Message from the
Chief Executive Officer of Grupo Financiero B×+
To our esteemed shareholders and employees,
Undoubtedly, 2020 will be remembered as a complicated year for Mexico and the world. We faced challenges that we had not anticipated, which put our strengths and capacities to the test, especially our adaptation and innovation abilities.
Worldwide circumstances, such as the COVID-19 pandemic; the economic slowdown that generated uncertainty in financial markets; the collapse of oil prices; the elections in the United States and the persistent tensions between this country and China marked the international agenda.
Additionally, in the national context, our country faced natural events like the floods that mainly affected the southeast region. Once more, several railroads were blocked and, moreover, few countercyclical measures were applied to avoid the economic contraction we are going through and that will affect the subsequent years.
In contrast, we observe positive signs such as the approval of the emerging use of the first vaccines against COVID-19 in December, to which financial markets will react favorably, supplemented by significant monetary and fiscal stimuli in the largest economies. Furthermore, the last-minute closing of the Brexit negotiations took place and, in Mexico, the USMCA Agreement was enforced and it was possible to maintain stability in public finances, in spite of the situation.
B×+ was Bx+ was also affected by the challenges that arose; nonetheless, we faced them and I can affirm that we exceeded expectations in the face of the adverse environment. This was the outcome of our strategy to focus essentially on three elements: the first was to safeguard the integrity of all our employees, which we accomplished by implementing early safety measures and with the great effort of the Business Continuity Operating Committee, which I especially recognize for its extraordinary performance. The second was incorporating technological innovations to ensure operations’ continuity, connectivity with all systems and agile and timely communication with the entire team. Finally, we found a way to be even closer to our clients, anticipating their financing and liquidity needs.
In 2020, we achieved solid results; we gained market share by growing our loan portfolio by 9%, closing at 47.8 billion pesos. It is noteworthy our adequate management of the past-due portfolio, effectively containing the entries with a proactive management and close proximity to our clients.
We increased the average annual deposits by 19%, closing at 34.3 billion pesos. In stock brokerage, we reached revenues above the previous year with significant results in the capital, exchange rates and debt markets.
Besides, our leasing placements remained above 2.0 billion pesos, increasing revenues by more than 13% and profits by over 20%.
Furthermore, our insurance company obtained important triumphs; increasing our sales by 11% in a year in which the insurance market decreased. We effectively controlled all claims derived from the pandemic, contained operating expenses and closed the year with a net profit 20% above the one in 2019.
Thanks to the commitment and dedication of all of us who comprise Grupo Financiero B×+, we continue our steady progress to comply with our 2020-2025 Strategic Plan. Therefore, this year we continued incorporating technological innovations in our digital platforms, adding features to both our B×+ Online Banking and the B×+ Móvil app that simplify our clients’ operations. We launched B×+ Business Debit, which supplements the services of our B×+ Empresa account; and in alliance with Appriza Pay, we decided to create a financial solution that will allow us to boost the remittance market in our country.
In 2020 we lived our purpose, to enrich people’s lives in a passionate and coordinated way, in which all employees demonstrated their best skills to continue strengthening this great institution. I want to thank everyone for their dedication, because standing together was the only way in which we achieved these results; in the face of adversity, we stood as a team and faced it, so we will continue to do so in future years.
Together we achieve more!
Tomás Ehrenberg Aldford Chief Executive Officer of Grupo Financiero B×+