,799 Income taxes 7,520 6,600 7,373 7,727 9,173 4,767 Employee benefits 1,917 2,211 2,432 2,172 2,312 2,439 Deferred credits 1,485 1,385 1,496 1,450 1,447 1,472 TOTAL LIABILITIES 403,659 406,050 468,152 455,875 467,161 495,303 STOCKHOLDERS´EQUITY SUSCRIBED CAPITAL 25,264 25,264 25,264 25,264 29,264 35,264 Paid‐in Capital 17,579 17,579 17,579 17,579 18,235 24,235 Share Subscription Premium 7,685 7,685 7,685 7,685 11,029 11,029 Subordinated debt EARNED CAPITAL 121,214 126,822 131,455 138,802 144,505 151,920 Capital Reserves 18,368 18,368 18,368 20,424 20,424 20,424 Retained Earnings 100,465 106,795 111,385 116,442 123,246 129,076 Available for Sale Held to Maturity 856 256 360 611 -831 1,123 Employee benefits remeasurement 4 -86 -86 -86 -86 -122 Acumulated conversion effect -84 -109 -177 -184 248 -157 Others 1,605 1,598 1,605 1,595 1,504 1,576 Minority Interest 4,185 4,344 5,757 5,980 6,292 6,573 TOTAL STOCKHOLDERS´ EQUITY 150,664 156,430 162,476 170,046 180,061 193,757 LIABILITIES & STOCKHOLDERS´ EQUITY 554,323 562,480 630,628 625,921 647,223 689,060
Page 36
Memorandum Accounts 36 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q24 Other Contingent Obligations 10,562 Irrevocable Lines of Credit Granted 123,818 Goods in Trust or Mandate 942,545 Investment Banking Operations on Behalf of Third Parties Goods in Custody or Under Administration 314,697 Collaterals received 25,283 Other accounts 1,883,179 TOTAL 3,289,522
Page 37
Consolidated Income Statement IV .II Operadora 37 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Jan - Dec 2023 2024 Earnings from Investment S a l e s 3 94 75 64 12 42 7 1 8 1 1 4 8 Asset Management Income 140 146 157 172 175 183 553 686 O t h e r s 101000 41 Unrealized Gain on Portfolio Valuation 6 1 -17 -14 11 3 0 -17 Total Earnings 186 194 197 199 210 213 738 819 General Expenses 64 66 65 70 68 71 252 273 Earnings Before Taxes 122 128 132 130 142 142 486 546 Incurred Income Tax 27 69 18 28 51 11 176 108 Net Income Before Subsidiaries 95 59 114 102 91 131 310 438 Earnings from subsidiaries 31 229 -14 53 177 33 371 248 Net income 126 288 100 154 268 164 681 686
Page 38
Consolidated Balance Sheet 38 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 ASSETS C a s h 000000 B a n k s 111111 Negotiable Instruments 1,771 1,845 1,981 2,046 2,151 2,228 Sundry Debtors 58 59 59 57 60 58 Provisional Payments 69 10 28 62 98 4 Permanent investments 3,396 3,625 3,611 3,663 3,840 3,874 TOTAL ASSETS 5,294 5,540 5,680 5,830 6,150 6,165 LIABILITIES & STOCKHOLDERS' EQUITY LIABILITIES Sundry Creditors 23 1 25 25 26 1 Payable Taxes 107 46 77 86 122 22 Deferred Income Tax 309 349 334 320 336 312 TOTAL LIABILITIES 439 396 436 432 485 335 STOCKHOLDERS' EQUITY Stockholders' Equity 24 24 24 24 24 24 L e g a l R e s e r v e 444444 Retained Earnings 4,434 4,434 5,115 5,115 5,115 5,115 S u r p l u s ( d e f i c i t ) f r o m e q u i t y r e s t a t e m e n t 000000 Net income 392 681 100 255 522 686 TOTAL STOCKHOLDERS´ EQUITY 4,854 5,144 5,244 5,398 5,666 5,830 LIABILITIES & STOCKHOLDERS´ EQUITY 5,294 5,540 5,680 5,830 6,150 6,165
Page 39
Consolidated Income Statement IV .III Inversora 39 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 3Q24 Jan - Dec 2023 2024 Commissions & Tariffs 105 137 76 129 145 187 403 537 Earnings From Services 105 137 76 129 145 187 403 537 Income from sale of securities 41 60 28 20 30 28 583 106 Interest Income 1,409 1,493 1,259 1,466 1,930 1,696 5,228 6,351 Interest Expense -1,273 -1,319 -1,101 -1,271 -1,774 -1,554 -5,022 -5,700 Unrealized gain on Portfolio Valuation -21 553 -297 -274 -19 -57 884 -647 Financial Margin 156 787 -111 -59 167 113 1,673 110 Operating Income 261 924 -35 70 312 300 2,076 647 General Expenses 79 120 55 58 78 125 390 316 Operating Margin 182 804 -90 12 234 175 1,686 331 Other Expenses (Income) -8 -4 -4 -4 -34 -22 -19 -64 Net Income Before Income Tax & Profit Sharing 190 808 -86 16 268 197 1,705 395 Incurred Income Tax & Profit Sharing 39 195 -44 -4 60 28 428 40 D e f e r r e d I n c o m e T a x 000000 00 Net Income Before Subsidiaries' 151 613 -42 20 208 169 1,277 355 S u b s i d i a r i e s ' N e t I n c o m e 1 - 10000 00 Net Income 152 612 -42 20 208 169 1,277 355
Page 40
Consolidated Balance Sheet 40 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 ASSETS C a s h & B a n k s 812212 FINANCIAL INSTRUMENTS 5,108 5,862 5,707 5,847 9,840 13,241 Negotiable 5,108 5,862 5,707 5,847 9,840 13,241 Repos & Derivatives 1 1 1 1 1 1 Repo Operations 1 1 1 1 1 1 Other accounts receivable 53 66 85 86 72 48 F i x e d a s s e t s n e t 3 03 53 64 13 74 4 Permanent equity investments 3 3 3 3 3 3 Other Assets 1,160 1,137 1,177 1,269 1,366 1,244 TOTAL ASSETS 6,363 7,105 7,011 7,249 11,320 14,583 LIABILITIES & STOCKHOLDERS' EQUITY LIABILITIES Securities & Derivatives 3 0 0 0 0 0 Repo Operations 3 0 0 0 0 0 Other Account Payable 1,086 1,229 1,177 1,395 5,258 8,356 Income Tax & Employee profit sharing provision 816 1,001 926 751 817 629 Sundry creditors & other accounts payable 270 228 251 644 4,441 7,727 Deferred taxes 0 0 0 0 0 0 TOTAL LIABILITIES 1,089 1,229 1,177 1,395 5,258 8,356 STOCKHOLDERS' EQUITY Subscribed capital 1,608 1,608 1,608 1,608 1,608 1,608 Paid‐in capital 1,608 1,608 1,608 1,608 1,608 1,608 Earned Capital 3,666 4,268 4,226 4,246 4,454 4,619 Capital reserves 321 322 322 322 322 322 Retained earnings 3,360 3,972 3,930 3,950 4,158 4,327 Valuation effect in financial instruments 0 0 0 0 0 0 Surplus (deficit) of equity restatement 0 0 0 0 0 0 Others -15 -26 -26 -26 -26 -30 N e t i n c o m e000000 TOTAL STOCKHOLDERS´ EQUITY 5,274 5,876 5,834 5,854 6,062 6,227 LIABILITIES & STOCKHOLDERS´ EQUITY 6,363 7,105 7,011 7,249 11,320 14,583
Page 41
Consolidated Income Statement IV .IV Seguros 41 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Jan - Dec 2023 2024 Premiums written 5,197 5,813 8,306 9,420 6,157 6,964 27,255 30,846 Premiums ceded 1,235 1,038 2,462 4,449 1,512 1,512 8,618 9,935 Retained Premiums 3,962 4,775 5,844 4,971 4,645 5,452 18,637 20,912 Increased in reserve for unearned premiums -283 277 1,180 376 -244 269 1,401 1,581 Retained earned premiums 4,245 4,498 4,664 4,595 4,889 5,183 17,237 19,331 Net Acquisition Cost 583 738 708 395 796 930 2,419 2,829 Commissions to agents 444 464 513 511 498 579 1,804 2,101 Additional compensation to agents 143 187 159 133 153 171 634 616 Commissions for re‐insurance taken 16 6 18 4 -6 3 56 19 Commissions for re‐insurance given -198 -156 -264 -381 -225 -184 -935 -1,054 Coverage on losses excess 54 102 62 70 166 132 242 430 Others 124 135 220 58 210 229 619 717 Net cost of claims and contractual obligations 3,206 3,659 2,915 3,232 3,529 3,729 12,795 13,405 Claims and other contractual obligations 3,206 6,140 2,891 3,257 3,718 3,672 15,277 13,538 Claims recovered from re‐insurance 0 2,481 -24 25 189 -57 2,483 133 O t h e r c l a i m s000000 00 Technical Income 456 101 1,041 968 564 523 2,023 3,096 Net Increase in other technical reserve 278 57 279 202 278 266 834 1,025 Catastrophic risks reserves 286 72 287 280 299 290 872 1,156 P r e v e n t i o n s r e s e r v e s000000 00 C o n t i n g e n c y c l a i m r e s e r v e s212222 68 Other reserves -10 -16 -10 -80 -23 -26 -45 -139 Gross profit 178 44 762 766 286 257 1,190 2,071 Net operating expenses 332 424 344 338 409 400 1,626 1,491 Administrative and operating expenses -11 -110 -6 -12 5 12 -53 -1 Personnel expenses 289 475 294 289 338 318 1,459 1,239 Depreciation and amortization 54 59 56 61 66 70 220 253 Operating Profits -154 -380 418 429 -123 -143 -436 581 Net Financial Income 1,058 2,530 575 1,386 2,103 1,448 6,631 5,512 On investments 1,132 1,302 1,175 1,072 1,152 1,398 4,661 4,797 Investments sales 1 -99 0 -57 31 39 -108 13 Investments revaluation -216 1,453 -523 -529 184 -266 2,419 -1,134 Charges on premiums 55 57 58 59 63 65 216 245 Others 25 -2 12 197 220 -7 44 422 Forex 61 -181 -147 644 453 219 -602 1,169 Participated income from permanent investments 56 134 31 280 165 152 272 628 Income before income taxes & employee profit sharing 960 2,284 1,024 2,095 2,145 1,457 6,466 6,721 Provision for income tax 166 461 274 588 482 190 1,431 1,534 Net income 794 1,823 750 1,507 1,663 1,267 5,036 5,187
Page 42
Consolidated Balance Sheet 42 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 ASSETS Investments 60,680 63,978 64,512 66,402 70,377 61,070 Securities 58,164 61,346 55,769 59,738 65,219 53,596 Government 31,978 30,601 25,414 27,572 37,328 26,450 Private companies 26,186 30,745 30,354 32,166 27,891 27,146 Debt Instruments 14,505 17,627 17,544 17,380 15,949 14,493 Equities 11,681 13,118 12,811 14,785 11,942 12,653 Repos 0 0 1,137 0 10 0 Loans 329 330 6,342 4,391 2,888 5,229 Performing loans 329 330 6,354 4,399 2,893 5,217 P a s t d u e l o a n s222222 Allowance for write‐offs -2 -2 -14 -10 -7 10 Real estate 2,187 2,302 2,288 2,274 2,260 2,355 Investments for labor obligations 692 713 701 684 691 682 Current assets 42 6 45 72 8 23 Cash and banks 42 6 45 72 8 23 Debtors 9,126 8,976 11,023 13,322 9,928 10,170 Premium debtors 8,352 8,139 9,408 10,395 8,649 9,053 Governmental debtors 169 201 947 2,251 551 429 Agents and adjusters 13 7 12 7 13 15 Notes receivable 80 82 85 83 89 93 E m p l o y e e l o a n s000000 Other 665 695 718 734 775 733 Allowance for write‐offs -153 -147 -148 -148 -149 -152 Reinsurers and rebounders 9,547 16,236 15,285 15,933 16,458 16,809 Insurance and bonding companies 1,516 978 1,178 1,194 2,398 3,345 R e t a i n e d d e p o s i t s111111 Reinsures share of unsettled claims 8,031 15,257 14,106 14,738 14,059 13,463 Reinsures share of unearned Permanent investments 2,826 2,961 2,993 3,112 3,277 3,429 Other assets 2,707 3,179 2,662 2,551 2,619 2,764 Furniture and equipment (net) 466 529 510 500 485 570 Foreclosed and repossessed assets 21 21 21 21 21 23 Sundry 2,220 2,630 2,132 2,029 2,113 2,170 TOTAL ASSETS 85,619 96,050 97,221 102,076 103,358 94,947
Page 43
43 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 LIABILITIES Technical reserves 43,584 52,395 52,093 53,367 54,168 53,735 Unearned premiums 24,688 24,932 25,359 27,674 27,869 26,972 Life 15,675 16,352 16,322 16,772 17,496 17,174 Accident and health and P&C 8,960 8,535 8,985 10,853 10,324 9,754 Current bonds 53 45 52 48 49 44 Contractual obligations 11,392 19,886 18,869 17,539 17,843 18,015 Claims and maturities 7,201 15,522 14,260 12,881 12,948 12,754 Reserve for incurred but not reported claims 2,383 2,514 2,581 2,598 2,815 3,061 Policy dividends 0 0 0 0 0 0 Managed insurance funds 1,346 1,396 1,407 1,429 1,464 1,532 Deposits premiums 463 455 621 631 616 668 Prevision 7,503 7,576 7,865 8,154 8,455 8,748 P r e v i s i o n000000 Catastrophic 7,454 7,525 7,812 8,099 8,398 8,688 C o n t i n g e n c y4 95 15 35 55 75 9 Specials Provision for labor obligations at retirement 960 1,013 1,020 1,021 1,046 1,022 Creditors 2,281 2,222 2,292 2,388 2,418 2,294 Agents and adjusters 954 1,031 1,012 1,017 1,029 1,087 Managed loss funds 133 41 105 161 196 50 Sundry 1,194 1,151 1,175 1,210 1,193 1,157 Reinsurers and rebounders 2,368 1,425 2,056 3,192 1,888 1,787 Insurance and bonding companies 2,368 1,425 2,056 3,192 1,888 1,787 Retained deposits 0 0 0 0 0 0 Other liabilities 5,005 5,732 5,473 6,210 6,298 6,872 Provision for employee profit sharing & Taxes 1,009 1,197 798 1,190 1,830 2,234 Other liabilities 1,130 1,201 1,421 1,786 1,284 1,327 Deferred credits 2,867 3,333 3,254 3,233 3,185 3,311 TOTAL LIABILITIES 54,198 62,785 62,934 66,178 65,818 65,709 STOCKHOLDERS´EQUITY Paid in capital 1,067 1,067 1,067 1,067 1,067 1,067 Capital stock 1,067 1,067 1,067 1,067 1,067 1,067 Reserves 9,288 9,436 9,735 12,215 12,246 12,773 Legal 1,067 1,067 1,067 1,067 1,067 1,067 Other 5,336 5,428 5,483 7,733 7,635 7,667 Valuation superavit for reserves of unearned premiums 2,885 2,941 3,185 3,415 3,544 4,040 Subsidiaries 4,921 4,923 4,922 5,622 5,622 5,621 Retained earnings 13,219 13,090 18,126 15,052 15,000 4,876 Net income 3,213 5,036 750 2,257 3,921 5,188 Excess (insufficient) on Stockholders' actualization 0 0 0 0 0 0 Others -288 -288 -314 -314 -314 -288 Minority Interest TOTAL STOCKHOLDERS´ EQUITY 31,420 33,264 34,287 35,898 37,541 29,238 LIABILITIES & STOCKHOLDERS´ EQUITY 85,619 96,050 97,221 102,076 103,358 94,947
Page 44
Consolidated Income Statement IV .V Pensiones 44 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Jan - Dec 2023 2024 Premiums written000010 01 P r e m i u m s c e d e d000000 00 Retained Premiums 0 0 0 0 0 0 0 0 Increased in reserve for unearned premiums 0 1 3 -16 3 0 0 -10 Retained earned premiums 0 0 -3 16 3 0 2 16 Net Acquisition Cost 0 0 0 0 0 0 0 0 Net cost of claims and contractual obligations 8 6 6 5 6 6 26 23 Claims and other contractual obligations 8 6 6 5 6 6 26 23 Claims recovered from re‐i n s u r a n c e000000 00 O t h e r c l a i m s000000 00 Technical Income -8 -6 -9 11 -9 -6 -25 -13 Net Increase in other technical reserve 0 0 0 0 0 0 0 0 Gross profit -8 -6 -9 11 -9 -6 -26 -13 Net operating expenses 1 2 1 -1 1 2 5 3 Administrative and operating expenses 1 2 1 -1 1 2 5 3 Personnel expenses 0 0 0 0 0 0 0 0 D e p r e c i a t i o n a n d a m o r t i z a t i o n000000 00 Operating Profits -9 -8 -10 12 -9 -8 -30 -15 Net Financial Income 39 68 56 51 71 49 210 227 On investments 49 52 53 54 57 56 189 220 Investments sales 0 5 0 0 0 0 5 0 Investments revaluation -12 11 3 -3 14 -7 13 7 Charges on premiums 0 0 0 0 0 0 0 0 O t h e r s200000 20 F o r e x000000 00 Participated income from permanent investments 424 329 103 23 568 661 1,474 1,355 Income before income taxes & employee profit sharing 454 389 149 86 630 702 1,654 1,567 Provision for income tax -1 7 4 17 8 2 24 31 Provision for employee profit sharing 0 0 0 0 0 0 0 0 Subsidiaries results 0 0 0 0 0 0 0 0 Net income 455 382 145 68 621 700 1,630 1,533
Page 45
Consolidated Balance Sheet 45 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 ASSETS Investments 2,166 2,224 2,274 2,316 2,373 2,406 Securities 2,166 2,224 2,274 2,316 2,373 2,406 Government 1,862 1,663 1,543 1,521 1,342 1,440 Private companies 306 563 733 797 1,034 967 Debt Instruments 240 493 664 729 964 903 Equities 66 70 69 68 70 64 Net unrealized gain on valuation -2 -2 -2 -2 -2 -2 R e p o s 000000 Current assets 0 1 0 0 0 0 Permanent investments 8,157 8,485 8,573 8,525 9,099 9,622 Other assets 27 19 21 26 31 43 Sundry 27 19 21 26 31 43 TOTAL ASSETS 10,350 10,729 10,868 10,867 11,504 12,070 LIABILITIES Technical reserves 373 372 375 358 361 359 Unearned premiums 355 355 358 341 345 344 Life 355 355 358 341 345 344 Accident and health and P&C Current bonds Contractual obligations 4 2 3 3 3 1 Claims and maturities 0 0 0 0 0 0 P r e v i s i o n 1 41 41 41 41 31 3 C o n t i n g e n c y777777 Specials 7 7 7 7 7 7 Reinsurers and rebounders 0 0 0 0 0 0 Other liabilities 0 0 6 25 31 38 TOTAL LIABILITIES 373 372 381 382 392 398 STOCKHOLDERS´EQUITY Paid in capital 1,108 1,108 1,108 1,108 1,108 1,108 Capital stock 1,458 1,458 1,458 1,458 1,458 1,458 (‐)Unsubscribed capital 350 350 350 350 350 350 Reserves 1,280 1,280 1,280 1,293 1,293 1,293 Legal 1,108 1,108 1,108 1,108 1,108 1,108 Other 171 171 171 185 185 185 Unrealized gain on valuation 0 0 0 0 0 0 Subsidiaries 5,435 5,433 5,418 6,822 6,828 6,690 Retained earnings 905 905 2,536 1,048 1,048 1,048 Net income 1,249 1,630 145 213 834 1,533 Excess (insufficient) on Stockholders' actualization TOTAL STOCKHOLDERS´ EQUITY 9,977 10,357 10,487 10,484 11,112 11,673 LIABILITIES & STOCKHOLDERS´ EQUITY 10,350 10,729 10,868 10,867 11,504 12,070
Page 46
Consolidated Income Statement IV .VI Seguros de Caución y Fianzas 46 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Jan - Dec 2023 2024 Premiums accepted 572 577 616 535 571 567 2,252 2,289 Premiums ceded 39 37 52 27 26 14 149 119 RETAINED PREMIUMS 533 540 564 508 545 553 2,103 2,170 Application of reserve for outstanding bonds -1 12 33 -52 3 9 4 -7 NET PREMIUM REVENUES 534 528 531 559 542 544 2,098 2,176 N e t A c q u i s i t i o n C o s t 2 - 9 - 2690 - 4 1 3 C o m m i s s i o n s t o a g e n t s000000 00 Commissions for rebounding taken 0 0 0000 00 Commissions for rebounding given -17 -20 -23 -12 -11 -10 -70 -56 Others 19 11 21 18 20 10 66 69 Claims 325 406 416 419 373 382 1,405 1,590 Technical Income 207 131 117 134 160 162 697 573 Net increase in other technical reserves 41 29 88 81 87 89 212 345 GROSS INCOME 166 102 29 53 73 73 485 228 Net Operating Expenses -41 -30 -40 -33 -28 -45 -136 -146 Administrative & operating expenses -68 -83 -81 -72 -76 -85 -308 -314 Personnel expenses 25 51 39 37 46 38 164 160 D e p r e c i a t i o n222222 88 OPERATING INCOME 207 132 69 86 101 118 621 374 Financial Income -11 263 161 144 225 181 522 711 On investments 135 161 163 178 175 178 550 694 Investments sales 6 18 0 0 0 17 24 17 Investments revaluation -157 84 3 -56 28 -32 -53 -57 O t h e r s4 - 40131 05 Forex 1 4 -5 21 19 17 0 52 Participated income from permanent investments 30 28 21 20 42 40 110 123 INCOME BEFORE TAXES 226 423 251 250 368 339 1,252 1,208 I n c o m e t a x e s 3 68 83 36 97 35 32 7 0 2 2 8 S u b s i d i a r i e s N e t I n c o m e 000000 00 NET INCOME 190 335 218 181 294 286 982 979
Page 47
Consolidated Balance Sheet 47 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 ASSETS Investments 6,704 7,127 7,407 7,482 7,813 8,177 Securities 6,344 6,756 7,038 7,114 7,446 7,815 Government 4,064 4,083 4,127 4,143 4,610 5,139 Private companies 2,280 2,674 2,911 2,971 2,835 2,676 Debt Instruments 1,210 1,451 1,564 1,661 1,493 1,350 Equities 1,071 1,223 1,347 1,309 1,342 1,326 Net unrealized gain on valuation 0 0 0 0 0 0 Interest debtors 0 0 0 0 0 0 R e p o s 000000 L o a n s 1 51 31 41 41 41 3 P e r f o r m i n g l o a n s1 61 51 51 51 61 5 P a s t d u e l o a n s000000 Allowance for write‐offs -1 -1 -1 -1 -1 -1 Real estate 345 357 355 354 353 348 Investments for labor obligations 171 176 173 169 171 169 Current assets 12 10 34 8 42 18 Cash and banks 12 10 34 8 42 18 Debtors 549 515 479 559 588 703 Premium debtors 470 464 425 425 452 449 Agents and adjusters 1 1 1 1 1 1 Notes receivable 0 0 0 0 0 0 E m p l o y e e l o a n s1 41 41 49 79 79 7 Other 78 50 53 50 52 170 Allowance for write‐offs -14 -14 -14 -14 -14 -14 Rebounders 151 131 142 247 231 213 Bonding companies 15 12 8 123 105 18 Retained deposits 0 0 0 0 0 0 O t h e r s000000 Participation in rebounding 136 119 134 125 126 195 Estimation for punishments 0 0 0 0 0 0 Permanent investments 751 772 789 813 842 862 Other assets 311 396 198 241 315 410 Furniture and equipment (net) 6 5 6 5 4 3 Foreclosed and repossessed assets 0 0 0 0 0 0 Sundry 305 390 193 236 311 407 TOTAL ASSETS 8,649 9,127 9,222 9,520 10,002 10,551
Page 48
48 I. Highlights II. Financial Results III. Financial Statements IV. Appendix Million Pesos 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 LIABILITIES Technical reserves 1,450 1,474 1,609 1,629 1,720 1,808 Current bonds 988 983 1,031 971 975 973 Contingency bonds 462 490 578 659 746 835 Provision for labor obligations at retirement 251 261 262 262 268 261 C r e d i t o r s 3 14 53 23 63 8 1 4 2 A g e n t s a n d a d j u s t e r s111111 Managed loss funds 000000 Sundry 30 44 31 36 37 141 R e b o u n d e r s 3 0 82 85 76 45 7 Bonding companies 25 3 23 3 10 2 Other participation 5 5 5 55 55 55 Other liabilities 355 454 193 247 333 404 Provision for employee profit sharing & Taxes 244 319 81 148 226 300 Other liabilities 111 105 108 98 107 103 D e f e r r e d c r e d i t s 1 3 05000 TOTAL LIABILITIES 2,118 2,242 2,123 2,232 2,423 2,671 STOCKHOLDERS´EQUITY Paid in capital 235 235 235 235 235 235 Capital stock 310 310 310 310 310 310 (‐)Unsubscribed capital -75 -75 -75 -75 -75 -75 Reserves 279 278 280 280 280 283 Legal 279 278 280 280 280 283 Repurchase of shares Other Unrealized gain on valuation 114 122 122 122 122 129 Subsidiaries 842 852 849 966 963 959 Retained earnings 4,474 4,474 5,456 5,346 5,346 5,346 Net income 647 982 218 399 693 979 Others -59 -59 -60 -60 -60 -51 Excess (insufficient) on Stockholders' a c t u a l i z a t i o n 000000 TOTAL STOCKHOLDERS´ EQUITY 6,531 6,884 7,099 7,288 7,579 7,880 LIABILITIES & STOCKHOLDERS´ EQUITY 8,649 9,127 9,222 9,520 10,002 10,551