Mexico | Banking outlook. November 2025.

Summary

Financing in Mexico has been characterized by three main trends: i) the increase in resources allocated to companies; ii) the fade out of the accounting effect of the exchange rate on the balances of loan and deposit portfolios; and iii) the strengthening of retirement funds as the main source of domestic savings.

Key points

• Key points:
• The outstanding loan portfolio to the Non-Financial Private Sector (NFPS) closed Q325 with year-on-year growth of 5.8%, after adjusting for inflation and exchange rate effects. The outstanding balance of loans to businesses is now higher than pre-pandemic levels in virtually all sectors.
• Traditional bank deposits grew 4.5% during Q3 2025, even after adjusting for inflation and exchange rate effects. Demand deposits grew at an average annual real rate of 5.0% between January and September, their highest growth rate for a similar period since 2021.
• Despite the complex economic conditions, banking sector's assets remain sound. The non-performing loan ratio for the total loan portfolio to the NFPS averaged 2.3% during January-September, remaining near its historical low.

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