Banco Santander Mexico Reports Third Quarter 2019 Net Income of Ps.5,517 Million.

MEXICO CITY: Banco Santander Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero Santander Mexico (NYSE: BSMX; BMV: BSMX), ("Banco Santander Mexico" or "the Bank"), today announced financial results for the three-month and nine-month periods ending September 30, 2019.

Banco Santander Mexico reported net income of Ps.5,517 million in 3Q19, representing a YoY increase of 8.3% and a QoQ decrease of 1.6%. On a cumulative basis, net income for 9M19 reached Ps.16,416 million, representing a 9.5% YoY increase.

Hector Grisi, Banco Santander Mexico's Executive President and CEO, commented: "Our focus on profitable growth delivered another quarter of solid performance, with steady increases in high margin loans and fees. Net income grew over 8% year-on-year, as we attracted more retail deposits, expanded our base of loyal, digital and mobile customers, and cross sold more of our products. The increase came despite a substantially higher effective tax rate as well as additional strategic investments that are further strengthening our retail franchise and making Santander the primary bank of a growing number of Mexicans.

Our performance was particularly gratifying, given softer economic conditions in the third quarter and our ability to maintain asset quality at a healthy level with year-on-year improvements across risk metrics...