HSBC Mexico has this week announced its first quarter 2008 financial results.
The results showed that net income for the first quarter of 2008 was MXN2,207mn, up MXN796mn, or 56.4%, compared with MXN1,411mn for the same period in 2007.
Total operating income (excluding loan impairment charges) for Q1 2008 was MXN9,638mn, up MXN1,567mn, or 19.4% compared with MXN8,071mn for the same period in 2007.
Where loans were concerned, net loans and advances to customers were MXN191.4bn at 31st March 2008, up MXN28.4bn, or 17.5%, compared with MXN162.9bn at 31st March 2007.
Total customer demand and time deposits were MXN259bn at 31st March 2008, up MXN44.7bn, or 20.9%, compared with MXN214.3bn at 31st March 2007.
The cost efficiency ratio improved to 54% for the first quarter of 2008, compared with 59.8% for the same period in 2007, HSBC revealed.
Finally, return on equity was 23.4% for the first quarter of 2008 compared with 16.5% for the same period in 2007.
Commenting on the Q1 results, Paul Thurston, CEO of Grupo Financiero HSBC:
"Grupo Financiero HSBC continued to build our business in Mexico in the first quarter of 2008, increasing our customer base, growing our business volumes, and investing for future growth."
He continued:
"Our aim is to become the leading financial services company in Mexico, and we are working hard to strengthen our customer service platform, improve our operating efficiency and manage our portfolio more effectively. Sustainable growth of our business will benefit our customers, employees, shareholders and the local community, and contribute to the development of the Mexican economy."
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