MX_INBURSA: Q1 2026 profit rises on higher net interest income, but ROE remains moderate

25 августа MX_INBURSA раскрыла результаты за первый квартал 2026 года: чистая прибыль составила 7 306,5 млн мексиканских песо, а чистые процентные доходы достигли 23 594,7 млн. За последние 12 месяцев прибыль достигла 30 931,2 млн, что обеспечивает коэффициент P/E на уровне 8,46. Акции выглядят привлекательно: мультипликатор ниже исторических значений, а дивидендная доходность в 2,56% поддерживается устойчивым денежным потоком.

Key takeaways

— Net interest income in Q1 2026 rose to MXN 23,594.7 million, providing the base for profit

— Net profit for the quarter was MXN 7,306.5 million, equivalent to 31% of net interest income

— Capital expenditure of MXN 217.3 million remains moderate, not pressuring cash flow

— Trailing twelve-month dividend yield of 2.56% is above the market average

— Return on equity of 10.31% reflects stable but not outstanding efficiency

— According to the portal's model, the stock's upside potential is estimated at +11% from the current price

Attractiveness

Key figures, MXN bn

Net interest income in Q1 2026 rose to MXN 23,594.7 million, providing the base for profit

In Q1 2026, MX_INBURSA's net interest income reached MXN 23,594.7 million, serving as the primary revenue source for the bank. This figure increased compared to the same period last year, reflecting growth in the loan portfolio and improved interest margins.

The rise in interest income provided a solid base for net profit, which amounted to MXN 7,306.5 million for the quarter. The ratio of net profit to net interest income of 31.0% indicates efficient operations, though it is not a measure of margin.

Net profit for the quarter was MXN 7,306.5 million, equivalent to 31% of net interest income

MX_INBURSA's net profit in Q1 2026 reached MXN 7,306.5 million, representing 31.0% of net interest income. This indicates high operational efficiency, as a significant portion of income is converted into profit.

Over the last twelve months, net profit totaled MXN 30,931.2 million, resulting in a P/E ratio of 8.46. This multiple appears attractive compared to the company's own historical values, confirming the stock's undervaluation.

Capital expenditure of MXN 217.3 million remains moderate, not pressuring cash flow

In Q1 2026, MX_INBURSA's capital expenditure amounted to MXN 217.3 million, a minor sum compared to net profit. This allows the bank to maintain a high level of free cash flow and allocate funds to dividends and growth.

The moderate capex level is typical for the banking sector, where major investments relate to technology and infrastructure rather than production facilities. The absence of significant capital outlays does not pressure financial performance.

Trailing twelve-month dividend yield of 2.56% is above the market average

Over the last twelve months, MX_INBURSA paid dividends providing a yield of 2.56% on the current share price. This is above the average yield on the Mexican market, making the stock attractive for income-oriented investors.

Given stable profits and moderate capital expenditure, the bank has potential to maintain or increase dividend payments in the current year. Our forecast assumes that the dividend policy will remain unchanged unless there is a significant deterioration in the macroeconomic environment.

Return on equity of 10.31% reflects stable but not outstanding efficiency

MX_INBURSA's return on equity over the last twelve months was 10.31%. This figure is typical for large Mexican banks and indicates the ability to generate profit on invested capital.

Although ROE is not outstanding, it provides a sufficient base for dividend payments and reinvestment in the business. Combined with a low P/E, this creates an attractive investment case for long-term holdings.

According to the portal's model, the stock's upside potential is estimated at +11% from the current price

Our financial model, based on annual earnings relative to market capitalization, indicates that MX_INBURSA's shares have an upside potential of +11% to fair value. This suggests that the current price does not fully reflect the company's profitability.

The portal's model incorporates ROE and price-to-book ratio, allowing an assessment of the stock's undervaluation. If current financial metrics persist, the shares could rise to a level consistent with fair value.

Valuation on the latest reported figures

Bottom line

In Q1 2026, MX_INBURSA demonstrated steady growth in net interest income and net profit, confirming its operational efficiency. Low capital expenditure and a stable dividend policy make the shares attractive for income-oriented investors. However, ROE of 10.31% is not outstanding, limiting growth potential. Given a P/E of 8.46 and the portal's model suggesting +11% upside, the verdict is 'attractive'.