UNIFIN Announces Third Quarter 2021 Results

unifin

Mexico City, October 21st, 2021 – UNIFIN Financiera, S.A.B. de C.V. (“UNIFIN” or “the Company”) (BMV: UNIFINA), announces its results for the third quarter of 2021 (“3Q21”). The Financial Statements have been prepared based on International Financial Reporting Standards (“IFRS”), in accordance with the accounting criteria of the Mexican National Banking and Securities Commission (“CNBV”) and filed with the Mexican Stock Exchange (“BMV”). 

3Q21 Highlights

  • Interest income rose by 15.2% vs. 3Q20 to Ps. 2,999 million, mainly driven by a growing trend across our different business lines. Consequently, portfolio yield improved by 28 bps vs. 2Q21.

  • Financial margin for 3Q21 ended at Ps. 955 million, 5.0% higher than in 3Q20 explained by higher originations, enhanced profitability, and improved asset quality. 

  • Operating income increased 4.4x to Ps. 334 million vs Ps. 76 million in 3Q20, due to the improvement in origination volumes, in addition to lower provisions related to better asset quality and expense control.

  • Net Income was Ps. 433 million, 12.6% higher than 3Q20 due to a 15.2% growth in interest income, lower provisions during the quarter and a strict expense control.

  • Originations for the period ended at Ps. 7,716 million, a 62.6% increase vs. 3Q20 boosted by the normalization of market demand towards leasing, an important surge in Uniclick, structured finance and working capital.

  • Uniclick demonstrated its capacity to support SME’s financial needs through its innovative digital platform, closing the quarter with Ps. 485 million in originations, a 28.6% increase vs. 2Q21 (26.9x vs. 3Q20), and with 735 new clients YoY.

  • NPLs closed at 4.4% in 3Q21 vs 4.9% in 3Q20, with a coverage ratio of 85.0%.

  • During the quarter, the Company closed four credit loans for a total amount of USD 165 million, including its first sustainable financing, allowing UNIFIN to complete its annual funding target by ~91.5% by the end of September 2021.

 

Miranda Newswire – Full Press Release: Download PDF

 

Investor Relations Contact Details

Tel: +52 (55) 4162 8270
E-mail: unifin_ri@unifin.com.mx
Website: www.unifin.com.mx

 
About the Company
UNIFIN is the leading independent Mexican leasing company, operating as a non-banking financial services company. UNIFIN´s main business lines are leasing, factoring, auto loans, structured finance, working capital and other lending. Through UNIFIN’s leasing business line, its core business line, the Company offers operating leases for all types of equipment and machinery, various types of transportation vehicles (including cars, trucks, helicopters, airplanes, and other vessels) and other assets in a variety of industries. Through its factoring business line, UNIFIN provides liquidity and financing solutions to its customers by purchasing or discounting accounts receivable and by providing vendor financing. UNIFIN’s auto loans business line is focused on financing the acquisition of new and used vehicles.
 
Forward Looking Statements
This document may contain certain forward-looking statements. These statements are non-historical facts, and they are based on the current vision of the Management of UNIFIN Financiera, S.A.B. de C.V., for future economic circumstances, the conditions of the industry, the performance of the Company and its financial results. The terms “anticipated”, “believe”, “estimate”, “expect”, “plan” and other similar terms related to the Company, are solely intended to identify estimates or predictions. The statements relating to the declaration or the payment of dividends, the implementation of the main operational and financial strategies and plans of investment of equity, the direction of future operations and the factors or trends that affect the financial condition, the liquidity or the operating results of the Company are examples of such statements. Such statements reflect the current expectations of the management and are subject to various risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on several suppositions and factors, including economic general conditions and market conditions, industry conditions and various factors of operation. Any change in such suppositions or factors may cause the actual results to differ from expectations.

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