1Q20 Highlights
- Interest income in 1Q20 rose by 22.0% vs. 1Q19 to Ps. 2,926 million, mainly driven by the income from the leasing and auto loans businesses.
- Financial margin in 1Q20 ended at Ps. 1,125 million, a 29.2% growth compared to 1Q19, reflecting the Company’s ability to control interest costs throughout the quarter.
- The loan loss reserve for 1Q20 was Ps. 127 million, an increase of 114.5% vs. 1Q19.
- The weighted average funding cost remained at 10.1% in 1Q20 vs. 1Q19.
- Opex as percentage of sales improved by 80 bp to 12.7% in 1Q20 from 13.5% in 1Q19.
- Operating income in 1Q20 reached Ps. 570 million, a growth of 29.7% vs. Ps. 440 million in 1Q19.
- Net income for 1Q20 closed at Ps. 413 million compared to Ps. 473 million in 1Q19. This decrease is primarily attributed to additional loan loss reserves, which are calculated based on our actuarial model, as a result of the current global situation.
- Cash and cash equivalents in 1Q20 reached Ps. 3,568 million, reflecting solid liquidity for the rest of the year.
- The total loan portfolio amounted to Ps. 63,340 million in 1Q20, an increase of 34.8% vs. 1Q19. The portfolio quality showed stability with a NPL ratio of 4.3%.
- The Company successfully renewed all the revolving lines maturing during the quarter.
Miranda Newswire – Full Press Release: Download PDF
Investor Relations Contact Details
David Pernas – Director, IR & Corporate Finance
Estefania Vazquez – Investor Relations
Tel: +52 (55) 4162-8270
E-mail: unifin_ri@unifin.com.mx