Credito Real confirms positive outlook
MEXICO CITY, Nov. 8, 2021 /PRNewswire/ -- Crédito Real ("the Company") clarifies that, in stark contrast with what an orchestrated misinformation effort has sought to position, its operations are normal. Following the positive results from 3Q21, that resulted in a net interest margin above 12%, the Company finds itself in a strong financial position.
In terms of liquidity, Credito Real has now reached the levels of the last five-year average, which the Company considers to be its optimal balance of 1.5 billion pesos. Additionally, the Company executed all debt prepayments and refinancings up to date, according to the debt schedule.
Last Friday, the Company issued a special report further detailing its earnings stemming from interest in the Banco Famsa portfolio, one of the several factors that drove an increase in yields compared to last year. The report showed how interest collections were recorded as revenue on a month-to-month basis without any non-cash mark-up. A series of outlets and sell-side analysts have ensuingly updated their analysis of the Company in positive terms – and most of the others continue to reach out to ensure accurate coverage. A single case stands out.
For well over a year, the Company has faced a smear campaign executed by one investment firm. The reiterated misrepresentation of Credito Real's financials and its actions from this group have transcended the voluminous series of reports it has published and has often taken the form of a full-fledged influence campaign that seeks third party validation without being transparent about the commercial motives that drive these short-sellers' actions.
The Company is exploring legal alternatives to defend itself against the widespread misrepresentation of information and the efforts to inflict reputational and economic damage against it.
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SOURCE Crédito Real, S.A.B. de C.V.
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