In a recent financial report, Banco del Bienestar in Mexico City revealed a decrease in profits for the year 2023, totaling 412 million pesos. This figure is 50.7 percent lower compared to the profits of 836 million pesos in 2022.
The institution’s expenses increased significantly, totaling nine thousand 511 million pesos, a 72 percent rise from the previous year’s five thousand 527 million pesos. The breakdown of expenses shows that a substantial portion was allocated to technology issues, remunerations, surveillance and security systems, administration and promotion expenses, transfer of values, taxes and duties, and fees.
Despite the decrease in profits, Banco del Bienestar highlighted its commitment to its mission of providing financial services to the population. The institution completed the construction of 2,750 new branches, achieving one of its key goals. General director Victor Lamoyi emphasized that Banco del Bienestar operates on a non-profit basis.
Interestingly, the financial entity does not grant loans, so it does not have a current or expired loan portfolio. The financial margin, which represents the difference between interest collected and paid, doubled in 2023 compared to the previous year.
Overall, Banco del Bienestar reported an increase in income through net commissions and fees, reaching four thousand 54 million pesos in 2023, a 26 percent rise from the previous year. The institution’s results show a strong focus on providing financial services to the population and managing its finances efficiently.