La Jornada – Banco del Bienstar’s profits to fall 50 percent in 2023

Mexico City. In 2023, Banco del Bienestar made profits totaling 412 million pesos, down 50.7 percent in nominal terms, compared to the 836 million reported in 2022, the institution’s latest financial results indicate.

The government institution’s expenses totaled nine thousand 511 million pesos, an increase of 72 percent compared to the five thousand 527 million pesos reported between January and December 2022.

The report shows that of that total, two thousand 283 million or 24 percent were allocated to technology issues; 18 percent or 1,673 million were remuneration; 16 percent, 1.481 million pesos, were allocated for surveillance and security systems, while 852 million pesos, or nine percent, were allocated for administration and publicity expenses.

720 million pesos or eight percent were allocated for the transfer of values; 717 million were spent on taxes and duties and 580 million on fees. The remaining amount is divided among various expenses.

It is worth remembering that, at the end of February, Banco del Binestar announced that it had already completed the construction of 2,750 new branches, which was one of the goals set at the beginning of this government. In an interview, its director general, Victor Lamoi, said that the institution operates on a non-profit basis and aims only to help provide financial services to the population.

The results report presented by the institution indicates that it is a financial entity that does not make loans, which is why it does not present a current or finished portfolio.

The financial margin (which is the difference between interest collected and paid) doubled. In 2023 it amounted to four thousand 399 million pesos, while in 2022 the figure was one thousand 958 million pesos.

The result of the above is that interest collected was 11,897 million pesos and interest expense was 7,498 million.

Through the concept of net commissions and fees, Banco del Bienstar obtained income that reached four thousand 54 million pesos, an increase of 26 percent compared to the three thousand 199 million reported in 2022.