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Mexican (IPC) Banks Industry Analysis

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies5
  • 7D-1.5%
  • 3M7.5%
  • 1Y11.4%
  • YTD9.3%

Over the last 7 days, the Banks industry has dropped 1.5%, driven by Grupo Financiero Banorte. de declining 1.8%. In the past year, the industry has gained 11%. Looking forward, earnings are forecast to grow by 7.1% annually.

Industry Valuation and Performance

Has the Mexican Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 02 Mar 2026Mex$1.0tMex$395.7bMex$113.8b8.3x9.2x2.6x
Wed, 28 Jan 2026Mex$1.0tMex$229.7bMex$113.5b8.2x9x4.5x
Fri, 26 Dec 2025Mex$1.0tMex$344.2bMex$108.7b7.8x9.6x3x
Sun, 23 Nov 2025Mex$1.0tMex$344.2bMex$108.7b7.5x9.5x3x
Tue, 21 Oct 2025Mex$1.1tMex$343.2bMex$107.7b7.5x9.8x3.1x
Thu, 18 Sep 2025Mex$1.1tMex$343.2bMex$107.7b8.3x10.5x3.3x
Sat, 16 Aug 2025Mex$1.1tMex$343.2bMex$107.7b7.6x9.8x3.1x
Mon, 14 Jul 2025Mex$1.0tMex$339.0bMex$105.4b7.6x9.9x3.1x
Wed, 11 Jun 2025Mex$1.1tMex$339.0bMex$105.4b8.1x10.3x3.2x
Fri, 09 May 2025Mex$1.1tMex$339.0bMex$105.4b7.6x10.1x3.1x
Sun, 06 Apr 2025Mex$961.2bMex$328.0bMex$102.7b6.9x9.4x2.9x
Tue, 04 Mar 2025Mex$982.7bMex$328.0bMex$102.7b7x9.6x3x
Thu, 30 Jan 2025Mex$979.6bMex$320.3bMex$115.4b7.3x8.5x3.1x
Sat, 28 Dec 2024Mex$933.0bMex$320.1bMex$115.9b7x8.1x2.9x
Mon, 25 Nov 2024Mex$878.5bMex$223.7bMex$114.6b6.5x7.7x3.9x
Wed, 23 Oct 2024Mex$1.1tMex$312.7bMex$115.5b7.5x9.6x3.6x
Fri, 20 Sep 2024Mex$1.1tMex$310.0bMex$113.0b7.3x9.8x3.6x
Sun, 18 Aug 2024Mex$1.1tMex$310.0bMex$113.0b7.5x10x3.6x
Tue, 16 Jul 2024Mex$1.2tMex$299.7bMex$113.9b7.9x10.3x3.9x
Thu, 13 Jun 2024Mex$1.1tMex$299.7bMex$113.9b7.3x9.8x3.7x
Sat, 11 May 2024Mex$1.3tMex$299.9bMex$108.3b9.4x12x4.3x
Mon, 08 Apr 2024Mex$1.2tMex$296.4bMex$106.1b9.9x11.5x4.1x
Wed, 06 Mar 2024Mex$1.3tMex$302.6bMex$106.8b9.8x12.5x4.4x
Fri, 02 Feb 2024Mex$1.5tMex$385.8bMex$134.9b9.2x11x3.8x
Sun, 31 Dec 2023Mex$1.4tMex$380.2bMex$132.7b9.3x10.8x3.8x
Tue, 28 Nov 2023Mex$1.4tMex$380.2bMex$132.7b8.2x10.3x3.6x
Thu, 26 Oct 2023Mex$1.2tMex$369.1bMex$127.8b6.8x9x3.1x
Sat, 23 Sep 2023Mex$1.2tMex$362.8bMex$123.8b8x9.5x3.2x
Mon, 21 Aug 2023Mex$1.2tMex$362.8bMex$123.8b7.9x9.4x3.2x
Wed, 19 Jul 2023Mex$1.2tMex$352.1bMex$113.3b7.9x10.6x3.4x
Fri, 16 Jun 2023Mex$1.2tMex$352.1bMex$113.3b7.9x10.6x3.4x
Sun, 14 May 2023Mex$1.2tMex$352.1bMex$113.3b8.4x10.9x3.5x
Tue, 11 Apr 2023Mex$1.2tMex$338.5bMex$100.5b9.1x11.9x3.5x
Thu, 09 Mar 2023Mex$1.2tMex$419.0bMex$100.5b10.1x12.1x2.9x
Price to Earnings Ratio

12.1x


Total Market Cap: Mex$1.2tTotal Earnings: Mex$100.5bTotal Revenue: Mex$419.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Mexican Banks Industry Price to Earnings3Y Average 10x202420252026
Current Industry PE
  • Investors are relatively neutral on the Mexican Banks industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 10.0x.
  • The 3-year average PS ratio of 3.4x is higher than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 4.2% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the Mexican Financials industry?

MX Market1.04%
Financials-1.68%
Banks-1.53%
Regional Banks0.14%
Diversified Banks-1.83%
Industry PE
  • Investors are most optimistic about the Regional Banks industry, which is trading close to its 3-year average PE ratio of 13.2x.
    • Analysts are expecting annual earnings growth of 6.0%, which is lower than the prior year's growth of 89.9% per year.
  • Investors are most pessimistic about the Diversified Banks industry, which is trading below its 3-year average of 9.7x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 7.1% over the next 5 years.
  • This is better than its past earnings decline of 9.7% per year.
  • In contrast, the Regional Banks industry is expected to see its earnings grow by 6.0% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
BBAJIO O Banco del Bajío Institución de Banca MúltipleMex$57.584.5%
+Mex$3.0b		28.9%PB1.4x
R A Regional. deMex$161.721.2%
+Mex$649.3m		21.1%PB1.5x

Latest News

R A
Mex$161.72
Regional. de
7D
1.2%
1Y
21.1%

R A: Fairly Priced Outlook Will Rely On Revenue And Margin Assumptions

Analysts have raised their price target on Regional. de to MX$178.98 from MX$171.15, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E.
BBAJIO O
Mex$57.58
Banco del Bajío Institución de Banca Múltiple
7D
4.5%
1Y
28.9%

BBAJIO O: JPMorgan Upgrade And Stable Earnings Assumptions Will Support Balanced Outlook

Analysts have nudged their price target for Banco del Bajío Institución de Banca Múltiple to MX$60.30, reflecting only very small tweaks to assumptions around discount rate, revenue growth, profit margin and future P/E that keep their overall valuation view effectively unchanged. Analyst Commentary Bullish Takeaways JPMorgan's recent upgrade signals that some high profile coverage sees the current MX$60.30 target as broadly aligned with their view of fair value, rather than stretched.
GFNORTE O
Mex$196.39
Grupo Financiero Banorte. de
7D
-1.3%
1Y
33.5%

GFNORTE O: Neutral Downgrade And Mixed Outlook Will Shape Future Performance

Analysts now set their price target for Grupo Financiero Banorte at MX$218.27, up from MX$209.50, even as one firm shifted its rating to Neutral with a MX$195 target, reflecting mixed views on the bank's valuation and risk profile. Analyst Commentary Bullish Takeaways The new average price target of MX$218.27 sits above the Neutral rating level of MX$195, which indicates that some bullish analysts still see room for valuation upside even after recent caution.
GFINBUR O
Mex$43.80
Grupo Financiero Inbursa. de
7D
-0.9%
1Y
-8.3%