Copyright ® Grupo Famsa 2014
We are committed to supporting the economic development of the Mexican people by offering them an effective banking system that extends their access to first-class financial services and credits, thereby helping them to improve their standard of living. To this end, in 2014 Banco FAMSA continued its strategy of expanding its presence in Mexico in order to take its offer of financial products and services to more locations across the nation.
Thanks to the successful conversion of 71 branches acquired in 2013 to the Banco FAMSA format, as well as the opening of branches inside new FAMSA stores, by the close of 2014 we had opened 84 new bank units in Mexico, bringing the total to 401, 26.5% more than the previous year.
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This territorial expansion, which has allowed us to expand our client base in the states of Guanajuato, Hidalgo, Puebla, Quintana Roo, Tabasco, Tlaxcala, Veracruz and Yucatán, as well as in Mexico City and the State of Mexico, was accompanied by a significant improvement in Banco FAMSA’s main financial indicators.
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The floor space dedicated to serving our banking clients grew from 33,893 square meters in 2013 to 40,582 square meters in 2014, with 102 locations still awaiting conversion over the next two years.
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The efficiency-enhancing initiatives we have implemented across our credit-granting processes, combined with the strengthening of our collection model in 2014, had a positive impact on Banco FAMSA’s non-performing loans ratio (IMOR), including collection rights. This indicator fell from 17.5% in April 2014 to 14.2% as of December 31, 2014.
The achievement reflects a comprehensive strategy to make the recovery of loans and collection of non-performing positions more agile in each of the different regions, combined with the optimization of our new credit origination processes, primarily through the estimation of the payment capacity of customers according to the different markets in which we operate.
The execution of these programs to improve Banco FAMSA’s performance included a careful monitoring of each location and each region, as well as the timely instigation of street collecting teams. As a result, we were able to improve the service we provide for our loan customers and reduce the institution’s credit risk, while at the same time offering financial options adapted to users’ financial capacity.
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Banco FAMSA continues to diversify its credit portfolio, with productive loans granted reaching Ps$2,912 million as of December 31, 2014, 9.6% more than as of year end 2013. It is important to note that 25.0% of the commercial loans portfolio corresponds to financing for Micro, Small and Medium-sized Enterprises, confirming the sustained growth of this segment, which increased in share from 13.0% in 2012 and 18.0% in 2013.
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Meanwhile, Bank Deposits, distributed over more than 1.2 million accounts, grew consistently at an annual rate of 5.9%, to Ps$14,752 million at the close of 2014. More than 90.0% of this amount corresponds to term deposits, reflecting the trust we have engendered across a continuously growing client base.
Additionally, the average cost of funding reached a record low of 4.7% in fourth quarter 2014.
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Finally, reflecting our stockholders’ commitment, long-term vision and belief in our solid business model, in the second and third quarters of 2014, Banco FAMSA made two increases in capital, of Ps$100 million and Ps$200 million respectively. This initiative strengthened the bank’s Capitalization Index (ICAP), which reached 12.9% as of year end 2014.
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Banco FAMSA’s results in a challenging economic environment proved once more the strength of this healthy credit alternative. In 2015, the bank will continue to support the economic growth of its clients and the consumers of forward-looking financial products whom it serves, and also contribute to the growth of entrepreneurial activities in Mexico.
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