Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F:
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
BANCO SANTANDER MÉXICO, S.A., INSTITUCIÓN DE BANCA
MÚLTIPLE, GRUPO FINANCIERO SANTANDER MÉXICO
|
|
|
|
|
|
|
By: |
/s/ Hector Chávez Lopez |
|
|
|
Name: |
Hector Chávez Lopez |
|
|
|
Title: |
Executive Director of Investor Relations |
Date: November 14, 2022
Item 1
TABLE OF CONTENTS
I. Key Highlights for the Quarter |
2 |
I. CEO Message |
2 |
III. Summary of 3Q22 Consolidated Results |
3 |
IV. Analysis of 3Q22 Consolidated Results |
11 |
V. Relevant Events, Transactions and Activities |
27 |
VI. Credit Ratings |
29 |
VII. 3Q22 Earnings Call Dial-In Information |
30 |
VIII. Analyst Coverage |
31 |
IX. Definition of Ratios |
31 |
X. Consolidated Financial Statements |
34 |
XI. Notes to Consolidated Financial Statements |
45 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 1 |
Banco Santander México Reports Third Quarter
2022 Net Income of Ps.8,188 Million
| - | Strong performance YoY in total loan portfolio growth, outpacing
market performance, highlighting significant increase in individual loans. While loan volumes in the commercial portfolio were driven
by a double-digit pick-up in middle-market and financial entities loans, despite soft SME loan demand. |
| - | Total deposits remained relatively stable YoY. Term deposits were boosted by higher interest rate
environment, while demand deposits reflected the Bank profitability focus. As a result of this strategy, contribution of
individuals in total deposits represented 38.2%, compared with 24.2% in 2016. |
| - | Net income increased 69.1% YoY in 3Q22, mainly due to the solid
increase in NII and fees, along with lower provisions for loan losses. |
Mexico City – October 27th,
2022, Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México (NYSE:
BSMX; BMV: BSMX), (“Banco Santander México” or “the Bank”), today announced financial results for the three-month
and nine-month periods ending September 30th, 2022.
Banco Santander México reported net income of Ps.8,188 million
in 3Q22, representing increases of 69.1% YoY and 18.7% QoQ. On a cumulative basis, net income for 9M22 reached Ps.20,199 million, representing
a 57.4% YoY increase.
Results (Million pesos) |
|
3Q22 |
2Q22 |
3Q21 |
|
%QoQ |
%YoY |
|
9M22 |
9M21 |
|
%YoY |
Net interest income |
|
18,370 |
17,277 |
15,684 |
|
6.3 |
17.1 |
|
52,063 |
47,039 |
|
10.7 |
Fee and commission, net |
|
5,271 |
5,279 |
4,447 |
|
(0.2) |
18.5 |
|
15,426 |
14,222 |
|
8.5 |
Core revenues |
|
23,641 |
22,556 |
20,131 |
|
4.8 |
17.4 |
|
67,489 |
61,261 |
|
10.2 |
Provisions for loan losses |
|
785 |
2,856 |
4,385 |
|
(72.5) |
(82.1) |
|
7,515 |
16,528 |
|
(54.5) |
Administrative and promotional expenses |
|
10,400 |
10,128 |
10,750 |
|
2.7 |
(3.3) |
|
30,003 |
30,599 |
|
(1.9) |
Net income |
|
8,188 |
6,900 |
4,843 |
|
18.7 |
69.1 |
|
20,199 |
12,835 |
|
57.4 |
Net income per share1 |
|
1.21 |
1.02 |
0.71 |
|
18.7 |
68.9 |
|
2.98 |
1.89 |
|
57.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data (Million pesos) |
|
Sep-22 |
Jun-22 |
Sep-21 |
|
%QoQ |
%YoY |
|
Sep-22 |
Sep-21 |
|
%YoY |
Total assets |
|
1,932,290 |
1,773,275 |
1,669,138 |
|
9.0 |
15.8 |
|
1,932,290 |
1,669,138 |
|
15.8 |
Total loans |
|
802,319 |
783,466 |
715,759 |
|
2.4 |
12.1 |
|
802,319 |
715,759 |
|
12.1 |
Deposits |
|
765,555 |
791,610 |
766,336 |
|
(3.3) |
(0.1) |
|
765,555 |
766,336 |
|
(0.1) |
Shareholders´ equity |
|
159,284 |
160,175 |
165,020 |
|
(0.6) |
(3.5) |
|
159,284 |
165,020 |
|
(3.5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Ratios (%) |
|
3Q22 |
2Q22 |
3Q21 |
|
bps QoQ |
bps YoY |
|
9M22 |
9M21 |
|
bps YoY |
Net interest margin |
|
4.94 |
4.70 |
4.64 |
|
24 |
30 |
|
4.75 |
4.53 |
|
22 |
Net loans to deposits ratio |
|
102.28 |
96.17 |
90.27 |
|
611 |
1,201 |
|
102.28 |
90.27 |
|
1,201 |
ROAE |
|
20.14 |
16.93 |
11.96 |
|
321 |
818 |
|
16.56 |
10.57 |
|
599 |
ROAA |
|
1.83 |
1.62 |
1.10 |
|
21 |
73 |
|
1.51 |
0.97 |
|
54 |
Efficiency ratio |
|
46.28 |
46.65 |
50.97 |
|
(37) |
(469) |
|
46.72 |
48.39 |
|
(167) |
Capital ratio |
|
18.90 |
19.28 |
21.46 |
|
(38) |
(256) |
|
18.90 |
21.46 |
|
(256) |
NPLs ratio |
|
2.01 |
2.56 |
2.85 |
|
(55) |
(84) |
|
2.01 |
2.85 |
|
(84) |
Cost of Risk |
|
1.54 |
2.06 |
2.75 |
|
(52) |
(121) |
|
1.54 |
2.75 |
|
(121) |
Coverage ratio |
|
133.58 |
121.19 |
117.56 |
|
1,239 |
— |
|
133.58 |
117.56 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Data |
|
Sep-22 |
Jun-22 |
Sep-21 |
|
%QoQ |
%YoY |
|
Sep-22 |
Sep-21 |
|
%YoY |
Branches |
|
1,036 |
1,037 |
1,039 |
|
(0.1) |
(0.3) |
|
1,036 |
1,039 |
|
(0.3) |
Branches and offices2 |
|
1,344 |
1,347 |
1,350 |
|
(0.2) |
(0.4) |
|
1,344 |
1,350 |
|
(0.4) |
ATMs |
|
9,601 |
9,591 |
9,564 |
|
0.1 |
0.4 |
|
9,601 |
9,564 |
|
0.4 |
Customers |
|
20,875,006 |
20,458,686 |
19,542,270 |
|
2.0 |
6.8 |
|
20,875,006 |
19,542,270 |
|
6.8 |
Employees |
|
26,069 |
25,627 |
24,901 |
|
1.7 |
4.7 |
|
26,069 |
24,901 |
|
4.7 |
| 1) | Accumulated EPS, net of treasury shares (compensation plan)
and discontinued operations. Calculated by using weighted number of shares. |
| 2) | Includes cash desks (espacios select, box select and corner
select) and SMEs business centers. Excluding brokerage house offices. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 2 |
Felipe García, Banco Santander México
Executive President and CEO, commented: “I am pleased to tell you that the third quarter was our best quarter ever in terms
of net income. In turn, this drove our highest ROE since 3Q13. These strong results were possible thanks to the solid performances of
our core businesses, and to maintaining excellent asset quality throughout the loan portfolio. Total loans grew 12% year on year, with
strong performance across our entire loan book. In individual loans, we had a significant increase compared to last year, mainly due to
double-digit growth in credit cards, payroll, auto loans and mortgages. It is worth noting that August was our 29th consecutive month
of market share gains in individual loans.
In the commercial portfolio, middle-market and
government loans continue posting positive trends with double-digit growth. Conversely, SME loans are still being affected by weak economic
conditions that are resulting in low credit demand.
In deposits, we remain almost flat year on year,
as we continue prioritizing demand deposits from individuals and forgoing some relatively expensive corporate demand deposits. Also, given
the higher rate environment, time deposits continue to increase for both individuals and commercial clients. It is also worth noting that
the contribution of individuals continues to increase considerably in both term and demand deposits, and today accounts for 38% of total
deposits, up from only 24% in 1Q16.
Regarding asset quality, our improved NPL ratio
and cost of risk reflect positive performance related to a large corporate client that enabled us to release some provisions that we booked
during the pandemic. They also reflect healthy asset quality across our entire loan book. Thus, at the end of the quarter, our NPL ratio
stood at 2.01% and cost of risk at 1.54%.
In terms of profitability, we posted a 20% ROE
that, as I said, was our highest return since 3Q13. This was a result of the strategies we have implemented to raise loan volumes, mainly
in the individual portfolio, to substantially lower provisions, as well as more normalized capital levels. Looking ahead, we expect profitability
to continue rising while maintaining a strong balance sheet, as a reflection of our solid capital ratio and liquidity position.
Going forward, the economic context will continue
to challenge us, but despite the uncertainty and difficulties in the economy, we are confident that we will achieve the objectives that
we have set for this year and those to come, while continuing to advance in our strategic priorities, strengthening our position in the
market and maintaining our profitable growth trajectory. Although we have made good progress with our operational transformation, simplifying
processes and operations, we are nevertheless mindful that we must step up the pace in working toward our goal of being a customer-focused
bank.”
III. Summary of 3Q22 Consolidated Results
In accordance with the General Procedures applicable
to Credit Institutions (Disposiciones de Carácter General Aplicables a las Instituciones de Crédito), effective as of January
1, 2022, new local accounting standards based on IFRS-9 entered into effect, approaching the convergence to IFRS international standards.
Therefore, the Bank's financial statements for the first, second and third quarter of 2022 and their summaries are not comparable with
the financial statements for the first, second, third and fourth quarter of 2021. The financial statements for those quarters and their
summaries are presented jointly, only for illustrative purposes.
Loan portfolio
Banco Santander México’s total loan
portfolio, as of September 2022, increased 12.1% YoY, or Ps.86,560 million, to Ps.802,319 million, and 2.4%, or Ps.18,853 million, on
a sequential basis.
During the quarter, total loan portfolio reflected
YoY solid growth, outpacing market performance and reflecting strong performance in individual loans. While loan volumes in the commercial
portfolio were driven by a double-digit pick-up in middle-market and financial institutions loans and a high single-digit growth in corporate
and government loans, despite soft SME loan demand.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 3 |
Deposits
Deposits, which represent 82.6% of Banco Santander
México’s total funding1, remained flat YoY in September 2022, at Ps.765,555
million. In turn, demand deposits decreased 7.3% YoY, mainly due to a 13.8% drop in corporate demand deposits, as the Bank continued working
to further reduce its funding costs, as make additional headway toward improving deposit mix, that prioritizes individual deposits and
foregoing certain expensive corporate deposits. It is worth noting that demand deposits from individuals increased 6.0% YoY, supported
by the Bank’s promotional campaigns; while time deposits increased 19.8% YoY, mainly due to the higher interest rate environment.
On a sequential basis, demand deposits decreased 6.4%, while time deposits increased 4.3%.
In September 2022, demand deposits from individuals
represented 37.6% of total demand deposits, compared with 32.9% in September 2021. Time deposits from individuals represented 39.5% of
total time deposits, compared with 44.1% a year ago. Total deposits from individuals represented 38.2% of total deposits, compared with
35.9% in September 2021, best mix for a third quarter.
The loans-to-deposits ratio stood at 102.28% in
September 2022, which compares to 90.27% in September 2021, and 96.17% in June 2022, maintaining a sound funding position.
Net
income
Banco Santander México reported 3Q22 net
income of Ps.8,188 million, representing increases of 69.1% YoY, and 18.7% sequentially. The YoY increase was mainly due to the solid
increase in NII and fees, along with lower provisions for loan losses. On a cumulative basis, net income for 9M22 reached Ps.20,199 million,
representing a 57.4% YoY increase.
1 Total funding includes: deposits, credit instruments issued,
bank and other loans and subordinated credit notes.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 4 |
Consolidated statement of comprehensive income |
Million pesos |
|
|
|
|
% Variation |
|
|
|
|
% Variation |
|
3Q22 |
2Q22 |
3Q21 |
|
QoQ |
YoY |
|
9M22 |
9M21 |
|
22/21 |
Net interest income |
18,370 |
17,277 |
15,684 |
|
6.3 |
17.1 |
|
52,063 |
47,039 |
|
10.7 |
Provisions for loan losses |
(785) |
(2,856) |
(4,385) |
|
(72.5) |
(82.1) |
|
(7,515) |
(16,528) |
|
(54.5) |
Net interest income after provisions for loan losses |
17,585 |
14,421 |
11,299 |
|
21.9 |
55.6 |
|
44,548 |
30,511 |
|
46.0 |
Commission and fee income, net |
5,271 |
5,279 |
4,447 |
|
(0.2) |
18.5 |
|
15,426 |
14,222 |
|
8.5 |
Net gain (loss) on financial assets and liabilities |
1,056 |
1,063 |
1,474 |
|
(0.7) |
(28.4) |
|
3,158 |
3,689 |
|
(14.4) |
Other operating income |
(2,225) |
(1,909) |
(514) |
|
16.6 |
— |
|
(6,425) |
(1,720) |
|
— |
Administrative and promotional expenses |
(10,400) |
(10,128) |
(10,750) |
|
2.7 |
(3.3) |
|
(30,003) |
(30,599) |
|
(1.9) |
Operating income |
11,287 |
8,726 |
5,956 |
|
29.3 |
89.5 |
|
26,704 |
16,103 |
|
65.8 |
Equity in results of associated companies |
- |
217 |
43 |
|
(100.0) |
(100.0) |
|
324 |
170 |
|
90.6 |
Operating income before income taxes |
11,287 |
8,943 |
5,999 |
|
26.2 |
88.1 |
|
27,028 |
16,273 |
|
66.1 |
Income taxes (net) |
(3,099) |
(2,043) |
(1,156) |
|
51.7 |
— |
|
(6,829) |
(3,438) |
|
98.6 |
Net income |
8,188 |
6,900 |
4,843 |
|
18.7 |
69.1 |
|
20,199 |
12,835 |
|
57.4 |
Effective tax rate (%) |
27.46 |
22.84 |
19.27 |
|
|
|
|
25.27 |
21.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
(327) |
(3,666) |
- |
|
(91.1) |
— |
|
(7,120) |
- |
|
— |
Valuation of financial instruments to collect or sell |
112 |
(3,149) |
- |
|
103.6 |
— |
|
(6,065) |
- |
|
— |
Valuation of derivatives financial instruments for cash flow hedges |
(425) |
(401) |
- |
|
6.0 |
— |
|
(911) |
- |
|
— |
Remeasurement of defined benefit obligation |
(14) |
(116) |
- |
|
87.9 |
— |
|
(144) |
- |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Participation in ORI of other entities |
- |
- |
- |
|
— |
— |
|
- |
- |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Integral result |
7,861 |
3,234 |
- |
|
143.1 |
— |
|
13,079 |
- |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Net result attributable to: |
8,188 |
6,900 |
- |
|
18.7 |
— |
|
20,199 |
- |
|
— |
controlling interest |
8,188 |
6,900 |
- |
|
18.7 |
— |
|
20,199 |
- |
|
— |
Non-controlling interest |
- |
- |
- |
|
— |
— |
|
- |
- |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to: |
18,528 |
3,234 |
- |
|
— |
— |
|
23,746 |
- |
|
— |
controlling interest |
18,528 |
3,234 |
- |
|
— |
— |
|
23,746 |
- |
|
— |
Non-controlling interest |
- |
- |
- |
|
— |
— |
|
- |
- |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
1.21 |
1.02 |
- |
|
18.6 |
— |
|
2.98 |
- |
|
— |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 5 |
3Q22 vs 3Q21
The 69.1% year-on-year increase in net income was
principally driven by:
| i) | A 82.1%, or Ps.3,600 million, decrease in provisions for loan
losses, mainly driven by the release of provisions related to certain large corporates, together with a positive performance in the retail
portfolio during 3Q22; |
| ii) | A 17.1%, or Ps.2,686 million, increase in net interest income,
mainly driven by both higher retail volumes in loans and deposits, as well as higher interest rates. During the quarter, Banxico increased
the reference rate by 150bps to 9.25%; |
| iii) | A 18.5%, or Ps.824 million, increase in net commissions and
fees, mainly due to increases in insurance fees, debit and credit card fees, account management and financial advisory services; and |
| iv) | A 3.3%, or Ps.350 million, decrease in administrative and promotional
expenses, mainly due to the reclassification of contributions to IPAB to other operating income (expenses), together with decreases in
technology services expenses and leasehold expenses, partially offset by increases in personnel expenses and depreciation and amortization. |
The increase in net income was partially offset
by:
| i) | A Ps1,943 million, increase in income taxes, which resulted
in a 27.46% effective tax rate for the quarter, compared to 19.27% in 3Q21; |
| ii) | A Ps.1,711 million, increase in other operating expenses, mainly
due to the reclassification of contributions to IPAB from administrative and promotional expenses, higher provisions for legal and tax
contingencies, and higher legal expenses and costs related to portfolio recoveries; |
| iii) | A 28.4%, or Ps.418 million, decrease in net gains on financial
assets and liabilities; and |
| iv) | A Ps.43 million, decrease in the results of associated companies
due to the recognition of GetNet México investment. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 6 |
9M22
vs 9M21
The
57.4% year-on-year increase in net income was principally driven by:
| i. | A 54.5%, or Ps.9,013 million, decrease in provisions for loan
losses, mainly driven by the release of provisions related to certain large corporates, coupled with a positive performance in the retail
portfolio during 9M22 and a higher base in 9M21, as the Bank booked additional loan loss provisions to certain customers and faced higher
write-offs; |
| ii. | A 10.7%, or Ps.5,024 million, increase in net interest income,
mainly driven by both higher retail volumes in loans and deposits, as well as higher interest rates. During 9M22, Banxico increased the
reference rate by 375bps to 9.25%; |
| iii. | A 8.5%, or Ps.1,204 million, increase in net commissions and
fees, mainly due to increases in insurance fees, account management and debit and credit card fees; |
| iv. | A 1.9%, or Ps.596 million, decrease in administrative and promotional
expenses, mainly due to the reclassification of contributions to IPAB to other operating income (expenses) and lower leasehold expenses,
partly offset by increases in personnel expenses, depreciation and amortization, other expenses, professional fees, advertising expenses
and taxes and duties; and |
| v. | A 90.6%, or Ps.154 million, increase in the results of associated
companies due to the recognition of GetNet Mexico investment. |
The increase in net income was partially offset by:
| i. | A Ps.4,705 million, increase in other operating expenses, mainly
due to the reclassification of contributions to IPAB from administrative and promotional expenses, higher provisions for legal and tax
contingencies, and higher legal expenses and costs related to portfolio recoveries; |
| ii. | A 98.6%, or Ps.3,391 million, increase in income taxes, which
resulted in a 25.27% effective tax rate in 9M22, compared to 21.13% in 9M21; and |
| iii. | A 14.4%, or Ps.531 million, decrease in net gains on financial
assets and liabilities. |
Gross operating income
Banco Santander México’s gross operating
income for 3Q22 totaled Ps.24,697 million, representing increases of 14.3% YoY, or Ps.3,092 million, and 4.6% QoQ, or Ps.1,078 million.
The YoY increase was driven by the solid performance in net interest income, driven by the performance of the Bank’s individual
loans and deposits, interest rate increases and good performance in fees, despite lower market related income. Gross operating income
for 9M22 amounted Ps.70,647 million, increasing 8.8% YoY, or Ps.5,697 million.
Gross operating income is broken down as follows.
Breakdown gross operating Income (%) |
|
|
|
|
|
Variation (bps) |
|
|
|
|
Variation (bps) |
|
3Q22 |
2Q22 |
3Q21 |
|
QoQ |
YoY |
|
9M22 |
9M21 |
|
YoY |
Net Interest Income |
74.38 |
73.15 |
72.60 |
|
123 |
178 |
|
73.69 |
72.42 |
|
127 |
Net Commissions and Fees |
21.34 |
22.35 |
20.58 |
|
(101) |
76 |
|
21.84 |
21.90 |
|
(6) |
Market related revenue |
4.28 |
4.50 |
6.82 |
|
(22) |
(254) |
|
4.47 |
5.68 |
|
(121) |
Gross Operating Income* |
100.00 |
100.00 |
100.00 |
|
|
|
|
100.00 |
100.00 |
|
|
*Does not include other income
Return on average equity (ROAE)
ROAE for 3Q22 increased 818 basis points to 20.14%, from 11.96% reported
in 3Q21 and increased 321 basis points from 16.93% in 2Q22. For 9M22, ROAE stood at 16.56%, 599 basis points higher than the 10.57% reported
in 9M21. ROAE was driven by strong revenue expansion and lower provisions for loan losses, benefiting from the strategies implemented
to raise loan volumes, mainly in the individual portfolio and more normalized capital level.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 7 |
Strategic initiatives and commercial actions
Banco Santander Mexico is one of the leading financial
groups in the country with a longstanding commitment to innovation, technology services, and continued development. The Bank keeps strengthening
and positioning itself as a market leader in value-added products and services by developing proper product offerings and servicing models
for mass-market clients and simplifying processes and operations in order to improve customer service quality. Banco Santander Mexico
will continue working on its digital transformation by reinforcing digital communication with the aim of expanding digital customers and
channels, while strengthening client loyalty of active customers through cross-selling products and increasing satisfaction levels, providing
the best customer experience in Mexico.
The most relevant aspects of the third quarter
are highlighted below:
| Ø | The Bank’s strategic priorities are complemented by a new breadth of
products and services, which will allow it to cater to its customers more comprehensively.
|
| § | The “LikeU” credit card is having
excellent market acceptance. Since its launch in September of last year, the Bank has issued +716 thousand LikeU cards with +94% of active
cards. Currently, 11% of total billing comes from LikeU. In addition, the Bank will be launching this credit card in the open market in
the last quarter of the year enabling it to keep growing steadily and organically in this business line. |
| § | In September, the Bank launched its newest recurring
program “Cash Back Baby” which unified the benefits that were previously offered to LikeU and payroll customers, providing
them with a more powerful, memorable, and easy-to-use incentive. With this program, customers will receive a percentage of money back
automatically, without registration, and at no cost. The benefit cap is Ps.10,000 per year for the LikeU Credit Card; while for the Debit
Card linked to payroll is Ps.5,000 per year. If the customer has both products, they will receive the benefits corresponding to each one. |
| § | Through Getnet, the contactless payment platform
of Santander Mexico, the Bank presented the most advanced digital payment solution in the country that will allow entrepreneurs and small
businesses to make payments with a card or NFC devices, directly from a smartphone or tablet without the need for a POS terminal. Starting
in 2023, customers will only have to download the Getnet App, register the account in which they wish to receive their payments, and start
receiving payments from contactless cards or any NFC device. This will completely change the current payment solutions. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 8 |
| § | In August, the Bank made an innovative alliance
with ViX+, the premium level of Televisa-Univision's streaming platform, and for the first time, the Bank will provide to debit or credit
card customers a differentiated offer that will combine banking and entertainment promotions. With this alliance, customers will have
a preferential offer when subscribing to ViX+ and a cashback program that, in the case of credit cards, reimburses 100% of the subscription
corresponding to the first monthly payment and in debit cards 50%. |
| § | Banco Santander is committed to the transition
towards sustainability, positioning itself as a leading bank in sustainable financing in Mexico. With this in mind, in August, the Bank
signed a contract to finance the group Movilidad Integral de Vanguardia, concessionaire of Line 3 of Metrobus, for the acquisition of
buses with zero emissions in Mexico City. With this investment, line 3 of the Metrobus will acquire 50 electric buses that are a non-polluting
means of transport, have zero emissions, and do not emit noise or vibrations. |
| § | During August, Santander was the first bank that
sponsored the League of Legends competitions in Mexico, one of the most successful esports games in the world, with one of the most professionalized
competitions and a consolidated community of fans. With this alliance, the Bank seeks to maintain a quality offer and to reach the new
generations who are united by innovation and the digital world. |
| § | In collaboration with Mazda, Santander announced
in August the launch of Mazda First, an automotive financing program for young people between the ages of 18 and 25, with a minimum monthly
income of Ps.6,000, to acquire their first car. Through this new financial program, the Bank seeks to facilitate the purchase process
for all those young people who do not have proof of income, while helping them build a credit history. |
| § | This quarter, Santander increased its market share
in auto loans by 65 bps vs 2Q22 to +15.0% (as of August) consolidating as the #3 player in the market. All this is thanks to the alliances
that the Bank has with leading automakers in Mexico, together with Super Auto Santander, a platform that integrates the commercial and
insurance offering in one place. In addition, with the aim of expanding the business further, the Bank is now very active in the segment
of used cars. As of today, the used cars portfolio represents 10% of the total auto portfolio, and the Bank is targeting a 25% level in
the medium to long- term. |
| § | The consolidation of the Hipoteca Online digital
platform continued, being the only platform in Mexico that connects all processes from end to end. In the quarter, the platform processed
97% of transactions digitally. As of 3Q22, around 53% of new originations came through Hipoteca Plus, which helps to drive cross-selling
products, and 45% through Hipoteca Free. Besides, Hipoteca Integral, the Bank’s latest mortgage is reaching a segment of the population
that was underserved, recognizing the total income of families (fixed and variable income). Santander continues to be the only bank in
Mexico that offers a tailored interest rate based on the client's profile. |
| § | The Bank continues to increase the number of its
digital and mobile clients by 10% YoY and 11%, respectively. Besides, the ratio of loyal customers continues to grow, now loyal clients
represent 43% of active clients (vs 41% in the same quarter of 2021). Moreover, digital transactions now account for more than 48% of
total transactions, increasing 6.1 pp compared to September 2021. As of September 2022, 61% of product sales were made through digital
channels, compared to 53% a year ago. |
Customers |
(Thousands) |
|
|
|
|
% Variation |
|
Sep-22 |
Jun-22 |
Sep-21 |
|
QoQ |
YoY |
Loyal Customers1 |
4,214 |
4,113 |
3,825 |
|
2.5 |
10.2 |
Digital Customers2 |
5,813 |
5,762 |
5,308 |
|
0.9 |
9.5 |
Mobile Customers3 |
5,547 |
5,485 |
5,011 |
|
1.1 |
10.7 |
| 1 | Loyal customers = Clients with non-zero balance and depending
on the segment should have between two and four products and between three and ten transactions in the last 90 days. |
| 2 | Digital customers = Clients with at least one digital
transaction per month in SuperNet or SuperMóvil. |
| 3 | Mobile customers = Clients using Supermóvil and/or
Superwallet in the last 30 days. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 9 |
Responsible Banking
For Santander, being sustainable means taking into
account the communities where we are present –the people and companies that make them up–, in order to generate continuous
and profitable social progress at an economic, environmental, and ethical level. Santander Mexico's commitments to Responsible Banking
are an example of its continuous efforts to guarantee a sustainable future for all. Operations are carried out in an ethical and transparent
manner to ensure proper compliance with commitments. The Bank focuses on promoting financial inclusion, equity, the social development
of communities, education, and care for the environment.
The Bank seeks to become a leading participant
in contributing to the progress of people and companies in Mexico and in the world. In this regard, it works on two main challenges: New
Business Environment and Inclusive and Sustainable Growth.
The objective of the New Business Environment is
for Santander employees to feel in a responsible, simple, diverse, and inclusive work environment, where leadership and commitment follow
the Simple, Personal, and Fair culture while designing products focused on the client.
The goal to achieve Inclusive and Sustainable Growth
aims to invest in the Bank’s community, financially empowering people, supporting higher education through scholarships and leaving
a minimal environmental footprint while incentivizing ESG products across all business units. For more details, please visit the Responsible
Banking section on the investor relations website.
As a result of these efforts, Banco Santander Mexico
has achieved the following recognitions throughout the year:
| · | In September 2022, Banco Santander Mexico undertook
to support with $1.6 million pesos the six winning initiatives of the Santander X Award | Mexico, the event with the highest recognition
of young entrepreneurship in the country, which includes innovative proposals from Mexican university students in the fields of health,
science and technology. |
| · | In September 2022, the Governor of the State of
Querétaro, Mauricio Kuri González, presented the state label "Sin Brecha", an initiative aimed at promoting substantive
gender equality and that joins efforts with the local private sector to guarantee the same opportunities for job growth among men and
women. The "Sin Brecha" distinction was awarded to 39 businessmen who made a commitment to act in favor of Queretaro women,
including Santander Mexico. |
| · | In July 2022, Euromoney Magazine named Santander
the Best Bank in the World for Financial Inclusion for the second consecutive year. The award recognizes Santander’s inclusion programs
(Tuiio and Prospera) in Latin America, Europe, and the United States, for the financial empowerment of individuals and entrepreneurs. |
| · | In June 2022, the Bank was awarded with the first
Gender Equity Award by the Mexican Institute of Finance Executives (IMEF) and Women in Finance (MEF), in recognition of the Bank’s
effort to promote equity and inclusive culture with a positive impact on work teams within the organization. |
| · | In May 2022, Santander was recognized as the Most
Socially Responsible Bank by the International Finance Magazine, the recognition was given for being the institution that most supports
higher education in Mexico through the granting of scholarships. |
| · | In collaboration with Harvard Business
Publishing, the Bank awarded 5,000 scholarships in September 2022 to learn technical knowledge for the business field and
fundamental soft skills to stand out and generate projection throughout professional life. |
| · | In April 2022, Santander Mexico was recognized
for the fourth consecutive time as one of the best companies on LinkedIn 2022; highlighting a notable advance, going from occupying the
fifteenth position last year, to sixth place this year. |
These are some indexes and reognitions that evaluate
the Bank’s performance across economic, environmental, and social issues:
These are only some examples of the Bank’s
effort to become a more responsible bank. For further information about Banco Santander México as a Responsible Bank go to:
https://servicios.santander.com.mx/comprometidos/eng/index.php
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 10 |
IV. Analysis of 3Q22 Consolidated Results
(Amounts expressed in millions of pesos, except
where otherwise stated)
Loan portfolio
As of September 2022, the evolution of the total
loan portfolio growth continued to outpace YoY market performance, reflecting solid performance in individual loans; driven by credit
cards, auto and payroll loan growth. Mortgage loans continued expanding at a solid pace organically. While loan volumes in the commercial
portfolio were driven by a double-digit pick-up in middle-market and financial institutions loans and a high single-digit in corporate
and government loans, despite soft SME loan demand. As a result, total loan portfolio increased 12.1% YoY, or Ps.86,560 million, to Ps.802,319
million in September 2022. On a sequential basis, total loan portfolio increased 2.4%, or Ps.18,853 million.
Portfolio Breakdown |
Million pesos |
|
|
% Variation |
|
Sep-22 |
Jun-22 |
Sep-21 |
|
QoQ |
YoY |
Commercial |
453,257 |
446,923 |
411,419 |
|
1.4 |
10.2 |
Middle-market |
227,820 |
223,512 |
200,885 |
|
1.9 |
13.4 |
Corporates |
74,578 |
71,228 |
68,033 |
|
4.7 |
9.6 |
SMEs |
52,509 |
54,175 |
56,853 |
|
(3.1) |
(7.6) |
Government & Financial Entities |
98,350 |
98,008 |
85,648 |
|
0.3 |
14.8 |
|
|
|
|
|
|
|
Individuals |
349,062 |
336,543 |
304,340 |
|
3.7 |
14.7 |
Consumer |
141,358 |
133,984 |
116,066 |
|
5.5 |
21.8 |
Credit cards |
60,571 |
57,566 |
50,454 |
|
5.2 |
20.1 |
Other consumer |
80,787 |
76,418 |
65,612 |
|
5.7 |
23.1 |
Mortgages |
207,704 |
202,559 |
188,274 |
|
2.5 |
10.3 |
Total |
802,319 |
783,466 |
715,759 |
|
2.4 |
12.1 |
The commercial loan portfolio is comprised
of loans to business and commercial entities, as well as loans to government entities and financial institutions, and represented 56.5%
of the total loan portfolio. Excluding loans to government entities and financial institutions, the commercial loan portfolio accounted
for 44.2% of the total. Middle-market, Corporate and SME loans represented 28.4%, 9.3% and 6.5% of the total loan portfolio, respectively.
The individuals loan portfolio, comprised
of mortgages, consumer and credit card loans, represented 43.5% of the total loan portfolio. Mortgage, consumer and credit card loans,
represented 25.9%, 10.1% and 7.5% of the total loan portfolio, respectively.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 11 |
Loan portfolio breakdown by stages |
|
|
|
Million pesos |
|
|
|
|
|
|
Sep-22 |
% |
|
Jun-22 |
% |
Stage 1 |
|
|
|
|
|
Commercial |
431,052 |
53.7 |
|
421,633 |
53.8 |
|
|
|
|
|
|
Individuals |
325,171 |
40.5 |
|
314,205 |
40.1 |
Consumer |
134,104 |
16.7 |
|
127,040 |
16.2 |
Credit cards |
56,709 |
7.1 |
|
53,915 |
6.9 |
Other consumer |
77,395 |
9.6 |
|
73,125 |
9.3 |
Mortgages |
191,067 |
23.8 |
|
187,165 |
23.9 |
Total stage 1 |
756,223 |
94.3 |
|
735,838 |
93.9 |
|
|
|
|
|
|
Stage 2 |
|
|
|
|
|
Commercial |
17,618 |
2.2 |
|
16,754 |
2.1 |
|
|
|
|
|
|
Individuals |
12,384 |
1.5 |
|
10,853 |
1.4 |
Consumer |
3,270 |
0.4 |
|
3,143 |
0.4 |
Credit cards |
1,762 |
0.2 |
|
1,697 |
0.2 |
Other consumer |
1,508 |
0.2 |
|
1,446 |
0.2 |
Mortgages |
9,114 |
1.1 |
|
7,710 |
1.0 |
Total stage 2 |
30,002 |
3.7 |
|
27,607 |
3.5 |
|
|
|
|
|
|
Stage 3 |
|
|
|
|
|
Commercial |
4,587 |
0.6 |
|
8,536 |
1.1 |
|
|
|
|
|
|
Individuals |
11,507 |
1.4 |
|
11,485 |
1.5 |
Consumer |
3,984 |
0.5 |
|
3,801 |
0.5 |
Credit cards |
2,100 |
0.3 |
|
1,954 |
0.2 |
Other consumer |
1,884 |
0.2 |
|
1,847 |
0.2 |
Mortgages |
7,523 |
0.9 |
|
7,684 |
1.0 |
Total stage 3 |
16,094 |
2.0 |
|
20,021 |
2.6 |
|
|
|
|
|
|
Total loan portfolio |
|
|
|
|
|
Commercial |
453,257 |
56.5 |
|
446,923 |
57.0 |
|
|
|
|
|
|
Individuals |
349,062 |
43.5 |
|
336,543 |
43.0 |
Consumer |
141,358 |
17.6 |
|
133,984 |
17.1 |
Credit cards |
60,571 |
7.5 |
|
57,566 |
7.3 |
Other consumer |
80,787 |
10.1 |
|
76,418 |
9.8 |
Mortgages |
207,704 |
25.9 |
|
202,559 |
25.9 |
Total loan portfolio |
802,319 |
100.0 |
|
783,466 |
100.0 |
Loan portfolio breakdown |
|
|
Million pesos |
|
|
|
Sep-21 |
% |
Performing loans |
|
|
Commercial |
404,239 |
56.5 |
|
|
|
Individuals |
291,144 |
40.7 |
Consumer |
111,992 |
15.6 |
Credit cards |
48,346 |
6.8 |
Other consumer |
63,646 |
8.9 |
Mortgages |
179,152 |
25.0 |
Total performing loans |
695,383 |
97.2 |
|
|
|
Non-performing loans |
|
|
Commercial |
7,180 |
1.0 |
|
|
|
Individuals |
13,196 |
1.8 |
Consumer |
4,074 |
0.6 |
Credit cards |
2,108 |
0.3 |
Other consumer |
1,966 |
0.3 |
Mortgages |
9,122 |
1.3 |
Total non-performing loans |
20,376 |
2.8 |
|
|
|
Total loan portfolio |
|
|
Commercial |
411,419 |
57.5 |
|
|
|
Individuals |
304,340 |
42.5 |
Consumer |
116,066 |
16.2 |
Credit cards |
50,454 |
7.0 |
Other consumer |
65,612 |
9.2 |
Mortgages |
188,274 |
26.3 |
Total loan portfolio |
715,759 |
100.0 |
|
|
|
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 12 |
As of September 2022, commercial loans increased
10.2% YoY, or Ps.41,838 million, due to increases of 13.4%, or Ps.26,935 million in middle-market loans, 92.4%, or Ps.7,298 million in
financial institutions loans, 9.6%, or Ps.6,545 million in corporate loans, and 7.0%, or Ps.5,404 million in government entities loans.
Meanwhile, SME loans, decreased, 7.6% YoY, or Ps.4,344 million. Sequentially, commercial loans increased 1.4%, or Ps.6,334 million.
Mortgage loans continued showing robust growth,
increasing 10.3% YoY, or Ps.19,430 million and 2.5%, or Ps.5,145 million sequentially. The “Hipoteca Plus” product remains
the main driver behind this strong performance, accounting for 58% of total mortgage origination in the quarter, which also helps the
Bank to increase cross-selling of other products, as well as build customer loyalty. In addition, the digital onboarding platform for
mortgages, “Hipoteca Online”, has allowed the Bank to be more efficient in terms of response times and eliminating the need
for our customers to visit a branch, all resulting in a much better customer experience. During 3Q22, 97% of the mortgages were processed
through this digital platform. However, the total mortgage loan portfolio is still affected by the run-off of acquired portfolios, excluding
this effect, the mortgage portfolio would have increased 13.1% YoY.
Credit card loans continued growing at a solid
pace, expanding 20.1% YoY, or Ps.10,117 million, and 5.2% QoQ, or Ps.3,005 million, reflecting an average usage increase of 11.5% YoY,
and supported by the Bank’s successful product “Like U”. Currently, more than 11% of total billing comes from “Like
U” credit cards.
It is worth noting that auto loans continued showing
a strong performance, increasing 55.7% YoY, or Ps.8,437 million in September 2022 and a 9.2%, or Ps.1,981 million, sequentially. This
was a result of the Bank’s alliances with leading automakers in Mexico and supported by the “Super Auto Santander” platform.
In addition, with the aim of expanding the business further, the Bank was very active in the used cars segment of the market. As of today,
used car loans represent 10% of the total auto loan portfolio. According to the last information published by CNBV, as of August 2022,
market share of the Bank in this business was 15.0% vs. 10.0% a year ago.
Payroll loans delivered a solid performance, increasing
17.7% YoY, or Ps.6,329 million, while personal loans increased 1.8% YoY, or Ps.266 million, starting to show positive performance, increasing
3.5% QoQ, or Ps.492 million, due to the Bank’s improving offer, processes and benefits programs, among others.
Total Deposits
Total deposits in September 2022 stood at Ps.765,555
million, and remained flat YoY. On a sequential basis, total deposits were down 3.3%, or Ps.26,055 million. Demand deposits reached Ps.522,456
million, decreasing 7.3% YoY, or Ps.40,916 million, while time deposits increased 19.8% YoY, or Ps.40,135 million. On a sequential basis,
demand deposits decreased 6.4% QoQ, or Ps.35,985 million, while time deposits increased 4.3% QoQ, or Ps.9,930 million. Deposits from individuals
expanded 6.5% YoY, or Ps.17,858 million, and corporates decreased 3.8% YoY, or Ps.18,639 million. The Bank continued working to further
reduce its funding costs, as make additional headway toward improving deposit mix, that prioritizes individual deposits and foregoing
certain expensive corporate deposits.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 13 |
Net interest income
Net interest income |
|
|
|
|
|
|
|
|
|
|
|
Million pesos |
|
|
|
|
% Variation |
|
|
|
|
% Variation |
|
3Q22 |
2Q22 |
3Q21 |
|
QoQ |
YoY |
|
9M22 |
9M21 |
|
22/21 |
Interest on funds available |
774 |
585 |
398 |
|
32.3 |
94.5 |
|
1,854 |
1,138 |
|
62.9 |
Interest on margin accounts |
260 |
200 |
76 |
|
30.0 |
— |
|
575 |
201 |
|
— |
Interest and yield on securities |
7,508 |
6,764 |
5,164 |
|
11.0 |
45.4 |
|
20,523 |
17,142 |
|
19.7 |
Interest and yield on loan portfolio – excluding credit cards |
20,638 |
18,343 |
15,150 |
|
12.5 |
36.2 |
|
55,977 |
44,825 |
|
24.9 |
Interest and yield on loan portfolio related to credit cards |
3,708 |
3,409 |
3,037 |
|
8.8 |
22.1 |
|
10,186 |
9,005 |
|
13.1 |
Commissions collected on loan originations |
142 |
135 |
143 |
|
5.2 |
(0.7) |
|
409 |
430 |
|
(4.9) |
Interest and premium on sale and repurchase agreements and securities loans |
2,575 |
1,781 |
981 |
|
44.6 |
— |
|
5,559 |
2,405 |
|
131.1 |
Interest income |
35,605 |
31,217 |
24,949 |
|
14.1 |
42.7 |
|
95,083 |
75,146 |
|
26.5 |
|
|
|
|
|
|
|
|
|
|
|
|
Daily average interest- earnings assets |
1,487,546 |
1,470,255 |
1,351,207 |
|
1.2 |
10.1 |
|
1,462,738 |
1,385,900 |
|
5.5 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest from customer deposits – demand deposits |
(2,712) |
(2,678) |
(2,141) |
|
1.3 |
26.7 |
|
(7,628) |
(5,582) |
|
36.7 |
Interest from customer deposits – time deposits |
(4,527) |
(3,440) |
(2,119) |
|
31.6 |
113.6 |
|
(10,909) |
(6,536) |
|
66.9 |
Interest from credit instruments issued |
(1,561) |
(1,412) |
(1,114) |
|
10.6 |
40.1 |
|
(4,291) |
(3,524) |
|
21.8 |
Interest on bank and other loans |
(924) |
(692) |
(491) |
|
33.5 |
88.2 |
|
(2,198) |
(1,485) |
|
48.0 |
Interest on subordinated capital notes |
(414) |
(410) |
(411) |
|
1.0 |
0.7 |
|
(1,244) |
(1,241) |
|
0.2 |
Others |
(152) |
(140) |
0 |
|
8.6 |
0.0 |
|
(467) |
0 |
|
100.0 |
Interest and premium on sale and repurchase agreements and securities loans |
(6,945) |
(5,168) |
(2,989) |
|
34.4 |
132.4 |
|
(16,283) |
(9,739) |
|
67.2 |
Interest expense |
(17,235) |
(13,940) |
(9,265) |
|
23.6 |
86.0 |
|
(43,020) |
(28,107) |
|
53.1 |
|
|
|
|
|
|
|
|
|
|
|
|
Daily average interest-bearing liabilities |
1,313,713 |
1,284,360 |
1,189,088 |
|
2.3 |
10.5 |
|
1,283,189 |
1,235,002 |
|
3.9 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
18,370 |
17,277 |
15,684 |
|
6.3 |
17.1 |
|
52,063 |
47,039 |
|
10.7 |
Net interest income in 3Q22 totaled Ps.18,370 million,
increasing 17.1% YoY, or Ps.2,686 million, and 6.3% QoQ, or Ps.1,093 million.
The 17.1% YoY increase in net interest income resulted
from the combination of:
| i) | A 42.7%, or Ps.10,656 million, increase in interest income, to Ps.35,605 million, which resulted from
the combined effect of a 214 basis points increase in the average interest rate received and a 10.1%, or Ps.136,339 million, increase
in average interest-earning assets; and |
| ii) | A 86.0%, or Ps.7,970 million, increase in interest expense, to Ps.17,235 million, stemming from a 208
basis points increase in the average interest rate paid and a 10.5%, or Ps.124,625 million, increase in interest-bearing liabilities. |
The net interest margin ratio (NIM), calculated
using daily average interest-earning assets for 3Q22, stood at 4.94%, compared to 4.64% in 3Q21 and 4.70% in 2Q22. The YoY increase in
NIM was principally driven by the expansion of retail volumes in loans and deposits, as well as higher interest rates. On a cumulative
basis, NIM for 9M22 reached 4.75%, an increase of 22 basis points from 9M21.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 14 |
Interest Income
Total average interest earning assets in 3Q22 amounted
to Ps.1,487,546 million, increasing 10.1% YoY, or Ps.136,339 million, mainly driven by increases of 19.9% YoY, or Ps.77,970 million, in
the average amount of investment in securities, a 10.6% YoY, or Ps.75,552 million, in the average loan portfolio, a 72.0% YoY, or Ps.63,223
million, in repurchase agreements, and a 11.8% YoY, or Ps.2,186 million, in margin accounts, partly offset by a decrease of 58.2% YoY,
or Ps.82,592 million in the average amount of funds available. Banco Santander México’s interest earning assets are broken
down as follows:
Average Assets (Interest-Earnings Assets) |
Breakdown (%) |
|
|
|
|
|
|
3Q21 |
4Q21 |
1Q22 |
2Q22 |
3Q22 |
Loan portfolio |
52.6 |
50.3 |
53.0 |
52.8 |
52.8 |
Investment in securities |
29.1 |
36.2 |
34.6 |
33.1 |
31.6 |
Funds available |
10.5 |
5.3 |
4.7 |
4.3 |
4.0 |
Repurchase agreements |
6.5 |
6.9 |
6.4 |
8.4 |
10.2 |
Margin accounts |
1.4 |
1.4 |
1.4 |
1.4 |
1.4 |
Total |
100.0 |
100.0 |
100.0 |
100.0 |
100.0 |
Banco Santander México’s interest
income consists mainly of interest from the loan portfolio and commissions on loan originations, which in 3Q22 generated Ps.24,488 million
and accounted for 68.8% of total interest income. The remaining interest income of Ps.11,117 million is broken down as follows: 21.1%
from investment in securities, 7.2% from repurchase agreements, 2.2% from funds available, and 0.7% from margin accounts.
Interest income for 3Q22 increased 42.7%, or Ps.10,656
million YoY, to Ps.35,605 million, reflecting higher interest income from total loan portfolio, investment in securities, repurchase agreements,
funds available, and margin accounts, which increased 33.9%, or Ps.6,159 million, 45.4%, or Ps.2,344 million, Ps.1,594 million, 94.5%,
or Ps.376 million, and Ps.184 million, respectively.
The average interest yield on interest-earning
assets in 3Q22 stood at 9.37%, increasing 214 basis points from 7.23% in 3Q21. Sequentially, the average interest yield on interest-earning
assets increased 97 basis points from 8.40% in 2Q22.
In 3Q22, the average interest rate on the total
loan portfolio stood at 12.12%, an increase of 210 basis points YoY. Relative to 3Q21, the average reference rate (TIIE28) increased 384
basis points. The average interest rate on the commercial loan portfolio stood at 9.76%, an increase of 297 basis points YoY, while the
yield of the credit card loan portfolio stood at 24.44%, an increase of 97 basis points YoY, the yield of consumer loan portfolio stood
at 23.21%, an increase of 65 basis points YoY and the average interest rate on the mortgage loan portfolio stood at 9.47%, an increase
of 33 basis points YoY. While the average interest rate on the investment in securities portfolio stood at 6.24%, increasing 109 basis
points YoY.
Interest income |
|
|
|
|
|
|
|
|
|
|
|
Million Pesos |
3Q22 |
|
3Q21 |
|
Var YoY |
|
Average Balance |
Interest |
Yield (%) |
|
Average Balance |
Interest |
Yield (%) |
|
Average Balance |
Interest (%) |
Yield (bps) |
Funds available |
59,281 |
774 |
5.11 |
|
141,873 |
398 |
1.10 |
|
(58.2) |
94.5 |
401 |
Margin accounts |
20,767 |
260 |
4.90 |
|
18,581 |
76 |
1.60 |
|
11.8 |
242.1 |
330 |
Investment in securities |
470,714 |
7,508 |
6.24 |
|
392,744 |
5,164 |
5.15 |
|
19.9 |
45.4 |
109 |
Loan portfolio |
785,747 |
24,346 |
12.12 |
|
710,195 |
18,187 |
10.02 |
|
10.6 |
33.9 |
210 |
Commissions collected on loan originations |
— |
142 |
— |
|
— |
143 |
— |
|
— |
(0.7) |
— |
Sale and repurchase agreements and securities loans |
151,037 |
2,575 |
6.67 |
|
87,814 |
981 |
4.37 |
|
72.0 |
162.5 |
230 |
Interest income |
1,487,546 |
35,605 |
9.37 |
|
1,351,207 |
24,949 |
7.23 |
|
10.1 |
42.7 |
214 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 15 |
Interest income from the total loan portfolio increased
33.9%, or Ps.6,159 million, which resulted from the combined effect of a 10.6%, or Ps.75,552 million, increase in average loan portfolio
volume, and a 210 basis points increase in the average interest rate. The increase in interest income from the loan portfolio resulted
from the following YoY combined effects by product:
| § | Commercial: 8.3%, or Ps.34,197 million increase,
with a 9.76% interest yield, which increased 297 bps; |
| § | Mortgages: 10.6%, or Ps.19,508 million increase,
with a 9.47% interest yield, which increased 33 bps; |
| § | Consumer: 20.3%, or Ps.13,112 million increase,
with a 23.21% interest yield, which increased 65 bps; and |
| § | Credit Cards: 17.2%, or Ps.8,735 million increase,
with a 24.44% interest yield, which increased 97 bps. |
Interest income from investment in securities increased
45.4% YoY, or Ps.2,344 million, which resulted from the combined effect of a 109 basis points increase in the average interest rate, and
an increase of 19.9%, or Ps.77,970 million, in average volume. Interest income from repurchase agreements increased Ps.1,594 million,
which resulted from the increase of 72.0%, or Ps.63,223 million, in average volume, and a 230 basis points increase in the average interest
rate.
Interest expense
Total average interest-bearing liabilities amounted
to Ps.1,313,713 million, increasing 10.5% YoY, or Ps.124,625 million, and were driven by increases of 26.2%, or Ps.76,140 million, in
repurchase agreements, 26.5%, or Ps.19,511 million, in credit instruments issued, 19.6%, or Ps.45,916 million, in time deposits, 19.9%,
or Ps.6,601 million, in bank and other loans, and 1.1%, or Ps.274 million, in subordinated capital notes. These increases were partly
offset by a decrease of 4.5%, or Ps.23,817 million, in demand deposits.
Banco Santander México’s interest-bearing
liabilities are broken down as follows:
Average liabilities (interest-bearing liabilities) |
Breakdown (%) |
|
|
|
|
|
|
3Q21 |
4Q21 |
1Q22 |
2Q22 |
3Q22 |
Demand deposits |
44.7 |
42.4 |
42.2 |
41.9 |
38.7 |
Sale and repurchase agreements and securities loans |
24.4 |
26.7 |
25.3 |
25.7 |
27.9 |
Time deposits |
19.7 |
19.3 |
20.6 |
20.3 |
21.3 |
Credit instruments issued |
6.2 |
6.4 |
6.8 |
6.9 |
7.1 |
Bank and other loans |
2.8 |
3.1 |
3.0 |
3.2 |
3.0 |
Subordinated capital notes |
2.2 |
2.1 |
2.1 |
2.0 |
2.0 |
Total |
100.0 |
100.0 |
100.0 |
100.0 |
100.0 |
Banco Santander México’s interest
expense consists mainly of interest paid on customer deposits and repurchase agreements, which in 3Q22 amounted to Ps.7,239 million and
Ps.6,945 million, respectively, accounting for 42.0% and 40.3% of interest expenses. The remaining Ps.3,051 million was paid as follows:
9.1% on credit instruments issued, 5.3% on bank and other loans, 2.4% on subordinated capital notes, and 0.9% on other interest expenses.
Interest expense for 3Q22 increased 86.0% YoY,
or Ps.7,970 million, to Ps.17,235 million, mainly driven by higher interest expenses on repurchase agreements, time deposits, demand deposits,
credit instruments issued, bank and other loans and other interest expenses.
The average interest rate on interest-bearing liabilities
increased 208 basis points to 5.13% in 3Q22. For 3Q22, the average interest rate on the main sources of funding increased YoY as follows:
| § | 338 basis points in repurchase agreements, at
an average interest rate paid of 7.41%; |
| § | 279 basis points in time deposits, at an average
interest rate paid of 6.33%; and |
| § | 51 basis points in demand deposits, at an average
interest rate paid of 2.09%. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 16 |
Interest expense |
Million pesos |
3Q22 |
|
3Q21 |
|
Var YoY |
|
Average Balance |
Interest |
Yield (%) |
|
Average Balance |
Interest |
Yield (%) |
|
Average Balance |
Interest (%) |
Yield (bps) |
Demand deposits |
508,056 |
2,712 |
2.09 |
|
531,873 |
2,141 |
1.58 |
|
(4.5) |
26.7 |
51 |
Time deposits |
280,006 |
4,527 |
6.33 |
|
234,090 |
2,119 |
3.54 |
|
19.6 |
113.6 |
279 |
Credit instruments issued |
93,023 |
1,561 |
6.57 |
|
73,512 |
1,114 |
5.93 |
|
26.5 |
40.1 |
64 |
Bank and other loans |
39,692 |
924 |
9.11 |
|
33,091 |
491 |
5.81 |
|
19.9 |
88.2 |
330 |
Subordinated capital notes |
26,297 |
414 |
6.16 |
|
26,023 |
411 |
6.18 |
|
1.1 |
0.7 |
(2) |
Sale and repurchase agreements and securities loans |
366,639 |
6,945 |
7.41 |
|
290,499 |
2,989 |
4.03 |
|
26.2 |
132.4 |
338 |
Other interest expenses |
— |
152 |
— |
|
— |
— |
— |
|
— |
100.0 |
— |
Interest expense |
1,313,713 |
17,235 |
5.13 |
|
1,189,088 |
9,265 |
3.05 |
|
10.5 |
86.0 |
208 |
Increases in individual deposits continued to reflect
the Bank’s focus on driving profitability and foregoing certain expensive corporate deposits in order to lower the cost of the deposits.
The average balance of demand deposits decreased 4.5% YoY, or Ps.28,817 million, while the average balance of time deposits increased
19.6% YoY, or Ps.45,916 million. Interest paid on time deposits increased 113.6% YoY, or Ps.2,408 million, and interest paid on demand
deposits increased 26.7% YoY, or Ps.571 million.
Provisions for loan losses and asset quality
During 3Q22, provisions for loan losses amounted
to Ps.785 million, which represented a decrease of 82.1%, or Ps.3,600 million, YoY, and a decrease of 72.5%, or Ps.2,071 million, on a
sequential basis, the decreases in provisions for loan losses were mainly driven by the release of provisions related to certain large
corporates, together with a positive performance in the retail portfolio during 3Q22.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 17 |
Loan Loss Reserves |
|
|
|
|
|
Million pesos |
|
|
|
|
% Variation |
|
|
|
|
% Variation |
|
3Q22 |
2Q22 |
3Q21 |
|
QoQ |
YoY |
|
9M22 |
9M21 |
|
YoY |
Commercial |
(2,809) |
(125) |
1,178 |
|
— |
— |
|
(1,871) |
6,415 |
|
(129.2) |
Consumer |
3,207 |
2,682 |
2,767 |
|
19.6 |
15.9 |
|
8,199 |
8,713 |
|
(5.9) |
Mortgages |
387 |
299 |
440 |
|
29.4 |
(12.0) |
|
1,187 |
1,400 |
|
(15.2) |
Total |
785 |
2,856 |
4,385 |
|
(72.5) |
(82.1) |
|
7,515 |
16,528 |
|
(54.5) |
Cost of risk ( %) |
|
|
|
|
|
Million pesos |
|
|
|
|
Variation (bps) |
|
|
|
|
Variation (bps) |
|
3Q22 |
2Q22 |
3Q21 |
|
QoQ |
YoY |
|
9M22 |
9M21 |
|
YoY |
Commercial |
(0.11) |
0.82 |
1.76 |
|
(93) |
(187) |
|
(0.11) |
1.76 |
|
(187) |
Consumer |
8.39 |
8.38 |
9.98 |
|
1 |
(159) |
|
8.39 |
9.98 |
|
(159) |
Mortgages |
0.77 |
0.82 |
0.42 |
|
(5) |
35 |
|
0.77 |
0.42 |
|
35 |
Total |
1.54 |
2.06 |
2.75 |
|
(52) |
(121) |
|
1.54 |
2.75 |
|
(121) |
In accordance with the General Procedures applicable
to Credit Institutions effective as of January 1, 2022, new local accounting standards based on IFRS-9 entered into effect, approaching
the convergence to IFRS international standards. Therefore, the NPL ratio is not comparable with previous periods.
The stage 3 total loan portfolio in September 2022
stood at Ps.16,094 million and Ps.20,021 as of June 2022, the sequential decrease was due to the reclassification of a specific corporate
client that was assessed as stage 3 during the pandemic, due to an imminent risk of default, but subsequently upgraded to stage 1 due
the its good performance. Meanwhile the non-performing loans as of September 2021 stood at Ps.20,376 million.
Consumer loan portfolio (including credit cards)
NPL ratio in September 2022 stood at 2.82%, 3.51% in September 2021 and 2.84% in June 2022. At the same time, SME loans NPL stood at 1.54%
in September 2022, 4.05% in September 2021 and 1.67% in June 2022. While commercial loans NPL ratio stood at 1.01% in September 2022,
1.75% in September 2021 and 1.91% in June 2022. Finally, mortgage loans NPL ratio stood at 3.62% in September 2022, 4.85% in September
2021 and 3.79% in June 2022.
The breakdown of the stage 3 total loan portfolio
is as follows: mortgage loans 46.7%, commercial loans 28.5% and consumer loans (including credit cards) 24.8%.
Non-Performing loan ratio (%) |
|
|
|
|
|
|
|
Variation (bps) |
|
Sep-22 |
Jun-22 |
Sep-21 |
|
QoQ |
Commercial |
1.01 |
1.91 |
1.75 |
|
(90) |
SMEs |
1.54 |
1.67 |
4.05 |
|
(13) |
Others |
0.94 |
1.94 |
1.39 |
|
(100) |
|
|
|
|
|
|
Individuals |
|
|
|
|
|
Consumer |
2.82 |
2.84 |
3.51 |
|
(2) |
Credit Card |
3.47 |
3.39 |
4.18 |
|
8 |
Other consumer |
2.33 |
2.42 |
3.00 |
|
(9) |
Mortgages |
3.62 |
3.79 |
4.85 |
|
(17) |
Total |
2.01 |
2.56 |
2.85 |
|
(55) |
The non-performing loans led to an NPL ratio of
2.01% in September 2022, a 2.85% in September 2021 and 2.56% in June 2022.
Finally, the coverage ratio as of September 2022
stood at 133.58%, 117.56% in September 2021 and 121.19% in June 2022.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 18 |
Commission and fee income, net
Commission and fee income, net |
Million pesos |
|
|
|
|
% Variation |
|
|
|
|
% Variation |
|
3Q22 |
2Q22 |
3Q21 |
|
QoQ |
YoY |
|
9M22 |
9M21 |
|
22/21 |
Commission and fee income |
|
|
|
|
|
|
|
|
|
Debit and credit card |
2,675 |
2,608 |
2,227 |
|
2.6 |
20.1 |
|
7,650 |
6,753 |
|
13.3 |
Account management |
768 |
765 |
614 |
|
0.4 |
25.1 |
|
2,257 |
1,922 |
|
17.4 |
Collection services |
587 |
587 |
531 |
|
0.0 |
10.5 |
|
1,804 |
1,674 |
|
7.8 |
Investment funds |
493 |
466 |
446 |
|
5.8 |
10.5 |
|
1,405 |
1,289 |
|
9.0 |
Insurance |
1,545 |
1,641 |
1,308 |
|
(5.9) |
18.1 |
|
4,630 |
4,071 |
|
13.7 |
Purchase-sale of securities and money market transactions |
269 |
228 |
271 |
|
18.0 |
(0.7) |
|
771 |
748 |
|
3.1 |
Checks trading |
39 |
41 |
43 |
|
(4.9) |
(9.3) |
|
118 |
128 |
|
(7.8) |
Foreign trade |
382 |
458 |
374 |
|
(16.6) |
2.1 |
|
1,279 |
1,176 |
|
8.8 |
Financial advisory services |
406 |
335 |
252 |
|
21.2 |
61.1 |
|
1,243 |
1,028 |
|
20.9 |
Other |
286 |
239 |
232 |
|
19.7 |
23.3 |
|
763 |
706 |
|
8.1 |
Total |
7,450 |
7,368 |
6,298 |
|
1.1 |
18.3 |
|
21,920 |
19,495 |
|
12.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Commission and fee expense |
|
|
|
|
|
|
|
|
|
Debit and credit card |
(1,244) |
(1,047) |
(1,013) |
|
18.8 |
22.8 |
|
(3,431) |
(2,757) |
|
24.4 |
Investment funds |
0 |
(1) |
0 |
|
(100.0) |
0.0 |
|
(1) |
(1) |
|
0.0 |
Insurance |
0 |
0 |
(4) |
|
0.0 |
(100.0) |
|
0 |
(75) |
|
(100.0) |
Purchase-sale of securities and money market transactions |
(54) |
(26) |
(37) |
|
107.7 |
45.9 |
|
(179) |
(120) |
|
49.2 |
Checks trading |
(17) |
(18) |
(13) |
|
(5.6) |
30.8 |
|
(51) |
(36) |
|
41.7 |
Financial advisory services |
(13) |
(2) |
(1) |
|
— |
— |
|
(102) |
(8) |
|
— |
Bank Correspondents |
(164) |
(160) |
(216) |
|
2.5 |
(24.1) |
|
(523) |
(651) |
|
(19.7) |
Other |
(687) |
(835) |
(567) |
|
(17.7) |
21.2 |
|
(2,207) |
(1,625) |
|
35.8 |
Total |
(2,179) |
(2,089) |
(1,851) |
|
4.3 |
17.7 |
|
(6,494) |
(5,273) |
|
23.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Commission and fee income, net |
|
|
|
|
|
|
|
|
Debit and credit card |
1,431 |
1,561 |
1,214 |
|
(8.3) |
17.9 |
|
4,219 |
3,996 |
|
5.6 |
Account management |
768 |
765 |
614 |
|
0.4 |
25.1 |
|
2,257 |
1,922 |
|
17.4 |
Collection services |
587 |
587 |
531 |
|
0.0 |
10.5 |
|
1,804 |
1,674 |
|
7.8 |
Investment funds |
493 |
465 |
446 |
|
6.0 |
10.5 |
|
1,404 |
1,288 |
|
9.0 |
Insurance |
1,545 |
1,641 |
1,304 |
|
(5.9) |
18.5 |
|
4,630 |
3,996 |
|
15.9 |
Purchase-sale of securities and money market transactions |
215 |
202 |
234 |
|
6.4 |
(8.1) |
|
592 |
628 |
|
(5.7) |
Checks trading |
22 |
23 |
30 |
|
(4.3) |
(26.7) |
|
67 |
92 |
|
(27.2) |
Foreign trade |
382 |
458 |
374 |
|
(16.6) |
2.1 |
|
1,279 |
1,176 |
|
8.8 |
Financial advisory services |
393 |
333 |
251 |
|
18.0 |
56.6 |
|
1,141 |
1,020 |
|
11.9 |
Bank Correspondents |
(164) |
(160) |
(216) |
|
2.5 |
(24.1) |
|
(523) |
(651) |
|
(19.7) |
Other |
(401) |
(596) |
(335) |
|
(32.7) |
19.7 |
|
(1,444) |
(919) |
|
57.1 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
5,271 |
5,279 |
4,447 |
|
(0.2) |
18.5 |
|
15,426 |
14,222 |
|
8.5 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 19 |
In 3Q22, net commission and fee income totaled
Ps.5,271 million, which represents an increase of 18.5% YoY, or Ps.824 million, and remained flat sequentially. Commission and fee income
increased 18.3% YoY, or Ps.1,152 million, to Ps.7,450 million in 3Q22, while commission and fee expense increased 17.7% YoY, or Ps.328
million, to Ps.2,179 million in 3Q22.
The main contributors to net commissions and fees
were insurance fees, which accounted for 29.3% of the total, followed by credit and debit card fees, account management and collection
services fees, which accounted for 27.1%, 14.6% and 11.1% of total commissions and fees, respectively.
Net commissions and fees |
|
|
|
|
|
|
Breakdown (%) |
|
|
|
|
|
|
|
3Q22 |
2Q22 |
3Q21 |
|
9M22 |
9M21 |
Insurance |
29.3 |
31.1 |
29.3 |
|
30.0 |
28.1 |
Debit and credit card |
27.1 |
29.6 |
27.3 |
|
27.4 |
28.1 |
Account management |
14.6 |
14.5 |
13.8 |
|
14.6 |
13.5 |
Collection services |
11.1 |
11.1 |
11.9 |
|
11.7 |
11.8 |
Investment funds |
9.4 |
8.8 |
10.0 |
|
9.1 |
9.1 |
Financial advisory services |
7.5 |
6.3 |
5.6 |
|
7.4 |
7.2 |
Foreign trade |
7.2 |
8.7 |
8.4 |
|
8.3 |
8.3 |
Purchase-sale of securities and money market transactions |
4.1 |
3.8 |
5.3 |
|
3.9 |
4.4 |
Checks trading |
0.4 |
0.4 |
0.7 |
|
0.4 |
0.6 |
Bank correspondents |
(3.1) |
(3.0) |
(4.8) |
|
(3.4) |
(4.6) |
Other |
(7.6) |
(11.3) |
(7.5) |
|
(9.4) |
(6.5) |
Total |
100.0 |
100.0 |
100.0 |
|
100.0 |
100.0 |
Net commissions and fees went up 18.5% YoY, or
Ps.824 million in 3Q22, mostly as a result of:
| i) | A 18.5%, or Ps.241 million, increase in insurance fees, driven by individual insurance policies mainly
related to auto; |
| ii) | A 17.9%, or Ps.217 million, increase in debit and credit card fees, due to an increase in average usage
of 11.5% YoY, supported by excellent performance of the “Like U” credit card; |
| iii) | A 25.1%, or Ps.154 million, increase in account management; and |
| iv) | A 56.6%, or Ps.142 million, increase in financial advisory services. |
On a cumulative basis, net commissions and fees
amounted Ps.15,426 million in 9M22, reflecting a YoY increase of 8.5%, or Ps.1,204 million. Commission and fee income increased 12.4%,
or Ps.2,425 million, while commission and fee expense increased 23.2%, or Ps.1,221 million.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 20 |
Net gain (loss) on financial assets and liabilities
Net gain (loss) on financial assets and liabilities |
|
|
|
|
|
Million pesos |
|
|
|
|
% Variation |
|
|
|
|
% Variation |
|
3Q22 |
2Q22 |
3Q21 |
|
QoQ |
YoY |
|
9M22 |
9M21 |
|
22/21 |
Valuation |
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange |
9,205 |
(364) |
(624) |
|
— |
— |
|
9,515 |
(1,174) |
|
— |
Derivatives |
992 |
2,049 |
289 |
|
(51.6) |
— |
|
5,506 |
4,343 |
|
(26.8) |
Equity securities |
98 |
(38) |
252 |
|
— |
(61.1) |
|
(12) |
130 |
|
(109.2) |
Debt instruments |
(2,442) |
(1,855) |
(1,094) |
|
31.6 |
123.2 |
|
(7,200) |
(7,362) |
|
2.2 |
Valuation result |
7,853 |
(208) |
(1,177) |
|
— |
— |
|
7,809 |
(4,063) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase / sale of securities |
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange |
(9,021) |
215 |
969 |
|
— |
— |
|
(8,893) |
3,600 |
|
— |
Derivatives |
1,769 |
809 |
1,661 |
|
118.7 |
6.5 |
|
3,382 |
2,824 |
|
19.8 |
Equity securities |
55 |
(51) |
5 |
|
— |
— |
|
25 |
211 |
|
(88.2) |
Debt instruments |
400 |
298 |
16 |
|
34.2 |
— |
|
835 |
1,117 |
|
(25.2) |
Purchase -sale result |
(6,797) |
1,271 |
2,651 |
|
— |
— |
|
(4,651) |
7,752 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
1,056 |
1,063 |
1,474 |
|
(0.7) |
(28.4) |
|
3,158 |
3,689 |
|
(14.4) |
In 3Q22, Banco Santander México reported
a Ps.1,056 million net gain from financial assets and liabilities, which compares with a gain of Ps.1,474 million in 3Q21 and a gain of
Ps.1,063 million in 2Q22.
The Ps.1,056 million
net gain from financial assets and liabilities in the quarter is mostly a result of:
| i) | A Ps.7,853 million valuation gain, which resulted from gains of Ps.9,205 million, Ps.992 million and Ps.98
million, in foreign exchange, derivatives and equity securities, respectively. These gains were partly offset by a loss of Ps.2,442 million
in debt instruments; and |
| ii) | A Ps.6,797 million purchase-sale loss, related to a loss of Ps.9,021 million, in foreign exchange. This
loss was partly offset by gains of Ps.1,769 million, Ps.400 million and Ps.55 million, in derivatives, debt instruments and equity securities,
respectively. |
On a cumulative basis, net gain from financial
assets and liabilities for 9M22, reached Ps.3,158 million, representing a decrease of 14.4% YoY, or Ps.531 million.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 21 |
Other
operating expense
Other operating expense |
Million pesos |
|
|
|
|
% Variation |
|
|
|
|
% Variation |
|
3Q22 |
2Q22 |
3Q21 |
|
QoQ |
YoY |
|
9M22 |
9M21 |
|
22/21 |
|
|
|
|
|
|
|
|
|
|
|
|
Cancellation of liabilities and reserves |
25 |
13 |
35 |
|
92.3 |
(28.6) |
|
78 |
105 |
|
(25.7) |
Interest on personnel loans |
80 |
74 |
51 |
|
8.1 |
56.9 |
|
218 |
145 |
|
50.3 |
Allowance for losses on foreclosed assets |
(9) |
(30) |
(8) |
|
(70.0) |
12.5 |
|
(46) |
(24) |
|
91.7 |
Profit from sale of foreclosed assets |
14 |
54 |
23 |
|
(74.1) |
(39.1) |
|
84 |
144 |
|
(41.7) |
Technical advisory and technology services |
33 |
46 |
23 |
|
(28.3) |
43.5 |
|
125 |
61 |
|
104.9 |
Portfolio recovery legal expenses and costs |
(362) |
(190) |
(166) |
|
90.5 |
118.1 |
|
(1,128) |
(757) |
|
49.0 |
Premiums paid on guarantees for SMEs loans portfolio |
(239) |
(271) |
(267) |
|
(11.8) |
(10.5) |
|
(838) |
(862) |
|
(2.8) |
Write-offs and bankruptcies |
(177) |
(278) |
(166) |
|
(36.3) |
6.6 |
|
(600) |
(592) |
|
1.4 |
Provision for legal and tax contingencies |
(590) |
(378) |
(71) |
|
56.1 |
— |
|
(1,336) |
(178) |
|
— |
Contributions to IPAB |
(993) |
(999) |
0 |
|
(0.6) |
100.0 |
|
(2,976) |
0 |
|
100.0 |
Others |
(7) |
50 |
32 |
|
(114.0) |
(121.9) |
|
(6) |
238 |
|
(102.5) |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
(2,225) |
(1,909) |
(514) |
|
16.6 |
— |
|
(6,425) |
(1,720) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating expenses in 3Q22 totaled Ps.2,225
million, higher from Ps.514 million in 3Q21 and up from Ps.1,909 million reported in 2Q22.
The Ps.1,711 million, YoY increase, in other operating
expense in 3Q22, was mainly due to the reclassification of contributions to IPAB from administrative and promotional expenses for Ps.993
million, higher provisions for legal and tax contingencies of Ps.519 million, and higher legal expenses and costs related to portfolio
recoveries of Ps.196 million. The reclassification of contributions to IPAB from administrative and promotional expenses to other operating
income (expenses) was due to the new accounting standards, applicable since January 2022.
On a cumulative basis, other operating expenses
for 9M22, reached Ps.6,425 million, representing a Ps.4,705 million YoY increase.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 22 |
Administrative and promotional expenses
Administrative and promotional expenses consist
of personnel costs, such as payroll and benefits, promotion and advertising expenses, and other general expenses. Personnel expenses consist
mainly of salaries, social security contributions, bonuses and a long-term incentive plan for the Bank’s executives. Other general
expenses are mainly related to technology and systems, administrative services - mainly outsourced in the areas of information technology
- taxes and duties, professional fees, rental of properties and hardware, advertising and communication, surveillance and cash courier
services, and expenses related to maintenance, conservation and repair, among others.
Administrative and promotional expenses |
|
|
|
|
|
Million pesos |
|
|
|
|
% Variation |
|
|
|
|
% Variation |
|
3Q22 |
2Q22 |
3Q21 |
|
QoQ |
YoY |
|
9M22 |
9M21 |
|
22/21 |
Salaries and employee benefits |
4,922 |
4,512 |
4,275 |
|
9.1 |
15.1 |
|
13,907 |
12,269 |
|
13.4 |
Credit card operation |
35 |
43 |
44 |
|
(18.6) |
(20.5) |
|
100 |
143 |
|
(30.1) |
Professional fees |
264 |
342 |
291 |
|
(22.8) |
(9.3) |
|
869 |
694 |
|
25.2 |
Leasehold |
575 |
528 |
648 |
|
8.9 |
(11.3) |
|
1,638 |
1,884 |
|
(13.1) |
Promotional and advertising expenses |
181 |
279 |
198 |
|
(35.1) |
(8.6) |
|
609 |
510 |
|
19.4 |
Taxes and duties |
519 |
518 |
531 |
|
0.2 |
(2.3) |
|
1,721 |
1,661 |
|
3.6 |
Technology services (IT) |
1,407 |
1,372 |
1,504 |
|
2.6 |
(6.4) |
|
4,040 |
4,022 |
|
0.4 |
Depreciation and amortization |
1,335 |
1,290 |
1,201 |
|
3.5 |
11.2 |
|
3,850 |
3,544 |
|
8.6 |
Contributions to IPAB |
0 |
0 |
950 |
|
0.0 |
(100.0) |
|
0 |
2,831 |
|
(100.0) |
Cash protection |
337 |
324 |
316 |
|
4.0 |
6.6 |
|
937 |
907 |
|
3.3 |
Others |
825 |
920 |
792 |
|
(10.3) |
4.2 |
|
2,332 |
2,134 |
|
9.3 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
10,400 |
10,128 |
10,750 |
|
2.7 |
(3.3) |
|
30,003 |
30,599 |
|
(1.9) |
Banco Santander México’s administrative
and promotional expenses are broken down as follows
Administrative and promotional expenses |
|
|
|
Breakdown (%) |
|
|
|
|
3Q22 |
2Q22 |
3Q21 |
|
9M22 |
9M21 |
Personnel |
47.3 |
44.6 |
39.8 |
|
46.4 |
40.1 |
Technology services (IT) |
13.6 |
13.5 |
14.0 |
|
13.5 |
13.1 |
Depreciation and amortization |
12.9 |
12.7 |
11.2 |
|
12.8 |
11.6 |
Others |
7.9 |
9.1 |
7.4 |
|
7.8 |
7.0 |
Leasehold |
5.6 |
5.2 |
6.0 |
|
5.5 |
6.1 |
Taxes and duties |
5.0 |
5.1 |
4.9 |
|
5.7 |
5.4 |
Professional fees |
2.5 |
3.4 |
2.7 |
|
2.9 |
2.3 |
Cash protection |
3.2 |
3.2 |
3.0 |
|
3.1 |
3.0 |
Promotional and advertising expenses |
1.7 |
2.8 |
1.8 |
|
2.0 |
1.7 |
Credit card operation |
0.3 |
0.4 |
0.4 |
|
0.3 |
0.4 |
Contributions to IPAB |
0 |
0 |
8.8 |
|
0 |
9.3 |
Total |
100.0 |
100.0 |
100.0 |
|
100.0 |
100.0 |
Administrative and promotional expenses in 3Q22
totaled Ps.10,400 million, compared to Ps.10,750 million in 3Q21 and Ps.10,128 million in 2Q22, decreasing 3.3% YoY, or Ps.350 million.
Sequentially, the increase was 2.7%, or Ps.272 million.
The 3.3% YoY, or Ps.350 million, decrease in administrative
and promotional expenses was mainly due to the following decreases:
| i) | A Ps.950 million, in contributions to IPAB , due to the reclassification to other operating income (expenses),
as mentioned above; |
| ii) | A 6.4%, or Ps.97 million, in technology services; and |
| iii) | A 11.3%, or Ps.73 million, in leaseholds. |
These decreases were partly offset by the following
increases:
| i) | A 15.1% or Ps.647 million, in salaries and employee benefits, due to the salary increases; and |
| ii) | A 11.2%, or Ps.134 million, in depreciations and amortizations, related to the Bank investment plan. |
The efficiency ratio for the quarter decreased
469 basis points YoY and 37 basis points QoQ to 46.28%. The decreases, resulted in an improvement in the efficiency ratio and reflected
solid revenue growth and strict cost controls, despite inflationary pressures.
The recurrence ratio for 3Q22 was 50.68%, up from
41.37% in 3Q21 and 52.12% reported in 2Q22.
On a cumulative basis, administrative and promotional
expenses in 9M22 amounted Ps.30,003 million, reflecting a decrease of 1.9%, or Ps.596 million. The efficiency ratio for 9M22 decreased
167 basis points YoY from 48.39% in 9M21 to 46.72% in 9M22.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 23 |
Profit before taxes
Profit before taxes in 3Q22 was Ps.11,287 million,
reflecting increases of 88.1% YoY, or Ps.5,288 million, and of 26.2% QoQ, or Ps.2,344 million, reflecting the strong performance of the
Bank core business.
On a cumulative basis, profit before taxes for
9M22 amounted Ps.27,028 million, reflecting a YoY increase of 66.1%, or Ps.10,755 million.
Income taxes
In 3Q22, Banco Santander México reported a tax expense of Ps.3,099
million compared to Ps.1,156 million in 3Q21 and Ps.2,043 million in 2Q22. The effective tax rate for the quarter was 27.46%, compared
to 19.27% reported in 3Q21 and 22.84% in 2Q22.
On a cumulative basis, the effective tax rate for 9M22 stood at 25.27%,
414 basis points higher than the 21.13% for 9M21.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 24 |
Capitalization and liquidity
Capitalization |
|
|
|
|
|
|
Million pesos |
|
Sep-22 |
|
Jun-22 |
|
Sep-21 |
CET1 |
|
100,673 |
|
104,737 |
|
117,307 |
Tier 1 |
|
114,762 |
|
118,832 |
|
141,980 |
Tier 2 |
|
26,562 |
|
27,086 |
|
27,383 |
Total capital |
|
141,324 |
|
145,917 |
|
169,365 |
|
|
|
|
|
|
|
Risk-weighted assets |
|
|
|
|
|
|
Credit risk |
|
484,318 |
|
477,920 |
|
519,194 |
Credit, market and operational risk |
|
747,834 |
|
756,876 |
|
789,237 |
|
|
|
|
|
|
|
Credit risk ratios: |
|
|
|
|
|
|
CET1 (%) |
|
20.79 |
|
21.92 |
|
22.59 |
Tier 1 (%) |
|
23.70 |
|
24.86 |
|
27.35 |
Tier 2 (%) |
|
5.48 |
|
5.67 |
|
5.27 |
Capitalization ratio (%) |
|
29.18 |
|
30.53 |
|
32.62 |
|
|
|
|
|
|
|
Total capital ratios: |
|
|
|
|
|
|
CET1 (%) |
|
13.46 |
|
13.84 |
|
14.86 |
Tier 1 (%) |
|
15.35 |
|
15.70 |
|
17.99 |
Tier 2 (%) |
|
3.55 |
|
3.58 |
|
3.47 |
Capitalization ratio (%) |
|
18.90 |
|
19.28 |
|
21.46 |
Banco Santander México’s capital ratio
at September 2022 was 18.90%, compared to 21.46% and 19.28% at September 2021 and June 2022, respectively. The 18.90% capital ratio was
comprised of 13.46% of fundamental capital (CET1), 1.88% of additional capital (AT1), and 3.55% of complementary capital (Tier 2).
As of August 2022, Banco Santander México
was classified in Category 1, in accordance with Article 134 Bis of the Mexican Banking Law, and the Bank remains in this category per
the preliminary results dated September 30th, 2022, which is the most recent available analysis.
On July 28th, 2022 the Bank paid a cash
dividend of Ps.8,838 million, or Ps.1.30 per share. In addition, on June 28th, 2022 the Bank paid a cash dividend of Ps.9,040
million, or Ps.1.33 per share.
On July 14th, 2022, the Bank issued
a four-year floating-rate senior unsecured bond for Ps.5,000 million in the domestic capital market (Certificados Bursátiles
Bancarios, BSMX 22-3). This was the Bank's third issuance this year and the first one to use a RFR benchmark for coupon calculation.
Liquidity coverage ratio (LCR)
Pursuant to the regulatory requirements of Banxico
and the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, or “CNBV”),
the average Liquidity Coverage Ratio (LCR or CCL by its Spanish acronym) for 3Q22 was 181.11%, which compares to 329.68% in 3Q21 and 181.65%
in 2Q22. (Please refer to note 24 of this report).
Leverage ratio
In accordance with CNBV regulatory requirements,
effective June 14, 2016, the leverage ratio was 6.85% for September 2022, 7.13% for June 2022, 7.97% for March 2022, 8.92% for December
2021 and 8.89% for September 2021.
This
ratio is defined by regulators and is calculated by dividing core capital (according to Article 2 Bis 6 (CUB)) by adjusted assets (according
to Article 1, II (CUB)).
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 25 |
V. Relevant Events, Transactions and
Activities
Relevant Events
Special Shareholders’ Meetings
On October 24, 2022, Banco Santander México
held its Special Shareholders’ Meetings, approving among other items:
| § | The integration of the Board of Directors as indicated
below: |
Series “F” Independent Directors |
Laura Renné Diez Barroso Azcárraga |
Chairwoman |
Cesar Augusto Montemayor Zambrano |
Director |
Juan Ignacio Gallardo Thurlow |
Alternate Director |
Ángel Alverde Losada |
Alternate Director |
Alberto Torrado Martínez |
Alternate Director |
José Antonio Pérez Antón |
Alternate Director |
Series “F” Non-Independent Directors |
Felipe Francisco García Ascencio |
Director |
Héctor Blas Grisi Checa |
Director |
Magdalena Sofía Salarich Fernández de Valderrama |
Director |
Daniel Barriuso Rojo |
Director |
Ángel Rivera Congosto |
Director |
Didier Mena Campos |
Alternate Director |
Rodrigo Brand de Lara |
Alternate Director |
Pablo Fernando Quesada Gómez |
Alternate Director |
Series
“B” Independent Directors |
|
Antonio Purón Mier y Terán |
Director |
Guillermo Jorge Quiroz Abed |
Director |
María de Lourdes Melgar Palacios |
Director |
Bárbara Garza Lagüera Gonda |
Director |
Melanie Elizabeth Devlyn Gómez |
Alternate Director |
Rogelio Zambrano Lozano |
Alternate Director |
Joaquín Vargas Guajardo |
Alternate Director |
Guillermo Francisco Vogel Hinojosa |
Alternate Director |
Banco Santander México informed that
its Parent Company issued a material fact announcement in connection with the Tender Offer
On October 21, 2022, Banco Santander, S.A., majority
shareholder of Grupo Financiero Santander México, S.A de C.V., the controlling shareholder of Banco Santander México, announced
its intention to make a cash tender offer to acquire all of the Bank’s shares that
it does not already own (3.76%) and to proceed with the shares’ delisting. The offer is expected
to be launched and settled in the first quarter of 2023 and it is subject to customary conditions, including obtaining regulatory authorizations.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 26 |
Organizational changes in the Corporate Resources
and Recoveries department
On September 27, 2022, Banco Santander Mexico announced
that Carlos Hajj Aboumrad, formerly Santander Mexico’s Deputy General Director of Corporate Resources and Recoveries and Head of
Costs and Organization, will take up new responsibilities within the Group in Spain. His functions have been assumed by Oziel Sandoval
Macías, formerly Executive Director of the Bank's Recoveries Business.
Structural changes in CEO position and Senior
Management
On July 21, 2022 Banco Santander México
announced that its Board of Directors approved the appointment of Felipe García Ascencio, currently Head of Mexico's Corporate
Investment Banking (SCIB), as Chief Executive Officer of the Bank, replacing Héctor Grisi Checa, who will remain as Executive Chairman
and Chief Executive Officer of Grupo Financiero Santander México until December 31, 2022.
It was also approved the creation of two Vice-presidencies.
The Vice-presidency of Administration and Finance, headed by Didier Mena Campos and the Vice-presidency of Consumer, Commercial and Institution
Business Banking, led by Pablo Fernando Quesada Gómez.
The new organizational structure also included
the appointments of Alejandro Capote Garza as the new Head of SCIB; Ana Felisa López Escobar, as Head of Human Resources, replacing
Juan Ignacio Echeverría Fernández; and Matías Núñez Castro, as Head of Digital, Innovation and Channels,
replacing Maria Fuencisla Gómez Martín.
Ordinary and Extraordinary General Shareholders’
Meeting
On July 19, 2022, Banco Santander México
held its Ordinary and Extraordinary General Shareholders’ Meeting, at which the following resolutions, among others, were approved:
| § | The payment of a cash dividend in the amount of
Ps.8,838 million, which was paid on July 28, 2022 to shareholders in proportion to the number of shares they own at a rate of Ps.1.30328552778
per share. |
| § | To amend some articles of the Bank’s by-laws,
in order to: (i) Adjust the amount of the authorized capital stock and the nominal value of the shares to include decimals; (ii) Allow
shareholders’ and Board’s meetings to be held remotely through any means or technology; and (iii) Rename the position of the
Bank’s Executive President and Chief Executive Officer to adopt Chief Executive Officer. The foregoing amendments are subject to
the corresponding regulatory authorizations. |
Relevant Transactions
Banco Santander México participated in
the following transactions:
The strategy to leverage the synergy between the
Bank’s different business lines is reflected in the following operations that were closed this quarter with the collaboration between
the Corporate & Investment Banking (SCIB) and Corporate & Institutional Banking.
| - | Nemak, pledged current account loan in the amount of up to US$40 million for a three-year term.
Nemak is a leading provider of solutions for the global automotive industry. |
| - | Lottus, syndicated loan for a total amount of Ps.2,200 million with a five-year term plus a Ps.300
million revolving credit facility. Lottus Education is a leading higher education platform in Mexico. |
| - | LG, a revolving credit facility in the amount of up to Ps.1,000 million with a twelve-month term. |
| - | Office Depot, a revolving credit facility in the amount of up to
US$4 million with a two-month term approximately. |
ICA, the
Bank issued a cash collateral letter of credit in the amount of €15 million for a ten-month term. ICA is a leading infrastructure
construction and operation company.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 27 |
VI. Credit Ratings
On May 19, 2022, for business reasons, Moody's
withdrew all ratings issued by Moody's de México and at the same time, it assigned local ratings under its new brand Moody's
Local de México. The ratings for Banco Santander Mexico remained unchanged with a Stable Outlook.
On May 9, 2022, Moody's affirmed Banco Santander
Mexico's ratings with a Stable Outlook.
Banco Santander México |
Fitch Ratings |
|
Moody’s |
Global scale |
|
|
|
Foreign currency |
|
|
|
Long term |
BBB+ |
|
Baa1 |
|
|
|
|
Short term |
F2 |
|
P-2 |
|
|
|
|
Local currency |
|
|
|
Long term |
BBB+ |
|
Baa1 |
|
|
|
|
Short Term |
F2 |
|
P-2 |
|
|
|
|
National scale |
|
|
|
Long term |
AAA(mex) |
|
Aaa.mx |
|
|
|
|
Short Term |
F1+(mex) |
|
Mx-1 |
|
|
|
|
Rating viability (VR) |
bbb- |
|
N/A |
|
|
|
|
Shareholder Support Rating |
bbb+ |
|
N/A |
|
|
|
|
Counterparty risk Assessments (CR) |
|
|
|
Long Term |
N/A |
|
A3 (cr) |
|
|
|
|
Short Term |
N/A |
|
P-2 (cr) |
|
|
|
|
Standalone BCA |
N/A |
|
baa2 |
|
|
|
|
Standalone Adjusted BCA |
N/A |
|
baa1 |
|
|
|
|
Outlook |
Stable |
|
Stable |
|
|
|
|
International Issuances |
|
|
|
|
|
|
|
Tier 2 Subordinated Capital Notes due 2028 |
BBB- |
|
Baa3 (hyb) |
|
|
|
|
Long Term Senior Unsecured Global Notes due 2025 |
BBB+ |
|
Baa1 |
|
|
|
|
Long Term Senior Unsecured Global Notes due 2022 |
BBB+ |
|
Baa1 |
|
|
|
|
Perpetual Subordinated Non-Preferred Contingent Convertible Additional Tier 1 Capital Notes (AT1) |
|
|
|
Global Scale |
|
|
|
Foreign currency |
|
|
|
Long term |
BB |
|
Ba1 (hyb) |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 28 |
Santander Consumo |
Fitch Ratings |
|
|
National Scale |
|
|
|
Long term |
AAA (mex) |
|
|
|
|
|
|
Short Term |
F1+ (mex) |
|
|
|
|
|
|
Outlook |
Stable |
|
|
|
|
|
|
Santander Inclusión Financiera |
Fitch Ratings |
|
|
National Scale |
|
|
|
Long term |
AAA (mex) |
|
|
|
|
|
|
Short Term |
F1+ (mex) |
|
|
|
|
|
|
Outlook |
Stable |
|
|
|
|
|
|
Notes:
§ BCA
= Baseline Credit Assessment
§ SSR
= Shareholder Support Rating
§ VR
= Viability Rating
§ SCP
= Standalone Credit Profile
§ CR=
Counterparty Risk Assessments
N/A = Not applicable
VII. 3Q22 Earnings Call Dial-In Information
Date: |
Friday,
October, 28th, 2022 |
Time: |
09:00 a.m. (MCT); 10:00 a.m. (US ET) |
Dial-in Numbers: |
1-877-407-4018 US & Canada 1-201-689-8471 International & Mexico |
Access Code: |
Please ask for Santander México Earnings Call |
Webcast: |
https://viavid.webcasts.com/starthere.jsp?ei=1576856&tp_key=8d3ba05966 |
Replay: |
Starting: Friday, October 28th, 2022 at 1:00 p.m. (US ET) |
|
Ending: Friday, November 4th, 2022 at 11:59 p.m. (US ET) |
|
ET Dial-in number: 1-844-512-2921 US & Canada; 1-412-317-6671 International & Mexico Access Code: 13733689 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 29 |
VIII. Analyst Coverage
Banco BTG Pactual, Barclays, BBVA, BofA ML, Bradesco BBI, Credit Suisse,
Goldman Sachs, HSBC, Invex, Itau BBA Securities, J.P. Morgan, Nau Securities, Scotiabank, Signum Research and UBS.
https://www.santander.com.mx/ir/cobertura/
Santander México is covered by the above
investment banks and research firms. Please note that any opinions, estimates or forecasts regarding the performance of Santander México
issued by the research analysts of these firms reflect their own views, and therefore do not represent the opinions, estimates or forecasts
of Santander México or its management. Although Santander México may refer to or distribute such statements, this does not
imply that Santander México agrees with or endorses any information, conclusions or recommendations included therein.
IX. Definition of Ratios
ROAE: Annualized net income divided by average
equity
Efficiency: Annualized administrative and
promotional expenses divided by annualized gross operating income (before administrative and promotional expenses and allowances).
Recurrency: Annualized net fees divided
by annualized administrative and promotional expenses (net of amortizations and depreciations).
NIM: Financial margin divided by daily average
interest earnings assets.
Cost of risk: Annualized provisions for
loan losses divided by average loan portfolio
Note:
Annualized figures consider
| · | Quarterly ratio = 3Q22*4 |
| · | Average figures are calculated using 3Q21 and 3Q22 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 30 |
ABOUT BANCO SANTANDER MÉXICO
(NYSE: BSMX; BMV: BSMX)
Banco Santander México, S.A., Institución
de Banca Múltiple, Grupo Financiero Santander México (Banco Santander México), one of Mexico’s leading banking
institutions, provides a wide range of financial and related services, including retail and commercial banking, financial advisory and
other related investment activities. Banco Santander México offers a multichannel financial services platform focused on mid- to
high-income individuals and small- to medium-sized enterprises, while also providing integrated financial services to larger multinational
companies in Mexico. As of September 30th, 2022, Banco Santander México had total assets of Ps.1,932 billion under Mexican
Banking GAAP and more than 20.8 million customers. Headquartered in Mexico City, the Company operates 1,344 branches and offices nationwide
and has a total of 26,069 employees.
We, the undersigned under oath to tell the truth
declare that, in the area of our corresponding functions, we prepared the information of Banco Santander México contained in this
quarterly report, which to the best of our knowledge reasonably reflects its situation.
FELIPE GARCIA ASCENSIO |
|
DIDIER MENA CAMPOS |
Executive President and Chief Executive Officer |
|
Vice-president of Administration and Finance |
|
|
|
EMILIO DE EUSEBIO SAIZ |
JUAN CARLOS GARCÍA CONTRERAS |
JUAN RAMÓN JIMÉNEZ LORENZO |
Deputy General Director Financial Accounting and Control |
Executive Director of Intervention |
Chief Audit Executive |
|
|
|
The
financial information presented in this report has been obtained from the non-audited financial statements prepared in accordance with
accounting principles and regulations prescribed by the CNBV applicable to Credit Institution which are subject to the supervision of
the CNBV on accounting procedures, published in the Federal Official Gazette on January 31st, 2011. The exchange rate used to convert
foreign currency transactions US$ to Mexican pesos is Ps.20.0925
INVESTOR RELATIONS CONTACT
Héctor Chávez Lopez – Managing Director - IRO
+ 52 (55) 5269-1925
hchavez@santander.com.mx
Investor Relations Team
investor@santander.com.mx
www.santander.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 31 |
LEGAL DISCLAIMER
Banco Santander México cautions that this
presentation may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements could be found in various places throughout this presentation and include, without limitation, statements regarding
our intent, belief, targets or current expectations in connection with: asset growth and sources of funding; growth of our fee-based business;
expansion of our distribution network; financing plans; competition; impact of regulation and the interpretation thereof; action to modify
or revoke our banking license; exposure to market risks including interest rate risk, foreign exchange risk and equity price risk; exposure
to credit risks including credit default risk and settlement risk; projected capital expenditures; capitalization requirements and level
of reserves; investment in our information technology platform; liquidity; trends affecting the economy generally; and trends affecting
our financial condition and our results of operations. While these forward-looking statements represent our judgment and future expectations
concerning the development of our business, many important factors could cause actual results to differ substantially from those anticipated
in forward-looking statements. These factors include, among other things: changes in capital markets in general that may affect policies
or attitudes towards lending to Mexico or Mexican companies; changes in economic conditions, in Mexico in particular, in the United States
or globally; the monetary, foreign exchange and interest rate policies of the Mexican Central Bank (Banco de México); inflation;
deflation; unemployment; unanticipated turbulence in interest rates; movements in foreign exchange rates; movements in equity prices or
other rates or prices; changes in Mexican and foreign policies, legislation and regulations; changes in requirements to make contributions
to, for the receipt of support from programs organized by or requiring deposits to be made or assessments observed or imposed by, the
Mexican government; changes in taxes and tax laws; competition, changes in competition and pricing environments; our inability to hedge
certain risks economically; economic conditions that affect consumer spending and the ability of customers to comply with obligations;
the adequacy of allowance for impairment losses and other losses; increased default by borrowers; our inability to successfully and effectively
integrate acquisitions or to evaluate risks arising from asset acquisitions; technological changes; changes in consumer spending and saving
habits; increased costs; unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing
on attractive terms; changes in, or failure to comply with, banking regulations or their interpretation; and certain other risk factors
included in our annual report on Form 20-F. The risk factors and other key factors that we have indicated in our past and future filings
and reports, including those with the U.S. Securities and Exchange Commission, could adversely affect our business and financial performance.
The words “believe,” “may,” “will,” “aim,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “forecast” and similar words are intended to identify
forward-looking statements. You should not place undue reliance on such statements, which speak only as of the date they were made. We
undertake no obligation to update publicly or to revise any forward-looking statements after we distribute this presentation because of
new information, future events or other factors. In light of the risks and uncertainties described above, the future events and circumstances
discussed herein might not occur and are not guarantees of future performance.
Note: The information contained in this presentation
is not audited. Nevertheless, the consolidated accounts are prepared on the basis of the accounting principles and regulations prescribed
by the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) for credit institutions, as
amended (Mexican Banking GAAP). All figures presented are in millions of Mexican pesos, unless otherwise indicated. Historical figures
are not adjusted by inflation.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 32 |
X. Consolidated Financial Statements
Banco Santander México
§ Consolidated
statement of financial position
§ Consolidated
statement of comprehensive income
§ Consolidated
statement of changes in stockholders’ equity
§ Consolidated
statement of cash flows
§ Summary
of changes due to the initial recognition of 2022 accounting principles
The information contained in this report and the
financial statements of the Bank subsidiaries may be consulted on the Internet website: www.santander.com.mx
or through the following direct access:
http://www.santander.com.mx/ir/english/financial/quarterly.html
There is also information on Santander México
on the CNBV website: https://www.gob.mx/cnbv
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 33 |
Consolidated statement of financial position |
|
|
|
|
|
|
|
|
Million pesos |
|
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
Sep |
Jun |
Mar |
|
Dec |
Sep |
Jun |
Mar |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds available |
- |
- |
- |
|
80,835 |
96,797 |
113,843 |
97,483 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
77,121 |
79,146 |
98,783 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Margin accounts (derivatives financial instruments) |
5,039 |
4,413 |
4,353 |
|
6,261 |
3,938 |
5,209 |
4,017 |
|
|
|
|
|
|
|
|
|
Investment in securities |
- |
- |
- |
|
516,562 |
511,341 |
458,685 |
558,857 |
Trading securities |
- |
- |
- |
|
113,313 |
134,310 |
122,957 |
204,194 |
Securities available for sale |
- |
- |
- |
|
391,796 |
365,633 |
324,353 |
343,332 |
Securities held to maturity |
- |
- |
- |
|
11,453 |
11,398 |
11,375 |
11,331 |
|
|
|
|
|
|
|
|
|
Investments in financial instruments |
432,737 |
481,124 |
496,918 |
|
- |
- |
- |
- |
Trading financial instruments |
94,476 |
111,098 |
120,451 |
|
- |
- |
- |
- |
Financial instruments to collect or sell |
328,408 |
358,432 |
364,951 |
|
- |
- |
- |
- |
Financial instruments to collect principal and interest (securities)(net) |
9,853 |
11,594 |
11,516 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Debtors under sale and repurchase agreements |
224,118 |
80,451 |
23,614 |
|
2,043 |
16,493 |
39,505 |
47,713 |
|
|
|
|
|
|
|
|
|
Derivatives financial instruments |
268,556 |
226,069 |
197,770 |
|
190,722 |
198,255 |
200,890 |
228,247 |
Trading purposes |
252,394 |
213,370 |
187,150 |
|
179,474 |
188,043 |
193,024 |
218,097 |
Hedging purposes |
16,162 |
12,699 |
10,620 |
|
11,248 |
10,212 |
7,866 |
10,150 |
|
|
|
|
|
|
|
|
|
Valuation adjustment for hedged financial assets |
(44) |
(29) |
9 |
|
63 |
89 |
123 |
167 |
|
|
|
|
|
|
|
|
|
Performing loan portfolio |
|
|
|
|
|
|
|
|
Commercial loans |
- |
- |
- |
|
430,969 |
404,239 |
405,407 |
416,942 |
Commercial or business activity |
- |
- |
- |
|
336,740 |
318,591 |
313,657 |
318,773 |
Financial entities loans |
- |
- |
- |
|
9,035 |
7,900 |
9,943 |
10,549 |
Government entities loans |
- |
- |
- |
|
85,194 |
77,748 |
81,807 |
87,620 |
Consumer loans |
- |
- |
- |
|
117,995 |
111,992 |
110,756 |
107,758 |
Mortgage loans |
- |
- |
- |
|
185,611 |
179,152 |
173,759 |
168,529 |
Medium and residential |
- |
- |
- |
|
175,017 |
169,109 |
163,425 |
157,642 |
Social interest |
- |
- |
- |
|
4 |
5 |
5 |
6 |
Credits acquired from Infonavit or Fovissste |
- |
- |
- |
|
10,590 |
10,038 |
10,329 |
10,881 |
Credits granted as agent of the federal government |
- |
- |
- |
|
- |
- |
- |
- |
Total performing loan portfolio |
- |
- |
- |
|
734,575 |
695,383 |
689,922 |
693,229 |
|
|
|
|
|
|
|
|
|
Non-performing loan portfolio |
|
|
|
|
|
|
|
|
Commercial loans |
- |
- |
- |
|
4,395 |
7,180 |
6,673 |
6,503 |
Commercial or business activity |
- |
- |
- |
|
4,328 |
7,180 |
6,673 |
6,503 |
Government entities loans |
- |
- |
- |
|
67 |
- |
- |
- |
Consumer loans |
- |
- |
- |
|
3,767 |
4,074 |
4,835 |
5,536 |
Mortgage loans |
- |
- |
- |
|
8,229 |
9,122 |
8,893 |
8,721 |
Medium and residential |
- |
- |
- |
|
7,655 |
7,383 |
7,119 |
6,805 |
Social interest |
- |
- |
- |
|
7 |
7 |
8 |
9 |
Credits acquired from Infonavit or Fovissste |
- |
- |
- |
|
567 |
1,732 |
1,766 |
1,907 |
Total non-performing portfolio |
- |
- |
- |
|
16,391 |
20,376 |
20,401 |
20,760 |
Total loan portfolio |
- |
- |
- |
|
750,966 |
715,759 |
710,323 |
713,989 |
|
|
|
|
|
|
|
|
|
Loan portfolio with credit risk stage 1 |
|
|
|
|
|
|
|
|
Commercial loans |
431,052 |
421,633 |
421,136 |
|
- |
- |
- |
- |
Commercial or business activity loans |
336,077 |
325,353 |
323,485 |
|
- |
- |
- |
- |
Loans to financial entities |
14,847 |
9,908 |
7,821 |
|
- |
- |
- |
- |
Loans to government entities |
80,128 |
86,372 |
89,830 |
|
- |
- |
- |
- |
Consumer loans |
134,104 |
127,040 |
120,173 |
|
- |
- |
- |
- |
Mortgage loans |
191,067 |
187,165 |
181,591 |
|
- |
- |
- |
- |
Medium and residential |
181,631 |
177,762 |
171,725 |
|
- |
- |
- |
- |
Social interest |
268 |
31 |
4 |
|
- |
- |
- |
- |
Loans acquired from Infonavit or Fovissste |
9,168 |
9,372 |
9,862 |
|
- |
- |
- |
- |
Total loan portfolio with credit risk stage 1 |
756,223 |
735,838 |
722,900 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Loan portfolio with credit risk stage 2 |
|
|
|
|
|
|
|
|
Commercial loans |
17,618 |
16,754 |
15,520 |
|
- |
- |
- |
- |
Commercial or business activity loans |
14,594 |
15,752 |
15,520 |
|
- |
- |
- |
- |
Loans to financial entities |
- |
1,002 |
- |
|
- |
- |
- |
- |
Loans to government entities |
3,024 |
- |
- |
|
- |
- |
- |
- |
Consumer loans |
3,270 |
3,143 |
3,025 |
|
- |
- |
- |
- |
Mortgage loans |
9,114 |
7,710 |
7,508 |
|
- |
- |
- |
- |
Medium and residencial |
8,859 |
7,347 |
7,136 |
|
- |
- |
- |
- |
Loans acquired from Infonavit or Fovissste |
255 |
363 |
372 |
|
- |
- |
- |
- |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 34 |
Total loan portfolio with credit risk stage 2 |
30,002 |
27,607 |
26,053 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Loan portfolio with credit risk stage 3 |
|
|
|
|
|
|
|
|
Commercial loans |
4,587 |
8,536 |
9,736 |
|
- |
- |
- |
- |
Commercial or business activity loans |
4,236 |
7,810 |
8,929 |
|
- |
- |
- |
- |
Loans to financial entities |
351 |
726 |
765 |
|
- |
- |
- |
- |
Loans to government entities |
- |
- |
42 |
|
- |
- |
- |
- |
Consumer loans |
3,984 |
3,801 |
3,475 |
|
- |
- |
- |
- |
Mortgage loans |
7,523 |
7,684 |
8,276 |
|
- |
- |
- |
- |
Medium and residencial |
6,872 |
7,016 |
7,556 |
|
- |
- |
- |
- |
Social interest |
5 |
6 |
6 |
|
- |
- |
- |
- |
Loans acquired from Infonavit or Fovissste |
646 |
662 |
714 |
|
- |
- |
- |
- |
Total loan portfolio with credit risk stage 3 |
16,094 |
20,021 |
21,487 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Loan portfolio |
802,319 |
783,466 |
770,440 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
(+/-) Deferred items |
2,180 |
2,060 |
1,811 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
(21,498) |
(24,264) |
(24,630) |
|
(23,174) |
(23,955) |
(24,152) |
(24,937) |
Loan portfolio (net) |
783,001 |
761,262 |
747,621 |
|
727,792 |
691,804 |
686,171 |
689,052 |
|
|
|
|
|
|
|
|
|
Acquired collection rights (net) |
- |
- |
- |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Total loan portfolio (net) |
783,001 |
761,262 |
747,621 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Other receivables (net) |
87,282 |
87,415 |
114,320 |
|
69,331 |
105,849 |
84,993 |
78,686 |
|
|
|
|
|
|
|
|
|
Foreclosed assets (net) |
436 |
438 |
202 |
|
212 |
118 |
106 |
92 |
|
|
|
|
|
|
|
|
|
Long-Life assets held for sale or for distribution to owners |
1,586 |
- |
- |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Advance payments and other assets (net) |
4,442 |
4,553 |
4,065 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Property, furniture and fixtures (net) |
12,174 |
12,462 |
12,326 |
|
12,760 |
11,633 |
11,868 |
12,045 |
|
|
|
|
|
|
|
|
|
Rights of use assets for property, furniture and equipment (net) |
5,509 |
5,811 |
5,999 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Long-term investment in shares |
90 |
1,652 |
1,577 |
|
1,470 |
2,225 |
2,182 |
1,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred taxes and deferred profit sharing (net) |
- |
- |
- |
|
19,351 |
19,423 |
19,432 |
19,675 |
|
|
|
|
|
|
|
|
|
Deferred charges, advance payments and intangibles |
- |
- |
- |
|
12,204 |
11,128 |
11,333 |
10,903 |
|
|
|
|
|
|
|
|
|
Other |
- |
- |
- |
|
46 |
45 |
44 |
42 |
|
|
|
|
|
|
|
|
|
Deferred income tax assets (net) |
21,008 |
19,499 |
17,667 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Intangible assets (net) |
7,500 |
7,274 |
7,309 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Goodwill |
1,735 |
1,735 |
1,735 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Total assets |
1,932,290 |
1,773,275 |
1,734,268 |
|
1,639,652 |
1,669,138 |
1,634,384 |
1,748,298 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 35 |
Consolidated statement of financial position |
|
|
|
|
|
|
|
|
Million pesos |
|
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
Sep |
Jun |
Mar |
|
Dec |
Sep |
Jun |
Mar |
Liabilities |
|
|
|
|
|
|
|
|
Deposits |
860,514 |
880,816 |
873,136 |
|
868,635 |
843,310 |
840,840 |
848,345 |
Demand deposits |
520,079 |
556,153 |
573,918 |
|
561,716 |
561,391 |
548,636 |
536,791 |
Time deposits – general public |
189,954 |
188,793 |
181,395 |
|
203,112 |
181,822 |
178,069 |
183,904 |
Time deposits – money market |
53,145 |
44,376 |
29,592 |
|
16,172 |
21,142 |
38,058 |
45,094 |
Credit instruments issued |
94,959 |
89,206 |
86,079 |
|
85,517 |
76,974 |
74,177 |
80,718 |
Global Account uptake without movements |
2,377 |
2,288 |
2,152 |
|
2,118 |
1,981 |
1,900 |
1,838 |
|
|
|
|
|
|
|
|
|
Interbank loans and other organizations |
26,446 |
35,478 |
52,164 |
|
28,770 |
33,841 |
43,321 |
42,825 |
Demand loans |
1,568 |
11,280 |
24,679 |
|
612 |
8,276 |
14,187 |
10,960 |
Short-term loans |
15,574 |
14,295 |
17,207 |
|
17,371 |
14,252 |
14,895 |
17,793 |
Long-term loans |
9,304 |
9,903 |
10,278 |
|
10,787 |
11,313 |
14,239 |
14,072 |
|
|
|
|
|
|
|
|
|
Creditors under sale and repurchase agreements |
225,744 |
190,364 |
183,196 |
|
196,858 |
189,565 |
175,437 |
295,632 |
Collateral sold or pledged as guarantee |
199,271 |
79,047 |
26,484 |
|
20,082 |
20,841 |
29,755 |
20,952 |
Repurchase agreements |
174,130 |
49,983 |
1,675 |
|
960 |
516 |
526 |
414 |
Securities loans |
25,141 |
29,064 |
24,809 |
|
19,122 |
20,325 |
29,229 |
20,538 |
|
|
|
|
|
|
|
|
|
Derivative financial instruments |
259,723 |
219,701 |
190,922 |
|
184,872 |
196,960 |
197,271 |
223,898 |
Trading purposes |
256,109 |
215,266 |
184,026 |
|
176,792 |
187,632 |
187,373 |
211,768 |
Hedging purposes |
3,614 |
4,435 |
6,896 |
|
8,080 |
9,328 |
9,898 |
12,130 |
|
|
|
|
|
|
|
|
|
Valuation adjustment of financial liabilities hedging |
(33) |
(36) |
(17) |
|
- |
- |
(1) |
- |
|
|
|
|
|
|
|
|
|
Lease liabilities |
6,212 |
6,477 |
6,648 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Other payables |
144,514 |
151,047 |
188,375 |
|
122,179 |
167,486 |
150,840 |
119,429 |
Employee profit sharing payable |
- |
- |
- |
|
253 |
157 |
211 |
437 |
Creditors from settlement of transactions |
62,088 |
73,023 |
117,853 |
|
40,908 |
94,539 |
81,831 |
49,320 |
Payable for margin accounts |
46 |
221 |
156 |
|
3 |
24 |
69 |
180 |
Payable for cash collateral received |
40,227 |
36,811 |
31,790 |
|
26,918 |
21,505 |
21,836 |
18,883 |
Contributions payable |
1,491 |
1,113 |
1,042 |
|
- |
- |
- |
- |
Sundry creditors and other payables |
40,662 |
39,879 |
37,534 |
|
54,097 |
51,261 |
46,893 |
50,609 |
|
|
|
|
|
|
|
|
|
Financial instruments that qualify as liabilities |
40,240 |
40,643 |
39,763 |
|
- |
- |
- |
- |
Subordinated credit notes |
40,240 |
40,643 |
39,763 |
|
51,643 |
51,379 |
36,186 |
36,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee benefits |
10,110 |
9,202 |
7,063 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Deferred revenues and other advances |
265 |
361 |
432 |
|
719 |
736 |
794 |
806 |
|
|
|
|
|
|
|
|
|
Total liabilities |
1,773,006 |
1,613,100 |
1,568,166 |
|
1,473,758 |
1,504,118 |
1,474,443 |
1,588,644 |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
|
|
Paid-in capital |
34,702 |
34,702 |
34,702 |
|
34,702 |
35,097 |
35,034 |
34,976 |
Capital stock |
29,799 |
29,799 |
29,799 |
|
29,799 |
29,799 |
29,799 |
29,799 |
Share premium |
4,903 |
4,903 |
4,903 |
|
4,903 |
5,298 |
5,235 |
5,177 |
|
|
|
|
|
|
|
|
|
Other capital |
124,542 |
125,432 |
131,370 |
|
131,192 |
129,923 |
124,907 |
124,678 |
Capital reserves |
28,200 |
28,200 |
26,940 |
|
26,940 |
26,940 |
26,940 |
25,446 |
Retained earnings |
- |
- |
- |
|
89,660 |
92,932 |
93,089 |
96,673 |
Result from valuation of available for sale securities, net |
- |
- |
- |
|
(2,091) |
(1,755) |
(1,586) |
563 |
Result from valuation of cash flow hedge instruments, net |
- |
- |
- |
|
399 |
526 |
19 |
159 |
Cumulative effect of conversion |
- |
- |
- |
|
9 |
9 |
9 |
9 |
Adjustment employees pension fund |
- |
- |
- |
|
(1,854) |
(1,610) |
(1,606) |
(1,488) |
Net income |
- |
- |
- |
|
18,080 |
12,835 |
7,992 |
3,279 |
Non-controlling interest |
- |
- |
- |
|
49 |
46 |
50 |
37 |
|
|
|
|
|
|
|
|
|
Accumulated results |
106,999 |
107,562 |
111,094 |
|
- |
- |
- |
- |
Retained earnings |
83,735 |
92,486 |
102,918 |
|
- |
- |
- |
- |
Updating Results from previous years |
3,065 |
3,065 |
3,065 |
|
- |
- |
- |
- |
Net income |
20,199 |
12,011 |
5,111 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Other comprehensive income |
(10,657) |
(10,330) |
(6,664) |
|
- |
- |
- |
- |
Valuation of financial instruments to collect or sell |
(8,156) |
(8,268) |
(5,119) |
|
- |
- |
- |
- |
Valuation of derivatives financial instruments for cash flow hedges |
(512) |
(87) |
314 |
|
- |
- |
- |
- |
Remeasurement of defined benefit obligation |
(1,998) |
(1,984) |
(1,868) |
|
- |
- |
- |
- |
Cumulative translation effect |
9 |
9 |
9 |
|
- |
- |
- |
- |
Total controlling interest |
159,244 |
160,134 |
166,072 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Total non-controlling interest |
40 |
41 |
30 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Total stockholders´equity |
159,284 |
160,175 |
166,102 |
|
165,894 |
165,020 |
159,941 |
159,654 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders´ equity |
1,932,290 |
1,773,275 |
1,734,268 |
|
1,639,652 |
1,669,138 |
1,634,384 |
1,748,298 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 36 |
Consolidated statement of financial position |
Million pesos |
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
|
Sep |
Jun |
Mar |
|
Dec |
Sep |
Jun |
Mar |
Memorandum accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent assets and liabilities |
|
119 |
143 |
122 |
|
155 |
110 |
85 |
70 |
Credit commitments |
|
304,917 |
281,539 |
267,930 |
|
262,925 |
258,633 |
245,992 |
243,137 |
Assets in trust or under mandate |
|
188,056 |
192,596 |
195,137 |
|
193,650 |
190,351 |
192,877 |
192,050 |
Trusts |
|
185,837 |
190,903 |
194,055 |
|
192,625 |
189,540 |
192,010 |
191,155 |
Mandates |
|
2,219 |
1,693 |
1,082 |
|
1,025 |
811 |
867 |
895 |
Assets in custody or under administration |
|
1,750,349 |
1,724,515 |
1,788,495 |
|
1,812,966 |
1,781,799 |
1,752,851 |
1,726,985 |
Collateral received |
|
257,346 |
117,717 |
134,178 |
|
91,971 |
108,177 |
144,093 |
77,390 |
Collateral received and sold or pledged as guarantee |
|
170,930 |
46,870 |
78,775 |
|
67,450 |
67,005 |
70,738 |
4,101 |
Investment banking transactions for third parties (net) |
|
381,284 |
307,764 |
133,083 |
|
138,110 |
104,601 |
163,891 |
135,183 |
Uncollected interest earned on past due loan portfolio |
|
- |
- |
- |
|
994 |
977 |
957 |
944 |
Uncollected accrued interest derived from loan portfolio with credit risk stage 3 |
|
912 |
930 |
975 |
|
- |
- |
- |
- |
Other record accounts |
|
1,969,467 |
1,904,803 |
1,860,010 |
|
1,862,994 |
1,815,495 |
1,780,655 |
1,772,146 |
|
|
5,023,380 |
4,576,877 |
4,458,705 |
|
4,431,215 |
4,327,148 |
4,352,139 |
4,152,006 |
These consolidated financial statements were approved by the Board of
Directors and signed on its behalf by
FELIPE GARCIA ASCENSIO |
|
DIDIER MENA CAMPOS |
Executive President and Chief Executive Officer |
|
Vice-president of Administration and Finance |
|
|
|
EMILIO DE EUSEBIO SAIZ |
JUAN CARLOS GARCÍA CONTRERAS |
JUAN RAMÓN JIMÉNEZ LORENZO |
Deputy General Director Financial Accounting and Control |
Executive Director of Intervention |
Chief Audit Executive |
The accompanying
notes are part of these consolidated financial statements
www.santander.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 37 |
Consolidated statement of comprehensive income |
|
|
|
|
|
|
|
|
|
|
Million pesos |
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
9M |
3T |
2T |
1T |
|
9M |
4T |
3T |
2T |
1T |
Interest income |
95,083 |
35,605 |
31,217 |
28,261 |
|
75,146 |
26,848 |
24,949 |
25,098 |
25,099 |
Interest expense |
(43,020) |
(17,235) |
(13,940) |
(11,845) |
|
(28,107) |
(10,802) |
(9,265) |
(9,328) |
(9,514) |
Net interest income |
52,063 |
18,370 |
17,277 |
16,416 |
|
47,039 |
16,046 |
15,684 |
15,770 |
15,585 |
|
|
|
|
|
|
|
|
|
|
|
Provisions for loan losses |
(7,515) |
(785) |
(2,856) |
(3,874) |
|
(16,528) |
(4,289) |
(4,385) |
(5,068) |
(7,075) |
Net interest income after provisions for loan losses |
44,548 |
17,585 |
14,421 |
12,542 |
|
30,511 |
11,757 |
11,299 |
10,702 |
8,510 |
|
|
|
|
|
|
|
|
|
|
|
Commission and fee income |
21,920 |
7,450 |
7,368 |
7,102 |
|
19,495 |
6,943 |
6,298 |
6,662 |
6,535 |
Commission and fee expense |
(6,494) |
(2,179) |
(2,089) |
(2,226) |
|
(5,273) |
(2,183) |
(1,851) |
(1,789) |
(1,633) |
Net gain (loss) on financial assets and liabilities |
3,158 |
1,056 |
1,063 |
1,039 |
|
3,689 |
1,342 |
1,474 |
817 |
1,398 |
Other operating income |
(6,425) |
(2,225) |
(1,909) |
(2,291) |
|
(1,720) |
416 |
(514) |
(542) |
(664) |
Administrative and promotional expenses |
(30,003) |
(10,400) |
(10,128) |
(9,475) |
|
(30,599) |
(12,636) |
(10,750) |
(9,955) |
(9,894) |
Operating income |
26,704 |
11,287 |
8,726 |
6,691 |
|
16,103 |
5,639 |
5,956 |
5,895 |
4,252 |
|
|
|
|
|
|
|
|
|
|
|
Equity in results of associated companies |
324 |
- |
217 |
107 |
|
170 |
30 |
43 |
50 |
77 |
|
|
|
|
|
|
|
|
|
|
|
Operating income before income taxes |
27,028 |
11,287 |
8,943 |
6,798 |
|
16,273 |
5,669 |
5,999 |
5,945 |
4,329 |
|
|
|
|
|
|
|
|
|
|
|
Current income taxes |
(7,210) |
(4,065) |
(2,299) |
(846) |
|
(2,728) |
(1,049) |
(1,204) |
(373) |
(1,151) |
Deferred income taxes (net) |
381 |
966 |
256 |
(841) |
|
(710) |
625 |
48 |
(859) |
101 |
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
20,199 |
8,188 |
6,900 |
5,111 |
|
12,835 |
5,245 |
4,843 |
4,713 |
3,279 |
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
- |
- |
- |
- |
|
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income |
20,199 |
8,188 |
6,900 |
5,111 |
|
12,835 |
5,245 |
4,843 |
4,713 |
3,279 |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
(7,120) |
(327) |
(3,666) |
(3,127) |
|
- |
- |
- |
- |
- |
Valuation of financial instruments to collect or sell |
(6,065) |
112 |
(3,149) |
(3,028) |
|
- |
- |
- |
- |
- |
Valuation of derivatives financial instruments for cash flow hedges |
(911) |
(425) |
(401) |
(85) |
|
- |
- |
- |
- |
- |
Remeasurement of defined benefit obligation |
(144) |
(14) |
(116) |
(14) |
|
- |
- |
- |
- |
- |
Cumulative translation effect |
- |
- |
- |
- |
|
- |
- |
- |
- |
- |
Result from holding non-monetary assets |
- |
- |
- |
- |
|
- |
- |
- |
- |
- |
Participation in ORI of other entities |
- |
- |
- |
- |
|
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
Integral result |
13,079 |
7,861 |
3,234 |
1,984 |
|
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
Net result attributable to: |
20,199 |
8,188 |
6,900 |
5,111 |
|
- |
- |
- |
- |
- |
controlling interest |
20,199 |
8,188 |
6,900 |
5,111 |
|
- |
- |
- |
- |
- |
Non-controlling interest |
- |
- |
- |
- |
|
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to: |
23,746 |
18,528 |
3,234 |
1,984 |
|
- |
- |
- |
- |
- |
controlling interest |
23,746 |
18,528 |
3,234 |
1,984 |
|
- |
- |
- |
- |
- |
Non-controlling interest |
- |
- |
- |
- |
|
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
2.98 |
1.21 |
1.02 |
0.75 |
|
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interest |
- |
- |
- |
- |
|
- |
- |
- |
- |
- |
Net income |
- |
- |
- |
- |
|
12,835 |
5,245 |
4,843 |
4,713 |
3,279 |
These consolidated financial statements were approved by the Board of
Directors and signed on its behalf by
FELIPE GARCIA ASCENSIO |
|
DIDIER MENA CAMPOS |
Executive President and Chief Executive Officer |
|
Vice-president of Administration and Finance |
|
|
|
EMILIO DE EUSEBIO SAIZ |
JUAN CARLOS GARCÍA CONTRERAS |
JUAN RAMÓN JIMÉNEZ LORENZO |
Deputy General Director Financial Accounting and Control |
Executive Director of Intervention |
Chief Audit Executive |
The accompanying notes are part of these consolidated financial statements
www.santander.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 38 |
Consolidated statements of changes in stockholders’ equity |
From January 1st to September 30th, 2022 |
|
|
|
|
|
|
Million pesos |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in
capital |
|
Other
capital |
|
|
|
|
CONCEPT |
Capital
stock |
Additional
paid-in capital |
|
Capital
reserves |
Accumulated
results |
Valuation
of Financial Instruments to collect or sell |
Valuation
of derivative financial instruments for cash flow hedges |
Employee
defined benefit measures |
Cumulative
effect from conversion |
Total
controlling interest |
|
Non-controlling
interest |
|
Total
stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
AS OF DECEMBER 31st, 2021 |
29,799 |
4,903 |
|
26,940 |
107,740 |
(2,091) |
399 |
(1,854) |
9 |
165,845 |
|
49 |
|
165,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retrospective
adjustment for initial adoption due to accounting changes |
|
|
|
|
(1,276) |
|
|
|
|
(1,276) |
|
|
|
(1,276) |
BALANCES
AS OF DECEMBER 31, 2021 ADJUSTED |
29,799 |
4,903 |
|
26,940 |
106,464 |
(2,091) |
399 |
(1,854) |
9 |
164,569 |
|
49 |
|
164,618 |
OWNER
MOVEMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
declared |
|
|
|
|
(17,878) |
|
|
|
|
(17,878) |
|
|
|
(17,878) |
TOTAL |
0
|
0 |
|
0 |
(17,878) |
0 |
0 |
0 |
0 |
(17,878) |
|
0 |
|
(17,878) |
RESERVE
MOVEMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
reserves |
|
|
|
1,260 |
(1,260) |
|
|
|
|
0 |
|
|
|
0 |
TOTAL |
0
|
0 |
|
1,260 |
(1,260) |
0 |
0 |
0 |
0 |
0 |
|
0 |
|
0 |
INTEGRAL
RESULT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
20,199 |
|
|
|
|
20,199 |
|
|
|
20,199 |
Other
comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation
of Financial Instruments to collect or sell |
|
|
|
|
|
(6,065) |
|
|
|
(6,065) |
|
|
|
(6,065) |
Valuation
of derivative financial instruments for cash flow hedges |
|
|
|
|
|
|
(911) |
|
|
(911) |
|
|
|
(911) |
Interest
on Subordinated debentures Perpetual Non-Preferred Contingent Convertible |
|
|
|
|
(526) |
|
|
|
|
(526)) |
|
|
|
(526) |
Employee
defined benefit measures |
|
|
|
|
|
|
|
(144)) |
|
(144) |
|
|
|
(144) |
Non-controlling
interest |
|
|
|
|
|
|
|
|
|
0 |
|
(9) |
|
(9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
0 |
0 |
|
0 |
19,673 |
(6,065) |
(911) |
(144) |
0 |
12,553 |
|
(9) |
|
12,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
AS OF SEPTEMBER 30TH, 2022 |
29,799 |
4,903 |
|
28,200 |
106,999 |
(8,156) |
(512) |
(1,998) |
9 |
159,244 |
|
40 |
|
159,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
These consolidated financial statements were approved by the Board of
Directors and signed on its behalf by
FELIPE GARCIA ASCENSIO |
|
DIDIER MENA CAMPOS |
Executive President and Chief Executive Officer |
|
Vice-president of Administration and Finance |
|
|
|
EMILIO DE EUSEBIO SAIZ |
JUAN CARLOS GARCÍA CONTRERAS |
JUAN RAMÓN JIMÉNEZ LORENZO |
Deputy General Director Financial Accounting and Control |
Executive Director of Intervention |
Chief Audit Executive |
The accompanying
notes are part of these consolidated financial statements
www.santander.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 39 |
Consolidated statement of cash flows |
|
|
From January 1st to September 30th, 2022 |
|
|
Million pesos |
|
|
|
|
|
Net Income before Tax |
|
27,028 |
Adjustments for items associated with investing activities |
|
|
Exchange differences in cash and cash equivalents |
655 |
|
Participation in the net result of other entities |
(182) |
|
Depreciation of property, furniture and fixtures |
1,720 |
|
Amortizations of intangible assets |
2,129 |
|
Deferred employee profit sharing |
(68) |
|
Provisions |
1,546 |
5,800 |
|
|
|
Adjustments for items associated with financing activities |
|
|
Expense interest from |
2,171 |
|
Interest associated with financial instruments that qualify as a liability |
1,244 |
|
Interest associated with financial instruments that qualify as capital |
526 |
3,941 |
|
|
|
Changes in operating items |
|
|
Changes in Bank and other loans |
(4,495) |
|
Changes in Margin accounts (financial derivatives instruments) |
1,222 |
|
Changes in Investments in financial instruments |
70,835 |
|
Changes in Debtors under sale and repurchase agreements |
(155,632) |
|
Changes in Derivatives (asset) |
(82,935) |
|
Changes in Loan portfolio (net) |
(55,448) |
|
Changes in Other receivables (net) |
(24,470) |
|
Changes in Foreclosed assets |
(224) |
|
Changes in Other operating assets (net) |
(5,649) |
|
Changes in Deposits |
(7,915) |
|
Changes in Creditors under sale and repurchase agreements |
28,886 |
|
Changes in Collateral sold or pledged as guarantee |
112,747 |
|
Changes in Derivatives (liability) |
78,385 |
|
Changes in Other operating liabilities |
16,280 |
|
Changes in Subordinated credit notes |
(10,254) |
|
Changes in Other payables |
25,611 |
|
Payments of income taxes |
(5,198) |
(18,254) |
|
|
|
Net cash from (used in) operating activities |
|
18,515 |
|
|
|
Investing Activities |
|
|
Proceeds from disposal of property, furniture and fixtures |
1 |
|
Payments for acquisition of property, plant and equipment |
(1,134) |
|
Payments for acquisition of intangible assets |
(1,946) |
|
Cash dividend receipts |
142 |
|
|
|
|
Net cash provided by (used in) investing activities |
|
(2,937) |
|
|
|
Financing Activities: |
|
|
Payment of cash dividends |
(17,878) |
|
|
|
|
Net cash used in financing activities |
|
(17,878) |
|
|
|
Net changes in cash and a cash equivalents |
|
(2,300) |
|
|
|
Exchange differences in cash and cash equivalents |
|
(1,414) |
|
|
|
Cash and a cash equivalents, beginning of the year |
|
80,835 |
Cash and a cash equivalents |
|
77,121 |
|
|
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 40 |
These consolidated financial statements were approved
by the Board of Directors and signed on its behalf by:
FELIPE GARCIA ASCENCIO |
|
DIDIER MENA CAMPOS |
Executive President and Chief Executive Officer |
|
Vice-president of Administration and Finance |
|
|
|
EMILIO DE EUSEBIO SAIZ |
JUAN CARLOS GARCÍA CONTRERAS |
JUAN RAMÓN JIMÉNEZ LORENZO |
Deputy General Director Financial Accounting and Control |
Executive Director of Intervention |
Chief Audit Executive |
The accompanying
notes are part of these consolidated financial statements
www.santander.com.mx
Summary of changes due to the
initial recognition of 2022 accounting principles
In accordance with the General Procedures applicable
to Credit Institutions (Disposiciones de Carácter General Aplicables a las Instituciones de Crédito) effective as of January
1, 2022, new local accounting standards based on IFRS-9 entered into force, approaching the convergence to IFRS international standards.
Therefore, the Bank's financial statements for the first quarter, second quarter and third quarter of 2022 and their summaries are not
comparable with the financial statements for the first quarter, second quarter, third quarter and fourth quarter of 2021. The financial
statements for those quarters and their summaries are presented jointly, only for illustrative purposes.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 41 |
Any reference to the “Balance Sheet”
or “Income Statement” contained in this document, should be understood as “Statement of Financial Position” and
“Statement of Comprehensive Income”, respectively.
In addition loan portfolio with credit risk stage
3 should be understood as what was previously understood as ”non-performing loan portfolio”.
Finally, references to the term “held-to-maturity
securities” should be understood as “financial instruments to collect principal and interest (values)”. The above is
consistent with the “Accounting Criteria applicable to credit institutions”.
The following table shows the accounting effects
of the initial recognition of IFRS-9 on retained earnings:
Banco Santander México, S.A. |
|
|
Summary of changes due to the initial recognition of 2022 accounting principles |
|
|
Million Pesos |
|
|
Concept |
|
Amount |
|
|
|
Preventive estimate for credit risks derived from the credit portfolio rating according to stages 1, 2 and 3 (a) |
|
(1,449)* |
Impairment estimate of governmental and Corporate financial instruments |
|
(239) |
Recognition of CVA of financial instruments |
|
(165) |
Recognition of FVA of financial instruments |
|
(265) |
Recognition of DVA of financial instruments |
|
924 |
Recognition of right-of-use assets |
|
5,036 |
Recognition of lease liabilities |
|
(5,610) |
Valuation of Foreclosed Assets, net |
|
(10) |
Commissions and costs by credit card – since their deferral is not allowed |
|
(44) |
Commissions and costs to accrue credits in stage 3 |
|
3 |
Total before tax |
|
(1,819) |
Deferred tax |
|
543 |
Net effect on retained earnings |
|
(1,276) |
|
|
|
|
|
|
*
Note: Include the following impacts that were charged agains capital, Ps.1,742 million in December 2021 due to the implementation of
the CUB requirements related to NIF C-16 and Ps.(293) million in September 2022 related to the implementation of NIF C-16 mortgage model.
Disclosure notes regarding the adoption of IFRS-9,
in accordance to regulatory requirements
Credit Risk: Loan Loss Reserves calculation
| (a) | Allowance for impairment losses according to the loan portfolio by stages 1, 2 and 3: |
In March 2020, the National Banking and Securities
Commission (CNBV2) published in the DOF3
the 123° Resolution, amending the General Provisions applicable to Credit Institutions (CUB4),
to align accounting
2 CNBV: Comisión
Nacional Bancaria y de Valores – Local Regulator
3 DOF: Diario Oficial
de la Federación – Official document where regulations, laws, etc. are published
4 CUB: Circular Única
de Bancos – Local Regulation
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 42 |
standards, as well as the classification and qualification of the credit portfolio, to IFRS-95,
based on the financial reporting criteria issued by the Mexican Council of Financial Reporting Standards, with a mandatory effective date
of January 1st 20226.
The foregoing implied changes in the methodologies
for the credit portfolio qualification under the Standardized Models, contained in the CUB, as well as in the internal model approach
(IRB7), for which the bank calculates it´s credit risk-weighted
assets. For the latter, internal models used for provisions’ calculation under NIF7 C-16 (local IFRS-9) must be implemented
within a period not exceeding 18 months from January 2022.
In addition, the credit portfolio has to be classified
into three categories (stages), based on the performance of their credit risk from the time they were granted. Stages replace the previous
performing / non-performing Loan classification. Stages are assigned based on the following criteria:
| · | Stage 1: Includes loans without significant
credit risk increase since origination; loans with days past due8 less than or equal to 30 days. |
The Loan Loss Reserve is calculated
considering 12-month expected credit losses.
| · | Stage 2: Includes loans with significant
increase in credit risk since origination; loans with days past9 due greater than 30 days and below 90 days, as well as customers
that are classified in this Stage by the Portfolio Manager, using qualitative criteria evaluated in accordance with the Bank’s internal
operations classification policies. |
The calculated Reserve is based on the
remaining life of the credit (lifetime), in addition a discount factor in the calculation of Loan Loss Reserve is considered.
| · | Stage 3: Includes loans in default, with
days past due10 greater or equal to 90 days, as well as loans transferred to default by the Portfolio Manager, based on the
assessment over quality deterioration, in addition to the Bank’s internal operations classification policies guidelines. |
The calculated Reserve considers
a probability of default equal to 100%.
In Addition to the changes related to IFRS 9, regulations
include the following changes in the portfolio classification methodology:
| · | Change in days considered for the classification
in Stage 3 (formerly Non-performing Loans) of revolving credits (Credit Cards and Ágil), from 60 days (previous criteria) to 90
days; |
| · | The Loan Loss Reserves calculation for the Motorcycles
portfolio must consider the Durable Consumer Goods Portfolio model, previously being calculated with the Car Loans model; |
| · | Change in the Loss Given Default (LGD) for the
commercial portfolio, recognizing an increase in the parameter based on the elapsed time in Stage 3; |
| · | Previously, the accrued interests of customers
classified as Non-performing loans had to be reserved at a 100%, with the new regulations, they must be reserved at the same coverage
level as the rest of the contract. |
Finally, Banco Santander has a plan to comply with
the CUB requirements regarding the implementation of internal models for provisions under NIF C-16. Until the implementation of these
provisions models, the capital requirement calculation for the IRB portfolios have and will use the current parameters of the internal
IRB models, considering an escalation factor (multiplicative add-on) for credits classified in Stage 2.
5 IFRS 9: International
Financial Reporting Standards 9
6 Originally, the implementation
was in January 2021, however, in December 2020, the effective date was postponed to January 2022.
7 IRB: Internal Rating
Based
7 NIF: Normas de Información
Financiera (Financial Reporting Standards)
8 Days of delay <
= 30 for commercial portfolio. For retail portfolio, ACT/ATR applies <=1,:
ATR: Monthly number of unpaid payable
bills for non-revolving portfolios and
ACT: Number of consecutive defaults
for the revolving portfolio (credit card)
9 30 < Days of delay
< 90 for commercial portfolio. For retail portfolio applies 1 < ACT/ATR <=3.
10 Days of delay >=90
for commercial portfolio. For retail portfolio applies 1 < ACT/ATR > 3
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 43 |
The impacts in Reserves due to the implementation
of the CUB requirements related to
IFRS 9 which were charged against capital were as follows:
|
NIF C-16 Implementation |
|
NIF C-16 Mortgage Model |
|
|
Entity |
Reserve
Dec-21 |
Reserve
NIF C-16 Dec-21 |
Variation |
|
Reserve
Sep-22 |
Reserve
NIF C-16 Sep-22 |
Variation |
|
Total
Variation |
Banco Santander México, S.A. |
15,434.60 |
17,011.58 |
1,576.97 |
|
12,809.86 |
12,516.81 |
(293.05) |
|
1,283.92 |
Santander Consumo, S.A. |
7,973.01 |
8,138.49 |
165.48 |
|
8,946.31 |
8,946.31 |
0.00 |
|
165.48 |
Santander Inclusión Financiera |
32.94 |
32.73 |
(0.21) |
|
45.07 |
45.07 |
0.00 |
|
(0.21) |
Total |
23,440.55 |
25,182.80 |
1,742.25 |
|
21,801.24 |
21,508.19 |
(293.05) |
|
1,449.19 |
XI.Notes to Consolidated Financial
Statements
§ Significant
accounting policies
§ Earnings
per share
§ Consolidated
statement of financial position by Segments
§ Consolidated
statements of comprehensive income by Segments
§ Annex
1. Loan portfolio rating
§ Annex
2. Financial ratios according to CNBV
§ Notes
to consolidated financial statements
The information contained in this report and the
financial statements of the Bank subsidiaries may be consulted on the Internet website: www.santander.com.mx
or through the following direct access:
http://www.santander.com.mx/ir/english/financial/quarterly.html
There is also information on Santander México
on the CNBV website: https://www.gob.mx/cnbv
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 44 |
Significant accounting policies
Changes in Accounting Criteria issued by the
CNBV
Entry into force of the new accounting pronouncements:
On December 27, 2017, a Resolution was published
in the Official Gazette of the Federation (DOF by its Spanish acronym) that modifies to the Accounting Criteria issued by the Commission,
in order to incorporate certain Mexican Financial Reporting Standards (MFRS) issued by the Mexican Financial Reporting Standards Board
(CINIF by its acronym in Spanish) to the accounting criteria issued by Comision Nacional Bancaria y de Valores. The effective date of
this resolution was January 1, 2019.
Subsequently, on November 15, 2018, an amending
Resolution was published to the Resolution mentioned in the previous paragraph in order to extend the term of its application to January
1, 2020 so that credit institutions were able to adjust their credit systems accounting information. On November 4, 2019, the Commission
announced the decision to extend the entry into force of this Resolution to January 1, 2021.
In the same way, on March 13, 2020, the Commission
published a Resolution that modifies the Accounting Criteria applicable to credit institutions, the update was made to be consistent with
Mexican Financial Reporting Standards and International Financial Reporting Standards, which will allow institutions having transparent
and comparable financial information with other countries. The entry into force of this Resolution was to be on January 1, 2021.
On April 8, 2020, the Commission, through a press
release, decided, due to the contingency derived from the COVID-19 pandemic, to defer to January 1, 2022, the entry into force of the
Resolution published in the Official Gazette of the Federation on March 13, 2020, which was scheduled for January 1, 2021.
In relation to the participants of the derivative
contracts market, an amending Resolution was published on November 9, 2020 in the Official Gazette of the Federation where the term of
its application is extended to January 1, 2023 so that the clearinghouses and clearing members are able to adjust their accounting information
systems.
On December 4, 2020, as a consequence of the COVID-19
pandemic in which credit institutions reduced their operational capacity and human resources, the Commission decided to issue a Resolution
through which it postponed the entry into force as of January 1, 2022 of all the Resolutions to the Accounting Criteria mentioned above.
Finally, on December 30, 2021, the Commission issued
a Resolution that modifies the Accounting Criteria A-2 Application of particular standards, A-3 Application of general standards, B-1
Cash and cash equivalents, B-6 Loan Portfolio, B- 7 Foreclosed assets and Series D Criteria related to the basic financial statements.
The objective of these modifications issued by the Commission is to make some clarifications in certain Accounting Criteria so that the
credit institutions have clarity, security and consistency in the application of said criteria derived from the feedback process and monitoring
of the implementation of the modifications. of the Accounting Criteria by credit institutions.
Mexican Financial Reporting Standards Board
issued by the CINIF
The MFRS that are incorporated into the Accounting
Criteria, either by modification or adoption and, which entered into force on January 1, 2022, are the following:
MFRS B-5 Financial information by segments
This MFRS establishes both the criteria to identify
the segments subject to reporting of an entity, as well as the standards for disclosure of the financial information of said segments;
likewise, it establishes disclosure requirements for certain information of the economic entity as a whole.
The Commission indicates in Accounting Criteria
A-2 certain considerations in the application of this MFRS.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 45 |
MFRS B-11 Disposal of long-lived assets and
discontinued operations
This MFRS establishes the standards for valuation,
presentation and disclosure in the disposal of long-lived assets and discontinued operations.
The Commission indicates in Accounting Criteria
A-2 certain considerations in the application of this MFRS.
MFRS B-12 Compensation of financial assets and
financial liabilities
This MFRS establishes the rules related to the
compensation rights that must be considered to present a financial asset and a financial liability for their compensated amount in the
statement of financial position, as well as what are the characteristics that the intention to carry out the compensation must meet, based
on the principle that a financial asset and a financial liability must be presented at their offset amount as long as the future cash
flow of their collection or settlement is net.
MFRS B-17 Fair value determination
This MFRS establishes the standards for the determination
of the fair value and its disclosure. It also indicates that fair value must use assumptions that market participants would use when setting
the price of an asset or liability under current market conditions at a given date, including assumptions about risk. In this sense, it
clarifies what the particular asset or liability that is being valued should consider, if it is monetary and if it is used in combination
with other assets or on an independent basis, the market in which it would take place for the asset or liability. and the appropriate
valuation technique(s) for determining fair value, as well as maximizing the use of relevant observable inputs and minimizing unobservable
inputs.
The Commission indicates in Accounting Criteria
A-2 certain considerations in the application of this MFRS.
MFRS C-2 Investment in financial instruments
This MFRS establishes the valuation, presentation
and disclosure standards for the initial and subsequent recognition of the investment in financial instruments in the financial statements
of an economic entity. Additionally, it indicates the classification of the financial instruments in which it is invested, ruling out
the concept of intention to acquire and the use of an investment in a debt or capital financial instrument to determine its classification.
The business model concept of managing investments
in financial instruments is adopted to obtain cash flows, which may be obtaining a contractual return on a financial instrument, by collecting
contractual returns and/or selling or obtaining profits for their purchase and sale, in order to classify the various financial instruments.
This allows aligning the valuation of investments in financial instruments with the real strategic management of the business and not
with an intention that may not be valid later.
The Commission indicates in Accounting Criteria
A-2 certain considerations in the application of this MFRS.
MFRS C-3 Accounts receivable
This MFRS establishes the valuation, presentation
and disclosure standards for the initial and subsequent recognition of trade accounts receivable and other accounts receivable in the
financial statements of an economic entity. Specifies that accounts receivable that are based on a contract represent a financial instrument.
The Commission indicates in Accounting Criteria
A-2 certain considerations in the application of this MFRS
MFRS C-9 Provisions, contingencies and commitments
This MFRS establishes the standards for the accounting
recognition of provisions in the financial statements of entities, as well as the standards for disclosing contingent assets, contingent
liabilities and commitments.
The Commission indicates in Accounting Criteria
A-2 certain considerations in the application of this MFRS.
MFRS C-10 Derivative financial instruments and
hedging relationships
This MFRS establishes the valuation, presentation
and disclosure standards for the initial and subsequent recognition of derivative financial instruments and hedging relationships in the
financial statements of an economic entity. It focuses mainly on establishing that the hedging relationships must be aligned with the
entity's risk management strategy and the fulfillment of the objectives of said strategy.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 46 |
Some aspects of the abrogated Accounting Criteria
B-5 Derivatives and hedging operations remain in this MFRS.
The Commission indicates in Accounting Criteria
A-2 certain considerations in the application of this FRS.
MFRS C-13 Related parties
The purpose of this MFRS is to establish the particular
disclosure standards applicable to operations with related parties. The foregoing to highlight the possibility that the financial statements
could be affected or be affected in the future by the existence of related parties, as well as by the operations carried out and the outstanding
balances with them.
The Commission indicates in Accounting Criteria
A-2 certain considerations in the application of this MFRS.
MFRS C-14 Transfer and derecognition of financial
assets
This MFRS establishes the standards related to
the accounting recognition of transfers and derecognition of financial assets other than cash, such as financial instruments receivable
and negotiable financial instruments, as well as the presentation in the financial statements of said transfers and the related disclosures.
The Commission indicates in Accounting Criteria
A-2 certain considerations in the application of this MFRS.
MFRS C-16 Impairment of financial instruments
receivable
This NIF establishes the standards for valuation,
accounting recognition, presentation and disclosure of impairment losses on financial instruments receivable. The purpose of this standard
is to properly indicate when and how an expected impairment loss should be recognized, instead of indicating only that different quantifiable
future events should be foreseen; therefore, it establishes methodologies to improve financial information and the comparability of the
recognition of expected losses.
The Commission indicates in Accounting Criteria
A-2 certain considerations in the application of this MFRS.
MFRS C-19 Financial instruments payable
This MFRS establishes the valuation, presentation
and disclosure standards for the initial and subsequent recognition of financial instruments payable in the financial statements of an
economic entity.
The Commission indicates in Accounting Criteria
A-2 considerations in the application of this MFRS.
MFRS C-20 Financial instruments to collect principal
and interest
This MFRS establishes the valuation, presentation
and disclosure standards for the initial and subsequent recognition of financial instruments to collect principal and interest in the
financial statements of an economic entity that performs financing activities.
The Commission indicates in Accounting Criteria
A-2 certain considerations in the application of this MFRS.
MFRS C-22 Cryptocurrencies
This MFRS establishes the valuation, presentation
and disclosure standards for the recognition in the financial statements of an entity:
| b) | cryptocurrency mining fees; and |
| c) | cryptocurrencies that you do not own, but that you hold in
your custody. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 47 |
Likewise, it aims to establish the rules for determining
the fair value of the cryptocurrencies in which the financial instruments receivable or payable recognized based on MFRS C-3, MFRS C-20
or MFRS C-19 are denominated, as appropriate.
The Commission indicates in Accounting Criterion
A-2 certain considerations in the application of this MFRS
MFRS D-1 Income from contracts with customers
This MFRS establishes the standards for the valuation,
presentation and disclosure of income incurred to obtain or fulfill contracts with customers. The basic principle of this NIF is that
an entity must recognize income when it transfers control over the agreed goods or services to customers, in exchange for the amount that
reflects the consideration to which an entity considers it is entitled in exchange for goods or services.
MFRS D-2 Costs for contracts with customers
This MFRS establishes the standards for the valuation,
presentation and disclosure of costs arising from contracts with customers. In particular, it establishes the rules for recognizing the
costs to obtain a contract with a client and the costs to fulfill a contract with a client, if said costs are not within the scope of
another MFRS.
MFRS D-5, Leases
This MFRS establishes the standards for the valuation,
presentation and disclosure of leases in the financial statements of an economic entity, either as a lessee or as a lessor. In this sense,
it introduces a single model for recognition of leases by the lessee and requires the latter to recognize the assets and liabilities of
all leases with a duration of more than 12 months, unless the underlying asset is of low value. It is required to recognize a right-of-use
asset that represents its right to use the underlying leased asset and a lease liability that represents its obligation to make lease
payments.
The Commission indicates in Accounting Criterion
A-2 certain considerations in the application of this MFRS.
Accounting Criteria issued by the Commission
The main changes in the Accounting Criteria issued
by the Commission that entered into force on January 1, 2022 were the following:
| · | Accounting Criteria B-2
Investments in securities, B-5 Derivatives and hedging operations, B-11 Collection rights, C-1 Recognition and derecognition of financial
assets, C-3 Related parties and C-4 Information by segments were repealed, and then the corresponding MFRS came into force, the same as
described above. |
| · | The names were changed
and the Accounting Criteria D-1 Statement of financial position (previously "Balance Sheet"), D-2 Statement of comprehensive
income (previously "Income Statement"), D-3 Statement of changes in the stockholders' equity (previously "Statement of
changes in stockholders' equity") and D-4 Statement of cash flows were adapted. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 48 |
In particular, the following Accounting Criteria
were modified:
Accounting Criteria A-2 Application of particular
standards
| · | In relation to the requirements
for consolidation of financial statements referred to in MFRS B-8 Consolidated or Combined Financial Statements, the exemption
for investment funds regarding the uniform recognition of accounting criteria for credit institutions is eliminated in relation to the restatement of financial statements, in accordance with the provisions of MFRS B-10 Effects of Inflation. |
| · | It is indicated that in
the application of MFRS B-15, the exchange rate to be used to establish the equivalence of the national currency with the US dollar, will
be the exchange rate at the closing of the day on the date of transaction or preparation of the financial statements, as appropriate,
published by the Bank of Mexico instead of the FIX exchange rate. |
| · | The obligation to disclose
the historical amount of capital stock at the bottom of the statement of financial position is eliminated. |
| · | In relation to the requirements
for the application of the equity method referred to in MFRS C-7, the exemption for investment funds regarding the uniform recognition
of accounting criteria for credit institutions is eliminated in relation to the restatement of financial statements, in accordance with
the provisions of MFRS B-10. |
| · | The requirement to present
the liability generated by employee benefits within the caption "Other accounts payable" is eliminated. It will now be presented
in a separate line item in the statement of financial position. |
| · | The requirement to
disclose the form or the calculation bases used to calculate the income taxes caused and determine the PTU is eliminated. Accounting
Criteria A-3 Application of general standards |
Accounting Criteria A-3 Application of general
standards
| · | The obligation to reclassify
as overdue debt and the simultaneous constitution of an estimate for irrecoverability or difficult collection for its total amount is
eliminated for those settlement accounts in which the amount receivable is not realized within 90 calendar days after the date they were
registered. |
| · | The estimate of expected
credit losses corresponding to the amounts receivable in clearing accounts must be determined in accordance with the provisions of MFRS
C-16. |
| · | The balance of the debit
and credit settlement accounts may be offset in terms of the provisions of the offset rules provided for in MFRS B-12. |
| · | Additional disclosures
are required regarding the Updated Price for Valuation that is provided by the price supplier in determining the fair value, in addition
to what is indicated in the Accounting Criteria or the corresponding MFRS. |
Accounting Criteria B-1 Cash and Cash Equivalents
| · | The name of the Accounting
Criteria is modified. It was called "Availabilities". |
| · | The definitions of: Cash,
Cash Equivalents and Highly Liquid Financial Instruments are incorporated. |
| · | Deposits in financial entities
represented or invested in securities that do not meet the assumptions set forth in this Accounting Criteria will be subject to MFRS C-2. |
| · | Cash should be initially
recognized at its nominal value, while all cash equivalents, on initial recognition, should be valued at fair value. The returns generated
by cash and cash equivalents will be recognized in the results of the year as they accrue. |
| · | Cash must be kept valued
at its nominal value, while cash equivalents must be valued at their fair value. |
| · | Highly liquid financial
instruments must be valued based on the provisions of the regulations on financial instruments, in accordance with the business model
that corresponds to each type of instrument. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 49 |
Accounting Criteria B-3 Repos
| · | The definition of: Financial
asset, Amortized cost, Effective interest method, Effective interest rate and Fair value is modified. |
| · | The definition of Equity
Instruments is eliminated, incorporating the definition of Capital Financial Instruments. |
| · | For purposes of compensation
between financial assets and liabilities, acting as the entity as reporting entity, the provisions of MFRS B-12 must be observed. |
| · | The requirement to disclose
the agreed rate in the relevant operations is incorporated. |
Accounting Criteria B-4 Securities Lending
| · | The definition of: Financial
asset, Amortized cost, Effective interest method, Effective interest rate and Fair value is modified. |
| · | The definition of Equity
Instruments is eliminated, incorporating the definition of Capital Financial Instruments. |
Accounting Criteria B-6 Loan Portfolio
| · | The collection rights acquired
by the entity that are in the cases provided for in this criterion are subject to MFRS C-20. |
| · | The definition of: Write-off,
Amortized cost, Credit, Commercial credits, Line of credit and unpaid balance is modified. |
| · | The definitions of: Portfolio
with credit risk stage 1, stage 2 and stage 3, Transaction costs, Collection rights, Effective interest method, Common risk, Effective
interest rate and unguaranteed residual value are added. |
| · | The definitions of: Troubled
Portfolio, Current Portfolio, Overdue Portfolio, Commission for granting credit and Purchase option at a reduced price are eliminated. |
| · | A section related to the
business model similar to that contained in IFRS 9 is incorporated. The business model refers to how the entity administers or manages
the credit portfolio to generate cash flows. That is, the entity's business model determines whether the cash flows will come from obtaining
contractual cash flows, from the sale of the loan portfolio, or from both. |
| · | The loan portfolio must
be recognized in terms of this criterion, if the objective of the business model is to preserve the loan portfolio to collect the contractual
cash flows and the terms of the contract foresee cash flows on pre-established dates, which correspond only to principal and interest
payments on the principal amount outstanding. If the foregoing is not met, it must be treated in accordance with the provisions of MFRS
C-2. |
| · | The entity must document
the tests it performs to determine that a loan or portfolio of loans complies with the assumption that the cash flows of the contract
correspond only to payments of principal and interest, or that, due to its characteristics, it should be valued at fair value. |
| · | The entity must periodically
evaluate, in accordance with its policies established for such purposes, the characteristics of its business model to classify the loan
portfolio based on its objective. The aforementioned policies must be duly documented. |
| · | In the initial recognition,
the price of the transaction must be quantified, which corresponds to the net amount financed. |
| · | The net amount financed
is that which results from adding or subtracting from the original amount of the credit, the insurance that would have been financed,
the transaction costs, commissions, interest and other items collected in advance. |
| · | The transaction price corresponds
to the fair value of the loan portfolio at initial recognition and will be the basis for applying the effective interest method with the
effective interest rate, that is, it is the basis for calculating the amortized cost of the portfolio for later recognition. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 50 |
| · | The balance in the credit
portfolio will be the amount effectively granted to the borrower, which will be recorded independently of the transaction costs and the
items collected in advance. |
| · | Transaction costs and items
collected in advance will be recognized as a deferred charge or credit, as appropriate, which will be amortized against results during
the life of the credit according to the effective interest rate. Previously, they were recorded as a deferred loan, which was amortized
against results under the straight-line method over the life of the loan. |
| · | The commissions charged
and transaction costs related to the granting of credit cards must be recognized directly in results at the time the credit is granted,
instead of being amortized in results over a period of 12 months. |
| · | Commissions collected and
transaction costs originating from a line of credit, will be recognized as a credit or a deferred charge, as appropriate, which will be
amortized against the results for the period corresponding to the term granted in the line of credit. Previously, they were amortized
against the results of the year under the straight-line method over a period of 12 months. |
| · | A section is included in
which the steps to follow to determine the effective interest rate are explained. |
| · | Loan portfolio acquisitions
should be recognized at fair value (transaction price) plus transaction costs on the date of agreement. Previously, they were recognized
on the acquisition date at their contractual value, adjusting the difference with respect to the acquisition price. |
| · | The balance of the acquired
portfolio is recorded separately from the transaction costs, which are recognized as a charge or deferred credit, as appropriate, which
are amortized against the results of the year during the life of the loan, in accordance with the effective interest rate. |
| · | The methodology for accounting
recognition in financial leasing operations is modified when the entity acts as lessor in which it will recognize at the beginning of
the contract within the loan portfolio, the contractual value of the leasing operation plus the non-guaranteed residual value that is
accumulated for the benefit of the lessor, against the cash outflow, and the financial income to be accrued will be recognized based on
the unpaid balance of the credit against the results of the year, under the heading of "Interest income" in accordance with
NIF D -5. |
| · | In financial factoring,
discount and assignment of credit rights operations, the financial income to be accrued will be recognized in the statement of comprehensive
income according to the effective interest rate, instead of under the straight-line method during the life of the credit. |
| · | In its subsequent recognition,
the loan portfolio must be valued at its amortized cost, which must include the increases due to the effective interest accrued, the decreases
due to the amortization of transaction costs and items collected in advance, as well as the decreases for the collection of principal
and interest and for the preventive estimate for credit risks. |
| · | The increase due to the
adjustment in the revaluation of the unpaid balance of loans denominated in Minimum Wage Times (VSM) or in the Unit of Measurement and
Updating (UMA) is recognized as part of the amortized cost as interest income against results. Previously, the adjustment was recognized
as a deferred credit that was amortized in income as interest income over a 12-month period. |
| · | The concept of current
portfolio and overdue portfolio is modified in order to have a methodology to rate the credit portfolio of credit institutions that incorporates
the best international practices. |
| · | The classification of the
credit portfolio by portfolio in stages 1, 2 or 3 is specified, including its transfer between these different stages, which allows better
control of the credit risk to which credit institutions are subject and establishes consistent with those risks, preventive estimates
for credit risks. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 51 |
| · | If the entity restructures
a loan with stage 1 and 2 credit risk, or partially settles it through a renewal, it calculates the profit or loss on the renegotiation
as follows: |
| a) | determines the book value of the credit without considering
the preventive estimate for credit risks; |
| b) | determines the new future cash flows on the restructured or
partially renewed amount, discounted at the original effective interest rate, and |
| c) | recognizes the difference between the book value and the cash
flows determined in subparagraph b above as a charge or deferred credit against the profit or loss for renegotiation of the loan portfolio
in the statement of comprehensive income. |
| · | The amount of the partially
restructured or renewed loan will serve as the basis for applying the original effective interest rate, which should only be adjusted,
where appropriate, to include transaction costs, commissions and other items collected in advance generated in the renegotiation. |
| · | Deferred items pending
amortization (transaction costs and items collected in advance), as well as those originating from the renegotiation, will be amortized
during the new loan term based on the effective interest rate. Previously, the commissions charged for loan restructuring or renewal were
added to the commissions charged for the granting as a deferred loan, which was amortized against the results of the year under the straight-line
method during the new term of the loan. |
| · | The determination of profit
or loss due to renegotiation is not applicable to credit cards, lines of credit, or loans with stage 3 credit risk. |
| · | If the entity renews a
credit, it will be considered that there is a new credit, so the previous credit must be canceled in the case of a total renewal. |
| · | Indicates the classification
and transfers of the renegotiated loan portfolio according to its categorization by level of credit risk. |
| · | Incorporates certain clarifications
in relation to the subject of sustained payment. |
| · | Clarifies that the accumulation
of interest accrued at the time the unpaid balance of the loan is considered as having stage 3 credit risk. Likewise, the balance pending
amortization of transaction costs, as well as items collected in advance and if any, the effect of profit or loss in renegotiation pending
amortization, are recognized against the results of the year. |
| · | The obligation to create
an estimate for an amount equivalent to the total accrued interest or financial income not collected at the time of transfer of the credit
as past-due portfolio is eliminated. |
| · | As long as the credit remains
in the portfolio with stage 3 credit risk, interest control will be carried out in memorandum accounts. In the event that the interests
recorded in memorandum accounts are forgiven or written off, they must be canceled from memorandum accounts without affecting the item
of the preventive estimate for credit risks. |
| · | The estimate of expected
credit losses corresponding to items directly related to the credit portfolio, such as court costs, as well as the undrawn balance of
lines of credit, must be constituted in accordance with the provisions of the Provisions. |
| · | It must be evaluated periodically
if a loan with stage 3 credit risk should remain in the statement of financial position, or be written off. In any case, there must be
evidence of the formal collection procedures that have been carried out, as well as the elements that prove the practical impossibility
of recovering the credit in accordance with the internal policies of the entity established in its credit manual. |
| · | The costs and expenses
incurred for the recovery of the credit portfolio must be recognized as an expense within the caption "Other income (expenses) of
the operation" of the income statement. |
| · | Loan portfolio sales will
comply with the provisions of MFRS C-14. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 52 |
Accounting Criteria B-7 Foreclosed assets
| · | The definition of Foreclosed
Assets is modified. |
| · | The definitions of: Disposal
cost and Net realizable value are added. |
| · | What should be considered
as the recognition value of the foreclosed assets is modified. |
| · | It is specified that the
difference between the value of the asset that gave rise to the award, net of estimates, and the recognition value of the determined foreclosed
asset, will be recognized in the results of the year as "Other income (expenses) of the operation". |
| · | Maintains the rules related
to the amount of the estimate that recognizes signs of impairment due to potential losses in value due to the passage of time of the foreclosed
assets. |
Accounting
Criteria B-8 Guarantees
| · | The definitions of: Guarantee,
Commitment and Onerous Contract are added. |
| · | Income from commissions
from the granting of guarantees will be recognized in the results of the year in accordance with the provisions of MFRS D-1, instead of
when they accrue. |
Accounting
Criteria B-9 Custody and administration of assets
| · | Virtual assets are included
within the definition of Goods subject to custody or administration. |
| · | The definitions of: Acquisition
cost and Fair value are modified. |
| · | Income from custody or
administration services will be recognized in the results of the year in accordance with the provisions of MFRS D-1, instead of when they
accrue. |
Accounting Criteria B-10 Trusts
| · | Income from trust management
will be recognized based on the provisions of MFRS D-1. |
Accounting Criteria C-2 Securitization
operations
| · | The definitions of: Financial
asset, Assignor (Transfer), Assignee (Receiver), Financial liability and Fair value are modified. |
| · | The definition of Equity
Instruments is eliminated, incorporating the definition of Capital Financial Instruments. |
| · | The definition of Continuous
Involvement is incorporated. |
References
to MFRS C-14 are included, which must be considered for derecognition and transfer of financial instruments.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 53 |
Earnings per share
Earnings per ordinary share and earnings per diluted share |
(Millions of pesos, except shares and earnings per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 2022 |
|
September 2021 |
|
September 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shares |
Earnings |
|
|
shares |
Earnings |
|
|
shares |
Earnings |
|
Earnings |
-weighted- |
per share |
|
Earnings |
-weighted- |
per share |
|
Earnings |
-weighted- |
per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
20,199 |
6,781,322,904 |
2.98 |
|
12,835 |
6,775,305,492 |
1.89 |
|
14,674 |
6,776,735,033 |
2.17 |
|
|
|
|
|
|
|
|
|
|
|
|
Treasury stock |
|
5,671,453 |
|
|
|
11,688,865 |
|
|
|
10,259,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
20,199 |
6,786,994,357 |
2.98 |
|
12,835 |
6,786,994,357 |
1.89 |
|
14,674 |
6,786,994,357 |
2.16 |
|
|
|
|
|
|
|
|
|
|
|
|
Plus loss / less (profit): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
Continued fully diluted earnings per share |
20,199 |
6,786,994,357 |
2.98 |
|
12,835 |
6,786,994,357 |
1.89 |
|
14,674 |
6,786,994,357 |
2.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance outstanding shares as of September 30th, 2022 |
6,781,322,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 54 |
Consolidated statement of financial position by Segments |
|
|
Million pesos |
|
|
|
|
As of September 30, 2022 |
|
As of September 30, 2021 |
|
Retail Banking |
Corporate & Investment Banking |
Corporate Activities |
|
Retail Banking |
Corporate & Investment Banking |
Corporate Activities |
Assets |
|
|
|
|
|
|
|
Funds available |
0 |
0 |
0 |
|
42,809 |
34,803 |
19,185 |
Cash and cash equivalents |
45,106 |
24,817 |
7,198 |
|
0 |
0 |
0 |
Margin accounts (derivatives financial instruments) |
0 |
5,039 |
0 |
|
0 |
3,938 |
0 |
Investment in securities |
0 |
0 |
0 |
|
0 |
132,857 |
378,484 |
Investments in financial instruments |
0 |
91,728 |
341,009 |
|
0 |
0 |
0 |
Debtors under sale and repurchase agreements |
0 |
224,118 |
0 |
|
0 |
16,493 |
0 |
Derivatives financial instruments |
0 |
252,394 |
16,162 |
|
0 |
188,043 |
10,212 |
Valuation adjustment for hedged financial assets |
0 |
0 |
(44) |
|
0 |
0 |
89 |
Total loan portfolio |
676,444 |
125,875 |
0 |
|
621,898 |
93,861 |
0 |
(+/-) Deferred items |
2,129 |
51 |
0 |
|
0 |
0 |
0 |
Allowance for loan losses |
(20,677) |
(821) |
0 |
|
(20,598) |
(3,357) |
0 |
Loan portfolio (net) |
657,896 |
125,105 |
0 |
|
601,300 |
90,504 |
0 |
Other receivables (net) |
0 |
71,654 |
15,628 |
|
375 |
87,827 |
17,647 |
Foreclosed assets (net) |
436 |
0 |
0 |
|
118 |
0 |
0 |
Long-life assets held for sale or for distribution to owners |
0 |
0 |
1,586 |
|
0 |
0 |
0 |
Property, furniture and fixtures (net) |
10,743 |
1,144 |
287 |
|
10,200 |
1,162 |
271 |
Long-term investment in shares |
0 |
0 |
90 |
|
0 |
0 |
2,225 |
Deferred taxes and deferred profit sharing (net) |
0 |
0 |
0 |
|
0 |
0 |
19,423 |
Other assets |
0 |
0 |
0 |
|
2,183 |
1,683 |
7,307 |
Advance payments and other assets (net) |
868 |
669 |
2,905 |
|
0 |
0 |
0 |
Rights of use assets for property, furniture and equipment (net) |
4,871 |
510 |
128 |
|
0 |
0 |
0 |
Deferred income tax assets (net) |
0 |
0 |
21,008 |
|
0 |
0 |
0 |
Intangible assets (net) |
1,465 |
1,130 |
4,905 |
|
0 |
0 |
0 |
Goodwill |
1,735 |
0 |
0 |
|
0 |
0 |
0 |
Total assets |
723,120 |
798,308 |
410,862 |
|
656,985 |
557,310 |
454,843 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Deposits |
630,182 |
99,028 |
36,345 |
|
648,983 |
105,079 |
12,274 |
Credit instruments issued |
0 |
2,848 |
92,111 |
|
0 |
1,332 |
75,642 |
Interbank loans and other organizations |
15,574 |
2,250 |
8,622 |
|
14,252 |
41 |
19,548 |
Creditors under sale and repurchase agreements |
11,105 |
214,639 |
0 |
|
9,069 |
180,496 |
0 |
Collateral sold or pledged as guarantee |
0 |
199,271 |
0 |
|
0 |
20,841 |
0 |
Derivatives financial instruments |
0 |
256,109 |
3,614 |
|
0 |
187,632 |
9,328 |
Valuation adjustment of financial liabilities hedging |
0 |
0 |
(33) |
|
0 |
0 |
0 |
Lease liabilities |
5,499 |
570 |
143 |
|
0 |
0 |
0 |
Other payables |
28,676 |
113,963 |
1,875 |
|
35,648 |
130,595 |
1,243 |
Subordinated credit notes |
0 |
0 |
40,240 |
|
0 |
0 |
51,379 |
Employee benefits |
10,017 |
0 |
93 |
|
0 |
0 |
0 |
Deferred revenues and other advances |
265 |
0 |
0 |
|
736 |
0 |
0 |
Total liabilities |
701,318 |
888,678 |
183,010 |
|
708,688 |
626,016 |
169,414 |
Total stockholders’ equity |
69,595 |
24,123 |
65,566 |
|
63,155 |
22,284 |
79,581 |
Total liabilities and stockholders’ equity |
770,913 |
912,801 |
248,576 |
|
771,843 |
648,300 |
248,995 |
Consolidated balance sheet and consolidated income
statement by segment
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 55 |
Consolidated statements of comprehensive income by Segments |
Million pesos |
|
|
|
|
|
|
|
|
9M22 |
|
9M21 |
|
Retail Banking |
Corporate & Investment Banking |
Corporate Activities |
|
Retail Banking |
Corporate & Investment Banking |
Corporate Activities |
|
|
|
|
|
|
|
|
Net interest income |
47,598 |
4,059 |
406 |
|
42,921 |
3,526 |
592 |
Provisions for loan losses |
(10,287) |
2,772 |
- |
|
(14,533) |
(1,995) |
- |
Net interest income after provisions for loan losses |
37,311 |
6,831 |
406 |
|
28,388 |
1,531 |
592 |
Commission and fee income (net) |
14,361 |
1,440 |
(375) |
|
12,633 |
1,601 |
(12) |
Net gain (loss) on financial assets and liabilities |
967 |
2,540 |
(349) |
|
1,037 |
2,122 |
530 |
Other operating income |
(4,096) |
(404) |
(1,925) |
|
(1,979) |
32 |
227 |
Administrative and promotional expenses |
(26,372) |
(3,077) |
(554) |
|
(26,132) |
(3,446) |
(1,021) |
Operating income |
22,171 |
7,330 |
(2,797) |
|
13,947 |
1,840 |
316 |
Segment information has been prepared according
to the classifications used in Santander México at secondary level, based in the type of developed business:
Retail banking
The Retail Banking segment encompasses the entire
commercial banking and asset management business. Our Retail Banking segment’s activities include products and services for individuals,
private banking clients, SMEs, middle-market corporations and government institutions.
Corporate & Investment Banking
The Corporate & Investment Banking segment
reflects the returns on the corporate banking business, including managed treasury departments and the equities business. Our Corporate
& Investment Banking segment provides comprehensive products and services relating to finance, guarantees, mergers and acquisitions,
equity and fixed income, structured finance, international trade finance, cash management services, collection services and e-banking,
including structured loans, syndicated loans, acquisition financing and financing of investment plans, among others.
Corporate activities
The Corporate
Activities segment is comprised of all operational and administrative activities that are not assigned to a specific segment or product
mentioned above. The Corporate Activities segment includes the financial management division, which manages structural financial risks
arising from our commercial activities, mainly liquidity risk and interest rate risk, provides short- and long-term funding for our lending
activities and calculates and controls transfer prices for loans and deposits in local and foreign currencies. The financial management
division also oversees the use of our resources in compliance with internal and regulatory limits regarding liquidity and regulatory capital
requirements.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 56 |
Annex
1. Loan portfolio rating
Annex 1. Loan portfolio rating |
|
|
|
|
|
|
|
As of September 30th, 2022 |
|
|
|
|
|
|
Million pesos |
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
Category |
Loan Portfolio |
Commercial |
Non-revolving consumer loans |
Credit card and other revolving loans |
Mortgages |
Total |
|
|
|
|
|
|
|
Risk “A” |
773,891 |
1,303 |
407 |
2,631 |
414 |
4,755 |
Risk “A-1” |
713,841 |
1,057 |
269 |
1,396 |
326 |
3,048 |
Risk "A-2" |
60,050 |
246 |
138 |
1,235 |
88 |
1,707 |
Risk "B" |
80,553 |
639 |
1,437 |
850 |
196 |
3,122 |
Risk "B-1" |
42,739 |
83 |
794 |
483 |
72 |
1,432 |
Risk "B-2" |
16,091 |
20 |
415 |
190 |
72 |
697 |
Risk "B-3" |
21,723 |
536 |
228 |
177 |
52 |
993 |
Risk "C" |
26,134 |
294 |
429 |
1,001 |
1,094 |
2,818 |
Risk "C-1" |
12,620 |
193 |
172 |
388 |
204 |
957 |
Risk "C-2" |
13,514 |
101 |
257 |
613 |
890 |
1,861 |
Risk "D" |
14,053 |
897 |
287 |
1,676 |
1,635 |
4,495 |
Risk "E" |
9,057 |
1,869 |
1,821 |
1,137 |
905 |
5,732 |
Total rated portfolio |
903,688 |
5,002 |
4,381 |
7,295 |
4,244 |
20,922 |
|
|
|
|
|
|
|
Provisions created |
|
|
|
|
|
20,922 |
Complementary provisions |
|
|
|
|
|
576 |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
21,498 |
Notes: |
1. |
The figures used for rating and creation of allowance for loan losses, correspond to the ones as of the last day of the month of the balance sheet as of September 30th, 2022. |
2. |
Loan portfolio is rated according to
the methodology issued by the CNBV in chapter V of Title II of the General Rules Applicable to Credit Institutions, can be rated by internal
methodology approved by the CNBV.
We use the methodology established by
the CNBV, which have been incorporated or modified according to the following schedule:
As of September 2011, the Bank apply
the rules for rating the states and municipalities loan portfolio.
As of June 2013, the Bank apply the
new rules for rating the commercial loan portfolio.
As of October 2016, the Bank updated
the rules for rating the revolving consumer loan portfolio.
As of September 2017, the Bank updated
the rules for rating the non-revolving consumer and mortgage loan portfolios.
As of November 2018, the Bank began
to report the allowance for loans losses with their IRB methodology for middle-market and mortgages broker’s loans.
As of February 2020, the Bank concluded
the parallel exercise and began to report the allowance for loan losses with their internal ratings based (IRB) model for Corporate and
Investment Banking and Financial Institutions segments.
As of February 2020, the Bank informs
to the CNBV, the constitution of Ps.900 million additional provisions for the organic mortgage portfolio due to the coming-up implementation
of their internal rating base (IRB) model for that portfolio.
CNBV was informed about additional provisions
given the environment generated by COVID-19.
Credit Institutions use risk ratings:
A-1; A-2; B-1; B-2; B-3; C-1; C-2; D and E, to classify allowance for impairment losses according to the portfolio segment and percentage
of the provisions representing the outstanding balance of the loan, established in Section Fifth of “De la constitución
de reservas y su clasificación por grado de riesgo”, contained in chapter 5 of Title II of such regulation.
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 57 |
Annex 2. Financial ratios according to CNBV |
|
|
|
|
|
|
|
|
Percentages |
|
3Q22 |
2Q22 |
3Q21 |
|
9M22 |
9M21 |
|
|
|
|
|
|
|
|
Past due loans ratio |
|
2.01 |
2.56 |
2.85 |
|
2.01 |
2.85 |
|
|
|
|
|
|
|
|
Past due loans coverage |
|
133.58 |
121.19 |
117.56 |
|
133.58 |
117.56 |
|
|
|
|
|
|
|
|
Operative efficiency |
|
2.25 |
2.31 |
2.60 |
|
2.16 |
2.47 |
|
|
|
|
|
|
|
|
ROE |
|
20.50 |
16.92 |
11.92 |
|
16.86 |
10.53 |
|
|
|
|
|
|
|
|
ROA |
|
1.77 |
1.57 |
1.17 |
|
1.45 |
1.04 |
|
|
|
|
|
|
|
|
Capitalization ratio: |
|
|
|
|
|
|
|
Credit Risk |
|
29.22 |
30.53 |
32.62 |
|
29.22 |
32.62 |
Credit, Market and operational risk |
|
18.90 |
19.28 |
21.46 |
|
18.90 |
21.46 |
|
|
|
|
|
|
|
|
Liquidity |
|
93.07 |
94.32 |
102.20 |
|
93.07 |
102.20 |
|
|
|
|
|
|
|
|
NIM (Net Interest Margin) |
|
4.52 |
3.73 |
3.05 |
|
3.81 |
2.74 |
Note: ratios are prepared according to the general rules applicable
to financial information of credit institutions, issued by the CNBV, according to Annex 34.
NPL ratio = Balance of past due loans
portfolio as of the end of the quarter / Balance of loans portfolio as of the end of the quarter.
Coverage ratio= Balance of provision
for loan losses as of the end of the quarter / Balance of past due loans portfolio as of the end of the quarter.
Efficiency ratio = Administration and
promotion expenses of the quarter, annualized / Total Average Assets.
ROAE = Annualized quarterly net earnings/
Average stockholders’ equity.
ROAA = Annualized quarterly net earnings
/Total average assets.
Breakdown of capitalization ratio: (1)=Net
Capital/ Assets subject to credit risk. (2)=Net Capital / Assets subject to credit, market and operation risk.
Liquidity = Current Assets/ Current
Liabilities.
Where: Current Assets = Availabilities
+ securities for trade + securities available for sale.
Current liabilities= Demand deposits
+ bank loans and loans from other entities, payable on demand, + short term bank loans and loans from other entities.
NIM = Quarterly Net Interest Margin,
adjusted by annualized credit risks / Average interest-earning assets.
Where: Average interest-earning assets
= availabilities, investments in securities, transactions with securities and derivatives and loan portfolio.
Notes:
Average = ((Balance of the corresponding
quarter + balance of the previous quarter) / 2).
Annualized figures
= (Flow of the corresponding quarter * 4).
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 58 |
Notes to financial statements as of September 30th 2022 |
|
Million pesos, except for number of shares |
|
1. Investments in Financial Instruments |
|
Investments in Financial Instruments are constituted as follows: |
|
|
|
|
Book Value |
Negotiable financial instruments: |
|
Bank securities |
8,646 |
Government securities |
83,058 |
Shares |
2,772 |
|
94,476 |
|
|
Financial instruments to collect or sell: |
|
Government securities |
327,606 |
Private securities |
232 |
Shares |
570 |
|
328,408 |
|
|
|
|
Financial instruments to collect principal and interest (securities)(net): |
|
Government securities |
7,780 |
Government securities (special cetes) |
2,073 |
|
9,853 |
Total |
432,737 |
|
|
2. Sale and repurchase agreements |
The sale and repurchase agreements transactions are constituted as follows: |
|
Net balance |
Debit balances |
|
Bank securities |
2,500 |
Government securities |
221,618 |
Total |
224,118 |
|
|
Credit balances |
|
Bank securities |
5,077 |
Government securities |
220,413 |
Private securities |
254 |
Total |
225,744 |
|
(1,626) |
|
|
3. Investment in securities different to government securities |
At September 30th, 2022 the investments in debt securities with the same issuer (other than government), are less than 5% of the Institution’s net capital. |
|
|
|
|
4. Derivatives
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 59 |
4. Derivatives |
|
|
|
The nominal value of the different derivative financial instruments agreements for trading and hedging purposes, as of September 30th, 2022, are as follows: |
Trading: |
|
|
|
Swaps |
|
|
|
Interest rate |
7,871,514 |
|
|
Cross currency |
972,290 |
|
|
Equity |
450 |
|
|
|
|
|
|
Futures |
Buy |
|
Sell |
|
Interest rate |
18 |
|
- |
Foreign currency |
16,265 |
|
26,932 |
Index |
7 |
|
9 |
|
|
|
|
Forward contracts |
|
|
|
Foreign currency |
409,645 |
|
3,605 |
|
|
|
|
Options |
Long |
|
Short |
Interest rate |
63,314 |
|
105,001 |
Foreign currency |
83,290 |
|
88,312 |
Indexes |
227 |
|
2,014 |
Equity |
2,554 |
|
3,368 |
|
|
|
|
Total trading derivatives |
9,419,574 |
|
229,241 |
|
|
|
|
Hedging: |
|
|
|
Cash flow |
|
|
|
Cross currency swaps |
12,825 |
|
|
Foreign Exchange Forwards |
60,372 |
|
|
|
|
|
|
Fair value |
|
|
|
Interest rate swaps |
128,656 |
|
|
Cross currency swaps |
26,503 |
|
|
|
|
|
|
Total hedging derivatives |
228,356 |
|
|
|
|
|
|
Total derivative financial instruments |
9,647,930 |
|
229,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. Credit Portfolio by Sector |
V. Identification of the portfolio by stages of credit risk, as well as by type of credit and by type of currency. |
2022 |
|
|
Stage 1 |
Stage 2 |
Stage 3 |
Total |
|
|
|
|
|
|
By loan type: |
|
|
|
|
|
Commercial, financial and industrial loans |
|
350,924 |
14,594 |
4,587 |
370,105 |
Public sector loans |
|
80,128 |
3,024 |
- |
83,152 |
Mortgage loans |
|
191,067 |
9,114 |
7,523 |
207,704 |
Installment loans to individuals |
|
134,104 |
3,270 |
3,984 |
141,358 |
Revolving consumer credit card loans |
|
56,709 |
1,762 |
2,100 |
60,571 |
Non-revolving consumer loans |
|
77,395 |
1,508 |
1,884 |
80,787 |
|
|
756,223 |
30,002 |
16,094 |
802,319 |
|
|
|
|
|
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 60 |
5a. Loan Portfolio Stage 1 and Stage 2 |
The loan portfolio, by type of loan and currency, as of September 30th, 2022, is constituted as follows: |
|
|
|
|
|
|
|
|
|
|
Amount |
Stage 1 |
|
Pesos |
USA Dlls |
UDIS |
Euros |
Total |
|
|
|
|
|
|
|
Commercial or business activity |
|
273,245 |
59,567 |
2,469 |
796 |
336,077 |
Financial entities |
|
14,260 |
587 |
- |
- |
14,847 |
Government entities |
|
61,913 |
18,215 |
- |
- |
80,128 |
Commercial loans |
|
349,418 |
78,369 |
2,469 |
796 |
431,052 |
Consumer loans |
|
134,104 |
- |
- |
- |
134,104 |
Media and residential |
|
179,865 |
294 |
1,472 |
- |
181,631 |
Of social interest |
|
268 |
- |
- |
- |
268 |
Credits acquired from Infonavit or Fovissste |
|
9,168 |
- |
- |
- |
9,168 |
Mortgage loans |
|
189,301 |
294 |
1,472 |
- |
191,067 |
Total loan portfolio Stage 1 |
|
672,823 |
78,663 |
3,941 |
796 |
756,223 |
|
|
|
|
|
|
|
Stage 2 |
|
Pesos |
USA Dlls |
UDIS |
Euros |
Total |
|
|
|
|
|
|
|
Commercial or business activity |
|
12,401 |
2,193 |
- |
- |
14,594 |
Government entities |
|
3,024 |
- |
- |
- |
3,024 |
Commercial loans |
|
15,425 |
2,193 |
- |
- |
17,618 |
Consumer loans |
|
3,270 |
- |
- |
- |
3,270 |
Media and residential |
|
8,533 |
19 |
307 |
- |
8,859 |
Credits acquired from INFONAVIT or FOVISSSTE |
|
255 |
- |
- |
- |
255 |
Mortgage loans |
|
8,788 |
19 |
307 |
- |
9,114 |
Total loan portfolio Stage 2 |
|
27,483 |
2,212 |
307 |
- |
30,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6. Loan Portfolio Stage 3 |
|
|
|
Amount |
|
Pesos |
USA Dlls |
UDIS |
Total |
|
|
|
|
|
Commercial or business activity |
4,078 |
158 |
- |
4,236 |
Financial entities |
351 |
- |
- |
351 |
Commercial loans |
4,429 |
158 |
- |
4,587 |
Consumer loans |
3,984 |
- |
- |
3,984 |
Media and residential |
6,639 |
52 |
181 |
6,872 |
Of social interest |
5 |
- |
- |
5 |
Credits acquired from INFONAVIT or FOVISSSTE |
646 |
- |
- |
646 |
Mortgage loans |
7,290 |
52 |
181 |
7,523 |
Total loan portfolio Stage 3 |
15,703 |
210 |
181 |
16,094 |
|
The analysis of movements in non-performing loans from December 31st, 2021 to September 30th, 2022, is as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31st, 2021 |
|
|
|
16,391 |
|
|
|
|
|
|
|
|
|
|
|
Plus: Transfer from performing loan portfolio to non-performing loan portfolio |
28,068 |
|
|
|
|
|
|
|
|
|
|
|
|
Collections |
|
|
|
|
Cash |
629 |
|
|
|
Transfer to performing loan portfolio |
(14,998) |
|
|
|
Proceeds from foreclosure proceedings |
(348) |
|
|
|
|
|
|
|
|
|
Write-offs |
|
|
|
|
(13,648) |
Adjustment for exchange rate |
|
|
|
|
0 |
|
|
|
|
|
|
Balance as of September 30th, 2022 |
|
|
|
|
16,095 |
|
|
|
|
|
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 61 |
7. Allowance for loan losses |
|
|
|
|
|
|
|
The movement in the allowance for loan losses, from January 1st to September 30th, 2022, is as follows: |
|
|
|
|
|
|
|
|
Balance as of January 1st, 2022 |
23,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
7,515 |
|
|
|
|
|
|
Write-offs |
(13,569) |
|
|
|
|
|
|
Foreign exchange result |
2,929 |
|
|
|
|
|
|
Initial adoption of accounting criteria |
1,449 |
|
|
|
|
|
|
Balance as of September 30th 2022 |
21,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The table below presents a summary of write-offs by type of product as of September 30th, 2022: |
|
|
|
|
|
|
|
|
Product |
Charge-offs |
|
Debit Relieves |
|
Total |
|
% |
|
|
|
|
|
|
|
|
First quarter |
|
|
|
|
|
|
|
Commercial loans |
1,865 |
|
119 |
|
1,984 |
|
39.0 |
Mortgage loans |
375 |
|
36 |
|
411 |
|
8.1 |
Credit card loans |
1,271 |
|
77 |
|
1,348 |
|
26.5 |
Consumer loans |
1,327 |
|
22 |
|
1,349 |
|
26.5 |
Total |
4,838 |
|
254 |
|
5,092 |
|
100.0 |
|
|
|
|
|
|
|
|
Second quarter |
|
|
|
|
|
|
|
Commercial loans |
1,161 |
|
109 |
|
1,270 |
|
30.0 |
Mortgage loans |
410 |
|
48 |
|
458 |
|
10.8 |
Credit card loans |
1,111 |
|
54 |
|
1,165 |
|
27.5 |
Consumer loans |
1,316 |
|
22 |
|
1,338 |
|
31.6 |
Total |
3,998 |
|
233 |
|
4,231 |
|
100.0 |
|
|
|
|
|
|
|
|
Third quarter |
|
|
|
|
|
|
|
Commercial loans |
799 |
|
89 |
|
888 |
|
20.9 |
Mortgage loans |
386 |
|
41 |
|
427 |
|
10.1 |
Credit card loans |
1,247 |
|
52 |
|
1,299 |
|
30.6 |
Consumer loans |
1,615 |
|
17 |
|
1,632 |
|
38.4 |
Total |
4,047 |
|
199 |
|
4,246 |
|
100.0 |
|
|
|
|
|
|
|
|
Accumulated 2022 |
|
|
|
|
|
|
|
Commercial loans |
3,825 |
|
317 |
|
4,142 |
|
30.5 |
Mortgage loans |
1,171 |
|
125 |
|
1,296 |
|
9.6 |
Credit card loans |
3,629 |
|
183 |
|
3,812 |
|
28.1 |
Consumer loans |
4,258 |
|
61 |
|
4,319 |
|
31.8 |
Total |
12,883 |
|
686 |
|
13,569 |
|
100.0 |
|
|
|
|
|
|
|
|
8. Problematic loans
8. Problematic loans |
Loans portfolio was graded according to the general provisions issued by the National Banking and Securities Commission. The management considers that problematic loans are the ones graded as “D” and “E”, due to their low possibility for the collection of the full amount of principal. |
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 62 |
9. Programs of benefits to bank debtors with the support of the Federal Government |
Breakdown of special CETES , of which Ps.2,073 million correspond to the early extinction of debtor support programs: |
|
|
|
Amount |
Government Securities |
|
|
|
Special CETES for housing loan debtor support programs |
|
2,161 |
|
|
|
|
Total securities held to maturity (no reserve) |
|
2,161 |
Minus- |
|
|
|
Reserve for Special CETES |
|
|
(88) |
Total securities held to maturity , net |
|
|
2,073 |
|
|
|
|
The remaining balance and expiration date Special Cetes that were not repurchased by the Federal Government and therefore the Financial Group holds in its balance sheet at September 30th, 2022, is as follows: |
|
|
Issue |
Trust |
Securities Number |
Due date |
Price (MXN) |
Amount |
|
B4-220707 |
422-9 |
0 |
07-jul-22 |
0 |
0 |
|
B4-270701 |
423-2 |
15,292,752 |
01-jul-27 |
141 |
2,161 |
|
B4-220804 |
431-2 |
0 |
04-aug-22 |
0 |
0 |
|
BC-220804 |
431-2 |
0 |
04-aug-22 |
0 |
0 |
|
|
|
|
|
|
2,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10. Average interest rates paid on deposits |
The average interest rates paid on deposits during September 2022, is as follow: |
|
Pesos |
|
USD |
Average balance |
436,106 |
|
71,950 |
Interest |
2,706 |
|
6 |
Rate |
2.43% |
|
0.03% |
|
|
|
|
11. Bank and other loans
11. Bank and other loans |
As of September 30th, 2022, banks and other loans are constituted as follows: |
|
|
|
|
|
|
|
Amount |
|
Average
Rate (%) |
|
Maturity |
Liabilities |
|
|
|
|
|
|
|
|
Loans in pesos |
|
|
|
|
|
|
|
|
|
|
|
Local bank loans |
47 |
|
9.62 |
|
To 5 years |
Public fiduciary funds |
17,223 |
|
8.98 |
|
From 1 day to 8 years |
Development banking institutions |
5,041 |
|
9.45 |
|
From 1 day to 14 years |
Total |
22,311 |
|
|
|
|
|
|
|
|
|
|
Loans in foreign currency |
|
|
|
|
|
|
|
|
|
|
|
Call money |
1,308 |
|
2.50 |
|
From 1 to 3 days |
Public fiduciary funds |
2,552 |
|
3.18 |
|
From 1 day to 9 years |
Development banking institutions |
89 |
|
4.53 |
|
From 1 to 9 months |
Total |
3,949 |
|
|
|
|
|
|
|
|
|
|
Total loans |
26,260 |
|
|
|
|
Accrued interests |
186 |
|
|
|
|
Total bank and other loans |
26,446 |
|
|
|
|
|
|
|
|
|
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 63 |
12. Current and deferred taxes |
|
|
|
|
|
Current taxes are composed as follows at September 30th, 2022 |
|
|
|
|
|
Income taxes |
5,224 |
|
Deferred taxes |
236 |
(1) |
Total Bank |
5,460 |
|
Current and-deferred taxes from other subsidiaries |
1,369 |
|
Total consolidated Bank |
6,829 |
|
|
|
|
(1) Deferred taxes are composed as follows: |
|
|
|
|
|
Global provision |
526 |
|
Fixed assets and deferred charges |
(404) |
|
Net effect from financial instruments |
(332) |
|
Accrued liabilities |
302 |
|
Others |
144 |
|
Total Bank |
236 |
(1) |
Allowance for loan losses of subsidiaries, net |
(628) |
|
Others, subsidiaries |
11 |
|
Total deferred tax, consolidated Bank |
(381) |
|
|
|
|
As of September 30th, 2022, deferred assets and deferred liabilities are registered at 100% |
|
|
|
|
|
Remainder of global provisions and allowances for loan losses |
9,454 |
|
Other |
11,554 |
|
Total deferred income tax (net) |
21,008 |
|
Deferred taxes registered in balance sheet accounts |
21,008 |
|
Deferred taxes registered in memorandum accounts |
0 |
|
|
|
|
13. Employee profit sharing |
|
As of September 30th, 2022, the deferred Employee profit sharing “EPS” is compromised as follows: |
|
|
Asset per deferred EPS: |
|
|
|
Allowance for loan losses deducting outstanding |
1,100 |
Fixed assets and deferred charges |
625 |
Accrued liabilities |
351 |
Capital losses carryforward |
514 |
Commissions and interests early collected |
147 |
Foreclosed assets |
82 |
Labor obligations |
139 |
Derivative financial transactions of exchange rate |
219 |
Net effect from financial instruments |
637 |
Deferred EPS asset: |
3,814 |
|
|
Deferred EPS liability: |
|
|
|
Advance payments |
(203) |
Deferred EPS liability |
(203) |
|
|
Less - Reserve |
(82) |
Deferred EPS asset (net) |
3,529 |
|
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 64 |
Table I.1
Form of disclosure of the capital integration
without considering the phase in in the application of regulatory adjustments
Reference |
Capital Description |
Capital |
|
Level 1 (CET 1) Ordinary capital: Instruments and reserves |
|
1 |
Ordinary shares that qualify for level 1 Common Capital plus corresponding premium |
34,702 |
2 |
Earnings from previous fiscal years |
86,590 |
3 |
Other elements of other comprehensive income (and other reserves) |
37,699 |
4 |
Capital subject to gradual elimination of level 1 ordinary capital (only applicable for companies that are not lined to shares) |
|
5 |
Ordinary shares issued by subsidiaries held by third parties (amount allowed in level 1 ordinary capital) |
|
6 |
Level 1 ordinary capital before adjustments to regulation |
158,991 |
|
Level 1 Ordinary capital: adjustments to regulation |
|
7 |
Adjustments due to prudential valuation |
|
8 |
Goodwill (net of its corresponding deferred profit taxes debited) |
2,404 |
9 |
Other intangibles other than rights to mortgage rights (net of its corresponding deferred profit taxes debited) |
7,264 |
10 |
Deferred taxes to profit credited relying on future income excluding those that derive from temporary differences (net of deferred profit taxes debited) |
0 |
11 |
Results of valuation of cash flow hedging instruments |
0 |
12 |
Reserves to be constituted |
0 |
13 |
Benefits surplus of securitization transactions |
0 |
14 |
Losses and gains caused for the changes in credit rating of liabilities assessed at a reasonable value |
0 |
15 |
Pension plan for defined benefits |
0 |
16 |
Investments in proprietary shares |
0 |
17 |
Reciprocal investments in ordinary capital |
0 |
18 |
Investments in capital of banks, financial institutions and insurance companies out of the reach of the regulation consolidation, net of short eligible positions, wherein the institution does not hold more than 10% of the issued capital (amount that exceeds the 10% threshold) |
18 |
19 |
Significant investments in ordinary shares of banks, financial institutions and insurance companies out of the scope of the regulation consolidation, nets of eligible short positions, wherein the institutions holds more than 10% of the issued capital (amount that exceeds the 10% threshold) |
0 |
20 |
Rights for mortgage services (amount exceeding the 10% threshold) |
0 |
21 |
Deferred taxes assets resulting from temporary differences (amount exceeding the 10% threshold, net of deferred taxes debited) |
6,007 |
22 |
Amount exceeding the 15% threshold. |
|
23 |
of which: significant investments wherein the institution holds more than 10% of ordinary shares of financial institutions |
|
24 |
of which: rights for mortgage services |
|
25 |
of which: Taxes to profit Deferred credited deriving from temporary differences |
|
26 |
National regulation adjustments |
39,147 |
A |
of which: Other elements of other comprehensive income (and other reserves) |
0 |
B |
of which: investments in subordinated debt |
0 |
C |
of which: profit or increase in the value of assets from the purchase of securitization positions (Originating Institutions) |
0 |
D |
of which: investments in multilateral entities |
0 |
E |
of which: investments in related corporations |
36,131 |
F |
of which: investments in risk capital |
0 |
G |
of which: Stakes on investments funds |
0 |
H |
of which: Funding for the purchase of proprietary shares |
0 |
I |
of which: Transactions in breach of provisions |
0 |
J |
of which: Deferred charges and installments |
2,511 |
K |
of which: Positions in First Losses Schemes |
0 |
L |
of which: Worker's Deferred Profit Sharing |
0 |
M |
of which: Relevant Related Persons |
0 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 65 |
N |
of which: Pension plan for defined benefits |
0 |
O |
of witch: Adjustment for capital acknowledgment |
0 |
P |
of which: investments in Clearing Houses |
505 |
27 |
Regulation adjustments that apply to level 1 common stock due to level 1 capital shortage and level 2 capital to cover deductions |
0 |
28 |
Total regulation adjustments to level 1 Common Capital |
58,318 |
29 |
Level 1 Common Capital (CET1) |
100,673 |
|
Level 1 additional capital: instruments |
|
30 |
Instruments directly issued that qualify as level 1 additional capital, plus premium |
14,089 |
31 |
of which: Qualify as capital under the applicable accounting criteria |
14,089 |
32 |
of which: Qualify as liability under the applicable accounting criteria |
|
33 |
Capital instruments directly issued subject to gradual elimination of level 1 additional capital |
0 |
34 |
Instruments issued of level 1 additional capital and level 1 Common Capital instruments that are not included in line 5 issued by subsidiaries held by third parties (amount allowed at additional level 1) |
0 |
35 |
of which: instruments issued by subsidiaries subject to gradual elimination |
|
36 |
Level 1 additional capital before regulation adjustments |
14,089 |
|
Level 1 additional capital: regulation adjustments |
|
37 |
Investments in held instruments of level 1 additional capital |
|
38 |
Investments in reciprocal shares in level 1 additional capital instruments. |
|
39 |
Investments in capital of banks, financial institutions and insurance companies out of the scope of the regulation consolidation, net of short eligible positions, wherein the institution holds more than 10% of the issued capital |
|
40 |
Significant investments in ordinary shares of banks, financial institutions and insurance companies out of the scope of the regulation consolidation, nets of eligible short positions, wherein the institutions holds more than 10% of the issued capital |
|
41 |
National regulation adjustments |
0 |
42 |
Regulation adjustments that apply to level 1 common stock due to level 1 capital shortage and level 2 capital to cover deductions |
|
43 |
Total regulation adjustments to level 1 additional Common Capital |
0 |
44 |
Level 1 additional capital (AT1) |
14,089 |
45 |
Level 1 capital (T1 = CET1 + AT1) |
114,762 |
|
Level 2 capital: instruments and reserves |
|
46 |
Instruments directly issued that qualify as level 2 capital, plus premium |
26,151 |
47 |
Capital instruments directly issued subject to gradual elimination of level 2 capital. |
|
48 |
Level 2 capital instruments and level 1 Common Capital instruments and level 1 additional capital that has not been included in lines 5 or 34, which have been issued by subsidiaries held by third parties (amount allowed in level 2 completer capital) |
0 |
49 |
of which: instruments issued by subsidiaries subject to gradual elimination |
0 |
50 |
Reserves |
411 |
51 |
Level 2 capital before regulation adjustments |
26,562 |
|
Level 2 capital : regulation adjustments |
|
52 |
Investments in own instruments of level 2 capital |
|
53 |
Reciprocal investments in level 2 capital instruments |
|
54 |
Investments in capital of banks, financial institutions and insurance companies out of the scope of the regulation consolidation, net of short eligible positions, wherein the institution does not hold more than 10% of the issued capital (amount exceeding the 10% threshold) |
|
55 |
Significant investments in ordinary shares of banks, financial institutions and insurance companies out of the scope of the regulation consolidation, nets of eligible short positions, wherein the institutions holds more than 10% of the issued capital |
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 66 |
56 |
National regulation adjustments |
0 |
57 |
Total regulation adjustments to level 2 capital |
0 |
58 |
Level 2 capital (T2) |
26,562 |
59 |
Total stock (TC = T1 + T2) |
141,324 |
60 |
Total Risk Weighted Assets |
747,834 |
|
Capital reasons and buffers |
|
61 |
Level 1 Common Capital (as percentage of assets weighted by total risks) |
13.93% |
62 |
Level 1 Stock (as percentage of assets weighted by total risks) |
15.35% |
63 |
Total capital (as percentage of assets weighted by total risks) |
18.90% |
64 |
Institutional specific buffer (must at least consist of: the level 1 Common Capital requirement plus the capital maintenance buffer, plus the countercyclical buffer, plus D-SIB buffer; expressed as percentage of the total risk weighted assets) |
17.63% |
65 |
of which: Buffer of capital preservation |
2.50% |
66 |
of which: Buffer of specific bank countercyclical |
|
67 |
of which: Buffer of systematically important local banks (D-SIB) |
1.20% |
68 |
Level 1 Common Capital available for hedging the buffers (as percentage of total risk weighted assets) |
6.93% |
|
National minimums (if other than those of Basel 3) |
|
69 |
National minimum reason of CET1 (if different than the minimum established by Basel 3) |
|
70 |
National minimum reason of T1 (if different than the minimum established by Basel 3) |
|
71 |
National minimum reason of TC (if different than the minimum established by Basel 3) |
|
|
Amounts under the deduction thresholds (before weighting by risk) |
|
72 |
Non-significant investment in the capital of other financial institutions |
|
73 |
Significant investment in the capital of other financial institutions |
|
74 |
Rights for mortgage services (net of Deferred profit taxes debited) |
|
75 |
Deferred profit taxes credited derived from temporary differences (net of Deferred profit taxes debited) |
13,893 |
|
Applicable limits to the inclusion of reserves in level 2 capital |
|
76 |
Eligible reserves to be included in level 2 capital with respect to expositions subject to standardized methodology (prior application of limit) |
|
77 |
Limit in the inclusion of level 2 capital provisions under standardized methodology |
|
78 |
Eligible reserves for its inclusion on level 2 capital regarding exposure subject to credit risks (before the limit application). |
|
79 |
Limit in the inclusion of reserves in level 2 capital under internal rating methodology |
|
|
Capital instruments subject to gradual elimination (applicable only between January 1, 2018 and January 1, 2022) |
|
80 |
Current limit of CET1 instruments subject to gradual elimination |
|
81 |
Amount excluded from CET1 due to limit (excess over the limit after amortization and maturity periods) |
|
82 |
Current limit of AT1 instruments subject to gradual elimination |
|
83 |
Amount excluded from AT1 due to limit (excess over the limit after amortization and maturity periods) |
|
84 |
Current limit of T2 instruments subject to gradual elimination |
|
85 |
Amount excluded from T2 due to limit (excess over the limit after amortization and maturity periods) |
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 67 |
I.2
Notes to Table I.1 “Form of disclosure
of the capital integration without considering the phase in in the application of regulatory adjustments”
Reference |
Description |
1 |
Elements of capital contributed pursuant to fraction I item a) numbers 1) and 2) of Article 2 Bis 6 hereof |
2 |
Results from previous fiscal years and their corresponding updates. |
3 |
Capital reserves, net result, result per assessment of titles available for sale, accrued effect per conversion, result per assessment of cash flow, result from non-monetary assets holding, and the measuring balance from defined benefits to the employees considering on each concept its updates. |
4 |
Does not apply. The capital stock of credit institutions in Mexico is represented by representative certificates or shares. This concept only applies for entities where such capital is represented by representative certificates or shares. |
5 |
Does not apply for the capitalization scope in Mexico which is on a non-consolidated basis. This concept will only apply for entities with a consolidated scope. |
6 |
Sum of concepts 1 through 5. |
7 |
Does not apply. In Mexico the use of internal models for calculating capital requirements per market risk is not allowed. |
8 |
Goodwill, net of owed differed profit taxes pursuant to the provisions of fraction I item n) of Article 2 Bis 6 hereof. |
9 |
Intangibles, other than commercial credit, and if applicable to mortgage service rights, net of owed deferred profit taxes, pursuant to the provisions of fraction I item n) of Article 2 Bis 6 hereof. |
10* |
Credited deferred profit taxes from losses and fiscal credits pursuant to the provisions of fraction I item p) of Article 2 Bis 6 hereof. |
This is a more conservative approach than the one established by the Basel Committee on Banking Supervision in its document "Basel III: Global legal framework for the reinforcement of banks and banking systems" published on June 2011, given that it does not allow to set off with owed differed profit taxes. |
11 |
Result from assessment of cash flow hedging instruments corresponding to hedged entries that are not assessed at reasonable value. |
12* |
Reserves pending constitution pursuant to the provisions of fraction I item k) of Article 2 Bis 6 hereof. |
This is a more conservative approach than the one established by the Basel Committee on Banking Supervision in its document "Basel III: Global legal framework for the reinforcement of banks and banking systems" published on June 2011, given that deducts from level 1 common stock the preventive reserves pending constitution, according to the provisions of Chapter V of the Second Title hereof, as well as those constituted charged to accounting accounts that are part of the result entries or shareholders' equity and not only the positive difference between the Aggregate Expected Losses minus the Aggregate Admissible Reserves, in the event the Institutions use methods based in internal qualifications in the determination of their capital requirements. |
13 |
Benefits surplus of securitization transactions pursuant to the provisions of fraction I item c) of Article 2 Bis 6 hereof. |
14 |
Does not apply |
15 |
Investments made by the benefit pension fund defined corresponding to resources to which the Institution does not have unrestrictive or unlimited access. These investments are considered as net of the plan's liabilities and owed differed taxes to profit that correspond that have not been applied in any other regulatory adjustment. |
16* |
The amount of investment in any own action the institution acquires : in accordance with the provisions of the Act in accordance with the provisions of section I subsection d) of Article 2 Bis 6 of these provisions ; through rates predicted values of section I subsection e ) of Section 2 Bis 6 of these provisions and through investment in funds established in section I point i) of article 2 bis 6. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 68 |
|
This treatment is more conservative than the one established by the Committee on Banking Basel Supervision in its document " Basel III : A global regulatory framework for more resilient banks and banking systems " published in June 2011 because the deduction for this concept is made of common equity tier 1 capital , regardless of the level of capital which has been invested |
17* |
Investments, in capital of corporations, other than financial entities referred to by item f) of Article 2 Bis 6 hereof, that are in turn, directly or indirectly, shareholders of the institution itself, of the fund |
This is a more conservative approach to the one established by the Basel Committee on Banking Supervision in its documents "Basel III: Global regulatory framework for the reinforcement of banks and banking systems" published on June 2011 given that the deduction for this concept is made in the level 1 common stock, irrespective of the capital level where it has been invested, and in addition because any type of entity is considered, not only financial entities. |
18* |
Investments in shares, where the Institution owns up to 10% of the capital stock of the financial entities referred to by Articles 89 of the Law and 31 of the Law Regulating Financial Groups pursuant to the provisions of fraction I item f) of Article 2 Bis 6 hereof, including those investments made through investment funds referred to by fraction I item i) of Article 2 Bis 6. The previous investments exclude those made in the capital of development and promotion multilateral organizations of an international nature that have a credit Qualification assigned by any of the issuer's Qualifying Institutions, equal or greater than long term Risk Degree 2. |
This is a more conservative approach to the one established by the Basel Committee on Banking Supervision in its documents "Basel III: Global regulatory framework for the reinforcement of banks and banking systems" published on June 2011 given that the deduction for this concept is made in level 1 common stock, irrespective of the capital level in which it is invested, and additionally because it is deducted from the aggregate amount registered of the investments. |
19* |
Investments in shares, where the Institution owns up to 10% of the capital stock of the financial entities referred to by Articles 89 of the Law and 31 of the Law Regulating Financial Groups pursuant to the provisions of fraction I fraction f) of Article 2 Bis 6 hereof, including those investments made through investment funds referred to by fraction I item i) of Article 2 Bis 6. The previous investments exclude those made in development and promotion multilateral organizations of an international nature that have a credit Qualification assigned by any of the issuer's Qualifying institutions, equal or greater than long term Risk Degree 2. |
This is a more conservative approach to the one established by the Basel Committee on Banking Supervision in its documents "Basel III: Global regulatory framework for the reinforcement of banks and banking systems" published on June 2011 given that the deduction for this concept is made from level 1 common stock, irrespective of the level of capital where it has been investment, and additionally because the aggregate amount registered of investments is deducted. |
20* |
Mortgage service s rights shall be deducted from the aggregate amount registered in the event these rights exist. |
This is a more conservative approach to the one established by the Basel Committee on Banking Supervision in its documents "Basel III: Global regulatory framework for the reinforcement of banks and banking systems" published on June 2011 given that the aggregate amount registered of rights is deducted. |
21 |
Deferred taxes assets resulting from temporary differences minus the corresponding owed differed profit taxes not considered to set-off other adjustments, exceeding 10% of the difference between the reference 6 and the sum of references 7 through 20. |
22 |
Does not apply. Concepts were deducted from the aggregate capital. See notes of references 19, 20 and 21. |
23 |
Does not apply. Concepts were deducted from the aggregate capital. See note of references 19. |
24 |
Does not apply. Concepts were deducted from the aggregate capital. See note of reference 20. |
25 |
Does not apply. Concepts were deducted from the aggregate capital. See note of reference 21. |
26 |
National adjustments considered as the sum of the following concepts. |
A. |
The sum of the accrued effect for conversion and result for ownership of non-monetary assets considering the amount of each of these concepts with a sign different than the one considered to include them in reference 3, namely, if positive in this concept shall be entered as negatives and vice versa. |
B. |
Investments in subordinated debt instruments, pursuant to the provisions of fraction I item b) of Article 2 Bis 6 hereof. |
C. |
The amount resulting if on account of the purchase of securitization positions, the originating Institutions register a profit or increase in the value of their assets with respect to the assets previously registered in its balance, pursuant to the provisions of fraction I item c) of Article 2 Bis 6 hereof. |
D. |
Investments in capital of development or promotion multilateral organizations of an international nature pursuant to the provisions of fraction I item f) of Article 2 Bis 6 hereof, that have a credit Qualification assigned by any of the issuer's Qualifying Institutions, equal or better to long term Risk Degree 2. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 69 |
E. |
Investments in shares or corporations related to the Institution under the terms of Articles 73, 73 Bis and 73 Bis 1 of the Law, including the amount corresponding to investments in investment funds and investments indices pursuant to the provisions of fraction I item g) of Article 2 Bis 6 hereof. |
F. |
Investments made by development banking institutions in risk capital, pursuant to the provisions of fraction I item h) of Article 2 Bis 6 hereof. |
G. |
Investments in shares, other than fix capital, in listed investment funds wherein the Institutions holds more than 15 per cent of shareholder's equity of the aforementioned investment funds, pursuant to fraction I item i) of Article 2 Bis 6, that have not been considered in the preceding references. |
H. |
Any type of contribution which resources are destined to the purchase of shares in the financial group's holding company, of the other financial entities that comprise the group to which the Institution belongs or of the financial affiliates of the latter pursuant to the provisions of fraction I item l) of Article 2 Bis 6 hereof. |
I. |
Transactions that infringe the provisions, pursuant to the provisions of fraction I item m) of Article 2 Bis 6 hereof. |
J. |
Differed charges and early payments, net of owed differed profit taxes, pursuant to the provisions of fraction I item n) of Article 2 Bis 6 hereof. |
K. |
Positions pertaining to the First Losses Scheme where the risk is preserved or credit protection is provided up to a certain limit of a position pursuant to fraction I item o) of Article 2 Bis 6. |
L. |
Worker's participation in credited differed profits pursuant to fraction I item p) of Article 2 Bis 6 hereof. |
M. |
The added amount of Transactions Subject to Credit Risk owed by Relevant Related Persons pursuant to fraction I item r) of Article 2 Bis 6 hereof. |
N. |
The difference between the investments made by the benefit pension funds defined pursuant to Article 2 Bis 8 minus reference 15. |
O. |
Adjustment for the acknowledgment of Net Capital . The amount shown corresponds to the amount registered in box C1 of the form included in section II hereof. |
P. |
The investments or contributions, directly or indirectly, in the corporation's capital or in the trust estate or other type of similar figures that have the purpose to set off and liquidate Transactions executed in the stock market, except for such corporation's or trust's share in the former pursuant to item f) fraction I of Article 2 Bis 6. |
27 |
Does not apply. There are no regulatory adjustments for additional level 1 capital nor for ancillary capital. All regulatory adjustments are made from the level 1 common stock. |
28 |
Sum of lines 7 through 22, plus lines 26 and 27. |
29 |
Line 6 minus line 28. |
30 |
The amount corresponding to titles representing the capital stock (including its share sale premium) that had not been considered in Fundamental Capital and Capital Instruments, that meet the conditions established in fraction II of Article 2 Bis 6 hereof. |
31 |
Amount of line 30 qualified as capital under the applicable accounting standards. |
32 |
Does not apply. Instruments directly issued that qualify as additional level 1 capital, plus its premium are registered for accounting purposes as capital. |
33 |
Subordinated obligations computed as Non-Fundamental Capital, pursuant to the provisions of Article Third Transitory of Resolution 50th that amends the general provisions applicable to Credit Institutions, (Resolution 50th) |
34 |
Does not apply. See note to reference 5. |
35 |
Does not apply. See note to reference 5. |
36 |
Sum of lines 30, 33 and 34. |
37* |
Does not apply. Deduction is made in aggregate level 1 common capital. |
38* |
Does not apply. Deduction is made in aggregate level 1 common capital. |
39* |
Does not apply. Deduction is made in aggregate level 1 common capital. |
40* |
Does not apply. Deduction is made in aggregate level 1 common capital. |
41 |
National adjustments considered: |
|
Adjustment for the acknowledgment of Net Capital. The amount shown corresponds to the amount registered in box C2 of the form included in section II hereof. |
42 |
Does not apply. There are no regulatory adjustments for ancillary capital. All regulatory adjustments are made from the level 1 common stock. |
43 |
Sum of lines 37 through 42. |
44 |
Line 36, minus line 43. |
45 |
Line 29, plus line 44. |
46 |
The amount corresponding to titles representing the capital stock (including its share sale premium) that had not been considered in Capital Fundamental nor in Non-Fundamental Capital and Capital Instruments, that comply with Exhibit 1-S hereof pursuant to the provisions of Article 2 Bis 7 hereof. |
47 |
Subordinated obligations computed as ancillary capital, pursuant to the provisions of Article Third Transitory, of Resolution 50th |
48 |
Does not apply. See note to reference 5. |
49 |
Does not apply. See note to reference 5. |
50 |
Preventive estimations for credit risk up to a sum of 1.25% of the assets weighed by credit risk corresponding to the Transactions that use the Standard Method to calculate the capital requirement per credit risk; and the positive difference of the Aggregate Admissible Reserves minus the Aggregate Expected Losses, up to an amount that does not exceed of 0.6 per cent of the assets weighed by credit risk, corresponding to the Transactions wherein the method based in internal qualifications to calculate the capital requirements by credit risk is used, pursuant to fraction III of Article 2 Bis 7. |
51 |
Sun of lines 46 through 48, plus line 50. |
52* |
Does not apply. The deduction is made in aggregate of level 1 common stock. |
53* |
Does not apply. The deduction is made in aggregate of level 1 common stock. |
54* |
Does not apply. The deduction is made in aggregate of level 1 common stock. |
55* |
Does not apply. The deduction is made in aggregate of level 1 common stock. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 70 |
56 |
National adjustments considered:
Adjustment for the acknowledgment of Net Capital. The amount shown
corresponds to the amount registered in box C4 of the form included in section II hereof. |
57 |
Sum of lines 52 through 56. |
58 |
Line 51, minus line 57. |
59 |
Line 45, plus line 58. |
60 |
Total Risk Weighted Assets. |
61 |
Line 29 divided by line 60 (expressed as percentages) |
62 |
Line 45, divided by line 60 (expressed as percentages) |
63 |
Line 59 divided by line 60 (expressed as percentages) |
64 |
To report the percentages amount expressed on lines 61, 65, 66 and 67. |
65 |
Report 2.5% |
66 |
Percentage corresponding to the Countercyclical Capital buffer referred to on section c), subsection III, article 2 Bis 5 |
67 |
The SCCS amount on line 64 (expressed as a percentage of the total risk weighted assets) which is related to the banking institutions’ capital buffer for systemic character, in accordance with section b), subsection III, article 2 Bis 5. |
68 |
Line 61 minus 7% |
69 |
Does not apply. The minimum is the same as established by the Basel Committee on Banking Supervision in its document "Basel III: Global regulatory framework for the reinforcement of banks and banking systems" published in June 2011. |
70 |
Does not apply. The minimum is the same as established by the Basel Committee on Banking Supervision in its document "Basel III: Global regulatory framework for the reinforcement of banks and banking systems" published in June 2011. |
71 |
Does not apply. The minimum is the same as established by the Basel Committee on Banking Supervision in its document "Basel III: Global regulatory framework for the reinforcement of banks and banking systems" published in June 2011. |
72 |
Does not apply. The concept was deducted from the aggregate capital. See note of reference 18. |
73 |
Does not apply. The concept was deducted from the aggregate capital. See note of reference 19. |
74 |
Does not apply. The concept was deducted from the aggregate capital. See note of reference 20. |
75 |
The amount, that does not exceed 10% of the difference between reference 6 and the sum of references 7 through 20, of the credited differed taxes assets resulting from temporary differences minus those corresponding to owed profit taxes not considered to set off other adjustments. |
76 |
Preventive estimations for credit risk corresponding to the Transactions that use the Standard Method to calculate the capital requirement per credit risk. |
77 |
1.25% of weighed assets per credit risk, corresponding to Transactions wherein the Standard Method to calculate the capital requirement by credit risk. |
78 |
Positive difference of the Aggregate Admissible Reserves minus the Aggregate Expected Losses corresponding to Transactions wherein the method based in internal qualifications to calculate the capital requirement by credit risk is used. |
79 |
0.6 per cent of the weighted assets by credit risk, corresponding to Transactions wherein the method based in internal qualifications to calculate the capital requirement by credit risk is used. |
80 |
Does not apply. There are no instruments subject to transience that compute in level 1 common stock |
81 |
Does not apply. There are no instruments subject to transience that compute in level 1 common stock |
82 |
Balance of instruments computed as capital in the basic portion by December 31, 2012 for the corresponding balance limit therein. |
83 |
Balance of instruments computed as capital in the basic portion by December 31, 2012 minus line 33. |
84 |
Balance of instruments computed as capital in the complementary portion by December 31, 2012 for the corresponding balance limit therein. |
85 |
Balance of instruments computed as capital in the basic portion by December 31, 2012 minus line 47. |
Note: * The aforementioned approach is more conservative than the one
established by the Basel Committee on Banking Supervision in its document "Basel III: Global regulatory framework for the reinforcement
of banks and banking systems" published in June 2011.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 71 |
Table II.1
Balance sheet figures
Reference of the balance sheet items |
Balance sheet items |
Amount shown in the balance sheet |
|
Assets |
1,930,671 |
BG1 |
Funds Available |
77,121 |
BG2 |
Margin accounts |
2,382 |
BG3 |
Investment in securities |
432,645 |
BG4 |
Debtors under sale and repurchase agreements |
224,118 |
BG5 |
Securities loans) |
0 |
BG6 |
Derivatives |
268,556 |
BG7 |
Valuation adjustment for hedged financial assets |
(44) |
BG8 |
Total loan portfolio |
746,580 |
BG9 |
Benefits to be received in securitization transactions |
0 |
BG10 |
Other receivables (net) |
90,466 |
BG11 |
Foreclosed assets (net |
435 |
BG12 |
Property, furniture and fixtures (net) |
16,563 |
BG13 |
Long-term investment in shares |
40,486 |
BG14 |
Non current assets held for sale |
1,586 |
BG15 |
Deferred income taxes (net) |
16,375 |
BG16 |
Other assets (net) |
13,404 |
|
Liabilities |
1,771,671 |
BG17 |
Deposits |
862,818 |
BG18 |
Bank and other loans |
26,446 |
BG19 |
Creditors under sale and repurchase agreements |
225,744 |
BG20 |
Securities loans |
0 |
BG21 |
Collateral sold or pledged as guarantee |
199,271 |
BG22 |
Derivatives |
259,723 |
BG23 |
Valuation adjustment for hedged financial liabilities |
(34) |
BG24 |
Creditors from settlement of transactions |
0 |
BG25 |
Other payables, deferred revenues and other advances |
147,292 |
BG26 |
Subordinated debentures outstanding |
40,240 |
BG27 |
Deferred income taxes (net) |
10,083 |
BG28 |
Deferred revenues and other advances |
87 |
|
Shareholders' Equity |
159,000 |
BG29 |
Paid-in capital |
34,702 |
BG30 |
Other capital |
124,298 |
|
Memorandum accounts |
4,356,796 |
BG31 |
Guarantees granted |
0 |
BG32 |
Contingent assets and liabilities |
119 |
BG33 |
Credit commitments |
172,611 |
BG34 |
Assets in trust or mandate |
188,148 |
BG35 |
Federal Government financial agent |
|
BG36 |
Assets in custody or under administration |
1,750,349 |
BG37 |
Collateral received by the entity |
257,346 |
BG38 |
Collateral received and sold or pledged as guarantee |
170,930 |
BG39 |
Investment bank operations on behalf of third parties |
0 |
BG40 |
Uncollected interest earned on past due loan portfolio |
891 |
BG41 |
Other accounts |
1,816,401 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 72 |
Table II.2
Regulatory concepts considered in the calculation
of Net Capital components
Identifier |
Regulatory concepts considered for the calculation of Net Capital components |
Reference of the format for the disclosure of capital integration of section I hereof |
Amount pursuant to the notes of the table Regulatory concepts considered for the calculation of Net Capital components |
Reference(s) of balance sheet item and amount related with the regulatory concept considered for the calculation of Net Capital derived from the aforementioned reference |
|
Asset |
|
|
|
1 |
Goodwill |
8 |
2,404 |
BG16= 13,404 Minus: deferred charges and advance payments 2,511; intangibles 7,264; advance payments that are computed as risk assets 1,098; plus other assets are computed as risk assets 127 |
2 |
Intangible assets |
9 |
7,264 |
BG16= 13,404 Minus: deferred charges and advance payments 2,511; intangibles 2,404; advance payments that are computed as risk assets 1,098; plus other assets that are computed as risk assets 127 |
3 |
Deferred income tax from tax losses carryforward and tax credits |
10 |
0 |
|
4 |
Benefits to be received in securitization transactions |
13 |
0 |
BG9= |
5 |
Defined benefit pension plan assets with no restriction and unlimited access |
15 |
0 |
|
6 |
Investment in own-equity securities |
16 |
0 |
BG3= 432,645 Minus: Reciprocal investments in common capital of financial entities 18; Investments in securities computed as risk assets 432,627 |
7 |
Reciprocal investments in common capital |
17 |
0 |
|
8 |
Direct investments in the capital of financial entities wherein the institution does not hold more than 10% of the issued capital stock |
18 |
0 |
|
9 |
Indirect investment in capital of financial entities wherein the institution does not hold more than 10% of the issued capital stock |
18 |
18 |
BG3= 432,645 Minus: Investment in own-equity securities 0; Investments in securities computed as risk assets 432,627 |
10 |
Direct investments in the capital of financial entities wherein the institution holds more than 10% of the issued capital stock |
19 |
0 |
|
11 |
Indirect investment in capital of financial entities wherein the institution holds more than 10% of the issued capital stock |
19 |
0 |
|
12 |
Deferred income tax from temporary differences |
21 |
6,007 |
BG15= 19,900 Minus: Amount computed as risk asset 13,893 |
13 |
Reserves recognized as complementary capital |
50 |
411 |
BG8= Total loan portfolio 746,580 |
14 |
Investments in subordinated debt |
26 - B |
0 |
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 73 |
15 |
Investments in multilateral entities |
26 - D |
0 |
BG13= 40,486 Minus: Investments in subsidiaries 36,131; Investments in clearing houses 505; Investments in associated companies 110; Other investments that are computed as risk assets 3,740 |
16 |
Investments in associated companies |
26 - E |
36,131 |
BG13= 40,486 Minus: Investments in clearing houses 505; Investments in associated companies 110; Other investments that are computed as risk assets 3,740 |
17 |
Investments in risk capital |
26 - F |
0 |
|
18 |
Investments in investment corporations |
26 - G |
0 |
|
19 |
Financing for repurchase of own shares |
26 - H |
0 |
|
20 |
Deferred charges and advance payments |
26 - J |
2,511 |
BG16= 13,404 Minus: intangible assets 9,669; others assets that are computed as risk assets 1,098; plus other assets are computed as risk assets 127 |
21 |
Deferred employee profit sharing (net) |
26 - L |
0 |
|
22 |
Defined benefit pension plan assets |
26 - N |
0 |
|
23 |
Investments in clearing houses |
26 - P |
505 |
BG13= 40,486 Minus: Investments in subsidiaries 36,131; Investments in associated companies 110; other investments that are computed as risk assets 3,740 |
|
Liabilities |
|
|
|
24 |
Deferred income tax related to goodwill |
8 |
0 |
|
25 |
Deferred income tax related to other intangible assets |
9 |
0 |
|
26 |
Provision for defined benefit pension plan with no restriction and unlimited access |
15 |
0 |
|
27 |
Deferred income tax related to defined benefit pension plan |
15 |
0 |
|
28 |
Deferred income tax related to other items |
21 |
0 |
|
29 |
Subordinated liabilities that meets with Exhibit 1-R |
31 |
0 |
|
30 |
Subordinated liabilities subject to transitoriness that compute as basic capital 2 |
33 |
0 |
|
31 |
Subordinated liabilities that meets with Exhibit 1-S |
46 |
0 |
|
32 |
Subordinated obligations subject to transitoriness that compute as complementary capital |
47 |
0 |
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 74 |
33 |
Deferred income tax related to deferred charges and advance payments |
26 - J |
0 |
|
|
Shareholders' Equity |
|
|
|
34 |
Paid-in capital that meets with Exhibit 1-Q |
1 |
34,702 |
BG29 |
35 |
Retained earnings |
2 |
86,590 |
BG30= 124,298 Minus: other items of earned capital 37,699, cumulative effect of conversion 9 |
36 |
Result from valuation of cash flow hedge instruments |
3 |
0 |
|
37 |
Other items of earned capital |
3 |
37,699 |
BG30= 124,298 Minus: Retained earnings 86,590 cumulative effect of conversion 9 |
38 |
Paid-in capital that meets with Exhibit 1-R |
31 |
14,089 |
BG26= 40,420 More: Subordinated debt instruments non-convertible 26,151 |
39 |
Paid-in capital that meets with Exhibit 1-S |
46 |
26,151 |
BG26= 40,420 More: Subordinated debt instruments convertible 14,089 |
40 |
Result from valuation of cash flow hedge instruments |
03, 11 |
0 |
|
41 |
Cumulative effect from conversion |
3, 26 - A |
0 |
|
42 |
Result from ownership of non-monetary assets |
3, 26 - A |
0 |
|
|
Accounts in order |
|
|
|
43 |
Positions in First Losses Schemes |
26 - K |
0 |
|
|
Regulatory concepts not considered in the balance sheet |
|
|
|
44 |
Reserves pending constitution |
12 |
0 |
|
45 |
Profit or increase of the value of assets from the purchase of securitization positions (Originating Institutions) |
26 - C |
0 |
|
46 |
Transactions that breach the provisions |
26 - I |
0 |
|
47 |
Transactions with Relevant Related Persons |
26 - M |
0 |
|
48 |
Repealed |
|
0 |
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 75 |
Table II.3
Notes to table III.2 "Regulatory concepts
considered for the calculation of Net Capital components"
Identifier |
Description |
1 |
Commercial credit. |
2 |
Intangibles, without including commercial credit. |
3 |
Credited differed profit taxes originating from fiscal losses and credits. |
4 |
Benefits regarding the remnant of securitization transactions. |
5 |
Investments of pension plan for defined benefits without unrestrictive and unlimited access. |
6 |
Any share that the Institution acquires pursuant to the provisions of the Law, that have not been subtracted; considering those amounts acquired through investments in securities indexes and the amount corresponding to investments in investment funds other than those provided by reference 18. |
7 |
Investments in shares in corporations other than financial entities referred to by item f) of fraction I of Article 2 Bis 6 hereof, that are in turn, directly or indirectly shareholders of the Institution itself, of the financial group's holding company, of the remaining financial entities that comprise the group to which the Institution belongs or financial affiliates of the latter, considering those investments corresponding to investment funds other than those provided by reference 18. |
8 |
Direct investments in financial entities capital referred to by Article 89 of the Law and 12 and 8 of the Law Regulating Financial Groups, where the Institution owns more than 10% of the capital thereof. |
9 |
Direct investments in financial entities capital referred to by Article 89 of the Law and 12 and 8 of the Law Regulating Financial Groups, where the Institution owns more than 10% of the capital thereof. |
10 |
Direct investments in financial entities capital referred to by Article 89 of the Law and 12 and 8 of the Law Regulating Financial Groups, where the Institution owns more than 10% of the capital thereof. |
11 |
Indirect investments in financial entities capital referred to by Article 89 of the Law and 12 and 8 of the Law Regulating Financial Groups, where the Institution owns more than 10% of the capital thereof. |
12 |
Credited differed profit taxes originating from temporary differences. |
13 |
Preventive estimates for credit risk up to a sum of 1.25% of the weighted assets by credit risk, corresponding to Transactions wherein the Standard Method is used to calculate the capital requirement by credit risk; and the positive difference of the Aggregate Admissible Reserves minus the Aggregate the Expected Losses, up to an amount that does not exceed of 0.6 per cent of the weighted assets by credit risk, corresponding to Transactions where the method based in internal qualifications is used to calculate the capital requirement by credit risk. |
14 |
Investments in subordinated debt instruments, pursuant to the provisions of fraction I item b) of Article 2 Bis 6 hereof. |
15 |
Investments in development or promotion multilateral organizations of an international nature pursuant to the provisions of fraction I item f) of Article 2 Bis 6 hereof that have a credit Qualification assigned by any of the issuer's Qualifying Institutions, equal or greater than long term Risk Degree 2. |
16 |
Investments in shares of corporations related with the Institution under the terms of Articles 73, 73 Bis and 73 Bis 1 of the Law, including the amount corresponding to investments in investment corporations and investments in indices pursuant to the provisions of fraction I item g) of Article 2 Bis 6 hereof. |
17 |
Investments made in development banking institutions in risk capital, pursuant to the provisions of fraction I item h) of Article 2 Bis 6 hereof. |
18 |
Investments in shares, other than fix capital, of listed investment corporations, wherein the Institution holds more than 15 per cent of shareholders' equity of the aforementioned investment corporation, pursuant to fraction I item i) of Article 2 Bis 6, that have not been considered in the previous references. |
19 |
Any type of contributions which resources are destined to the purchase of shares of the financial group's holding company, of the other financial entities that comprise the group to which the Institution belongs or the latter's financial affiliates, pursuant to the provisions of fraction I item l) of Article 2 Bis 6 hereof. |
20 |
Differed charges and early payments. |
21 |
Workers' share in credited differed profits pursuant to fraction I item p) of Article 2 Bis 6 hereof. |
22 |
Investments of the pension plan for benefits defined that have to be deducted according with Article 2 Bis 8 hereof. |
23 |
Investments or contributions, directly or indirectly, in the corporation's capital or in trust estate or other type of similar figures that have the purpose of setting off and liquidating Transactions executed in the stock market, unless the share in such corporations or trusts in the former pursuant to item f) fraction I of Article 2 Bis 6. |
24 |
Owed differed taxes to profit originating from temporary differences related to commercial credit. |
25 |
Owed differed taxes to profit originated from temporary differences related to other intangibles (other than commercial credit). |
26 |
Liabilities of the pension plan for benefits defined related to investments of the pension plan for defined benefits. |
27 |
Owed differed taxes originated from temporary differences related to the pension plan for defined benefits. |
28 |
Owed differed profit taxes originated from temporary differences other than those of references 24, 25, 27 and 33 |
29 |
Amount of subordinated obligations that meet with Exhibit 1-R hereof. |
30 |
Amount of subordinated obligations subject to transience that are computed as Non-Fundamental Capital. |
31 |
Amount of subordinated obligations that meet with Exhibit 1-S hereof. |
32 |
Amount of subordinated obligations subject to transience that compute as ancillary capital. |
33 |
Owed differed profit taxes originated from temporary differences related to differed charges and early payments. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 76 |
34 |
Amount of capital contributed that meets the provisions of Exhibit 1-Q hereof. |
35 |
Result of the previous fiscal years. |
36 |
Result for the assessment of cash flow hedging instruments from covered entries assessed at reasonable value. |
37 |
Net result and result for the assessment of titles available for sale. |
38 |
Amount of capital contributed that meets the provisions of Exhibit 1-R hereof. |
39 |
Amount of capital contributed that meets the provisions of Exhibit 1-S hereof. |
40 |
Result for the assessment of cash flow hedging instruments from covered entries assessed at capitalized cost. |
41 |
Accrued effect by conversion. |
42 |
Result for ownership of non-monetary assets. |
43 |
Positions related with the First Losses Scheme wherein risk is preserved or credit protection provided until certain limit of a position pursuant to fraction I item o) of Article 2 Bis 6. |
44 |
Reserves pending constitution pursuant to the provisions of fraction I item k) of Article 2 Bis 6 hereof. |
45 |
The amount resulting if on account of the purchase of securitization positions, the originating Institutions register a profit or an increase in the value of their assets with respect to assets previously registered in its balance, pursuant to the provisions of fraction I item c) of Article 2 Bis 6 hereof. |
46 |
Transactions that infringe the provisions, pursuant to the provisions of fraction I item m) of Article 2 Bis 6 hereof. |
47 |
The aggregate amount of Transactions Subject to Credit Risk owed by Relevant Related Persons pursuant to fraction I item r) of Article 2 Bis 6 hereof. |
Table III.1
Positions exposed to market risks per risk factor
Concept |
Amount of equivalent positions |
Capital Requirement |
Transactions in national currency with nominal rate |
112,422 |
8,994 |
Transactions with debt instruments in national currency with surtax and reviewable rate |
5,087 |
407 |
Transactions in national currency with real rate or denominated in UDIs |
5,904 |
472 |
Transactions in national currency with yield rate referred to the increase of the General Minimum Wage |
2,558 |
205 |
Positions in UDIs or with yield referred to INPC |
82 |
7 |
Positions in national currency with yield rate referred to the increase of the General Minimum Wage |
95 |
8 |
Transactions in foreign currency with nominal rate |
46,279 |
3,702 |
Positions in foreign currency or with yield indexed to the exchange rate |
5,716 |
457 |
Positions in shares or with yield indexed to the price of one share or set of shares |
5,500 |
440 |
Positions in commodities |
1 |
0 |
Impact Capital requirement for Gamma and Vega |
1 |
0 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 77 |
Table III.2
Assets weighted subject to credit risk by risk
group
Concept |
Capital Requirement |
Group I-A (weighted at 0%) |
- |
- |
Group I-A (weighted at 10%) |
- |
- |
Group I-A (weighted at 20%) |
- |
- |
Group I-B (weighted at 2%) |
245 |
20 |
Group I-B (weighted at 4.0%) |
- |
- |
Group II (weighted at 0%) |
- |
- |
Group II (weighted at 20%) |
- |
- |
Group II (weighted at 50%) |
1,852 |
148 |
Group II (weighted at 100%) |
25,187 |
2,015 |
Group II (weighted at 120%) |
- |
- |
Group II (weighted at 150%) |
- |
- |
Group III (weighted at 2.5%) |
- |
- |
Group III (weighted at 10%) |
- |
- |
Group III (weighted at 11.5%) |
- |
- |
Group III (weighted at 20%) |
26,941 |
2,155 |
Group III (weighted at 23%) |
98 |
8 |
Group III (weighted at 25%) |
- |
- |
Group III (weighted at 28.75%) |
- |
- |
Group III (weighted at 50%) |
1 |
- |
Group III (weighted at 57.5%) |
- |
- |
Group III (weighted at 60%) |
- |
- |
Group III (weighted at 75%) |
- |
- |
Group III (weighted at 100%) |
17,967 |
1,437 |
Group III (weighted at 115%) |
- |
- |
Group III (weighted at 120%) |
- |
- |
Group III (weighted at 138%) |
- |
- |
Group III (weighted at 150%) |
- |
- |
Group III (weighted at 172.5%) |
- |
- |
Group IV (weighted at 0%) |
- |
- |
Group IV (weighted at 20%) |
8,469 |
677 |
Group V (weighted at 10%) |
- |
- |
Group V (weighted at 20%) |
8,644 |
692 |
Group V (weighted at 50%) |
- |
- |
Group V (weighted at 115%) |
- |
- |
Group V (weighted at 150%) |
- |
- |
Group VI (weighted at 20%) |
1,922 |
154 |
Group VI (weighted at 25%) |
1,624 |
130 |
Group VI (weighted at 30%) |
6,388 |
511 |
Group VI (weighted at 40%) |
3,945 |
316 |
Group VI (weighted at 50%) |
55,355 |
4,428 |
Group VI (weighted at 75%) |
36,183 |
2,895 |
Group VI (weighted at 100%) |
33,715 |
2,697 |
Group VI (weighted at 120%) |
- |
- |
Group VI (weighted at 150%) |
- |
- |
Group VI (weighted at 172.5%) |
- |
- |
Group VII-A (weighted at 10%) |
- |
- |
Group VII-A (weighted at 11.5%) |
- |
- |
Group VII-A (weighted at 20%) |
3,092 |
247 |
Group VII-A (weighted at 23%) |
- |
- |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 78 |
Group VII-A (weighted at 50%) |
41 |
3 |
Group VII-A (weighted at 57.5%) |
- |
- |
Group VII-A (weighted at 75%) |
9,877 |
790 |
Group VII-A (weighted at 85%) |
703 |
56 |
Group VII-A (weighted at 100%) |
109,473 |
8,758 |
Group VII-A (weighted at 115%) |
- |
- |
Group VII-A (weighted at 120%) |
- |
- |
Group VII-A (weighted at 138%) |
- |
- |
Group VII-A (weighted at 150%) |
- |
- |
Group VII-A (weighted at 172.5%) |
- |
- |
Group VII-B (weighted at 0%) |
- |
- |
Group VII-B (weighted at 20%) |
1,492 |
119 |
Group VII-B (weighted at 23%) |
- |
- |
Group VII-B weighted at 50%) |
- |
- |
Group VII-B weighted at 57.5%) |
11,188 |
895 |
Group VII-B (weighted at 100%) |
41,035 |
3,283 |
Group VII-B (weighted at 115%) |
283 |
23 |
Group VII-B (weighted at 120%) |
- |
- |
Group VII-B (weighted at 138%) |
- |
- |
Group VII-B (weighted at 150%) |
- |
- |
Group VII-B (weighted at 172.5%) |
- |
- |
Group VIII (weighted at 115%) |
4,521 |
362 |
Group VIII (weighted at 150%) |
1,394 |
112 |
Group IX (weighted at 100%) |
17,116 |
1,369 |
Group IX (weighted at 115%) |
- |
- |
Group IX (weighted at 150%) |
- |
- |
Group X (weighted at 1250%) |
1,198 |
96 |
Other Assets (weighted at 0%) |
- |
- |
Other Assets (weighted at 100%) |
26,875 |
2,150 |
Credit Valuation Adjustment on Derivative Operations |
23,612 |
1,889 |
Re-securitization with Risk Degree 1 (weighted at 20%) |
3,885 |
311 |
Re-securitization with Risk Degree 2 (weighted at 50%) |
- |
- |
Re-securitization with Risk Degree 3 (weighted at 100%) |
- |
- |
Re-securitization with Risk Degree 4 (weighted at 350%) |
- |
- |
Re-securitization with Risk Degree 4, o 5 or Not qualified (weighted at 1250%) |
- |
- |
ReRe-securitization with Risk Degree 1 (weighted at 40%) |
- |
- |
ReRe-securitization with Risk Degree 1 (weighted at 100%) |
- |
- |
ReRe-securitization with Risk Degree 1 (weighted at 225%) |
- |
- |
ReRe-securitization with Risk Degree 1 (weighted at 650%) |
- |
- |
ReRe-securitization with Risk Degree 4, 5 or Not qualified (weighted at 1250%) |
- |
- |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 79 |
Table III.3
Operational Risk weighted Assets
Method |
Risk weighted Assets |
Capital Requirement |
STANDARD ALTERNATIVE METHOD |
79,872 |
6,390 |
|
|
|
|
Average of requirement by market and credit risk of the last 36 months |
Average of annual positive net income of the last 36 months |
0 |
70,133 |
Table IV.1
Main characteristics of titles that are part
of the Net Capital
Reference |
Characteristic |
Options |
1 |
Issuer |
Banco Santander (Mexico), S. A. |
2 |
ISIN, CUSIP or Bloomberg Identifier |
MX41BS060013 |
3 |
Legal frame |
Securities Market Law |
|
Regulation treatment |
|
4 |
Level of capital with transitory |
N.A |
5 |
Level of capital without transitory |
Fundamental Capital |
6 |
Instrument level |
Credit Institution without consolidating |
7 |
Instrument type |
Series F Shares |
8 |
Amount acknowledge of regulatory capital |
Ps.15,210,402,155.77 |
9 |
Instrument's par value |
Ps.3.78 |
9A |
Instrument's currency |
Mexican Pesos |
10 |
Accounting qualification |
Capital |
11 |
Date of issuance |
N.A |
12 |
Instrument´s term |
Perpetual |
13 |
Date of expiration |
Without expiration |
14 |
Early payment clause |
No |
15 |
First date of early payment |
N.A |
15A |
Regulatory or fiscal events |
No |
15B |
Liquidation price of the early payment clause |
N.A |
16 |
Subsequent early payment dates |
N.A |
|
Yields / Dividends |
|
17 |
Type of yield/dividend |
Variable |
18 |
Interest rate/dividend |
Variable |
19 |
Cancellation of dividends clause |
No |
20 |
Payment discretion |
Mandatory |
21 |
Interest increase clause |
No |
22 |
Yields/Dividends |
Not Accruable |
23 |
Convertibility of the instrument |
N.A |
24 |
Convertibility conditions |
N.A |
25 |
Degree of convertibility |
N.A |
26 |
Conversion rate |
N.A |
27 |
Instrument convertibility rate |
N.A |
28 |
Type of convertibility financial instrument |
N.A |
29 |
Instrument issuer |
N.A |
30 |
Write-down clause |
No |
31 |
Conditions for write-down |
N.A |
32 |
Degree of write-down |
N.A |
33 |
Temporality of write-down |
N.A |
34 |
Mechanism for temporary write down |
N.A |
35 |
Subordination position in the event of liquidation |
Creditors in general |
36 |
Breach characteristics |
No |
37 |
Description of breach characteristics |
N.A |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 80 |
Table IV.1.2
Main
characteristics of titles that are part of the Net Capital
Reference |
Characteristic |
Options |
1 |
Issuer |
Banco Santander (Mexico), S. A. |
2 |
ISIN, CUSIP or Bloomberg Identifier |
MX41BS060005 |
3 |
Legal frame |
Securities Market Law |
|
Regulation treatment |
|
4 |
Level of capital with transitory |
N.A |
5 |
Level of capital without transitory |
Fundamental Capital |
6 |
Instrument level |
Credit Institution without consolidating |
7 |
Instrument type |
Series B Shares |
8 |
Amount acknowledge of regulatory capital |
Ps.14,588,587,852.93 |
9 |
Instrument's par value |
Ps.3.78 |
9A |
Instrument's currency |
Mexican Pesos |
10 |
Accounting qualification |
Capital |
11 |
Date of issuance |
N.A |
12 |
Instrument´s term |
Perpetual |
13 |
Date of expiration |
Without expiration |
14 |
Early payment clause |
No |
15 |
First date of early payment |
N.A |
15A |
Regulatory or fiscal events |
No |
15B |
Liquidation price of the early payment clause |
N.A |
16 |
Subsequent early payment dates |
N.A |
|
Yields / Dividends |
|
17 |
Type of yield/dividend |
Variable |
18 |
Interest rate/dividend |
Variable |
19 |
Cancellation of dividends clause |
No |
20 |
Payment discretion |
Mandatory |
21 |
Interest increase clause |
No |
22 |
Yields/Dividends |
Not Accruable |
23 |
Convertibility of the instrument |
N.A |
24 |
Convertibility conditions |
N.A |
25 |
Degree of convertibility |
N.A |
26 |
Conversion rate |
N.A |
27 |
Instrument convertibility rate |
N.A |
28 |
Type of convertibility financial instrument |
N.A |
29 |
Instrument issuer |
N.A |
30 |
Write-down clause |
No |
31 |
Conditions for write-down |
N.A |
32 |
Degree of write-down |
N.A |
33 |
Temporality of write-down |
N.A |
34 |
Mechanism for temporary write down |
N.A |
35 |
Subordination position in the event of liquidation |
Creditors in general |
36 |
Breach characteristics |
No |
37 |
Description of breach characteristics |
N.A |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 81 |
Table IV.1.3
Main characteristics of titles that are part
of the Net Capital
Reference |
Item |
Characteristics |
1 |
Issuer |
Banco Santander México, S. A., Institución de Banca Múltiple, Grupo Financiero Santander México. |
2 |
ISIN, CUSIP or Bloomberg Identifier |
|
ISIN |
CUSIP |
144A |
US05969BAC72 |
05969BAC7 |
Reg S |
USP1507SAG23 |
P1507SAG2 |
3 |
Governing Law |
The Indenture and the Notes will be governed by, and construed in accordance with, the law of the State of New York. All additional dispositions related to the determination of Suspension Periods, a Trigger Event (leading to a Writedown), Interest Payment cancellation, Optional Redemption or, the ranking and subordination of the Notes, will be governed by, and construed in accordance with, Mexican Law, as established in the Indenture and the Notes. |
|
Regulatory Treatment |
|
4 |
Capital category the Note qualifies as, based on Article 3, Transitory, Resolution 50th |
N.A. |
5 |
Capital category the Note qualifies as, based on Annexes 1-Q, 1-R and 1-S |
“Tier 2” or Supplementary Capital (Capital Complementario). |
6 |
Instrument seniority within the Group |
Subordinated Debt issued by our Credit Institution. |
7 |
Type of Instrument |
Tier 2 Subordinated Preferred Capital Notes. |
8 |
Amount acknowledged as regulatory capital |
$25,145,225,839.39 |
9 |
Instrument's Face Value |
$26,120,250,000 (USD $1,300,000,000.00) |
9A |
Currency |
USD. |
10 |
Accounting Classification |
Subordinated Debt. |
11 |
Issuance Date |
October 1, 2018. |
12 |
Type of Expiration |
Expiration Date. |
13 |
Expiration Date |
October 1, 2028. |
14 |
Optional Redemption |
Subject to certain conditions, the Issuer may redeem the Notes at par plus accrued and unpaid interest due on, or with respect to, the Capital Notes, plus Additional Amounts, if any, (i) in whole or in part, only on the Optional Redemption Date or (ii) in whole, but not in part, at any date by means of the existence a Withholding Tax Redemption event or a Special Redemption event. |
15 |
Optional Redemption Date |
October 1, 2023. |
15A |
Does the early redemption clause contemplates Regulatory or Fiscal Events? |
Yes.
Withholding Tax Redemption: The Issuer may redeem the Capital
Notes at par plus accrued and unpaid interest due on, or with respect to the Capital Notes, plus Additional Amounts, if any, in whole
but not in part, prior to the Maturity Date as a result of certain changes in tax law affecting the Notes and resulting in a higher withholding
tax applicable to interest payments under the Notes, subject to the satisfaction of certain conditions.
Special Event Redemption: The Issuer may redeem the Notes at
par plus accrued and unpaid interest due on, or with respect to, the Capital Notes, plus Additional Amounts, if any, in whole but not
in part, upon the occurrence of a Special Event (which event happens upon the occurrence of certain changes in capital treatment or tax
deductibility of payments under the Notes and the satisfaction of certain conditions).
|
15B |
Liquidation price for an early redemption |
Upon an early redemption, the Notes would be repaid at par plus accrued and unpaid interest due on, or with respect to, the Notes, plus Additional Amounts, if any. |
16 |
Subsequent early redemption dates |
None, except for early redemptions caused by a Withholding Tax Redemption event or a Special Redemption event, which can be made at any date before Maturity Date. |
|
Yields / Dividends |
|
17 |
Type of Interest Rate |
Fixed Rate with only one reset date at the Optional Redemption Date. |
18 |
Interest Rate |
5.95%. |
19 |
Dividend Stopper Clause: |
Subject to certain exceptions, the Issuer will not be allowed to make certain distributions during a Suspension Period, including (i) dividends or distributions on capital stock, (ii) make any payment of the Issuer’s debt securities that rank pari passu with or junior in right of payment and in liquidation to the Notes; or (iii) make any guaranty payments with respect to any guaranty of the debt securities of its subsidiaries if such guaranty ranks pari passu with or junior in right of payment and in liquidation to the Notes. |
20 |
Are Interest Payments discretionary? |
Interest Payments are Mandatory. |
21 |
Interest increase / Step-Up clause |
No. |
22 |
Are coupon payments cumulative? |
Cumulative.
The Issuer will have the right to and will defer, but not cancel (except
pursuant to a Write-Down), payment of interest and principal due on the Notes, if the CNBV institutes certain corrective measures against
the Issuer if the Issuer is classified as Class III (or equivalent classification under any successor provisions) or below under the Mexican
Capitalization Requirements. Payments of interest due on the Notes will be cumulative. Subject to the occurrence of one or more Write-Downs,
a Suspension Period shall terminate and the payment of interest due on the Notes and payment of principal thereof will resume when the
related Mexican Regulatory Event has terminated.
|
23 |
Convertibility of the instrument |
N.A. |
24 |
Convertibility conditions |
N.A. |
25 |
Degree of convertibility |
N.A. |
26 |
Conversion rate |
N.A. |
27 |
Type of Conversion |
N.A. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 82 |
28 |
Type of shares into which the title is converted |
N.A. |
29 |
Issuer of such capital instrument |
N.A. |
30 |
Write-Down Mechanism |
Yes. |
31 |
Write-Down Trigger Events |
A “Trigger Event” will be deemed to have occurred if (i)
the CNBV publishes a determination, in its official publication of capitalization levels for Mexican banks, that Banco Santander Mexico’s
Fundamental Capital Ratio, as calculated pursuant to the applicable Mexican Capitalization Requirements, is equal to or below 4.5%, or
(ii) both (A) the CNBV notifies the Issuer that it has made a determination, pursuant to Article 29 Bis of the Mexican Banking Law, that
a cause for revocation of Banco Santander Mexico’s license has occurred resulting from (x) the Issuer’s non-compliance with
corrective measures imposed by the CNBV pursuant to the Mexican Banking Law, or (y) the Issuer’s non-compliance with the capitalization
requirements set forth in the Mexican Capitalization Requirements and (B) the Issuer has not cured such cause for revocation, by (a) complying
with such corrective measures, or (b)(1) submitting a capital restoration plan to, and receiving approval of such plan by, the CNBV, (2)
transferring at least seventy five percent (75%) of its shares to an irrevocable
trust and (3) not being classified in Class III, IV, or V, or (c) remedying
any capital deficiency, , in each case, on or before the third (in the case of (A)(z)) or seventh (in the case of (A)(x) or (y)) business
day in Mexico, as applicable, following the date on which the CNBV notifies the Issuer of such determination..
|
32 |
Write-Down Amount |
“Write-Down Amount” means an (i) amount that would be sufficient, together with any concurrent pro rata write down of any other loss-absorbing instruments issued by us and then outstanding, to return Banco Santander Mexico’s Fundamental Capital to the levels required under Section IX, b), 2 of Annex 1-S of the General Rules Applicable to Mexican Banks, or (ii) if any Write-Down of the Current Principal Amount, together with any concurrent pro rata write down of any other loss-absorbing instruments issued by us and then outstanding, would be insufficient to return Banco Santander Mexico’s Fundamental Capital to the levels required under Section IX, b), 2 of Annex 1-S of the General Rules Applicable to Mexican Banks, the amount necessary to reduce the Current Principal Amount of each outstanding Capital Note to zero. |
33 |
Write-Up Mechanism |
N.A., Write-Down, if applied, will be permanent. |
34 |
Mechanism for temporary Write-Down |
N.A. |
35 |
Ranking of the Capital Notes in a liquidation event |
The Notes constitute subordinated preferred indebtedness, and will rank (i) subordinate and junior in right of payment and in liquidation to all of the Issuer’s present and future senior indebtedness, (ii) pari passu without preference among themselves and with all of the Issuer’s present and future unsecured subordinated preferred indebtedness and (iii) senior only to all of the Issuer’s present and future subordinated non-preferred indebtedness and all classes of the Issuer’s equity or capital stock.. |
36 |
Does any characteristic of the Notes breach conditions set forth in Annex 1-R, 1-S or 1-Q of the Mexican Banking Law |
No. |
37 |
Specify which characteristics of the Notes breach conditions set forth in Annex 1-R, 1-S or 1-Q of the Mexican Banking Law |
N.A. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 83 |
Table IV.1.4
Main characteristics of titles that are part
of the Net Capital
Reference |
Characteristic |
Options |
1 |
Issuer |
Banco Santander México, S. A., Institución de Banca Múltiple, Grupo Financiero Santander México. |
2 |
ISIN, CUSIP or Bloomberg Identifier |
ISIN: US40053CAA36
CUSIP: 40053C AA3
BMV Ticker: BSMX 17
|
3 |
Governing Law |
The Capital Notes and the Indenture are governed by, and construed in accordance with the laws of New York, except that the ranking and subordination provisions, provisions related to mandatory cancellation of interest, provisions relating to conversion, provisions relating to a withholding tax redemption or a special redemption and the waiver of the right to set-off by the holders of the Capital Notes and by the Trustee acting on behalf of the holders with respect to the Capital Notes will be governed by and construed in accordance with the laws of Mexico. |
|
Regulatory Treatment |
|
4 |
Level of capital with transitory |
N.A. |
5 |
Level of capital without transitory |
Tier 1 Capital (Capital Básico No Fundamental). |
6 |
Instrument level within the Group |
Subordinated Debt issued from our Credit Institution. |
7 |
Type of Instrument |
Perpetual Subordinated Non-Preferred Contingent Convertible Additional Tier 1 Capital Notes. |
8 |
Amount acknowledged as regulatory capital |
$9,018,160,682.00 |
9 |
Instrument's Face Value |
$10,046,250,000 (USD $500,000,000.00) |
9A |
Currency |
USD. |
10 |
Accounting Classification |
Principal is accounted as debt, coupon payments are accounted as capital. |
11 |
Issuance Date |
December 23, 2016. |
12 |
Type of Expiration |
Perpetuity. |
13 |
Expiration Date |
N.A. |
14 |
Optional Redemption |
Subject to certain conditions, the Issuer may redeem the Capital Notes
at par plus accrued and unpaid interest due on, or with respect to, the Capital Notes, plus Additional Amounts, if any, (i) in whole or
in part, only on the Optional Redemption Dates or (ii) in whole at any date by means of the existence a Withholding Tax Event or a Special
Event.
|
15 |
First Optional Redemption Date |
January 20, 2022. |
15A |
Does the early redemption clause contemplates Regulatory or Fiscal Events? |
Yes.
Withholding Tax Redemption: The Issuer may redeem the Capital
Notes at par plus accrued and unpaid interest due on, or with respect to the Capital Notes, plus Additional Amounts, if any, in whole
but not in part, prior to the Maturity Date as a result of certain changes in tax law affecting the, and resulting in a higher, withholding
tax applicable to interest payments under the Capital Notes, subject to the satisfaction of certain conditions.
Special Event Redemption: The Issuer may redeem the Capital Notes
at par plus accrued and unpaid interest due on, or with respect to, the Capital Notes, plus Additional Amounts, if any, in whole but not
in part, upon the occurrence of a Special Event (which event happens upon the occurrence of certain changes in capital treatment or tax
deductibility of payments under the Capital Notes and the satisfaction of certain conditions).
|
15B |
Liquidation price for an early redemption |
Upon an early redemption, Capital Notes would be repaid at par plus accrued and unpaid interest due on, or with respect to, the Capital Notes, plus Additional Amounts, if any, |
16 |
Subsequent early redemption dates |
Every Interest Payment Date after the First Optional Redemption Date.
Early redemptions caused by a Withholding Event or a Special Event,
which can be made at any date.
|
|
Yields / Dividends |
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 84 |
17 |
Type of Interest Rate |
Fixed with reset dates on the First Redemption Date and every fifth anniversary thereafter. |
18 |
Interest Rate |
8.50%. |
19 |
Dividend Stopper Clause |
Unless the most recent payable accrued interests and any Additional
Interest on the Capital Notes have been paid, the Issuer shall not: (i) declare or pay any dividends or distributions on, or redeem, purchase,
acquire, or make a liquidation payment with respect to, any of its capital stock; or (ii) make any payment of premium, if any, or interest
on or
repay, repurchase or redeem any of its Subordinated Non-Preferred Indebtedness.
|
20 |
Are Interest Payments discretionary |
Completely Discretionary.
(a) Interest is payable solely at the Issuer’s discretion, and
no amount of interest shall become due and payable in respect of the relevant interest period to the extent that it has been canceled
by the Issuer (in whole or in part) at its sole discretion and/or has been canceled as a result of the occurrence and continuation of
an Interest Cancellation Event; and (b) a cancellation of interest (in whole or in part) shall not constitute a default.
|
21 |
Interest increase / Step-Up clause |
No. |
22 |
Are Coupon Payments Cumulative? |
No. |
23 |
Convertibility of the instrument |
Yes. |
24 |
Conversion Trigger Events |
A Conversion Trigger Event shall occur:
(i) the Business Day in Mexico following the publication of a determination
by the CNBV, in its official publication of capitalization levels for Mexican banks, that Banco Santander México’s Fundamental
Capital Ratio, as calculated pursuant to the applicable Mexican Capitalization Requirements, is equal to or below 5.125%;
(ii) if both (A) the CNBV notifies Banco Santander México that
it has made a determination, pursuant to Article 29 Bis of the Mexican Banking Law, that a cause for revocation of Banco Santander México’s
license has occurred resulting from (x) Banco Santander México’s assets being insufficient to satisfy its liabilities, (y)
Banco Santander México’s non-compliance with corrective measures imposed by the CNBV pursuant to the Mexican Banking Law,
or (z) Banco Santander México’s non-compliance with the capitalization requirements set forth in the Mexican Capitalization
Requirements and (B) Banco Santander México has not cured such
cause for revocation, by (x) complying with such corrective measures,
or (y)(1) submitting a capital restoration plan to, and receiving approval of such plan by, the CNBV, (2) not being classified in Class
III, IV or V, and (3) transferring at least 75% of its shares to an irrevocable trust, or (z) remedying any capital deficiency, in each
case, on or before the third or seventh calendar day in Mexico, as applicable, following the date on which the CNBV notifies Banco Santander
México of such determination;
(iii) if the Banking Stability Committee, which is a committee formed
by the CNBV, the Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público), Banco de
México and the IPAB, determines pursuant to Article 29 Bis 6 of the Mexican Banking Law that, under Article 148, Section II, paragraphs
(a)
and (b) of the Mexican Banking Law, financial assistance is required
by Banco Santander México to avoid revocation of its license because Banco Santander México’s assets are insufficient
to satisfy Banco Santander México’s liabilities, or Banco Santander México’s failure to comply with corrective
measures, to comply with capitalization requirements, or to satisfy certain liabilities when due, as a means to maintain the solvency
of the Mexican financial system or to avoid risks affecting the Mexican payments system and such determination is either made public or
notified to Banco Santander México (for the avoidance of doubt, pursuant to Annex 1-R of the general rules applicable to Mexican
banks, a Conversion Trigger Event shall occur if financial assistance or other loans shall be granted to the Bank pursuant to Article
148, Section II, paragraphs (a) and (b) of the Mexican Banking Law)
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 85 |
25 |
Conversion Amount |
“Conversion Amount” means: (i) a conversion of the then Current Principal Amount of Capital Notes in an amount that would be sufficient, and together with any concurrent pro rata write-down or conversion of any other Subordinated Non-Preferred Indebtedness issued by Banco Santander México and then outstanding, to return Banco Santander México’s Fundamental Capital Ratio to the then-applicable Fundamental Capital Ratio required by the CNBV in accordance with Section IV, c), 1 of Annex 1-R of the general rules applicable to Mexican banks or any successor regulation; or, if no such amount, together with any such concurrent pro rata write-down or conversion, would be sufficient to so restore Banco Santander México’s Fundamental Capital Ratio to the aforementioned amount, then (ii) conversion of the then Current Principal Amount of Notes in the amount necessary to reduce the principal amount of each outstanding Note to zero. |
26 |
Conversion Price |
The conversion price shall be, if the Ordinary Shares are:
(i) then admitted to trading on the Mexican Stock Exchange, the higher
of: (x) the volume weighted average of the Ordinary Shares closing price on the Mexican Stock Exchange for the thirty (30) consecutive
Business Days immediately preceding the Conversion Date, with each closing price for the thirty (30) consecutive Business Days being converted
from Mexican pesos into U.S. dollars at the then-prevailing exchange rate; or (y) floor price of Ps.20.30 converted into U.S. dollars
at the then-prevailing exchange rate;
(ii) not then admitted to trading on the Mexican Stock Exchange, the
floor price of Ps.20.30 converted into U.S. dollars at the then-prevailing exchange rate.
The conversion price shall be subject to certain anti-dilution adjustments.
|
27 |
Type of Conversion |
Mandatory. |
28 |
Type of shares into which the title is converted |
Banco Santander México’s Series F shares (common shares). |
29 |
Issuer of such capital instrument |
Banco Santander México, S. A., Institución de Banca Múltiple, Grupo Financiero Santander México. |
30 |
Write-Down Mechanism |
N.A. |
31 |
Write-Down Trigger Events |
N.A. |
32 |
Write-Down Amount |
N.A. |
33 |
Write-Up Mechanism |
N.A. |
34 |
Mechanism for temporary Write-Down |
N.A. |
35 |
Ranking of the Capital Notes in a liquidation event |
The Capital Notes will represent the Issuer’s general, unsecured and subordinated obligations. The Capital Notes constitute Subordinated Non-Preferred Indebtedness and will rank (i) subordinate and junior in right of payment and in liquidation to all of the Issuer’s present and future Senior Indebtedness and Subordinated Preferred Indebtedness, (ii) pari passu without preference among themselves and with all of the Issuer’s present and future other unsecured Subordinated Non-Preferred Indebtedness and (iii) senior only to all classes of the Issuer’s capital stock. |
36 |
Does any characteristic of the Capital Notes breach conditions set forth in Annex 1-R, 1-S or 1-Q of the Mexican Banking Law |
No. |
37 |
Specify which characteristics of the Capital Notes breach conditions set forth in Annex 1-R, 1-S or 1-Q of the Mexican Banking Law |
N.A. |
The information relating to Annex 1-O Capitalization
Ratio Santander Consumo, Santander Hipotecario and Santander Inclusión Financiera is available on the website
www.santander.com.mx/ir
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 86 |
Leverage
ratio
Table I.1 |
Integration of the main sources of leverage |
|
Item |
Sep-22 |
1 |
On-balance sheet items (excluding derivatives and SFTs, but including collateral) |
1,437,983 |
2 |
(Asset amounts deducted in determining Basel III Tier 1 capital) |
(58,318) |
3 |
Total on-balance sheet exposures (excluding derivatives and SFTs) (sum of lines 1 and 2) |
1,379,666 |
Derivative exposures |
4 |
Replacement cost associated with all derivatives transactions (i.e. net of eligible cash variation margin) |
46,505 |
5 |
Add-on amounts for PFE associated with all derivatives transactions |
47,689 |
6 |
Gross-up for derivatives collateral provided where deducted from the balance sheet assets pursuant to the operative accounting framework |
0 |
7 |
(Deductions of receivables assets for cash variation margin provided in derivatives transactions) |
0 |
8 |
(Exempted CCP leg of client-cleared trade exposures) |
0 |
9 |
Adjusted effective notional amount of written credit derivatives |
0 |
10 |
(Adjusted effective notional offsets and add-on deductions for written credit derivatives) |
0 |
11 |
Total derivative exposures (sum of lines 4 to 10) |
94,195 |
Securities financing transaction exposures |
12 |
Gross SFT assets (with no recognition of netting), after adjusting for sale accounting transactions |
224,118 |
13 |
(Netted amounts of cash payables and cash receivables of gross SFT assets) |
(169,087) |
14 |
CCR exposure for SFT assets |
32,138 |
15 |
Agent transaction exposures |
0 |
16 |
Total securities financing transaction exposures (sum of lines 12 to 15) |
87,169 |
Other off-balance sheet exposures |
17 |
Off-balance sheet exposure at gross notional amount |
172,611 |
18 |
(Adjustments for conversion to credit equivalent amounts) |
(57,655) |
19 |
Off-balance sheet items (sum of lines 17 and 18) |
114,957 |
Capital and total exposures |
20 |
Tier 1 capital |
114,762 |
21 |
Total exposures (sum of lines 3, 11, 16 and 19) |
1,675,985 |
Leverage ratio |
22 |
Basel III leverage ratio |
6.85% |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 87 |
Table II.1 |
Comparison total assets and assets adjusted |
Reference |
Item |
Sep-22 |
1 |
Total consolidated assets as per published financial statements |
1,930,657 |
2 |
Adjustment for investments in banking, financial, insurance or commercial entities that are consolidated for accounting purposes but outside the scope of regulatory consolidation |
0 |
3 |
Adjustment for fiduciary assets recognised on the balance sheet pursuant to the operative accounting framework but excluded from the leverage ratio exposure measure |
(58,318) |
4 |
Adjustments for derivative financial instruments |
(174,362) |
5 |
Adjustment for securities financing transactions |
(136,949) |
6 |
Adjustment for off-balance sheet items |
114,957 |
7 |
Other adjustments |
0 |
|
Leverage ratio exposure |
1,675,985 |
|
Table III.1 |
Conciliation of total assets and exposure in the balance |
Reference |
Item |
Sep-22 |
1 |
Total consolidated assets as per published financial statements |
1,930,657 |
2 |
operative derivative financial instruments |
(268,556) |
3 |
operative securities financing transactions |
(224,118) |
4 |
Trust assets recognized in the balance sheet under the accounting framework, but excluded from the exposure measure of the leverage ratio |
0 |
|
On-balance exposure |
1,437,983 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 88 |
Table IV.1 |
Variation of the elements |
|
Jun-22 |
Sep-22 |
|
Concept/Quarter |
T-1 |
T |
Variation (%) |
Basic Capital |
118,832 |
114,762 |
(3) |
Adjusted assets |
1,666,739 |
1,675,985 |
1 |
Leverage ratio |
7.13% |
6.85% |
|
The information relating to Annex 1-O Leverage
Ratio is available on the website
www.santander.com.mx/ir
15. Risk Diversification |
Pursuant to the general rules for risk diversification
in the performance of borrowing and lending transactions applicable to credit institutions, published in the Federal official Gazette
on April 30th, 2003, the following information with respect to credit risk transactions as of September 30th, 2022,
is provided:
- The Bank did not grant financing to debtors or
groups of individuals representing single common risk greater than amount of core capital Bank.
- Loans granted to the three major debtors or groups
of persons representing a common risk for a total amount of Ps.48,241 representing the 40.60% of the basic capital of the Bank.
- There are two financings greater than 10% of
the basic capital of the Bank, the first with an amount of Ps.57,000 and the second with an amount of Ps.25,316, representing 47.97% and
21.30%, respectively.
|
|
16. Internal and external Sources of Liquidity |
Financial sources of liquidity in domestic and
foreign currency come from the different savings products that Banco Santander México offers to its clients; mainly demand and
time deposits.
An additional internal source of liquidity is the
collection of fees, interests and principal amounts of the loans that the Bank grants to its clients.
With respect to external sources of liquidity,
the Bank has access to the domestic and foreign capital markets through the issuance of debt or equity instruments. Santander México
also obtains funding from other institutions including the Mexican Central Bank, development banks, commercial banks, and other institutions.
Banco Santander México may also obtain liquidity
through sale and repurchase agreements (short-term repos) over securities it holds in its investment portfolio. Additionally, the Bank
could obtain liquidity through the sale of assets.
|
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 89 |
17. Dividends Policy
17. Dividends Policy |
Banco Santander México performs the payment of dividends pursuant to the applicable legal, administrative, fiscal and accounting rules, based in the results obtained by Banco Santander México. The payment of dividends is discussed in the Ordinary General Stockholders’ Meeting, which is the body that orders and approves the payment of dividends to the stockholders. |
|
18. Treasury Policies |
The activities of Banco Santander México’s treasury are
performed pursuant to the following:
a)
In compliance with the provisions issued
by the different authorities of the financial system for bank institutions, such as guidelines for lending and borrowing transactions,
accounting rules, liquidity and capital ratios, regulatory matching, capacity of the payment systems, among others.
b)
Internal limits for market, liquidity
and credit risks that are reviewed and approved by appropriate committees, i.e., there are limits established and independent for treasury
activities for the management of the assets and liabilities of the bank with respect to the market and liquidity risk derived from such
management, as well as the limits regarding counterparty risk derived from the daily transactions. The treasury is responsible for their
activities within the limits allowed to manage their risk.
c)
Compliance with the guidelines stipulated
by national and international standard agreements regarding transactions performed in markets.
d)
Sound market practices.
e)
Strategies proposed in the banks internal
committees.
f)
Compliance with the operation policies
and procedures of the institution.
|
|
19. Shareholding
19. Shareholding |
|
|
Subsidiaries |
|
% of interest |
|
|
|
Santander Consumo, S.A. de C.V., SOFOM, E.R. |
|
99.99 |
Santander Inclusion Financiera, S.A. de C.V., SOFOM, E.R. |
|
99.99 |
Centro de Capacitación Santander, A.C. |
|
99.99 |
Banco Santander, S.A. F-100740 |
|
99.99 |
Fideicomiso GFSSLPT Banco Santander, S.A. |
|
89.14 |
Santander Servicios Corporativos, S.A. de C.V. |
|
99.99 |
Santander Servicios Especializados, S.A. de C.V. |
|
99.99 |
Santander Tecnología México, S.A. de C.V. |
|
99.99 |
20. Internal
Control
The activities of Banco Santander Mexico are governed
by the current legislations of the local regulator and for a series of guidelines established by his holding company, Banco Santander,
whose headquarters are located in Madrid.
For the compliance of the regulations in force,
Santander México has developed and implemented an Internal Control Model (ICM) which includes the participation of the Board of
Directors, the statutory advisor, the Audit Committee, the Internal Audit Department, the General Direction, the Executive Direction of
Non-Financial Risks (Internal Control), Financial Control Department and the Regulatory Control Department.
The ICM is based in the identification and documentation
of the main risks and the annual assessment of the controls that are created to mitigate such risks. ICM guarantees, among other aspects,
design and execution of controls, establishment and updating of measures and controls that promote the compliance with the internal and
external regulations, such as the Committee of Sponsoring Organizations of the Treadway Commission (COSO) guidelines and the proper operation
of the financial data processing systems.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 90 |
Likewise, business continuity is ensured through
a Business Continuity Management System aligned with the best practices in the industry and covering the established corporate and local
regulatory requirements.
The internal control system includes:
The implementation of an organizational structure
has allowed the development and growth of the bank. Such structure is constituted as follows
CEO and General Direction
The following functions report to the President
and CEO:
| • | Deputy General Legal Director |
| • | Deputy General Director of Risks |
| • | Deputy General Director Corporate & Investment Banking |
| • | Deputy General Director of Strategy, Public Affairs and Chief of Staff of the Executive Presidency |
| • | Deputy General Management Business Strategy |
| • | Executive Management Chief Audit Executive |
| • | Executive Director Chief Information Security Officer |
| • | Director of Chief of Staff North America |
| • | Coordination and Monitoring Department |
| § | Vice President of Commercial Network and
EIB: |
| • | Deputy General Director Digital and Innovation |
| § | Vice President of Administration and Finance: |
| • | Deputy General Director Intervention and Management Control |
| • | Deputy General Director Corporate Resources and Recoveries |
| • | Finance Executive Director |
| • | Human Resources Executive Director |
| • | Executive Director Deputy Head of Technology |
| • | Operations Executive Director |
| • | Financial Inclusion Executive Director |
*Organizational structure effective as of September 30th,
2022. For the recent organizational changes announced, please refer the V. Relevant Events section of this report.
The roles and responsibilities of each direction
have been stipulated in order to optimize the performance of the activities of Santander México.
The Organization area, via manuals, circulars and
bulletins, governs the activities of the bank; likewise, the Regulatory Control Department has established a general Code of Conduct that
every employee of Santander México has to follow.
The structure of Santander México includes
the constitution of a Board of Directors, which establishes the objectives, the policies and general procedures of Santander México,
the appointment of directors and the constitution of committees that are to supervise the development of the activities of Santander México.
The committees that supervise the development of
the entities that constitute Banco Santander México, created and reported to the Board of Directors, are:
| § | Corporate Practices, Nominating
and Compensation Committee |
| § | Risk Management Committee |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 91 |
The registration, control and storage of the daily
activities of Santander México are carried out by systems mainly designed and focused on the banking and brokerage activity. The
common platform for such purposes is known as ALTAIR and it is applied by all the entities in Latin America that are part of Banco Santander
(España).
Loans portfolio and transactions of commercial
banking of the bank are controlled and registered at ALTAIR. Treasury activities are controlled and registered in computer platforms and
the operations are centralized for its accounting registration in ALTAIR. Such platforms comply with the parameters stipulated by the
CNBV with respect to reliability and accuracy.
Santander México is regulated by the CNBV,
and therefore, the financial statements are prepared according to the accounting practices stipulated by such Commission via the issue
of accounting circulars, general official letters and particular official letters regarding the accounting registration of transactions.
For such purposes, the accounting system of Santander México has been structured with an accounts catalog stipulated by the Commission,
and all the reports come from such system and comply with the applicable provisions.
Within Santander México, there is an independent
area of Internal Audit, whose mission is to oversee the compliance, efficacy and efficiency of the internal control systems of the Bank,
as well as the reliability and quality of the accounting information.
To achieve so, Internal Audit verifies that the
risks inherent to the activity of Santander México are properly covered and the policies stipulated by the Direction, the applicable
internal and external regulations and the procedures are observed.
The results of the activities of Internal Audit
are reported on regular basis to the General Direction, the Audit Committee and the Board of Directors. Among other issues, the results
of the audits performed to the different business units of the companies that constitute Santander México and the follow up of
the recommendations provided to the different areas and/ or entities are informed.
Internal Audit has a quality system oriented to
the client satisfaction focus on continuous process improvement, which has been subject to a successful Quality Assurance Review (QAR)
during 2019.
In summary, Internal Control of Santander México
includes the continuous development, implementation and updating of an internal control model where all the areas of the bank have an
active role.
During the quarter, there have been no changes
to the internal controls and internal audit guidelines.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 92 |
21. Transactions with related parties |
|
|
|
Receivable |
|
Funds available |
4,311 |
Debtors under sale and repurchase agreements |
410 |
Derivatives (asset) |
111,592 |
Performing loan portfolio |
7,949 |
Other receivables, (net) |
3,773 |
|
|
Payable |
|
Time deposits |
3,445 |
Demand deposits |
1,525 |
Credit instruments issued |
1,014 |
Creditors under sale and repurchase agreements |
2,507 |
Derivatives (liability) |
90,222 |
Other payables |
24,457 |
Creditors from settlement of transactions |
1,683 |
Subordinated debentures |
33,713 |
|
|
Revenues |
|
Interest |
64 |
Premium on sale and repurchase agreements |
16 |
Others |
225 |
|
|
Net Commissions |
4,853 |
Net gain (loss) on financial assets and liabilities |
10,109 |
|
|
Expenses |
|
Interest |
1,323 |
Administrative expenses |
599 |
Technical assistance |
2,591 |
|
|
22. Interests on loan portfolio |
As of September 30th, 2022, the consolidated income statement includes, in the item "Interest income", Ps.66,163 million that correspond to interests from the loan portfolio of Banco Santander México, S.A. and Santander Consumo, S.A. de C.V. SOFOM E.R. |
23. Integral Risk Management |
Risk management is considered by Banco Santander as a competitive element
of strategic nature with the purpose of maximizing the value for the stockholder. This management is defined, from a conceptual and organizational
sense, as a comprehensive management of the different risks (market risk, liquidity risk, credit risk, counterparty risk, operative risk,
legal risk and technological risk) assumed by Banco Santander for the development of its activities. The management of the risk inherent
to transactions is essential for understanding and determining the behavior of the financial condition of Banco Santander and the creation
of long-term value.
In order to comply with the provisions regarding the Comprehensive Risk
management applicable to credit institutions, issued by the National Banking and Exchange Commission, the Board of Directors agreed to
create the Comprehensive Risk Management Committee of Banco Santander, to work pursuant to the rules set by such regulations. This Committee
gathers every month and verifies that the transactions are according to the objectives, policies and procedures approved by the Board
of Directors for the Comprehensive Risk Management.
The Comprehensive Risk management Committee delegates
in the Comprehensive Risk Management Unit the responsibility for the implementation of procedures for the measure, administration and
control of risks according to the applicable policies; such Unit has the faculty to authorize amounts greater than the stipulated limits
and in such cases, the Board of Directors shall be informed on such deviations.
Market Risk
The Market Risk Management department of the Comprehensive Risk management
Unit is responsible for recommending the policies on market risk management of Banco Santander, and to establish the parameters for risk
measuring, and to provide reports, analysis and assessments to the senior management, to the Comprehensive Risk management Committee and
to the Board of Directors.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 93 |
The market risk management is to identify measure, monitor and control
risks arising from fluctuations in interest rates, exchange rates, prices and other market risk factors in currency, money, capital and
derivative markets that are exposed the positions that belong to Banco Santander.
The market risk measurement quantifies the potential variation in the
value of the positions as a consequence of changes in the market risk factors.
Depending on the nature of the activities of each business unit, debt
and capital instruments are registered as securities for trade, securities available for sale and or securities held to maturity. The
main characteristic that identifies securities available for sale is their permanent nature and they are managed as an structural part
of the balance sheet. Banco Santander has established provisions that all securities available for sale must fulfill, as well as adequate
controls for the compliance of such provisions.
Whenever significant risks are identified, they
are measured and limits are allocated in order to assure an adequate control. Global measurement of risk is carried out via a combination
of the methodology applied to Portfolios for Trade and to the management of Assets and Liabilities.
Trading Books
In order to measure the risk in a global approach, the methodology of
Value at Risk (“VaR”) is used. VaR is defined as the statistical estimate of the potential loss of value of a given position,
during certain period and at certain confidence level. VaR provides a universal measure of the level of exposure of the different risk
portfolios; it allows the comparison of the risk level assumed in different securities and markets and expresses the level of each portfolio
through a unique figure in economic units.
VaR is calculated via historical simulation, with a 521 working-days
window (520 percentage changes) and a one-day horizon. The calculation is performed from a series of simulated gains and losses with 1%
percentile at constant pesos and with pesos decreasing on an exponential basis, with a decrease factor that is reviewed on annual basis,
the most conservative measure is the one to be reported. A confidence level of 99% is assumed.
Note that the historical simulation model is limiting to assume that
the recent past represent the near future.
The Value at Risk as of the end of third quarter
of 2022 (unaudited) amounted to:
Bank |
|
VaR
(Thousands of Mexican pesos) |
% |
Trading Desks |
27,526.57 |
0.02% |
Market Making |
21,307.15 |
0.02% |
Proprietary Trading |
9,291.88 |
0.01% |
|
|
|
Risk factor |
|
|
Interest rate |
28,343.93 |
0.02% |
Foreign exchange |
7,989.09 |
0.01% |
Equity |
773.11 |
0.00% |
* % of VaR with respect to Net Capital |
|
The Value at
Risk for the average the third quarter of 2022 (unaudited) amounted to:
Bank |
|
VaR
(Thousands of pesos) |
% |
Trading Desks |
34,911.04 |
0.02% |
Market Making |
28,828.49 |
0.02% |
Proprietary Trading |
10,755.27 |
0.01% |
|
|
|
Risk factor |
|
|
Interest rate |
31,762.60 |
0.02% |
Foreign exchange |
11,423.03 |
0.01% |
Equity |
1,390.31 |
0.00% |
* % of VaR with respect to Net Capital |
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 94 |
Likewise, monthly simulations of gains or losses
of portfolios are carried out by revaluating such portfolios under different scenarios (Stress Test). Such estimates are generated using
two different methods:
| § | Applying to risk factors the
percentage changes observed in certain periods including relevant market turbulences. |
| § | Applying to risk factors changes
that depend on the volatility of each risk factor. |
On a monthly basis “back testing” is carried out to compare
daily gains and losses that would have been observed is the same positions had been maintained, taking into account only the change in
value at risk in order to be able to fine tune the models. Even though these reports are prepared on a monthly basis, they include daily
tests.
Assets and Liabilities Management
Commercial banking activities of Banco Santander generate important
balance sheet amounts. The Assets and Liabilities Committee (“ALCO”) is responsible for determining the guidelines for the
management of financial margin risk, net worth value and liquidity that must be followed by the different commercial portfolios. Pursuant
to this approach, the General Direction of Finances has the responsibility to execute the strategies defined by the Assets and Liabilities
Committee in order to modify the risk profile of the commercial portfolio by following the corresponding policies. Compliance with information
requirements for interest rate, Exchange rate and liquidity risks is fundamental.
As part of the financial management of Banco Santander,
sensitivity to Net Interest Income (“NIM”) and Market Value of Equity (“MVE”) of the different balance sheet items
is analyzed in comparison to variations in interest rates. This sensitivity is derived from the difference between maturity dates of assets
and liabilities and the dates interest rates are modified. The analysis is performed from the classification of each item sensitive to
interest rate throughout time, according to their repayment, maturity or contractual modification of the applicable interest rate.
|
Sensitivity NIM |
|
Sensitivity MVE |
Bank |
Jul-22 |
Aug-22 |
Sep-22 |
Average |
|
Jul-22 |
Aug-22 |
Sep-22 |
Average |
Balance MXN GAP |
15% |
19% |
19% |
18% |
|
24% |
50% |
57% |
44% |
Scenario |
Decrease |
Decrease |
Decrease |
N/A |
|
Increase |
Increase |
Increase |
N/A |
Balance USD GAP |
23% |
27% |
29% |
26% |
|
28% |
36% |
34% |
33% |
Scenario |
Decrease |
Decrease |
Decrease |
N/A |
|
Decrease |
Decrease |
Decrease |
N/A |
*For high volatility currencies, a scenario of
+/-100 bps is considered, while for low volatility currencies, a scenario of +/-25 bps is used. The decrease scenario considers a shock
of -100/-25 bps, while the increase scenario refers to a shock +100/+25 bps.
Using simulation techniques, the predictable change
of the net interest income and the market value of equity are measured in different interest rate scenarios, and their sensitivity under
extreme movement of such scenarios, as of the end of the third quarter of 2022:
|
Sensitivity NIM |
|
Sensitivity MVE |
Bank |
Scenario |
Total |
Derivatives |
Non Derivatives |
|
Scenario |
Total |
Derivatives |
Non Derivatives |
Balance MXN GAP |
Decrease |
(283) |
1,254 |
(1,537) |
|
Increase |
(2,418) |
2,821 |
(5,239) |
Balance USD GAP |
Decrease |
(292) |
(3) |
(289) |
|
Decrease |
(1,019) |
(427) |
(592) |
*For high volatility currencies, a scenario of
+/-100 bps is considered, while for low volatility currencies, a scenario of +/-25 bps is used. The decrease scenario considers a shock
of -100/-25 bps, while the increase scenario refers to a shock pf +100/+25 bps.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 95 |
The Assets and Liabilities Committee adopts investment
and hedging strategies in order to maintain such sensitivities within the target range.
Limits
Limits are used to control global risk of the financial
group derived from each portfolio and books. The structure of limits is used to control exposures and to establish the total risk authorized
to business units. These limits are established for VaR, Loss alert, maximum loss, equivalent volume of interest rate, delta equivalent
in equity, open foreign currency positions, sensitivity of net interest income and sensitivity of market value of equity.
Liquidity Risk
Liquidity risk is related to the ability of Banco Santander to finance
acquired commitments at reasonable market prices, as well as to fulfill business plans with stable financing sources. Risk factors may
be external (liquidity crisis) and internal due to excessive concentration of maturities.
Banco Santander carries out a coordinated management
of maturities of assets and liabilities, and oversees the maximum timing difference profiles. This monitoring is based in the analysis
of maturities of assets and liabilities, both contractual and managerial. Banco Santander realizes a control for the maintenance of a
sufficient quantity of liquid assets to guarantee a horizon of survival during a minimum of days facing a scene of stress of liquidity
without resorting to additional financing sources. The risk of Liquidity is limited in terms of a minimal period of days established for
local, foreign and consolidated currencies. It is necessary to indicate that in the current quarter incidents have not been had in the
metrics.
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of Pesos |
|
Total |
|
1D |
1W |
1M |
3M |
6M |
9M |
1Y |
5Y |
>5Y |
Structural GAP |
|
474,328 |
|
(21,924) |
(133,222) |
(128,807) |
106,982 |
95,921 |
42,173 |
49,770 |
505,803 |
(42,370) |
Non Derivative |
|
449,494 |
|
(21,967) |
(133,815) |
(128,925) |
101,625 |
94,907 |
39,482 |
49,453 |
495,679 |
(46,944) |
Derivatives |
|
24,833 |
|
44 |
593 |
118 |
5,358 |
1,014 |
2,692 |
318 |
10,123 |
4,575 |
Credit Risk
Management of credit risk of Grupo Financiero Santander is developed
differently for the different segments of clients along the three phases of the credit process: acceptance, follow-up and recovery.
From a global perspective, management of credit risk in Grupo Financiero
Santander is responsible for the identification, measurement, integration and assessment of the aggregated risk and the profitability
according to such risk; with the purpose of oversee the levels of risk concentration and to adapt them to the limits and objectives previously
established.
Risks receiving an individual treatment (risks with companies, Grupo
Financiero Santander and financial entities) are identified and taken apart from those other risk that are managed in standardized manner
(consumer and mortgages credits to individuals, loans to businesses and small enterprises).
Risks managed on individual basis are subject to
a solvency or rating system with a related probability of failure that allows the measuring of the risk for each client and for each transaction
from the beginning. The assessment of the client, after analyzing other relevant risk factors in different areas, is adjusted according
to the special characteristics of the transaction (guarantee, term, etc,).
Standardized risks require, due to their special
characteristics (great number of transactions for relatively low amounts), a different management that allows an efficient process and
effective use of resources, so automated decision tools are used (expert and credit scoring systems).
Management of loans to companies is complemented,
during the follow-up phase, with the so called “system of special monitoring” that determines the policy to be followed in
the management of the risks with companies or groups rated within such category. Different situations of levels of monitoring are identified
and generate different actions. A special monitoring grade is given in the case of alert signals, systematic reviews, or specific initiatives
promoted by the Risks Department or Internal Audit.
Recovery Units constitute a critical element in
the management of irregular risk, in order to minimize the final loss for Grupo Financiero Santander. These units are responsible for
a specialized management of the risk from the moment they are classified as irregular risk loans (defaulting payment).
Grupo Financiero Santander has carried out a policy
for the selective growth of risk and a strict treatment of late payments and the creation of the corresponding provisions, based in the
prudent criteria defined by the Group.
Probability of Default and Expected Losses
Pursuant to the provisions on Comprehensive Risk Management included
in the general regulations applicable to credit institutions, as part of the credit risk management, credit institutions must determine
the probability of default.
The system allows the calculation of the probability
for the different loans portfolios.
| a. | The probability of failure is for “No Retail” portfolios. It is determined via the fine tune
of the ratings of clients in a given moment, based in the Monthly Default Rates observed during a period of five years. Such Default Rates
are adjusted to an economic cycle of ten years. For “Retail” portfolios, the standard default probabilities set by the Basel
Convention are used. |
| b. | Once the probability of default is determined, the parameters of “severity of Loss” (“LGD”)
and “Exposure at Default” (“EAD”) stipulated in Basel, are taken into consideration. |
Once the abovementioned factors are obtained, the
Expected Loss (“PE”) is calculated as follows:
Expected Loss = Probability of Default x Severity
of Loss x Exposure at Default
i.e.: PE = PD * LGD * EAD
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 96 |
Counterparty Risk
Whitin the credit risk, there is a concept that, due to its specific
characteristics, it requires a special management: the Counterparty Credit Risk.
Counterparty Credit Risk (CCR) is defined as the risk that may arise
from total or partial breach of the financial obligations contracted with the entity. It is a bilateral credit risk, as it may affect
both parties of the transaction, and it is uncertain, since it is conditioned by the behaviour of markets, which are volatile.
The financial securities that generates this exposure are the financial
derivatives, repurchase agreements (REPOs) and security lending. The management and control of this type of credit risk is carried out
by a specific team with an organizational structure independent from the business teams.
For the control
of the counterparty credit lines, the Equivalent Credit Risk (REC) is used. The REC is the metric that represents the peak exposure or
the highest potential future exposure value at a specific time interval and it can be obtained in the following ways:
| · | Gross REC: it measures the
exposure without considering netting and collateral agreements. It´s obtained at a transaction level and at other levels of aggregation. |
| · | Net REC: it measures the
exposure considering netting and collateral agreements and personal or financial guarantees. It´s calculated at a netting agreement
level and at other levels of aggregation. |
In addition to
the Counterparty Risk, there is the issuing risk, which is generated by the acquisition and / or direct disposal of public and private
instruments of authorized securities and the Settlement Risk, also known for Herstatt risk for FX trading, is the risk that is generated
in the exchange of securities when one of the parties fails to deliver the securities/currency/cash, committed by contract, having received
the amount from the other party.
The control of
Counterparty Risk is performed in a daily basis using the Credit Risk Exposure Advanced Management (CREAM), which allows to know the credit
line availability for all the counterparties, for any of the instruments already mentioned and term.
For the process
of control for this risk, Financial Risk Division oversees on a daily basis the compliance with the limits on counterparty credit risks
by product, term and other conditions stipulated in the authorization for financial markets. Likewise, it is the responsible for communicating
on a daily bases, the limits, consumptions and any incurred deviation or excess.
On a monthly
basis, a report is presented to the Risk Management Committee, with respect to the limits to Counterparty Credit Risks, Issuer Risks and
current consumptions. In addition, on a monthly basis, a report is presented to the Global Banking Credit Committee and Retail Credit
Committee with respect to incurred excesses and transactions with non-authorized customers. Also, in a monthly basis, is presented to
the Risk Management Committee the present value of the expected loss for the actual portfolio of derivatives and repos in a base scenario
and two other stressed scenarios (LGD and PD).
Currently, Banco
Santander has lines of counterparty credit risk with the following segments: Mexican Sovereign Risk and Domestic Development Banking,
Foreign Financial Institutions, Mexican Financial Institutions, Corporations, Companies Banking-SGC, Institutional Banking, Large Enterprises
Unit and Project Finance.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 97 |
Equivalent Net Credit Risk of the lines of
Counterparty Credit Risk and Issuer Risk of Banco Santander for the 3Q of 2022:
Equivalent Net Credit Risk |
Millions of U.S. Dollars |
Segment |
Jul-22 |
Aug-22 |
Sep-22 |
Average |
Sovereign Risk, Development Banking and Financial Institutions |
1,416 |
1,404 |
1,515 |
1,445 |
Corporates |
582 |
579 |
670 |
610 |
Project Finance |
204 |
185 |
175 |
188 |
Companies |
190 |
163 |
289 |
214 |
Mart to Market |
Millions of U.S. Dollars |
Segment |
Jul-22 |
Aug-22 |
Sep-22 |
Average |
Sovereign Risk, Development Banking and Financial Institutions |
49,895 |
42,917 |
63,117 |
51,976 |
Corporates |
71 |
(162) |
(15) |
(35) |
Project Finance |
5 |
(50) |
(82) |
(42) |
Companies |
17 |
(171) |
(218) |
(124) |
Weighted Rating |
Segment |
Jul-22 |
Aug-22 |
Sep-22 |
Average |
Sovereign Risk, Development Banking and Financial Institutions |
6.8 |
6.9 |
6.8 |
6.8 |
Corporates |
6.6 |
6.6 |
6.6 |
6.6 |
Project Finance |
5.4 |
5.6 |
5.6 |
5.5 |
Companies |
5.8 |
5.7 |
5.8 |
5.8 |
The average
rating was calculated by weighting internal rating by exposure
Equivalent Net
Credit Risk of the lines of Issuer Risk of Banco Santander for the 3Q of 2022:
Equivalent Net Credit Risk |
Millions of U.S. Dollars |
Segment |
Jul-22 |
Aug-22 |
Sep-22 |
Average |
Sovereign Risk, Development Banking and Financial Institutions |
23,951 |
21,741 |
21,185 |
22,292 |
Corporates |
12 |
12 |
12 |
12 |
Project Finance |
0 |
0 |
0 |
0 |
Companies |
0 |
0 |
0 |
0 |
The equivalent
credit risk lines maximum gross counterparty risk of Banco Santander as of the end of the 3Q of 2022, which corresponds to derivative
transactions, is distributed depending on the type of derivative:
Gross REC distribution |
Type of Derivative |
End of 3Q of 2022 |
Interest Rate Derivatives |
45.87% |
Exchange Rate Derivatives |
53.88% |
Bonds Derivatives |
0.00% |
Equity Derivatives |
0.25% |
Total |
100.00% |
The Expected Loss of Banco Santander at the end
of the quarter of 2022, and the quarterly average of the expected loss of the lines of Counterparty risk of Banco Santander are:
Expected Loss |
Millions of U.S.Dollars |
Segment |
Jul-22 |
Aug-22 |
Sep-22 |
Average |
Sovereign Risk, Development Banking and Financial Institutions |
3.39 |
3.02 |
3.58 |
3.33 |
Corporates |
7.62 |
8.56 |
12.29 |
9.49 |
Project Finance |
3.16 |
2.00 |
1.51 |
2.22 |
Companies |
2.70 |
2.04 |
2.18 |
2.31 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 98 |
The segments of Mexican Financial Institutions
and Foreign Financial Institutions are very active counterparties with whom Banco Santander has current positions of financial instruments
with Counterparty Credit Risk. It is important to mention that Equivalent Credit Risk is mitigated by netting agreements (ISDA-CMOF) and,
in some cases, by collateral agreements (CSA-CGAR) or revaluation agreements with counterparties.
Respect to total collateral received for derivatives transactions as
of the end of the 3Q of 2022:
Collateral received for derivatives |
|
Percentage |
Cash |
78.36% |
Debt issued by the Mexican Government |
9.40% |
Debt issued by Sovereigns other than the Mexico |
12.24% |
Note: In the event that the credit rating of Banco
Santander is lowered, there would be no impact on the amount of real guarantees that the Institution would have to provide, because the
guarantee contracts with a threshold greater than 0 are unilateral in favor of the Institution.
In respect to collateral management in derivatives
transactions, counterparty’s positions are valuated according to the frequency established at each collateral agreement. In addition,
all credit risk parameters, established at each collateral agreement are considered to obtain the amount of collateral to be delivered
or to be received from the counterparty. These amounts, margin calls, will be requested from the counterparty which has the right to receive
the collateral, according to the frequency established at the collateral agreement. The counterparty which receives the margin call, has
the right to analyze the valuation and it could result on discrepancies to solve. There are two types of margins for derivatives:
| · | Variation Margin: it refers to collateral delivered
by a counterparty to another counterparty in order to meet its obligations under one or more transactions between the parties, as a result
of a change in the value of such obligations since the last time those collaterals were delivered. |
| · | Initial Margin: it refers to the collateral received
by a counterparty to cover its current and future exposure in the interval between the last receipt of margin and the settlement of positions
or the coverage of market risk after a default by the other counterparty. |
The control of wrong-way risk is also performed
by the counterparty credit risk team. This risk occurs when the "exposure to a counterparty is adversely correlated with the credit
quality of that counterparty", in short it arises when default risk and credit exposure increase together. In Banco Santander (Mexico)
the deals with wrong-way risk receive a special treatment, they are not included in the netting set and must have an independent CSA,
so the exposure is limited.
Legal Risk
Legal Risk is defined as the potential loss due
to the failure to comply with the applicable legal and administrative regulations, the issue of administrative and judicial resolutions
against Banco Santander and the application of fines, with respect to the transactions carried out by Banco Santander.
Pursuant to the provisions regarding the Comprehensive
Risk Management, the following activities are performed: a) Establishment of policies and procedures for analyzing the legal validity
and the proper execution of the legal acts. b) estimates of the amount of potential losses derived from judicial or administrative orders
against Banco Santander and the possible application of fines c) Analysis of the legal acts governed by a legal system different to the
Mexican laws, d) communication to directors and employees on the legal and administrative regulations applicable to transactions and e)
the performance, at least on annual basis, of internal legal audits.
Operational Risk
Operational risk is defined as the risk of loss
resulting from inadequate or failed internal processes, people and systems or from external events.
The main objective is to avoid or reduce the impact
of Operational Risk, through the identification, monitoring and control of the factors that trigger the events of potential loss. Therefore,
the institution has established policies and procedures to operate under the risk exposure that the Bank is willing to accept.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 99 |
The sound management of risk involves mainly the
heads of each Business Unit on the management tools and results; as well as a continuous training to the staff. The pillars on which the
operational risks are managed are:
a) Strategic planning and budget: Required activities
to define the operational risk profile for Banco Santander México; this includes:
| - | Risk appetite, defined as the level of risk that the Bank is willing to accept |
| - | Loss annual budget, ensuring the overview of real losses according to the budget and the deviations, challenging
the controls and extenuation measures. |
b) Identify, measure and evaluation of the Operational
risk; identify risks and the factors that trigger them in the Bank, and estimate the qualitative or/and quantitative impact.
c) Monitoring; The Overview and monitoring of operational
risk goal for periodic analysis of available information of risk (type and level) during the normal development of the activities.
d) Extenuation (Mitigation); once the Operational
Risk has been assessed, it is required to establish actions to avoid the risk or to mitigate the impact for risk that materialize, develop
a cost-benefit study and indicators should be implemented to help us evaluate the effectiveness of these actions.
e) Reporting; the Operational Risk profile and
performance of the Operational Risk environment is presented on a regular basis in Bank Committees.
During the third quarter of 2022, the monthly average
Operational Risk loss reported by Banco Santander México is Ps.20.1 million. This amount represents a decrease of 46% compared
to the same period in 2021.
Since December 2016, Banco Santander México
applies the Alternate Standard Approach (ASA) for operational risk capital requirements.
Technological Risk
Technological risk is defined as the potential
loss due to damages, discontinuation, alterations or failures derived from the use or dependence on hardware, software, systems, applications,
networks and any other data channel distribution for the provision of banking services to the clients of Banco Santander.
Banco Santander México has adopted a corporate
model for the management of technological risk (which includes cyber risks), integrated into the service and support processes of the
technological areas, to identify, evaluate, monitor, control, mitigate and report the technological risks to which the operation is exposed.
This model allows the establishment of control measures to reduce the probability of risks materializing or, minimize the impact of those
risks.
Processes and levels of authorization
Pursuant to internal
regulations, all the products and services traded by Banco Santander are approved by the “Comité de Comercialización”
and by the “Comité Corporativo de Comercialización”. Those products or services that are modified or extended
with respect to their original approval must be approved by the “Comité de Comercialización” and, depending
of their relevance, the “Comité Corporativo de Comercialización” must approve them too.
All areas taking
part in the operation of the product or service, depending on the nature of such product or service, as well as the areas responsible
for their accounting registration, legal formalization, fiscal treatment, risk assessment, etc. are present in the Committee. All approvals
shall be unanimous as there are no authorizations approved by majority of votes. In addition to the Committee’s approval, there
are products that require authorizations from local authorities, and therefore, the Committee’s approvals are subject to the authorizations
issued by the competent authorities in each case.
Finally, all
the approvals shall be authorized by the Comprehensive Risk Management Committee.
Independent Reviews
Banco Santander is subject to the monitoring and
supervision of the National Bank and Exchange Commission, the Central Bank of Mexico and the Bank of Spain, and such monitoring and supervision
is exercised via follow-up processes, inspection visits, information requests, delivery of documents and reports.
Likewise, periodic reviews are performed by Internal
and External Auditors.
General description of the valuation techniques
Derivative financial securities are valued at reasonable
value, according to the accounting rules established in the Circular Letter for Credit Institutions issued by the National Banking and
Exchange Commission, in Principle B-5 “Derivative Financial Instruments and hedging Transactions” and the provisions in Principle
A-2 “Application of specific rules”, and the provisions in the specific rule included in Bulletin C-10 of the Financial Information
Rules.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 100 |
A. Methodology
of Valuation
Valuation is made at the corresponding
closing market price. Prices are provided by the supplier of prices.
| b) | Over-the-Counter Markets |
| i) | Derivative financial instruments with optionality. |
In the majority of the cases, a general
form of the Black & Scholes model is used. Such model assumes that the underlying product follows a lognormal distribution. For exotic
products or when payment depends on the trajectory of any market variable, MonteCarlo simulations are used. In this case, it is assumed
that logarithms of the different variables follow a multi-varied normal distribution.
| ii) | Derivative financial instruments with no optionality. |
The valuation technique is to obtain
the present value of the estimated future flows.
In all cases, Banco Santander carries out the valuation
of its positions and registers the corresponding value. In some cases, a different calculation agent is designated, and such calculation
agent may be the counterparty or a quarter party.
In the performance of its commercial banking activities,
Banco Santander has tried to cover the evolution of the financial margin of structured portfolios that are exposed to adverse movements
in interest rates. The ALCO, the body responsible for the management of long-term assets and liabilities, has constituted the portfolio
via which the Banco Santander achieves such hedge.
An accounting hedge is defined as a transaction
that complies with the following conditions:
| a. | A hedge relationship is designated and documented from the beginning in an individual file, where its
objective and strategy is established. |
| b. | The hedge is effective for the compensation of variations in the reasonable value or in the cash flows
attributed to such risk, according to the risk management documented at the beginning. |
The Management of Banco Santander performs derivative
transactions for hedging purposes with swaps.
Derivatives for hedging purposes are valued at
market value, and the effect is recognized depending on the type of accounting hedge, pursuant to the following:
| a. | In the case of fair value hedges, they are valued at market value for the risk covered, the primary position
and the hedging derivative instrument, and the net effect is registered in the statement of income of the corresponding period. |
| b. | In the case of cash flow hedges, the hedging derivative instrument is valued at market value. The effective
portion of the hedge is registered in the comprehensive income account, within the stockholders’ equity, and the ineffective portion
is registered in the statement of income. |
Banco Santander ceases the recording of hedges
at the maturity date of the derivative, or when such derivative is sold, cancelled or exercised; when the derivative does not reach a
high efficiency in compensating the changes in the reasonable value or the cash flows of the covered item, or when Banco Santander decides
to cancel the hedge.
It shall be fully evidenced that the hedge fulfills
the objective for which derivatives were contracted for. This effectiveness requirement assumes that the hedge must comply with a maximum
range of deviation with respect to the initial objective of 80% to 125%.
In order to demonstrate the efficacy of hedges,
two tests are to be carried out:
| a) | Forward-looking Test: it is demonstrated that, in the future, the hedge will be within the aforementioned
range of deviation. |
| b) | Retrospective Test: This test reviews if, in the past, from its initial date to now, the hedge has been
maintained within the allowed range of deviation. |
In the cases of Fair Value Hedges and the Cash
Flow Hedges, they are retrospective and forward-looking efficient and within the allowed maximum range of deviation.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 101 |
B. Reference
Variables
The most relevant reference variables are:
Exchange Rates
Interest Rates
Equity
Baskets of equities and stock
indexes.
C. Frequency
of valuation
Derivative financial instruments for trading and
hedging purposes are valued on a daily basis.
Management of internal and external sources of liquidity that may
be used for the compliance of requirements related to derivative financial instruments.
Resources are obtained via the National and International Treasury departments.
Changes in exposure to identified risks, contingencies and events,
known or expected, in derivative financial instruments.
At the end of the quarter quarter of 2016, Banco
Santander has no situation or contingency such as changes in the value of the underlying asset or the reference variables, that may cause
the use of the derivative financial instruments to be different to their original intended use, a significant change in their scheme or
the total or partial loss of the hedge, requiring the Issuer to assume new obligations, commitments or variations in its cash flow or
affecting its liquidity (day trade calls), nor contingencies or events known or expected by the Management that may affect future reports.
During the third quarter of 2022, the number or
expired derivative financial instruments and closed positions was as follows:
Summary of Derivative Financial Instruments |
|
Million Pesos as of September 30th, 2022 |
|
|
|
|
|
|
|
|
Derivatives |
Underlying Asset |
Purposes trading or hedging |
Notional |
Fair Value
|
|
Current Quarter |
Previous Quarter |
|
|
|
|
|
|
|
|
|
Forwards |
Foreign Currency |
Trading |
413,251 |
712 |
1,411 |
|
Forwards |
Equity |
Trading |
0 |
0 |
6 |
|
|
|
|
|
|
|
|
Futures |
Foreign Currency |
Trading |
43,196 |
0 |
0 |
|
Futures |
Market Index |
Trading |
16 |
0 |
0 |
|
|
|
|
|
|
|
|
Options |
Equity |
Trading |
8,052 |
(1,701) |
(1,866) |
|
Options |
Foreign Currency |
Trading |
171,602 |
(190) |
(391) |
|
Options |
Market Index |
Trading |
110 |
0 |
1 |
|
Options |
Interest Rate |
Trading |
168,315 |
(603) |
(509) |
|
|
|
|
|
|
|
|
Swaps |
Cross Currency |
Trading |
972,290 |
3,744 |
2,910 |
|
Swaps |
Interest Rate |
Trading |
7,871,514 |
(5,349) |
(3,246) |
|
Swaps |
Equity |
Trading |
450 |
(328) |
(212) |
|
|
|
|
|
|
|
|
Forwards |
Foreign Currency |
Hedging |
60,372 |
3,242 |
3,063 |
|
|
|
|
|
|
|
|
Swaps |
Cross Currency |
Hedging |
39,327 |
4,021 |
1,642 |
|
Swaps |
Interest Rate |
Hedging |
128,656 |
5,285 |
3,559 |
|
Santander México, at the execution of transactions
of OTC derivative financial instruments, has Collateral formalized agreements with many of its counterparties, which function as market
value guarantee of the derivative transactions, and it is determined based on the exposure of the net position on risk with each opposing
party. The managed Collateral consists mainly in cash deposits, whereat there is not a deterioration situation.
During the third quarter of 2022, there have been
no derivatives which underlying assets are investments in proprietary shares or stock certificates that represent them.
During the third quarter of 2022, the number or
expired derivative financial instruments and closed positions was as follows:
Description |
Maturities |
|
Closed Positions |
CAPS AND FLOORS |
917 |
|
19 |
EQUITY FORWARD |
16 |
|
0 |
OTC EQ |
37 |
|
8 |
OTC FX |
1,737 |
|
402 |
SWAPTIONS |
0 |
|
0 |
FX FORWARD |
32,443 |
|
138 |
IRS |
2,107 |
|
119 |
CCS |
158 |
|
4 |
EQUITY SWAP |
0 |
|
0 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 102 |
The amount of day trade calls performed during
the quarter was the necessary for covering contributions to organized markets and the requirements in collateral agreements.
During the third quarter of 2022, there were no defaults by counterparties.
Sensitivity Analysis
Identification of Risks
Sensitivity measures of market risk associated
with securities and derivative financial instruments are those that measure the change (sensitivity) of the market value of the financial
instrument concerned, when changes in each of the risk factors associated with same occur.
The sensitivity of the value of a financial instrument
when changes in market factors occur and is determined by the full instrument revaluation.
The sensitivities are detailed
below according to each risk factor and associated historical consumption of the trading book.
The management strategy of the
organization is integrated with security positions and derivatives. The latter are used largely to mitigate the market risk of the second.
In view of the above, the sensitivities or exposures as described below are both types of instruments considered as a whole.
1. Sensitivity to risk factor “Equity (“Delta EQ”)”
The EQ Delta shows the change in
the portfolio's value in relation to changes in the prices of equities.
The EQ Delta calculated for the
case of derivative financial instruments considered the relative change of 1% in the prices of the underlying assets in equities, in the
case of equities, this considers the relative variation of 1% of market price title.
2. Sensitivity to risk factor “Foreign
Exchange”, (“Delta FX”)
The FX Delta shows the change in
the portfolio's value in relation to changes in asset prices exchange rate.
The FX Delta calculated for the
case of derivative financial instruments considered the relative change of 1% in the prices of the underlying assets of the exchange rate,
In the case of currency positions, this considers the relative variation of 1% of the corresponding exchange rate.
3. Sensitivity to risk factor “Volatility”
(“Vega”)
Vega sensitivity is the measure
resulting from changes in the volatility of the underlying asset (the reference asset). Vega risk is the risk that a change in the volatility
of the underlying asset value, that results in a change in the market value of the derivative.
The calculation of Vega sensitivity,
considers the absolute change of 1% in the volatility of the underlying asset value.
4. Sensitivity to risk factors “Interest
Rate” (“Rho”)
This sensitivity quantifies the
change in value of financial instruments for the trading portfolio in the face of a parallel increase in the interest rate curves of a
basis point.
The table below presents the sensitivities
described above corresponding to the position of the trading portfolio, as of the end of the third quarter of 2022:
Sensitivity Analysis |
Million pesos |
Total Rate Sensitivity |
|
|
|
|
|
|
Pesos |
|
Other Currencies |
|
|
|
Sens. a 1 Bp |
0.07 |
|
(0.26) |
|
|
|
|
|
|
|
|
|
|
Vega Risk factor |
|
|
|
|
|
|
EQ |
|
FX |
|
IR |
|
Total |
0.03 |
|
2.53 |
|
0.07 |
|
|
|
|
|
|
|
|
Delta Risk Factor (EQ and FX) |
|
|
|
|
|
|
EQ |
|
FX |
|
|
|
Total |
0.37 |
|
2.87 |
|
|
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 103 |
It is considered that the above sensitivity table
reflects prudent management of the trading portfolio of Banco Santander with respect to risk factors.
Stress Test for Derivative Financial Instruments
The following are various stress test scenarios
considering various scenarios calculated for the trading portfolio of Banco Santander.
This scenario was defined based in the
movements derived from a standard deviation, with respect to risk factors that have an influence over the valuation of financial instruments.
Specifically:
| o | Risk factors of Interest Rate (“IR”), volatility (“Vol”) and rate of Exchange
(“FX”) were incremented in a standard deviation. |
| o | Risk factors with respect to stock market (“EQ”) were decreased in a standard deviation. |
Under this scenario, as requested in
the official letter, risk factors were modified in 25%. Specifically:
| o | Risk factors: IR, Vol and FX were multiplied by 1.25 that means, they were incremented in 25%. |
| o | Risk factor EQ was multiplied by 0.75 that means, it was decreased in 25%. |
Under this scenario, as requested in
the official letter, risk factors were modified in 50%. Specifically:
| o | Risk factors IR, Vol and FX are multiplied by 1.50, that is, they were incremented in 50%. |
| o | Risk factor EQ was multiplied by 0.5, that is, it was decreased a 50%. |
Effect in the Income Statement
The following table shows the possible income (loss) for the trading
portfolio of Banco Santander, in millions of Mexican pesos for each stress scenario, as of the end of the third quarter of 2022:
Summary of Stress Test |
Million pesos |
|
|
Risk Profile |
Stress all factors |
Probable scenario |
1 |
Remote scenario |
1,854 |
Possible scenario |
568 |
|
|
|
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 104 |
24. Disclosure of the Liquidity
Coverage Ratio
On August 23, 2021, the Commission and the Central
Bank of Mexico published in the Federal Official Gazette, the General Provisions on Liquidity Requirements for multiple banking institutions,
which establish liquidity requirements that credit institutions must comply at all times in accordance with the guidelines established
by the Committee on Regulation of Bank Liquidity at its meeting held on October 17th, 2014 and June 14th, 2018.
These regulations came into effect on March 1st,
2022.
During the third quarter of 2022, the weighted
average CCL for the Bank is 181.11%, complying with the Bank´s desired Risk Profile and well above the regulatory minimum established
in the regulations.
|
Single Calculation |
|
Consolidated Calculation |
Million pesos |
Amount unweighted (average) |
|
Weighted amount (average) |
|
Amount unweighted (average) |
|
Weighted amount (average) |
Liquidity Assets |
1 |
Total high-quality liquid assets |
Not applicable |
|
259,745 |
|
Not applicable |
|
259,745 |
Cash Outflows |
2 |
Unsecured retail financing |
301,512 |
|
16,970 |
|
301,512 |
|
16,970 |
3 |
Stable funding |
263,614 |
|
13,181 |
|
263,614 |
|
13,181 |
4 |
Less stable funding |
37,898 |
|
3,790 |
|
37,898 |
|
3,790 |
5 |
Unsecured wholesale funding |
436,423 |
|
166,474 |
|
436,423 |
|
166,474 |
6 |
Operational deposits |
237,463 |
|
55,192 |
|
237,463 |
|
55,192 |
7 |
Non-operational deposits |
156,927 |
|
69,251 |
|
156,927 |
|
69,251 |
8 |
Unsecured debt |
42,032 |
|
42,032 |
|
42,032 |
|
42,032 |
9 |
Secured wholesale funding |
Not applicable |
|
345 |
|
Not applicable |
|
345 |
10 |
Additional requirements: |
108,101 |
|
18,756 |
|
234,762 |
|
25,067 |
11 |
Outflows related to derivatives exposures and other collateral requirements |
37,264 |
|
13,721 |
|
37,264 |
|
13,721 |
12 |
Outflows related to loss of funding on debt products |
- |
|
- |
|
- |
|
- |
13 |
Credit and liquidity facilities |
70,837 |
|
5,035 |
|
197,498 |
|
11,346 |
14 |
Other contractual funding obligations |
101,048 |
|
345 |
|
101,048 |
|
345 |
15 |
Other contingent funding obligations |
11,542 |
|
11,542 |
|
11,542 |
|
11,542 |
16 |
Total Cash Out |
Not applicable |
|
214,433 |
|
Not applicable |
|
220,744 |
Cash Inflows |
17 |
Cash inflows secured transactions |
126,220 |
|
1,449 |
|
126,220 |
|
1,449 |
18 |
Cash inflows from operations unsecured |
125,600 |
|
97,944 |
|
99,864 |
|
70,315 |
19 |
Other cash inflows |
5,267 |
|
5,267 |
|
5,267 |
|
5,267 |
20 |
Total Cash Inflows |
257,087 |
|
104,660 |
|
231,351 |
|
77,032 |
Total adjusted value |
21 |
Total of Eligible Liquid Assets |
Not applicable |
|
259,745 |
|
Not applicable |
|
259,745 |
22 |
Total Net Cash Out |
Not applicable |
|
109,795 |
|
Not applicable |
|
143,713 |
23 |
Liquidity Coverage Ratio |
Not applicable |
|
252.54% |
|
Not applicable |
|
181.11% |
The presented numbers are subject to review and
therefore they might suffer changes.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 105 |
Notes related to the Liquidity Coverage Ratio
a) Natural
days contemplated in the quarterly report.
b) Main
causes of the results of the Liquidity Coverage Ratio and the evolution of its main components.
| · | During the third quarter,
a marginal increase in the average ratio is reported, we observed a reduction in deposits implying a change in the mix, which was funded
with Liquid Assets. |
c) Changes
of major components within the quarter report.
| · | During the third quarter,
a marginal increase in the average ratio is reported, we observed a reduction in deposits implying a change in the mix, which was funded
with Liquid Assets. |
d) Evolution
of the composition of the Eligible and Computable Liquid Assets.
| · | The Bank has a significant
proportion of liquid assets comprised by government debt, deposits in Bank of Mexico and cash. |
e) Concentration
of funding sources.
| · | The main sources of funding
are diversified by its own nature as: (i) demand deposits; (ii) term deposits, which include retail deposits and the money market (promissory
notes with interest payable at maturity), and (iii) repurchase agreements. |
| · | In addition, the Bank has
registered programs for local market´s debt issuances and has experience issuing in international markets. |
f) Exposures
in financial derivative instruments and possible margin calls.
| · | Performed analyses don’t
show any significant vulnerabilities coming from financial derivative instruments. |
g) Currency
mismatch.
| · | Performed analyses don’t
show any significant vulnerability in Currency mismatch. |
h) Description
of the level of centralization of liquidity management and interaction between the units of the group.
| · | Banco Santander Mexico
is autonomous in terms of liquidity and capital; it develops its financial plans, liquidity forecast, and analyzes funding requirements
for all its subsidiaries. The Bank is responsible for its own "ratings", its issuance program, "road shows", and any
other activities to keep its ability to access capital markets. The issuance activity is performed without having the guarantee of the
parent company. |
| · | The liquidity management
of all Bank subsidiaries is centralized. |
i) Cash
flows and Inflows, if any, that are not captured in this framework, but the institution considers relevant to the liquidity profile.
| · | The Liquidity Coverage
Ratio considers only the inflows and outflows up to 30 days, however the flows that are not contained in the metric are well managed and
controlled by the Group. |
j) The
Coefficient impact of the incorporation of the Entities Subject to Consolidation, as well as the outflows derived from financial support
for entities and societies that are part of the same financial group, consortium or business group that, in accordance with the Policies
and Criteria, the institution's board of directors has authorized to grant.
| · | The CCL
does not suffer an impact meanwhile the entities that could generate some liquidity requirement were already included in the calculation
and no additional entities were identified that could generate an additional impact on liquidity. |
Additional notes for the previous quarter
I. Quantitative
information:
a) The
concentration limits for different groups of guarantees received and major sources of financing.
| · | The Bank has no concentration
limits under guarantees received by market operations, as they are mainly composed of government securities and cash. |
b) Exposure
to liquidity risk and funding needs of the institution, taking into account the legal, regulatory and operational constraints on liquidity
transfers.
| · | Liquidity risk is associated
with our capacity to finance the commitments we undertake at reasonable prices, as well as maintaining our ability to carry out our business
plans using stable financing sources. Factors that influence liquidity risk may be external, such as a liquidity crisis, or internal,
such as an excessive concentration of maturities. |
| · | The measures used to control
liquidity risk in balance sheet management are the liquidity gap, liquidity ratios, stress scenarios and liquidity horizons. |
| · | The liquidity horizons
metric has been defined to ensure that the Group has sufficient liquid assets to comply with its requirements during a certain period
of time, given different stress scenarios. The Group set a 90-day survival horizon for local currency and consolidated balance and a 30-day
survival horizon for foreign currency. During the 2Q22, the balance remained above the established limits, and therefore we maintained
a sufficient liquidity buffer. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 106 |
30/06/2022 |
Term |
|
Amount |
Million pesos |
|
|
|
Consolidated |
90 days |
|
265,719 |
Local Currency |
90 days |
|
150,269 |
Foreign Currency |
30 days |
|
154,348 |
c) Balance
sheet maturity liquidity gap including off balance sheet accounts.
| · | The table below shows the liquidity gap of our
assets and liabilities using maturity dates as of June 30, 2022. The reported amounts include cash flows from interest on fixed and variable
rate instruments. The interest on variable rate instruments is determined using the forward interest rates for each period presented. |
Million pesos |
Total |
0-1 |
1-3 months |
3-6 months |
6-12 months |
1-3 |
3-5 years |
>5 |
Not |
month |
years |
years |
Sensitive |
|
|
Money Market |
105,714 |
33,863 |
0 |
0 |
0 |
0 |
0 |
0 |
71,851 |
Loans |
1,123,645 |
74,210 |
108,781 |
92,166 |
123,748 |
308,276 |
136,979 |
251,208 |
28,276 |
Trade Finance |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Intragroup |
3,996 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
3,996 |
Securities |
590,311 |
31,598 |
20,561 |
54,828 |
51,072 |
123,029 |
132,930 |
39,773 |
136,520 |
Permanent |
29,373 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
29,373 |
Other Balance Sheet Assets |
2,694,724 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
2,694,724 |
Total Balance Sheet Assets |
4,547,763 |
139,672 |
129,342 |
146,994 |
174,820 |
431,305 |
269,909 |
290,981 |
2,964,739 |
Money Market |
(213,118) |
(102,599) |
(402) |
0 |
0 |
0 |
0 |
0 |
(110,116) |
Deposits |
(773,461) |
(261,542) |
(28,867) |
(18,381) |
(19,458) |
(56,305) |
(44,097) |
(344,812) |
0 |
Trade Finance |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Intragroup |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Long-Term Funding |
(226,224) |
(3,537) |
(4,955) |
(28,409) |
(35,866) |
(79,437) |
(39,122) |
(11,791) |
(23,107) |
Equity |
(161,281) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
(161,281) |
Other Balance Sheet Liabilities |
(2,755,316) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
(2,755,316) |
Total Balance Sheet Liabilities |
(4,129,400) |
(367,679) |
(34,224) |
(46,790) |
(55,324) |
(135,741) |
(83,219) |
(356,603) |
(3,049,820) |
Total Balance Sheet Gap |
418,363 |
(228,007) |
95,119 |
100,203 |
119,496 |
295,564 |
186,690 |
(65,621) |
(85,081) |
Total Off-Balance Sheet Gap |
14,832 |
(20,442) |
(253) |
5,460 |
2,592 |
8,156 |
508 |
3,987 |
14,824 |
Total Structural Gap |
|
(289,306) |
93,970 |
104,931 |
120,891 |
303,504 |
187,199 |
(61,634) |
(26,360) |
Accumulated Gap |
|
(738,534) |
(195,336) |
(90,405) |
24,411 |
333,990 |
521,189 |
459,555 |
433,195 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 107 |
II. Qualitative
information:
| a) | The way in which liquidity risk is managed within the institution, considering the risk tolerance, the
structure and responsibilities for managing liquidity risk, internal liquidity reports, the liquidity risk strategy, policies and practices
across business lines and with the board of directors. |
| · | Our general policy regarding
liquidity management seeks to ensure that even under adverse conditions, we have enough liquidity to fulfill client needs, maturing liabilities
and working capital requirements. The Bank ´s liquidity management is based on analyses of asset and liability maturities, using
contractual and management models. |
| · | The Financial Management
Area is responsible for executing the strategies and policies established by ALCO in order to modify the risk profile of the Bank, within
the limits established by the CAIR who reports to the Board. |
| b) | Financing strategy, including diversification policies, and whether the funding strategy is centralized
or decentralized. |
| · | Annually the Financial
Plan for the Bank is prepared considering: the projected business growth, the debt maturity profile, risk appetite, expected market conditions,
the implementation of diversification policies and regulatory metrics and the analysis of the liquidity buffer. The Financial Plan is
the guide used to issue debt or contract term liabilities and aims to maintain adequate liquidity profile. |
| · | The funding strategy of
all subsidiaries is centralized. |
| c) | Mitigation techniques of liquidity risk used by the institution. |
| · | The risk mitigation techniques
in the Group have a proactive nature. The Financial Plan in addition to the projection exercises and stress test scenarios allows us to
anticipate risks and implement measures to ensure that the liquidity profile is adequate. |
| d) | Explanation of how the stress tests are used. |
| · | The Liquidity Stress Test
is a Risk Management tool designed to warn the governing committees and areas responsible for making decisions in this area about the
potential adverse effects of the liquidity risk the Institution is exposed to. |
| · | The results of these stress
tests aim to identify the impacts prospectively in order to improve planning processes, and help align and calibrate Risk Appetite, Exposure
Limits and Levels of Liquidity Risk tolerance. |
| e) | Description of contingent financing plans. |
| · | The plan includes the following
elements: type and business model as the starting point. Early Warning Indicators to identify in a timely manner the increase in liquidity
risk and the elements that define the crisis scenarios used. Additionally, we measure the liquidity shortages that stress scenarios could
produce and the available actions considered by the plan to restore liquidity conditions. Actions are prioritized in order to preserve
the value of the entity and the stability of the markets. A key aspect of the Plan is the governance process, stating the areas responsible
for the different stages involved: activation, execution, communication and maintenance of the Plan. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 108 |
24a. Disclosure of the Net Stable
Funding Ratio
On August 23, 2021, the Commission and the Central
Bank of Mexico published in the Federal Official Gazette, the General Provisions on Liquidity Requirements for multiple banking institutions,
which establish liquidity requirements that credit institutions must comply at all times in accordance with the guidelines established
by the Committee on Regulation of Bank Liquidity at its meeting held on October 17th, 2014 and June 14th, 2018.
These regulations came into effect on March 1st,
2022.
During the third quarter of 2022, the CFEN for
the Bank is 109.93%, complying with the Bank´s desired Risk Profile and well above the regulatory minimum established in the regulations.
|
|
Single
Calculation |
|
Consolidated
Calculation |
Million
pesos |
|
Unweighted
Amount by residual term |
Weighted
Amount |
|
Unweighted
Amount by residual term |
Weighted
Amount |
|
Without
maturity |
<
6 months |
From
6 months to < 1 year |
>1
year |
|
Without
maturity |
<
6 months |
From
6 months to < 1 year |
>1
year |
ELEMENTS
AMOUNT OF STABLE FINANCING AVAILABLE |
1 |
Capital |
|
170,507 |
- |
- |
- |
170,507 |
|
170,507 |
- |
- |
- |
170,507 |
2 |
Fundamental
Capital and non-fundamental basic Capital. |
|
170,507 |
- |
- |
- |
170,507 |
|
170,507 |
- |
- |
- |
170,507 |
3 |
Other
Capital instruments. |
|
- |
- |
- |
- |
- |
|
- |
- |
- |
- |
- |
4 |
Retail
Deposits |
|
- |
336,059 |
1,731 |
36 |
318,709 |
|
- |
336,059 |
1,731 |
36 |
318,709 |
5 |
Stable
Deposits. |
|
- |
291,885 |
1,355 |
29 |
278,607 |
|
- |
291,885 |
1,355 |
29 |
278,607 |
6 |
Less
Stable Deposits. |
|
- |
44,175 |
376 |
7 |
40,103 |
|
- |
44,175 |
376 |
7 |
40,103 |
7 |
Wholesale
Financing |
|
- |
815,062 |
25,143 |
80,666 |
339,633 |
|
- |
815,062 |
25,143 |
80,666 |
339,633 |
8 |
Operational
Deposits. |
|
- |
11,092 |
- |
- |
5,546 |
|
- |
11,092 |
- |
- |
5,546 |
9 |
Other
Wholesale Financing. |
|
- |
803,970 |
25,143 |
80,666 |
334,087 |
|
- |
803,970 |
25,143 |
80,666 |
334,087 |
10 |
Interdependent
Liabilities |
|
- |
1,304 |
- |
- |
- |
|
- |
1,304 |
- |
- |
- |
11 |
Other
Liabilities |
|
- |
104,272 |
26,650 |
|
- |
110,244 |
26,650 |
12 |
Derivative
Liabilities for purposes of the Net Stable Funding Ratio |
|
Not
applicable |
- |
Not
applicable |
|
Not
applicable |
- |
Not
applicable |
13 |
All
Liabilities and own resources not included in the previous categories. |
|
- |
77,622 |
- |
26,650 |
26,650 |
|
- |
83,594 |
- |
26,650 |
26,650 |
14 |
Total
Amount of Stable Financing Available |
|
Not
applicable |
Not
applicable |
Not
applicable |
Not
applicable |
855,500 |
|
Not
applicable |
Not
applicable |
Not
applicable |
Not
applicable |
855,500 |
ELEMENTS
AMOUNT OF STABLE FINANCING REQUIRED |
15 |
Total
eligible Liquid Assets for purposes of the Net Stable Funding Ratio. |
|
Not
applicable |
Not
applicable |
Not
applicable |
Not
applicable |
25,951 |
|
Not
applicable |
Not
applicable |
Not
applicable |
Not
applicable |
25,951 |
16 |
Deposits
in other Financial Institutions for Operational purposes. |
|
- |
81 |
- |
- |
40 |
|
- |
81 |
- |
- |
40 |
17 |
Current
Loans and Securities |
|
2,820 |
430,303 |
60,062 |
427,943 |
505,251 |
|
2,820 |
395,270 |
81,406 |
481,675 |
564,889 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 109 |
18 |
Guaranteed
financing granted to Financial Entities with Liquid Assets eligible for Level I. |
|
- |
160,757 |
- |
- |
16,076 |
|
- |
160,757 |
- |
- |
16,076 |
19 |
Guaranteed
financing granted to Financial Entities with eligible liquid assets other than level I. |
|
- |
71,196 |
1,112 |
2,551 |
13,787 |
|
- |
11,740 |
1,112 |
2,551 |
4,868 |
20 |
Guaranteed
financing granted to Counterparties other than Financial Entities, which |
|
- |
181,623 |
53,347 |
224,948 |
297,810 |
|
- |
206,047 |
74,691 |
278,681 |
366,366 |
21 |
They
have a Credit Risk weight of less than or equal to 35% according to the Basel II Standard Method for Credit Risk. |
|
- |
39,364 |
3,014 |
54,407 |
56,554 |
|
- |
39,364 |
3,014 |
54,407 |
56,554 |
22 |
Mortgage
Loans (current), of which |
|
- |
7,295 |
5,603 |
184,245 |
156,698 |
|
- |
7,295 |
5,603 |
184,245 |
156,698 |
23 |
They
have a Credit Risk weight of less than or equal to 35% according to the Standard Method established in the Provisions. |
|
- |
946 |
730 |
31,796 |
21,505 |
|
- |
946 |
730 |
31,796 |
21,505 |
24 |
Debt
securities and shares other than Eligible Liquid Assets (that are not in default). |
|
2,820 |
9,431 |
- |
16,198 |
20,881 |
|
2,820 |
9,431 |
- |
16,198 |
20,881 |
25 |
Interdependent
Assets. |
|
- |
- |
- |
- |
- |
|
- |
- |
- |
- |
- |
26 |
Other
Assets |
|
129,293 |
187,964 |
163,059 |
|
136,567 |
189,929 |
172,274 |
27 |
Physically
traded basic raw materials (Commodities), including Gold. |
|
- |
Not
applicable |
Not
applicable |
Not
applicable |
- |
|
- |
Not
applicable |
Not
applicable |
Not
applicable |
- |
28 |
Initial
margin granted in transactions with derivative financial instruments and contributions to the loss absorption fund of central counterparties |
|
Not
applicable |
4,476 |
3,805 |
|
Not
applicable |
4,476 |
3,805 |
29 |
Derivative
Assets for purposes of the Net Stable Funding Ratio. |
|
Not
applicable |
- |
- |
|
Not
applicable |
- |
- |
30 |
Derivative
Liabilities for Net Stable Funding Ratio purposes before deduction for initial margin variation |
|
Not
applicable |
- |
2,275 |
|
Not
applicable |
- |
2,275 |
31 |
All
assets and operations not included in the previous categories. |
|
129,293 |
142,530 |
1,410 |
39,548 |
156,979 |
|
136,567 |
142,566 |
1,750 |
41,136 |
166,194 |
32 |
Off-balance
sheet transactions. |
|
Not
applicable |
172,537 |
8,627 |
|
Not
applicable |
301,710 |
15,085 |
33 |
Total
Amount of Stable Financing Required. |
|
Not
applicable |
Not
applicable |
Not
applicable |
Not
applicable |
702,928 |
|
Not
applicable |
Not
applicable |
Not
applicable |
Not
applicable |
778,239 |
34 |
Net
Stable Funding Ratio (%). |
|
Not
applicable |
Not
applicable |
Not
applicable |
Not
applicable |
121.70% |
|
Not
applicable |
Not
applicable |
Not
applicable |
Not
applicable |
109.93% |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 110 |
The presented numbers are subject to review
and therefore they might suffer changes.
Notes related to the Net Stable Funding Ratio
| a) | Main causes of the results of the Net Stable Funding Ratio and the evolution of its main components; |
| · | During the third quarter, it was observed that
the ratio fell hand in hand with Commercial Gap, as well as by a reclassification of repos between financial and non financial. |
| b) | Changes of major components within the quarter report. |
| · | During the third quarter, it was observed that
the ratio fell hand in hand with Commercial Gap, as well as by a reclassification of repos between financial and non financial. |
| c) | Evolution of the composition of Amount of Stable Financing Available and Amount of Stable Financing Required. |
| · | The Stable Financing Required has shown growth
in recent months due to the reactivation of the Loan Portfolio, which has mostly been funded with Issues, and an increase in Deposits. |
| d) | The Net Stable Funding Ratio impact of the incorporation of the Entities Subject to Consolidation. |
| · | The Net Stable Funding Ratio does not suffer an
impact meanwhile the entities that could generate some liquidity requirement were already included in the calculation and no additional
entities were identified that could generate an additional impact on liquidity. |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 111 |
25. Implementation of effective interest rate in 2022 |
According the provisions of the Eleventh Transitory Article of the Resolution
that amending the General Provisions applicable to Credit Institutions published on September 23rd, 2021 in the Federal Official Gazette,
the Bank opted, in determining the cost amortized referred to in accounting criterion B-6 "Loan Portfolio", to continue using
the contractual interest rate, as well as the straight-line method for recognizing the accrued interest on its loan portfolio. The Commissions
collected and transaction costs during fiscal year 2022, as indicated in accounting criteria B-6 "Loan Portfolio" valid until
December 31st, 2021.
The foregoing was notified in writing to the Vice Presidency of Supervision
of Financial Groups and Intermediaries A of the Mexican National Banking and Securities Commission on December 16th, 2021 and with a scope
dated April 5th, 2022. These notification documents explained in detail the reasons why the Bank is not in a position to apply the aforementioned
effective interest rate during fiscal year 2022, together with the program for its implementation.
It is important to highlight that the Administration analyzed and determined
that the difference between the recognition of the amortization of the commissions charged for the granting of the loan and the transaction
costs during the life of the loan using the effective interest rate as indicated in the accounting criteria B-6 "Loan Portfolio"
has little relative importance with respect to recognition using the straight-line method for these same concepts, as indicated in accounting
criteria B-6 "Loan Portfolio" valid until December 31st, 2021. The foregoing taking into account the provisions of the Financial
Information Standard (NIF) A-1 "Structure of Information Standards" and NIF A-4 "Qualitative Characteristics of Financial
Statements" issued by the Mexican Council of Financial Information Standards , A.C. (CINIF) in the preparation and presentation of
the Bank's financial statements.
General data and stock market information
Each of the Series of this issue may be related,
individually or jointly, pursuant to the provisions of the fourth paragraph of article 66 of the Mexican Exchange Law, to any of the following
securities for which, during the last three years and up to date, no material suspensions have occurred in their trading.
The Issuer shall publish on to monthly basis at
the Internet site https://www.santander.com.mx/personas/regulacion/titulos.html ,the information regarding the behavior of the Underlying
Assets of the Series in effect.
Indexes
Index |
Ticker Symbol |
Eurostoxx 50 |
SX5E |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 112 |
Description
Eurostoxx 50 is a stock index of the European zone
designed by Stoxx Ltd, an index supplier of Deutsche Böese and SIX Group. Its goal is to provide a “blue chip” representation
of the leaders of the European zone.
Methodology
The index universe is defined as all the components
of the 19 Euro Stoxx indexes of the supersector. The components stocks are ranked regarding the shares outstanding. The more floating
shares are added to the selection list until the coverage is closed, but without not exceeding 60% of the free floatation from the Total
Euro Stoxx Market Index (TMI). If the following ordered stocks have a coverage of nearly 60% in absolute terms, then they will be added
to the selected list.
Any remaining stock that is an actual component
of the index is added to the selection list.
The listed stocks are ordered from the highest
to the lowest. The actions in the list are ordered from highest to lowest shares. In exceptional cases, the Oversight Committee may add
or remove stocks to the list.
Selection of the shares:
• The 40 stocks with more outstanding shares in the selection list
are chosen as components.
• Any remaining component of the Euro Stoxx 50 index place between 41 and 60 is added as index component
• If the number of components is still less than 50 , then the actions with the highest number of shares outstanding are added to
make 50 shares.
Frequency of Review
The index composition is reviewed annually in September. The components are monitored monthly.
Weighting
The index is weighted by market capitalization of free float. The weight of each component is capped to 10% of the free float market.
Free float weights are reviewed quarterly.
Here the list
of values in the sample:
Ticker |
Name |
Ticker |
Name |
OR FP Equity |
L'Oreal SA |
ISP IM Equity |
Intesa Sanpaolo SpA |
DG FP Equity |
Vinci SA |
ENI IM Equity |
Eni SpA |
BBVA SQ Equity |
Banco Bilbao Vizcaya Argentaria SA |
ABI BB Equity |
Anheuser-Busch InBev SA/NV |
ASML NA Equity |
ASML Holding NV |
ADYEN NA Equity |
Adyen NV |
SAN SQ Equity |
Banco Santander SA |
SAN FP Equity |
Sanofi |
PHIA NA Equity |
Koninklijke Philips NV |
ENEL IM Equity |
Enel SpA |
TTE FP Equity |
TotalEnergies SE |
SU FP Equity |
Schneider Electric SE |
AI FP Equity |
Air Liquide SA |
ALV GY Equity |
Allianz SE |
CS FP Equity |
AXA SA |
AIR FP Equity |
Airbus SE |
BNP FP Equity |
BNP Paribas SA |
BAYN GY Equity |
Bayer AG |
BN FP Equity |
Danone SA |
BMW GY Equity |
Bayerische Motoren Werke AG |
EL FP Equity |
EssilorLuxottica SA |
CRH ID Equity |
CRH PLC |
MC FP Equity |
LVMH Moet Hennessy Louis Vuitton SE |
BAS GY Equity |
BASF SE |
KER FP Equity |
Kering SA |
SIE GY Equity |
Siemens AG |
SAF FP Equity |
Safran SA |
VOW3 GY Equity |
Volkswagen AG |
AD NA Equity |
Koninklijke Ahold Delhaize NV |
MUV2 GY Equity |
Munich Re |
IBE SQ Equity |
Iberdrola SA |
SAP GY Equity |
SAP SE |
RMS FP Equity |
Hermes International |
RI FP Equity |
Pernod Ricard SA |
INGA NA Equity |
ING Groep NV |
ADS GY Equity |
adidas AG |
STLA IM Equity |
Stellantis NV |
DTE GY Equity |
Deutsche Telekom AG |
LIN GY Equity |
Linde PLC |
DPW GY Equity |
Deutsche Post AG |
PRX NA Equity |
Prosus NV |
MBG GY Equity |
Mercedes-Benz Group AG |
ITX SQ Equity |
Industria de Diseno Textil SA |
IFX GY Equity |
Infineon Technologies AG |
KNEBV FH Equity |
Kone Oyj |
DB1 GY Equity |
Deutsche Boerse AG |
FLTR ID Equity |
Flutter Entertainment PLC |
VNA GY Equity |
Vonovia SE |
For more information on this index regarding its
background, main characteristics and the criteria for the selection of issuers, please visit www.stoxx.com
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 113 |
Historical Evolution:
Comparison base: September 30, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
3,503.96 |
3,697.40 |
424,874,522.63 |
2018 |
2,937.36 |
3,672.29 |
495,508,357.82 |
2019 |
2,954.66 |
3,782.27 |
450,435,611.05 |
2020 |
2,385.82 |
3,865.18 |
518,941,433.31 |
2021 |
3,481.44 |
4,401.49 |
326,130,347.13 |
1st Sem. 2020 |
2,385.82 |
3,865.18 |
629,402,342.08 |
2nd Sem. 2020 |
2,958.21 |
3,581.37 |
409,681,186.58 |
1st Sem. 2021 |
3,481.44 |
4,158.14 |
338,311,281.07 |
2nd Sem. 2021 |
3,928.53 |
4,401.49 |
314,148,015.38 |
1st Sem. 2022 |
3,427.91 |
4,392.15 |
423,421,325.35 |
April 2022 |
3,721.36 |
3,951.12 |
414,813,064.20 |
mayo 2022 |
3,526.86 |
3,841.62 |
362,627,392.90 |
June 2022 |
3,427.91 |
3,838.42 |
405,335,685.77 |
July 2022 |
3,359.83 |
3,708.10 |
377,078,767.32 |
August 2022 |
3,517.25 |
3,805.22 |
284,238,754.84 |
September 2022 |
3,279.04 |
3,646.51 |
378,371,344.60 |
Historical Volatility:
Source of Information on Historic Evolution and
Volatility: www.bloomberg.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 114 |
Quantitative examples that illustrate possible gains or losses
SXE406R DC069
Market price |
Observed price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 0.00 |
5.00 |
189.76 |
Ps. 5.00 |
10.00 |
379.51 |
Ps. 10.00 |
15.00 |
569.27 |
Ps. 15.00 |
20.00 |
759.03 |
Ps. 20.00 |
25.00 |
948.78 |
Ps. 25.00 |
30.00 |
1,138.54 |
Ps. 30.00 |
35.00 |
1,328.30 |
Ps. 35.00 |
40.00 |
1,518.05 |
Ps. 40.00 |
45.00 |
1,707.81 |
Ps. 45.00 |
50.00 |
1,897.57 |
Ps. 50.00 |
55.00 |
2,087.32 |
Ps. 55.00 |
60.00 |
2,277.08 |
Ps. 60.00 |
65.00 |
2,466.83 |
Ps. 65.00 |
70.00 |
2,656.59 |
Ps. 70.00 |
75.00 |
2,846.35 |
Ps. 75.00 |
80.00 |
3,036.10 |
Ps. 80.00 |
85.00 |
3,225.86 |
Ps. 85.00 |
90.00 |
3,415.62 |
Ps. 90.00 |
93.00 |
3,529.47 |
Ps. 93.00 |
95.00 |
3,605.37 |
Ps. 95.00 |
100.00 |
3,795.13 |
Ps. 141.50 |
101.00 |
3,833.08 |
Ps. 141.50 |
103.00 |
3,908.98 |
Ps. 141.50 |
108.00 |
4,098.74 |
Ps. 141.50 |
110.00 |
4,174.64 |
Ps. 141.50 |
115.00 |
4,364.40 |
Ps. 141.50 |
120.00 |
4,554.16 |
Ps. 141.50 |
130.00 |
4,933.67 |
Ps. 141.50 |
134.00 |
5,085.47 |
Ps. 141.50 |
139.00 |
5,275.23 |
Ps. 141.50 |
144.00 |
5,464.99 |
Ps. 141.50 |
149.00 |
5,654.74 |
Ps. 141.50 |
154.00 |
5,844.50 |
Ps. 141.50 |
159.00 |
6,034.26 |
Ps. 141.50 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 115 |
Shares
For more information regarding stocks, investors may consult the following
Internet sites
www.bmv.com.mx
www.bloomberg.com
Bloomberg page does not constitute a part of the prospectus and consequently,
the Commission did not review it.
Some Issuers have a Market Maker. The effect of
the performance of the market maker is reflected as an increase in the levels of operation and an improvement in the bid-offer spread
of the prices of the stocks of the corresponding Issuer.
Stock |
Ticker |
ADOBE Inc. |
ADBE * |
Alibaba Group Holding Limited |
BABA N |
Bank of America Corporation |
BAC * |
Citigroup Inc. |
C * |
Ishares China Large-CAP ETF |
FXI * |
Ishares Biotechnology ETF |
IBB * |
iShares Global Energy ETF |
ICLN * |
Johnson & Johnson |
JNJ * |
MercadoLibre Inc. |
MELI * |
Meta Platforms, Inc. |
META * |
Moderna, Inc. |
MRNA * |
NVIDIA Corporation |
NVDA * |
Paypal Holdings, Inc. |
PYP L* |
Invesco QQQ Trust |
QQQ * |
SHOPIFY INC. |
SHOP N |
ISHARES SEMICONDUCTOR ETF |
SOXX * |
SPDR S&P 500 ETF Trust |
SPY * |
QUALCOMM INC. |
QCOM * |
Visa, Inc. |
V * |
Energy Select Sector SPDR |
XLE * |
Financial Select Sector SPDR |
XLF * |
TECHNOLOGY SELECT SECTOR SPDR |
XLK * |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 116 |
Stock Market where it is quoted
NASDAQ
Description:
Adobe Inc. develops, commercialize, and supports software products and
technologies. Its products allow users express and use information in all print and electronic media. Offers a line of software application
products, font products, and content to create, distribute, and manage information.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
147.94 |
185.40 |
2,852,429.44 |
2018 |
175.24 |
275.49 |
3,375,495.48 |
2019 |
215.70 |
331.20 |
2,691,140.37 |
2020 |
285.00 |
533.80 |
3,108,084.07 |
2021 |
421.20 |
688.37 |
2,396,435.33 |
1st Sem. 2020 |
285.00 |
440.55 |
3,480,350.00 |
2nd Sem. 2020 |
426.29 |
533.80 |
2,739,864.50 |
1st Sem. 2021 |
421.20 |
590.75 |
2,517,236.67 |
2nd Sem. 2021 |
549.77 |
688.37 |
2,277,603.59 |
1st Sem. 2022 |
360.79 |
567.06 |
3,687,528.85 |
April 2022 |
395.95 |
468.81 |
2,738,117.33 |
mayo 2022 |
376.91 |
428.22 |
3,447,846.77 |
June 2022 |
360.79 |
441.28 |
4,013,483.03 |
July 2022 |
368.48 |
410.12 |
2,328,352.84 |
August 2022 |
373.44 |
451.02 |
2,332,511.39 |
September 2022 |
275.20 |
396.36 |
5,903,677.83 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 117 |
Historical volatility
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Quantitative examples that illustrate possible gains or losses
ADB310L DC015
Market price |
Observed price |
Observation dates 1 to 5 |
Observation dates 1 to 5 |
Observation date 6 |
0.00 |
0.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
23.00 |
5.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
46.01 |
10.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
69.01 |
15.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
92.01 |
20.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
115.02 |
25.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
138.02 |
30.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
161.02 |
35.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
184.02 |
40.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
207.03 |
45.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
230.03 |
50.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
253.03 |
55.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 55.00 |
276.04 |
60.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 60.00 |
299.04 |
65.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 65.00 |
322.04 |
70.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
345.05 |
75.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 75.00 |
368.05 |
80.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 80.00 |
391.05 |
85.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 103.30 |
414.05 |
90.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 103.30 |
437.06 |
95.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 103.30 |
460.06 |
100.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 103.30 |
483.06 |
105.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
506.07 |
110.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
529.07 |
115.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
552.07 |
120.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
575.08 |
125.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
598.08 |
130.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
621.08 |
135.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
644.08 |
140.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 118 |
ADB401R DC016
Market price |
Observed price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 97.50 |
19.14 |
5.00 |
Ps. 97.50 |
38.28 |
10.00 |
Ps. 97.50 |
57.42 |
15.00 |
Ps. 97.50 |
76.57 |
20.00 |
Ps. 97.50 |
95.71 |
25.00 |
Ps. 97.50 |
114.85 |
30.00 |
Ps. 97.50 |
133.99 |
35.00 |
Ps. 97.50 |
153.13 |
40.00 |
Ps. 97.50 |
172.27 |
45.00 |
Ps. 97.50 |
191.42 |
50.00 |
Ps. 97.50 |
210.56 |
55.00 |
Ps. 97.50 |
229.70 |
60.00 |
Ps. 97.50 |
248.84 |
65.00 |
Ps. 97.50 |
267.98 |
70.00 |
Ps. 97.50 |
287.12 |
75.00 |
Ps. 97.50 |
306.26 |
80.00 |
Ps. 97.50 |
325.41 |
85.00 |
Ps. 97.50 |
344.55 |
90.00 |
Ps. 97.50 |
356.03 |
93.00 |
Ps. 97.50 |
363.69 |
95.00 |
Ps. 97.50 |
382.83 |
100.00 |
Ps. 100.00 |
401.97 |
105.00 |
Ps. 105.00 |
421.11 |
110.00 |
Ps. 110.00 |
440.25 |
115.00 |
Ps. 115.00 |
459.40 |
120.00 |
Ps. 120.00 |
478.54 |
125.00 |
Ps. 125.00 |
497.68 |
130.00 |
Ps. 130.00 |
516.82 |
135.00 |
Ps. 135.00 |
535.96 |
140.00 |
Ps. 140.00 |
555.10 |
145.00 |
Ps. 145.00 |
574.25 |
150.00 |
Ps. 150.00 |
593.39 |
155.00 |
Ps. 155.00 |
612.53 |
160.00 |
Ps. 160.00 |
631.67 |
165.00 |
Ps. 120.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 119 |
| (ii) | Alibaba Group Holding Limited (BABA N) |
Stock Market where it is quoted
New York Stock Exchange
Description:
Alibaba Group Holding Limited operates as a holding company. It offers
internet infrastructure, e-commerce, online financial services, and internet content through its subsidiaries. It offers its products
and services all over the world.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
168.96 |
191.19 |
18,109,885.91 |
2018 |
131.89 |
210.86 |
20,258,630.77 |
2019 |
130.60 |
216.38 |
15,983,655.91 |
2020 |
176.34 |
317.14 |
19,206,193.89 |
2021 |
111.96 |
270.83 |
20,607,744.64 |
1st Sem. 2020 |
176.34 |
230.48 |
18,380,656.76 |
2nd Sem. 2020 |
215.95 |
317.14 |
20,022,757.78 |
1st Sem. 2021 |
206.08 |
270.83 |
17,241,161.16 |
2nd Sem. 2021 |
111.96 |
221.87 |
23,919,438.17 |
1st Sem. 2022 |
76.76 |
137.41 |
30,565,100.78 |
April 2022 |
83.99 |
117.50 |
28,409,282.03 |
mayo 2022 |
81.09 |
101.41 |
23,455,135.87 |
June 2022 |
93.21 |
119.62 |
37,548,461.63 |
July 2022 |
89.37 |
122.39 |
26,850,246.52 |
August 2022 |
89.63 |
99.89 |
23,108,839.52 |
September 2022 |
77.87 |
94.69 |
15,946,980.30 |
Historical volatility
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 120 |
Quantitative examples that illustrate possible gains or losses
BAB204L DC053
Observed Price |
Market Price |
Payment Rights |
0 |
0.00 |
Ps. 90.00 |
5 |
7.40 |
Ps. 90.00 |
10 |
14.81 |
Ps. 90.00 |
15 |
22.21 |
Ps. 90.00 |
20 |
29.61 |
Ps. 90.00 |
25 |
37.01 |
Ps. 90.00 |
30 |
44.42 |
Ps. 90.00 |
35 |
51.82 |
Ps. 90.00 |
40 |
59.22 |
Ps. 90.00 |
45 |
66.62 |
Ps. 90.00 |
50 |
74.03 |
Ps. 90.00 |
55 |
81.43 |
Ps. 90.00 |
60 |
88.83 |
Ps. 90.00 |
65 |
96.23 |
Ps. 90.00 |
70 |
103.64 |
Ps. 90.00 |
75 |
111.04 |
Ps. 90.00 |
80 |
118.44 |
Ps. 90.00 |
85 |
125.84 |
Ps. 90.00 |
90 |
133.25 |
Ps. 90.00 |
95 |
140.65 |
Ps. 95.00 |
100 |
148.05 |
Ps. 100.00 |
105 |
155.45 |
Ps. 108.00 |
110 |
162.86 |
Ps. 116.00 |
115 |
170.26 |
Ps. 124.00 |
120 |
177.66 |
Ps. 132.00 |
125 |
185.06 |
Ps. 140.00 |
130.1 |
192.61 |
Ps. 112.00 |
135 |
199.87 |
Ps. 112.00 |
140 |
207.27 |
Ps. 112.00 |
145 |
214.67 |
Ps. 112.00 |
150 |
222.08 |
Ps. 112.00 |
155 |
229.48 |
Ps. 112.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 121 |
BAB302R DC063
Observed Price |
Market Price |
Payment Rights |
0.00 |
0.00 |
Ps. 70.00 |
5.00 |
5.95 |
Ps. 70.00 |
10.00 |
11.90 |
Ps. 70.00 |
15.00 |
17.85 |
Ps. 70.00 |
20.00 |
23.80 |
Ps. 70.00 |
25.00 |
29.75 |
Ps. 70.00 |
30.00 |
35.70 |
Ps. 70.00 |
35.00 |
41.65 |
Ps. 70.00 |
40.00 |
47.60 |
Ps. 70.00 |
45.00 |
53.55 |
Ps. 70.00 |
50.00 |
59.50 |
Ps. 70.00 |
55.00 |
65.44 |
Ps. 70.00 |
60.00 |
71.39 |
Ps. 70.00 |
65.00 |
77.34 |
Ps. 70.00 |
70.00 |
83.29 |
Ps. 70.00 |
75.00 |
89.24 |
Ps. 75.00 |
80.00 |
95.19 |
Ps. 80.00 |
85.00 |
101.14 |
Ps. 85.00 |
90.00 |
107.09 |
Ps. 90.00 |
95.00 |
113.04 |
Ps. 95.00 |
100.00 |
118.99 |
Ps. 100.00 |
102.00 |
121.37 |
Ps. 100.00 |
101.00 |
120.18 |
Ps. 100.00 |
103.00 |
122.56 |
Ps. 100.00 |
105.00 |
124.94 |
Ps. 100.00 |
110.01 |
130.90 |
Ps. 106.51 |
117.01 |
139.23 |
Ps. 115.61 |
118.01 |
140.42 |
Ps. 116.91 |
115.01 |
136.85 |
Ps. 113.01 |
129.00 |
153.50 |
Ps. 131.20 |
134.00 |
159.45 |
Ps. 137.70 |
139.00 |
165.40 |
Ps. 144.20 |
144.00 |
171.35 |
Ps. 150.05 |
149.00 |
177.30 |
Ps. 150.05 |
154.00 |
183.24 |
Ps. 150.05 |
| (iii) | Bank of America Corporation (BAC*) |
Stock Market where it is quoted
New York Stock Exchange
Description:
Bank of America Corporation operates as a financial holding company.
The Company offers saving accounts, deposits, mortgage and construction loans, cash and wealth management, certificates of deposit, investment
funds, credit and debit cards, insurance, mobile, and online banking services. Bank of America serves customers worldwide.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 122 |
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
25.34 |
29.88 |
66,897,965.98 |
2018 |
22.73 |
32.84 |
68,310,420.99 |
2019 |
24.56 |
35.52 |
55,567,212.10 |
2020 |
18.08 |
35.64 |
68,045,523.02 |
2021 |
29.65 |
48.37 |
49,099,848.86 |
1st Sem. 2020 |
18.08 |
35.64 |
78,483,890.35 |
2nd Sem. 2020 |
22.77 |
30.31 |
57,720,616.22 |
1st Sem. 2021 |
29.65 |
43.27 |
50,969,724.96 |
2nd Sem. 2021 |
36.93 |
48.37 |
47,260,459.87 |
1st Sem. 2022 |
31.13 |
49.38 |
54,410,843.08 |
April 2022 |
35.68 |
40.90 |
54,116,826.90 |
mayo 2022 |
33.86 |
38.62 |
51,911,203.42 |
June 2022 |
31.13 |
36.70 |
51,534,417.37 |
July 2022 |
30.13 |
33.81 |
42,045,934.94 |
August 2022 |
33.04 |
36.64 |
35,485,532.32 |
September 2022 |
30.20 |
35.27 |
42,867,100.90 |
Historical Volatility:
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 123 |
Quantitative examples that illustrate possible gains or losses
BAC212L DC014
Market Price |
Observed Price |
Observation dates 1 to 3 |
Excercise dates 1 to 3 |
Excercise date 4 |
- |
0 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
2.22 |
5 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
4.45 |
10 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
6.67 |
15 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
8.89 |
20 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
11.12 |
25 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
13.34 |
30 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
15.56 |
35 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
17.79 |
40 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
20.01 |
45 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
22.24 |
50 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
24.46 |
55 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
26.68 |
60 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
28.91 |
65 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 75.00 |
31.13 |
70 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 80.00 |
33.35 |
75 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 85.00 |
35.58 |
80 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 90.00 |
37.80 |
85 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 95.00 |
40.02 |
90 |
Ps. 2.60 |
Ps. 0.00 |
Ps. 102.60 |
42.25 |
95 |
Ps. 2.60 |
Ps. 0.00 |
Ps. 102.60 |
44.47 |
100 |
Ps. 0.00 |
Ps. 102.60 |
Ps. 102.60 |
46.69 |
105 |
Ps. 0.00 |
Ps. 102.60 |
Ps. 102.60 |
48.92 |
110 |
Ps. 0.00 |
Ps. 102.60 |
Ps. 102.60 |
51.14 |
115 |
Ps. 0.00 |
Ps. 102.60 |
Ps. 102.60 |
53.36 |
120 |
Ps. 0.00 |
Ps. 102.60 |
Ps. 102.60 |
55.59 |
125 |
Ps. 0.00 |
Ps. 102.60 |
Ps. 102.60 |
57.81 |
130 |
Ps. 0.00 |
Ps. 102.60 |
Ps. 102.60 |
60.03 |
135 |
Ps. 0.00 |
Ps. 102.60 |
Ps. 102.60 |
62.26 |
140 |
Ps. 0.00 |
Ps. 102.60 |
Ps. 102.60 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 124 |
Stock Market where it is quoted
New York Stock Exchange
Description:
Citigroup Inc. is a diversified financial service
holding company that provides a broad range of financial services to consumer and corporate customers. The Company services include investment
banking, retail brokerage, corporate banking, and cash management products and services. Citigroup serves customers globally.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
71.33 |
77.10 |
15,452,965.79 |
2018 |
49.26 |
80.08 |
17,852,862.74 |
2019 |
52.06 |
79.89 |
14,216,038.53 |
2020 |
35.39 |
81.91 |
24,743,131.57 |
2021 |
57.99 |
79.86 |
20,081,077.40 |
1st Sem. 2020 |
35.39 |
81.91 |
26,826,194.27 |
2nd Sem. 2020 |
41.13 |
61.66 |
22,682,710.86 |
1st Sem. 2021 |
57.99 |
79.86 |
20,418,131.46 |
2nd Sem. 2021 |
58.28 |
74.30 |
19,749,518.78 |
1st Sem. 2022 |
45.69 |
67.84 |
26,739,184.00 |
April 2022 |
48.21 |
53.10 |
26,236,756.67 |
mayo 2022 |
46.56 |
54.09 |
26,161,480.77 |
June 2022 |
45.69 |
52.43 |
24,053,274.93 |
July 2022 |
44.14 |
52.59 |
24,110,427.71 |
August 2022 |
48.81 |
54.38 |
14,976,325.74 |
September 2022 |
41.67 |
50.87 |
19,634,846.57 |
Historical Volatility:
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 125 |
Quantitative examples that illustrate possible gains or losses
CTI308L DC012
Observed Price |
Market Price |
Payment Rights |
0.00 |
0.00 |
Ps. 90.00 |
5.00 |
5.63 |
Ps. 90.00 |
10.00 |
11.26 |
Ps. 90.00 |
15.00 |
16.89 |
Ps. 90.00 |
20.00 |
22.52 |
Ps. 90.00 |
25.00 |
28.15 |
Ps. 90.00 |
30.00 |
33.78 |
Ps. 90.00 |
35.00 |
29.28 |
Ps. 90.00 |
40.00 |
45.04 |
Ps. 90.00 |
45.00 |
50.67 |
Ps. 90.00 |
50.00 |
56.31 |
Ps. 90.00 |
55.00 |
61.94 |
Ps. 90.00 |
60.00 |
67.57 |
Ps. 90.00 |
65.00 |
73.20 |
Ps. 90.00 |
70.00 |
78.83 |
Ps. 90.00 |
75.00 |
84.46 |
Ps. 90.00 |
80.00 |
90.09 |
Ps. 90.00 |
85.00 |
95.72 |
Ps. 90.00 |
90.00 |
101.35 |
Ps. 90.00 |
95.00 |
106.98 |
Ps. 95.00 |
100.00 |
112.61 |
Ps. 100.00 |
102.00 |
114.86 |
Ps. 100.00 |
101.00 |
113.74 |
Ps. 100.00 |
105.00 |
118.24 |
Ps. 103.45 |
110.00 |
123.87 |
Ps. 109.20 |
115.01 |
129.51 |
Ps. 114.96 |
117.01 |
131.76 |
Ps. 117.26 |
118.01 |
132.89 |
Ps. 108.00 |
120.01 |
135.14 |
Ps. 108.00 |
125.01 |
140.77 |
Ps. 108.00 |
130.01 |
146.40 |
Ps. 108.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 126 |
| (v) | iShares China Large-CAP ETF ETF (FXI *) |
Stock Market where it is quoted
New York Stock Exchange
Description:
Shares China Large-Cap ETF is an exchange-traded fund incorporated in
the US. It tracks the FTSE China 50 Index and invests in large-cap stocks. Its investments are focused on the financial, oil and gas,
technology, and communication sectors. The ETF uses representative index sampling, invest at least 90% of your assets in the underlying
index.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
44.04 |
48.32 |
12,793,229.57 |
2018 |
38.26 |
54.00 |
28,275,772.58 |
2019 |
37.67 |
45.85 |
26,581,149.38 |
2020 |
33.91 |
48.62 |
24,765,175.44 |
2021 |
35.57 |
54.47 |
21,513,640.75 |
1st Sem. 2020 |
33.91 |
45.28 |
31,917,397.20 |
2nd Sem. 2020 |
40.16 |
48.62 |
17,690,695.22 |
1st Sem. 2021 |
43.55 |
54.47 |
17,479,491.48 |
2nd Sem. 2021 |
35.57 |
46.09 |
25,482,015.84 |
1st Sem. 2022 |
27.07 |
39.03 |
42,240,612.13 |
April 2022 |
28.56 |
34.33 |
41,675,955.77 |
mayo 2022 |
28.01 |
31.86 |
38,763,621.68 |
June 2022 |
31.31 |
34.16 |
40,686,617.37 |
July 2022 |
30.38 |
34.07 |
33,445,902.55 |
August 2022 |
29.18 |
30.96 |
29,405,960.55 |
September 2022 |
25.86 |
29.87 |
32,631,341.23 |
Historical volatility :
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 127 |
Quantitative examples that illustrate possible
gains or losses
FXI305R DC037
Observed price |
Market price |
Payment rights (MXN) |
0.000 |
0.00 |
Ps.95.00 |
1.485 |
5 |
Ps.95.00 |
2.970 |
10 |
Ps.95.00 |
4.455 |
15 |
Ps.95.00 |
5.940 |
20 |
Ps.95.00 |
7.425 |
25 |
Ps.95.00 |
8.910 |
30 |
Ps.95.00 |
10.395 |
35 |
Ps.95.00 |
11.880 |
40 |
Ps.95.00 |
13.365 |
45 |
Ps.95.00 |
14.850 |
50 |
Ps.95.00 |
16.335 |
55 |
Ps.95.00 |
17.820 |
60 |
Ps.95.00 |
19.305 |
65 |
Ps.95.00 |
20.790 |
70 |
Ps.95.00 |
22.275 |
75 |
Ps.95.00 |
23.760 |
80 |
Ps.95.00 |
25.245 |
85 |
Ps.95.00 |
26.730 |
90 |
Ps.95.00 |
27.621 |
93 |
Ps.98.00 |
28.215 |
95 |
Ps.100.00 |
29.700 |
100 |
Ps.100.00 |
29.997 |
101 |
Ps.101.00 |
30.591 |
103 |
Ps.103.00 |
32.076 |
108 |
Ps.108.00 |
32.670 |
110 |
Ps.110.00 |
34.155 |
115 |
Ps.115.00 |
35.640 |
120 |
Ps.120.00 |
38.610 |
130 |
Ps.130.00 |
40.689 |
137 |
Ps.137.00 |
42.174 |
142 |
Ps.112.00 |
43.659 |
147 |
Ps.112.00 |
45.144 |
152 |
Ps.112.00 |
46.629 |
157 |
Ps.112.00 |
48.114 |
162 |
Ps.112.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 128 |
| (vi) | iShares Biotechnology ETF (IBB *) |
Stock Market where it is quoted
NASDAQ
Description:
iShares Biotechnology ETF is a US-incorporated exchange-traded fund.
The Fund's objective seeks investment results that correspond to the performance of the ICE Biotechnology Index, which is comprised of
US-listed stocks in the sector of biotechnology.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
101.68 |
113.62 |
2,577,982.80 |
2018 |
89.61 |
122.19 |
2,513,003.06 |
2019 |
96.43 |
123.50 |
2,462,344.77 |
2020 |
94.39 |
157.31 |
3,327,921.43 |
2021 |
145.27 |
176.21 |
2,825,919.94 |
1st Sem. 2020 |
94.39 |
138.65 |
3,706,116.16 |
2nd Sem. 2020 |
126.88 |
157.31 |
2,953,837.51 |
1st Sem. 2021 |
146.13 |
172.60 |
3,307,070.98 |
2nd Sem. 2021 |
145.27 |
176.21 |
2,352,613.75 |
1st Sem. 2022 |
105.82 |
152.62 |
2,782,203.31 |
April 2022 |
116.65 |
134.76 |
2,684,636.27 |
mayo 2022 |
106.46 |
121.86 |
3,067,550.03 |
June 2022 |
105.82 |
120.12 |
2,711,576.37 |
July 2022 |
120.17 |
126.66 |
1,875,820.42 |
August 2022 |
121.14 |
134.82 |
1,660,408.87 |
September 2022 |
113.42 |
128.63 |
2,139,224.87 |
Historical volatility
2 Source of Information on Historic Evolution
and Historical Volatility: www.bloomberg.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 129 |
Quantitative examples that illustrate possible
gains or losses
IBB306R DC003
Observed price |
Market price |
Payment rights (MXN) |
0 |
0 |
Ps.100.00 |
1.973 |
5 |
Ps.100.00 |
3.946 |
10 |
Ps.100.00 |
5.919 |
15 |
Ps.100.00 |
7.892 |
20 |
Ps.100.00 |
9.865 |
25 |
Ps.100.00 |
11.838 |
30 |
Ps.100.00 |
13.811 |
35 |
Ps.100.00 |
15.784 |
40 |
Ps.100.00 |
17.757 |
45 |
Ps.100.00 |
19.73 |
50 |
Ps.100.00 |
21.703 |
55 |
Ps.100.00 |
23.676 |
60 |
Ps.100.00 |
25.649 |
65 |
Ps.100.00 |
27.622 |
70 |
Ps.100.00 |
29.595 |
75 |
Ps.100.00 |
31.568 |
80 |
Ps.100.00 |
33.541 |
85 |
Ps.100.00 |
35.514 |
90 |
Ps.100.00 |
37.487 |
95 |
Ps.100.00 |
39.46 |
100 |
Ps.100.00 |
40.2492 |
102 |
Ps.105.00 |
39.8546 |
101 |
Ps.110.00 |
40.6438 |
103 |
Ps.115.00 |
42.6168 |
108 |
Ps.120.00 |
44.593746 |
113.01 |
Ps.125.00 |
46.172146 |
117.01 |
Ps.108.00 |
46.566746 |
118.01 |
Ps.108.00 |
46.566746 |
118.01 |
Ps.108.00 |
50.9034 |
129 |
Ps.108.00 |
52.8764 |
134 |
Ps.108.00 |
54.8494 |
139 |
Ps.108.00 |
56.8224 |
144 |
Ps.108.00 |
58.7954 |
149 |
Ps.108.00 |
60.7684 |
154 |
Ps.108.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 130 |
| (vii) | iShares Global Energy ETF (ICLN*) |
Stock Market where it is quoted
NASDAQ
Description:
iShares Global Energy ETF is a US-incorporated exchange-traded fund
that tracks the performance of the S&P Global Clean Energy Index. It has stocks in energy, industrials, technology, and services that
can be classified predominantly as mid-cap. Weight these stocks using a Market Cap Methodology.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
8.67 |
9.33 |
79,626.60 |
2018 |
7.91 |
10.02 |
93,846.90 |
2019 |
8.25 |
11.81 |
240,577.25 |
2020 |
8.33 |
28.29 |
1,965,204.20 |
2021 |
20.44 |
33.41 |
5,869,304.69 |
1st Sem. 2020 |
8.33 |
14.24 |
830,723.70 |
2nd Sem. 2020 |
12.68 |
28.29 |
3,087,353.40 |
1st Sem. 2021 |
20.71 |
33.41 |
7,286,181.35 |
2nd Sem. 2021 |
20.44 |
25.79 |
4,475,529.29 |
1st Sem. 2022 |
16.82 |
22.08 |
6,012,005.21 |
April 2022 |
18.82 |
22.08 |
6,087,452.83 |
mayo 2022 |
16.82 |
20.14 |
5,969,725.35 |
June 2022 |
17.97 |
20.87 |
4,964,605.73 |
July 2022 |
18.81 |
22.29 |
4,505,527.16 |
August 2022 |
21.82 |
23.61 |
4,462,102.19 |
September 2022 |
19.09 |
23.09 |
5,026,869.80 |
Historical volatility
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 131 |
Quantitative examples that illustrate possible
gains or losses
ICL211R DC003
Observed price |
Market price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 90.00 |
5.00 |
1.16 |
Ps. 90.00 |
10.00 |
2.32 |
Ps. 90.00 |
15.00 |
3.49 |
Ps. 90.00 |
20.00 |
4.65 |
Ps. 90.00 |
25.00 |
5.81 |
Ps. 90.00 |
30.00 |
6.97 |
Ps. 90.00 |
35.00 |
8.13 |
Ps. 90.00 |
40.00 |
9.30 |
Ps. 90.00 |
45.00 |
10.46 |
Ps. 90.00 |
50.00 |
11.62 |
Ps. 90.00 |
55.00 |
12.78 |
Ps. 90.00 |
60.00 |
13.94 |
Ps. 90.00 |
65.00 |
15.11 |
Ps. 90.00 |
70.00 |
16.27 |
Ps. 90.00 |
75.00 |
17.43 |
Ps. 90.00 |
80.00 |
18.59 |
Ps. 90.00 |
85.00 |
19.75 |
Ps. 90.00 |
89.00 |
20.68 |
Ps. 90.00 |
95.00 |
22.08 |
Ps. 95.00 |
100.00 |
23.24 |
Ps. 100.00 |
101.00 |
23.47 |
Ps. 100.00 |
102.00 |
23.70 |
Ps. 100.00 |
102.50 |
23.82 |
Ps. 100.00 |
103.00 |
23.94 |
Ps. 100.68 |
110.00 |
25.56 |
Ps. 110.20 |
111.00 |
25.80 |
Ps. 111.56 |
116.01 |
26.96 |
Ps. 118.37 |
132.01 |
30.68 |
Ps. 140.13 |
132.50 |
30.79 |
Ps. 114.00 |
133.01 |
30.91 |
Ps. 114.00 |
134.01 |
31.14 |
Ps. 114.00 |
135.01 |
31.38 |
Ps. 114.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 132 |
ICL212L DC010
Market price |
Observed price |
Excercise dates 1 to 3 |
Excercise date 4 |
0.00 |
0.00 |
Ps. 0.00 |
Ps. 0.00 |
1.13 |
5.00 |
Ps. 0.00 |
Ps. 5.00 |
2.27 |
10.00 |
Ps. 0.00 |
Ps. 10.00 |
3.40 |
15.00 |
Ps. 0.00 |
Ps. 15.00 |
4.53 |
20.00 |
Ps. 0.00 |
Ps. 20.00 |
5.67 |
25.00 |
Ps. 0.00 |
Ps. 25.00 |
6.80 |
30.00 |
Ps. 0.00 |
Ps. 30.00 |
7.93 |
35.00 |
Ps. 0.00 |
Ps. 35.00 |
9.06 |
40.00 |
Ps. 0.00 |
Ps. 40.00 |
10.20 |
45.00 |
Ps. 0.00 |
Ps. 45.00 |
11.33 |
50.00 |
Ps. 0.00 |
Ps. 50.00 |
12.46 |
55.00 |
Ps. 0.00 |
Ps. 55.00 |
13.60 |
60.00 |
Ps. 0.00 |
Ps. 60.00 |
14.28 |
63.00 |
Ps. 0.00 |
Ps. 65.00 |
14.45 |
63.75 |
Ps. 0.00 |
Ps. 100.00 |
14.50 |
64.00 |
Ps. 0.00 |
Ps. 100.00 |
15.64 |
69.00 |
Ps. 0.00 |
Ps. 100.00 |
16.77 |
74.00 |
Ps. 0.00 |
Ps. 100.00 |
17.90 |
79.00 |
Ps. 0.00 |
Ps. 100.00 |
19.03 |
84.00 |
Ps. 0.00 |
Ps. 100.00 |
20.17 |
89.00 |
Ps. 0.00 |
Ps. 100.00 |
21.30 |
94.00 |
Ps. 0.00 |
Ps. 100.00 |
22.43 |
99.00 |
Ps. 0.00 |
Ps. 100.00 |
22.66 |
100.00 |
Ps. 103.00 |
Ps. 103.00 |
23.79 |
105.00 |
Ps. 103.00 |
Ps. 103.00 |
24.93 |
110.00 |
Ps. 103.00 |
Ps. 103.00 |
26.06 |
115.00 |
Ps. 103.00 |
Ps. 103.00 |
27.19 |
120.00 |
Ps. 103.00 |
Ps. 103.00 |
28.33 |
125.00 |
Ps. 103.00 |
Ps. 103.00 |
| (viii) | Johnson & Johnson (JNJ *) |
Stock Market
where it is quoted
New York Stock Exchange
Description:
Johnson & Johnson manufactures health care products and provides
related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin
and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around
the world.
Historical Evolution:
Comparison base: September 30th, 2017
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 133 |
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
130.01 |
143.62 |
5,161,950.19 |
2018 |
119.40 |
148.14 |
7,893,687.78 |
2019 |
125.72 |
146.44 |
7,296,323.97 |
2020 |
111.14 |
157.38 |
8,030,084.06 |
2021 |
153.07 |
179.47 |
7,365,976.77 |
1st Sem. 2020 |
111.14 |
155.51 |
9,664,229.77 |
2nd Sem. 2020 |
137.11 |
157.38 |
6,413,700.80 |
1st Sem. 2021 |
153.07 |
171.07 |
7,914,446.33 |
2nd Sem. 2021 |
155.93 |
179.47 |
6,826,449.65 |
1st Sem. 2022 |
158.14 |
186.01 |
7,821,970.43 |
April 2022 |
176.47 |
186.01 |
7,794,463.93 |
mayo 2022 |
173.94 |
181.40 |
7,165,782.10 |
June 2022 |
168.19 |
182.29 |
7,910,005.47 |
July 2022 |
170.71 |
179.52 |
5,535,265.65 |
August 2022 |
161.34 |
174.59 |
7,243,138.13 |
September 2022 |
161.33 |
167.60 |
8,543,502.43 |
Historical volatility
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Quantitative examples that illustrate possible gains or losses
JNJ210R DC005
Observed price |
Market price |
Payment rights |
0.00 |
0.00 |
Ps. 100.00 |
5.00 |
8.01 |
Ps. 100.00 |
10.00 |
16.01 |
Ps. 100.00 |
15.00 |
24.02 |
Ps. 100.00 |
20.00 |
32.02 |
Ps. 100.00 |
25.00 |
40.03 |
Ps. 100.00 |
30.00 |
48.03 |
Ps. 100.00 |
35.00 |
56.04 |
Ps. 100.00 |
40.00 |
64.04 |
Ps. 100.00 |
45.00 |
72.05 |
Ps. 100.00 |
50.00 |
80.06 |
Ps. 100.00 |
55.00 |
88.06 |
Ps. 100.00 |
60.00 |
96.07 |
Ps. 100.00 |
65.00 |
104.07 |
Ps. 100.00 |
70.00 |
112.08 |
Ps. 100.00 |
75.00 |
120.08 |
Ps. 100.00 |
80.00 |
128.09 |
Ps. 100.00 |
85.00 |
136.09 |
Ps. 100.00 |
90.00 |
144.10 |
Ps. 100.00 |
95.00 |
152.10 |
Ps. 100.00 |
100.00 |
160.11 |
Ps. 100.00 |
105.00 |
168.12 |
Ps. 105.00 |
110.00 |
176.12 |
Ps. 110.00 |
115.00 |
184.13 |
Ps. 115.00 |
118.00 |
188.93 |
Ps. 118.00 |
118.75 |
190.13 |
Ps. 118.75 |
118.80 |
190.21 |
Ps. 106.00 |
135.00 |
216.15 |
Ps. 106.00 |
140.00 |
224.15 |
Ps. 106.00 |
145.00 |
232.16 |
Ps. 106.00 |
150.00 |
240.17 |
Ps. 106.00 |
155.00 |
248.17 |
Ps. 106.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 134 |
| (ix) | MercadoLibre Inc. (MELI*) |
Stock Market where it is quoted
NASDAQ
Description:
MercadoLibre Inc. operates a commerce website for Latin American markets.
It allows individuals and companies to classify articles, make purchases online in auction or fixed price format. Offers classified ads
for motor vehicles, boats, airplanes, real estate, and services, as well as Internet payment services.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
221.51 |
329.28 |
814,467.40 |
2018 |
257.52 |
413.94 |
758,838.04 |
2019 |
292.85 |
690.10 |
546,875.16 |
2020 |
447.34 |
1,732.39 |
560,993.75 |
2021 |
1,052.95 |
1,984.34 |
483,877.44 |
1st Sem. 2020 |
447.34 |
985.77 |
632,196.32 |
2nd Sem. 2020 |
956.62 |
1,732.39 |
490,565.12 |
1st Sem. 2021 |
1,296.65 |
1,984.34 |
512,280.61 |
2nd Sem. 2021 |
1,052.95 |
1,953.83 |
455,937.35 |
1st Sem. 2022 |
612.70 |
1,348.40 |
695,542.33 |
April 2022 |
973.63 |
1,265.01 |
433,353.47 |
mayo 2022 |
679.68 |
1,023.21 |
820,190.61 |
June 2022 |
612.70 |
836.74 |
692,244.97 |
July 2022 |
653.63 |
813.71 |
575,295.19 |
August 2022 |
813.97 |
1,082.66 |
658,918.77 |
September 2022 |
799.58 |
1,002.01 |
651,497.87 |
Historical volatility
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 135 |
Quantitative examples that illustrate possible
gains or losses
MLI303L DC019
Market price |
Observed price |
Observation dates 1 to 5 |
Exercise dates 1 to 5 |
Exercise date 6 |
0.00 |
0.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 0.00 |
43.76 |
5.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 5.00 |
87.52 |
10.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 10.00 |
131.28 |
15.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 15.00 |
175.03 |
20.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 20.00 |
218.79 |
25.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 25.00 |
262.55 |
30.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 30.00 |
306.31 |
35.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 35.00 |
350.07 |
40.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 40.00 |
393.83 |
45.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 45.00 |
437.59 |
50.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
481.34 |
55.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 55.00 |
525.10 |
60.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 60.00 |
568.86 |
65.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 65.00 |
612.62 |
70.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 103.30 |
656.38 |
75.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 103.30 |
700.14 |
80.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 103.30 |
743.89 |
85.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 103.30 |
787.65 |
90.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 103.30 |
831.41 |
95.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 103.30 |
875.17 |
100.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
918.93 |
105.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
962.69 |
110.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
1006.45 |
115.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
1050.20 |
120.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
1093.96 |
125.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
1137.72 |
130.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
1181.48 |
135.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
1225.24 |
140.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 136 |
MLI212L DC014
Market price |
Observed price |
Excercise dates 1 to 11 |
Excercise date 12 |
0.00 |
0.00 |
Ps. 0.00 |
Ps. 0.00 |
60.52 |
5.00 |
Ps. 0.00 |
Ps. 5.00 |
121.04 |
10.00 |
Ps. 0.00 |
Ps. 10.00 |
181.56 |
15.00 |
Ps. 0.00 |
Ps. 15.00 |
242.08 |
20.00 |
Ps. 0.00 |
Ps. 20.00 |
302.60 |
25.00 |
Ps. 0.00 |
Ps. 25.00 |
363.12 |
30.00 |
Ps. 0.00 |
Ps. 30.00 |
423.64 |
35.00 |
Ps. 0.00 |
Ps. 35.00 |
484.16 |
40.00 |
Ps. 0.00 |
Ps. 40.00 |
544.68 |
45.00 |
Ps. 0.00 |
Ps. 45.00 |
605.20 |
50.00 |
Ps. 0.00 |
Ps. 50.00 |
665.72 |
55.00 |
Ps. 0.00 |
Ps. 55.00 |
726.24 |
60.00 |
Ps. 0.00 |
Ps. 60.00 |
762.55 |
63.00 |
Ps. 0.00 |
Ps. 63.00 |
771.63 |
63.75 |
Ps. 0.00 |
Ps. 63.75 |
774.66 |
64.00 |
Ps. 0.00 |
Ps. 64.00 |
835.18 |
69.00 |
Ps. 0.00 |
Ps. 69.00 |
895.70 |
74.00 |
Ps. 0.00 |
Ps. 74.00 |
956.22 |
79.00 |
Ps. 0.00 |
Ps. 79.00 |
1125.55 |
92.99 |
Ps. 0.00 |
Ps. 92.99 |
1125.67 |
93.00 |
Ps. 0.00 |
Ps. 100.00 |
1149.88 |
95.00 |
Ps. 0.00 |
Ps. 100.00 |
1210.28 |
99.99 |
Ps. 0.00 |
Ps. 100.00 |
1210.40 |
100.00 |
Ps. 102.15 |
Ps. 102.15 |
1270.92 |
105.00 |
Ps. 102.15 |
Ps. 102.15 |
1331.44 |
110.00 |
Ps. 102.15 |
Ps. 102.15 |
1391.96 |
115.00 |
Ps. 102.15 |
Ps. 102.15 |
1452.48 |
120.00 |
Ps. 102.15 |
Ps. 102.15 |
1815.60 |
150.00 |
Ps. 102.15 |
Ps. 102.15 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 137 |
MLI303L DC020
Market price |
Observed price |
Observation dates 1 to 5 |
Exercise dates 1 to 5 |
Exercise date 6 |
0.00 |
0.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 0.00 |
42.94 |
5.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 5.00 |
85.88 |
10.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 10.00 |
128.82 |
15.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 15.00 |
171.76 |
20.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 20.00 |
214.70 |
25.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 25.00 |
257.64 |
30.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 30.00 |
300.58 |
35.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 35.00 |
343.52 |
40.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 40.00 |
386.46 |
45.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 45.00 |
429.40 |
50.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
472.33 |
55.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 55.00 |
515.27 |
60.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 60.00 |
558.21 |
65.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 65.00 |
601.15 |
70.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 103.30 |
644.09 |
75.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 103.30 |
687.03 |
80.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 103.30 |
729.97 |
85.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 103.30 |
772.91 |
90.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 103.30 |
815.85 |
95.00 |
Ps. 3.30 |
Ps. 0.00 |
Ps. 103.30 |
858.79 |
100.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
901.73 |
105.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
944.67 |
110.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
987.61 |
115.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
1030.55 |
120.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
1073.49 |
125.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
1116.43 |
130.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
1159.37 |
135.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
1202.31 |
140.00 |
Ps. 0.00 |
Ps. 103.30 |
Ps. 103.30 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 138 |
| (x) | Meta Platforms, Inc (META*) |
Stock Market where it is quoted
NASDAQ
Description:
Meta Platforms, Inc. operates as a social technology company. The Company
builds applications and technologies that help people connect, find communities, and grow businesses. Meta Platform is also involved in
advertisements, augmented, and virtual reality.
Historical Evolution:
.
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
168.42 |
183.03 |
15,614,490.12 |
2018 |
124.06 |
217.50 |
27,262,166.58 |
2019 |
131.09 |
208.10 |
16,094,515.08 |
2020 |
146.01 |
303.91 |
22,624,224.43 |
2021 |
245.64 |
382.18 |
18,855,465.91 |
1st Sem. 2020 |
146.01 |
242.24 |
23,485,350.38 |
2nd Sem. 2020 |
230.12 |
303.91 |
21,772,458.53 |
1st Sem. 2021 |
245.64 |
355.64 |
19,164,354.15 |
2nd Sem. 2021 |
306.84 |
382.18 |
18,551,613.89 |
1st Sem. 2022 |
155.85 |
338.54 |
34,184,707.86 |
April 2022 |
174.95 |
233.89 |
30,844,236.83 |
May 2022 |
181.28 |
223.41 |
31,579,206.48 |
June 2022 |
155.85 |
198.86 |
33,728,589.37 |
July 2022 |
158.05 |
183.17 |
30,171,056.10 |
August 2022 |
157.16 |
180.89 |
24,085,835.13 |
September 2022 |
134.40 |
169.15 |
29,696,229.20 |
Historical volatility
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 139 |
Quantitative examples that illustrate possible
gains or losses
MTP301L DC122
Market price |
Observed price |
Observation dates 1 to 5 |
Exercise dates 1 to 5 |
Exercise date 6 |
0.00 |
0.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 0.00 |
9.15 |
5.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 5.00 |
18.31 |
10.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 10.00 |
27.46 |
15.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 15.00 |
36.62 |
20.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 20.00 |
45.77 |
25.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 25.00 |
54.93 |
30.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 30.00 |
64.08 |
35.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 35.00 |
73.24 |
40.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 40.00 |
82.39 |
45.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 45.00 |
91.55 |
50.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
100.70 |
55.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 55.00 |
109.85 |
60.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 60.00 |
119.01 |
65.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 65.00 |
128.16 |
70.00 |
Ps. 2.40 |
Ps. 0.00 |
Ps. 102.40 |
137.32 |
75.00 |
Ps. 2.40 |
Ps. 0.00 |
Ps. 102.40 |
146.47 |
80.00 |
Ps. 2.40 |
Ps. 0.00 |
Ps. 102.40 |
155.63 |
85.00 |
Ps. 2.40 |
Ps. 0.00 |
Ps. 102.40 |
164.78 |
90.00 |
Ps. 2.40 |
Ps. 0.00 |
Ps. 102.40 |
173.94 |
95.00 |
Ps. 2.40 |
Ps. 0.00 |
Ps. 102.40 |
183.09 |
100.00 |
Ps. 0.00 |
Ps. 102.40 |
Ps. 102.40 |
192.24 |
105.00 |
Ps. 0.00 |
Ps. 102.40 |
Ps. 102.40 |
201.40 |
110.00 |
Ps. 0.00 |
Ps. 102.40 |
Ps. 102.40 |
210.55 |
115.00 |
Ps. 0.00 |
Ps. 102.40 |
Ps. 102.40 |
219.71 |
120.00 |
Ps. 0.00 |
Ps. 102.40 |
Ps. 102.40 |
228.86 |
125.00 |
Ps. 0.00 |
Ps. 102.40 |
Ps. 102.40 |
238.02 |
130.00 |
Ps. 0.00 |
Ps. 102.40 |
Ps. 102.40 |
247.17 |
135.00 |
Ps. 0.00 |
Ps. 102.40 |
Ps. 102.40 |
256.33 |
140.00 |
Ps. 0.00 |
Ps. 102.40 |
Ps. 102.40 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 140 |
FBK304R DC116
Market price |
Observed price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 100.00 |
5.00 |
11.12 |
Ps. 100.00 |
10.00 |
22.24 |
Ps. 100.00 |
15.00 |
33.35 |
Ps. 100.00 |
20.00 |
44.47 |
Ps. 100.00 |
25.00 |
55.59 |
Ps. 100.00 |
30.00 |
66.71 |
Ps. 100.00 |
35.00 |
77.83 |
Ps. 100.00 |
40.00 |
88.94 |
Ps. 100.00 |
45.00 |
100.06 |
Ps. 100.00 |
50.00 |
111.18 |
Ps. 100.00 |
55.00 |
122.30 |
Ps. 100.00 |
60.00 |
133.42 |
Ps. 100.00 |
65.00 |
144.53 |
Ps. 100.00 |
70.00 |
155.65 |
Ps. 100.00 |
75.00 |
166.77 |
Ps. 100.00 |
80.00 |
177.89 |
Ps. 100.00 |
85.00 |
189.01 |
Ps. 100.00 |
90.00 |
200.12 |
Ps. 100.00 |
95.00 |
211.24 |
Ps. 100.00 |
100.00 |
222.36 |
Ps. 100.00 |
105.00 |
233.48 |
Ps. 105.00 |
110.00 |
244.60 |
Ps. 110.00 |
115.00 |
255.71 |
Ps. 115.00 |
120.00 |
266.83 |
Ps. 120.00 |
125.00 |
277.95 |
Ps. 109.00 |
130.00 |
289.07 |
Ps. 109.00 |
135.00 |
300.19 |
Ps. 109.00 |
140.00 |
311.30 |
Ps. 109.00 |
145.00 |
322.42 |
Ps. 109.00 |
150.00 |
333.54 |
Ps. 109.00 |
155.00 |
344.66 |
Ps. 109.00 |
160.00 |
355.78 |
Ps. 109.00 |
165.00 |
366.89 |
Ps. 109.00 |
170.00 |
378.01 |
Ps. 109.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 141 |
MLI212L DC018
Market price |
Observed price |
Observation dates 1 to 5 |
Observation dates 1 to 5 |
Observation date 6 |
0.00 |
0.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 10.00 |
11.09 |
5.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 15.00 |
22.18 |
10.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 20.00 |
33.27 |
15.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 25.00 |
44.36 |
20.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 30.00 |
55.46 |
25.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 35.00 |
66.55 |
30.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 40.00 |
77.64 |
35.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 45.00 |
88.73 |
40.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
99.82 |
45.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 55.00 |
110.91 |
50.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 60.00 |
122.00 |
55.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 65.00 |
133.09 |
60.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
144.18 |
65.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 75.00 |
155.27 |
70.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 80.00 |
166.37 |
75.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 85.00 |
177.46 |
80.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 90.00 |
188.55 |
85.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 95.00 |
199.64 |
90.00 |
Ps. 2.55 |
Ps. 0.00 |
Ps. 102.55 |
210.73 |
95.00 |
Ps. 2.55 |
Ps. 0.00 |
Ps. 102.55 |
221.82 |
100.00 |
Ps. 0.00 |
Ps. 102.55 |
Ps. 102.55 |
232.91 |
105.00 |
Ps. 0.00 |
Ps. 102.55 |
Ps. 102.55 |
244.00 |
110.00 |
Ps. 0.00 |
Ps. 102.55 |
Ps. 102.55 |
255.09 |
115.00 |
Ps. 0.00 |
Ps. 102.55 |
Ps. 102.55 |
266.18 |
120.00 |
Ps. 0.00 |
Ps. 102.55 |
Ps. 102.55 |
277.28 |
125.00 |
Ps. 0.00 |
Ps. 102.55 |
Ps. 102.55 |
288.37 |
130.00 |
Ps. 0.00 |
Ps. 102.55 |
Ps. 102.55 |
299.46 |
135.00 |
Ps. 0.00 |
Ps. 102.55 |
Ps. 102.55 |
310.55 |
140.00 |
Ps. 0.00 |
Ps. 102.55 |
Ps. 102.55 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 142 |
| (xi) | Moderna, Inc. (MRNA*) |
Stock Market where it is quoted
NASDAQ
Description:
Moderna, Inc. operates as a clinical stage biotechnology company. The
Company focuses on the discovery and development of messenger RNA therapeutics and vaccines. Moderna develops mRNA medicines for infectious,
immuno-oncology, and cardiovascular diseases.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
N.A. |
N/A |
N/A |
2018 |
13.52 |
N/A |
N/A |
2019 |
12.26 |
28.34 |
1,657,378.96 |
2020 |
17.78 |
169.86 |
17,616,678.20 |
2021 |
104.47 |
484.47 |
13,525,496.27 |
1st Sem. 2020 |
17.78 |
80.00 |
15,931,336.03 |
2nd Sem. 2020 |
54.34 |
169.86 |
19,283,701.43 |
1st Sem. 2021 |
104.47 |
234.98 |
10,990,681.32 |
2nd Sem. 2021 |
221.90 |
484.47 |
16,018,982.71 |
1st Sem. 2022 |
117.13 |
253.98 |
7,094,380.91 |
April 2022 |
134.41 |
176.59 |
5,287,848.30 |
May 2022 |
123.43 |
155.05 |
6,892,755.87 |
June 2022 |
117.13 |
148.53 |
5,899,716.33 |
July 2022 |
149.95 |
176.23 |
4,561,868.39 |
August 2022 |
132.27 |
194.18 |
4,632,344.06 |
September 2022 |
118.07 |
142.28 |
5,202,702.67 |
Historical Volatility:
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 143 |
Quantitative examples that illustrate possible gains or losses
MRN211L DC007
Market price |
Observed price |
Observation dates 1 to 3 |
Excercise dates 1 to 3 |
Excercise date 4 |
0.00 |
0.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
17.40 |
5.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
34.79 |
10.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
52.19 |
15.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
69.58 |
20.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
86.98 |
25.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
104.38 |
30.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
121.77 |
35.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
139.17 |
40.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
156.56 |
45.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
173.96 |
50.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
191.36 |
55.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
208.75 |
60.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
226.15 |
65.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 75.00 |
243.54 |
70.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 80.00 |
260.94 |
75.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 85.00 |
278.34 |
80.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 90.00 |
295.73 |
85.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 95.00 |
313.13 |
90.00 |
Ps. 5.50 |
Ps. 0.00 |
Ps. 105.50 |
330.52 |
95.00 |
Ps. 5.50 |
Ps. 0.00 |
Ps. 105.50 |
347.92 |
100.00 |
Ps. 0.00 |
Ps. 105.50 |
Ps. 105.50 |
365.32 |
105.00 |
Ps. 0.00 |
Ps. 105.50 |
Ps. 105.50 |
382.71 |
110.00 |
Ps. 0.00 |
Ps. 105.50 |
Ps. 105.50 |
400.11 |
115.00 |
Ps. 0.00 |
Ps. 105.50 |
Ps. 105.50 |
417.50 |
120.00 |
Ps. 0.00 |
Ps. 105.50 |
Ps. 105.50 |
434.90 |
125.00 |
Ps. 0.00 |
Ps. 105.50 |
Ps. 105.50 |
452.30 |
130.00 |
Ps. 0.00 |
Ps. 105.50 |
Ps. 105.50 |
469.69 |
135.00 |
Ps. 0.00 |
Ps. 105.50 |
Ps. 105.50 |
487.09 |
140.00 |
Ps. 0.00 |
Ps. 105.50 |
Ps. 105.50 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 144 |
| (xii) | NVIDIA Corporation (NVDA*) |
Stock Market where it is quoted
NASDAQ
Description:
NVIDIA Corporation designs, develops, and markets 3D graphics processors
and related software. It offers products that provide interactive 3D graphics to the mainstream personal computer market.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
44.69 |
54.24 |
53,175,173.23 |
2018 |
31.77 |
72.34 |
55,388,460.76 |
2019 |
32.00 |
59.84 |
46,934,681.16 |
2020 |
49.10 |
145.62 |
49,148,669.42 |
2021 |
115.93 |
333.76 |
36,020,525.87 |
1st Sem. 2020 |
49.10 |
95.27 |
55,120,464.92 |
2nd Sem. 2020 |
95.30 |
145.62 |
43,241,784.74 |
1st Sem. 2021 |
115.93 |
200.27 |
35,986,406.83 |
2nd Sem. 2021 |
181.61 |
333.76 |
36,054,088.63 |
1st Sem. 2022 |
151.59 |
301.21 |
55,432,700.73 |
April 2022 |
184.15 |
273.60 |
55,520,535.47 |
May 2022 |
161.54 |
203.34 |
66,562,156.52 |
June 2022 |
151.59 |
195.92 |
51,736,427.80 |
July 2022 |
145.23 |
181.63 |
51,455,686.06 |
August 2022 |
150.94 |
192.15 |
52,326,861.68 |
September 2022 |
121.39 |
145.05 |
63,343,158.20 |
Historical volatility
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 145 |
Quantitative examples that illustrate possible gains or losses
NVD210L DC124
Market Price |
Observed Price |
Observation dates 1 to 3 |
Excercise dates 1 to 3 |
Excercise date 4 |
0.00 |
0.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
11.35 |
5.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
22.69 |
10.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
34.04 |
15.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
45.38 |
20.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
56.73 |
25.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
68.08 |
30.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
79.42 |
35.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
90.77 |
40.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
102.11 |
45.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
113.46 |
50.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
124.81 |
55.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
136.15 |
60.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
147.50 |
65.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 75.00 |
158.84 |
70.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 80.00 |
170.19 |
75.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 85.00 |
181.54 |
80.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 90.00 |
192.88 |
85.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 95.00 |
204.23 |
90.00 |
Ps. 3.46 |
Ps. 0.00 |
Ps. 103.46 |
215.57 |
95.00 |
Ps. 3.46 |
Ps. 0.00 |
Ps. 103.46 |
226.92 |
100.00 |
Ps. 0.00 |
Ps. 103.46 |
Ps. 103.46 |
238.27 |
105.00 |
Ps. 0.00 |
Ps. 103.46 |
Ps. 103.46 |
249.61 |
110.00 |
Ps. 0.00 |
Ps. 103.46 |
Ps. 103.46 |
260.96 |
115.00 |
Ps. 0.00 |
Ps. 103.46 |
Ps. 103.46 |
272.30 |
120.00 |
Ps. 0.00 |
Ps. 103.46 |
Ps. 103.46 |
283.65 |
125.00 |
Ps. 0.00 |
Ps. 103.46 |
Ps. 103.46 |
295.00 |
130.00 |
Ps. 0.00 |
Ps. 103.46 |
Ps. 103.46 |
306.34 |
135.00 |
Ps. 0.00 |
Ps. 103.46 |
Ps. 103.46 |
317.69 |
140.00 |
Ps. 0.00 |
Ps. 103.46 |
Ps. 103.46 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 146 |
NVD212L DC129
Market Price |
Observed Price |
Excercise dates 1 to 11 |
Excercise date 12 |
0.00 |
0.00 |
Ps. 0.00 |
Ps. 0.00 |
15.23 |
5.00 |
Ps. 0.00 |
Ps. 5.00 |
30.46 |
10.00 |
Ps. 0.00 |
Ps. 10.00 |
45.69 |
15.00 |
Ps. 0.00 |
Ps. 15.00 |
60.92 |
20.00 |
Ps. 0.00 |
Ps. 20.00 |
76.15 |
25.00 |
Ps. 0.00 |
Ps. 25.00 |
91.38 |
30.00 |
Ps. 0.00 |
Ps. 30.00 |
106.61 |
35.00 |
Ps. 0.00 |
Ps. 35.00 |
121.84 |
40.00 |
Ps. 0.00 |
Ps. 40.00 |
137.07 |
45.00 |
Ps. 0.00 |
Ps. 45.00 |
152.30 |
50.00 |
Ps. 0.00 |
Ps. 50.00 |
167.52 |
55.00 |
Ps. 0.00 |
Ps. 55.00 |
182.75 |
60.00 |
Ps. 0.00 |
Ps. 60.00 |
191.89 |
63.00 |
Ps. 0.00 |
Ps. 63.00 |
194.18 |
63.75 |
Ps. 0.00 |
Ps. 63.75 |
194.94 |
64.00 |
Ps. 0.00 |
Ps. 64.00 |
210.17 |
69.00 |
Ps. 0.00 |
Ps. 69.00 |
225.40 |
74.00 |
Ps. 0.00 |
Ps. 74.00 |
240.63 |
79.00 |
Ps. 0.00 |
Ps. 79.00 |
283.24 |
92.99 |
Ps. 0.00 |
Ps. 92.99 |
283.27 |
93.00 |
Ps. 0.00 |
Ps. 100.00 |
289.36 |
95.00 |
Ps. 0.00 |
Ps. 100.00 |
304.56 |
99.99 |
Ps. 0.00 |
Ps. 100.00 |
304.59 |
100.00 |
Ps. 102.30 |
Ps. 102.30 |
319.82 |
105.00 |
Ps. 102.30 |
Ps. 102.30 |
335.05 |
110.00 |
Ps. 102.30 |
Ps. 102.30 |
350.28 |
115.00 |
Ps. 102.30 |
Ps. 102.30 |
365.51 |
120.00 |
Ps. 102.30 |
Ps. 102.30 |
456.89 |
150.00 |
Ps. 102.30 |
Ps. 102.30 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 147 |
NVD307L DC130
Market Price |
Observed Price |
Observation dates 1 to 8 |
Excercise dates 1 to 8 |
Excercise date 9 |
- |
0 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 18.00 |
13.70 |
5 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 23.00 |
27.40 |
10 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 28.00 |
41.10 |
15 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 33.00 |
54.80 |
20 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 38.00 |
68.50 |
25 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 43.00 |
82.20 |
30 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 48.00 |
95.90 |
35 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 53.00 |
109.60 |
40 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 58.00 |
123.30 |
45 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 63.00 |
137.00 |
50 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 68.00 |
150.70 |
55 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 73.00 |
164.40 |
60 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 78.00 |
178.10 |
65 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 83.00 |
191.80 |
70 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 88.00 |
205.50 |
75 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 93.00 |
219.20 |
80 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 98.00 |
232.90 |
85 |
Ps. 2.50 |
Ps. 0.00 |
Ps. 102.50 |
246.60 |
90 |
Ps. 2.50 |
Ps. 0.00 |
Ps. 102.50 |
260.30 |
95 |
Ps. 2.50 |
Ps. 0.00 |
Ps. 102.50 |
274.00 |
100 |
Ps. 0.00 |
Ps. 102.50 |
Ps. 102.50 |
287.70 |
105 |
Ps. 0.00 |
Ps. 102.50 |
Ps. 102.50 |
301.40 |
110 |
Ps. 0.00 |
Ps. 102.50 |
Ps. 102.50 |
315.10 |
115 |
Ps. 0.00 |
Ps. 102.50 |
Ps. 102.50 |
328.80 |
120 |
Ps. 0.00 |
Ps. 102.50 |
Ps. 102.50 |
342.50 |
125 |
Ps. 0.00 |
Ps. 102.50 |
Ps. 102.50 |
356.20 |
130 |
Ps. 0.00 |
Ps. 102.50 |
Ps. 102.50 |
369.90 |
135 |
Ps. 0.00 |
Ps. 102.50 |
Ps. 102.50 |
383.60 |
140 |
Ps. 0.00 |
Ps. 102.50 |
Ps. 102.50 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 148 |
| (xiii) | Paypal Holdings, Inc. (PYPL*) |
Stock Market where it is quoted
NASDAQ
Description:
PayPal Holdings, Inc. provides a technology platform that enables digital
and mobile payments for consumers and merchants. Offers solutions for online payments. Serve clients all over the world.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
64.01 |
78.57 |
9,214,848.32 |
2018 |
71.73 |
93.07 |
9,099,226.95 |
2019 |
82.09 |
121.30 |
6,802,127.56 |
2020 |
85.26 |
243.49 |
8,792,352.13 |
2021 |
179.32 |
308.53 |
9,209,619.01 |
1st Sem. 2020 |
85.26 |
174.23 |
9,256,262.07 |
2nd Sem. 2020 |
169.81 |
243.49 |
8,333,484.69 |
1st Sem. 2021 |
226.09 |
304.79 |
8,155,617.28 |
2nd Sem. 2021 |
179.32 |
308.53 |
10,246,435.93 |
1st Sem. 2022 |
69.84 |
194.94 |
19,615,474.90 |
April 2022 |
82.61 |
121.86 |
17,693,197.20 |
May 2022 |
74.29 |
92.72 |
18,272,568.16 |
June 2022 |
69.84 |
88.59 |
16,390,230.37 |
July 2022 |
69.55 |
86.53 |
12,677,895.52 |
August 2022 |
88.57 |
102.08 |
14,087,752.77 |
September 2022 |
84.26 |
97.66 |
12,494,020.80 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 149 |
Historical volatility
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Quantitative examples that illustrate possible
gains or losses
PYL306L DC043
Market Price |
Observed Price |
Observation dates 1 to 5 |
Excercise dates 1 to 5 |
Excercise date 6 |
0.00 |
0.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
9.58 |
5.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
19.17 |
10.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
28.75 |
15.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
38.34 |
20.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
47.92 |
25.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
57.50 |
30.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
67.09 |
35.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
76.67 |
40.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
86.26 |
45.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
95.84 |
50.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
105.42 |
55.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 55.00 |
115.01 |
60.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 60.00 |
124.59 |
65.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 65.00 |
134.18 |
70.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 70.00 |
143.76 |
75.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 75.00 |
153.34 |
80.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 80.00 |
162.93 |
85.00 |
Ps. 3.50 |
Ps. 0.00 |
Ps. 103.50 |
172.51 |
90.00 |
Ps. 3.50 |
Ps. 0.00 |
Ps. 103.50 |
182.10 |
95.00 |
Ps. 3.50 |
Ps. 0.00 |
Ps. 103.50 |
191.68 |
100.00 |
Ps. 3.50 |
Ps. 0.00 |
Ps. 103.50 |
201.26 |
105.00 |
Ps. 0.00 |
Ps. 103.50 |
Ps. 103.50 |
210.85 |
110.00 |
Ps. 0.00 |
Ps. 103.50 |
Ps. 103.50 |
220.43 |
115.00 |
Ps. 0.00 |
Ps. 103.50 |
Ps. 103.50 |
230.02 |
120.00 |
Ps. 0.00 |
Ps. 103.50 |
Ps. 103.50 |
239.60 |
125.00 |
Ps. 0.00 |
Ps. 103.50 |
Ps. 103.50 |
249.18 |
130.00 |
Ps. 0.00 |
Ps. 103.50 |
Ps. 103.50 |
258.77 |
135.00 |
Ps. 0.00 |
Ps. 103.50 |
Ps. 103.50 |
268.35 |
140.00 |
Ps. 0.00 |
Ps. 103.50 |
Ps. 103.50 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 150 |
| (xiv) | QUALCOMM INC (QCOM *) |
Stock Market where it is quoted:
NASDAQ
Description:
Qualcomm Incorporated operates
as a multinational telecommunications and semiconductor equipment company. It develops and provides digital communications products and
services based on CDMA digital technology. Serves clients all over the world.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
51.01 |
68.91 |
12,897,358.50 |
2018 |
49.75 |
75.09 |
13,151,429.90 |
2019 |
49.40 |
94.03 |
13,469,384.25 |
2020 |
60.91 |
158.80 |
10,059,898.88 |
2021 |
122.95 |
189.28 |
9,081,990.38 |
1st Sem. 2020 |
60.91 |
95.91 |
11,446,137.92 |
2nd Sem. 2020 |
88.89 |
158.80 |
8,688,727.65 |
1st Sem. 2021 |
123.20 |
164.78 |
9,701,768.04 |
2nd Sem. 2021 |
122.95 |
189.28 |
8,472,317.79 |
1st Sem. 2022 |
120.09 |
188.69 |
10,939,694.23 |
April 2022 |
132.81 |
153.81 |
12,346,801.20 |
May 2022 |
128.53 |
149.05 |
10,343,527.61 |
June 2022 |
120.09 |
146.20 |
10,424,920.20 |
July 2022 |
123.53 |
155.86 |
8,923,772.45 |
August 2022 |
132.27 |
152.13 |
6,081,442.42 |
September 2022 |
112.98 |
133.00 |
8,125,066.17 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 151 |
Historical volatility
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Quantitative examples that illustrate possible gains or losses
QCM401R DC012
Observed price |
Market price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps.97.50 |
5.00 |
6.35 |
Ps.97.50 |
10.00 |
12.71 |
Ps.97.50 |
15.00 |
19.06 |
Ps.97.50 |
20.00 |
25.41 |
Ps.97.50 |
25.00 |
31.77 |
Ps.97.50 |
30.00 |
38.12 |
Ps.97.50 |
35.00 |
44.47 |
Ps.97.50 |
40.00 |
50.82 |
Ps.97.50 |
45.00 |
57.18 |
Ps.97.50 |
50.00 |
63.53 |
Ps.97.50 |
55.00 |
69.88 |
Ps.97.50 |
60.00 |
76.24 |
Ps.97.50 |
65.00 |
82.59 |
Ps.97.50 |
70.00 |
88.94 |
Ps.97.50 |
75.00 |
95.30 |
Ps.97.50 |
80.00 |
101.65 |
Ps.97.50 |
85.00 |
108.00 |
Ps.97.50 |
90.00 |
114.35 |
Ps.97.50 |
95.00 |
120.71 |
Ps.97.50 |
100.00 |
127.06 |
Ps.100.00 |
105.00 |
133.41 |
Ps.105.00 |
110.00 |
139.77 |
Ps.110.00 |
115.00 |
146.12 |
Ps.115.00 |
120.00 |
152.47 |
Ps.120.00 |
125.00 |
158.83 |
Ps.125.00 |
130.00 |
165.18 |
Ps.130.00 |
135.00 |
171.53 |
Ps.135.00 |
140.00 |
177.88 |
Ps.140.00 |
145.00 |
184.24 |
Ps.145.00 |
150.00 |
190.59 |
Ps.150.00 |
155.00 |
196.94 |
Ps.155.00 |
160.00 |
203.30 |
Ps.160.00 |
165.00 |
209.65 |
Ps.165.00 |
170.00 |
216.00 |
Ps.170.00 |
175.00 |
222.36 |
Ps.120.00 |
180.00 |
228.71 |
Ps.120.00 |
185.00 |
235.06 |
Ps.120.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 152 |
| (xv) | Invesco QQQ Trust (QQQ *) |
Stock Market where it is quoted
New York Stock Exchange
Description:
Invesco QQQ Trust Series 1 is a US-incorporated exchange-traded fund.
The ETF tracks the Nasdaq 100 index and includes 100 of the largest non-financial companies by market capitalization listed on Nasdaq.
The index reflects companies of major industrial groups, including computer hardware and software, telecommunications, retail retail/wholesale
and biotech.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
145.45 |
158.64 |
29,189,412.26 |
2018 |
143.50 |
186.74 |
48,323,593.31 |
2019 |
149.82 |
213.79 |
30,892,183.34 |
2020 |
169.30 |
313.74 |
47,546,330.57 |
2021 |
299.94 |
403.99 |
43,829,887.25 |
1st Sem. 2020 |
169.30 |
248.84 |
53,446,338.17 |
2nd Sem. 2020 |
250.49 |
313.74 |
41,710,453.48 |
1st Sem. 2021 |
299.94 |
354.99 |
45,070,410.82 |
2nd Sem. 2021 |
352.62 |
403.99 |
42,609,589.61 |
1st Sem. 2022 |
271.39 |
401.68 |
79,933,540.60 |
April 2022 |
313.25 |
369.30 |
73,752,890.30 |
May 2022 |
287.24 |
329.60 |
92,714,231.55 |
June 2022 |
271.39 |
314.38 |
67,285,872.53 |
July 2022 |
282.13 |
315.46 |
58,862,444.16 |
August 2022 |
299.27 |
333.06 |
48,431,900.35 |
September 2022 |
267.26 |
310.74 |
66,223,697.27 |
Historical volatility
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 153 |
Quantitative examples that illustrate possible gains or losses
QQQ306R DC033
Market price |
Observed price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps.100.00 |
5.00 |
15.41 |
Ps.100.00 |
10.00 |
30.83 |
Ps.100.00 |
15.00 |
46.24 |
Ps.100.00 |
20.00 |
61.66 |
Ps.100.00 |
25.00 |
77.07 |
Ps.100.00 |
30.00 |
92.48 |
Ps.100.00 |
35.00 |
107.90 |
Ps.100.00 |
40.00 |
123.31 |
Ps.100.00 |
45.00 |
138.73 |
Ps.100.00 |
50.00 |
154.14 |
Ps.100.00 |
55.00 |
169.55 |
Ps.100.00 |
60.00 |
184.97 |
Ps.100.00 |
65.00 |
200.38 |
Ps.100.00 |
70.00 |
215.80 |
Ps.100.00 |
75.00 |
231.21 |
Ps.100.00 |
80.00 |
246.62 |
Ps.100.00 |
85.00 |
262.04 |
Ps.100.00 |
90.00 |
277.45 |
Ps.100.00 |
95.00 |
292.87 |
Ps.100.00 |
100.00 |
308.28 |
Ps.100.00 |
105.00 |
323.69 |
Ps.105.00 |
110.00 |
339.11 |
Ps.110.00 |
115.00 |
354.52 |
Ps.115.00 |
120.00 |
369.94 |
Ps.120.00 |
125.00 |
385.35 |
Ps.108.00 |
130.00 |
400.76 |
Ps.108.00 |
135.00 |
416.18 |
Ps.108.00 |
140.00 |
431.59 |
Ps.108.00 |
145.00 |
447.01 |
Ps.108.00 |
150.00 |
462.42 |
Ps.108.00 |
155.00 |
477.83 |
Ps.108.00 |
160.00 |
493.25 |
Ps.108.00 |
165.00 |
508.66 |
Ps.108.00 |
170.00 |
524.08 |
Ps.108.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 154 |
QQQ306R DC034
Market price |
Observed price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 90.00 |
5.00 |
15.41 |
Ps. 90.00 |
10.00 |
30.83 |
Ps. 90.00 |
15.00 |
46.24 |
Ps. 90.00 |
20.00 |
61.66 |
Ps. 90.00 |
25.00 |
77.07 |
Ps. 90.00 |
30.00 |
92.48 |
Ps. 90.00 |
35.00 |
107.90 |
Ps. 90.00 |
40.00 |
123.31 |
Ps. 90.00 |
45.00 |
138.73 |
Ps. 90.00 |
50.00 |
154.14 |
Ps. 90.00 |
55.00 |
169.55 |
Ps. 90.00 |
60.00 |
184.97 |
Ps. 90.00 |
65.00 |
200.38 |
Ps. 90.00 |
70.00 |
215.80 |
Ps. 90.00 |
75.00 |
231.21 |
Ps. 90.00 |
80.00 |
246.62 |
Ps. 90.00 |
85.00 |
262.04 |
Ps. 90.00 |
90.00 |
277.45 |
Ps. 90.00 |
95.00 |
286.70 |
Ps. 93.00 |
100.00 |
292.87 |
Ps. 95.00 |
105.00 |
308.28 |
Ps. 100.00 |
110.00 |
311.36 |
Ps. 101.00 |
115.00 |
317.53 |
Ps. 103.00 |
120.00 |
332.94 |
Ps. 108.00 |
125.00 |
339.11 |
Ps. 110.00 |
130.00 |
354.52 |
Ps. 115.00 |
135.00 |
369.94 |
Ps. 120.00 |
140.00 |
400.76 |
Ps. 130.00 |
145.00 |
413.10 |
Ps. 134.00 |
150.00 |
428.51 |
Ps. 112.00 |
155.00 |
443.92 |
Ps. 112.00 |
160.00 |
459.34 |
Ps. 112.00 |
165.00 |
474.75 |
Ps. 112.00 |
170.00 |
490.17 |
Ps. 112.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 155 |
QQQ307R DC035
Observed price |
Market price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 100.00 |
5.00 |
14.01 |
Ps. 100.00 |
10.00 |
28.03 |
Ps. 100.00 |
15.00 |
42.04 |
Ps. 100.00 |
20.00 |
56.06 |
Ps. 100.00 |
25.00 |
70.07 |
Ps. 100.00 |
30.00 |
84.08 |
Ps. 100.00 |
35.00 |
98.10 |
Ps. 100.00 |
40.00 |
112.11 |
Ps. 100.00 |
45.00 |
126.13 |
Ps. 100.00 |
50.00 |
140.14 |
Ps. 100.00 |
55.00 |
154.15 |
Ps. 100.00 |
60.00 |
168.17 |
Ps. 100.00 |
65.00 |
182.18 |
Ps. 100.00 |
70.00 |
196.20 |
Ps. 100.00 |
75.00 |
210.21 |
Ps. 100.00 |
80.00 |
224.22 |
Ps. 100.00 |
85.00 |
238.24 |
Ps. 100.00 |
90.00 |
252.25 |
Ps. 100.00 |
95.00 |
266.27 |
Ps. 100.00 |
100.00 |
280.28 |
Ps. 100.00 |
105.00 |
294.29 |
Ps. 105.00 |
110.00 |
308.31 |
Ps. 110.00 |
115.00 |
322.32 |
Ps. 115.00 |
120.00 |
336.34 |
Ps. 120.00 |
125.00 |
350.35 |
Ps. 110.00 |
130.00 |
364.36 |
Ps. 110.00 |
135.00 |
378.38 |
Ps. 110.00 |
140.00 |
392.39 |
Ps. 110.00 |
145.00 |
406.41 |
Ps. 110.00 |
150.00 |
420.42 |
Ps. 110.00 |
155.00 |
434.43 |
Ps. 110.00 |
160.00 |
448.45 |
Ps. 110.00 |
165.00 |
462.46 |
Ps. 110.00 |
170.00 |
476.48 |
Ps. 110.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 156 |
QQQ307R DC036
Observed price |
Market price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 100.00 |
5.00 |
15.37 |
Ps. 100.00 |
10.00 |
30.74 |
Ps. 100.00 |
15.00 |
46.11 |
Ps. 100.00 |
20.00 |
61.48 |
Ps. 100.00 |
25.00 |
76.85 |
Ps. 100.00 |
30.00 |
92.21 |
Ps. 100.00 |
35.00 |
107.58 |
Ps. 100.00 |
40.00 |
122.95 |
Ps. 100.00 |
45.00 |
138.32 |
Ps. 100.00 |
50.00 |
153.69 |
Ps. 100.00 |
55.00 |
169.06 |
Ps. 100.00 |
60.00 |
184.43 |
Ps. 100.00 |
65.00 |
199.80 |
Ps. 100.00 |
70.00 |
215.17 |
Ps. 100.00 |
75.00 |
230.54 |
Ps. 100.00 |
80.00 |
245.90 |
Ps. 100.00 |
85.00 |
261.27 |
Ps. 100.00 |
90.00 |
276.64 |
Ps. 100.00 |
95.00 |
292.01 |
Ps. 100.00 |
100.00 |
307.38 |
Ps. 100.00 |
105.00 |
322.75 |
Ps. 105.00 |
110.00 |
338.12 |
Ps. 110.00 |
115.00 |
353.49 |
Ps. 115.00 |
120.00 |
368.86 |
Ps. 120.00 |
125.00 |
384.23 |
Ps. 112.50 |
130.00 |
399.59 |
Ps. 112.50 |
135.00 |
414.96 |
Ps. 112.50 |
140.00 |
430.33 |
Ps. 112.50 |
145.00 |
445.70 |
Ps. 112.50 |
150.00 |
461.07 |
Ps. 112.50 |
155.00 |
476.44 |
Ps. 112.50 |
160.00 |
491.81 |
Ps. 112.50 |
165.00 |
507.18 |
Ps. 112.50 |
170.00 |
522.55 |
Ps. 112.50 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 157 |
QQQ308R DC039
Observed price |
Market price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 100.00 |
5.00 |
16.03 |
Ps. 100.00 |
10.00 |
32.06 |
Ps. 100.00 |
15.00 |
48.09 |
Ps. 100.00 |
20.00 |
64.12 |
Ps. 100.00 |
25.00 |
80.15 |
Ps. 100.00 |
30.00 |
96.17 |
Ps. 100.00 |
35.00 |
112.20 |
Ps. 100.00 |
40.00 |
128.23 |
Ps. 100.00 |
45.00 |
144.26 |
Ps. 100.00 |
50.00 |
160.29 |
Ps. 100.00 |
55.00 |
176.32 |
Ps. 100.00 |
60.00 |
192.35 |
Ps. 100.00 |
65.00 |
208.38 |
Ps. 100.00 |
70.00 |
224.41 |
Ps. 100.00 |
75.00 |
240.44 |
Ps. 100.00 |
80.00 |
256.46 |
Ps. 100.00 |
85.00 |
272.49 |
Ps. 100.00 |
90.00 |
288.52 |
Ps. 100.00 |
95.00 |
304.55 |
Ps. 100.00 |
100.00 |
320.58 |
Ps. 100.00 |
105.00 |
336.61 |
Ps. 105.00 |
110.00 |
352.64 |
Ps. 110.00 |
115.00 |
368.67 |
Ps. 115.00 |
120.00 |
384.70 |
Ps. 120.00 |
125.00 |
400.73 |
Ps. 113.50 |
130.00 |
416.75 |
Ps. 113.50 |
135.00 |
432.78 |
Ps. 113.50 |
140.00 |
448.81 |
Ps. 113.50 |
145.00 |
464.84 |
Ps. 113.50 |
150.00 |
480.87 |
Ps. 113.50 |
155.00 |
496.90 |
Ps. 113.50 |
160.00 |
512.93 |
Ps. 113.50 |
165.00 |
528.96 |
Ps. 113.50 |
170.00 |
544.99 |
Ps. 113.50 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 158 |
QQQ309R DC041
Observed price |
Market price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 100.00 |
5.00 |
14.96 |
Ps. 100.00 |
10.00 |
29.93 |
Ps. 100.00 |
15.00 |
44.89 |
Ps. 100.00 |
20.00 |
59.85 |
Ps. 100.00 |
25.00 |
74.82 |
Ps. 100.00 |
30.00 |
89.78 |
Ps. 100.00 |
35.00 |
104.74 |
Ps. 100.00 |
40.00 |
119.71 |
Ps. 100.00 |
45.00 |
134.67 |
Ps. 100.00 |
50.00 |
149.64 |
Ps. 100.00 |
55.00 |
164.60 |
Ps. 100.00 |
60.00 |
179.56 |
Ps. 100.00 |
65.00 |
194.53 |
Ps. 100.00 |
70.00 |
209.49 |
Ps. 100.00 |
75.00 |
224.45 |
Ps. 100.00 |
80.00 |
239.42 |
Ps. 100.00 |
85.00 |
254.38 |
Ps. 100.00 |
90.00 |
269.34 |
Ps. 100.00 |
95.00 |
284.31 |
Ps. 100.00 |
100.00 |
299.27 |
Ps. 100.00 |
105.00 |
314.23 |
Ps. 105.00 |
110.00 |
329.20 |
Ps. 110.00 |
115.00 |
344.16 |
Ps. 115.00 |
120.00 |
359.12 |
Ps. 120.00 |
125.00 |
374.09 |
Ps. 113.50 |
130.00 |
389.05 |
Ps. 113.50 |
135.00 |
404.01 |
Ps. 113.50 |
140.00 |
418.98 |
Ps. 113.50 |
145.00 |
433.94 |
Ps. 113.50 |
150.00 |
448.91 |
Ps. 113.50 |
155.00 |
463.87 |
Ps. 113.50 |
160.00 |
478.83 |
Ps. 113.50 |
165.00 |
493.80 |
Ps. 113.50 |
170.00 |
508.76 |
Ps. 113.50 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 159 |
QQQ309R DC042
Observed price |
Market price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 100.00 |
5.00 |
14.00 |
Ps. 100.00 |
10.00 |
28.01 |
Ps. 100.00 |
15.00 |
42.01 |
Ps. 100.00 |
20.00 |
56.01 |
Ps. 100.00 |
25.00 |
70.02 |
Ps. 100.00 |
30.00 |
84.02 |
Ps. 100.00 |
35.00 |
98.02 |
Ps. 100.00 |
40.00 |
112.03 |
Ps. 100.00 |
45.00 |
126.03 |
Ps. 100.00 |
50.00 |
140.04 |
Ps. 100.00 |
55.00 |
154.04 |
Ps. 100.00 |
60.00 |
168.04 |
Ps. 100.00 |
65.00 |
182.05 |
Ps. 100.00 |
70.00 |
196.05 |
Ps. 100.00 |
75.00 |
210.05 |
Ps. 100.00 |
80.00 |
224.06 |
Ps. 100.00 |
85.00 |
238.06 |
Ps. 100.00 |
90.00 |
252.06 |
Ps. 100.00 |
95.00 |
266.07 |
Ps. 100.00 |
100.00 |
280.07 |
Ps. 100.00 |
105.00 |
294.07 |
Ps. 105.00 |
110.00 |
308.08 |
Ps. 110.00 |
115.00 |
322.08 |
Ps. 115.00 |
120.00 |
336.08 |
Ps. 120.00 |
125.00 |
350.09 |
Ps. 114.50 |
130.00 |
364.09 |
Ps. 114.50 |
135.00 |
378.09 |
Ps. 114.50 |
140.00 |
392.10 |
Ps. 114.50 |
145.00 |
406.10 |
Ps. 114.50 |
150.00 |
420.11 |
Ps. 114.50 |
155.00 |
434.11 |
Ps. 114.50 |
160.00 |
448.11 |
Ps. 114.50 |
165.00 |
462.12 |
Ps. 114.50 |
170.00 |
476.12 |
Ps. 114.50 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 160 |
| (xvi) | SHOPIFY INC (SHOP N) |
Stock Market where it is quoted
New York Stock Exchange
Description:
Shopify Inc. offers a cloud-based commerce platform.
Its platform allows businesses to use multiple channels that serve as a showcase for the brand of each business. Serves clients in Canada.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
9.26 |
11.90 |
25,181,183.51 |
2018 |
10.10 |
17.38 |
16,763,402.19 |
2019 |
12.98 |
40.88 |
18,985,527.62 |
2020 |
32.23 |
127.71 |
24,314,279.45 |
2021 |
103.99 |
169.06 |
12,032,423.73 |
1st Sem. 2020 |
32.23 |
94.92 |
30,197,506.04 |
2nd Sem. 2020 |
87.08 |
127.71 |
18,495,000.98 |
1st Sem. 2021 |
103.99 |
150.84 |
13,758,574.53 |
2nd Sem. 2021 |
128.22 |
169.06 |
10,334,416.68 |
1st Sem. 2022 |
30.35 |
137.74 |
36,300,979.52 |
April 2022 |
41.62 |
72.73 |
34,537,442.33 |
May 2022 |
31.86 |
48.55 |
56,392,315.48 |
June 2022 |
30.35 |
39.89 |
41,000,742.10 |
July 2022 |
30.67 |
40.40 |
29,144,200.58 |
August 2022 |
31.36 |
41.93 |
29,650,374.87 |
September 2022 |
26.77 |
35.16 |
29,274,085.23 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 161 |
Historical volatility:
Source of Information on Historic
Evolution and Historical Volatility: www.bloomberg.com.mx
Quantitative examples that illustrate possible gains or losses
SHOP303L DC010
Market price |
Observed price |
Observation dates 1 to 5 |
Exercise dates 1 to 5 |
Exercise date 6 |
0.00 |
0.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 0.00 |
1.53 |
5.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 5.00 |
3.06 |
10.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 10.00 |
4.58 |
15.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 15.00 |
6.11 |
20.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 20.00 |
7.64 |
25.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 25.00 |
9.17 |
30.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 30.00 |
10.69 |
35.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 35.00 |
12.22 |
40.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 40.00 |
13.75 |
45.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 45.00 |
15.28 |
50.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 50.00 |
16.80 |
55.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 55.00 |
18.33 |
60.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 60.00 |
19.86 |
65.00 |
Ps. 0.00 |
Ps. 0.00 |
Ps. 65.00 |
21.39 |
70.00 |
Ps. 4.85 |
Ps. 0.00 |
Ps. 104.85 |
22.91 |
75.00 |
Ps. 4.85 |
Ps. 0.00 |
Ps. 104.85 |
24.44 |
80.00 |
Ps. 4.85 |
Ps. 0.00 |
Ps. 104.85 |
25.97 |
85.00 |
Ps. 4.85 |
Ps. 0.00 |
Ps. 104.85 |
27.50 |
90.00 |
Ps. 4.85 |
Ps. 0.00 |
Ps. 104.85 |
29.02 |
95.00 |
Ps. 4.85 |
Ps. 0.00 |
Ps. 104.85 |
30.55 |
100.00 |
Ps. 0.00 |
Ps. 104.85 |
Ps. 104.85 |
32.08 |
105.00 |
Ps. 0.00 |
Ps. 104.85 |
Ps. 104.85 |
33.61 |
110.00 |
Ps. 0.00 |
Ps. 104.85 |
Ps. 104.85 |
35.13 |
115.00 |
Ps. 0.00 |
Ps. 104.85 |
Ps. 104.85 |
36.66 |
120.00 |
Ps. 0.00 |
Ps. 104.85 |
Ps. 104.85 |
38.19 |
125.00 |
Ps. 0.00 |
Ps. 104.85 |
Ps. 104.85 |
39.72 |
130.00 |
Ps. 0.00 |
Ps. 104.85 |
Ps. 104.85 |
41.24 |
135.00 |
Ps. 0.00 |
Ps. 104.85 |
Ps. 104.85 |
42.77 |
140.00 |
Ps. 0.00 |
Ps. 104.85 |
Ps. 104.85 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 162 |
| (xvii) | ISHARES SEMICONDUCTOR ETF (SOXX *) |
Stock Market
where it is quoted
iShares Semiconductor ETF is a US-incorporated exchange-traded fund.
It seeks investment results that align with the performance of the ICE Semiconductor Index which is made up of US-listed stocks in the
semiconductor sector.
Historical Evolution:
Comparison base: April 2nd, 2018
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
158.57 |
181.75 |
565,247.11 |
2018 |
145.00 |
196.31 |
787,218.49 |
2019 |
148.71 |
252.82 |
619,474.10 |
2020 |
176.66 |
382.56 |
789,316.37 |
2021 |
375.21 |
555.63 |
972,272.17 |
1st Sem. 2020 |
176.66 |
272.82 |
1,046,450.71 |
2nd Sem. 2020 |
267.40 |
382.56 |
534,976.98 |
1st Sem. 2021 |
375.21 |
454.22 |
1,179,415.41 |
2nd Sem. 2021 |
426.32 |
555.63 |
768,506.27 |
1st Sem. 2022 |
349.61 |
553.10 |
1,551,260.41 |
April 2022 |
396.80 |
471.65 |
1,550,799.07 |
May 2022 |
385.37 |
433.79 |
1,269,965.90 |
June 2022 |
349.61 |
433.99 |
1,026,617.97 |
July 2022 |
337.24 |
407.33 |
1,129,942.16 |
August 2022 |
369.69 |
423.32 |
868,297.10 |
September 2022 |
318.73 |
377.42 |
1,042,868.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 163 |
Historical volatility:
Source of Information on Historic
Evolution and Historical Volatility: www.bloomberg.com.mx
Quantitative examples that illustrate possible gains or losses
SOX307R DC003
Observed price |
Market price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 97.50 |
5.00 |
17.48 |
Ps. 97.50 |
10.00 |
34.96 |
Ps. 97.50 |
15.00 |
52.44 |
Ps. 97.50 |
20.00 |
69.92 |
Ps. 97.50 |
25.00 |
87.40 |
Ps. 97.50 |
30.00 |
104.88 |
Ps. 97.50 |
35.00 |
122.36 |
Ps. 97.50 |
40.00 |
139.84 |
Ps. 97.50 |
45.00 |
157.32 |
Ps. 97.50 |
50.00 |
174.81 |
Ps. 97.50 |
55.00 |
192.29 |
Ps. 97.50 |
60.00 |
209.77 |
Ps. 97.50 |
65.00 |
227.25 |
Ps. 97.50 |
70.00 |
244.73 |
Ps. 97.50 |
75.00 |
262.21 |
Ps. 97.50 |
80.00 |
279.69 |
Ps. 97.50 |
85.00 |
297.17 |
Ps. 97.50 |
90.00 |
314.65 |
Ps. 97.50 |
93.00 |
325.14 |
Ps. 97.50 |
95.00 |
332.13 |
Ps. 97.50 |
100.00 |
349.61 |
Ps. 100.00 |
101.00 |
353.11 |
Ps. 101.00 |
103.00 |
360.10 |
Ps. 103.00 |
108.00 |
377.58 |
Ps. 108.00 |
110.00 |
384.57 |
Ps. 110.00 |
115.00 |
402.05 |
Ps. 115.00 |
120.00 |
419.53 |
Ps. 120.00 |
130.00 |
454.49 |
Ps. 130.00 |
134.00 |
468.48 |
Ps. 134.00 |
139.00 |
485.96 |
Ps. 110.00 |
144.00 |
503.44 |
Ps. 110.00 |
149.00 |
520.92 |
Ps. 110.00 |
154.00 |
538.40 |
Ps. 110.00 |
159.00 |
555.88 |
Ps. 110.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 164 |
SOX307R DC005
Observed price |
Market price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 97.50 |
5.00 |
19.42 |
Ps. 97.50 |
10.00 |
38.83 |
Ps. 97.50 |
15.00 |
58.25 |
Ps. 97.50 |
20.00 |
77.66 |
Ps. 97.50 |
25.00 |
97.08 |
Ps. 97.50 |
30.00 |
116.49 |
Ps. 97.50 |
35.00 |
135.91 |
Ps. 97.50 |
40.00 |
155.32 |
Ps. 97.50 |
45.00 |
174.74 |
Ps. 97.50 |
50.00 |
194.15 |
Ps. 97.50 |
55.00 |
213.57 |
Ps. 97.50 |
60.00 |
232.98 |
Ps. 97.50 |
65.00 |
252.40 |
Ps. 97.50 |
70.00 |
271.81 |
Ps. 97.50 |
75.00 |
291.23 |
Ps. 97.50 |
80.00 |
310.64 |
Ps. 97.50 |
85.00 |
330.06 |
Ps. 97.50 |
90.00 |
349.47 |
Ps. 97.50 |
93.00 |
361.12 |
Ps. 97.50 |
95.00 |
368.89 |
Ps. 97.50 |
100.00 |
388.30 |
Ps. 100.00 |
101.00 |
392.18 |
Ps. 101.00 |
103.00 |
399.95 |
Ps. 103.00 |
108.00 |
419.36 |
Ps. 108.00 |
110.00 |
427.13 |
Ps. 110.00 |
115.00 |
446.55 |
Ps. 115.00 |
120.00 |
465.96 |
Ps. 120.00 |
130.00 |
504.79 |
Ps. 130.00 |
134.00 |
520.32 |
Ps. 134.00 |
139.00 |
539.74 |
Ps. 111.00 |
144.00 |
559.15 |
Ps. 111.00 |
149.00 |
578.57 |
Ps. 111.00 |
154.00 |
597.98 |
Ps. 111.00 |
159.00 |
617.40 |
Ps. 111.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 165 |
SOX309R DC006
Observed price |
Market price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 97.50 |
5.00 |
18.48 |
Ps. 97.50 |
10.00 |
36.97 |
Ps. 97.50 |
15.00 |
55.45 |
Ps. 97.50 |
20.00 |
73.94 |
Ps. 97.50 |
25.00 |
92.42 |
Ps. 97.50 |
30.00 |
110.91 |
Ps. 97.50 |
35.00 |
129.39 |
Ps. 97.50 |
40.00 |
147.88 |
Ps. 97.50 |
45.00 |
166.36 |
Ps. 97.50 |
50.00 |
184.85 |
Ps. 97.50 |
55.00 |
203.33 |
Ps. 97.50 |
60.00 |
221.81 |
Ps. 97.50 |
65.00 |
240.30 |
Ps. 97.50 |
70.00 |
258.78 |
Ps. 97.50 |
75.00 |
277.27 |
Ps. 97.50 |
80.00 |
295.75 |
Ps. 97.50 |
85.00 |
314.24 |
Ps. 97.50 |
90.00 |
332.72 |
Ps. 97.50 |
93.00 |
343.81 |
Ps. 97.50 |
95.00 |
351.21 |
Ps. 97.50 |
100.00 |
369.69 |
Ps. 100.00 |
101.00 |
373.39 |
Ps. 101.00 |
103.00 |
380.78 |
Ps. 103.00 |
108.00 |
399.27 |
Ps. 108.00 |
110.00 |
406.66 |
Ps. 110.00 |
115.00 |
425.14 |
Ps. 115.00 |
120.00 |
443.63 |
Ps. 120.00 |
130.00 |
480.60 |
Ps. 130.00 |
134.00 |
495.38 |
Ps. 134.00 |
139.00 |
513.87 |
Ps. 112.00 |
144.00 |
532.35 |
Ps. 112.00 |
149.00 |
550.84 |
Ps. 112.00 |
154.00 |
569.32 |
Ps. 112.00 |
159.00 |
587.81 |
Ps. 112.00 |
| (xviii) | SPDR S&P 500 ETF Trust (SPY*) |
Stock Market where it is quoted
New
York Stock Exchange
Description:
SPDR S&P 500 ETF Trust is a US-incorporated Exchange-Traded Fund.
Tracks the S&P 500 Index. Comprises portfolio representing all 500 stocks in the S&P 500 Index. Owned mostly large-cap US stocks.
Structure as a real estate investment unit and pay dividends every quarter. Positions are weighted by market capitalization.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
251.23 |
268.20 |
74,141,378.76 |
2018 |
234.34 |
293.58 |
100,468,590.17 |
2019 |
244.21 |
322.94 |
72,522,148.50 |
2020 |
222.95 |
373.88 |
102,732,265.23 |
2021 |
368.79 |
477.48 |
75,508,818.86 |
1st Sem. 2020 |
222.95 |
338.34 |
135,683,264.80 |
2nd Sem. 2020 |
310.52 |
373.88 |
70,139,428.71 |
1st Sem. 2021 |
368.79 |
428.06 |
78,234,150.76 |
2nd Sem. 2021 |
424.97 |
477.48 |
72,827,921.72 |
1st Sem. 2022 |
365.86 |
477.71 |
109,649,016.60 |
April 2022 |
412.00 |
456.80 |
96,581,447.50 |
May 2022 |
389.46 |
429.06 |
115,904,201.68 |
June 2022 |
365.86 |
417.39 |
96,591,046.63 |
July 2022 |
377.91 |
411.99 |
73,664,060.03 |
August 2022 |
395.18 |
429.70 |
65,250,355.03 |
September 2022 |
357.18 |
410.97 |
96,736,086.43 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 166 |
Historical volatility:
Source of Information on Historic
Evolution and Historical Volatility: www.bloomberg.com.mx
Quantitative examples that illustrate possible gains or losses
SPY303R DC149
Market Price |
Observed Price |
Payment rights |
0.00 |
0.00 |
Ps. 95.00 |
5.00 |
22.19 |
Ps. 95.00 |
10.00 |
44.38 |
Ps. 95.00 |
15.00 |
66.57 |
Ps. 95.00 |
20.00 |
88.76 |
Ps. 95.00 |
25.00 |
110.95 |
Ps. 95.00 |
30.00 |
133.14 |
Ps. 95.00 |
35.00 |
155.33 |
Ps. 95.00 |
40.00 |
177.52 |
Ps. 95.00 |
45.00 |
199.71 |
Ps. 95.00 |
50.00 |
221.90 |
Ps. 95.00 |
55.00 |
244.09 |
Ps. 95.00 |
60.00 |
266.28 |
Ps. 95.00 |
65.00 |
288.47 |
Ps. 95.00 |
70.00 |
310.66 |
Ps. 95.00 |
75.00 |
332.85 |
Ps. 95.00 |
80.00 |
355.04 |
Ps. 95.00 |
85.00 |
377.23 |
Ps. 95.00 |
90.00 |
399.42 |
Ps. 100.00 |
95.00 |
421.61 |
Ps. 100.00 |
100.00 |
443.80 |
Ps. 100.00 |
105.00 |
465.99 |
Ps. 105.00 |
110.00 |
488.18 |
Ps. 110.00 |
115.00 |
510.37 |
Ps. 115.00 |
120.00 |
532.56 |
Ps. 120.00 |
125.00 |
554.75 |
Ps. 125.00 |
130.00 |
576.94 |
Ps. 108.00 |
135.00 |
599.13 |
Ps. 108.00 |
140.00 |
621.32 |
Ps. 108.00 |
145.00 |
643.51 |
Ps. 108.00 |
150.00 |
665.70 |
Ps. 108.00 |
155.00 |
687.89 |
Ps. 108.00 |
160.00 |
710.08 |
Ps. 108.00 |
165.00 |
732.27 |
Ps. 108.00 |
170.00 |
754.46 |
Ps. 108.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 167 |
SPY304R DC152
Market Price |
Observed Price |
Payment rights |
0.00 |
0.00 |
Ps.100.00 |
5.00 |
22.17 |
Ps.100.00 |
10.00 |
44.33 |
Ps.100.00 |
15.00 |
66.50 |
Ps.100.00 |
20.00 |
88.66 |
Ps.100.00 |
25.00 |
110.83 |
Ps.100.00 |
30.00 |
132.99 |
Ps.100.00 |
35.00 |
155.16 |
Ps.100.00 |
40.00 |
177.32 |
Ps.100.00 |
45.00 |
199.49 |
Ps.100.00 |
50.00 |
221.66 |
Ps.100.00 |
55.00 |
243.82 |
Ps.100.00 |
60.00 |
265.99 |
Ps.100.00 |
65.00 |
288.15 |
Ps.100.00 |
70.00 |
310.32 |
Ps.100.00 |
75.00 |
332.48 |
Ps.100.00 |
80.00 |
354.65 |
Ps.100.00 |
85.00 |
376.81 |
Ps.100.00 |
90.00 |
398.98 |
Ps.100.00 |
95.00 |
421.14 |
Ps.100.00 |
100.00 |
443.31 |
Ps.100.00 |
105.00 |
465.48 |
Ps.105.00 |
110.00 |
487.64 |
Ps.110.00 |
115.00 |
509.81 |
Ps.115.00 |
120.00 |
531.97 |
Ps.120.00 |
125.00 |
554.14 |
Ps.108.00 |
130.00 |
576.30 |
Ps.108.00 |
135.00 |
598.47 |
Ps.108.00 |
140.00 |
620.63 |
Ps.108.00 |
145.00 |
642.80 |
Ps.108.00 |
150.00 |
664.97 |
Ps.108.00 |
155.00 |
687.13 |
Ps.108.00 |
160.00 |
709.30 |
Ps.108.00 |
170.00 |
731.46 |
Ps.108.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 168 |
SPY305R DC155
Market Price |
Observed Price |
Payment rights |
0.00 |
0.00 |
Ps. 100.00 |
5.00 |
21.39 |
Ps. 100.00 |
10.00 |
42.78 |
Ps. 100.00 |
15.00 |
64.17 |
Ps. 100.00 |
20.00 |
85.56 |
Ps. 100.00 |
25.00 |
106.95 |
Ps. 100.00 |
30.00 |
128.34 |
Ps. 100.00 |
35.00 |
149.73 |
Ps. 100.00 |
40.00 |
171.12 |
Ps. 100.00 |
45.00 |
192.51 |
Ps. 100.00 |
50.00 |
213.91 |
Ps. 100.00 |
55.00 |
235.30 |
Ps. 100.00 |
60.00 |
256.69 |
Ps. 100.00 |
65.00 |
278.08 |
Ps. 100.00 |
70.00 |
299.47 |
Ps. 100.00 |
75.00 |
320.86 |
Ps. 100.00 |
80.00 |
342.25 |
Ps. 100.00 |
85.00 |
363.64 |
Ps. 100.00 |
90.00 |
385.03 |
Ps. 100.00 |
95.00 |
406.42 |
Ps. 100.00 |
100.00 |
427.81 |
Ps. 100.00 |
105.00 |
449.20 |
Ps. 105.00 |
110.00 |
470.59 |
Ps. 110.00 |
115.00 |
491.98 |
Ps. 115.00 |
120.00 |
513.37 |
Ps. 120.00 |
125.00 |
534.76 |
Ps. 108.00 |
130.00 |
556.15 |
Ps. 108.00 |
135.00 |
577.54 |
Ps. 108.00 |
140.00 |
598.93 |
Ps. 108.00 |
145.00 |
620.32 |
Ps. 108.00 |
150.00 |
641.72 |
Ps. 108.00 |
155.00 |
663.11 |
Ps. 108.00 |
160.00 |
684.50 |
Ps. 108.00 |
165.00 |
705.89 |
Ps. 108.00 |
170.00 |
727.28 |
Ps. 108.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 169 |
SPY306R DC163
Market Price |
Observed Price |
Payment rights |
0.00 |
0.00 |
Ps. 100.00 |
5.00 |
18.90 |
Ps. 100.00 |
10.00 |
37.81 |
Ps. 100.00 |
15.00 |
56.71 |
Ps. 100.00 |
20.00 |
75.61 |
Ps. 100.00 |
25.00 |
94.52 |
Ps. 100.00 |
30.00 |
113.42 |
Ps. 100.00 |
35.00 |
132.32 |
Ps. 100.00 |
40.00 |
151.22 |
Ps. 100.00 |
45.00 |
170.13 |
Ps. 100.00 |
50.00 |
189.03 |
Ps. 100.00 |
55.00 |
207.93 |
Ps. 100.00 |
60.00 |
226.84 |
Ps. 100.00 |
65.00 |
245.74 |
Ps. 100.00 |
70.00 |
264.64 |
Ps. 100.00 |
75.00 |
283.55 |
Ps. 100.00 |
80.00 |
302.45 |
Ps. 100.00 |
85.00 |
321.35 |
Ps. 100.00 |
90.00 |
340.25 |
Ps. 100.00 |
95.00 |
359.16 |
Ps. 100.00 |
100.00 |
378.06 |
Ps. 100.00 |
105.00 |
396.96 |
Ps. 105.00 |
110.00 |
415.87 |
Ps. 110.00 |
115.00 |
434.77 |
Ps. 115.00 |
120.00 |
453.67 |
Ps. 120.00 |
125.00 |
472.58 |
Ps. 110.00 |
130.00 |
491.48 |
Ps. 110.00 |
135.00 |
510.38 |
Ps. 110.00 |
140.00 |
529.28 |
Ps. 110.00 |
145.00 |
548.19 |
Ps. 110.00 |
150.00 |
567.09 |
Ps. 110.00 |
155.00 |
585.99 |
Ps. 110.00 |
160.00 |
604.90 |
Ps. 110.00 |
165.00 |
623.80 |
Ps. 110.00 |
170.00 |
642.70 |
Ps. 110.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 170 |
SPY307R DC171
Market Price |
Observed Price |
Payment rights |
0.00 |
0.00 |
Ps. 100.00 |
5.00 |
18.90 |
Ps. 100.00 |
10.00 |
37.81 |
Ps. 100.00 |
15.00 |
56.71 |
Ps. 100.00 |
20.00 |
75.61 |
Ps. 100.00 |
25.00 |
94.52 |
Ps. 100.00 |
30.00 |
113.42 |
Ps. 100.00 |
35.00 |
132.32 |
Ps. 100.00 |
40.00 |
151.22 |
Ps. 100.00 |
45.00 |
170.13 |
Ps. 100.00 |
50.00 |
189.03 |
Ps. 100.00 |
55.00 |
207.93 |
Ps. 100.00 |
60.00 |
226.84 |
Ps. 100.00 |
65.00 |
245.74 |
Ps. 100.00 |
70.00 |
264.64 |
Ps. 100.00 |
75.00 |
283.55 |
Ps. 100.00 |
80.00 |
302.45 |
Ps. 100.00 |
85.00 |
321.35 |
Ps. 100.00 |
90.00 |
340.25 |
Ps. 100.00 |
95.00 |
359.16 |
Ps. 100.00 |
100.00 |
378.06 |
Ps. 100.00 |
105.00 |
396.96 |
Ps. 105.00 |
110.00 |
415.87 |
Ps. 110.00 |
115.00 |
434.77 |
Ps. 115.00 |
120.00 |
453.67 |
Ps. 120.00 |
125.00 |
472.58 |
Ps. 110.00 |
130.00 |
491.48 |
Ps. 110.00 |
135.00 |
510.38 |
Ps. 110.00 |
140.00 |
529.28 |
Ps. 110.00 |
145.00 |
548.19 |
Ps. 110.00 |
150.00 |
567.09 |
Ps. 110.00 |
155.00 |
585.99 |
Ps. 110.00 |
160.00 |
604.90 |
Ps. 110.00 |
165.00 |
623.80 |
Ps. 110.00 |
170.00 |
642.70 |
Ps. 110.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 171 |
SPY307R DC175
Observed price |
Market price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 100.00 |
5.00 |
19.94 |
Ps. 100.00 |
10.00 |
39.88 |
Ps. 100.00 |
15.00 |
59.82 |
Ps. 100.00 |
20.00 |
79.76 |
Ps. 100.00 |
25.00 |
99.70 |
Ps. 100.00 |
30.00 |
119.64 |
Ps. 100.00 |
35.00 |
139.58 |
Ps. 100.00 |
40.00 |
159.52 |
Ps. 100.00 |
45.00 |
179.46 |
Ps. 100.00 |
50.00 |
199.40 |
Ps. 100.00 |
55.00 |
219.33 |
Ps. 100.00 |
60.00 |
239.27 |
Ps. 100.00 |
65.00 |
259.21 |
Ps. 100.00 |
70.00 |
279.15 |
Ps. 100.00 |
75.00 |
299.09 |
Ps. 100.00 |
80.00 |
319.03 |
Ps. 100.00 |
85.00 |
338.97 |
Ps. 100.00 |
90.00 |
358.91 |
Ps. 100.00 |
95.00 |
378.85 |
Ps. 100.00 |
100.00 |
398.79 |
Ps. 100.00 |
105.00 |
418.73 |
Ps. 105.00 |
110.00 |
438.67 |
Ps. 110.00 |
115.00 |
458.61 |
Ps. 115.00 |
120.00 |
478.55 |
Ps. 120.00 |
125.00 |
498.49 |
Ps. 111.00 |
130.00 |
518.43 |
Ps. 111.00 |
135.00 |
538.37 |
Ps. 111.00 |
140.00 |
558.31 |
Ps. 111.00 |
145.00 |
578.25 |
Ps. 111.00 |
150.00 |
598.19 |
Ps. 111.00 |
155.00 |
618.12 |
Ps. 111.00 |
160.00 |
638.06 |
Ps. 111.00 |
165.00 |
658.00 |
Ps. 111.00 |
170.00 |
677.94 |
Ps. 111.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 172 |
SPY308R DC184
Observed price |
Market price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 100.00 |
5.00 |
20.62 |
Ps. 100.00 |
10.00 |
41.24 |
Ps. 100.00 |
15.00 |
61.85 |
Ps. 100.00 |
20.00 |
82.47 |
Ps. 100.00 |
25.00 |
103.09 |
Ps. 100.00 |
30.00 |
123.71 |
Ps. 100.00 |
35.00 |
144.32 |
Ps. 100.00 |
40.00 |
164.94 |
Ps. 100.00 |
45.00 |
185.56 |
Ps. 100.00 |
50.00 |
206.18 |
Ps. 100.00 |
55.00 |
226.79 |
Ps. 100.00 |
60.00 |
247.41 |
Ps. 100.00 |
65.00 |
268.03 |
Ps. 100.00 |
70.00 |
288.65 |
Ps. 100.00 |
75.00 |
309.26 |
Ps. 100.00 |
80.00 |
329.88 |
Ps. 100.00 |
85.00 |
350.50 |
Ps. 100.00 |
90.00 |
371.12 |
Ps. 100.00 |
95.00 |
391.73 |
Ps. 100.00 |
100.00 |
412.35 |
Ps. 100.00 |
105.00 |
432.97 |
Ps. 105.00 |
110.00 |
453.59 |
Ps. 110.00 |
115.00 |
474.20 |
Ps. 115.00 |
120.00 |
494.82 |
Ps. 120.00 |
125.00 |
515.44 |
Ps. 112.00 |
130.00 |
536.06 |
Ps. 112.00 |
135.00 |
556.67 |
Ps. 112.00 |
140.00 |
577.29 |
Ps. 112.00 |
145.00 |
597.91 |
Ps. 112.00 |
150.00 |
618.53 |
Ps. 112.00 |
155.00 |
639.14 |
Ps. 112.00 |
160.00 |
659.76 |
Ps. 112.00 |
165.00 |
680.38 |
Ps. 112.00 |
170.00 |
701.00 |
Ps. 112.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 173 |
SPY308R DC187
Observed price |
Market price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 100.00 |
5.00 |
20.98 |
Ps. 100.00 |
10.00 |
41.95 |
Ps. 100.00 |
15.00 |
62.93 |
Ps. 100.00 |
20.00 |
83.90 |
Ps. 100.00 |
25.00 |
104.88 |
Ps. 100.00 |
30.00 |
125.85 |
Ps. 100.00 |
35.00 |
146.83 |
Ps. 100.00 |
40.00 |
167.80 |
Ps. 100.00 |
45.00 |
188.78 |
Ps. 100.00 |
50.00 |
209.76 |
Ps. 100.00 |
55.00 |
230.73 |
Ps. 100.00 |
60.00 |
251.71 |
Ps. 100.00 |
65.00 |
272.68 |
Ps. 100.00 |
70.00 |
293.66 |
Ps. 100.00 |
75.00 |
314.63 |
Ps. 100.00 |
80.00 |
335.61 |
Ps. 100.00 |
85.00 |
356.58 |
Ps. 100.00 |
90.00 |
377.56 |
Ps. 100.00 |
95.00 |
398.53 |
Ps. 100.00 |
100.00 |
419.51 |
Ps. 100.00 |
105.00 |
440.49 |
Ps. 105.00 |
110.00 |
461.46 |
Ps. 110.00 |
115.00 |
482.44 |
Ps. 115.00 |
120.00 |
503.41 |
Ps. 120.00 |
125.00 |
524.39 |
Ps. 113.50 |
130.00 |
545.36 |
Ps. 113.50 |
135.00 |
566.34 |
Ps. 113.50 |
140.00 |
587.31 |
Ps. 113.50 |
145.00 |
608.29 |
Ps. 113.50 |
150.00 |
629.27 |
Ps. 113.50 |
155.00 |
650.24 |
Ps. 113.50 |
160.00 |
671.22 |
Ps. 113.50 |
165.00 |
692.19 |
Ps. 113.50 |
170.00 |
713.17 |
Ps. 113.50 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 174 |
SPY309R DC190
Observed price |
Market price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 100.00 |
5.00 |
19.76 |
Ps. 100.00 |
10.00 |
39.52 |
Ps. 100.00 |
15.00 |
59.28 |
Ps. 100.00 |
20.00 |
79.04 |
Ps. 100.00 |
25.00 |
98.80 |
Ps. 100.00 |
30.00 |
118.55 |
Ps. 100.00 |
35.00 |
138.31 |
Ps. 100.00 |
40.00 |
158.07 |
Ps. 100.00 |
45.00 |
177.83 |
Ps. 100.00 |
50.00 |
197.59 |
Ps. 100.00 |
55.00 |
217.35 |
Ps. 100.00 |
60.00 |
237.11 |
Ps. 100.00 |
65.00 |
256.87 |
Ps. 100.00 |
70.00 |
276.63 |
Ps. 100.00 |
75.00 |
296.39 |
Ps. 100.00 |
80.00 |
316.14 |
Ps. 100.00 |
85.00 |
335.90 |
Ps. 100.00 |
90.00 |
355.66 |
Ps. 100.00 |
95.00 |
375.42 |
Ps. 100.00 |
100.00 |
395.18 |
Ps. 100.00 |
105.00 |
414.94 |
Ps. 105.00 |
110.00 |
434.70 |
Ps. 110.00 |
115.00 |
454.46 |
Ps. 115.00 |
120.00 |
474.22 |
Ps. 120.00 |
125.00 |
493.98 |
Ps. 113.50 |
130.00 |
513.73 |
Ps. 113.50 |
135.00 |
533.49 |
Ps. 113.50 |
140.00 |
553.25 |
Ps. 113.50 |
145.00 |
573.01 |
Ps. 113.50 |
150.00 |
592.77 |
Ps. 113.50 |
155.00 |
612.53 |
Ps. 113.50 |
160.00 |
632.29 |
Ps. 113.50 |
165.00 |
652.05 |
Ps. 113.50 |
170.00 |
671.81 |
Ps. 113.50 |
SPY309R DC195
Observed price |
Market price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 100.00 |
5.00 |
18.71 |
Ps. 100.00 |
10.00 |
37.42 |
Ps. 100.00 |
15.00 |
56.13 |
Ps. 100.00 |
20.00 |
74.84 |
Ps. 100.00 |
25.00 |
93.56 |
Ps. 100.00 |
30.00 |
112.27 |
Ps. 100.00 |
35.00 |
130.98 |
Ps. 100.00 |
40.00 |
149.69 |
Ps. 100.00 |
45.00 |
168.40 |
Ps. 100.00 |
50.00 |
187.11 |
Ps. 100.00 |
55.00 |
205.82 |
Ps. 100.00 |
60.00 |
224.53 |
Ps. 100.00 |
65.00 |
243.24 |
Ps. 100.00 |
70.00 |
261.95 |
Ps. 100.00 |
75.00 |
280.67 |
Ps. 100.00 |
80.00 |
299.38 |
Ps. 100.00 |
85.00 |
318.09 |
Ps. 100.00 |
90.00 |
336.80 |
Ps. 100.00 |
95.00 |
355.51 |
Ps. 100.00 |
100.00 |
374.22 |
Ps. 100.00 |
105.00 |
392.93 |
Ps. 105.00 |
110.00 |
411.64 |
Ps. 110.00 |
115.00 |
430.35 |
Ps. 115.00 |
120.00 |
449.06 |
Ps. 120.00 |
125.00 |
467.78 |
Ps. 114.50 |
130.00 |
486.49 |
Ps. 114.50 |
135.00 |
505.20 |
Ps. 114.50 |
140.00 |
523.91 |
Ps. 114.50 |
145.00 |
542.62 |
Ps. 114.50 |
150.00 |
561.33 |
Ps. 114.50 |
155.00 |
580.04 |
Ps. 114.50 |
160.00 |
598.75 |
Ps. 114.50 |
165.00 |
617.46 |
Ps. 114.50 |
170.00 |
636.17 |
Ps. 114.50 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 175 |
Stock Market where it is quoted:
New York Stock Exchange
Description:
Visa Inc. operates a retail electronic payments network and manages
global financial services. The Company also offers global commerce through the transfer of value and information among financial institutions,
merchants, consumers, businesses, and government entities.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
105.24 |
114.35 |
7,228,097.01 |
2018 |
113.86 |
150.79 |
8,587,335.23 |
2019 |
128.13 |
189.39 |
7,596,704.65 |
2020 |
135.74 |
218.73 |
9,617,979.76 |
2021 |
190.16 |
250.93 |
8,657,740.09 |
1st Sem. 2020 |
135.74 |
213.31 |
11,446,094.42 |
2nd Sem. 2020 |
180.87 |
218.73 |
7,809,735.91 |
1st Sem. 2021 |
193.25 |
237.32 |
8,577,517.09 |
2nd Sem. 2021 |
190.16 |
250.93 |
8,736,655.11 |
1st Sem. 2022 |
189.05 |
235.42 |
8,546,014.75 |
April 2022 |
201.10 |
227.74 |
7,363,161.63 |
May 2022 |
193.00 |
214.52 |
7,725,814.42 |
June 2022 |
189.05 |
215.05 |
6,931,123.63 |
July 2022 |
199.18 |
216.19 |
5,644,822.32 |
August 2022 |
198.71 |
217.14 |
5,569,490.39 |
September 2022 |
177.65 |
206.63 |
6,877,622.10 |
Historical volatility
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Quantitative examples that illustrate possible gains or losses
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 176 |
VIS210R DC004
Observed Price |
Market Price |
Payment Rights |
0.00 |
0.00 |
Ps. 100.00 |
5.00 |
11.26 |
Ps. 100.00 |
10.00 |
22.52 |
Ps. 100.00 |
15.00 |
33.78 |
Ps. 100.00 |
20.00 |
45.04 |
Ps. 100.00 |
25.00 |
56.30 |
Ps. 100.00 |
30.00 |
67.55 |
Ps. 100.00 |
35.00 |
78.81 |
Ps. 100.00 |
40.00 |
90.07 |
Ps. 100.00 |
45.00 |
101.33 |
Ps. 100.00 |
50.00 |
112.59 |
Ps. 100.00 |
55.00 |
123.85 |
Ps. 100.00 |
60.00 |
135.11 |
Ps. 100.00 |
65.00 |
146.37 |
Ps. 100.00 |
70.00 |
157.63 |
Ps. 100.00 |
75.00 |
168.89 |
Ps. 100.00 |
80.00 |
180.14 |
Ps. 100.00 |
85.00 |
191.40 |
Ps. 100.00 |
90.00 |
202.66 |
Ps. 100.00 |
95.00 |
213.92 |
Ps. 100.00 |
100.00 |
225.18 |
Ps. 100.00 |
105.00 |
236.44 |
Ps. 105.00 |
110.00 |
247.70 |
Ps. 110.00 |
115.00 |
258.96 |
Ps. 115.00 |
118.00 |
265.71 |
Ps. 118.00 |
118.75 |
267.40 |
Ps. 118.75 |
118.80 |
267.51 |
Ps. 106.00 |
135.00 |
303.99 |
Ps. 106.00 |
140.00 |
315.25 |
Ps. 106.00 |
145.00 |
326.51 |
Ps. 106.00 |
150.00 |
337.77 |
Ps. 106.00 |
155.00 |
349.03 |
Ps. 106.00 |
| (xx) | Energy Select Sector SPDR (XLE *) |
Stock Market where it is quoted
New York Stock Exchange
Description:
Energy Select Sector SPDR Fund is an Exchange Traded Fund incorporated
in the US Follow the performance of The Energy Select Sector Index. Holds large cap energy stocks in the US Invests in companies that
develop and produce crude oil and natural gas, offer drilling and other related services. Positions are weighted by market cap.
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 177 |
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
67.08 |
72.60 |
11,146,275.76 |
2018 |
53.84 |
78.91 |
16,220,791.77 |
2019 |
55.85 |
68.61 |
14,052,817.93 |
2020 |
23.57 |
60.87 |
30,330,118.95 |
2021 |
37.90 |
59.14 |
29,938,403.21 |
1st Sem. 2020 |
23.57 |
60.87 |
32,986,907.84 |
2nd Sem. 2020 |
27.71 |
41.60 |
27,702,208.20 |
1st Sem. 2021 |
37.90 |
56.19 |
31,563,188.91 |
2nd Sem. 2021 |
45.79 |
59.14 |
28,340,108.58 |
1st Sem. 2022 |
55.50 |
92.28 |
38,560,853.67 |
April 2022 |
73.68 |
81.02 |
31,249,898.13 |
May 2022 |
75.15 |
88.53 |
35,377,743.19 |
June 2022 |
70.66 |
92.28 |
38,896,881.20 |
July 2022 |
67.49 |
78.42 |
27,665,944.77 |
August 2022 |
71.66 |
84.09 |
22,383,327.52 |
September 2022 |
68.75 |
82.27 |
30,054,345.77 |
Historical volatility
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Quantitative examples that illustrate possible gains or losses
XLE304R DC019
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 178 |
Market price |
Observed price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 85.00 |
5.00 |
3.82 |
Ps. 85.00 |
10.00 |
7.64 |
Ps. 85.00 |
15.00 |
11.47 |
Ps. 85.00 |
20.00 |
15.29 |
Ps. 85.00 |
25.00 |
19.11 |
Ps. 85.00 |
30.00 |
22.93 |
Ps. 85.00 |
35.00 |
26.75 |
Ps. 85.00 |
40.00 |
30.58 |
Ps. 85.00 |
45.00 |
34.40 |
Ps. 85.00 |
50.00 |
38.22 |
Ps. 85.00 |
55.00 |
42.04 |
Ps. 85.00 |
60.00 |
45.86 |
Ps. 85.00 |
65.00 |
49.69 |
Ps. 85.00 |
70.00 |
53.51 |
Ps. 85.00 |
75.00 |
57.33 |
Ps. 85.00 |
80.00 |
61.15 |
Ps. 85.00 |
85.00 |
64.97 |
Ps. 85.00 |
90.00 |
68.80 |
Ps. 90.00 |
95.00 |
72.62 |
Ps. 95.00 |
100.00 |
76.44 |
Ps. 100.00 |
102.00 |
77.97 |
Ps. 103.24 |
101.00 |
77.20 |
Ps. 101.62 |
103.00 |
78.73 |
Ps. 104.86 |
108.00 |
82.56 |
Ps. 112.96 |
110.00 |
84.08 |
Ps. 116.20 |
115.00 |
87.91 |
Ps. 124.30 |
120.00 |
91.73 |
Ps. 132.40 |
125.00 |
95.55 |
Ps. 132.40 |
130.00 |
99.37 |
Ps. 132.40 |
135.00 |
103.19 |
Ps. 132.40 |
140.00 |
107.02 |
Ps. 132.40 |
145.00 |
110.84 |
Ps. 132.40 |
150.00 |
114.66 |
Ps. 132.40 |
160.00 |
122.30 |
Ps. 132.40 |
| (xxi) | Financial Select Sector SPDR (XLF*) |
Stock Market where it is quoted
New York Stock Exchange
Description:
Financial Select Sector SPDR Fund is an exchange-traded fund incorporated
in the USA. The Fund's objective is to provide investment results that, before expenses, correspond to the performance of The Financial
Select Sector. The Index includes financial services firms whose business' range from investment management to commercial & business
banking.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
25.86 |
28.22 |
57,912,043.86 |
2018 |
22.31 |
30.17 |
61,707,717.64 |
2019 |
23.48 |
30.94 |
49,572,724.63 |
2020 |
17.66 |
31.17 |
67,562,556.95 |
2021 |
28.95 |
40.62 |
55,157,648.64 |
1st Sem. 2020 |
17.66 |
31.17 |
80,700,158.41 |
2nd Sem. 2020 |
22.68 |
29.48 |
54,567,755.49 |
1st Sem. 2021 |
28.95 |
38.47 |
58,163,835.48 |
2nd Sem. 2021 |
35.11 |
40.62 |
52,200,475.72 |
1st Sem. 2022 |
30.84 |
41.42 |
72,143,869.63 |
April 2022 |
34.51 |
38.22 |
66,067,746.93 |
May 2022 |
32.92 |
36.04 |
76,369,541.10 |
June 2022 |
30.84 |
35.38 |
67,235,474.27 |
July 2022 |
30.74 |
33.71 |
44,342,423.77 |
August 2022 |
33.05 |
35.81 |
33,355,553.26 |
September 2022 |
30.36 |
34.64 |
46,932,492.97 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 179 |
Historical volatility
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Quantitative examples that illustrate possible gains or losses
XLF212R DC022
Market price |
Observed price |
Payment rights (MXN) |
0 |
0 |
Ps.90.00 |
1.973 |
5 |
Ps.90.00 |
3.946 |
10 |
Ps.90.00 |
5.919 |
15 |
Ps.90.00 |
7.892 |
20 |
Ps.90.00 |
9.865 |
25 |
Ps.90.00 |
11.838 |
30 |
Ps.90.00 |
13.811 |
35 |
Ps.90.00 |
15.784 |
40 |
Ps.90.00 |
17.757 |
45 |
Ps.90.00 |
19.73 |
50 |
Ps.90.00 |
21.703 |
55 |
Ps.90.00 |
23.676 |
60 |
Ps.90.00 |
25.649 |
65 |
Ps.90.00 |
27.622 |
70 |
Ps.90.00 |
29.595 |
75 |
Ps.90.00 |
31.568 |
80 |
Ps.90.00 |
33.541 |
85 |
Ps.90.00 |
35.514 |
90 |
Ps.90.00 |
37.487 |
95 |
Ps.95.00 |
39.46 |
100 |
Ps.100.00 |
40.2492 |
102 |
Ps.100.00 |
39.8546 |
101 |
Ps.100.00 |
40.6438 |
103 |
Ps.100.00 |
42.6168 |
108 |
Ps.106.15 |
44.593746 |
113.01 |
Ps.112.31 |
46.172146 |
117.01 |
Ps.117.23 |
46.566746 |
118.01 |
Ps.118.46 |
46.566746 |
118.01 |
Ps.118.46 |
50.9034 |
129 |
Ps.131.98 |
52.8764 |
134 |
Ps.108.00 |
54.8494 |
139 |
Ps.108.00 |
56.8224 |
144 |
Ps.108.00 |
58.7954 |
149 |
Ps.108.00 |
60.7684 |
154 |
Ps.108.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 180 |
XLF302R DC023
Observed Price |
Market price |
Payment rights |
0.00 |
0.00 |
Ps. 90.00 |
5.00 |
1.95 |
Ps. 90.00 |
10.00 |
3.91 |
Ps. 90.00 |
15.00 |
5.86 |
Ps. 90.00 |
20.00 |
7.81 |
Ps. 90.00 |
25.00 |
9.77 |
Ps. 90.00 |
30.00 |
11.72 |
Ps. 90.00 |
35.00 |
13.67 |
Ps. 90.00 |
40.00 |
15.62 |
Ps. 90.00 |
45.00 |
17.58 |
Ps. 90.00 |
50.00 |
19.53 |
Ps. 90.00 |
55.00 |
21.48 |
Ps. 90.00 |
60.00 |
23.44 |
Ps. 90.00 |
65.00 |
25.39 |
Ps. 90.00 |
70.00 |
27.34 |
Ps. 90.00 |
75.00 |
29.30 |
Ps. 90.00 |
80.00 |
31.25 |
Ps. 90.00 |
85.00 |
33.20 |
Ps. 90.00 |
90.00 |
35.15 |
Ps. 90.00 |
95.00 |
37.11 |
Ps. 95.00 |
100.00 |
39.06 |
Ps. 100.00 |
102.00 |
39.84 |
Ps. 100.00 |
101.00 |
39.45 |
Ps. 100.00 |
103.00 |
40.23 |
Ps. 100.00 |
108.00 |
42.18 |
Ps. 106.90 |
113.01 |
44.14 |
Ps. 113.81 |
117.01 |
45.70 |
Ps. 119.33 |
118.01 |
46.09 |
Ps. 120.71 |
118.01 |
46.09 |
Ps. 120.71 |
129.00 |
50.39 |
Ps. 135.88 |
134.00 |
52.34 |
Ps. 108.00 |
139.00 |
54.29 |
Ps. 108.00 |
144.00 |
56.25 |
Ps. 108.00 |
149.00 |
58.20 |
Ps. 108.00 |
154.00 |
60.15 |
Ps. 108.00 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 181 |
| (xxii) | TECHNOLOGY SELECT SECTOR SPDR (XLK *) |
Stock Market where it is quoted
New York Stock Exchange
Description:
Technology Select Sector SPDR Fund is an Exchange Traded Fund incorporated
in the US The ETF tracks the performance of The Technology Select Sector Index. It has large and medium cap technology stocks. Its largest
investment allocation is in the United States. The ETF weights stocks using a market capitalization methodology.
Historical Evolution:
Comparison base: September 30th, 2017
Period |
Minimum price |
Maximum price |
Average (securities) |
2017 |
59.10 |
65.13 |
9,543,242.07 |
2018 |
57.62 |
75.93 |
15,712,776.42 |
2019 |
58.89 |
91.92 |
11,893,282.03 |
2020 |
70.40 |
130.52 |
13,347,617.79 |
2021 |
125.83 |
176.65 |
8,572,452.23 |
1st Sem. 2020 |
70.40 |
104.63 |
17,049,376.79 |
2nd Sem. 2020 |
104.66 |
130.52 |
9,686,095.30 |
1st Sem. 2021 |
125.83 |
147.82 |
7,739,826.08 |
2nd Sem. 2021 |
147.91 |
176.65 |
9,391,502.96 |
1st Sem. 2022 |
123.49 |
175.52 |
12,591,871.76 |
April 2022 |
139.82 |
161.47 |
11,755,292.10 |
44682 |
130.77 |
148.87 |
12,507,178.84 |
June 2022 |
123.49 |
143.42 |
9,538,764.70 |
July 2022 |
127.41 |
144.22 |
6,423,376.68 |
August 2022 |
135.26 |
151.56 |
5,626,528.03 |
September 2022 |
118.78 |
139.40 |
8,325,609.17 |
Historical volatility
Source of Information on Historic Evolution and
Historical Volatility: www.bloomberg.com.mx
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 182 |
Quantitative examples that illustrate possible gains or losses
XLK407R DC015
Observed price |
Market price |
Payment rights (MXN) |
0.00 |
0.00 |
Ps. 90.00 |
5.00 |
6.46 |
Ps. 90.00 |
10.00 |
12.93 |
Ps. 90.00 |
15.00 |
19.39 |
Ps. 90.00 |
20.00 |
25.85 |
Ps. 90.00 |
25.00 |
32.31 |
Ps. 90.00 |
30.00 |
38.78 |
Ps. 90.00 |
35.00 |
45.24 |
Ps. 90.00 |
40.00 |
51.70 |
Ps. 90.00 |
45.00 |
58.16 |
Ps. 90.00 |
50.00 |
64.63 |
Ps. 90.00 |
55.00 |
71.09 |
Ps. 90.00 |
60.00 |
77.55 |
Ps. 90.00 |
65.00 |
84.01 |
Ps. 90.00 |
70.00 |
90.48 |
Ps. 90.00 |
75.00 |
96.94 |
Ps. 90.00 |
80.00 |
103.40 |
Ps. 90.00 |
85.00 |
109.86 |
Ps. 90.00 |
90.00 |
116.33 |
Ps. 90.00 |
95.00 |
122.79 |
Ps. 95.00 |
100.00 |
129.25 |
Ps. 100.00 |
102.00 |
131.84 |
Ps. 102.74 |
101.00 |
130.54 |
Ps. 101.37 |
103.00 |
133.13 |
Ps. 104.11 |
108.00 |
139.59 |
Ps. 110.96 |
110.00 |
142.18 |
Ps. 113.70 |
115.00 |
148.64 |
Ps. 120.55 |
120.00 |
155.10 |
Ps. 127.40 |
125.00 |
161.56 |
Ps. 134.25 |
130.00 |
168.03 |
Ps. 141.10 |
135.00 |
174.49 |
Ps. 147.95 |
140.00 |
180.95 |
Ps. 147.95 |
145.00 |
187.41 |
Ps. 147.95 |
150.00 |
193.88 |
Ps. 147.95 |
160.00 |
206.80 |
Ps. 147.95 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 183 |
Hedged Position as of September 30th, 2022
Hedged Positions
ASSETS: ADB310L DC015, ADB401R DC016, BAB302R DC063, BAB304R DC053,
BAC212L DC014, CTI308L DC012, FBK304R DC116, FBK309L DC115, FXI305R DC037, IBB306R DC003, ICL211R DC003, ICL212L DC010, JNJ210R DC005,
MLI212L DC014, MLI303L DC019, MLI303L DC020, MRN211L DC007, MTP301L DC122, NVD210L DC124, NVD212L DC129, NVD307L DC130, PYL306L DC043,
QCM401R DC012, QQQ306R DC033, QQQ306R DC034, QQQ307R DC035, QQQ307R DC036, QQQ308R DC039, QQQ309R DC041, QQQ309R DC042, SHP303L DC010,
SOX307R DC003, SOX307R DC005, SOX309R DC006, SPY303R DC149, SPY304R DC152, SPY305R DC155, SPY306R DC163, SPY307R DC171, SPY307R DC175,
SPY308R DC184, SPY308R DC187, SPY309R DC190, SPY309R DC195, SXE406R DC069, VIS210R DC004, XLE304R DC019, XLF212R DC022, XLF302R DC023,
XLK407R DC015.
Asset type |
Issuer / Serie |
Number of shares |
Market price |
Beta coef. |
Period in months used for beta |
Delta coefic. (for options and warrants) |
Delta (shares) |
Delta (securities) |
|
HEDGE |
ICL211R DC003 |
586,000 |
0 |
1 |
12 |
0.05280082 |
30,941.28 |
30,941.28 |
|
HEDGE |
BAB304R DC053 |
486,942 |
0 |
1 |
12 |
0.00388755 |
1,893.01122 |
1,893.01122 |
|
HEDGE |
VIS210R DC004 |
400,000 |
0 |
1 |
12 |
3.57E-06 |
1.43 |
1.43 |
|
HEDGE |
JNJ210R DC005 |
400,000 |
0 |
1 |
12 |
0.021329909 |
8,531.96 |
8,531.96 |
|
HEDGE |
NVD210L DC124 |
1,373,200 |
0 |
1 |
12 |
0.005674672 |
7,792.45936 |
7,792.45936 |
|
HEDGE |
MRN211L DC007 |
472,500 |
0 |
1 |
12 |
5.32E-05 |
25.14924 |
25.14924 |
|
HEDGE |
BAC212L DC014 |
287,300 |
0 |
1 |
12 |
0.087411674 |
25,113.37 |
25,113.37 |
|
HEDGE |
ICL212L DC010 |
100,000 |
0 |
1 |
12 |
0.116950175 |
11,695.02 |
11,695.02 |
|
HEDGE |
MLI212L DC014 |
130,000 |
0 |
1 |
12 |
0.004695154 |
610.37 |
610.37 |
|
HEDGE |
NVD212L DC129 |
100,000 |
0 |
1 |
12 |
0.01616119 |
1,616.12 |
1,616.12 |
|
HEDGE |
XLF212R DC022 |
375,700 |
0 |
1 |
12 |
0.010181859 |
3,825.32 |
3,825.32 |
|
HEDGE |
PYL306L DC043 |
358,060 |
0 |
1 |
12 |
0.01402463 |
5,021.66 |
5,021.66 |
|
HEDGE |
NVD307L DC130 |
506,200 |
0 |
1 |
12 |
0.018601035 |
9,415.84 |
9,415.84 |
|
HEDGE |
XLF302R DC023 |
326,500 |
0 |
1 |
12 |
0.020735582 |
6,770.16752 |
6,770.16752 |
|
HEDGE |
CTI308L DC012 |
365,000 |
0 |
1 |
12 |
0.06282185 |
22,929.98 |
22,929.98 |
|
HEDGE |
BAB302R DC063 |
475,300 |
0 |
1 |
12 |
0.021647948 |
10,289.27 |
10,289.27 |
|
HEDGE |
SPY303R DC149 |
772,000 |
0 |
1 |
12 |
0.002468234 |
1,905.48 |
1,905.48 |
|
HEDGE |
FBK309L DC115 |
133,200 |
0 |
1 |
12 |
0.022227754 |
2,960.74 |
2,960.74 |
|
HEDGE |
ADB310L DC015 |
92,400 |
0 |
1 |
12 |
0.00970604 |
896.84 |
896.84 |
|
HEDGE |
FBK304R DC116 |
869,300 |
0 |
1 |
12 |
0.000987535 |
858.46 |
858.46 |
|
HEDGE |
XLE304R DC019 |
110,000 |
0 |
1 |
12 |
0.041705515 |
4,587.61 |
4,587.61 |
|
HEDGE |
SPY304R DC152 |
121,000 |
0 |
1 |
12 |
0.0010207 |
123.5 |
123.5 |
|
HEDGE |
SPY305R DC155 |
2,084,700 |
0 |
1 |
12 |
0.001626807 |
3,391.40 |
3,391.40 |
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 184 |
HEDGE |
FXI305R DC037 |
276,000 |
0 |
1 |
12 |
0.052957252 |
14,616.20 |
14,616.20 |
|
HEDGE |
QQQ306R DC033 |
1,886,200 |
0 |
1 |
12 |
0.003129522 |
5,902.90 |
5,902.90 |
|
HEDGE |
QQQ306R DC034 |
318,000 |
0 |
1 |
12 |
0.00706562 |
2,246.87 |
2,246.87 |
|
HEDGE |
IBB306R DC003 |
77,500 |
0 |
1 |
12 |
0.008035139 |
622.72 |
622.72 |
|
HEDGE |
SXE406R DC069 |
550,000 |
0 |
1 |
12 |
0.000153579 |
84.47 |
84.47 |
|
HEDGE |
SPY306R DC163 |
160,000 |
0 |
1 |
12 |
0.003067341 |
490.77455 |
490.77455 |
|
HEDGE |
SPY307R DC171 |
217,000 |
0 |
1 |
12 |
0.003003315 |
651.72 |
651.72 |
|
HEDGE |
QQQ307R DC035 |
566,500 |
0 |
1 |
12 |
0.003072314 |
1,740.47 |
1,740.47 |
|
HEDGE |
SOX307R DC003 |
237,000 |
0 |
1 |
12 |
0.003278449 |
776.99 |
776.99 |
|
HEDGE |
ADB401R DC016 |
120,000 |
0 |
1 |
12 |
0.003034505 |
364.14 |
364.14 |
|
HEDGE |
QCM401R DC012 |
120,000 |
0 |
1 |
12 |
0.012229254 |
1,467.51047 |
1,467.51047 |
|
HEDGE |
XLK407R DC015 |
194,190 |
0 |
1 |
12 |
0.021260963 |
4,128.66643 |
4,128.66643 |
|
HEDGE |
MTP301L DC122 |
100,000 |
0 |
1 |
12 |
0.025353205 |
2,535.32054 |
2,535.32054 |
|
HEDGE |
QQQ307R DC036 |
267,000 |
0 |
1 |
12 |
0.003379217 |
902.25097 |
902.25097 |
|
HEDGE |
SPY307R DC175 |
79,500 |
0 |
1 |
12 |
0.00296619 |
235.81 |
235.81 |
|
HEDGE |
SOX307R DC005 |
169,750 |
0 |
1 |
12 |
0.002852054 |
484.13613 |
484.13613 |
|
HEDGE |
SPY308R DC184 |
100,000 |
0 |
1 |
12 |
0.002814237 |
281.42 |
281.42 |
|
HEDGE |
QQQ308R DC039 |
142,500 |
0 |
1 |
12 |
0.003029048 |
431.64 |
431.64 |
|
HEDGE |
SPY308R DC187 |
88,500 |
0 |
1 |
12 |
0.002587223 |
228.96922 |
228.96922 |
|
HEDGE |
MLI303L DC019 |
100,000 |
0 |
1 |
12 |
0.002443195 |
244.3195 |
244.3195 |
|
HEDGE |
SOX309R DC006 |
139,000 |
0 |
1 |
12 |
0.002975563 |
413.6 |
413.6 |
|
HEDGE |
SPY309R DC190 |
175,000 |
0 |
1 |
12 |
0.003138194 |
549.18 |
549.18 |
|
HEDGE |
QQQ309R DC041 |
445,000 |
0 |
1 |
12 |
0.003415864 |
1,520.06 |
1,520.06 |
|
HEDGE |
MLI303L DC020 |
100,000 |
0 |
1 |
12 |
0.002396392 |
239.64 |
239.64 |
|
HEDGE |
SHP303L DC010 |
100,000 |
0 |
1 |
12 |
0.076670835 |
7,667.08 |
7,667.08 |
|
HEDGE |
QQQ309R DC042 |
154,500 |
0 |
1 |
12 |
0.003467959 |
535.8 |
535.8 |
|
HEDGE |
SPY309R DC195 |
162,500 |
0 |
1 |
12 |
0.003259708 |
529.7 |
529.7 |
|
OBLIGATION |
ICL211R DC003 |
586,000 |
0 |
1 |
12 |
(0.05280082) |
(30,941.28078) |
(30,941.28078) |
|
OBLIGATION |
BAB304R DC053 |
486,942 |
0 |
1 |
12 |
(0.00388755) |
(1,893.01) |
(1,893.01) |
|
OBLIGATION |
VIS210R DC004 |
400,000 |
0 |
1 |
12 |
(3.57E-06) |
(1.43) |
(1.43) |
|
OBLIGATION |
JNJ210R DC005 |
400,000 |
0 |
1 |
12 |
(0.021329909 |
(8,531.96) |
(8,531.96) |
|
OBLIGATION |
NVD210L DC124 |
1,373,200 |
0 |
1 |
12 |
(0.005674672) |
(7,792.46) |
(7,792.46) |
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 185 |
OBLIGATION |
MRN211L DC007 |
472,500 |
0 |
1 |
12 |
(5.32E-05) |
(25.15) |
(25.15) |
|
OBLIGATION |
BAC212L DC014 |
287,300 |
0 |
1 |
12 |
(0.087411674) |
(25,113.37) |
(25,113.37) |
|
OBLIGATION |
ICL212L DC010 |
100,000 |
0 |
1 |
12 |
(0.116950175 |
(11,695.02) |
(11,695.02) |
|
OBLIGATION |
MLI212L DC014 |
130,000 |
0 |
1 |
12 |
(0.004695154) |
(610.37) |
(610.37) |
|
OBLIGATION |
NVD212L DC129 |
100,000 |
0 |
1 |
12 |
(0.01616119) |
(1,616.12) |
(1,616.12) |
|
OBLIGATION |
XLF212R DC022 |
375,700 |
0 |
1 |
12 |
(0.010181859) |
(3,825.32) |
(3,825.32) |
|
OBLIGATION |
PYL306L DC043 |
358,060 |
0 |
1 |
12 |
(0.01402463) |
(5,021.66) |
(5,021.66) |
|
OBLIGATION |
NVD307L DC130 |
506,200 |
0 |
1 |
12 |
(0.018601035) |
(9,415.84) |
(9,415.84) |
|
OBLIGATION |
XLF302R DC023 |
326,500 |
0 |
1 |
12 |
(0.020735582) |
(6,770.17) |
(6,770.17) |
|
OBLIGATION |
CTI308L DC012 |
365,000 |
0 |
1 |
12 |
(0.06282185) |
(22,929.98) |
(22,929.98) |
|
OBLIGATION |
BAB302R DC063 |
475,300 |
0 |
1 |
12 |
(0.021647948) |
(10,289.26991) |
(10,289.26991) |
|
OBLIGATION |
SPY303R DC149 |
772,000 |
0 |
1 |
12 |
(0.002468234) |
(1,905.48) |
(1,905.48) |
|
OBLIGATION |
FBK309L DC115 |
133,200 |
0 |
1 |
12 |
(0.022227754) |
(2,960.74) |
(2,960.74) |
|
OBLIGATION |
ADB310L DC015 |
92,400 |
0 |
1 |
12 |
(0.00970604) |
(896.84) |
(896.84) |
|
OBLIGATION |
FBK304R DC116 |
869,300 |
0 |
1 |
12 |
(0.000987535) |
(858.46) |
(858.46) |
|
OBLIGATION |
XLE304R DC019 |
110,000 |
0 |
1 |
12 |
(0.041705515) |
(4,587.60667) |
(4,587.60667) |
|
OBLIGATION |
SPY304R DC152 |
121,000 |
0 |
1 |
12 |
(0.0010207) |
(123.50473) |
(123.50473) |
|
OBLIGATION |
SPY305R DC155 |
2,084,700 |
0 |
1 |
12 |
(0.001626807) |
(3,391.40387) |
(3,391.40387) |
|
OBLIGATION |
FXI305R DC037 |
276,000 |
0 |
1 |
12 |
(0.052957252) |
(14,616.20153) |
(14,616.20153) |
|
OBLIGATION |
QQQ306R DC033 |
1,886,200 |
0 |
1 |
12 |
(0.003129522) |
(5,902.90442) |
(5,902.90442) |
|
OBLIGATION |
QQQ306R DC034 |
318,000 |
0 |
1 |
12 |
(0.00706562) |
(2,246.86727) |
(2,246.86727) |
|
OBLIGATION |
IBB306R DC003 |
77,500 |
0 |
1 |
12 |
(0.008035139) |
(622.72325) |
(622.72325) |
|
OBLIGATION |
SXE406R DC069 |
550,000 |
0 |
1 |
12 |
(0.000153579) |
(84.46825) |
(84.46825) |
|
OBLIGATION |
SPY306R DC163 |
160,000 |
0 |
1 |
12 |
(0.003067341) |
(490.77455) |
(490.77455) |
|
OBLIGATION |
SPY307R DC171 |
217,000 |
0 |
1 |
12 |
(0.003003315) |
(651.71926) |
(651.71926) |
|
OBLIGATION |
QQQ307R DC035 |
566,500 |
0 |
1 |
12 |
(0.003072314) |
(1,740.46593) |
(1,740.46593) |
|
OBLIGATION |
SOX307R DC003 |
237,000 |
0 |
1 |
12 |
(0.003278449) |
(776.99246) |
(776.99246) |
|
OBLIGATION |
ADB401R DC016 |
120,000 |
0 |
1 |
12 |
(0.003034505) |
(364.14064) |
(364.14064) |
|
OBLIGATION |
QCM401R DC012 |
120,000 |
0 |
1 |
12 |
(0.012229254) |
(1,467.51047) |
(1,467.51047) |
|
OBLIGATION |
XLK407R DC015 |
194,190 |
0 |
1 |
12 |
(0.021260963) |
(4,128.66643) |
(4,128.66643) |
|
OBLIGATION |
MTP301L DC122 |
100,000 |
0 |
1 |
12 |
(0.025353205) |
(2,535.32054) |
(2,535.32054) |
|
OBLIGATION |
QQQ307R DC036 |
267,000 |
0 |
1 |
12 |
(0.003379217) |
(902.25097) |
(902.25097) |
|
OBLIGATION |
SPY307R DC175 |
79,500 |
0 |
1 |
12 |
(0.00296619) |
(235.81208) |
(235.81208) |
|
OBLIGATION |
SOX307R DC005 |
169,750 |
0 |
1 |
12 |
(0.002852054) |
(484.13613) |
(484.13613) |
|
OBLIGATION |
SPY308R DC184 |
100,000 |
0 |
1 |
12 |
(0.002814237) |
(281.42367) |
(281.42367) |
|
OBLIGATION |
QQQ308R DC039 |
142,500 |
0 |
1 |
12 |
(0.003029048) |
(431.63935) |
(431.63935) |
|
OBLIGATION |
SPY308R DC187 |
88,500 |
0 |
1 |
12 |
(0.002587223) |
(228.96922) |
(228.96922) |
|
OBLIGATION |
MLI303L DC019 |
100,000 |
0 |
1 |
12 |
(0.002443195) |
(244.3195) |
(244.3195) |
|
OBLIGATION |
SOX309R DC006 |
139,000 |
0 |
1 |
12 |
(0.002975563) |
(413.60326) |
(413.60326) |
|
OBLIGATION |
SPY309R DC190 |
175,000 |
0 |
1 |
12 |
(0.003138194) |
(549.184) |
(549.184) |
|
OBLIGATION |
QQQ309R DC041 |
445,000 |
0 |
1 |
12 |
(0.003415864) |
(1,520.05946) |
(1,520.05946) |
|
OBLIGATION |
MLI303L DC020 |
100,000 |
0 |
1 |
12 |
(0.002396392) |
(239.63924) |
(239.63924) |
|
OBLIGATION |
SHP303L DC010 |
100,000 |
0 |
1 |
12 |
(0.076670835) |
(7,667.08346) |
(7,667.08346) |
|
OBLIGATION |
QQQ309R DC042 |
154,500 |
0 |
1 |
12 |
(0.003467959) |
(535.79964) |
(535.79964) |
|
OBLIGATION |
SPY309R DC195 |
162,500 |
0 |
1 |
12 |
(0.003259708) |
(529.70263) |
(529.70263) |
|
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 186 |
DELTA AS ISSUERS |
ISSUER / SERIE |
ISSUER / SERIE |
ISSUER / SERIE |
ICL211R DC003 |
HEDGE |
30,941.28 |
|
OBLIGATION |
(30,941.28) |
BAB304R DC053 |
HEDGE |
1,893.01 |
|
OBLIGATION |
(1,893.01) |
VIS210R DC004 |
HEDGE |
1.43 |
|
OBLIGATION |
(1.43) |
JNJ210R DC005 |
HEDGE |
8,531.96 |
|
OBLIGATION |
(8,531.96) |
NVD210L DC124 |
HEDGE |
7,792.46 |
|
OBLIGATION |
(7,792.46) |
MRN211L DC007 |
HEDGE |
25.15 |
|
OBLIGATION |
(25.15) |
BAC212L DC014 |
HEDGE |
25,113.37 |
|
OBLIGATION |
(25,113.37) |
ICL212L DC010 |
HEDGE |
11,695.02 |
|
OBLIGATION |
(11,695.02) |
MLI212L DC014 |
HEDGE |
610.37 |
|
OBLIGATION |
(610.37) |
NVD212L DC129 |
HEDGE |
1,616.12 |
|
OBLIGATION |
(1,616.12) |
XLF212R DC022 |
HEDGE |
3,825.32 |
|
OBLIGATION |
(3,825.32) |
PYL306L DC043 |
HEDGE |
5,021.66 |
|
OBLIGATION |
(5,021.66) |
NVD307L DC130 |
HEDGE |
9,415.84 |
|
OBLIGATION |
(9,415.84) |
XLF302R DC023 |
HEDGE |
6,770.17 |
|
OBLIGATION |
(6,770.17) |
CTI308L DC012 |
HEDGE |
22,929.98 |
|
OBLIGATION |
(22,929.98) |
BAB302R DC063 |
HEDGE |
10,289.27 |
|
OBLIGATION |
(10,289.27) |
SPY303R DC149 |
HEDGE |
1,905.48 |
|
OBLIGATION |
(1,905.48) |
FBK309L DC115 |
HEDGE |
2,960.74 |
|
OBLIGATION |
(2,960.74) |
ADB310L DC015 |
HEDGE |
896.84 |
|
OBLIGATION |
(896.84) |
FBK304R DC116 |
HEDGE |
858.46 |
|
OBLIGATION |
(858.46) |
XLE304R DC019 |
HEDGE |
4,587.61 |
|
OBLIGATION |
(4,587.61) |
SPY304R DC152 |
HEDGE |
123.5 |
|
OBLIGATION |
(123.5) |
SPY305R DC155 |
HEDGE |
3,391.40 |
|
OBLIGATION |
(3,391.40) |
FXI305R DC037 |
HEDGE |
14,616.20 |
|
OBLIGATION |
(14,616.20) |
QQQ306R DC033 |
HEDGE |
5,902.90 |
|
OBLIGATION |
(5,902.90) |
QQQ306R DC034 |
HEDGE |
2,246.87 |
|
OBLIGATION |
(2,246.87) |
IBB306R DC003 |
HEDGE |
622.72 |
|
OBLIGATION |
(622.72) |
SXE406R DC069 |
HEDGE |
84.47 |
|
OBLIGATION |
(84.47) |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 187 |
SPY306R DC163 |
HEDGE |
490.77 |
|
OBLIGATION |
(490.77) |
SPY307R DC171 |
HEDGE |
651.72 |
|
OBLIGATION |
(651.72) |
QQQ307R DC035 |
HEDGE |
1,740.47 |
|
OBLIGATION |
(1,740.47) |
SOX307R DC003 |
HEDGE |
776.99 |
|
OBLIGATION |
(776.99) |
ADB401R DC016 |
HEDGE |
364.14 |
|
OBLIGATION |
(364.14) |
QCM401R DC012 |
HEDGE |
1,467.51 |
|
OBLIGATION |
(1,467.51) |
XLK407R DC015 |
HEDGE |
4,128.67 |
|
OBLIGATION |
(4,128.67) |
MTP301L DC122 |
HEDGE |
2,535.32 |
|
OBLIGATION |
(2,535.32) |
QQQ307R DC036 |
HEDGE |
902.25 |
|
OBLIGATION |
(902.25) |
SPY307R DC175 |
HEDGE |
235.81 |
|
OBLIGATION |
(235.81) |
SOX307R DC005 |
HEDGE |
484.14 |
|
OBLIGATION |
(484.14) |
SPY308R DC184 |
HEDGE |
281.42 |
|
OBLIGATION |
(281.42) |
QQQ308R DC039 |
HEDGE |
431.64 |
|
OBLIGATION |
(431.64) |
SPY308R DC187 |
HEDGE |
228.97 |
|
OBLIGATION |
(228.97) |
MLI303L DC019 |
HEDGE |
244.32 |
|
OBLIGATION |
(244.32) |
SOX309R DC006 |
HEDGE |
413.6 |
|
OBLIGATION |
(413.6) |
SPY309R DC190 |
HEDGE |
549.18 |
|
OBLIGATION |
(549.18) |
QQQ309R DC041 |
HEDGE |
1,520.06 |
|
OBLIGATION |
(1,520.06) |
MLI303L DC020 |
HEDGE |
239.64 |
|
OBLIGATION |
(239.64) |
SHP303L DC010 |
HEDGE |
7,667.08 |
|
OBLIGATION |
(7,667.08) |
QQQ309R DC042 |
HEDGE |
535.8 |
|
OBLIGATION |
(535.8) |
SPY309R DC195 |
HEDGE |
529.7 |
|
OBLIGATION |
(529.7) |
TOTAL |
|
0.000000 |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 188 |
ISSUER |
DELTA (SHARES) |
ORIGINAL BETA |
STANDARD ERROR |
DELTA IN TERMS OF ASSETS |
DELTA HEDGE IN SECURITIES |
DELTA OBLIGATIONS IN SECURITIES |
ICL211R DC003 |
0 |
1 |
0 |
0 |
30,941.28 |
(30,941.28) |
BAB304R DC053 |
0 |
1 |
0 |
0 |
1,893.01122 |
(1,893.01122) |
VIS210R DC004 |
0 |
1 |
0 |
0 |
1.43 |
(1.43) |
JNJ210R DC005 |
0 |
1 |
0 |
0 |
8,531.96 |
(8,531.96) |
NVD210L DC124 |
0 |
1 |
0 |
0 |
7,792.45936 |
(7,792.45936) |
MRN211L DC007 |
0 |
1 |
0 |
0 |
25.14924 |
(25.14924) |
BAC212L DC014 |
0 |
1 |
0 |
0 |
25,113.37 |
(25,113.37) |
ICL212L DC010 |
0 |
1 |
0 |
0 |
11,695.02 |
(11,695.02) |
MLI212L DC014 |
0 |
1 |
0 |
0 |
610.37 |
(610.37) |
NVD212L DC129 |
0 |
1 |
0 |
0 |
1,616.12 |
(1,616.12) |
XLF212R DC022 |
0 |
1 |
0 |
0 |
3,825.32 |
(3,825.32) |
PYL306L DC043 |
0 |
1 |
0 |
0 |
5,021.66 |
(5,021.66) |
NVD307L DC130 |
0 |
1 |
0 |
0 |
9,415.84 |
(9,415.84) |
XLF302R DC023 |
0 |
1 |
0 |
0 |
6,770.16752 |
(6,770.16752) |
CTI308L DC012 |
0 |
1 |
0 |
0 |
22,929.98 |
(22,929.98) |
BAB302R DC063 |
0 |
1 |
0 |
0 |
10,289.27 |
(10,289.27) |
SPY303R DC149 |
0 |
1 |
0 |
0 |
1,905.48 |
(1,905.48) |
FBK309L DC115 |
0 |
1 |
0 |
0 |
2,960.74 |
(2,960.74) |
ADB310L DC015 |
0 |
1 |
0 |
0 |
896.84 |
(896.84) |
FBK304R DC116 |
0 |
1 |
0 |
0 |
858.46 |
(858.46) |
XLE304R DC019 |
0 |
1 |
0 |
0 |
4,587.61 |
(4,587.61) |
SPY304R DC152 |
0 |
1 |
0 |
0 |
123.5 |
(123.5) |
SPY305R DC155 |
0 |
1 |
0 |
0 |
3,391.40 |
(3,391.40) |
FXI305R DC037 |
0 |
1 |
0 |
0 |
14,616.20 |
(14,616.20) |
QQQ306R DC033 |
0 |
1 |
0 |
0 |
5,902.90 |
(5,902.90) |
QQQ306R DC034 |
0 |
1 |
0 |
0 |
2,246.87 |
(2,246.87) |
IBB306R DC003 |
0 |
1 |
0 |
0 |
622.72 |
(622.72) |
SXE406R DC069 |
0 |
1 |
0 |
0 |
84.47 |
(84.47) |
SPY306R DC163 |
0 |
1 |
0 |
0 |
490.77455 |
(490.77455) |
SPY307R DC171 |
0 |
1 |
0 |
0 |
651.72 |
(651.72) |
QQQ307R DC035 |
0 |
1 |
0 |
0 |
1,740.47 |
(1,740.47) |
SOX307R DC003 |
0 |
1 |
0 |
0 |
776.99 |
(776.99) |
ADB401R DC016 |
0 |
1 |
0 |
0 |
364.14 |
(364.14) |
QCM401R DC012 |
0 |
1 |
0 |
0 |
1,467.51047 |
(1,467.51047) |
XLK407R DC015 |
0 |
1 |
0 |
0 |
4,128.66643 |
(4,128.66643) |
MTP301L DC122 |
0 |
1 |
0 |
0 |
2,535.32054 |
(2,535.32054) |
QQQ307R DC036 |
0 |
1 |
0 |
0 |
902.25097 |
(902.25097) |
SPY307R DC175 |
0 |
1 |
0 |
0 |
235.81208 |
(235.81208) |
SOX307R DC005 |
0 |
1 |
0 |
0 |
484.13613 |
(484.13613) |
SPY308R DC184 |
0 |
1 |
0 |
0 |
281.42367 |
(281.42367) |
QQQ308R DC039 |
0 |
1 |
0 |
0 |
431.63935 |
(431.63935) |
SPY308R DC187 |
0 |
1 |
0 |
0 |
228.96922 |
(228.96922) |
MLI303L DC019 |
0 |
1 |
0 |
0 |
244.3195 |
(244.3195) |
SOX309R DC006 |
0 |
1 |
0 |
0 |
413.60326 |
(413.60326) |
SPY309R DC190 |
0 |
1 |
0 |
0 |
549.184 |
(549.184) |
QQQ309R DC041 |
0 |
1 |
0 |
0 |
1,520.05946 |
(1,520.05946) |
MLI303L DC020 |
0 |
1 |
0 |
0 |
239.63924 |
(239.63924) |
SHP303L DC010 |
0 |
1 |
0 |
0 |
7,667.08346 |
(7,667.08346) |
QQQ309R DC042 |
0 |
1 |
0 |
0 |
535.79964 |
(535.79964) |
SPY309R DC195 |
0 |
1 |
0 |
0 |
529.70263 |
(529.70263) |
Earnings Release | 3Q.2022 | |
Banco Santander México | |
| 189 |
Item 2
3Q.22 Earnings Presentation Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México.
2 Safe Harbor Statement Banco Santander México cautions that this presentation may contain forward - looking statements within the meaning of the U . S . Private Securities Litigation Reform Act of 1995 . These forward - looking statements could be found in various places throughout this presentation and include, without limitation, statements regarding our intent, belief, targets or current expectations in connection with : asset growth and sources of funding ; growth of our fee - based business ; expansion of our distribution network ; financing plans ; competition ; impact of regulation and the interpretation thereof ; action to modify or revoke our banking license ; exposure to market risks including interest rate risk, foreign exchange risk and equity price risk ; exposure to credit risks including credit default risk and settlement risk ; projected capital expenditures ; capitalization requirements and level of reserves ; investment in our formation technology platform ; liquidity ; trends affecting the economy generally ; and trends affecting our financial condition and our results of operations . While these forward - looking statements represent our judgment and future expectations concerning the development of our business, many important factors could cause actual results to differ substantially from those anticipated in forward - looking statements . These factors include, among other things : changes in capital markets in general that may affect policies or attitudes towards lending to Mexico or Mexican companies ; changes in economic conditions, in Mexico in particular, in the United States or globally ; the monetary, foreign exchange and interest rate policies of the Mexican Central Bank ( Banco de México ) ; inflation ; deflation ; unemployment ; unanticipated turbulence in interest rates ; movements in foreign exchange rates ; movements in equity prices or other rates or prices ; changes in Mexican and foreign policies, legislation and regulations ; changes in requirements to make contributions to, for the receipt of support from programs organized by or requiring deposits to be made or assessments observed or imposed by, the Mexican government ; changes in taxes and tax laws ; competition, changes in competition and pricing environments ; our inability to hedge certain risks economically ; economic conditions that affect consumer spending and the ability of customers to comply with obligations ; the adequacy of allowance for impairment losses and other losses ; increased default by borrowers ; our inability to successfully and effectively integrate acquisitions or to evaluate risks arising from asset acquisitions ; technological changes ; changes in consumer spending and saving habits ; increased costs ; unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms ; changes in, or failure to comply with, banking regulations or their interpretation ; and certain other risk factors included in our annual report on Form 20 - F . The risk factors and other key factors that we have indicated in our past and future filings and reports, including those with the U . S . Securities and Exchange Commission, could adversely affect our business and financial performance . The words “believe,” “may,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “forecast” and similar words are intended to identify forward - looking statements . You should not place undue reliance on such statements, which speak only as of the date they were made . We undertake no obligation to update publicly or to revise any forward - looking statements after we distribute this presentation because of new information, future events or other factors . In light of the risks and uncertainties described above, the future events and circumstances discussed herein might not occur and are not guarantees of future performance . Note : The information contained in this presentation is not audited . Nevertheless, the consolidated accounts are prepared on the basis of the accounting principles and regulations prescribed by the Mexican National Banking and Securities Commission ( Comisión Nacional Bancaria y de Valores ) for credit institutions, as amended (Mexican Banking GAAP) . All figures presented are in millions of nominal Mexican pesos, unless otherwise indicated . Historical figures are not adjusted by inflation .
Strong Quarter Led by Solid Core Revenues and Healthy Asset Quality 3 Loan book up 12.1% Individual loans, outpace market, supported by sustained market share gain in auto loans as well as stronger performance in credit card, payroll and mortgages loans Significant pick - up in middle - market, corporate and government loans, while SMEs remained soft Deposit base flat YoY; individual deposits at 38.2% of base vs 24.2% in 2016; best mix for a third quarter. Maintain focus on reducing high - cost corporate deposits Individual demand deposits +6.0% Individual term deposits +7.4% Healthy asset quality NPL ratio 2.01% 2.85% Cost of risk 1 1.54% 2.75% Higher profitability in 3Q22 driven by strong revenue expansion and lower provisions Efficiency ratio 2 46.28% - 469 bps 46.72% - 167 bps ROAE 3 20.14% +818 bps 16.56% +599 bps 3Q22 3Q21 3Q22 YoY Var Corporate demand deposits - 13.8% Corporate term deposits +29.5% Solid capital and liquidity positions CET1 13 .46% LCR 181 .11 % 3Q22 NPL and cost of risk reflect both the positive performance from a large corporate and healthy asset quality across loan book Source: Company filings under CNBV GAAP. Notes: 1) Year to date ratio = Annualized loan loss reserves (LTM) as percentage of average loans (LTM). 2) Quarterly ratio = Annualized quarterly opex as percentage of annualized quarterly income before opex - net of allowances (3Q22*4) / Year to date ratio = Annualized cumulative opex as percentage of annualized cumulative income before opex - net of allowances (9M22/3*4). 3) Quarterly ratio = Annualized quarterly net income as a percentage of average equity (4Q21;3Q22) / Year to date r atio = Annualized cumulative net income as a percentage of average equity (4Q21;3Q22). 9M22 YoY Var
4.0 - 6 - 2 6 2 2021 2019 2020 Septembe r 2022 Banxico’s GDP Growth Expectations Survey 1 (%) 2.0 2.0 2.2 1.2 2.0 1.0 1.5 2.5 2019 2020 2021 Septembe r 2022 4 Challenging Macro Indicators with Decreasing GDP Expectations Source: 1) Banxico surveys on the expectations of specialists in economics of the private sector as of September 2022. 2) Instituto Mexicano del Seguro Social (IMSS) as of September 2022. 3) Instituto Nacional de Estadística y Geografía ( INEGI) seasonally adjusted series as of August 2022. Macro Indicators 3 (%) 13.1 % Growth of Formal Employment 2 (%, YoY ) 2022 2023 Banxico’s GDP growth expectations survey shows a decreasing trend for 2023 , reflecting Mexico’s weak economic environment and prevailing global uncertainty . According to the Mexican Institute of Social Security, over 789 , 000 new jobs were created during January - September 2022 , the third highest historical increase . Private consumption exceeds pre - Covid levels, while industrial activity is at pre - pandemic levels while investments slowing . 120.5 102.0 96.7 60 70 80 90 100 110 120 130 Augus t 2022 2020 2019 2021 Gross Fixed Investment Private Consumption Industrial Activity
5 Solid Growth in System Loans Across Segments, with Consumer Loans Accelerating; Shift to Time Deposits in Response to Higher Interest Rates Source: CNBV Banks as of August 2022 in billion pesos. Notes: 1) Includes credit cards, payroll, personal and auto loans. Total Loans Total Deposits Consumer Loans 1 (YoY Growth) Demand Deposits (YoY Growth) - 1.9% 5,681 3Q21 6.2% 4.6% 4Q21 1Q22 10.6% 2Q22 11.3% Aug’22 5,383 5,549 5,891 5,951 YoY Growth 3Q21 10.4% 2.4% 1Q22 5.7% 4Q21 2Q22 8.0% 10.2% Aug’22 6,229 5,980 6,450 6,577 6,589 YoY Growth 8.3 % 1Q22 3Q21 4Q21 2Q22 Aug’22 0.5% 2.5 % 12.1 % 14.6 % 9.3% 3Q21 Aug’22 4Q21 8.6% 1Q22 10.4% 2Q22 10.3% 8.0%
6 Notes: 1) CNBV Data as of August 2022. 15 . 0 % 1 market share 3 rd largest banking player in auto market loans Our 1 st program that offers cash back to customers using their LikeU credit card at numerous merchants 45 % of users are new generations ( 18 - 30 years old ) 90 % acceptance rate 100 % digital Continue Advancing in Our Strategic Priorities While Developing Innovative Products and Enhancing Customer Experience
7 Solid Loan Book Expansion Across Most Segments Source: Company filings under CNBV GAAP, in million pesos. Notes: 1) CNBV Banks as of August 2022. Total Loans Loan Portfolio Breakdown Contribution to: Loans NII Loans 52.2% 64.4% 47.8% 35.6% 3Q22 3Q21 $$ Var YoY System YoY Growth 1 Contribution to: Loans NII Loans High - margin s egments : Middle - market 227,820 13.4% 52.6% 63.5% SMEs 52,509 (7.6%) Credit cards 60,571 20.1% 14.9% Consumer 80,787 23.1% 14.5% 421,687 12.8% Low - margin segments : Corporates 74,578 9.6% 47.4% 36.5% Government & Financial Entities 98,350 14.8% 4.6% Mortgages 207,704 10.3% 11.4% 380,632 11.3% System YoY growth 1 +11.3 % Middle - Market 28% Corporates 9% Gov&FinEnt 12% SMEs 7% Mortgages 26% Credit Cards 8% Consumer 10% 2Q22 4Q21 3Q21 1Q22 3Q22 715,759 750,966 770,440 783,466 802,319 +2.4% +12.1%
8 Strong Momentum in Credit Cards and Consumer Loans, Driven Mainly by Auto and Payroll Loans Source: Company filings under CNBV GAAP, in million pesos. Market position calculated with CNBV Banks as of August 2022. Notes: 1) Includes payroll, personal, auto and microfinancing loans. Individual Loans 349,062 304,340 3Q21 3Q22 +14.7% Like U billing represents 11% of total Usage +12% YoY in 3Q22 Maintaining conservative origination criteria 39.4% of customers paying balances in full, up from ~30% in 2020 Auto loans market share expanded +507 bps to 15.0% in August ‘22 vs a year ago, consolidating #3 position Auto loan production, supported by commercial agreements with Mazda, Honda, Suzuki and Tesla Payroll loans increased 17.7% YoY, while personal loans were up 1.8% YoY Mortgages 2Q22 3Q22 3Q21 1Q22 4Q21 188,274 193,840 207,704 197,375 202,559 +2.5% +10.3% 3Q21 4Q21 1Q22 2Q22 3Q22 54,136 50,454 53,405 57,566 60,571 +5.2% +20.1% 68,357 1Q22 4Q21 3Q21 2Q22 3Q22 65,612 80,787 72,537 76,418 +5.7% +23.1% Auto Personal Payroll Organic growth of +13.1% YoY One of the top mortgage originators in Mexico, with Hipoteca Plus and Hipoteca Free accounting for 58% and 45% of new mortgages E2E digital process managing 97% of transactions Credit Cards Consumer 1
9 Digital Metrics Still Growing at Double - Digit Rate Notes: 1) Thousands of customers. 2) Monetary transactions of individuals. 3) Sales by channel of individuals and SMEs. Figures may vary from those previously reported due to restatements. Loyal Customers 1 Digital Customers 1 Digital Channels Mobile Customers 1 2Q22 3Q21 1Q22 4Q21 3Q22 3,825 3,895 4,002 4,113 4,214 +10.2% 4Q21 3Q21 1Q22 5,762 2Q22 3Q22 5,308 5,544 5,668 5,813 +9.5% 3Q22 3Q21 1Q22 2Q22 4Q21 5,011 5,252 5,485 5,383 5,547 +10.7% 2% 98% 4% 96% Sep’21 48.3% Sep’22 42.2% Internet Mobile Sep’22 47% 53% 61% Sep’21 39% Others Digital Digital Transactions / Total Transactions 2 Products Sales by Channel 3 41% 43% Loyal / Active
10 Solid Performance in Commercial Loans Despite Soft SME Loan Demand Source: Company filings under CNBV GAAP, in million pesos. Commercial Loans 354,907 325,771 3Q21 3Q22 +8.9% SMEs Middle - Market Corporates Government & Fin. Ent . 2Q22 3Q21 4Q21 1Q22 3Q22 55,787 56,853 55,790 54,175 52,509 - 3.1% - 7.6% 1Q22 2Q22 3Q21 4Q21 3Q22 220,051 200,885 200,834 223,512 227,820 +1.9% +13.4% 68,033 4Q21 3Q21 1Q22 3Q22 2Q22 84,447 72,093 71,228 74,578 +4.7% +9.6% 3Q22 1Q22 2Q22 3Q21 4Q21 98,350 85,648 94,296 98,458 98,008 +0.3% +14.8%
- 13.8% 11 Growth in Term Deposits Boosted by Higher Interest Rate Environment, while Demand Deposits Reflect Our Profitability Focus Source: Company filings under CNBV GAAP, in millions pesos. Notes: 1) Includes money market. Total Deposits Strategy to attract more profitable deposits boosted individual demand deposits by 6.0% YoY Corporate demand deposit contraction of 13.8% reflects increased focus on profitability Contribution of individuals to total deposits was 38.2%, the highest mix versus previous third quarters 26% 74% 4Q21 3Q21 28% 72% 27% 73% Demand 1Q22 29% 71% 2Q22 32% 68% 3Q22 Term 765,555 766,336 783,118 787,057 791,610 - 3.3% - 0.1% 3Q21 522,456 3Q22 563,372 - 7.3% 3Q22 3Q21 202,964 243,099 +19.8% +6.0% Individuals Corporate +7.4% +29.5% Term Deposits 1 Demand Deposits Mix Term Deposits 1 Mix Demand Deposits 62.4% 25.2% 2016 74.8% 37.6% 3Q22 60.5% 78.1% 21.9% 39.5% 2016 3Q22 Individuals Corporate
12 Liquidity and Capital Position Remains Sound Source: Company filings under CNBV GAAP, in million pesos. Notes: 1) Loans net of allowances divided by total deposits (Demand + Term). 2) LCR = Liquidity Coverage Ratio. / 3) In addition we have Ps.34,475 million of short - term maturities. 4) 3Q22 is preliminary. Net Loans to Deposits 1 Debt Maturity CET1 and Capitalization Sound balance sheet and liquidity position Diversified funding sources and manageable maturity profile LCR 2 of 181.11%, well above 100% Banxico regulatory requirement CET1 ratio decreased 140 bps to 13.46%, reflecting dividend payment of Ps.9,040 million in June 2022 and Ps.8,838 million in July 2022 14.86 14.84 14.89 13.84 13.46 3Q21 21.46% 4Q21 2Q22 1Q22 3Q22 4 Tier 2 AT1 CET1 19.28% 21.56% 20.21% 18.90% 21,169 148 39,059 15,225 7,100 49,902 2027 2026 2022 2023 >2028 2025 2024 20,553 3 3Q22 90.27 % 2Q22 3Q21 4Q21 1Q22 92.94 % 94.99 % 96.17% 102.28%
4.53 4.75 9M21 9M22 52,063 47,039 +10.7% 13 NII and NIM Continue to Benefit from Solid Loan Growth and Higher Interest Rates Source: Company filings under CNBV GAAP, in million pesos. Notes: 1) Quarterly ratio = Annualized net interest income as percentage of daily average interest earnings assets (3Q22). Year to date ratio = Annualized net interest income (9M22/3*4) as percentage of daily average interest earnings assets (9M22). N et Interest Income and NIM 1 NII increased 17.1% YoY, principally due to the combination of: ▪ Higher interest income from total loan portfolio: +33.9% ▪ Higher interest income from investment in securities: +45.4% ▪ Partially offset by higher interest expense from: • Repurchase agreements: +132.4% • Time deposits: +113.6% • Demand deposits: +26.7% NIM increased 30 bps YoY to 4.94% Average interest rate (TIIE28) up 384 bps YoY to 8.48% 2Q22 3Q22 4Q21 17,277 4.64 16,046 3Q21 4.46 4.59 15,684 4.70 1Q22 4.94 16,416 18,370 +6.3% +17.1%
14 Insurance and Credit Cards Continue to Drive Commissions and Fee Growth Source: Company filings under CNBV GAAP, in million pesos. Notes: * Includes fees from collections and payments, account management, checks, foreign trade and others. Net Commissions and Fees Insurance 29% Credit cards 27% Cash management* 23% Investment funds 9% Financial advisory services 8% Purchase - sale of securities and money market transactions 4% 3Q22 3Q21 2Q22 1Q22 4,760 4Q21 4,876 4,447 5,279 5,271 - 0.2% +18.5% 9M21 9M22 14,222 15,426 +8.5% Var YoY Var YoY 3Q21 2Q22 3Q22 $$ % 9M21 9M22 $$ % Insurance 1,304 1,641 1,545 241 18.5% 3,996 4,630 634 15.9% Credit cards 1,214 1,561 1,431 217 17.9% 3,996 4,219 223 5.6% Cash management* 1,214 1,237 1,358 144 11.9% 3,945 3,963 18 0.5% Investment funds 446 465 493 47 10.5% 1,288 1,404 116 9.0% Financial advisory services 251 333 393 142 56.6% 1,020 1,141 121 11.9% Purchase - sale of securities and money market transactions 234 202 215 (19) (8.1%) 628 592 (36) (5.7%) Bank correspondents (216) (160) (164) 52 (24.1%) (651) (523) 128 (19.7%) Net commissions and fees 4,447 5,279 5,271 824 18.5% 14,222 15,426 1,204 8.5%
15 Double Digit Growth in Gross Operating Income Despite Lower Market Related Gains Source: Company filings under CNBV GAAP, in million pesos. Notes: 1) Gross operating income does not include other income. Gross Operating Income 1 3Q21 22,331 4Q21 1Q22 2Q22 22,148 21,605 3Q22 23,619 24,697 +4.6% +14.3% Net Interest Income 74.4% Net Commissions and Fees 21.3% Market related revenue 4.3% 70,647 9M21 64,950 9M22 +8.8% Var YoY Var YoY 3Q21 2Q22 3Q22 Var $$ Var % 9M21 9M22 Var $$ Var % Net Interest Income 15,684 17,277 18,370 2,686 17.1% 47,039 52,063 5,024 10.7% Net Commissions and Fees 4,447 5,279 5,271 824 18.5% 14,222 15,426 1,204 8.5% Market related revenue 1,474 1,063 1,056 (418) (28.4%) 3,689 3,158 (531) (14.4%) Gross Operating Income* 21,605 23,619 24,697 3,092 14.3% 64,950 70,647 5,697 8.8%
16 Positive Performance From a Large Corporate and Healthy Asset Quality Across the Loan Book Led to Significantly Lower Cost of Risk Source: Company filings under CNBV GAAP, in million pesos. Notes: 1) Year to date = Annualized loan loss reserves (LTM) as percentage of average loans (LTM). 2) Commercial loans include: Middle - Market, SMEs, corporates, financial institutions and government. Loan Loss Reserves (LLR) C ost of Risk 1 NPL Ratio 1Q22 2.90 % 4Q21 3Q21 2Q22 1.54% 3Q22 2.75 % 2.41 % 2.06 % 2.03% - 52 bps 3Q22 3,695 3Q21 2Q22 4Q21 1Q22 785 4,385 4,289 3,874 2,856 4,480 - 72.5% 9M22 7,515 9M21 16,528 3,695 11,210 9M21 2.03% 1.54% 9M22 2.75% 3Q21 2Q22 3Q22 Var QoQ (bps) Consumer 3.51% 2.84% 2.82% (2) Credit Card 4.18% 3.39% 3.47% 8 Other consumer 3.00% 2.42% 2.33% (9) Mortgages 4.85% 3.79% 3.62% (17) Commercial 2 1.75% 1.91% 1.01% (90) SMEs 4.05% 1.67% 1.54% (13) NPL ratio 2.85% 2.56% 2.01% (55) - 82.1% - 54.5% - 121 bps - 121 bps Release of LLR from certain large corporates
48.39% 9M21 9M22 46.72% - 167 bps 17 Administrative & Promotional Expenses Grew Below Inflation Source: Company filings under CNBV GAAP, in million pesos. Notes: 1) Since January 2022, contributions to IPAB were reclassified to other operating income. 2) Quarterly ratio = Annualized opex as percentage of annualized income before opex - net of allowances (3Q22*4). Year to date ratio = Annualized cumulative opex as percentage of annualized cumulative income before opex - net of allowances (9M22/3*4). Administrative & Promotional Expenses Efficiency 2 3Q21 2Q22 4Q21 1Q22 3Q22 10,750 12,636 9,475 10,128 10,400 +2.7% - 3.3% 1 Expenses Breakdown & Performance 50.97 % 3Q21 4Q21 1Q22 2Q22 3Q22 46.28% 56.00 % 47.28 % 46.65 % - 37 bps - 469 bps 9M22 9M21 30,599 30,003 - 1.9% Var YoY Var YoY 3Q21 2Q22 3Q22 $$ % 9M21 9M22 $$ % Personnel 4,275 4,512 4,922 647 15.1% 12,269 13,907 1,638 13.4% Administrative expenses 2,820 2,954 2,736 (84) (3.0%) 7,933 8,206 273 3.4% Technology services (IT) 1,504 1,372 1,407 (97) (6.4%) 4,022 4,040 18 0.4% Depreciation and amortization 1,201 1,290 1,335 134 11.2% 3,544 3,850 306 8.6% Administrative & prom expenses before IPAB 9,800 10,128 10,400 600 6.1% 27,768 30,003 2,235 8.0% IPAB 950 - - (950) (100.0%) 2,831 - (2,831) (100.0%) Administrative & prom expenses 10,750 10,128 10,400 (350) (3.3%) 30,599 30,003 (596) (1.9%)
16.56% 9M21 9M22 10.57% +599 bps 18 Profitability Up 69% YoY; ROAE Benefitted from Lower CoR from Positive Performance in Asset Quality Source: Company filings under CNBV GAAP, in million pesos. Notes: 1) Quarterly ratio = Annualized net income as percentage of average equity (4Q21,3Q22). Year to date ratio = Annualized cumulative net income as percentage of average equity (4Q21,3Q22). Net Income ROAE 1 Effective Tax Rate Profit Before Taxes 3Q21 1Q22 4,843 4Q21 2Q22 3Q22 5,245 6,900 5,111 8,188 +18.7% +69.1% 3Q21 4Q21 1Q22 3Q22 2Q22 12.92 % 11.96 % 12.32 % 16.93 % 20.14% +321 bps +818 bps 3Q21 4Q21 1Q22 2Q22 3Q22 19.27 % 7.48 % 24.82 % 22.84 % 27.46% +462 bps +819 bps 5,999 3Q21 1Q22 4Q21 3Q22 2Q22 11,287 5,669 6,798 8,943 +26.2% +88.1% 9M22 9M21 20,199 12,835 +57.4% 9M21 9M22 25.27% 21.13% +414 bps 16,273 9M22 9M21 27,028 +66.1%
Revising 2022 Guidance 19 Metrics 2022 Target 1 9M22 Revised 2022 Target Total Loans Δ 7% − 9% Δ 12.1% Δ 7% − 9% Total Deposits Δ 6% − 8% Δ - 0.1% Δ 0% − 2% Cost of Risk Below 2.4% 1.5% Below 2.0% Expenses 2 Δ 6% − 8% Δ 8.0% Δ 8% − 9% Tax Rate 23% − 24% 25.3% 25% − 26% Net Income North of 30% Δ 57.4% North of 40% 1) Revised on July 28, 2022. 2) Comparable basis - excluding the contributions to IPAB in both periods.
Questions and Answers
21 Annexes
22 (1) Figures from July to September 2022. (2) MXN million. Further Embedding ESG to Build a More Responsible Bank Environmental : supporting the green transition Social: building a more inclusive society >1.5mn financially empowered people 2019 - H1’22 Governance: doing business the right way 17% women in senior positions 100% Electricity from renewable sources 50% independent directors 36% women on the board ESG Panel Formed to structure our governance in terms of sustainable businesses Sustainable Finance 1 1 st Labeled Derivative 1 Social Bond 1 Sovereign Bonds Linked to the SDGs 2 Sustainable Linked Bonds $1.6 mn 2 for 6 best start ups Award Santander X: science, health and tech awards. "Sin Brecha " Award Executive Power of the State of Querétaro 1 independent woman board president Línea 3 Metrobus Financed the purchase of 50 electric buses for the public transport service in Mexico City
23 Macroeconomic Source: INEGI, Banxico and Santander. * Revised from previous quarter. GDP Growth (%) Average Exchange Rate (MXP/USD) Annual Inflation Rate (%) Central Bank Monetary Policy (%, end of year) 4.8 1.6 2022E 2020 2021 2023E 2024E - 8.2 1.9 * 0.8 * 21.5 20.3 21.7 2023E 2020 2021 2022E 2024E 20.5 * 21.2 * 3.2 7.4 4.2 2020 2021 2022E 2023E 2024E 8.8 * 5.2 * 4.25 5.50 9.00 2022E 2020 2021 2023E 2024E 10.25 * 10.00 * 9.00 2.2 20.3 20.7 7.6 4.5 1.5 9.00
24 Consolidated Statement of Comprehensive Income Source: Company filings under CNBV GAAP, in million pesos. % Variation % Variation 3Q21 2Q22 3Q22 QoQ YoY 9M21 9M22 YoY Interest income 24,949 31,217 35,605 14.1 42.7 75,146 95,083 26.5 Interest expense (9,265) (13,940) (17,235) 23.6 86.0 (28,107) (43,020) 53.1 Net interest income 15,684 17,277 18,370 6.3 17.1 47,039 52,063 10.7 Provisions for loan losses (4,385) (2,856) (785) (72.5) (82.1) (16,528) (7,515) (54.5) Net interest income after provisions for loan losses 11,299 14,421 17,585 21.9 55.6 30,511 44,548 46.0 Commission and fee income 6,298 7,368 7,450 1.1 18.3 19,495 21,920 12.4 Commission and fee expense (1,851) (2,089) (2,179) 4.3 17.7 (5,273) (6,494) 23.2 Net gain (loss) on financial assets and liabilities 1,474 1,063 1,056 (0.7) (28.4) 3,689 3,158 (14.4) Other operating income (514) (1,909) (2,225) 16.6 — (1,720) (6,425) 273.5 Administrative and promotional expenses (10,750) (10,128) (10,400) 2.7 (3.3) (30,599) (30,003) (1.9) Operating income 5,956 8,726 11,287 29.3 89.5 16,103 26,704 65.8 Equity in results of associated companies 43 217 0 (100.0) (100.0) 170 324 90.6 Operating income before income taxes 5,999 8,943 11,287 26.2 88.1 16,273 27,028 66.1 Current income taxes (1,204) (2,299) (4,065) 76.8 237.6 (2,728) (7,210) 164.3 Deferred income taxes (net) 48 256 966 277.3 1,912.5 (710) 381 (153.7) Income from continuing operations 4,843 6,900 8,188 18.7 69.1 12,835 20,199 57.4 Discontinued operations 0 0 0 — — 0 0 — Consolidated net income 4,843 6,900 8,188 18.7 69.1 12,835 20,199 57.4 Other comprehensive income — (3,666) (327) (91.1) — — (7,120) — Valuation of financial instruments to collect or sell — (3,149) 112 (103.6) — — (6,065) — Valuation of derivatives financial instruments for cash flow hedges — (401) (425) 6.0 — — (911) — Income and expenses related to assets held for disposal — 0 0 — — — 0 — Remeasurement of defined benefit obligation — (116) (14) (87.9) — — (144) — Cumulative translation effect — 0 0 — — — 0 — Result from holding non - monetary assets — 0 0 — — — 0 — Participation in ORI of other entities — 0 0 — — — 0 — Integral result — 3,234 7,861 143.1 — — 13,079 — Net result attributable to: — 6,900 8,188 18.7 — — 20,199 — Controlling interest — 6,900 8,188 18.7 — — 20,199 — Non - controlling interest — 0 0 — — — 0 — Comprehensive income attributable to: — 3,234 18,528 472.9 — — 23,746 — controlling interest — 3,234 18,528 472.9 — — 23,746 — Non - controlling interest — 0 0 — — — 0 — Basic earnings per common share — 1.02 1.21 18.6 — — 2.98 — Non - controlling interest — 0 0 — — — 0 — Net income 4,843 0 0 — — 12,835 0 —
25 Consolidated Statement of Financial Position Source: Company filings under CNBV GAAP, in million pesos. % Variation Sep - 21 Jun - 22 Sep - 22 QoQ YoY Funds available 96,797 — — — — Cash and cash equivalents — 79,146 77,121 (2.6) — Margin accounts 3,938 4,413 5,039 14.2 28.0 Investment in securities 511,341 — — — — Investments in financial instruments — 481,124 432,737 (10.1) — Debtors under sale and repurchase agreements 16,493 80,451 224,118 — 1,258.9 Derivatives 198,255 226,069 268,556 18.8 35.5 Valuation adjustment for hedged financial assets 89 (29) (44) 51.7 (149.4) Total loan portafolio 715,759 783,466 802,319 2.4 12.1 (+/ - ) Deferred items — 2,060 2,180 5.8 — Allowance for loan losses (23,955) (24,264) (21,498) (11.4) (10.3) Loan portafolio (net) 691,804 761,262 783,001 2.9 13.2 Accrued income receivable from securitization transactions 0 0 0 — — Other receivables (net) 105,849 87,415 87,282 (0.2) (17.5) Foreclosed assets (net) 118 438 436 (0.5) — Long - life assets held for sale or for distribution to owners 0 0 1,586 — — Property, furniture and fixtures (net) 11,633 12,462 12,174 (2.3) 4.7 Long - term investment in shares 2,225 1,652 90 (94.6) (96.0) Deferred taxes and deferred profit sharing (net) 19,423 — — — — Deferred charges, advance payments and intangibles 11,128 — — — — Other 45 — — — — Advance payments and other assets (net) — 4,553 4,442 (2.4) — Rights of use assets for property, furniture and equipment (net) — 5,811 5,509 (5.2) — Deferred income tax assets (net) — 19,499 21,008 7.7 — Intangible assets (net) — 7,274 7,500 3.1 — Goodwill — 1,735 1,735 0.0 — Total assets 1,669,138 1,773,275 1,932,290 9.0 15.8 Deposits 843,310 880,816 860,514 (2.3) 2.0 Interbank loans and other organizations 33,841 35,478 26,446 (25.5) (21.9) Creditors under sale and repurchase agreements 189,565 190,364 225,744 18.6 19.1 Collateral sold or pledged as guarantee 20,841 79,047 199,271 — — Derivative financial instruments 196,960 219,701 259,723 18.2 31.9 Valuation adjustment of financial liabilities hedging 0 (36) (33) (8.3) — Lease liabilities — 6,477 6,212 (4.1) — Other payables 167,486 151,047 144,514 (4.3) (13.7) Subordinated credit notes 51,379 40,643 40,240 (1.0) (21.7) Employee benefits — 9,202 10,110 9.9 — Deferred revenues and other advances 736 361 265 (26.6) (64.0) Total liabilities 1,504,118 1,613,100 1,773,006 9.9 17.9 Total stockholders ' equity 165,020 160,175 159,284 (0.6) (3.5)
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