Mexican financial company Unifin Financiera reported Q1 net profits of MXN 307mn ($15.3mn), down 26% YoY with interest income down 3.6% YoY to MXN 2.82bn ($140mn). Overall loan growth was 3.3% higher to MXN 65.4bn ($3.3bn) with its non-performing loan ratio at 4.9%. Net interest margins dipped to 6% from 7.3% a year ago and the company said it had cash/cash equivalents of MXN 4.8bn ($240mn). During the quarter, they also mentioned that they issued senior bonds worth $400mn at 9.875% and subsequently concluded an exchange offer for its 2023s and 2025s for $127.6mn.
Unifin’s USD 8.875% Perps were flat at 79, yielding 9.7%.