UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2023

Commission File Number: 000-55899

BANCO SANTANDER MÉXICO, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO SANTANDER MÉXICO

(Exact Name of Registrant as Specified in Its Charter)

Avenida Prolongación Paseo de la Reforma 500

Colonia Lomas de Santa Fe

Alcaldía Álvaro Obregón

01219, Ciudad de México

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

BANCO SANTANDER MÉXICO, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO SANTANDER MÉXICO

TABLE OF CONTENTS

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: April 27, 2023

Item 1

TABLE OF CONTENTS

I.Key Highlights for the Quarter	2
II.CEO Message	3
III.Analysis of 1Q23 Consolidated Results	3
IV.Responsible Banking	17
V.Relevant Events and Activities	18
VI.Awards and Recognitions	19
VII.Credit Ratings	19
VIII.1Q23 Earnings Call Dial-In Information	21
IX.Definition of Ratios	21
X.Consolidated Financial Statements	24
XI.Notes to Consolidated Financial Statements	32

Earnings Release | 1Q.2023
Banco Santander México	1

Banco Santander México Reports First Quarter 2023 Net Income of Ps.7,626 Million

Mexico City – April 26^th, 2023, Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México (NYSE: BSMX; BMV: BSMX), (“Banco Santander México” or “the Bank”), today announced financial results for the three-month period ending March 31^st, 2023.

Banco Santander México reported net income of Ps.7,626 million in 1Q23, representing a YoY increase of 49.2% and a QoQ of 21.5%.

Earnings Release | 1Q.2023
Banco Santander México	2

Felipe García, Banco Santander México CEO, commented: “I am pleased to share with you that we started the year with very strong results, with a net income of Ps.7.6 billion pesos during 1Q23, slightly more than 49% compared to the same period of the previous year, demonstrating the good results of our strategy, as well as excellent and consistent risk management. Consequently, our ROE was 17.9%, 560 bp higher than the previous year.

During the first quarter, total loans grew more than 5% year on year, with strong performance mainly in individual loans supported by double-digit growth in credit cards, payroll, and auto loans.

In terms of deposits, we had significant growth of 14.6% compared to 1Q22, mainly due to the good performance of term deposits, which grew close to 52% year-on-year, thanks to our strategy focused on increasing the deposit balance of our clients and attracting resources from the competition. However, our main opportunity continues to be increasing our share of individual demand deposits.

On the other hand, the asset quality of the portfolio remained at excellent levels despite the significant growth of individual loans. NPL ratio stood at 1.96%, improving 83 bps compared to 1Q22, while the cost of risk decreased 79 bps annually, to settle at 1.62%. These good results are due to the correct management of the portfolio carried out by the risk team, in coordination with all the bank’s business units.

Looking ahead, we will continue advancing in our multiple growth initiatives, promoting the bank's transformation, digitization and simplifying our product offering and processes to offer the best experience to our customers”.

Earnings Release | 1Q.2023
Banco Santander México	3

III. Analysis of 1Q23 Consolidated Results

(Amounts expressed in millions of pesos, except where otherwise stated)

Net income

Banco Santander México reported 1Q23 net income of Ps.7,626 million, representing an increase of 49.2% YoY, and 21.5% sequentially. The YoY increase was mainly due to the solid increase in NII and fees, despite increases in provisions and expenses.

1Q23 vs 1Q22

The 49.2% year-on-year increase in net income was principally driven by:

Earnings Release | 1Q.2023
Banco Santander México	4

The increase in net income was partially offset by:

Gross operating income

Banco Santander México’s gross operating income for 1Q23 totaled Ps.26,116 million, representing increases of 16.9% YoY, and 0.1% QoQ. The YoY increase was driven by the solid performance in net interest income, supported by the the greater focus of the Bank on individual loans and higher fees, which more than offset lower market related income.

Gross operating income is broken down as follows.

*Does not include other income

Return on average equity (ROAE)

ROAE for 1Q23 increased 560 basis points to 17.92%, from 12.32% reported in 1Q22 and increased 280 basis points from 15.12% in 4Q22. ROAE was driven by increases in core revenues along with excellent risk management.

Customer evolution

The Bank continues to increase the number of its digital and mobile clients by 9% YoY and 11%, respectively. Besides, the ratio of loyal customers continues to grow, now loyal clients represent 45% of active clients (vs 42% in the same quarter of 2022). Moreover, digital transactions now account for more than 79% of total transactions, increasing by 190 bps compared to March 2022. As of March 2023, 66% of product sales were made through digital channels, compared to 62% a year ago.

Earnings Release | 1Q.2023
Banco Santander México	5

Loan portfolio

As of March 2023, the evolution of the total loan portfolio reflected solid YoY growth, showing strong performance in individual loans, mainly due to double-digit growth in credit cards, payroll and auto loans. Mortgage loans continued expanding at a solid pace organically. While loan volumes in the commercial portfolio were impacted by corporates prepayments. As a result, total loan portfolio increased 5.2% YoY, to Ps.810,655 million in March 2023. On a sequential basis, total loan portfolio slightly increased 0.1%.

Earnings Release | 1Q.2023
Banco Santander México	6

As of March 2023, commercial loans decreased 1.0% YoY, due to decreases of 18.5% in corporate loans, 8.3% in SMEs and 2.0% in government entities. On a sequential basis, the commercial loan portfolio contracted 1.8%.

It is worth noting that auto loans continued showing a strong performance, increasing 36.5% YoY, in March 2023 and a 7.5%, sequentially. This was a result of the Bank’s alliances with leading automakers in Mexico and supported by the “Super Auto Santander” platform. In addition, with the aim of expanding the business further, the Bank has been very active in the used cars segment of the market. As of today, used car loans represent 10% of the total auto loan portfolio. According to the last information published by CNBV, market share of the Bank in the auto business expanded +270 bps to 16.2% in February ’23.

Credit card loans continued growing at a solid pace, expanding 23.5% YoY, and 3.9% QoQ, reflecting an average usage increase of 30% YoY, and supported by the Bank’s successful product “Like U”. Currently, more than 18.4% of total billing comes from “Like U” credit cards.

Payroll loans delivered a solid performance, increasing 20.0% YoY, in March 2023 and a 3.4%, sequentially, while personal loans increased 12.7% YoY, due to the Bank’s improving offer, processes and benefits programs, among others.

Mortgage loans continued showing strong growth, increasing 7.6% YoY, and 0.7%, sequentially, due to the Bank’s innovative and competitive offering in mortgages. The “Hipoteca Plus” product remains the main driver behind this strong performance, accounting for 52% of total mortgage origination in the quarter, which also helps the Bank to increase cross-selling of other products, as well as build customer loyalty. In addition, the digital onboarding platform for mortgages, “Hipoteca Online”, has allowed the Bank to be more efficient in terms of response times and eliminating the need for our customers to visit a branch, all resulting in a much better customer experience. During 1Q23, 98% of the mortgages were processed through this digital platform.

Earnings Release | 1Q.2023
Banco Santander México	7

However, the total mortgage loan portfolio is still affected by the run-off of acquired portfolios, excluding this effect, the mortgage portfolio would have increased 9.9% YoY.

Total Deposits

Total deposits in March 2023 stood at Ps.901,955 million, an increase of 14.6%. On a sequential basis, total deposits grew 7.7%. Demand deposits reached Ps.581,090 million, a slight increase of 0.9% YoY, while time deposits increased 52.1% YoY. On a sequential basis, demand deposits increased 5.3% QoQ, while time deposits increased 12.4% QoQ. Deposits from individuals expanded 21.9% YoY while corporates increased 10.2% YoY. The Bank continued working to improve its funding costs, prioritizing individual deposits and foregoing certain expensive corporate deposits. It is worth noting that although we have increased the contribution of individuals to 40.1% as of 1Q23 compared to 24.2% in 2016, we had a deterioration in the weight of demand deposits going from 73.2% in 1Q22 to 64.4% in 1Q23, derived from the strong growth in term deposits.

Net interest income

Net interest income in 1Q23 totaled Ps.20,172 million, increasing 22.9% YoY, and 1.1% QoQ.

The 22.9% YoY increase in net interest income resulted from the combination of:

The net interest margin ratio (NIM), calculated using daily average interest-earning assets for 1Q23, stood at 5.26%, compared to 4.59% in 1Q22 and 5.28% in 4Q22. The YoY increase in NIM was principally driven by the expansion of retail volumes in loans and deposits, as well as higher interest rates.

Earnings Release | 1Q.2023
Banco Santander México	8

Interest Income

Total average interest earning assets in 1Q23 amounted to Ps. 1,533,203 million, increasing 7.2% YoY, mainly due to increases in average volume of 101.2% in securities lending and repurchase agreements, 7.1% in the total loan portfolio and 10.1% in margin accounts, partially offset by decreases in average volume of 6.9% in investment securities and 15.9% in cash and cash equivalents.

Banco Santander Mexico's interest income consists mainly of interest on the loan portfolio and commissions for the initial granting of credit, which in 1Q23 generated Ps.28,161 million and represented 63.8% of total interest income. The remaining balance of interest income of Ps.15,960 million is broken down as follows: 23.2% from investments in securities, 8.9% from securities lending and repurchase agreements, 3.0% from cash and cash equivalents, and 0.9% from margin accounts.

Banco Santander México’s interest earning assets are broken down as follows:

The average interest yield on interest-earning assets in 1Q23 stood at 11.51%, increasing 361 basis points from 7.90% in 1Q22. Sequentially, the average interest yield on interest-earning assets increased 94 basis points from 10.57% in 4Q22.

Interest expense

Total average interest-bearing liabilities amounted to Ps.1,360,250 million, increasing 8.7% YoY, and were driven by increases of 34.4% in time deposits, 15.4% in bank and other loans, 8.4% in repurchase agreements and 0.9% in demand deposits, partially offset by decreases of 17.2% in debt securities issued and 9.0% in subordinated debentures.

Banco Santander México’s interest-bearing liabilities are broken down as follows:

Earnings Release | 1Q.2023
Banco Santander México	9

The average interest rate on interest-bearing liabilities in 1Q23 stood at 7.04%, increasing 325 basis points from 3.79% in 1Q22. Sequentially, interest rate on interest-bearing liabilities increased 92 basis points from 6.12% in 4Q22.

Provisions for loan losses and asset quality

During 1Q23, provisions for loan losses amounted to Ps.4,512 million, which represented increase of 16.5% YoY, and a 4.2% decrease on a sequential basis. The YoY increase reflected strong individuals loan portfolio growth.

The stage 3 total loan portfolio in March 2023 stood at Ps.15,923 million, reflecting healthy trends across the loan portfolio compared to Ps. 21,487 as of March 2022 and slightly above the Ps.15,238 million as of December 2022.

The non-performing loans led to an NPL ratio of 1.96% in March 2023, a 2.79% in March 2022 and 1.88% in December 2022.

Finally, the coverage ratio as of March 2023 stood at 146.29%, 114.63% in March 2022 and 145.82% in December 2022.

Earnings Release | 1Q.2023
Banco Santander México	10

The breakdown of the stage 3 total loan portfolio is as follows: mortgage loans 39.3%, commercial loans 32.4% and consumer loans (including credit cards) 28.3%.

Commission and fee income, net

In 1Q23, net commission and fee income totaled Ps.5,290 million, which represented an increase of 8.5% YoY, and 3.4% sequentially

Net commissions and fees went up 8.5% YoY, in 1Q23, mostly as a result of:

Earnings Release | 1Q.2023
Banco Santander México	11

The main contributors to net commissions and fees were insurance fees, which accounted for 30.1% of the total, followed by credit and debit card fees, account management and collection services fees, which accounted for 28.1%, 14.7% and 13.0% of total commissions and fees, respectively.

Earnings Release | 1Q.2023
Banco Santander México	12

Net gain (loss) on financial assets and liabilities

In 1Q23, Banco Santander México reported a Ps.654 million net gain from financial assets and liabilities, which compares with a gain of Ps.1,039 million in 1Q22 and a gain of Ps.1,028 million in 4Q22. The YoY decrease in net gains on financial assets and liabilities was related to exchange losses driven by the appreciation of the peso.

Other operating expense

Other operating expense in 1Q23 totaled Ps.767 million, which compares with an expense of Ps.2,291 million in 1Q22 and with an expense of Ps.449 million reported in 4Q22.

The Ps.1,524 million YoY decrease in other operating expense in 1Q23, was mainly due to Ps.784 million in income from the sale of acquiring business contracts, a decrease of 60.2% in legal expenses and portfolio recovery costs, and a decrease of 74.9% in provisions for legal and tax contingencies.

Earnings Release | 1Q.2023
Banco Santander México	13

Administrative and promotional expenses

Administrative and promotional expenses in 1Q23 totaled Ps.10,352 million, compared to Ps.9,475 million in 1Q22 and Ps.12,310 million in 4Q22, increasing 9.3% YoY. Sequentially, the decrease was 15.9%.

The 9.3% YoY increase was mainly due to increases of 14.3% in personnel salaries and benefits, 11.5% in depreciation and amortization and 14.5% in taxes and duties.

The efficiency ratio for the quarter improved 644 basis points YoY and 717 basis points QoQ to 40.84%. The YoY decrease reflected robust revenue growth and strict cost controls, despite inflantionary pressure.

The recurrence ratio for 1Q23 was 51.10%, down from 51.46% in 1Q22 and up from 41.58% reported in 4Q22.

Banco Santander México’s administrative and promotional expenses are broken down as follows

Earnings Release | 1Q.2023
Banco Santander México	14

Profit before taxes

Profit before taxes in 1Q23 was Ps.10,564 million, reflecting increase of 55.4% YoY and 22.6% QoQ, reflecting the strong performance of the Bank core business.

Income taxes

In 1Q23, Banco Santander México reported a tax expense of Ps.2,938 million compared to Ps.1,687 million in 1Q22 and Ps.2,343 million in 4Q22. The effective tax rate for the quarter was 27.81%, compared to 24.82% reported in 1Q22 and 27.18% in 4Q22.

Capitalization and liquidity

Banco Santander México’s capital ratio at March 2023 was 22.06%, compared to 20.21% and 19.38% at March 2022 and December 2022, respectively. The 22.06% capital ratio was comprised of 17.67% of fundamental capital (CET1), 1.49% of additional capital (AT1), and 2.90% of complementary capital (Tier 2).

As of February 2023, Banco Santander México was classified in Category 1, in accordance with Article 134 Bis of the Mexican Banking Law, and the Bank remains in this category per the preliminary results dated December 31^st, 2022, which is the most recent available analysis.

Earnings Release | 1Q.2023
Banco Santander México	15

Liquidity coverage ratio (LCR)

Pursuant to the regulatory requirements of Banxico and the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, or “CNBV”), the average Liquidity Coverage Ratio (LCR or CCL by its Spanish acronym) for 1Q23 was 212.24%, which compares to 187.34% in 1Q22 and 181.17% in 4Q22. (Please refer to note 24 of this report).

Leverage ratio

In accordance with CNBV regulatory requirements, effective June 14, 2016, the leverage ratio was 9.01% for March 2023, 7.13% for December 2022, 6.85% for September 2022, 7.13% for June 2022, and 7.97% for March.

This ratio is defined by regulators and is calculated by dividing core capital (according to Article 2 Bis 6 (CUB)) by adjusted assets (according to Article 1, II (CUB)).

BSMX Issuances

Information regarding the Bank’s certificados bursátiles bancarios, senior international debt and subordinated notes issued by Banco Santander México.

Earnings Release | 1Q.2023
Banco Santander México	16

IV. Responsible Banking

For Santander, being sustainable means considering the communities where we are present –the people and companies that make them up–, in order to generate continuous and profitable social progress at an economic, environmental, and ethical level. Santander Mexico's commitments to Responsible Banking are an example of its continuous efforts to guarantee a sustainable future for all. Operations are carried out in an ethical and transparent manner to ensure proper compliance with commitments. The Bank focuses on promoting financial inclusion, equity, the social development of communities, education, and care for the environment.

The Bank seeks to become a leading participant in contributing to the progress of people and companies in Mexico and all the countries where it operates. In this regard, it works on two main challenges: New Business Environment and Inclusive and Sustainable Growth.

The objective of the New Business Environment is for Santander employees to feel in a responsible, simple, diverse, and inclusive work environment, where leadership and commitment follow the Simple, Personal, and Fair culture while designing products focused on the client.

The goal to achieve Inclusive and Sustainable Growth aims to invest in the Bank’s community, financially empowering people, supporting higher education through scholarships and leaving a minimal environmental footprint while incentivizing ESG products across all business units.

For more details, please visit the Responsible Banking section on the investor relations website.

As a result of these efforts, Banco Santander Mexico has achieved the following recognitions throughout the year:

Earnings Release | 1Q.2023
Banco Santander México	17

Brazil, Mexico, Chile, Argentina, Uruguay, Peru and Colombia. This mobile platform allows people to access financial products and services for the first time, make deposits and withdrawals of cash, payments and receive credit.

These are some indexes and recognitions that evaluate the Bank’s performance across economic, environmental, and social issues:

These are only some examples of the Bank’s effort to become a more responsible bank. For further information about Banco Santander México as a Responsible Bank go to:

https://servicios.santander.com.mx/comprometidos/eng/index.php

V. Relevant Events and Activities

Relevant Events

Annual General Ordinary and Special Shareholders’ Meetings

On April 24, 2023, Banco Santander México held its Annual General Ordinary and Special Shareholders’ Meetings, and approved among other items:

Earnings Release | 1Q.2023
Banco Santander México	18

Banco Santander Mexico, informed about the material facts announced in connection with the Tender Offer

Banco Santander México was designated a Level III Domestic Systemically Important Financial Institution by the Mexican National Banking and Securities Commission for the eighth consecutive year

On April 4, 2023, Banco Santander México was designated a Level III Domestic Systemically Important Financial Institution by the Mexican National Banking and Securities Commission (CNBV), for the eighth consecutive year. The Bank already complies with this regulatory requirement.

Organizational changes

On January 17, 2023, Banco Santander Mexico announced the following appointments:

VI. Awards and Recognitions

Santander Private Banking Mexico, named "Best Private Bank" according to Euromoney magazine

On March 30, 2023, Santander Private Banking Mexico was recognized for the sixth consecutive year by the prestigious Euromoney magazine as "Best Private Bank".

The Euromoney awards, established in 1992 and the first of their kind in the industry, recognize the performance of the private banking sector based on a survey of more than 2,000 participants in the financial sector, including banks, fund managers and family offices.

VII. Credit Ratings

On January 20 and 31, 2023, Fitch Ratings withdrew Santander Consumo's counterparty and Primary Servicer ratings, respectively. At the date of the withdrawal, the outlook on the ratings was Stable. The ratings were withdrawn because Santander Consumo effectively extinguished due to the merger with the Bank.

Earnings Release | 1Q.2023
Banco Santander México	19

Notes:

§ BCA = Baseline Credit Assessment

§ SSR = Shareholder Support Rating

§ VR = Viability Rating

§ SCP = Standalone Credit Profile

§ CR= Counterparty Risk Assessments

N/A = Not applicable

Earnings Release | 1Q.2023
Banco Santander México	20

VIII. 1Q23 Earnings Call Dial-In Information

IX.Definition of Ratios

ROAE: Annualized net income divided by average equity

Efficiency: Annualized administrative and promotional expenses divided by annualized gross operating income (before administrative and promotional expenses and allowances).

Recurrency: Annualized net fees divided by annualized administrative and promotional expenses (net of amortizations and depreciations).

NIM: Financial margin divided by daily average interest earnings assets.

Cost of risk: Annualized provisions for loan losses divided by average loan portfolio

Annualized figures consider

Earnings Release | 1Q.2023
Banco Santander México	21

ABOUT BANCO SANTANDER MÉXICO (NYSE: BSMX; BMV: BSMX)

Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México (Banco Santander México), one of Mexico’s leading banking institutions, provides a wide range of financial and related services, including retail and commercial banking, financial advisory and other related investment activities. Banco Santander México offers a multichannel financial services platform focused on mid- to high-income individuals and small- to medium-sized enterprises, while also providing integrated financial services to larger multinational companies in Mexico. As of March 31^st, 2023, Banco Santander México had total assets of Ps.1,995 billion under Mexican Banking GAAP and more than 20.2 million customers. Headquartered in Mexico City, the Company operates 1,346 branches and offices nationwide and has a total of 26,461 employees.

We, the undersigned under oath to tell the truth declare that, in the area of our corresponding functions, we prepared the information of Banco Santander México contained in this quarterly report, which to the best of our knowledge reasonably reflects its situation.

The financial information presented in this report has been obtained from the non-audited financial statements prepared in accordance with accounting principles and regulations prescribed by the CNBV applicable to Credit Institution which are subject to the supervision of the CNBV on accounting procedures, published in the Federal Official Gazette on January 31st, 2011. The exchange rate used to convert foreign currency transactions US$ to Mexican pesos is Ps.18.0415

INVESTOR RELATIONS CONTACT

Héctor Chávez Lopez – Managing Director - IRO

+ 52 (55) 5269-1925 

hchavez@santander.com.mx

Investor Relations Team

investor@santander.com.mx

www.santander.com.mx

Earnings Release | 1Q.2023
Banco Santander México	22

LEGAL DISCLAIMER

Banco Santander México cautions that this presentation may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements could be found in various places throughout this presentation and include, without limitation, statements regarding our intent, belief, targets or current expectations in connection with: asset growth and sources of funding; growth of our fee-based business; expansion of our distribution network; financing plans; competition; impact of regulation and the interpretation thereof; action to modify or revoke our banking license; exposure to market risks including interest rate risk, foreign exchange risk and equity price risk; exposure to credit risks including credit default risk and settlement risk; projected capital expenditures; capitalization requirements and level of reserves; investment in our information technology platform; liquidity; trends affecting the economy generally; and trends affecting our financial condition and our results of operations. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, many important factors could cause actual results to differ substantially from those anticipated in forward-looking statements. These factors include, among other things: changes in capital markets in general that may affect policies or attitudes towards lending to Mexico or Mexican companies; changes in economic conditions, in Mexico in particular, in the United States or globally; the monetary, foreign exchange and interest rate policies of the Mexican Central Bank (Banco de México); inflation; deflation; unemployment; unanticipated turbulence in interest rates; movements in foreign exchange rates; movements in equity prices or other rates or prices; changes in Mexican and foreign policies, legislation and regulations; changes in requirements to make contributions to, for the receipt of support from programs organized by or requiring deposits to be made or assessments observed or imposed by, the Mexican government; changes in taxes and tax laws; competition, changes in competition and pricing environments; our inability to hedge certain risks economically; economic conditions that affect consumer spending and the ability of customers to comply with obligations; the adequacy of allowance for impairment losses and other losses; increased default by borrowers; our inability to successfully and effectively integrate acquisitions or to evaluate risks arising from asset acquisitions; technological changes; changes in consumer spending and saving habits; increased costs; unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms; changes in, or failure to comply with, banking regulations or their interpretation; and certain other risk factors included in our annual report on Form 20-F. The risk factors and other key factors that we have indicated in our past and future filings and reports, including those with the U.S. Securities and Exchange Commission, could adversely affect our business and financial performance. The words “believe,” “may,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “forecast” and similar words are intended to identify forward-looking statements. You should not place undue reliance on such statements, which speak only as of the date they were made. We undertake no obligation to update publicly or to revise any forward-looking statements after we distribute this presentation because of new information, future events or other factors. In light of the risks and uncertainties described above, the future events and circumstances discussed herein might not occur and are not guarantees of future performance.

Note: The information contained in this presentation is not audited. Nevertheless, the consolidated accounts are prepared on the basis of the accounting principles and regulations prescribed by the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) for credit institutions, as amended (Mexican Banking GAAP). All figures presented are in millions of Mexican pesos, unless otherwise indicated. Historical figures are not adjusted by inflation.

Earnings Release | 1Q.2023
Banco Santander México	23

X. Consolidated Financial Statements

Banco Santander México

§  Consolidated statement of financial position

§  Consolidated statement of comprehensive income

§  Consolidated statement of changes in stockholders’ equity

§  Consolidated statement of cash flows

§  Summary of changes due to the initial recognition of 2022 accounting principles

The information contained in this report and the financial statements of the Bank subsidiaries may be consulted on the Internet website: www.santander.com.mx or through the following direct access:

http://www.santander.com.mx/ir/english/financial/quarterly.html

There is also information on Santander México on the CNBV website: https://www.gob.mx/cnbv

Earnings Release | 1Q.2023
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