Banking industry in Mexico – statistics & facts
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The Mexican banking industry is heavily concentrated, with seven large banks representing about 80 percent of the market, and three of them holding a particularly large market share. In terms of net income, for instance, BBVA, Banorte, and Santander together account for over 50 percent of the market. Consequently, the overall performance of the Mexican banking sector is closely linked to the performance of these leading banks, highlighting their significant influence on the industry's stability and growth.
Mexico boasts the second-highest GDP in Matin America and the Caribbean, surpassed only by Brazil. The nation’s relatively newly industrialized economy heavily relies on its banking industry, which experienced substantial growth in the last decade, despite a notable setback during the COVID-19 pandemic. Between 2012 and 2022, the total assets in the Mexican banking sector more than doubled, reaching 644 billion U.S. dollars by the end of that period. The net income of the banking sector also surged in recent years, reaching its highest value in 2023.
The Mexican banking industry is poised for continued growth and transformation. With a strong foundation built on the significant market presence of leading banks and increasing adoption of digital banking solutions, the sector is well-equipped to navigate future economic challenges. As technology continues to evolve and consumer preferences shift towards digital financial services, Mexico's banking industry is set to play a crucial role in driving innovation in the region.
Mexico boasts the second-highest GDP in Matin America and the Caribbean, surpassed only by Brazil. The nation’s relatively newly industrialized economy heavily relies on its banking industry, which experienced substantial growth in the last decade, despite a notable setback during the COVID-19 pandemic. Between 2012 and 2022, the total assets in the Mexican banking sector more than doubled, reaching 644 billion U.S. dollars by the end of that period. The net income of the banking sector also surged in recent years, reaching its highest value in 2023.
Access and usage of banking services
The access and usage of banking services in Mexico have shown notable trends in recent quarters. While the number of bank branches has increased, the branch density has actually decreased, indicating a slower pace of branch establishment relative to the population growth. Meanwhile, the number of ATMs has steadily risen, enhancing accessibility to banking services across the country. Furthermore, the number of deposit accounts has also seen an upward trajectory, reflecting a growing engagement with formal banking institutions. In terms of loan usage trends, the banking sector has experienced varied growth rates. Car loans surged by 20 percent in 2022, marking the highest growth in credit. Conversely, group and mortgage loans saw a decline, dropping by five percent, which was the lowest growth rate among the different types of loans.The rise of digital banking
Digital banking has become increasingly popular in Mexico, with significant growth observed over the past five years. The number of digital banks has multiplied during this period, catering to the evolving needs of tech-savvy consumers. The number of online banking users has also increased steadily, surpassing 80 million at the end of 2023. This trend is mirrored in the rising number of mobile banking app downloads, indicating a strong shift towards digital financial solutions. Among the most downloaded banking apps are BBVA, Banco Azteca, and Nubank, reflecting their widespread adoption and the growing preference for digital banking services in Mexico.The Mexican banking industry is poised for continued growth and transformation. With a strong foundation built on the significant market presence of leading banks and increasing adoption of digital banking solutions, the sector is well-equipped to navigate future economic challenges. As technology continues to evolve and consumer preferences shift towards digital financial services, Mexico's banking industry is set to play a crucial role in driving innovation in the region.
