Credito Real S.A.B. de C.V. SOFOM E.R. Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016
October 26, 2016 at 08:28 pm EDT
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Credito Real S.A.B. de C.V. SOFOM E.R. reported consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, interest income was MXN 2,125.0 million against MXN 1,099.7 million a year ago. Operating result was MXN 767.6 million against MXN 446.7 million a year ago. Income before participation in the results of subsidiaries was MXN 557.0 million against MXN 324.5 million a year ago. Net income was MXN 587.6 million against MXN 339.7 million a year ago. Return on average assets was 6.8% against 6.0% a year ago. Return on average stockholders' equity was 27.4% against 22.1% a year ago.
For the year to date, interest income was MXN 5,119.0 million against MXN 3,018.9 million a year ago. Operating result was MXN 1,861.2 million against MXN 1,248.2 million a year ago. Income before participation in the results of subsidiaries was MXN 1,369.1 million against MXN 949.3 million a year ago. Net income was MXN 1,368.7 million against MXN 999.4 million a year ago. Return on average assets was 5.8% against 6.2% a year ago. Return on average stockholders' equity was 23.2% against 22.8% a year ago.
Credito Real SAB de CV SOFOM ENR, formerly known as Credito Real SAB de CV Sofom ER, is a Mexico-based company that provides consumer financing. The Company provides loans, either by providing direct financing to consumers or by establishing financing programs with consumer financing dealers that sell to Credito Real the collection rights from consumer financing products. Additionally, It provides financing directly to individuals that are employed by corporations with payroll deduction agreements with consumer financing dealers authorized by Credito Real. It operates through a number of subsidiaries, including AFS Acceptance LLC.