In 2021, deposits from financial intermediaries decreased 1.8% annually

After in 2020, derived from the confinement due to the Covid-19 pandemic, the capture of resources (savings) carried out by regulated financial institutions such as banks, registered significant growth, in 2021, it closed with a decrease, although the balance is considerable.

According to the report on financial savings and financing in Mexico, prepared and published by the National Banking and Securities Commission (CNBV), as of December 2020, the uptake of financial intermediaries (banking and non-banking) grew 5.9%. in its real annual comparison.

However, in its most recent report released this Monday, the regulatory body reported that as of December 2021, deposits fell 1.8% annually to a balance of 9.4 billion pesos.

The document specifies that only Infonavit, as well as savings and loan cooperatives (socaps) and popular finance companies (sofipos), registered growth in deposits as of December 2021. However, the last two represent just 1.8 and 0.3% of the overall, respectively.

Multiple banking, which represents 66.6% of total deposits from intermediaries, reached a balance of 6.3 trillion pesos as of December 2021, a figure that represented a drop of 0.8% in its real annual comparison. At the end of December 2020, growth was 10.4% against the same month of 2019.

A recent analysis, from the economic studies area of ​​BBVA Mexico, highlights that in the first months of 2022, traditional bank deposits register real annual growth, especially due to the dynamism that demand deposits are having, contrary to what It happens with those that are term that continue to fall, despite the incentive that the rise in interest rates could represent.

“An environment of higher inflation could be encouraging agents to maintain more liquid balances to finance their current spending, despite the increases in interest rates, which have been insufficient to offset the effect of higher inflation and offer a higher yield. real positive”, says the CNBV in its monthly report on banking and the financial system.

grow less

The CNBV report indicates that Infonavit, the second in market share in this segment, showed a deposit balance of 1.4 trillion pesos as of December 2021, a real annual growth of 1.4%. In 2020 the growth was 7.5 percent.

Meanwhile, in development banking there was a real annual decrease of 1.7% as of December 2021, for a balance of 916,243 million pesos.

Development banking was followed by the Bank of Mexico (Banxico) -only with Federal Government deposits-, with a balance of 343,263 million pesos, a decrease of 27.0% in its real annual comparison; and then there was the Fovissste, with 206,270 million, 1.2% less.

Socaps and sofipos, advance

The socaps and sofipos, belonging to the popular savings and credit sector, were the only intermediaries that registered growth in deposits as of December 2021, with increases of 4.2 and 4.4%, and balances of 172,422 million and 24,388 million, respectively.

In credit unions, the contraction in deposits was 6.2% with a balance of 32,572 million pesos.

The same downward trend was seen in other savings segments, such as the holding of fixed-income securities and Trust Stock Certificates, as well as foreign savings.

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