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    Ernesto María Gabilondo Márquez

    Vice President and equity research analyst at Bank of America

    Ernesto María Gabilondo Márquez is a Vice President and equity research analyst at Bank of America, specializing in coverage of financial institutions across Latin America, with a particular focus on Mexican banks. He provides in-depth analysis and investment recommendations on companies such as Banco del Bajío, Regional (Hey Banco), and other major financial entities, and his questions and commentary are regularly featured in corporate earnings calls. With a career at Bank of America extending back at least to 2020, Gabilondo is recognized for his rigorous sector analysis and has contributed to coverage of key industry developments during significant market shifts. He holds established professional analyst credentials, is active in investor relations circles, and is noted for his expertise in the performance dynamics of the Mexican banking sector.

    Ernesto María Gabilondo Márquez's questions to BANCO SANTANDER CHILE (BSAC) leadership

    Ernesto María Gabilondo Márquez's questions to BANCO SANTANDER CHILE (BSAC) leadership • Q1 2025

    Question

    Ernesto María Gabilondo Márquez inquired about Chile's economic and political outlook, the potential impact of US tariffs, the drivers behind the updated non-NII growth guidance, and the competitive threat from fintechs like Tenpo and Mercado Pago.

    Answer

    Andrés Sansone, Chief Economist, explained that while the direct impact of US tariffs is limited, indirect effects on business and consumer confidence are a concern. He also noted a political shift towards economic growth and stability. Cristian Vicuna, Head of Strategy and IR, attributed the higher non-NII guidance to a delay in interchange fee reductions. Regarding competition, he stated that Tenpo is not yet a significant competitor, while Mercado Pago is a relevant player to watch, particularly in the acquiring business.

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    Ernesto María Gabilondo Márquez's questions to BANCO SANTANDER CHILE (BSAC) leadership • Q1 2024

    Question

    Ernesto Gabilondo from Bank of America asked for the bank's expected normalized effective tax rate and inquired about the competitive landscape, specifically asking about aggressive fintechs and Santander's preparedness.

    Answer

    Cristian Vicuna, Chief of Strategic Planning and IR, projected a normalized tax rate of 21-22%. He and CFO Emiliano Muratore addressed competition by noting the absence of large disruptive fintechs seen elsewhere in the region. They identified Mercado Libre as a relevant entrant but expressed strong confidence in their own digital ecosystem, including Mas Lucas and Getnet, to compete effectively.

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    Ernesto María Gabilondo Márquez's questions to Intercorp Financial Services (IFS) leadership

    Ernesto María Gabilondo Márquez's questions to Intercorp Financial Services (IFS) leadership • Q4 2024

    Question

    Ernesto María Gabilondo Márquez of Bank of America inquired about the expected drivers for fee income growth in 2025, the revenue contribution from digital channels, key variables to monitor for the wealth management business, and the anticipated effective tax rate.

    Answer

    Executive Michela Ramat projected high single to low double-digit fee income growth for 2025, driven by a recovery in the consumer loan book. She noted that while digital adoption is high, splitting out digital fees is difficult, and the 2025 tax rate will likely be slightly higher. Executive Bruno Ferreccio del Rio added that for wealth management, he expects continued fee growth, improved NIM as rates fall, and more stable portfolio results.

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    Ernesto María Gabilondo Márquez's questions to Intercorp Financial Services (IFS) leadership • Q3 2024

    Question

    Ernesto María Gabilondo Márquez inquired about Net Interest Margin (NIM) expectations for 2025, the future evolution of cost of risk from its current normalized levels, drivers for fee income growth, and the expected timeline to reach the company's sustainable ROE target of approximately 18%.

    Answer

    Executive Michela Ramat explained that NIM is expected to recover in 2025, driven by the full-year effect of lower funding costs and a rebound in the higher-yield consumer loan portfolio. She anticipates the cost of risk will remain near the current 3.1% level, as improvements in the consumer book will be offset by a changing portfolio mix and the maturity of government guarantees. Ramat also projected strong fee income growth in 2025 from Izipay, Inteligo, and a recovery in consumer loan fees. She noted that while the 18% ROE target is getting closer, it's more likely to be achieved towards the end of 2025 rather than for the full year.

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    Ernesto María Gabilondo Márquez's questions to BANK OF CHILE (BCH) leadership

    Ernesto María Gabilondo Márquez's questions to BANK OF CHILE (BCH) leadership • Q4 2024

    Question

    Ernesto María Gabilondo Márquez inquired about Chile's political outlook, including potential presidential candidates and key reforms needed for economic growth. He also asked for the non-interest income growth forecast for 2025, considering potential caps on merchant discount rates.

    Answer

    Executive Rodrigo Aravena addressed the political climate, noting that while candidates are not yet defined, Chile's strong institutional fundamentals support stability and there is broad consensus on reforms to reduce bureaucracy. Executive Pablo Ricci handled the income question, stating that customer growth is the primary driver for fees, and projected mid- to high-single-digit growth for 2025, adding that the proposed merchant fee cap reduction has been suspended.

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    Ernesto María Gabilondo Márquez's questions to BANK OF CHILE (BCH) leadership • Q2 2024

    Question

    Ernesto María Gabilondo Márquez inquired about the reasons for the upward revision in ROE guidance to 21%, the earnings outlook for the remainder of the year and beyond, and the bank's expected competitive advantage with its new acquiring business.

    Answer

    Executive Pablo Ricci and Executive Rodrigo Aravena attributed the higher ROE guidance to a revised macroeconomic outlook, including a higher year-end interest rate forecast (5.5%) and increased inflation expectations (4.3%), which positively impact net interest margins. They noted a long-term ROE target of around 18% or higher. Regarding the new acquiring business, B-Pago, Rodrigo Aravena stated the strategy is customer-centric, initially focusing on SMEs and middle-market clients to become a 'very relevant player.' Pablo Ricci added that this initiative, along with strong customer growth, is expected to support mid-to-high single-digit fee growth.

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    Ernesto María Gabilondo Márquez's questions to CREDICORP (BAP) leadership

    Ernesto María Gabilondo Márquez's questions to CREDICORP (BAP) leadership • Q4 2024

    Question

    Ernesto Gabilondo Márquez inquired about the political outlook for Peru's upcoming presidential election, its potential impact on loan growth, and the company's sustainable Return on Equity (ROE) target for 2027.

    Answer

    CEO Gianfranco Ferrari stated it is too early to provide color on the election but acknowledged its importance. CFO Alejandro Perez-Reyes added that any election-related impact on loan growth would likely occur late in 2025, and the company expects to grow its loan book around 6%, ahead of the market. Gianfranco Ferrari also reaffirmed the company's target of achieving a sustainable ROE of around 18% by 2026, driven by the increasing profitability of its disruptive initiatives.

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    Ernesto María Gabilondo Márquez's questions to CREDICORP (BAP) leadership • Q3 2024

    Question

    Ernesto María Gabilondo Márquez inquired about the outlook for asset quality and cost of risk in 2025, and asked for the breakeven timeline for the new digital banks, Yape and Tenpo.

    Answer

    Chief Financial Officer Alejandro Perez-Reyes stated that the cost of risk is expected to continue decreasing in 2025, aiming for a level lower than 2024. Chief Executive Officer Gianfranco Piero Ferrari de Las Casas added that Yape is already past its breakeven point, while Tenpo is projected to reach breakeven in two to three years, tracking ahead of its business plan.

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