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Key Players in the Banking Industry in Mexico.

Key Players Table

Detailed profile Relevant context information Estimates of volumes Estimates of revenue
BBVA México
Leading financial institution in Mexico, consistently ranked highest by assets and profits.		 Primary driver of the Spanish BBVA group's operations in the region. Has made significant investments in digital transformation. Holds 22.3% of total banking system assets in Mexico as of December 2024. Manages 3.38 trillion pesos in assets as of December 2024. Leads in market share for various portfolios including enterprise (22%), consumer (30%), credit card (32%), payroll (39%), mortgage (26%), and deposits (22%) as of June 2024. Reported MXN 93,146 million in profits for the full year 2024. Accounted for approximately 20% of the total banking system income in 2024.
Banorte
A major Mexican financial group.		 Encompasses banking and pension fund operations. Actively investing in digital transformation and has launched a new digital arm. Held 12.06% of total banking system assets with 1.83 trillion pesos as of December 2024. Maintains a strong market share in enterprise (12%), payroll (21%), and mortgage (19%) portfolios as of June 2024. Reported a quarterly loan portfolio expansion of over 12% year-on-year in Q4 2023. Reported MXN 45,298 million in profits for the full year 2024. Anticipated revenue growth of around 10% for 2024.
Santander México
The Mexican subsidiary of the global Santander group.		 Mexico operations contribute significantly to the global group's profit. Held 13.19% of the market share by assets as of December 2024. Has a notable presence in the enterprise (11%), consumer (13%), credit card (14%), and deposits (12%) portfolios as of June 2024. Reported a 3% increase in loans and a 10% increase in deposits in Mexico in 2023. Reported MXN 28,584 million in profits for the full year 2024.
Inbursa
Part of Grupo Inbursa.		 Experienced a significant increase in profit in 2024, partly attributed to the acquisition of Cetelem. Gained market share in the enterprise and deposits segments as of June 2024. Held 4.47% of total banking system assets as of December 2024. Reported MXN 24,853 million in profits for the full year 2024. Showed a 31.48% increase in earnings as of July 2024.
Citibanamex
A financial group in the process of separating from Citigroup, with plans for an initial public offering (IPO).		 The separation from Citi has impacted its asset share in late 2024. Following the separation, Citi México will operate in the corporate banking segment, while Banamex will focus on business and consumer sectors. Maintains a presence in the consumer (14%), credit card (23%), and payroll (15%) portfolios based on June 2024 market share data. Citi México held assets valued at 641.51 billion pesos in December 2024. Reported MXN 22,590 million in profits for the full year 2024. Had revenue of over US $4.7 billion in the first nine months of 2024.
HSBC México
The Mexican subsidiary of the global HSBC group.		 Revenue growth in 2024 was fueled by increases in lending and deposit portfolios, higher fees, and investments. Held 6.16% of total banking system assets as of December 2024. Showed increased market share in the credit card segment as of June 2024. Reported a 7% growth in its loan portfolio and a 2% growth in deposits in 2024. Reported total revenue of MXN 42,439 million for the twelve months of 2024. Net income for the same period was MXN 6,866 million.
BanBajío
Banco del Bajío.		 Focuses strategically on the corporate and SME lending niche. Reported record net income in the second quarter and first half of 2024. Experienced a 10.4% growth in its total loan portfolio and an 11.3% growth in deposits in the second quarter of 2024 compared to the same period in the previous year. Reported TTM 2024 revenue of $1.44 Billion USD. Accumulated net income was MXN 5,626 million for the first half of 2024. Revenues saw a 7.7% growth in Q2 2024 compared to Q2 2023.
Scotiabank México
The Mexican subsidiary of the global Scotiabank.		 The global entity reported increased net income in fiscal year 2024. Held 6.04% of total banking system assets as of December 2024. Gained market share in the mortgage portfolio as of June 2024. While global figures are available, specific 2024 revenue for Mexican operations is not explicitly provided in detail. Mentioned among the top eight banks by profits as of November 2024.
Banco Azteca
Part of Grupo Salinas.		 Known for its focus on serving lower-income segments and operating an extensive branch network. Had assets of MXN 173,859 million in 2024. Holds a presence in the consumer market share. Specific 2024 revenue or detailed profit figures for Banco Azteca's banking operations were not readily available in the provided sources' top rankings by revenue/profit.
Afirme
Grupo Financiero Afirme.		 Mentioned among the top banks in terms of assets in some contexts. Listed among banks with significant asset holdings. Specific 2024 revenue or detailed profit figures for Afirme were not readily available in the provided sources' top rankings by revenue/profit.

References

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