Alfredo Calvo, managing director and sector lead for financial institutions ratings at S&P Global Ratings: “In 2023, Mexican banks had solid performance based on favorable economic conditions and high interest rates that strengthened their margins. Credit growth was driven by solid private consumption, a dynamic labor market and strengthening real wages that allow individuals to increase their debt capacity. These factors and the maintenance of conservative lending policies gave banks the opportunity to grow their loan portfolios with healthy asset quality metrics and sound profitability. For this year, we expect Mexico to slow to 2.2 percent—from 3.3 percent in 2023—due to deteriorating global conditions. Given the strong link between economic dynamics and credit expansion, we expect…”