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”).
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.
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