Banamex 2015

Banco Nacional de Mxico, S. A.
,
Member of Grupo Financiero Banamex
and subsidiaries
Consolidated Financial Statements
December 31, 2015 and 2014
(With Independent Auditors Report Thereon)
(Translation from Spanish Language Original)

Independent Auditors Report
(Translation from Spanish Language Original)
The Board of Directors and Stockholders

Banco Nacional de Mxico, S. A.,
Member of Grupo Financiero Banamex and subsidiaries:
We have audited the accompanying consolidated financial statements of Banco Nacional de Mxico, S. A.,
Member of Grupo Financiero Banamex and subsidiaries (the Bank), which comprise the consolidated
statements of financial position as at December 31, 2015 and 2014, the consolidated statements of income,
changes in stockholders equity and cash flows for the years then ended, and notes, comprising a summary
of significant accounting policies and other explanatory information.
Managements responsibility for the consolidated financial statements
Management is responsible for the preparation and fair presentation of these consolidated financial
statements in accordance with the accounting criteria established by the National Banking and Securities
Commission (the Banking Commission) for financial credit institutions in Mexico, and for such internal
control as Management determines is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
Auditors responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with International Standards on Auditing (ISA). Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on our judgment, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error. In making those risk assessments, we consider internal control relevant to the Banks
preparation and fair presentation of the consolidated financial statements in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Banks internal control. An audit also includes evaluating the appropriateness of
accounting polices used and the reasonableness of accounting estimates made by Management, as well as
evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
(Continued)
2
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated
financial position of Banco Nacional de Mexico, S. A., Member of Grupo Financiero Banamex and
subsidiaries as at December 31, 2015 and 2014, and its consolidated cash flows for the years the ended, in
accordance with the accounting criteria established by the Banking Commission for credit institutions in
Mexico.
KPMG CARDENAS DOSAL, S. C.
C. P. C. Ricardo Delfn Quinzaos
February 25, 2016.

and subsidiaries
Av. Isabel la Catlica No. 44, Mxico D. F.
Consolidated Balance Sheets
(Millions of pesos)
These consolidated financial statements have been translated from the Spanish language original for the convenience of foreign/English-speaking readers.
Assets 2015 2014 Liabilities and Stockholders' Equity 2015 2014
Cash and cash equivalents (note 6) $ 129,409 108,821 Deposit funding (note 16):
Demand deposits $ 482,741 464,421
Margin accounts (note 9) 1,145 1,156 Time deposits:
General public 79,041 73,755
Investment securities (note 7): Money market 51,979 20,976
Trading 75,195 73,304 Debt securities issued 8,482 16,196
Available-for-sale 166,128 181,914
Held-to-maturity 88,314 87,197 622,243 575,348
329,637 342,415 Bank and other loans

(note 17):
Debtors on repurchase/resale agreements (note 8) 1,308 - Due on demand 19,785 5,165
Short-term 3,121 1,399
Derivatives (note 9): Long-term 1,882 1,394
Trading 33,523 30,064
Hedging 235 120 24,788 7,958
33,758 30,184 Creditors on repurchase/resale agreements (note 18) 186,435 156,829
Current loan portfolio (note 10): Collaterals sold or pledged (note 19):
Commercial loans: Repurchase ( credit balance) - 2
Business and commercial 208,914 166,549 Securities loans 23,145 34,707
Financial institutions 54,831 20,656
Government entities 45,088 39,487 Derivatives (note 9):
Trading 29,449 28,254
308,833 226,692 Hedging 653 668
Consumer loans 170,338 165,458 30,102 28,922

Residential mortgages 78,203 76,241
Other accounts payable:
Total current loan portfolio 557,374 468,391 Income taxes payable - 4,179
Employee statutory profit sharing (ESPS) payable (note 21) 780 523
Past due loan portfolio (note 10): Creditors on settlement of transactions (note 20) 69,928 117,275
Commercial loans: Creditors on margin accounts and cash received as
Business and commercial 564 567 collateral (notes 9 and 20) 10,427 6,657
Consumer loans 7,548 8,776 Sundry creditors and other accounts payable (note 20) 31,873 20,951
Residential mortgages 962 1,166
113,008 149,585
Total past due loan portfolio 9,074 10,509
Deferred credits and prepayments 4,781 4,011
Loan portfolio 566,448 478,900
Total liabilities 1,004,502 957,362
Less:
Allowance for loan losses Stockholders' equity (note 22):
(note 10(e)) 23,869 23,704 Paid-in capital:
Capital stock 35,397 35,397
Total loan portfolio, net 542,579 455,196 Additional paid-in capital 2,567 2,567
Benefits receivable on securitization 37,964 37,964

transactions (note 10(d)) 983 795
Earned capital:
Other accounts receivable, net (notes 1 and 11) 45,699 97,545 Statutory reserves 97,592 96,952
Unrealized (loss) gain from valuation of available-for-sale
Foreclosed assets, net (note 12) 41 31 securities (772) 386
Unrealized gain (loss) from valuation of derivatives cash flow
Premises, furniture and equipment, net (note 13) 13,315 14,292 hedges 108 (226)
Net income 11,994 8,030
Permanent investments (note 14) 950 1,020
108,922 105,142
Long-lived assets available for sale (note 13) 111 -
Non-controlling interest 319 251
Deferred ESPS and taxes, net (note 21) 24,612 23,186
109,241 105,393
Other assets:
Deferred charges, prepayments and intangibles (note 26) 9,656 7,072 Total stockholders' equity 147,205 143,357
Other short and long-term assets (note 15) 18,504 19,006
Commitments and contingent liabilities (note 27)
Subsequent events (note 29)
Total assets $ 1,151,707 1,100,719 Total liabilities and stockholders' equity $ 1,151,707 1,100,719
(Continued)
For more information go to http://www.banamex.com/es/conoce_banamex/informacion_financiera/banco_consolidado.htm

and subsidiaries
Consolidated Balance Sheets, continued
(Millions of pesos)
Memorandum accounts (notes 8, 10(d), 19 and 24): 2015 2014
Contingent assets and liabilities $ 39 -

Loan commitments 311,345 315,683
Assets in trust or under mandate:
In trust 1,216,230 1,207,428
Under mandate 316,048 467,542
Assets in custody or under management 7,389,022 7,491,754
Collaterals received by the entity 24,453 44,707
Collaterals received and sold or
pledged by the entity 23,145 44,709
Investment on behalf of third partier 373,621 277,355
Uncollected interest accrued on non-performing loans
non-performing loans 765 695
Other memorandum accounts $ 436,203 495,638
The historical capital stock at December 31, 2015 and 2014 amounts $23,180.
The accompanying notes are an integral part of these consolidated financial statements.
These consolidated balance sheets were prepared in accordance with the accounting criteria for credit institutions issued by the National Banking and
Securities Commission based on Articles 99, 101 and 102 of the Law for Credit Institutions, which are of a general and mandatory nature and have
been applied on a consistent basis. Accordingly, they reflect the transactions carried out by the Institution through the dates noted above.
Furthermore, these transactions were carried out and valued in accordance with sound banking practices and the applicable legal and administrative
provisions.
These consolidated balance sheets were approved by the Board of Directors under the responsibility of the following officers.
SIGNATURE SIGNATURE
Ing. Ernesto Torres Cant C.P. Ernesto Torres Landa Lpez
General Director Finance Director
SIGNATURE SIGNATURE
Lic. Martha Navarrete Villarreal C.P. Armando Leos Trejo
Internal Audit Director Corporate and Regulatory Information Director
For more information go to http://www.banamex.com/es/conoce_banamex/informacion_financiera/banco_consolidado.htm

and subsidiaries
Consolidated Statements of Income
Years ended December 31, 2015 and 2014
(Millions of pesos)
2015 2014
Interest income (note 25(a)) $ 81,380 80,848

Interest expense (note 25(a)) (13,333) (15,043)
Financial margin 68,047 65,805
Provision for loan losses (note 10(e)) (24,926) (28,940)
Financial margin after provision for loan losses 43,121 36,865
Commissions and fees income (note 25(b)) 27,257 25,271

Commissions and fees expense (5,140) (3,742)
Financial intermediation income, net (note 25(c)) 631 2,671
Other operating (expenses) income (note 25(d)) 3,726 1,368
Administrative and promotional expenses (51,301) (48,684)
Total operating income 18,294 13,749
Equity in the results of operations of associated entities (note 14) 19 24
Income before taxes 18,313 13,773
Current taxes (note 21) (7,166) (5,977)

Deferred taxes, net (note 21) 915 299
Net income 12,062 8,095
Non-controlling interest (68) (65)
Net income including controlling interest $ 11,994 8,030
Las notas
The adjuntas son
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notes integrante
are de los
an integral partestados financieros
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consolidated financial statements.
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Los presentes statements
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consolidados were approved
de resultados fueron by the Board
aprobados of el
por Directors
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de los
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SIGNATURE SIGNATURE
Ing. Ernesto
Ing. Ernesto Torres
Torres Cant
Cant C.P. Ernesto Torres Landa Lpez
DirectorDirector
General General Finance Director
SIGNATURE SIGNATURE
Internal Audit Director Corporate and Regulatory Information
Director
For more information go to http://www.banamex.com/es/conoce_banamex/informacion_financiera/banco_consolidado.html

and subsidiaries

Consolidated Statements of Changes in Stockholders Equity
Years ended December 31, 2015 and 2014
(Millions of pesos)
Paid-in capital Earned capital

Unrealized Unrealized
gain (loss) from (loss) gain from
Additional Prior valuation of valuation of Total
Capital paid-in Statutory years available-for- derivatives Net Non-controlling stockholders'
stock capital reserves results sale securities cash flow hedges income interest equity
Balances at December 31, 2013 $ 35,397 2,567 84,843 (1,066) 123 (64) 13,315 186 135,301
Changes resulting from stockholdersresolutions:

Unanimous stockholdersresolutions of April 30, 2014:
Appropriation of prior year's net income 2013 - - 13,315 - - - (13,315) - -
Appropriation of prior year's net income of subsidiaries - - (1,075) 1,075 - - - - -

Accumulative initial effect from the application of the
new provisions for creating the Banks allowance for loan losses
for commercial portfolio, net of deffered taxes and deferred
Employee Statutory Profit Sharing (note 1) - - (131) - - - - - (131)
Total changes resulting from stockholdersresolutions: - - 12,109 1,075 - - (13,315) - (131)
Changes related to the recognition of comprehensive income (note 22(b)):

Net income - - - - - - 8,030 - 8,030
Valuation of available-for-sale securities, net of deferred taxes and deferred

Employee Statutory Profit Sharing - - - - 263 - - - 263
Valuation of derivatives cash flow hedges, net of deferred taxes and
deferred Employee Statutory Profit Sharing (note 9) - - - - - (162) - - (162)
Prior years effects, subsidiaries and other - - - (9) - - - - (9)
Total changes related to the recognition of comprehensive

income - - - (9) 263 (162) 8,030 - 8,122
Non-controlling interest - - - - - - - 65 65
Balances at December 31, 2014 35,397 2,567 96,952 - 386 (226) 8,030 251 143,357
Changes resulting from stockholdersresolutions:

Agreements reached unanimously outside the Assembly
shareholders on January 15, 2015:
Declaration and payment of dividends to shareholders (Note 22 (a)) - - (2,250) - - - - - (2,250)
Agreements reached unanimosly outside the Assembly

shareholders on April 30, 2015:
Appropriation of prior year's net income 2014 - - 8,030 - - - (8,030) - -
Prior year's efects, subsidiaries and other - - 1 - - - - - 1
Agreements reached unanimously outside the Assembly

shareholders on December 16, 2015:
Declaration and payment of dividends to shareholders (note 22 (a)) - - (5,141) - - - - - (5,141)
Total changes related to stockholder decisions - - 640 - - - (8,030) - (7,390)
Changes related to the recognition of comprehensive income (note 22(b)):

Net income - - - - - - 11,994 - 11,994
Valuation of available-for-sale securities, net of deferred taxes and deferred

Employee Statutory Profit Sharing - - - - (1,158) - - - (1,158)
Valuation of derivatives cash flow hedges, net of deferred taxes and deferred
Employee Statutory Profit Sharing (note 9) - - - - - 334 - - 334
Total changes related to stockholder decisions - - - - (1,158) 334 11,994 - 11,170
Non-controlling interest - - - - - - - 68 68
Balances at December 31, 2015 $ 35,397 2,567 97,592 - (772) 108 11,994 319 147,205
The accompanying notes

Total de los are an integral
movimientos part ofalthese
inherentes consolidated
reconocimiento de financial
la statements.
utilidad integral - - - (9) 263 (162) 8,030 -
"These consolidated statements of changes in stockholdersequity were prepared in accordance with the accounting criteria for credit institutions issued by the National Banking and Securities Commission based on Articles 99, 101,and 102 of the Law for Credit
Institutions, which are of general and mandatory nature and have been applied on a consistent basis. Accordingly, they reflect all the stockholders equity account entries relating to the transactions carried out by the Institution through the dates noted above.
Participacion no controladora - - - - - - - 65
Furthermore, these transactions were carried out and valued in accordance with sound banking practices and the applicable legal and administrative provisions. "
Saldos consolidated
"These al 31 de diciembre de 2014
statements $ under35,397
of changes in stockholders equity were approved by the Board of Directors the responsibility of2,567
the following96,952
officers." - 386 (226) 8,030 251
SIGNATURE RUBRICA
SIGNATURE SIGNATURE SIGNATURE
RUBRICA
Ing. Ernesto Torres Cant C.P. Ernesto Torres Landa Lpez Lic. Martha Navarrete Villarreal C.P. Armando Leos Trejo
General Director Finance Director Internal Audit Director Corporate and Regulatory Information Director

and subsidiaries
Consolidated Statements of Cash Flows
(Millions of pesos)
2015 2014
Net income $ 11,994 8,030
Adjustments for items not requiring cash flows:

Depreciation of property, furniture and equipment 578 853
Amortization 1,112 889
Provisions 518 1,244
Current and deferred income taxes 6,251 5,678
Equity in the results of associated entities (19) (24)
Others (12,661) (5,377)
7,773 11,293
Cash flows from operating activities:
Change in margin accounts 10 259
Change in investment securities 11,120 56,630
Change in debtors on resale/repurchase agreements (1,308) 7,001
Change in derivatives (assets) (3,459) (7,163)
Change in loan portfolio, net (87,384) (134)
Change in benefits receivable on securitization transactions (188) (123)
Change in foreclosed assets (10) 3
Change in other operating assets 54,637 4,524
Change in deposit funding 46,895 41,462
Change in bank and other loans 16,828 (13,785)
Change in creditors on resale/repurchase agreements 29,606 (121,697)
Change in collaterals sold or pledged (11,565) 18,081
Change in derivatives (liabilities) 1,195 10,473
Change in other operating liabilities (37,308) (2,270)
Change in hedging instruments (from hedged items related to
operating activities) 347 199
Payments of income taxes (12,434) (4,909)
Net cash provided by operating activities 14,755 (156)
Cash flows from investment activities:

Proceeds from premises, furniture and equipment disposals 5,152 472
Payments for premises, furniture and equipment acquisitions (1,201) (1,183)
Net cash used in investment activities 3,951 (711)
Cash flows from financing activities:

Dividend payments in cash (7,391) -
Net increase (decrease) in cash an cash equivalents 11,315 (867)
Adjustments to cash flows due to foreign exchange fluctuations 9,273 5,377
Cash and cash equivalents at the beginning of the year 108,821 104,311
Cash and cash equivalents at the end of the year $ 129,409 108,821
The
Las accompanying notes
notas adjuntas son are integrante
parte an integralde
part
losofestados
these consolidated financial statements.
financieros consolidados.
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Los presentes statements
estados of cashdeflows
consolidados were
flujos prepared se
de efectivo in formularon
accordance with the accounting
de conformidad concriteria for credit
los Criterios de institutions
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general theyaplicados
y obligatoria, reflect cash inflows consistente,
de manera and outflowsencontrndose
relating to thereflejadas
transactions
lascarried
entradasoutdebyefectivo
the Institution through
y salidas the dates
de efectivo noted above.
derivadas de las
Furthermore, these transactions
operaciones efectuadas were carried
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se realizaron applicable
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las disposiciones legales y administrativas aplicables.
These consolidated statements of cash flows were approved by the Board of Directors under the responsibility of the following officers.
Los presentes estados consolidados de flujos de efectivo fueron aprobados por el Consejo de Administracin bajo la responsabilidad de los directivos que los
suscriben.
SIGNATURE SIGNATURE
Ing. Ernesto Torres Cant C.P. Ernesto Torres Landa Lpez
General Director Finance Director
SIGNATURE SIGNATURE
Internal Audit Director Corporate and Regulatory Information
Director
and subsidiaries
Notes to Consolidated Financial Statements
(Millions of pesos)
These consolidated financial statements have been translated from the Spanish language original for
the convenience of foreign/English-speaking readers.
(1) Description of business and significant transactions of Banco Nacional de Mxico, S. A.,
Member of Grupo Financiero Banamex and subsidiaries-
Description of business-
Banco Nacional de Mxico, S. A., Member of Grupo Financiero Banamex (Banamex) is a

subsidiary of Grupo Financiero Banamex, S. A. de C. V. (Grupo Financiero Banamex) which is a
subsidiary of Citicorp (Mxico) Holdings LLC, which in turn is a subsidiary of Citigroup Inc.. In
accordance with the Credit Institutions Law, it is authorized to carry out multiple banking activities
which comprise, among others, receiving and granting loans, receipt of deposits, execution of trust
agreements, etc.; Banamex is located at Isabel la Catlica No. 44 Colonia Centro, in Mexico City. Its
subsidiaries, as described in note 3b, are engaged mainly in financial activities. Going forward,
Banamex and subsidiaries will be referred to as the Bank.
Significant transactions-
2015:
Sale of acquiring business
On June 18, 2015, the Bank completed the sale of various fixed assets and tranfered contracts that
forms part of their acquiring business to a subsidiary of Citigroup Inc. for an amount of $4,793
generating at December 31, 2015, a profit of $3,408 and a deferred credit for $313 related to the
provision for future services. The profit was recorded in the results for the year 2015 under the "Other
operating income (expense) caption. On August 31, 2015 Citigroup sold the subsidiary to a third
party.
Acquisition of loans
As described in the note 10 to the financial statements, on December 22, 2015, the Bank entered into
a transfer agreement whereby they acquired rights to collect several loans from one. The nominal
value of these loans was $4,568.
(Continued)
2

and subsidiaries
(Millions of pesos)
2014:
On June 24, 2013, the Official Gazette (Diario Oficial de la Federacin, DOF for its acronym in
Spanish) published the General Provisions applicable to Credit Institutions in Mexico (the
Provisions) issued by the National Banking and Securities Commission (the Banking
Commission), which modified the methodology to create the allowance for loan losses for
commercial portfolio to financial institutions, which also established January 1, 2014 as the effective
date for this methodology and stated that 100 percent of such allowance must be recorded no later
than June 30, 2014; consequently, the Bank recognized in the year 2014 the initial financial effect of
the additional allowance creation with a charge in stockholders equity under the Prior years
results caption of $208 ($131 net of deferred income tax and deferred employee statutory profit
sharing) as established by the Provisions.
Securitization-
As described in the note 10, on July 16, 2014, Banamex as trustor, Instituto del Fondo Nacional de la
Vivienda para los Trabajadores (INFONAVIT for its acronym in Spanish) as trustor and
administrator, and Nacional Financiera, S.N.C. (NAFIN for its acronym in Spanish) as trustee,
entered into a master agreement to establish a securitization trust with the purpose of initiating a
program for the issuance and public offering in Mexico of Secured Bonds. The program was
authorized for up to $10,000 or an equivalent amount in Invest Units (UDIS, for its acronym in
Spanish). The first issuance included 5,541,417 Preferred Secured Bonds and 240,457 Subordinated
Secured Bonds with a par value of 100 UDIS each one through the Irrevocable Trust No. 80716.
The Secured Bonds are backed by the securitization of a portion of residential mortgage loans
originated under the Infonavit Total program (loan origination program executed by Banamex and
INFONAVIT), whereby the Bank transferred the title from each and every one of its rights on the
securitized loans and related fees as well as risks and benefits, in exchange for an amount that the
Trust settled through funds obtained from the investing public on the offer and placement of Secured
Bonds and through the issuance of preferred and subordinated certificates.
(Continued)
3

and subsidiaries
(Millions of pesos)
The number of loans ceded by Banamex under the program described above was 10,488 amounting
to $1,642, net of allowance for loan losses. On July 16, 2014, NAFIN as trustee issued preferred
certificates for 25,727,500 UDIS (an equivalent amount of $132) to INFONAVIT, and issued
subordinated certificates for 30,873,106 and 28,854,839 UDIS (an equivalent amount of $159 and
$148) to INFONAVIT and Banamex, respectively, which represents the residual benefits over the
Trust. Banamex recognized preferred and subordinated certificates in the Trading securities and
Benefits receivable on securitization transactions captions, respectively.
(2) Financial statement authorization and presentation-
Authorization
On February 25, 2016, the officers undersigning the accompanying consolidated financial statements
approved the issuance of the consolidated financial statements (referred to as financial statements
going forward) and their notes.
In accordance with General Corporations Law, the Banks bylaws and the General Provisions for
Credit Institutions issued by the Banking Commission, the shareholders and the Banking Commission
are empowered to modify the financial statements after their issuance. The accompanying 2015
financial statements will be submitted to the next Stockholders Meeting for approval.
When these notes to the financial statements make reference to the balance sheets, statement of
income, statements of changes in stockholders' equity and statements of cash flows they refer to the
consolidated versions of these financial statements, except when otherwise noted.
Basis of presentation
(a) Statement of compliance-
The accompanying financial statements have been prepared based on the applicable banking
legislation, and in accordance with the accounting criteria established by the Banking
Commission for credit institutions in Mexico. The Banking Commission is responsible for the
inspection and supervision of credit institutions and for reviewing their financial information.
(Continued)
4

and subsidiaries
(Millions of pesos)
The accounting criteria indicate that without specific criteria of the Banking Commission for
Credit Institutions or in a broader context of Mexican Financial Reporting Standards (FRS), the
supplementary accounting principles and standards provided for in FRS A-8 shall be applied
and only when the International Financial Reporting Standards (IFRS) referred to by FRS A-8
do not provide guidance with respect to the accounting treatment, in which case another set of
established accounting standards may be used provided they comply with the conditions
established in FRS A-8 and are applied in the following order: generally accepted accounting
principles in the United States of America (US GAAP) and any other formal and recognized
accounting standards, provided such standards comply with the requirements of criterion A-4
of the Banking Commission.
(b) Use of estimates and judgments-
The preparation of financial statements requires Management to make a number of estimates

and assumptions affecting the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities as of the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Significant items subject to such
estimates and assumptions include valuation of financial instruments; including derivatives,
allowance for loan losses, deferred taxes and liabilities related to employee benefits. Actual
results could differ from those estimates and assumptions.
(c) Functional and reporting currency-
The aforementioned financial statements are presented in Mexican pesos (reporting currency),
which is the same as the local currency and the functional currency.
For purposes of disclosure in notes to the financial statements, pesos or $ means millions
of Mexican pesos, and dollars means dollars of the United States of America.
(d) Financial assets and financial liabilities recognition on trade date-
Assets and liabilities related to the purchase and sale of foreign currencies, investment
securities, repurchase/resale agreements and derivatives financial instruments are recognized in
the financial statements on the trade date, regardless of the settlement date.
(Continued)
5

and subsidiaries
(Millions of pesos, except otherwise noted)
(3) Summary of significant accounting policies-
The accounting policies set out below have been applied consistently to all periods presented in these
financial statements, and have been applied consistently by the Bank:
(a) Recognition of the effects of inflation-
The accompanying financial statements include the recognition of the effects of inflation on the
financial information through December 31, 2007, date on which according to FRS B-10
"Effects of Inflation" Mexico changed to a non-inflationary economic environment, based on
the value of UDI that is a unit of measurement, which value is determined by Banco de Mxico
(the Central Bank) as a result of inflation. Annual and cumulative inflation percentage of the
last three years and the value of UDI used to determine inflation, are as follows:
Cumulative inflation
UDI Annual of the last three
December 31, 2015 (in pesos) inflation years
2015 5.3812 2.10% 10.39%

2014 5.2704 4.18% 12.34%
2013 5.0587 3.78% 11.76%
===== ===== ======
(b) Principles of consolidation-
As of December 31, 2015 and 2014, the financial statements include those of Banamex and all
of its subsidiaries which it controls. All significant inter-company balances and transactions
have been eliminated in consolidation.
Certain adjustments and reclassifications have been made to align the financial statements of
subsidiaries and associated companies, which use different bases of accounting from the
accounting criteria established by the Banking Commission.
The consolidated subsidiaries in 2015 and 2014, are analyzed in the next page.
(Continued)
6
and subsidiaries
(Millions of pesos)
Ownership
Banking:
Tarjetas Banamex SOFOM 100%
Servicios Financieros Soriana SOFOM 50.001%
Real estate leasing:
Inmuebles Banamex, S.A. de C.V. 100%
IMREF, S.A. de C.V. 100%
Others:
Fideicomiso de Administracin y Pago
de Operaciones por Cuenta Propia,
celebrados con MexDer, S.A. de C.V. 100%
Fideicomiso de Administracin y Pago
de Operaciones por Cuenta de Terceros,
celebrados con MexDer, S.A. de C.V. 100%
Promotora de Bienes y Servicios
Banamex, S.A. de C.V.(PBS)(1) 100%
Travelers Auto Leasing LLC (TALC) (2) 100%
Planeacin de Recursos Humanos, S. A. de C. V. (PRH) (1) 100%
(1)
On January 30, 2015, the Bank together with the subsidiary PBS sold to two related parties which are
subsidiaries of Citigroup Inc. all the shares they held in Direccin Profesional de Empresas Afiliadas, S. A.
de C. V. (DIPEASA) for $32 generating a profit of $1. Later on April 1, 2015, through extraordinary general
shareholders meeting of PBS, the liquidation of such company was agreed. Consequently, the shares of
PRH, a subsidiary of PBS, became part of the Bank as a direct subsidiary and both DIPEASA and PBS
ceased to be subsidiaries of the Bank.
(2)
The TALC investment was subject to certain restrictions established by the Banking Commission, among
which are mainly that both AVI and TALC may not participate in the capital of other companies unless it is
authorized by the Banking Commission. The Bank has a ten year term to divest such companies and the
investment in these entities should be subtracted from the determination of the net capital.
(c) Cash and cash equivalents-

Cash and cash equivalents consist of cash in hand, precious metals (coins), deposits with
Mexican and foreign banks, foreign currency purchase and sale transactions, which
according to applicable regulations are not considered derivatives, bank loans with
original maturities of up to three days (Call Money) and deposits with the Central
Bank, disclosing items within this caption that are restricted as far as availability is
concerned. Cash and cash equivalents are recognized at par value. The cash and cash
equivalents represented by coin precious metals are recognized at fair value, considering
as such the price applicable to valuation date.
(Continued)
7

and subsidiaries
(Millions of pesos)
The foreign currency acquired in 24 and 48 hours operations is recognized as restricted cash
and cash equivalents, while the foreign currency sold is recorded as an outflow of cash and
cash equivalents. The receivables associated with foreign currency sales mentioned above, are
recorded in Other accounts receivable, net while the obligations arising from foreign
currency purchases mentioned above, are recorded in Creditors on settlement of transactions.
In case of overdrafts on checking accounts, the amount of the overdraft or some concept which
integrates availability, with a credit balance, without considering the restricted availability is
presented under Oher accounts payable.
Interest income and valuation effects are recognized in the statement of income in the year as
incurred, in the income or interest expense. The results from valuation and sale of precious
metal coins and currencies are recognized as part of Financial intermediation income, net.
(d) Margin accounts-
Margin accounts are associated with exchange trade derivative financial instruments
transactions, which receives deposits of highly liquid financial assets, intended to ensure
compliance with the obligations resulting from such instruments in order to mitigate the risk of
default. The amount of deposits corresponds to initial margin and subsequent contributions or
withdrawals made by the Bank and the clearing house for the period of derivative financial
instruments agreements.
The margin accounts in cash are recorded at par value in Margin accounts. The yields and
commissions that affect margin accounts, other than fluctuations in the prices of derivatives are
recorded as accrued in the consolidated statement of income under the Interest income and
Commission and fees expenses captions, respectively. The total or partial settlements
deposited or withdrawn by the clearing house as a result of the fluctuations in the prices of
derivatives are recognized under the caption Margin accounts and the corresponding debit or
credit to an specific account, as appropriate, which represents an advance received either a
financing granted by the clearing house and reflect the impact or evaluation of derivatives prior
to its settlement.
The rules for the recognition of non-cash margin accounts depend on the right that the clearing
house has to sale or encumber such margin account, as well as compliance, if any of the
transferor. The transferor must recognize the margin account according to what is shown on
the next page.
(Continued)
8

and subsidiaries
(Millions of pesos)
(a) If the clearing house had the right to sale or to pledge financial assets that make up the
margin account, the transferor shall reclassify the financial asset on its balance sheet,
presenting it as restricted, which will follow the rules of valuation and disclosure in
accordance with the applicable accounting criteria according to its nature, having to
observe the rules of presentation contained in the Provisions.
(b) If the transferor fails to comply with the conditions set out in the contract, and therefore
could not claim the margin account, it must take it off of its balance sheet.
(c) Except as set forth in the preceding paragraph b), the transferor shall maintain on its
balance sheet the margin account.
The counterpart of debtor or creditor nature will represent an advance received, or funding
granted by the clearing house prior to the settlement of the derivative.
(e) Investment securities-
Investment securities consist of net equity investments, bonds, certificates and other credit
instruments and documents issued in series or block listed and unlisted, that the Bank holds as
proprietary position, classified into the following categories according to management's
investment intentions, at the moment of the acquisition.
Trading securities-
Securities which are acquired with intention of saleing them in the short term to obtain a gain
from the spread between purchase and sale prices. The debt and stock instruments are initially
recorded at fair value and transaction costs for the acquisition of securities are reflected in
earnings at the acquisition date. Subsequently, at each closing date, the securities are valued at
fair value with prices obtained from independent vendors, in accordance with the regulation of
the Banking Commission, and the effects of valuation are recognized in the years income as
part of the gains (losses) from valuation under the caption Financial intermediation income,
net and when they are sold, the gains (losses) from valuation which were previously
recognized in the statement of income are reclassified , as part of Result from
purchases/sales under the caption mentioned above. Interest income and yield income, foreign
exchange gains and losses as well as dividends from net equity instruments are presented in
"Interest income or Interest expense" as applicable.
(Continued)
9

and subsidiaries
(Millions of pesos)
Available-for-sale securities-
Securities which are not classified as trading, but which are not intended to be held to maturity.
Available-for-sale securities are recorded at fair value and valuation methodologies are the
same than those applied to trading securities, however the valuation effects are recorded in the
stockholders equity under Unrealized gain from valuation of available-for-sale securities, or
in the case these securities are considered as a hedged item in a fair value hedge, the gains
(losses) from valuation recognized in the income statement. The valuation that has been
previously recognized in equity is recycled upon sale to be recognized in the consolidated
statement of income. The accrued interests are recognized according to the effective interest
method under the caption Interest income or Interest expense, as appropriate, as well as
dividends from net equity instruments.
Held-to-maturity securities-
These are debt securities, which have fixed or defined payments and maturities that the Bank
has the intent and capacity to hold until maturity. These securities are initially recognized at fair
value and are valued at amortized cost. Interest income is recognized in the statement of income
according to the effective interest method under the caption Interest income or Interest
expense, as appropriate as well foreign exchange gains or losses.
The transaction costs for the acquisition of available-for-sale and held-to-maturity securities are
initially recognized as part of the investment.
Transfers between categories-
Transfers from the category of "Held-to-maturity to Available-for-sale securities, are

permissible only when there is no intention or ability to hold them until maturity.
Reclassifications from any category to "Held-to-maturity securities" and from "Trading
securities" to Available-for-sale", can be done with the authorization granted by the Banking
Commission. Furthermore, sales of "Held-to-maturity securities" should be reported to the
Banking Commission. During the years ended December 31, 2015 and 2014, there were no
transfers between categories or sales of held-to-maturity securities.
(Continued)
10

and subsidiaries
(Millions of pesos)
Securities impairment-
When there is objective evidence that a held-to-maturity or available-for-sale security is

impaired, the respective book value is modified and the amount of the loss is recognized in the
consolidated statement of income.
Value date transactions-
Securities purchased with a settlement date of a maximum of four working days after trade
date, are recorded as restricted securities, while securities sold are recorded as securities to
deliver reducing the investment securities position. The corresponding debit or credit is made
to a clearing account. When the amount of the securities to deliver exceeds the proprietary
position of the same type of security (government, bank, equities and other debt securities), the
amount is shown as a liability under Assigned values unliquidated caption.
(f) Repurchase/resale agreements-
The repurchase/resale agreements that do not comply with the terms of criterion C-1
Recognition and withdrawals of financial assets, are treated as collateralized financing
transactions, which reflects the economic substance of those transactions. This treatment is
adopted regardless of whether it is "cash oriented" or "securities-oriented" repurchase/resale
agreement. In the cash oriented transactions the intention of the saleer is to obtain cash
financing and the intention of the buyer is to invest the cash excess, while in transactions
securities oriented the saleer has a purposes to access certain specific securities and the
intention of the buyer is to increase the yield of the investment securities.
Acting as a saleer on resale agreements-
On the contract date of the repurchase/resale agreements, either cash is received or a debit
clearing account is created as well as a payable account valued at the price agreed at
origination, which is presented as "Creditors on repurchase/resale agreements", and represents
the obligation to repay the cash to the saleer at a future date. Throughout the term of the
repurchase/resale agreements, the payable accounts are valued at amortized cost and the
corresponding accrued interest is recorded in the results for the year, in accordance with the
effective interest rate method, under the caption "Interest expense". Financial assets transferred
to the saleer are reclassified in the balance sheet, and presented as restricted securities, which
continue to be valued in accordance with the accounting policy of the corresponding asset
classification.
(Continued)
11

and subsidiaries
(Millions of pesos)
Acting as a buyer on repurchase agreements-
On the contract date of the repurchase/resale agreements, either a cash or cash equivalent
payment is made or a clearing account is recognized, and a receivable account valued at the
origination price is booked under "Debtors on repurchase/resale agreements", and represents
the right to receive the cash at a future date. Throughout the term of the resale/repurchase
agreements, the receivable accounts are valued at amortized cost and the corresponding accrued
interest is recorded in the results for the year, in accordance with the effective interest rate
method, under the caption "Interest income". Financial assets received as collateral are
recorded in memorandum accounts and are valued at fair value.
In cases where the Bank has sold or pledged collateral or grandted as collateral, the proceeds
from the transactions are recognized, and payable accounts for the obligation to repay the
collateral are booked, which is valued at fair value, or at amortized cost if the collateral has
been pledged in a further resale/repurchase agreement. The differential, which came to be
between the price received and the value of the account payable is recognized in the income
statement.
The accounts payable are mentioned in the preceding paragraph by with the accounts
receivable when the Bank acts as saleer on resale agreements and the debit or credit balance is
presented as "Debtors on repurchase/resale agreements (debit balance)" or in the category of
"Collateral sold or pledged", as appropriate.
Interest and premiums are reported under financial margin, both realized and unrealized gains
or losses from these transactions are reported under Financial intermediation income, net.
(g) Securities loaned and borrowed-
In transactions where the Bank transfers securities to the borrower, and receives financial assets
as collateral, it recognizes the related security of the transferred loan as restricted, while the
financial assets received as collateral (including the trust-managed cash) are recognized in
memorandum accounts. When the Bank receives securities from the borrower, it records the
related security of the loan received in memorandum accounts, while the financial assets
delivered as collateral are recognized as restricted (including the trust-managed cash). In both
cases, the financial assets received or delivered as collateral are recorded following the
valuation, presentation and disclosure rules in accordance with the respective accounting
criteria. In turn, securities recorded in memorandum accounts are valued according to standards
relating to transactions in custody. The premium amount earned is recognized in the statement
of income through the effective interest method during the term of the transaction, against an
account receivable or payable, as applicable. The account payable, which represents the
obligation to return the related security of the transaction, is presented within the balance sheet
caption of "Collaterals sold or pledged".
(Continued)
12

and subsidiaries
(Millions of pesos)
(h) Transactions with derivative financial instruments and hedge transactions-

Transactions with derivative financial instruments include those for trading and hedging
purposes. These instruments, regardless of managements intention, are recognized at fair value,
their accounting treatment is described as follows:
Futures and forward contracts

The net change in market value of the future price of the contract is presented in the balance
sheet with a corresponding charge or credit in the statement of income.
Swaps
Rights or obligations arising from the exchange of cash flows or asset yields (swaps) are
recorded as assets or liabilities. The assets and liabilities derived from the swaps for trading
purposes are marked to market, reporting the net value of the swap on the balance sheet, while
the related gains or losses are recognized in the statement of income.
Options
Put and call option obligations (premiums collected) and rights (premiums paid) are recorded
at the contract value and marked to market, recording gains or losses in the statement of
income.
For those derivative financial instruments that represent rights and obligations, such as futures,
forwards or swaps, the asset and liability position are offset as indicated below individually,
presenting the resulting debit balance as an asset and the resulting credit balance as a liability.
For those derivative financial instruments that only provide rights or obligations, but not both,
such as options, the related amount is presented as an asset or liability, respectively.
Structured transactions
These are transactions where there is a principal contract referred to non-derivative assets or
liabilities (typically bond or other debt instrument issuances) and a derivative element,
represented by one or more derivatives (typically options or swaps). The derivative elements of
structured transactions are not embedded derivatives but independent derivatives. The
presentation of the derivative element is separate from the principal contract; therefore,
presentation guidelines are followed depending on the type or types of non-derivative financial
assets (or financial liabilities) as well as disclosures applicable guidelines of derivatives in the
structured transaction.
(Continued)
13

and subsidiaries
(Millions of pesos)
In those agreements where the Bank identifies an embedded derivative, it is taken away from
the host contract, for valuation purposes, and is recorded as a derivate, as long as, that
component meets the guidelines established by the Provisions.
Trading derivatives
The valuation effect of trading derivatives is recorded in the consolidated balance sheet and
statement of income under the caption Derivatives and within the valuation result in the
caption Financial intermediation income, net, respectively.
Hedging derivatives
The effective portion of valuation result of hedge transactions designated as cash flows is
recognized in stockholders equity, the ineffective portion of change in fair value is recognized
in financial intermediation income. Such valuation effect is presented in the balance sheet under
the caption Derivates.
In the case that the hedging instrument of cash flow expires, is exercised, terminated or the
hedge does not meet the requirements to be considered as hedging instrument, the hedging
designation is revoked and the valuation effect of the cash flow hedging instrument which is in
stockholders equity remains under such caption and it is recognized gradually in financial
intermediation income until the forecasted transaction occurs.
The profit or loss that results from valuating a hedge instrument at fair value is recognized in
the balance sheet under the caption Derivatives, and in the statement of income under the
caption Financial intermediation income, net, given that it is presented in the same caption of
the statement of income where the valuation of the hedged item is recognized. The valuation
result of the hedged transaction is recognized in the balance sheet in Unrealized gain from
valuation for derivatives cash flow hedges, and the result is recognized in Interest income.
(i) Offsetting clearing accounts-

Amounts receivable or payable for investment securities, repurchase/resale agreements,
securities loans and/or derivative financial instruments which have expired but have not been
settled are recorded in clearing accounts under Other accounts receivable and Sundry
creditors and other accounts payable, respectively, as well as the amounts receivable or
payable for the purchase or sale of foreign currencies, which are not for immediate settlement
or those with a same day value date. Balances of clearing accounts receivables and payables are
offset (1).
(Continued)
14

and subsidiaries
(Millions of pesos)
(1)
Financial assets and liabilities are offset and the net amount presented in the balance sheet as debit or credit
balance, as appropriate, only when the Bank has a contractual right to offset the recognized amounts and
intends either to settle them on a net basis or to realize the asset and cancel the liability simultaneously.
(j) Loan portfolio-
Represents the balance of the total or partial use of the credit lines to borrowers, plus accrued
interest receivable, less interest received in advance. The allowance for loan losses is presented
deducting the balances of the loan portfolio.
The undrawn lines of credit are recorded in memorandum accounts under the caption Loan
commitments.
At the time of contracting, transactions with letters of credit are recorded in memorandum
accounts under the caption Loan commitments which, when drew down by the customer or
its counterparty, are transferred to the loan portfolio.
The commissions for loan restructures are recorded as deferred credit, which is amortized
through results of the year as an interest income. These commissions are amortized over the life
of the restructured loan.
The unrecognized loan origination fees are presented net of cost and expenses, as either Other
assets or Deferred credits and prepayments.
Past due loans and interest-
Past due.- Includes the following loans:
a) Whose borrowers are declared in bankruptcy , except for those loans which:
i. are still receiving payments in accordance with the section VIII of article 43 of
the Bankruptcy Law (LCM for its acronym in Spanish),
ii. are granted under article 75 in relation to sections II and III of article 224 of the
LCM.
(Continued)
15

and subsidiaries
(Millions of pesos)
b) According with the criteria described below:
Commercial loans with one payment of principal amount and accrued interest 30 days after
due date.
Commercial installment loans 90 days after the first unpaid installment of principal amount
and interest.
Commercial loans with one payment of principal amount and periodic interest payments 30
days after due date in the case of the principal payment and 90 days after due date in the case
of interest payments.
Revolving loans, credit cards and other Unpaid for two normal billing cycles or 60 or more
days past due.
Residential mortgage loans 90 days after the due date of the first unpaid installment.
Overdrafts on bank accounts without credit lines When the overdraft occurs.
In addition, a loan is classified as past due when the debtor files for bankruptcy protection
according to LCM.
However, loans that are still receiving payments in accordance with the section VIII of article
43 of the LCM, as well as loans granted under article 75 in relation to sections II and III of
article 224 of the LCM, will be transferred to the past due portfolio in the following events:
a) If the debt consists of loans with single payment of principal and interest at maturity
date, and have 30 or more days past due;
b) If the debt is related to loans with single payment of principal at maturity date and
periodic interest payments, and have 90 or more days past due in the interest payment, or
30 or more days overdue in the principal payment;
c) If the debt consists of loans with partial periodic payments of principal and interest,
including mortgages, and have 90 or more days past due;
d) If the debt consists of revolving loans and have two monthly billing periods past due or,
in the case where the billing period is other tan monthly, corresponding to 60 or more
days past due; and
(Continued)
16

and subsidiaries
(Millions of pesos)
e) Overdrafts on checking accounts customers and collection documents immediately that

the criterion B -1 Cash and cash equivalents" refers to, will be reported as
nonperforming loans at the time in which the event occurs.
When a loan is transferred to past due loan portfolio, the accumulation of accrued interest on
the income statement is suspended and the accrued interest is recorded in memorandum
accounts. When such interest is collected, it is recognized in the statement of income under the
caption Interest income.
Past due loans are reclassified as current loans when past due amounts (including principal
amount, interests and any other charges) are paid in full or when restructured or renewed, past
due loans are reclassified as current once a satisfactory sustained payment has been established
(see sustained payment criteria on next section). At the point at which the loan is transferred
from past due to the current loan portfolio, the past-due interest accrued recorded in
memorandum accounts is recognized in the statement of income.
The Bank regularly assesses if a past due loan should remain in the balance sheet or be written
off, only if the loan has been 100% reserved. Such write off is made by cancelling the unpaid
loan balance against the allowance for loan losses previously built for each loan.
Restructured loans-
The Bank has an eligibility criteria for restructured loans which generally consider that the
terms of such restructures are based on the repayment capacity of borrowers depending on each
of the different types of loans.
Past due loans that are restructured or renewed shall remain in the past due portfolio, until there
is evidence of sustained payment.
Loans with single payment of principal at maturity and periodic interest payments, as well as
loans with single payment of principal and interest at maturity that are restructured during the
term of the loan or renewed at any time shall be deemed past due until there is evidence of
sustained payment.
Performing loans that are restructured or renewed, without having passed at least 80% of the
original loan term will be deemed to remain as current portfolio only when the borrower:
i) Covered all the accrued interest, and

ii) Covered the principal original loan amount that should have been paid off at the
renewal or restructuring date.
(Continued)
17

and subsidiaries
(Millions of pesos)
Where all of the conditions described in the preceding paragraph are not met, the loans shall be
deemed past due from the moment they are restructured or renewed and until there is evidence
of sustained payment.
Performing loans that are restructured or renewed during the remaining 20% of the original
term, are considered current loans only when the borrower:
i) Paid all the accrued interest;

ii) Covered the entire original loan amount that at the date of the renewal or restructuring
should have been covered, and covered 60% of the original loan amount.
Where all of the conditions described in the preceding paragraph are not met, the loans shall be
deemed past due from the moment they are restructured or renewed and until there is evidence
of sustained payment.
Those loans categorized as revolving or not revolving, which are restructured or renewed at
any time shall be deemed current only when the borrower settles all of the interest accrued, the
loan is not past due, and management has elements indicating the debtors payment capability.
(k) Allowance for loan losses-
An allowance for loan losses is maintained which, in managements opinion, is sufficient to

cover credit risks associated with the loan portfolio, guarantees issued, letters of credit and
irrevocable loan commitments.
The allowances are based on studies that analyze and classify the portfolio in accordance with
the "General Provisions Applicable to Credit Institutions" (the Provisions), established by the
Banking Commission. For the analysis and classification of the portfolio, guarantees by the
Federal Government are excluded, in accordance with the Ministry of Finance and Public
Credit (SHCP).
(Continued)
18

and subsidiaries
(Millions of pesos)
Commercial loans-
The methodology used is based on the expected loss model. The calculation of the allowance
for loan losses, requires portfolio segregation into three different groups depending on the
borrowers turnover and an additional group for loans granted to financial institutions. The
methodology also considers the following parameters: i) probability of default, ii) loss given
default and iii) exposure at default. Additionally, the commercial loan portfolio is classified
into different groups, which are applied different variables for estimating probability of
default. Under the provisions issued by the Banking Commission, the initial effect for adopting
this methodology was recorded directly in stockholders equity.
Residential mortgage loans, revolving and non-revolving consumer loans-
Allowances for loan losses relating to consumer loans, particularly the ones concerning credit
card transactions, are calculated on a loan by loan basis, using the figures of the latest known
payment period and taking into consideration factors such as: i) balance due, ii) payment made,
iii) credit line, iv) minimum payment requirement as well as v) nonpayment. The total reserve
amount results from multiplying the probability of default, by the loss given default and the
exposure at default.
The calculation of the allowance for loan losses relating to residential mortgage loans is made
using figures of the last day of each month, calculating reserves on a loan by loan basis.
Furthermore, other factors such as the following are considered: i) amount due, ii) payment
made, iii) original house value, iv) loan balance, v) past-due days, vi) loan denomination, and
vii) file integration. The total reserve amount for each loan is the result of multiplying the
probability of default, by the loss given default and the exposure at default.
Additionally, the calculation of allowance for loan relating to non-revolving consumer loan
portfolio considers the following: (i) amount due, (ii) payment made, (iii) original loan amount,
(iv) original house value as well as (v) loan balance, (vi) past-due days, (vii) total loan term,
and (viii) remaining term.
The degrees of risk and the allowance percentages ranges are as shown in the next page.
(Continued)
19

and subsidiaries
(Millions of pesos)
Percentages range of allowance

Degree of Consumer Residential
risk Revolving Non-revolving mortgage Commercial
A-1 - 3.0% - 2.0% - 0.50% - 0.90%

A-2 3.01 5.0% 2.01 3.0% 0.501 0.75% 0.901 1.5%
B-1 5.01 6.5% 3.01 4.0% 0.751 1.0% 1.501 2.0%
B-2 6.51 8.0% 4.01 5.0% 1.001 1.5% 2.001 2.50%
B-3 8.01 10.0% 5.01 6.0% 1.501 2.0% 2.501 5.0%
C-1 10.01 15.0% 6.01 8.0% 2.001 5.0% 5.001 10.0%
C-2 15.01 35.0% 8.01 15.0% 5.001 10.0% 10.001 15.5%
D 35.01 75.0% 15.01 35.0% 10.001 40.0% 15.501 45.0%
E 75.01 100.0% 35.01 100.0% 40.001 100.0% Greater than 45.0%
For financial statement disclosure purposes, troubled debts are those commercial loans that
are classified as having risk classifications of D and E in accordance with the agreement
reached by the Credit Committee of the Mexican Banks Association (ABM, for its acronym in
Spanish), which established the guidelines for identifying such loans and was presented to the
Banking Commission on July 11, 2001.
In accordance with the Banks estimates and analyses, past due commercial loans rated E
and/or 100% reserved are subject to financial impairment, whereby the past due portfolio is
cancelled against the loan loss reserve. Financial write-offs on loans are also made at the time
that the Bank's management believes all collection activities are exhausted and therefore the
chances of recovery are very low. According to estimates of the Bank, this occurs in the case of
commercial loans after a year of not receiving collections and in the case of other consumer
loans after six months past due and residential mortgage loans, depending on each product, this
can happen between seven to twenty nine overdue monthly payments.
Any recovery of loans previously written off is recognized in the results of the period.
Loans listed in the Registry of Obligations and Borrowings of Mexican States and
Municipalities that share in federal revenues as a source for repaying the totality of the loan and
accounts payable by decentralized bodies of Mexican states and municipalities which maturity
from origination is less than or equal to 180 days and current, may decrease total reserves by 15
percent.
Uncollected interest accrual, considered as past due, are fully reserved.
(Continued)
20

and subsidiaries
(Millions of pesos)
Troubled debt portfolio The Bank considers troubled debts, commercial loans rated as
having risk levels D and E are regarded as troubled debts, without giving consideration to
improvements in risk levels resulting from the secured portion of the loan, as are loans that,
although current, result from negotiations in which a forgiveness, reduction or settlement was
authorized at the end of the agreed-upon term, and high probability that it will not be fully
recovered.
(l) Foreclosed assets and assets received in lieu of payment-
Assets acquired through foreclosure are recorded and stated at the lower of cost or fair value
minus costs and necessary expenses that are incurred during foreclosure. When the value of the
asset that originated the foreclosed asset, net of allowance, exceeds the value of foreclosed
assets, the difference is recognized in the results under the caption Other operating income
(expenses). Otherwise, the value of the foreclosed asset is adjusted to the net asset value. The
value of the asset that originated it and the allowance created to that date are written off in the
balance sheet. The Bank creates additional reserves on a quarterly basis to recognize potential
losses for the impairment in the asset value due to the passage of time. These reserves are
created in accordance with the Provision described in paragraph (k) of this note. The write-
downs of foreclosed assets are valued according to the type of asset; such valuation is
recognized in the results, under the caption Other operating income (expenses).
When the foreclosed assets are sold, the difference between sale price and book value, net of
allowance, is recognized in the Statement of Income in the Other operating income
(expenses) caption.
(m) Premises and equipment-
Premises and equipment are recorded at their acquisition cost, and up to December 31, 2007,
those values were restated for inflation based on factors derived from the UDI, in accordance
with accounting standards.
Depreciation and amortization are calculated on the straight-line method over the estimated
useful lives of the assets as determined by the Banks Management. The depreciation rates for
the main groups of assets are mentioned in note 13.
Up to December 31, 2007, the art collection was revalued using the UDI and adjusted
periodically in accordance to appraisals, in case of any impairment indicator. The adjusted
value of the art collection is not subject to depreciation.
(Continued)
21

and subsidiaries
(Millions of pesos)
The leasehold improvements are amortized over the useful period of the improvement or the
term of the contract, the lesser.
The maintenance and minor improvements are recorded in the statement of income as incurred.
(n) Long-lived assets available for sale-
The long-lived assets are classified as intended to be sold if they meet all the following
requirements:
a) The body of the Bank who approves this activity is committed to a sale plan.
b) The assets are available for immediate sale in its present condition subject only to the
normal terms for the sale of such assets and their sale is highly probable.
c) Actions to locate the buyer and other activities to complete the plan have been started. If
the buyer has not been located, at least the potential market has been identified.
d) It is expected that the sales plan is fulfilled in less than one year. This requirement is not
met in cases where the entity concludes sales agreements that are essentially call options
and sale and lease back contracts. An extension of the period of one year to complete the
sale does not preclude the asset to be classified as held for sale if the delay is caused by
events or circumstances beyond the control of the entity and there is sufficient evidence
that the entity remains committed with a plan to sale the asset.
e) It has adequate estimate prices to receive in exchange for the asset or group of assets.
f) It is not likely that there will be significant changes to the sales plan or that it will be
canceled.
Properties held for sale that meet the requirements of the preceding paragraph, must be valued
on the date of approval of the plan to sale at the lowest of its net book value or net saleing
price. Where appropriate, the impairment loss should be applied to the income for the year.
(Continued)
22

and subsidiaries
(Millions of pesos)
(o) Investments in associates and other permanent investments-
Investments in associated companies are valued using the equity method based on the financial
statements of the issuing companies as of December 31, 2015 and 2014. An entity is deemed an
associated company when the Bank owns directly or indirectly through subsidiaries 10% or
more of the potential voting rights where the issuer is a listed company, or 25% of the potential
voting rights where the issuer is an unlisted company in cleaning house unless it was clearly
demonstrable that ownership does not constitute significant influence. The results of its
affiliated and associated companies are recognized by the Bank in the statements of income and
the equity in the increase or decrease in other stockholders' equity accounts is recognized in the
Bank's stockholders' equity. Should the associated company incur losses, these losses shall be
recognized until the permanent investment recorded on the balance sheet reaches a zero value.
If recognized losses persist, a liability shall be recognized only if the Bank assumes a legal
obligation on behalf of the associated company.
Investments which do not have significant influence are classified as other permanent
investments, and are valued at acquisition cost, and until December 31, 2007 were restated
using factors derived from the UDI. In the event that dividends were received from these
investments, they are recognized in the results of the year.
(p) Income tax (IT) and employee statutory profit sharing (ESPS)-
IT and ESPS payable for the year are determined in conformity with the tax regulations in
effect.
(Continued)
23

and subsidiaries
(Millions of pesos)
Deferred IT and ESPS are accounted for under the asset and liability method. Deferred taxes
and ESPS assets and liabilities are recognized for the future tax consequences attributable to
differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases, and in the case of IT, for operating loss carry forwards and other
recoverable tax credits. Deferred tax and ESPS assets and liabilities are measured using
enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax and ESPS assets
and liabilities of a change in tax rates is recognized on the statement of income in the period
that includes the enactment date.
Current and deferred income taxes are presented and classified in the years results. Current
and deferred ESPS is recorded under the caption "Administration and promotional expenses" in
the income statement, except for those that are originated from a transaction recognized
directly in the stockholders equity.
(q) Benefits receivable on securitization transactions-
Amounts received by way of benefits on the trust remainder from securitization transactions are
recorded in this caption, and marked to market since their original recording, while valuation
adjustments are reflected in the statement of income.
Subsequent collections or recoveries related to benefits receivable on securitization transactions

shall be recognized based on the nature of items received, following the recognition, valuation,
presentation and disclosure standards in conformity with the applicable accounting criterion
and applied directly for reducing such benefits receivable. Moreover, subsequent collections or
recoveries in excess of the amount recorded in benefits receivable on securitization transactions
shall be recognized in the statement of income.
The loss for the difference existing between the collections or recoveries and the amount
recorded in receivable benefits is recognized in the statement of income.
(Continued)
24

and subsidiaries
(Millions of pesos)
(r) Specific purpose entities (SPEs)-
Equity in a (SPE) where no control is exerted is not subject to consolidation. Conditions to

assume no control exists in accordance with the criteria issued by the Banking Commission are:
i) that the SPE be different from the transferring entity, ii) that the SPE activities be
significantly limited and specified in legal documents and subject to change or modified solely
with the approval of the majority of holders of benefits for interests other than the transferor,
iii) that only certain assets defined by the Banking Commission may be maintained in its
balance sheet, and iv) that certain conditions are met for saleing or disposing of the allowed
assets.
(s) Deposit funding-
Deposit funding comprises demand and time deposits from the general public, as well as bank
bonds and money market funding and the principal contract of the structured bank bonds.
Interest is recognized in the statement of income on an accrual basis. For instruments sold at a
price other than face value, the difference is recognized as a deferred charge or credit and
amortized on a straight-line basis over the term of the respective instrument in the statement of
income. The portion derived from structured bank bonds is recorded as mentioned in paragraph
(h) of this note.
(t) Bank and other loans-
Bank and other loans comprise loans from domestic and foreign banks, loans obtained through
credit auctions with the Central Bank, and development fund financing. In addition, this
caption includes loans discounted with agencies specializing in financing economic, productive
or development activities. Interest is recognized on an accrual basis under the caption Interest
expenses in the statement of income.
(u) Employee benefits-
Termination benefits other than restructuring and retirement to which employees are entitled
are recorded in the statement of income, based on actuarial computations using the projected
unit credit method, considering the projected salaries. At December 31, 2015 for purposes of
recognizing benefits upon retirement, the remaining average service life of employees entitled
to plan benefits approximates 15 years.
(Continued)
25

and subsidiaries
(Millions of pesos)
The remuneration at the point of termination of services, for reasons other than restructuring, is
presented in the statement of income as part of the ordinary operations in Other operating
income (expense).
The actuarial gain or loss is recognized directly in the income statement as they accrue.
(v) Share-based payments-
The Bank has established a payment program based on equity shares of Citigroup Inc. for
certain employees, the purchase of such shares is settled in cash and a liability is recognized
during the vesting period, at the estimated fair value of the equity securities when the liability is
settled, as well as an expense in the statement of income.
(w) Revenue recognition-
Interest on loans granted including interbank interest agreed to a term less than or equal to three
business days is recognized in the statement of income on an accrual basis.
Interest on past due loans is recognized in the statement of income upon collection.
Fees and interest collected in advance are recorded as Deferred credits and prepayments and
recognized in the consolidated statement of income on an accrual basis.
Loan initial origination fees are recorded as deferred credits and amortized in the statement of
income as interest income, over the term of the related loan. Fees for annual payments and
credit cards renewals of commercial, consumer and residential mortgage loans are deferred
over a period of 12 to 360 months as appropriate, in addition, origination costs and expenses
are recognized as a deferred charge in the same period as the income arising from origination
fees charged to the creditor. Funded insurance policies form part of the loan portfolio.
Loan origination fees are presented net of costs and relating expenses, under the caption Other
assets or Deferred credits and prepayments, or an account receivable or payable, as
applicable.
(Continued)
26

and subsidiaries
Fees earned on restructured loans are added to the origination fees and are recognized as a
deferred credit, which is amortized on a straight-line basis over the new term of the loan in
interest income. The other fees and commissions are recognized when they are generated under
the caption Commissions and fees income.
Interest on fixed income securities is recognized in the statement of income on an accrual basis.
Premiums collected on repurchase/resale agreements are recognized in the consolidated
statement of income using the effective interest method over the term of the transaction.
Fees earned on trust operations are recognized in the statement of income on an accrual basis.
Fees from custody services and asset management are recognized in the statement of income
on an accrual basis.
(x) Foreign currency transactions-
The accounting records are maintained in both Mexican pesos and foreign currencies (mainly
dollars). For financial statement presentation purposes, currencies other than dollars are
translated to the dollar equivalent as established by the Banking Commission, and the dollar
equivalents, together with actual dollar balances, are then translated into Mexican pesos using
the exchange rate determined by the Central Bank for the settlement in Mexico of transactions
denominated in foreign currencies. Foreign exchange gains and losses are recognized in the
statement of income.
(y) Contributions to the Institute for the Protection of Bank Savings (IPAB for its acronym in
Spanish)-
Among other provisions, the Bank Savings Protection Law created the IPAB, whose purpose is
to establish a system to protect the savings of the public and regulate the financial support
granted to banking institutions in order to comply with this objective. IPAB guarantees
depositors accounts up to the amount of 400,000 UDIS ($2,152 and $2,108 thousand pesos as
of
December 31, 2015 and 2014, respectively). The Bank recognizes the mandatory contributions
to IPAB in the statement of income.
(Continued)
27

and subsidiaries
(Millions of pesos)
(z) Deferred charges, prepayments and intangibles-
Mainly includes other prepayments related to costs and expenses associated with granting
loans, advances or provisional tax payments, prepaid rents and other intangibles.
(aa) Contingencies-
Liabilities for loss contingencies are recorded when it is probable that a liability has been
incurred and the amount of the assessment and/or remediation can be reasonably estimated.
When a reasonable estimation cannot be made, qualitative disclosure is provided in the notes to
consolidated financial statements. Contingent income, earnings or assets are not recognized
until realization is assured.
(ab) Reclassifications-
The 2014 financial statements include certain reclassifications to conform with the 2015
presentation.
(4) Accounting changes-
Changes in general provisions applicable to credit institutions issued by the Banking

Commission in force from 2015-
I. On December 31, 2014, the Banking Commission issued a resolution amending the general
provisions applicable to credit institutions (the Resolution), which came into effect beginning
in October 2015.
It establishes the minimum capitalization index required for credit institutions of 8% and
coefficients of performance are provided for the components of net capital specifically for
basic capital of 6% and for the fundamental capital of at least 4.5%, and likewise, a supplement
capital conservation of 2.5% of weighted assets subject to total risks, which must be
constituted by incorporating basic capital.
In addition, it requires that the institutions should perform at least once a year, an assessment
of capital adequacy to determine if the net capital is sufficient to cover any losses they may
face in different scenarios, including those of adverse economic conditions, so that commercial
banks maintains, at all times, an adequate level of capital relative to their desired risk profile
and with strategies that allows them to maintain capital levels within those levels.
(Continued)
28
and subsidiaries
(Millions of pesos)
Finally, the coefficients of charge for market risk were updated considering the factors of
market risk that had not been changed in a long time and should reflect more accurately the
current conditions, while aligning treatment of holding shares in the market risk framework, in
line with international practices.
II. On August 27, 2015, the Banking Commission issued a resolution amending the provisions,
through which specifies the period during which credit institutions may continue using the
methodology for calculating the expected loss reserves for credit risk with respect to loans
granted to clients declared in bankruptcy with previous restructuring plan. Also in this
resolution, various adjustments to the methodology for the classification of consumer loan
portfolio to recognize the classification of expected losses coverage scheme and certain
guarantees in the said process is carried out and provide for better preventive reserves for
credit risks, taking into account that such guarantees are already recognized in trade credits
granted.
2015 FRS Improvements
In December 2014, CINIF issued the document referred to as 2015 FRS Improvements, which
contains precise modifications to some FRS. The modification that represents accounting changes is
listed below:
Bulletin C-9 "Liabilities, provisions, contingent assets and liabilities and commitments"-
Establishes that advances in foreign currency must be recognized at the exchange rate of the date of
the transaction. At the historical exchange rate. Such amounts should not be changed by subsequent
exchange rate fluctuations between the functional currency and the foreign currency in which they are
denominated prices of goods and services related to such prepayments. This improvement came into
effect for fiscal years beginning on or after January 1, 2015 and accounting changes arising should be
recognized in retrospect.
The new accounting standards, and FRS improvements did not generated significant effects on the
financial statements of the Bank.
(5) Foreign currency position-
Central Bank regulations require that banks maintain positions in foreign currencies within certain
limits. Short or long foreign currency positions are permitted by the Central Bank up to a maximum
of 15% of the basic capital. At December 31, 2015 and 2014, Banamex held a short foreign currency
position within the aforementioned limit.
The foreign currency position in millions of dollars at December 31, 2015 and 2014 is analyzed as
follows:
2015 2014
Assets 24,673 30,928
Liabilities 24,732 31,016
Net short position (59) (88)
===== =====
(Continued)
29

and subsidiaries
At December 31, 2015 and 2014, 47% and 62%, respectively, of the net position is denominated in
dollars.
The peso to dollar exchange rate as of December 31, 2015 and 2014, was $17.24 and $14.74 pesos,
respectively, and as of February 25, 2016, date of approval of the financial statements, the exchange
rate was $18.16 pesos.
(6) Cash and cash equivalents-
At December 31, 2015 and 2014, cash and cash equivalents are analyzed as follows:
2015 2014
Cash in hand $ 24,682 24,289

Deposits with domestic and foreign banks 25,959 14,941
Foreign currency sales (17,664) (66,384)
Restricted funds:
Foreign currency purchases 64,885 104,374
Deposits with Central Bank 31,130 31,219
Other funds available 417 382
$ 129,409 108,821
====== ======
At December 31, 2015, deposits with domestic and foreign banks amounted to $182 and $25,777,
respectively ($184 and $14,757, respectively in December 31, 2014).
As of December 31 2015 and 2014, foreign currency receivable and deliverable on purchases and
sales to be settled, respectively, valued in millions of pesos, are summarized as shown below:
Foreign currency Foreign currency

receivable payable
2015 2014 2015 2014
Dollars $ 63,416 103,971 16,225 66,026

Other currencies 1,469 403 1,439 358
$ 64,885 104,374 17,664 66,384

====== ====== ===== =====
(Continued)
30

and subsidiaries
(Millions of pesos)
As of December 31, 2015 and 2014, monetary regulation deposits with the Central Bank amounted to
$31,020, in both years, which have no maturity and bear interest at the average rate of bank deposits.
The amount of these deposits is established by the Central Bank based on a pro rata basis with
reference to the participation of each of the banks in the total core deposits of the banking system. As
of June 17, 2014, the Central Bank, through Circular 9/2014, established that monetary regulation
deposits may be composed of cash, securities or both. For this purpose the Bank acquired Monetary
Regulation Bonds of Limited trading (BREMS L) issued by the Central Bank that were settled with
cash deposit resources of monetary policy that the Bank maintained. On November 24, 2015, the
Central Bank, through Circular letter 18/2015, published the rules for swap auctions of BREMS L for
Reportable Monetary Regulation Bonds (BREMS R), enabling credit institutions interested in
performing the swap through these auctions. On December 3, 2015, the Bank made the swap of
BREMS L held in position by BREMS R. At December 31, 2015 and 2014, the amount of BREMS
R and BREMS L amounts to $16,204 and $16,203, respectively and are classified as available for
sale (see note 7). The amount of these securities is part of the monetary regulation deposit, so these
instruments may only decrease as the deposit increases in cash. Additionally, there are other deposits
with the Central Bank as of December 31, 2015 and 2014 for $76 and $199, respectively, which did
not generate interest. As of December 31, 2015, the Bank has an operation of "call money" given to
the Central Bank for $34 at a rate of 3.62%. As of December 31, 2014, there are no call money was
given the Central Bank.
From the total balance of cash and cash equivalents at December 31, 2015, $54,725 and $74,684
($54,302 and $54,519, as of December 31, 2014), are denominated in pesos and foreign currency
(mainly in dollars), respectively.
At December 31, 2015 and 2014, there are coined precious metals for an amount of $30 and $29,
respectively, which mainly consist of gold coins.
At December 31, 2015 and 2014, there are overdrafts on bank accounts originated by the use of the
overdraft facilities granted to the Bank for an amount of $34 and $1,003, respectively, which are
recorded in other accounts payable (see note 20).
(7) Investment securities-
As of December 31 2015 and 2014, investment securities by classification and maturity of the
securities presented at fair value, excluding securities held to maturity, are analyzed in the next page.
(Continued)
31

and subsidiaries
(Millions of pesos)
1 month More
to 1 to 3 than Without Total Total
1 month 1 year years 3 years maturity 2015 2014
Trading securities:
Negotiable debt certificates $ 70 157 1,358 4,096 - 5,681 6,164
Treasury certificates (Cetes) 4,256 7,880 - - - 12,136 13,337
Bonds:
Eurobonds - - - 513 - 513 327
Fixed rate bonds - 10,704 27,047 11,233 - 48,984 22,150
Other - - - 3,049 - 3,049 15,576
Promissory notes, manly
banks 3,797 - - - - 3,797 15,571
Others - - - 646 - 646 -
Shares - - - - 389 389 179
Total trading securities $ 8,123 18,741 28,405 19,537 389 75,195 73,304
===== ===== ===== ===== === ===== =====
As of December 31, 2015 and 2014, trading securities include restricted securities mainly from
repurchase/resale transactions for $36,777 and $44,622, respectively, as discussed in note 18
"Restricted or pledged securities".
1 month More
to 1 to 3 than Without Total Total
1 year years 3 years maturity 2015 2014
Available-for-sale securities:
Negotiable debt certificates $ 7,787 8,147 26,271 - 42,205 41,897
Cetes - - - - - 16,534
Bonds:
Eurobonds - 254 - - 254 2,381
Fixed rate bonds - - 33,487 - 33,487 4,628
BREMS L (see note 6) - - - - - 16,203
BREMS R (see note 6) - - 16,204 - 16,204 -
Others 5,540 8,993 17,847 - 32,380 79,437
Deposit certificates - 35,572 6,023 - 41,595 20,831
Shares - - - 3 3 3
Total available-for-sale
securities $ 13,327 52,966 99,832 3 166,128 181,914
===== ===== ===== = ====== ======
As of December 31, 2015 and 2014, securities available for sale include restricted securities mainly
under repurchase/resale agreements for $117,899 and $117,012, respectively, as discussed in note 18
"Restricted or pledged securities". The securities held to maturity at amortized cost are presented in
the following page.
(Continued)
32

and subsidiaries
(Millions of pesos)
Between Between More

Up to 1 and 5 5 and 10 than 10 Total Total
1 year years years years 2015 2014
Held to maturity securities:
Cetes (1) $ 563 5,940 1,372 9,946 17,821 17,304
Fixed rate bonds 42,583 14,563 3,168 - 60,314 64,801
Stock certificates and
deposit
- 10,179 - - 10,179 5,092
Total held to maturity
securities $ 43,146 30,682 4,540 9,946 88,314 87,197
===== ===== ==== ==== ===== =====
(1) At December 31, 2015, this item includes Special Cetes related to UDI Trusts for Residential Mortgages and States and
Municipalities for $17,258 and $563, respectively ($16,758 and $546 at December 31, 2014). See note 10(c).
At December 31, 2015 and 2014, held-to-maturity securities includes restricted securities mainly from
repurchase/resale agreements for $62,866 and $43,938, respectively, as discussed in note 18
Restricted or pledged securities.
At December 31, 2015 and 2014, there are no securities issued by a same issuer other than
government securities that exceeded 5% of the Banks net capital.
(8) Debit balances on repurchase/resale agreements-

At December 31, 2015 and 2014, the debit balances on repurchase/resale agreements in the balance
sheet and the collaterals received or pledged recorded in memorandum accounts, resulting from
transactions in which the Bank acts as a saleer on resale agreements, are analyzed as follows:
2015 2014
BONDES D LD $ - 1,900
BONOS M 1,308 -
BPAG28 - 2,026
BPAG91 - 6,074
1,308 10,000
Collaterals sold or pledged (see note 19) - (10,000)
$ 1,308 -
===== =====
(Continued)
33

and subsidiaries
(Millions of pesos)
The average term of repurchase/resale agreements transactions as of December 31, 2015 and 2014
was 7 and 2 days, respectively, with an average annual rate of 3.45% and 3.29%, respectively.
Interest and premiums collected for the years ended December 31, 2015 and 2014 were $9,699 and
$12,269, respectively (see note 25(a)).
(9) Derivatives-
At December 31, 2015 and 2014, derivate instruments are analyzed as follows:
Trading derivatives instruments:
2015 Position 2014 Position

Assests Liabilities Net Assests Liabilities Net
Futures and forwards $ 2,722 (2,109) 613 3,470 (4,430) (960)

Interest rate swaps 9,475 (8,633) 842 12,067 (10,537) 1,530
Currency swaps 19,438 (16,929) 2,509 11,224 (10,124) 1,100
Commodities swaps 136 (136) - 33 (33) -
Options, mainly purchase long-term
securities 1,752 (1,642) 110 3,270 (3,130) 140
$ 33,523 (29,449) 4,074 30,064 (28,254) 1,810

===== ===== ==== ===== ===== ====
The future and forwards relate solely to currency, securities and interest rate transactions.
Collaterals given:
At December 31, 2015 and 2014, cash collateral of $1,145 and $1,156, respectively, has been granted
for derivative financial instruments transactions on recognized markets and presented in the balance
sheet under the caption "Margin accounts".
At December 31, 2015 and 2014, the collaterals granted for over-the-counter (OTC) derivatives of
$36 and $289, respectively, and $10,538 and $10,242, respectively with related parties, are included
in the caption Other accounts receivable, net (see note 11).
(Continued)
34

and subsidiaries
(Millions of pesos)
Collaterals granted:
Additionally, as at December 31, 2015 and 2014, cash guarantees have been received for $10,427 and
$6,657, respectively.
Notional amounts:
The notional amounts of contracts represent the derivative volume outstanding and do not represent
the potential gain or loss associated with the market risk or credit risk of such instruments. The
notional amounts represent the amount on which a rate or price is applied to determine the cash flows
to be exchanged. Notional amounts of the derivative financial instruments at December 31, 2015 and
2014 are shown as follows:
Type of
instrument 2015 2014
Interest rate:
Purchase:
Swaps (2) $ 648,335 622,163
Options (2) 22,184 26,502
Futures (1) 4,499 29,426
Swaptions (2) - 500
$ 675,018 678,591
====== ======
Sale:
Options (2) $ 65,211 85,428
Futures (1) 17,354 330
Swaptions (2) - 1,000
$ 82,565 86,758
====== ======
(1)
Exchange trade derivatives.
(2)
Transactions operated in OTC markets.
(Continued)
35

and subsidiaries
(Millions of pesos)
Type of
instrument 2015 2014
Currency:
Purchase:
Swaps (2) $ 213,444 187,598
Forwards(2) 265,358 166,836
Options (2) 6,828 75,937
Futures (1) - 403
$ 485,630 430,774
====== ======
Sale:
Options (2) $ 6,828 75,469
Forwards (2) 292 2,445
Futures (1) - 440
$ 7,120 78,354
====== ======
Equities:
Purchase:
Options (2) $ 56,543 4,407
Forwards (2) 139 -
$ 56,682 4,407
====== ======
Sale:
Options (2) $ 56,106 4,726
Forwards (2) 95 1,180
$ 56,201 5,906
====== ======
(1)
Exchange trade derivatives.
(2)
Transactions operated in OTC markets.
(Continued)
36

and subsidiaries
(Millions of pesos)
Type of
instrument
Commodities: 2015 2014
Purchase:
Swaps (2) $ 4,245 276
Options (2) 32 10
$ 4,277 286
==== ====
Sale:
Options (2) $ 32 11
==== ====
(2) Transactions operated in OTC markets.
As of December 31, 2015 and 2014, the market value of the derivative financial instruments by
underlying type is analyzed as follows:
2015 2014
Currency forwards $ 613 (808)

Equity forwards - (152)
Interest rate swaps 842 1,530
Currency swaps 2,509 1,100
Rate options 72 126
Currency options - 23
Equity options 38 (9)
$ 4,074 1,810
==== ====
(Continued)
37

and subsidiaries
(Millions of pesos)
Hedging derivatives:
The Bank uses hedging derivative instruments to control the market risk resulting from its deposit
transactions, and reduce funding costs. At December 31, 2015 and 2014 the asset and liability
position of hedging derivative instruments are analyzed as follows:
Position 2015 Position 2014

Assets Liabilities Net Assets Liabilities Net
Cash flow $ 8 (248) (240) - (317) (317)

Fair value 227 (405) (178) 120 (351) (231)
$ 235 (653) (418) 120 (668) (548)

=== === === === === ===
Cash flow:
Derivative instruments designated as cash flow hedges are interest rate swaps in which the Bank pays
a fixed rate and receives a floating rate (TIIE 28 days); the net fair value of these swaps as of
December 31, 2015 and 2014 is ($240) and ($317), respectively. The risk to cover with this
instrument is the variability in cash flows related to changes in the periodic valuation of bank bonds
issued by the Bank during 2010 at a variable rate, which are associated with 28-day TIIE (see note
16). The Bank also maintains a hedging program focused on covering interest rates related to loan
portfolio with diverse clients.
The hedge corresponds to periods from 28 days and up to 2 and 5 years, given that the swaps are
comprised of notional amounts, which maturity dates are on November 2015 and August 2017 and
amounting $4,345 and $13,000, maturing in 2017 and 2020, respectively.
At December 31, 2015 and 2014, the valuation effect of the hedgings effective portion presented in
the stockholders equity amounted to $108 and $(226), respectively, and is presented within capital
account.
(Continued)
38

and subsidiaries
(Millions of pesos)
Fair value:
The derivative financial instruments designated as fair value hedges are interest rate swaps. The
purpose of the program is to hedge the changes in fair value of fixed rate bonds classified as
available-for-sale securities.
At December 31, 2015 and 2014, the net fair value of derivatives hedging of fair value was $(178)
and $(231), respectively. At December 31, 2015 and 2014 an expense in the income statement was
recognized for $(347) and $(177), respectively, that corresponds to the ineffectiveness of the hedging.
(See note 25(c)).
Embedded and structured derivatives:
The Bank holds identified embedded derivatives that are not used to hedge positions, as part of
trading strategies only, and these derivatives are related to structures and/or notes issued under the
following circumstances:
Structured loans: Consist of granting loans through an embedded swap contained in the contract that
guarantees a rate to the client and/or provides a better performance for the business.
Structured Notes (bank bonds): Issued deposit funding instruments which through embedded swaps or
options, can offer guaranteed performance and/or improve the performance of the clients rate (see
note 16).
(10) Loan portfolio-
(a) Loan portfolio analysis-
At December 31, 2015 and 2014, the classification of loans into current and past due, which
includes the portfolio in UDIS, is analyzed in the next page.
(Continued)
39

and subsidiaries
(Millions of pesos)
Current Past due Total

Currency Currency current and
Pesos Foreign UDI Total Pesos UDI Total past due
December 31, 2015:
Commercial:
Business and
commercial $ 138,790 70,084 40 208,914 564 - 564 209,478
Financial institutions 53,690 1,141 - 54,831 - - - 54,831
Government entities 35,543 9,545 - 45,088 - - - 45,088
Consumer 170,338 - - 170,338 7,548 - 7,548 177,886
Residential mortgages 77,342 - 861 78,203 934 28 962 79,165
$ 475,703 80,770 901 557,374 9,046 28 9,074 566,448

====== ===== ==== ====== ==== == ==== =====
December 31, 2014:
Commercial:
Business and
comercial activities $ 125,877 40,671 1 166,549 567 - 567 167,116
Financial institutions 15,936 4,720 - 20,656 - - - 20,656
Government entities 32,968 6,519 - 39,487 - - - 39,487
Consumer 165,457 - 1 165,458 8,776 - 8,776 174,234
Residential mortgages 75,153 - 1,088 76,241 1,151 15 1,166 77,407
$ 415,391 51,910 1,090 468,391 10,494 15 10,509 478,900

====== ===== ==== ====== ==== == ==== =====
(b) Classification of the loan portfolio by economic sector-
At December 31, 2015 and 2014, the loan portfolio classified by activity of the debtors is
analyzed as shown in the following page.
(Continued)
40

and subsidiaries
(Millions of pesos)
2015 2014
Amount % Amount %
Consumer and credit card $ 177,886 31% 174,234 36%

Commerce and services 133,987 24% 105,753 22%
Construction and housing 83,757 15% 81,670 17%
Industrial 62,609 11% 51,923 11%
Government entities 45,088 8% 39,487 8%
Financial services 54,831 10% 20,656 5%
Agriculture 8,290 1% 5,177 1%
Total $ 566,448 100% 478,900 100%

====== ==== ====== ====
(c) Loans to government entities-
The balances of the loans to government entities at December 31, 2015 and 2014 are analyzed
as follows:
2015 2014
States and municipalities $ 21,327 17,562

Autonomous organizations 18,338 16,067
Other loans to the Mexican
Government 5,423 5,533
Receivables under debtor support
programs - 325
$ 45,088 39,487
===== =====
Support programs - As a result of the economic crisis in 1995, the Mexican Government and
the ABM established loan support programs and agreements to assist debtors of credit
institutions in meeting their obligations. The current agreement is the Benefits to Residential
Mortgage Credit Debtors Agreement (the Agreement).
The support agreement consists of a discount scheme that is granted to the debtors and which
is proportionally absorbed by the Federal Government and the Bank, depending on the terms of
the Agreement.
(Continued)
41

and subsidiaries
(Millions of pesos)
Early termination On July 15, 2010, an agreement was signed between the Federal
Government and various credit institutions, among which the Bank is included, to early
terminate the support programs of residential mortgage loans. In this regard, the scheme of
early termination may incorporate current loans, as of December 31, 2010, subject to
participate or past due loans that were restructured under certain conditions no later than
December 31, 2010. The early termination program consists in receiving, as by December 31,
2010 or at the restructures date if earlier, the benefit of the discount related to the portion by
the Federal Government and by the Bank over the outstanding balance of the loan, for those
incorporated loans. The discount related to the Federal Government will be paid to the Bank in
five equal installments, beginning in December, 2011, and the remainder from June, 2012
through 2015; such amounts will be added up by or annual average interest rate under discount
basis of 91-day government certificates and will be subject to the submission of reports to the
Banking Commission. The discounts given by the Bank and the Federal Government amounted
to $893 and $1,598, respectively, these included loans that paid no later than March 31, 2011.
On June 1, 2015, June 2, 2014, June 3, 2013, June 1, 2012 and December 1, 2011, the Federal
Government made payments of the five annual payments to the Bank for $329, $343, $362,
$349 and $355, respectively (including $10, $24, $42, $29, $35 of interest, respectively).
On 1 June, 2015 the 5th annuity payment for the Early Termination Program was made, in
accordance to the agreement signed with the Federal Government for $329.
The remaining balance of the debtor support programs Special Cetes at December 31, 2015
and 2014, amounted to $17,258 and $14,678, respectively (represented by 187,845,693
securities in both years), which has maturity dates from July 13, 2017 to July 1, 2027.
(d) Additional loan portfolio information-

Annual weighted rates of return:
Unaudited weighted rates of return during the years ended on December 31, 2015 and 2014 are
as follows:
2015 2014
Business and commercial activities 5.35% 5.96%
Financial institutions 3.34% 3.55%
Consumer loans 25.71% 26.04%
Credit cards 23.62% 23.78%
Residential mortgages 12.82% 12.81%
===== =====
(Continued)
42

and subsidiaries
(Millions of pesos)
Factoring portfolio:
At December 31, 2015 and 2014, the non-recourse factoring portfolio amounted to $6,988 and
$8,310, respectively.
Loans rediscounted with recourse:
The Mexican Government has established certain funds to promote the development of specific
areas of the agriculture, industrial and tourism sectors by rediscounting loans with recourse.
The commercial and residential mortgage loans granted under these programs guarantee the
related funding included in Bank and other loans (see note 17).
Restructured loans:
At December 31, 2015 and 2014, restructured loans are analyzed as follows:
Current Past due
portfolio portfolio Total
2015
Commercial loans (1) $ 429 - 429
Residential mortgage (2) 1,434 187 1,621
Consumer 152 53 205
$ 2,015 240 2,255
==== === ====
Current Past due

portfolio portfolio Total
2014
Commercial loans (1) $ 1,480 47 1,527

Residential mortgage (2) 153 40 193
Consumer 155 20 175
$ 1,788 107 1,895

==== === ====
(1)
At December 31, 2015 and 2014, no additional guarantees exist.
(2)
At December 31, 2015 and 2014, for the total balance of restructured residential mortgages, no additional guarantees have
been obtained.
(Continued)
43
and subsidiaries
(Millions of pesos)
The amount of interest capitalized during the restructuring of commercial loans for the year
ended December 31, 2015 was $358 ($113 for the year ended December 31, 2014).
Renewed loans:
At December 31, 2015, renewed commercial loans amount to $121,088 of which $121,046 are
classified as current loan portfolio and $42 (as of December 31, 2014, these loans amounted to
$117,337 and are classified as current loans $117,248 and as past due $89).
Risk concentration:
At December 31, 2015 and 2014, the balance of the three main debtors of Banamex as an
individual entity amounted to $91,012 and $79,430 respectively (which includes the loan
granted to Tarjetas Banamex SOFOM which is eliminated during consolidation) (See note 23).
At December 31, 2015 and 2014, there are loans to one common risk group, excluding those
debtors guaranteed by the Federal Government, whereby the amount is greater than 10% of the
Banks basic capital; as of December 31, 2015, the balance of these loans was $89,334
($71,679 at December 31, 2014) and represents 77.05% (61.82% at December 31, 2014) of
Banamexs basic capital.
The policies and procedures established to manage the loan portfolios risk concentration are
described in note 28.
Infonavit total:
Residential mortgage loans under the Infonavit total program (designed for the granting of
residential mortgage loans with INFONAVIT and the Bank) classified for their permanence
under the Extension regime (1) at December 31, 2015 and 2014, are analyzed as follows
(unaudited):
2015 2014
Aging Cases Amount Cases Amount
Less than 3 months 2,004 $ 655 3,463 $ 1,141

From 3 to 5 months 2,200 788 1,574 563
More 5 to 12 months 2,107 720 1,509 474
More 12 months 37 10 24 4
Total 6,348 $ 2,173 6,570 $ 2,182
==== ==== ==== ====
(1) Extension Regime means the period of time during which a residential mortgage loan is extended for the
repayment of outstanding amounts in cases where the workers ceased to earn salary income.
(Continued)
44
and subsidiaries
(Millions of pesos)
Infonavit total residential mortgage loans under the Special Repayment Scheme(1) with past
due status at December 31, 2015 and 2014 amounted to $3,920 and $3,582 comprised by
12,923 and 12,172 cases, respectively.
(1)
The Special Repayment Scheme or "REA" applies to workers who have lost their jobs and loan payments are
made directly by the debtor.
Past due portfolio:

The following table analyzes past due loans, from the date the loans were classified as such:
December 31, 2015 Days

1 to 180 181 to 365 Total
Commercial $ 534 30 564
Consumer 7,548 - 7,548
Residential mortgage 962 - 962
$ 9,044 30 9,074
===== == =====
December 31, 2014 Days
1 to 180 181 to 365 Total
Commercial $ 482 85 567
Consumer 8,776 - 8,776
Residential mortgage 1,166 - 1,166
$ 10,424 85 10,509
===== == =====
The movement of the past due loan portfolio for the years ended December 31, 2015 and 2014,
is summarized as follows:
2015 2014
Balance at beginning of year $ 10,509 11,606
Settlements (5,874) (9,145)
Financial write-offs (2) (25,277) (30,224)
Transfers from current portfolio 33,420 41,953
Transfers to performing loans (3,738) (3,719)
Foreign exchange adjustments 34 38
Balance at the end of the year $ 9,074 10,509
===== =====
(2)
Corresponds to 100% reserved loan portfolio.
As of December 31, 2015 and 2014, the amount of accrued interest on past due loans not
recognized in the statement of income, including default interest, amounted to $765 and $695,
respectively, recorded in memorandum accounts.
(Continued)
45

and subsidiaries
(Millions of pesos)
As of December 31, 2015 and 2014, the recoveries of past due loans that were previously
written off, amounted to $2,765 and $3,193, respectively, and are recorded under the caption
Other operating income (expenses), see note (25 (d)).
2015:
Acquisition of loans
As mentioned in note 1 to the financial statements, on December 22, 2015, the Bank entered
into a transfer agreement whereby they acquired rights to collect several loans from one. The
nominal value of these loans was $4,568.
2014:
Loan portfolio sale to Volvo Group Mexico-
During November 2014, the Bank sold to Volvo Group Mexico, S. A. de C. V., a portfolio of
loans with a par value of $67 at saleing price of $71. This portfolio had allowance for loan
losses of $30. The profit generated was recorded as revenue in the statement of income under
the caption of Other operating income (expenses).
Loan portfolio sale to MD24-
During August 2014, the Bank sold to MD24, S. A. de C. V. Promotora de Inversin, a
portfolio of loans with a par value of $427 at saleing price of $160. This portfolio had
allowance for loan losses of $173. Consequently, the amount received of this transaction was
recognized as revenue in the statement of income under the caption of Other operating income
(expenses).
Securitization 2014
On July 16, 2014, Banamex as trustor, the Instituto del Fondo Nacional de la Vivienda para los
Trabajadores (INFONAVIT for its acronym in Spanish), as trustor and administrator, and
Nacional Financiera, S.N.C. (NAFIN for its acronym in Spanish) as trustee, entered into a
master agreement to establish a securitization trust with the purpose of initiating a program for
the issuance and public offering in Mexico of Secured Bonds. The progsram was authorized
for up to $10,000 or an equivalent amount in (UDI). The first issuance included 5,541,417
Preferred Secured Bonds and 240,457 Subordinated Secured Bonds with a par value of 100
UDIS each one through the Irrevocable Trust No.80716. The Secured Bonds are backed by the
securitization of a portion of residential mortgage loans originated under the Infonavit total
program (loan origination program executed by Banamex and INFONAVIT), whereby the
Bank transferred the title from each and every one of its rights on the securitized loans and
related fees as well as risks and benefits, in exchange for an amount that the Trust settled
through funds obtained from the investing public on the offer and placing of Secured Bonds
and through the issuance of preferred and subordinated certificates.
(Continued)
46

and subsidiaries
The number of loans ceded by Banamex under the program described above was 10,488
amounting to $1,642, net of allowance for loan losses. On July 16, 2014, NAFIN as trustee,
issued preferred certificates for 25,727,500 UDIS (an equivalent amount of $132) to
INFONAVIT, and issued subordinated certificates for 30,873,106 and 28,854,839 UDIS (an
equivalent amount of $159 and $148) to INFONAVIT and Banamex, respectively, which
represents the residual benefits over the Trust. Banamex recognized preferred and subordinated
certificates in the Trading securities and Benefits receivable on securitization transactions
captions, respectively.
As of December 31, 2015 and 2014, the fair value of the subordinated certificates amounts to
$983 and $795, respectively. The fair value is published by the price vendor as shares non
susceptible of trading, and it is determined taking into account the expected recovery of the
assets of the trust, the estimated valuation parameters and the remaining flows once covering
all commitments to bondholders, using formal valuation techniques recognized in the market.
Natural disasters
2014
As a result of the natural disasters caused by hurricane Odile, the Banking Commission
issued the official document 113-1/115279/2014, dated September 19, 2014, which contains
the temporary special accounting principles for the implementation of a debtor support program
to victims, which were used by the Bank to the loans granted to costumers in the disaster zones,
corresponding to: residential mortgage loans, revolving and non-revolving consumer loans and
commercial loans. For these debtors, the Bank granted an interest payment deferral for up to
one month; these interests will be settled after the loan maturity. The loans subject to this
debtor support program were not considered as restructured loans and are maintained as current
portfolio, in accordance with special accounting principles issued by the Banking Commission.
The analysis of the concepts and estimated amounts by which accounting affectation was made
for this official letter, are shown as follows:
Total loans
Type of portfolio applied Interest
Credit card 27,403 $ 25

Non-revolving consumer loan 7,510 10
Commercial portfolio 270 2
$ 37
==
Had the Bank not applied the above special accounting principle, the estimated amount that
would have been recorded in the balance sheet and in the statement of income, would have
been $37, corresponding to interests.
(Continued)
47
and subsidiaries
(e) Allowance for loan losses-
As explained in note 3(k), allowances are established to cover the risks associated with the
recovery of the loan portfolio and other credit commitments.
The results of the rated portfolio at December 31, 2015 and 2014 are analyzed as following:
2015 Rated portfolio
Degree of risk Commercial Consumer Residential Total
Mortgage
A1-Minimum $ 186,433 58,187 65,034 309,654
A2-Minimum 65,005 23,366 3,893 92,264
B1-Low 30,018 17,652 1,109 48,779
B2-Low 17,314 32,376 1,122 50,812
B3-Low 13,633 17,659 729 32,021
C1-Medium 9,425 6,867 1,938 18,230
C2-Medium 3,206 7,538 1,268 12,012
D-High (1) 2,413 9,038 3,311 14,762
E-Loss (1) 47 4,414 727 5,188
Total rated portfolio $ 327,494 177,097 79,131 583,722
====== ====== =====
Advanced interest (885)
Credit commitments (note 24(a)) (17,222)
Past due interest 833
Total portfolio $ 566,448
======
(1) Considered troubled debt see note 3(k), which includes $2,015 of commercial loans, $6,811 of consumer loans and $3,328 residential mortgage
classified as current loan portfolio, while $445 of commercial loans, $6,641 of consumer loans and $710 of residential mortgages loans are classified
as past due portfolio.
2015 Allowance for loan losses
Mortgage
A1-Minimum $ 1,019 1,019 96 2,134
A2- Minimum 753 918 23 1,694
B1-Low 511 1,137 9 1,657
B2-Low 397 2,267 14 2,678
B3-Low 470 1,112 13 1,595
C1-Medium 605 677 62 1,344
C2-Medium 599 1,294 93 1,986
D-High 951 5,134 752 6,837
E-Loss 35 2,730 343 3,108
$ 5,340 16,288 1,405 23,033
==== ==== ====
Additional allowance for loan losses (2) 836
Total allowance for loan losses $ 23,869
=====
(2) It represents the estimate of accrued interest receivable plus an additional for factoring operations in accordance with Article 15bis and 39 of
the Provisions. (Continued)
48
and subsidiaries
(Millions of pesos)
2014 Rated portfolio

Mortgage
A1-Minimum $ 138,743 55,071 60,397 254,211
A2-Minimum 49,968 21,823 6,234 78,025
B1-Low 23,738 16,340 3,115 43,193
B2-Low 6,029 29,061 1,386 36,476
B3-Low 18,628 18,454 632 37,714
C1-Medium 2,049 8,294 1,628 11,971
C2-Medium 861 9,585 1,031 11,477
D-High (1) 2,704 10,320 2,213 15,237
E-Loss (1) 5 4,428 737 5,170
Total rated portfolio $ 242,725 173,376 77,373 493,474
====== ====== =====
Advanced interest (918)
Credit commitments (note 24(a)) (14,561)
Past due interest 905
Total portfolio $ 478,900
======
(1)
Considered troubled debt see note 3(k), which includes $ 2,235 of commercial loans, $7,241 of consumer loans and $1,997
residential mortgage classified as current loan portfolio, while $474 of commercial loans, $7,507 of consumer loans and $953
of residential mortgages loans are classified as past due portfolio.
2014 Allowance for loan losses

Mortgage
A1-Minimum $ 751 1,014 87 1,852
A2-Minimum 567 899 38 1,504
B1-Low 404 1,777 27 2,208
B2-Low 132 1,523 17 1,672
B3-Low 661 1,196 11 1,868
C1-Medium 130 797 52 979
C2-Medium 107 1,632 75 1,814
D-High 991 6,110 515 7,616
E-Loss 2 2,938 346 3,286
$ 3,745 17,886 1,168 22,799
==== ==== ====
Additional allowance for loan
losses (2) 905
Total allowance for loan losses $ 23,704

=====
(2)
Represents the reserve of past due loans uncollected interest accrual.
(Continued)
49

and subsidiaries
(Millions of pesos)
The movements in the allowance for loan losses, for the years ended December 31, 2015 and 2014,
are as shown below:
2015 2014
Balance at the beginning of the year $ 23,704 24,865
Creation of allowance:
Charged to results of operations 24,926 28,940
Equity - 208
Foreign exchange adjustments 510 100
Applications:
Financial write-offs (1) (25,277) (30,224)
Sale of loan portfolio - (173)
Support programs - (10)
Others, net 6 (2)
Balance at the end of the year $ 23,869 23,704

===== =====
(1) There were no write-offs from related parties loans.
(11) Other accounts receivable, net-

At December 31, 2015 and 2014, the other accounts receivable are as follows:
2015 2014
Clearing accounts (1) $ 17,428 73,048
Loans to employees 7,698 7,320
Other debtors 7,883 3,914
Guarantees provided on OTC derivative transactions 36 289
Guarantees provided on OTC derivative transactions to
related parties 10,538 10,242
Taxes receivable balance 2,289 2,232
Accounts receivable with related parties (2) 2,293 1,719
Other receivables - 82
48,165 98,846
Allowance for bad debtors and impairment for credit risk (2,466) (1,301)
$ 45,699 97,545 ===
(1), (2) See foot notes in the next page.
(Continued)
50

and subsidiaries
(1)
Sale of foreign currencies for $14,692, investments in securities for $2,706 and derivatives for $30 (in 2014, $66,343 by
sales currencies, $6.631 for investment securities (of which $3,032 relate to transactions with related parties) and $74 for
derivatives).
(2)
As of 31 December 2015 , the main account receivable with related parties is to NAMGK Mexico Holding, S. de R. L. de
C. V. (NAMGK) for $957, and administrative services to subsidiaries and affiliates for $593 (in 2014 the main account
receivable with related parties is NAMGK for $957).
As of December 31, 2015 and 2014, there are accounts receivable in foreign currency amounting to
678 and 793 million dollars, respectively.
(12) Foreclosed assets or assets received in lieu of payment, net-
At December 31, 2015 and 2014, foreclosed assets or assets received in lieu of payment are analyzed
as follows:
2015 2014
Land and buildings $ 49 39
Impairment and reserves:
Land and buildings (8) (8)
$ 41 31
== ==
During the month of June 2015, a sale of 325 real estate and co-ownership assets was made with a
carrying value of $1 peso per good, by this transaction, the Bank recognized a gain on sale of $98
"Other income (expenses) the operation".
(Continued)
51

and subsidiaries
(Millions of pesos)
(13) Premises, furniture and equipment, net-

At December 31, 2015 and 2014, premises, furniture and equipment are analyzed as follows:
2015
Acquisition Accumulated Book Annual rate of
amount depreciation value depreciation
Office and branch buildings $ 1,574 (962) 612 5%

Constructions 6,189 (2,565) 3,624 2%
Furniture and equipment 4,112 (3,811) 301 10%
Computer equipment 9,075 (8,245) 830 several
Transportation equipment 143 (143) - 20%
Art collection 1,020 - 1,020 -
Lands 2,303 - 2,303 -
Other 10,502 (5,805) 4,697 several
$ 34,918 (21,531) 13,387

===== =====
Impairment (72)
$ 13,315
=====
2014
Acquisition Accumulated Book Annual rate of
amount depreciation value depreciation
Office and branch buildings $ 1,000 (724) 276 5%

Constructions 6,570 (2,536) 4,034 2%
Furniture and equipment 5,173 (4,038) 1,135 10%
Computer equipment 9,220 (8,134) 1,086 several
Transportation equipment 257 (254) 3 20%
Art collection 1,020 - 1,020 -
Lands 2,306 - 2,306 -
Constructions in process 101 - 101 -
Other 9,607 (5,201) 4,406 several
$ 35,254 (20,887) 14,367

===== =====
Impairment (75)
$ 14,292
=====
(Continued)
52

and subsidiaries
(Millions of pesos)
The amount of depreciation recognized in the statement of income for the years ended December 31,
2015 and 2014 amounted to $579 and $852, respectively.
Sale and lease-back-
During 2015, the Bank sold 16 buildings at a saleing price of $510, Simultaneously, the Bank signed
two leasing agreements of such buildings for a period of 12 and 60 months. The gain of this
transaction amounted to $174, and was recognized in the statement of income under the caption of
Other operating income (expenses).
As of December 31, 2015 the Bank is in the process of saleing some properties, with a net book value
of $111, presented in the balance sheet under the caption "Properties available for sale". The Bank
also received advances for $44 that were presented under the caption of "Sundry creditors and other
accounts payable", the sale price agreed for these properties is $443.
(14) Investment in associated companies and other permanent investments-
At December 31, 2015 and 2014, the investment in the associated companies and other permanent
investments are the following:
Stockholders
Stockholders equity
December 31, 2015 Ownership equity ownership
Associates:
Compaa Mexicana de
Procesamiento 50.000% $ 248 124
Servicios Electrnicos Globales 46.135% 223 103
Other associated (1) Several 572 194
Total $ 1,043 421

==== ===
(1) Other associated companies mainly include Nueva Promotora de Sistemas de Teleinformtica, Servifondos and several investment
companies operated by Impulsora de Fondos Banamex, S. A. de C. V. (related party).
(Continued)
53

and subsidiaries
(Millions of pesos)
Stockholders
Stockholders equity
December 31, 2014 Ownership equity ownership
Associates:
Compaa Mexicana de
Other associated (1) Several 662 281
Total $ 1,097 491

==== ===
(1) Other associated companies mainly include Nueva Promotora de Sistemas de Teleinformtica, Servifondos and several investment companies operated by
Impulsora de Fondos Banamex, S. A. de C. V. (related party).
At December 31, 2015 and 2014, the participation in the net income of associated companies is as
follows:
Net Net income

December 31, 2015 Ownership income ownership
Associates:
Compaa Mexicana de
Other associated Several 14 2
Total $ 50 19
== ==
(Continued)
54

y subsidiarias
(Millions of pesos)
Net Net income

December 31, 2014 Ownership income ownership
Associates:
Compaa Mexicana de Procesamiento 50.000% $ 16 8

Other associates Several 40 11
Total $ 66 24
== ==
Other permanent investments-
The balances of other permanent investments at December 31, 2015 and 2014 are as follows:
Acquisition
Ownership cost
Bolsa Mexicana de Valores 6.566% $ 468

Other permanent investments Several 61
Total $ 529
===
At December 31, 2015, Banamex as single entity has recognized an allowance for loan losses for $337
and $5 ($347 and $5 in 2014) related to loans granted to Tarjetas Banamex SOFOM and Servicios
Financieros Soriana SOFOM subsidiary entities, respectively (see note 10(e)), and, ($2 in 2014 for
allowance for other accounts receivable related to Promotora de Bienes y Servicios Banamex S. A. de
C. V., subsidiary entity), in accordance with the accounting criteria established by the Banking
Commission; therefore, these allowance, loans and other accounts receivable are eliminated in the
consolidation and consequently the Banks stockholders equity as a single entity does not match with
the consolidated stockholders equity, for the amounts mentioned above.
(Continued)
55

and subsidiaries
(Millions of pesos)
(15) Employee benefits-
Banamex has four current benefit pension plans at December 31, 2015, the benefits and eligible
employees are described as follows:
a) Pension plan.
All employees, which started working before January 1st, 2002 or at that date had over 50 years
old and their seniority plus age add up to more than 70 points, are entitled to a pension plan that
is comprised of two components: (i) a defined benefit which covers any employee who reaches
55 years old, having 35 years of service or 60 years old with at least 5 years of service. The
eligible employee shall be entitled to a perpetuity pension upon retirement, whose amount
would be calculated considering a 2.5% factor multiplied by each year that the employee
serviced Banamex, and the resulting percentage, shall be applied to the average monthly salary
that the employee received during the last two years; and (ii) a defined contribution component,
which is comprised by a basic flexible plan that grants to all employees up to 8% of their
eligible income, and an additional flexible plan equivalent to 50% of the basic flexible plan,
those resources are deposited on an investment trust.
b) New pension plan.
Applicable for all employees who joined Banamex beginning January 1st, 2002 and employees
that joined Banamex before January 1st, 2002 who voluntarily elected to adopt this new plan.
The plan has two components: (i) a defined benefit component that covers all employees who
reaches an age of 55 years with at least 15 years of service. The plan establishes benefits
considering a 1% factor multiplied by each year that the employee serviced Banamex, and the
resulting percentage, shall be applied to the average monthly salary that the employee received
during the last 24 months and the resulting amount would be paid as a monthly perpetuity
pension. As part of the defined benefit component it is included the Social Security
contributions until the employee reaches the age of 60; (Benefit linked to Social Security) and
(ii) a defined contribution component, which is comprised by a basic flexible plan that is
granted to all employees of up to 8% of their eligible income, and an additional flexible plan
equivalent to 50% of the basic flexible plan, those resources are deposited in an investment
trust.
(Continued)
56

and subsidiaries
(Millions of pesos)
c) Retirement plan.
The plan covers all employees who joined Banamex beginning July 1st, 2007 and have a
contract as employee for an undetermined period of time or employees who have 8 or more
years of continued service to Banamex as of July 1st, 2007 and who voluntary accept to join this
plan. The plan has two components: (i) a defined benefit component that covers all employees
who reach an age of 55 years with at least 15 years of service. The plan establishes benefits
considering a 1% factor multiplied by each year that the employee serviced Banamex, and the
resulting percentage, shall be applied to the average monthly salary that the employee received
during the last 24 months and the resulting amount would be paid as a monthly perpetuity
pension; and (ii) a defined contribution component, which is comprised by a basic flexible plan
that is granted to all employees of up to 8% of their eligible income, and an additional flexible
plan equivalent to 50% of the basic flexible plan, those resources are deposited in an
investment trust.
The plan establishes a contribution to cover medical expenses that is credited to the individual
employee account when the employee reaches 10 continued years of service provided to
Banamex or an age of 50 years (whatever is reached first), the contributions is done on 5 equal
installments (one per year) provided that there is a labor relation in force. Such contribution
will be delivered directly to the plan beneficiary for his use without any limitation.
d) Retirement support plan.
As of January 1st 2011, this plan came in to force and it is applicable to all employees who
joined Banamex beginning that date and have a contract as employee for an undetermined
period of time or employees who voluntary elect to join this plan. The plan has two
components: (i) a defined benefit component that covers all employees who reach an age of 55
years with at least 15 years of service. The plan establishes benefits considering a unique
payment in accordance with a cumulative points scheme established by Banamex based on age
and seniority of the employees; and (ii) a defined contribution component, which is comprised
by a basic flexible plan that is granted to all employees of up to 8% of their eligible income,
and an additional flexible plan equivalent to 50% of the basic flexible plan, those resources are
deposited in an investment trust.
Banamex also has a post- retirement benefits plan applicable to some retirees (excluding employees
who retired under the retirement plan described above) which consist of the reimbursement of
medical expenses incurred as a result of illnesses or accidents suffered by retirees, as well as their
spouse and children younger than 25 years old.
In addition to the pension plan and post-retirement benefits plans, Banamex has a plan to cover
severance payment and another one to cover seniority premiums applicable to all full time employees.
The benefits are based on years of service and the last employees salary at the time of termination of
the labor relationship.
(Continued)
57

and subsidiaries
(Millions of pesos)
The net cost of the period and the accumulated benefits of these obligations, except for the defined
contribution component, are recognized based on calculations by independent actuaries based on the
projected unit credit method as of December 31, 2015 and 2014. The movement of the assets of these
benefits for the years ended December 31, 2015 and 2014 is analyzed as follows:
Benefits of Other post-
termination and retirement(1) retirement plans(2)
2015 2014 2015 2014
Balances at the beginning of year $ 24,487 23,703 20,272 19,118
Contributions 235 224 - -
Benefits paid from
the plan assets (1,596) (1,419) (784) (760)
Return on plan assets 368 1,979 (88) 1,914
Balances at the end of year $ 23,494 24,487 19,400 20,272
===== ===== ===== =====
(1)
Pensions, legal indemnization and seniority premiums.
(2)
Health care expenses for retirees, life insurance for retirees, and post-retirement benefit plan.
In addition, in accordance with the statutes of the defined contribution plan, the Bank made
contributions to the basic flexible plan and the additional flexible plan for $766 and $703, during
2015 and 2014, respectively.
The components of the net period cost (income) for the years ended December 31, 2015 and 2014 are
shown as follows:
Benefits
2015 2014
Retirement Termination Total Retirement Termination Total
Net period cost:
Labor cost of current service $ 409 90 499 337 82 419
Financial Cost 1,763 95 1,858 1,734 102 1,836
Return on plan assets (2,005) (3) (2,008) (1,897) (7) (1,904)
Amortization of plan changes or
improvements to recognize. (25) - (25) (25) - (25)
Recognize actuarial loss, net 407 19 426 315 30 345
Actuarial loss - 119 119 - 173 173
Net period cost $ 549 320 869 464 380 844

==== ==== ==== ==== === ====
(Continued)
58

and subsidiaries
(Millions of pesos)
Other post-
retirement
plans
2015 2014
Net period cost:

Labor cost of current service $ 165 145
Financial cost 1,373 1,259
Return on plan assets (1,688) (1,571)
Amortization of prior service cost and
plan modifications (154) (154)
Net actuarial loss to be amortized 490 327
Net period cost $ 186 6

==== ====
The present value of benefit obligations of the plans at December 31, 2015 is as shown below:
Other post-
Benefits retirement
Retirement Termination Total plans
Projected benefit obligations (PBO) $ 23,599 1,315 24,914 17,411

Plan assets at fair value (23,494) - (23,494) (19,400)
Financial status of the fund 105 1,315 1,420 (1,989)

Unrecognized prior services for
not acquired benefits:
Plan modifications 315 - 315 1,924
Actuarial loss (1) (9,585) - (9,585) (9,255)
Projected liability
(asset), net $ (9,165) 1,315 (7,850) (9,320)
===== ==== ===== =====
(1) Liabilities includes $19 of benefits of Seniority premium retirement.
The present value of benefit obligations of the plans at December 31, 2014 is shown in the next page.
(Continued)
59

and subsidiaries
(Millions of pesos)
Other post-
Benefits retirement
Retirement Termination Total plans
Projected benefit obligations (PBO $ 23,772 1,306 25,078 17,382
Plan assets at fair value (24,453) (34) (24,487) (20,272)
Financial status of the fund (681) 1,272 591 (2,890)
Past service recognized for
benefits not acquired:
Plan modifications 340 - 340 2,078
Actuarial loss (9,159) - (9,159) (8,694)
Projected liability
(asset), net $ (9,500) 1,272 (8,228) (9,506)
===== ==== ===== =====
A reconciliation of opening and closing balances, details of the present value of benefit obligations of
pensions, seniority premium and other post-retirement plans at December 31, 2015 is shown as
follows:
Other
Post-
Pensions and severance Seniority premium retirement
Retirement Termination Total Retirement Termination Total plans
Project benefit obligations (PBO) at
December 31, 2014 $ 23,507(i) 1,132(ii) 24,639 265(i) 174(ii) 439 17,382(iii)
Labor cost of current service 394 73 467 15 17 32 165
Financial cost 1,744 82 1,826 19 13 32 1,373
Benefit payments (1,526) (255) (1,781) (15) (55) (70) (784)
Changes or improvements to the plan - - - - - - -
Actuarial (gain) loss (769) 110 (659) (35) 24 (11) (725)
PBO at December 31, 2015 23,350 1,142 24,492 249 173 422 17,411
Plan assets at marked value (23,256) - (23,256) (238) - (238) (19,400)
Financial situation 94 1,142 1,236 11 173 184 (1,989)
Prior services by:
Plan modifications
(cost) / income 315 - 315 - - - 1,924
Accumulated actuarial (loss) gains (9,592) - (9,592) 7 - 7 (9,255)
(Active) net proyect liabilities at of

December 31, 2015 $ (9,183) 1,142 (8,041) 18 173 191 (9,320)
===== ==== ===== === ==== === =====
(Continued)
60

and subsidiaries
(Millions of pesos)
The following is a reconciliation of projected (assets) liabilities, net at December 31, 2015:
Other
Post-
Pensions and severance Seniority premium retirements
Projected (assets) liabilities, net at

December 31, 2014 $ (9,486) 1,132 (8,354) (14) 140 126 (9,506)
Net period cost 538 172 710 11 28 39 186
Liability transference - 93 93 - 26 26 -
Fund contributions during 2015 (235) - (235) 21 (21) - -
Benefits paid from allowance - (255) (255) - - - -

December 31, 2015 $ (9,183) 1,142 (8,041) 18 173 191 (9,320)
==== ==== ==== == === === ====
Below is a reconciliation of opening and closing balances, details of the present value of benefit
obligations of pensions, seniority premium and other post-retirement plans at December 31, 2014:
Other
Post-
Projected benefit obligations (PBO) at

December 31, 2013 $ 20,299 1,088 21,387 222 162 384 13,746
Labor cost of current service 324 67 391 13 15 28 145
Financial cost 1,715 88 1,803 19 13 32 1,259
Benefit payments (1,349) (242) (1,591) (14) (57) (71) (760)
Changes or improvements to the plan - - - - - - -
Actuarial (gain) loss 2,518 131 2,649 25 41 66 2,992
PBO at December 31, 2014 23,507 1,132 24,639 265 174 439 17,382
Plan assets at marked value (24,179) - (24,179) (274) (34) (308) (20,272)
Financial situation (672) 1,132 460 (9) 140 131 (2,890)
Prior services by:
Plan modifications 340 - 340 - - - 2,078
Accumulated actuarial (loss) gains (9,154) - (9,154) (5) - (5) (8,694)

December 31, 2014 $ (9,486) 1,132 (8,354) (14) 140 126 (9,506)
===== ==== ===== === === === =====
Adjustments to PBO are considered by movement of employees in: (i) pension retirement and
seniority premium at the retirement for $(550) and $(7), respectively; (ii) legal severance indemnity
and seniority premium by termination for $49 and $(2), respectively and; (iii) other post-retirement
plans for $(1,078) $(50).
(Continued)
61

and subsidiaries
(Millions of pesos)
The following is a reconciliation of projected (assets) liabilities, net at December 31, 2014:
Other
Post-

December 31, 2013 $ (9,697) 1,039 (8,658) (24) 80 56 (9,512)
Net period cost 453 320 773 11 61 72 7
Liability transference (18) 15 (3) (1) (1) (2) (1)
Fund contributions during 2014 (224) - (224) - - - -
Benefits paid from allowance - (242) (242) - - - -

December 31, 2014 $ (9,486) 1,132 (8,354) (14) 140 126 (9,506)
==== ==== ==== == === === ====
The most important actuarial assumptions used are as follows:
Other post-
Benefits retirement plans
2015 2014 2015 2014
Discount rate to reflect the present

value of obligations 8.30% 7.70% 8.60% 8.00%
Actual rate of increase in future salary
levels 4.50% 4.50% 4.50% 4.50%
Health care inflationary rate - - 7.00% 7.00%
Rate of pensions increase 3.50% 3.50% - -
Expected return on plan assets
(net of inflation) 8.00% 8.50% 8.00% 8.50%
Employees remaining average labor
life for retirement benefits 17 aos 16 aos 13 aos 14 aos
(Continued)
62

and subsidiaries
(Millions of pesos)
Legal severance
and seniority premium
2015 2014
Discount rate to reflect the present value

of obligations 8.40% 7.80%
Actual rate of increase in future salary
levels 4.50% 4.50%
Rate of pensions increase - - 3.50%
Expected return on plan assets 8.00% 8.50%
Employees remaining average labor life
for retirement benefits 15 aos 14 aos
FRS D-3 establishes that par rates must be used only if accumulated inflation of the last three years is
less than 26%.
At December 31, 2015 and 2014, the weighted average funds asset is as follows:
Benefits by Other post-

termination and retirement retirement plans
Type of investment: 2015 2014 2015 2014
Fixed rent 56% 54% 56% 54%

Equities 41% 42% 41% 42%
Others 3% 4% 3% 4%
Total 100% 100% 100% 100%

==== ==== ==== ====
The effect of the increase or decrease of one percentage point in the rate of increase in medical
expenses used in actuarial projections at December 31 2015 and 2014 are shown in the following
page.
(Continued)
63

and subsidiaries
(Millions of pesos)
PBO health care

expenses
Rate 2015 2014
Components of current period service

cost and interest cost of health care 1% $ 1,769 1,707
and retirement net (1%) 1,461 1,392
Accumulated benefit obligations of 1% 19,235 19,343
retirement from health care cost (1%) 15,883 15,755
===== =====
Bellow is a summary of the amounts of employee benefits for the PBO, plan assets and PBO over
(under) plan assets and experience adjustments, for the years ended December 31, 2013, 2012 and
2011:
Pensions
2013 2012 2011
PBO $ 20,848 24,064 19,548

Plan assets (23,359) (23,765) (20,134)
PBO (under) plan assets $ (2,511) 299 (586)

===== ===== =====
Actuarial assumptions changes and
experience adjustments:
Plan liabilities $ (3,754) 3,641 446
Plan assets 3,656 (2,224) 1,511
===== ===== =====
(Continued)
64

and subsidiaries
(Millions of pesos)
Seniority premium
2013 2012 2011
PBO $ 393 420 367

Plan assets (344) (446) (402)
PBO (under) plan assets $ 49 (26) (35)

==== === ===
Actuarial assumptions changes and
Plan liabilities $ (10) 38 12
Plan assets 70 (41) 33
=== === ===
Other post-retirement plans

2013 2012 2011
PBO $ 13,796 21,395 15,191

Plan assets (19,118) (19,278) (15,174)
PBO over (under) plan assets $ (5,322) 2,117 17

===== ===== =====
Actuarial assumptions change and
Plan assets $ (5,685) 5,302 450
Plan liabilities 4,395 (2,199) 960
===== ===== =====
Legal severance indemnity

2013 2012 2011
PBO and funds financial situation $ 1,039 1,082 960
Actuarial assumptions change and

Plan assets $ (33) 105 43
==== === ===
(Continued)
65

and subsidiaries
(Millions of pesos)
As of December 31 2015 and 2014, the amortization periods in years of outstanding defined benefit
pension, seniority premiums and postretirement medical benefits, items are as follows:
Post-
Seniority retirement
2015 Pensions premium plans
Amortization (in years) 16.55 14.57 13.37

==== ==== ====
2014
Amortization (in years) 16.29 14.21 13.92
==== ==== ====
Below the financial situation of the fund and the net period cost of PRH is shown.
PRH
2015 2014
OBD $ 87 87
Plan assets - -
PBO over plan assets 87 87

== ==
Net period cost $ 14 13

== ==
(Continued)
66

and subsidiaries
(Millions of pesos)
(16) Deposit funding-
At December 31, 2015 and 2014, the category of traditional deposits discusses as follows:
2015 2014
Currency Currency
Pesos Foreign Total Pesos Foreign Total
Demand deposits:
Non interest-bearing accounts $ 175,279 53,400 228,679 158,872 58,029 216,901
Interest-bearing accounts 226,684 27,378 254,062 229,555 17,965 247,520
401,963 80,778 482,741 388,427 75,994 464,421
Time deposits:
General public:
Certificates of deposit (CDs) 1,826 - 1,826 3,737 - 3,737
Promissory notes with interest
payable at maturity (PRLV
for its acronym in Spanish) 77,144 71 77,215 69,958 60 70,018
78,970 71 79,041 73,695 60 73,755
Money market:
Certificates of deposit (CDs) 45,302 2,377 47,679 18,818 2,158 20,976
Promissory notes with interest
payable at maturity (PRLV for
its acronym in Spanish) 4,300 - 4,300 - - - .
49,602 2,377 51,979 18,818 2,158 20,976
Debt securities issued 8,474 8 8,482 16,196 - 16,196
Total deposit funding $ 539,009 83,234 622,243 497,136 78,212 575,348

====== ===== ====== ====== ===== ======
Under the provision of Article 61 of the Law on Credit Institutions, as of December 2015, and 2014 the
three years of inactivity deposit accounts of certain customers were fulfilled starting on the date they
were recorded on the "Global Account" integrated by 131,871 and 306,142 accounts with individual
amounts less than or equal to 300 days of minimum wage in the Federal District, totaling $95 and
$363, recorded as current liabilities. Under the guidelines of that article, the recorded balance will be
delivered to the Public Benefit beginning in January 2016 and 2015 respectively.
(Continued)
67
and subsidiaries
The weighted average interest rates (unaudited) on deposit funding during the years ended December
31, 2015 and 2014 are analyzed as follow:
2015 2014
Currency Currency
Pesos Foreign Pesos Foreign
Demand deposits 0.68% 0.05% 0.65% 0.05%

Time deposits 1.99% 0.26% 1.95% 0.14%
Debt securities issued 3.73% 4.06% 3.77% 1.65%
===== ===== ===== =====
Time deposits
The tenors of certificates of deposit (CDs) and PRLV at December 31, 2015 and 2014, are analyzed
as follows:
2015 2014
Tenor CDs PRLV CDs PRLV
From 1 to 89 days $ 45,622 69,280 18,478 55,735
From 90 to 179 days 1,197 9,617 1,881 11,398
From 180 to 359 days 283 2,618 2,177 2,885
From 360 to 720 days 2,403 - 2,177 -
$ 49,505 81,515 24,713 70,018
===== ===== ===== =====
Debt securities issued
Pursuant to debt securities stock certificates issuance program for up to $50,000, authorized by means
of the official document 153/79280/2009 issued by the Banking Commission on December 15, 2009,
the Bank has issued 180,000,000 banking stock certificates amounting to $100 pesos,
in the amount of $18,000, of which 23 November 2015 and 16 December 2011 won two issues for
$7,000 (70,000,000 shares) and $5,000 (50,000,000 shares), respectively.
The outstanding debt securities certificates issued at December 31, 2015 and 2014 are listed below:
Current at December 2015 Current at December 2014

Issuance date Maturity date Rate Securities issue Amount Securities issue Amount
29 de noviembre de 2010 23 de noviembre de 2015 TIIE28+.28% - $ - 70,000,000 $ 7,000

9 de septiembre de 2010 31 de agosto de 2017 TIIE28+.35% 46,700,000 4,670 46,700,000 4,670
9 de septiembre de 2010 27 de agosto de 2020 7.48% 13,300,000 1,330 13,300,000 1,330
60,000,000 $ 6,000 130,000,000 $ 13,000

======== ===== ========= =====
During the years ended December 31, 2015 and 2014, the accrued interest by debt securities
certificates were $501 and $556, respectively.
(Continued)
68

and subsidiaries
(Millions of pesos)
The remaining portion of the balance of bank bonds corresponds to structured credit instruments with
derivative component, with maturity dates ranging from January 4, 2016 until December 1, 2028.
The fair value of the derivative component is registered within the headings "Derivatives" and
"Financial intermediation income, net". Accrued interest is recognized, through the effective interest
method, in the caption "Interest expense".
(17) Bank and other loans-
The Bank and other loans as of December 31 2015 and 2014, are as follows:
2015 2014
Due on demand and short-term:
Pesos:
Mexican banking $ 19,108 5,165
Developments funds (see note 10(d)) 2,224 1,285
Central Bank 700 -
Development banking 675 -
Accrued interest 3 -
Foreign currency:
Developments funds (see note 10(d)) 195 114
Accrued interest 1 -
Total due on demand and
short-term. 22,906 6,564
Long-term:
Pesos:
Developments funds (see note10(d)) 1,648 1,167
Foreign currency:
Foreign banks 181 183
Developments funds (see note10(d)) 52 43
Accrued interest 1 1
Total long-term 1,882 1,394
Total bank and other loans $ 24,788 7,958

===== ====
(Continued)
69

and subsidiaries
(Millions of pesos)
Due on demand and short-term
Interbank loans in domestic currency from commercial and development banks at December 31, 2015
and 2014 are shown below:
2015 2014
Institution Amount Rate Amount Rate
Banorte $ 6,401 3.25% 165 3.00%

Santander Mxico - - 5,000 3.00%
Scotiabank Inverlat 1,500 3.15% - -
Bank of Tokio Mxico 2,400 3.15% - -
Bank of Amrica Mxico 880 3.05% - -
Nacional Financiera 675 3.20% - -
BBVA Bancomer 5,000 3.25% - -
Banco Invex 327 3.05% - -
JP Morgan Chase 2,000 2.00% - -
Afirme 600 3.15% - -
_______ ________
===== =====
$ 19,783 5,165
===== =====
At December 31, 2015 and 2014, the balance of short-term Development Fund loans denominated
domestic currency, is integrated as shown below:
2015 2014
Average Average
Amount rate Amount rate
Special financing
fund $ 2,224 3.47% 1,285 3.43%
==== ===== ==== =====
At December 31, 2015 the balance of the Central Bank loans in domestic currency amounted to $700,
with an average interest rate of 3.20%, as of December 31, 2014 there are no loans with the Central
Bank in domestic currency.
(Continued)
70

and subsidiaries
(Millions of pesos)
At December 31, 2015 and 2014, short-term loans held with Development Fund denominated in
foreign currency, is comprised as follows:
2015 2014
Average Average
Special financing
fund $ 195 1.56% 114 1.57%
=== ===== === =====
Long-term
The balance of the long-term Development Fund loans in domestic currency as of December 31, 2015
and 2014, remained with the institutions shown below:
2015 2014
Average Average
Amount rate Average rate
Special financing fund $ 1,648 3.77% 1,167 3.85%

==== ==== ==== ====
At December 31, 2015 and 2014, the Bank holds long-term loans with foreign banks in dollars with
Instituto de Crdito Oficial de Madrid for $181 and $183 and average rates of 1.5% in both years.
The balance of the long-term Development Fund loans long-term in foreign currency as of December
31, 2015 and 2014, remained with the institutions shown below:
2015 2014
Average Average
Special financing fund $ 52 1.63% 43 1.69%

== ==== == ====
The main operational characteristics of interbank loans that the Bank has, include access to resources
through auctions, loans regulated by the Central Bank which do not have a preset limit and loans
subject to availability of resources from the budget of the loaners without limit to the Bank , loans
whose limit is agreed daily by the by the loaners.
As of December 31, 2015 and 2014, the Bank has no significant interbank credit lines which amount
has not been exercised.
(Continued)
71

and subsidiaries
(Millions of pesos)
(18) Restricted or pledged securities-
At December 31, 2015 and 2014, creditors on repurchase/resale agreements from the sale of
repurchase/resale agreements amounted to $186,435 and $156,829, respectively. The fair value of
the position by class of restricted securities pledged in repurchase/resale agreements transactions,
securities loan transactions and other that are restricted in the securities position are analyzed as a
follows:
2015 2014
Trading securities:
Repurchase/resale agreements:
Stock certificates $ - 774

Cetes 2,236 13,337
Bonds:
Fixed rate bonds 23,758 15,759
Others 3,012 1,836
Deposit certificates - 109
Subtotal 29,006 31,815
Other government guarantees:(1)
Stock certificates - 340

Cetes - 129
Bonds:
Others - 113
Subtotal 7,771 12,807
Total (note 7) $ 36,777 44,622

===== =====
(1) Corresponds to guarantees granted by derivative transactions on recognized markets and OTC.
(Continued)
72

and subsidiaries
(Millions of pesos)
2015 2014
Available-for-sale securities:
Stock certificates $ 20,975 16,393
Cetes - 16,532
Deposit certificates 36,883 3,724
Bonds:
Others 32,298 74,494
Eurobonds - 1,241
Subtotal 110,990 117,012
Securities loans:
Bonds:
Fixed rate bonds 6,909 -
Total (note 7) $ 117,899 117,012
====== ======
Held-to-maturity securities:
Stock certificates $ 2,034 -
Bonds:
Fixed rate bonds 38,994 -
Deposit certificates 5,085 -
Subtotal 46,113 -
Securities loans:
Other guarantees:
Fixed rate bonds 11 -
Total (note 7) $ 62,866 43,938

====== ======
(Continued)
73

and subsidiaries
(Millions of pesos)
The average term of repurchase/resale agreemets as of December 31, 2015 and 2014 is 11 and 8 days,
respectively, with average rates of 3.16 % and 3.15 % respectively.
During the years ended December 31, 2015 and 2014, premiums and interest paid are summarized as
follow:
2015 2014
Repurchase/resale agreements $ 6,376 8,699

Securities loans 1,795 1,250
Total (note 25(a)) $ 8,171 9,949

==== =====
(19) Collaterals sold or pledge-
Repurchase/resale agreements (credit balance):
As of December 31, 2015 there were no repurchase/resale agreements with credit balance, as of
December 31, 2014, the average term of repurchase/resale agreements was 2 days. The balance sheet
accounts and memorandum accounts at December 31, 2014 are analyzed as follows:
BPAG 28 $ 2,026
BPAG 91 6,076
BONDESD LD 1,900
10,002
Collaterals sold or pledged (see
note 8) (10,000)
$ 2
=====
(Continued)
74

and subsidiaries
(Millions of pesos)
Securities borrowing:
The average tenors in securities borrowing are 6 and 3 days at 31 December 2015 and 2014,
respectively. At December 31, 2015 and 2014, the balance sheet accounts and memorandum accounts
are analyzed as follows:
2015 2014
BONOS M $ 14,145 19,356

UDIBONO S 1,100 1,778
CETES B1 7,900 13,570
ALFA 1 - 3
$ 23,145 34,707
===== =====
During the years ended at December 31, 2015 and 2014, the recognized premiums as operating
expenses of securities borrowing amounted to $61 and $43, respectively.
(20) Creditors on settlement transactions, sundry creditors and other accounts payable -
At 31 December 2015 and 2014, creditors on settlement transactions, sundry creditors and other
accounts payable are analyzed as follows:
(a) Creditors on settlement transactions-
2015 2014
Foreign exchange $ 61,756 103,849

Investment securities 7,783 12,958
Derivatives 389 468
$ 69,928 117,275
====== ======
(b) Creditors on margin accounts and cash received as

collateral- $ 10,427 6,657
====== ======
(Continued)
75

and subsidiaries
(Millions of pesos)
(c) Sundry creditors and other accounts payable-
2015 2014
Sundry creditors (1) $ 17,493 6,904

Accounts payable for banking services (2) 6,118 5,438
Allowance for employees compensation and benefits (3) 3,965 3,743
Taxes payable and withheld 1,179 1,588
Sundry expense provisions (4) 3,084 2,275
Overdrafts on bank accounts 34 1,003
$ 31,873 20,951
===== =====
(1)
During 2015; the movements were mainly originated by an increase in accounts payable to its related party
Citibank NA Nassau Branch for $7,758 and by increase in acquiring operations related to commissions charged
for $449.
(2)
During 2015; the movements were mainly originated by an increase of letters credit for $219, by operations of
acceptance of costumer accounts for $689 and by increase of certified checks for $84. During 2014, the
movements were mainly originated by decrease operations of acceptance of costumer accounts for $268.
(3)
During 2015, the movements were mainly originated by an increase in the for compensation program based on
Citigroup shares for $206. During 2014, the movements were mainly originated by increases in allowance of
variable compensation for $122 and the reserve in legal severance payments for $94, respectively.
(4)
During 2015, the movements were mainly originated by an increase in the allowance for legal contingencies for
$256 and the decrease in allowance for labor restructuring for $199 also by increase other allowances for $463.
During 2014; the movements were mainly originated by increase in allowance for legal contingencies for $355
and the increase in allowances for restructuring reserve for $322.
(Continued)
76

and subsidiaries
(Millions of pesos)
(21) Tax on earnings (Income tax (IT) and employee statutory profit sharing (ESPS))-
The Income tax law in force since January 1st, 2014, establishes an income tax rate of 30% for 2014
and subsequent years.
Current income taxes and ESPS:
Current income tax and ESPS recognized in the statement of income for the years ended December
31, 2015 and 2014, is summarized as follows:
2015 2014
IT ESPS IT ESPS
Banamex $ 3,156 1,077 2,361 781

Tarjetas Banamex Sofom 3,605 - 3,359 -
Inmuebles Banamex 329 - 126 -
Servicios Financieros Soriana 40 - 92 -
Planeacin de Recursos Humanos 27 8 32 7
IMREF 8 - 5 -
Fideicomiso de Administracin
y Pago de Operaciones por
Cuenta Propia y Terceros 1 - 2 -
$ 7,166 1,085 5,977 788

==== ==== ==== ===
(Continued)
77

and subsidiaries
(Millions of pesos)
a) Current income taxes:
The following is a summarized reconciliation between income from continuing operations and taxable
income from Banamex and Tarjetas Banamex as unconsolidated entities for the years ended on
December 31, 2015 and 2014:
2015 2014
Banamex Tarjetas Banamex Banamex Tarjetas Banamex
Income from continuing operations $ 7,730 9,767 3,060 9,777
ESPS 869 - 1,065 -

Tax effects of inflation (1,640) (464) (2,959) (832)
Tax loss on sale of loan portfolio - (2,126) - 13,491
Allowance for loan losses (1,164) 12,240 - 5,923
Prepayments (326) 274 44 -
Sales of equity shares (22) - (59) -
Fair value valuations (2,215) - 2,550 -
Commissions 203 - (114) -
Amortization of post-retirement
health care expenses plan 724 - 460 -
Debtor support programs - (8,821) - -
Deduction of loan losses - - - (7,970)
Financial derivatives transactions 1,894 - (2,612) -
Deduction of ESPS paid during the year (689) - (190) -
Write-offs 1,853 - 854 -
Prepaid administrative services - - - -
Depreciation and amortization 626 - 1,312 -
Allowance amortization - - 5,175 -
Prepaid administrative services
amortization - - (6,436) -
Tax losses amortization - - - (10,653)
Allowances 1,542 428 2,318 265
IT from prior years 549 - 99 -
ESPS from prior years 27 - 3 -
Non deductible 727 12 702 310
Others, net (168) 708 2,597 885
Taxable income for IT and ESPS 10,520 12,018 7,869 11,196
IT payable at 30% 3,156 3,605 2,361 3,359

==== ===== ==== =====
(Continued)
78

and subsidiaries
(Millions of pesos)
The following is a reconciliation of the effective tax rate of Banamex and Tarjetas Banamex SOFOM
as unconsolidated entities, for the years ended on December 31, 2015 and 2014:
2015 2014
Banamex Tarjetas Banamex Banamex Tarjetas Banamex
Effective tax rate:
Income from continuing operations $ 7,730 9,767 3,060 - 9,777 -

Current IT expense 3,156 41% 3,605 37% 2,361 77% 3,359 34%
Excess on the IT provision - - - - -
Deferred IT (243) (3)% (479) (5)% 498 16% (720) (7%)
==== ===
Tasa efectiva 38% 32% - 93% - 27%
(+) Non temporary items $ (673) (9)% 150 (2)% (90) (3%) 126 1%
(+) Temporary items not recognized
in earnings (40) - - - 220 7% 81 1%
(+) Other 72 1% - - 53 2% - -
(+) Deferred IT cancellation of the
deferred OSAs write-downs - - - - (1,570) (51%) - -
(+) Cancellation deferred sale of
foreclosed - - - - (567) (18%) - -
(+)Effect of the uncorresponded
tems in deferred tax - - - - - - 10 -
(+)Effect of prior year items - - - - - - 97 1%
_____ _____ _____ _____
==== === ==== ====
(8)% (2)% (63%) 3%
30% 30% 30% 30%

=== === === ===
b) Current and deferred ESPS:
ESPS is calculated in accordance with the criteria established by the Mexican Constitution,
including as a deduction the ESPS paid during the period. The estimate current and deferred
ESPS included in the caption Administrative and promotional expenses for the year ended
December 31, 2015 and 2014, is as follows:
2015 2014
Current ESPS $ 1,085 788

Deferred ESPS (208) 75
=== ====
(Continued)
79

and subsidiaries
(Millions of pesos)
c) Deferred taxes:
The deferred taxes assets (liabilities) at December 31, 2015 and 2014, comprise the following
items:
2015 2014
Allowance for loan losses $ 19,703 19,385

Sundry allowance 2,694 2,264
Investment securities valuation 430 747
Premises, furniture and equipment 148 (123)
Pensions, health care expenses and
legal severance indemnities (1,890) (2,022)
Deferred ESPS 4,246 4,065
Advances from customers and prepaid expenses 105 16
Other (824) (1,146)
$ 24,612 23,186
===== =====
In assessing the realizability of deferred tax assets, management considers whether it is more
likely than not that some portion or all of the deferred tax assets will not be realized. The
ultimate realization of deferred tax assets is dependent upon the generation of future taxable
income during the periods in which those temporary differences become deductible.
Management considers the scheduled reversal of deferred tax liabilities, projected future
taxable income, and tax planning strategies in making this assessment.
The changes in the deferred tax for the years ended December 31, 2015 and 2014 are as
follows:
2015 2014
Allowance for loan losses $ 318 3,591
Sundry allowance 430 (677)
Investment securities valuation (317) 726
Premises, furniture and equipment 271 (14)
Pensions, health care expenses and
legal severance indemnities 131 431
Deferred ESPS 181 (54)
Advances from customers and prepaid expenses 89 328
Net operating loss carry-forwards - (2,878)
Other, net 323 (1,368)
$ 1,426 85
==== ====
(Continued)
80

y subsidiarias
(Millions of pesos)
The foregoing net changes are reflected in the consolidated financial statements as follows:
2015 2014
Results from operations:
Deferred IT benefit (expense) $ 915 299
IT benefit from tax amnesty -
Deferred ESPS-other operating income (27) -
Deferred ESPS-administrative and promotional expenses 208 (75)
Other (178)
Stockholders equity:
Unrealized gain from valuation of available-for-sale
securities 356 (38)
Deferred ESPS for change in allowance for loan and losses
methodology for commercial portfolio - (21)
IT from deferred ESPS for change in allowance for loan
and losses methodology for commercial portfolio - (6)
Statutory reserves:
Effect from changing the methodology for building
commercial loans allowance for loan losses (i) - 62
$ 1,452 85
==== ====
(i)
During 2014, as a result of adopting of the new methodology for commercial loans allowance for loan losses was
recognized an effect in stockholders equity of $208, which generated a deferred IT for $62.
d) Other considerations:
According to the current tax law, authorities have only the right to review the previous five years
prior to the last tax return presented.
According to the IT Law, entities carrying out transactions with related parties, whether domestic or
foreign entities are subject to certain limitations and requirements, as to the determination of prices,
since these prices must be equivalent to those that would have been used in the same kind of
operations with independent parties
During 2015 Banamex made the cancellation of credit balance of taxes from prescription benefit for
their recovery in the amount of $265, which was recorded in the income statement under "Other
income (expense) from operation".
(Continued)
81

and subsidiaries
(Millions of pesos)
(22) Stockholders equity-

(a) Structure of capital stock-
At December 31, 2015 and 2014, Banks equity shares have a par value of ten pesos per share
and the structure of capital stock is as follows:
Stockholders Acciones
Serie F Serie B
Grupo Financiero Banamex, S. A. de C. V. 2,318,003,764 -
Citicorp Global Holdings Inc. - 2,070
Total 2,318,003,764 2,070
========== ====
At December 31,2015 and 2014, the par Banks capital stock amounted to $23,180.
X1
On January 15, 2015, a dividend of $2,250 was declared through a unanimous stockholders
resolution out of stockholders meeting, which was paid during 2015.
On December 16, 2015, a dividend of $5,141 was declared through a unanimous stockholders
resolution out of stockholders meeting, which was paid during 2015.
(b) Other comprehensive income-
At December 31, 2015 and 2014, comprehensive income amounted to $11,170 and $8,122,
respectively, recognized in the statements of changes in stockholders equity and represents the
results of the Banks total activity during the year, and included items which in accordance
with the applicable accounting criteria are recorded directly in stockholders equity (unrealized
gain from valuation of available-for-sale securities, unrealized gain from valuation of
derivatives cash flows hedges, accumulative initial effect from the application of new
provisions for creating Banks allowance for loan losses for commercial portfolio and deferred
IT and ESPS related to each one of the aforementioned items).
(c) Restrictions on stockholders equity-
In accordance with the Credit Institutions Law, 10% of net income for the year must be
appropriated to the statutory reserves, until it reaches equal amount of capital stock.
Stockholder contributions restated on a tax basis for by the tax law, may be refunded to
stockholders tax-free, to the extent that such contributions equal or exceed stockholders
equity.
(Continued)
82

y subsidiarias
(Millions of pesos, except value of UDI)
The earnings for which IT has not been paid, and the other sotockhoders equity accounts, will
generate and IT payment to the Bank, in case of distribution, at a rate of 30%, therefore, the
shareholders will only be entitled to the remaining 70%.
The undistributed earnings of subsidiaries may not be distributed to the Banks stockholders
until received as dividends from the subsidiaries. Unrealized gains from the market prices
valuation of investment securities and derivative financial transactions may not be distributed
until realized.
In accordance with the IT Law that became effective on January 1, 2014; dividends from
profits generated in 2014 and thereafter paid to individual and/or foreign individual or legal
entities are subject to a withholding rate of 10%.
(d) Capitalization (unaudited)-
In accordance with article 50 of the Credit Institutions Law, Banamex shall maintain a net
capital in excess of the sum of the capital requirements for credit, market and operational risk
incurred in its operations. Net capital is determined according to the Provisions issued by the
Banking Commission on December 2, 2005, and with it last amended on December 31, 2015.
After the Basel III rules became effective in 2013, and the amendments done in December
2015, a minimum equity ratio is established in 8% and new levels are prescribed for the basic
portion of net capital, and the elements for basic capital (fundamental capital and no
fundamental capital), are established considering the elements comprising the basic capital
while a maintenance supplement of 2.5 is incorporated of basic capital 1 on the total weighted
assets subject to risk itself, to preserve the category I.
The equity ratio is equal to the result of the quotient of the net capital of Banamex, divided by
the sum of the weighted assets subject to credit risk, the equivalent weight positions that are
subject to market risk, and the assets subject to operational risk.
On the following page is presented the information corresponding to Banamexs capitalization

as unconsolidated entity at December 31, 2015 and 2014; in accordance with Basel III.
Figures of capital, risk-weighted assets and capital ratios as of December 31, 2015 and 2014
(preliminary figures) were determined in accordance with the applicable regulation on those
dates.
(Contina)
83
and subsidiaries
(Millions of pesos)
Common equity Tier 1- shares and reserves:
2015 2014
Common shares that meet the criteria for classification as common
shares for regulatory purposes plus stock surplus $ 37,963 37,963
Accumulated other comprehensive income (and other disclosed
reserves) 108,579 104,712
Common equity Tier 1, before regulatory adjustments 146,542 142,675
Less:
Common equity Tier 1- regulatory adjustments:
Other intangibles, except mortgage servicing rights (net of
deferred tax assets liabilities) - 1
Cash flow hedge valuations (108) (226)
Gain on sale related to securitization transactions 381 373
Investments in own shares 20,086 20,230
Investments in the capital of banking, financial and insurance
entities that are outside the scope of regulatory consolidation
and where the bank does not own more than 10% of the
issued common share capital of the entity (amount above
10%) 520 538
National regulatory adjustments:
from: other comprehensive income (and other disclosed reserves) 108 226
from: Gain on sale related to securitization transactions
(Origination entities) 602 422
from: Investments in multiline organizations 2 3
from: Investments in own shares, the financial group and related
companies 92 335
from: Investment on funds 66 150
from: Deferred credits and prepayments 8,033 3,859
from: Adjustment for equity recognition 812 815
from: Deferred taxes 14 - .
Total National regulatory adjustments 30,608 26,726
Common equity Tier 1 (T1) 115,933 115,949
Common equity Tier 2 (T2) - -___
Total equity (TE = T1 + T2) $ 115,933 115,949
====== ======
The capital amounts of the risk assets, and capitalization ratios at December 31, 2015 and 2014
(preliminary amounts), are determined according with the applicable regulation on those dates.
(Continued)
84
and subsidiaries
(Millions of pesos)
Risk
Weighted Capital
Asset Requirement
December 31, 2015:
Market risk:
Transactions in pesos at nominal rates $ 69,542 5,563
Transactions in pesos at premium rates 1,890 151
Transactions in pesos at rates, net of inflationary effects or
denominated in UDI 11,563 925
Transactions in pesos with rate of return referred to general
minimum wage 26,047 2,084
Positions in UDI or with return referred to the Consumer
Price Index 131 11
Positions in pesos with rate of return referred to general
minimum wage increase 455 36
Foreign currency transactions at nominal interest rates 29,235 2,339
Foreign currency positions in or referred to foreign exchange
rate of return 12,103 968
Equity positions or referred of prices of single or group
shares of return 1,509 121
Gamma impact 4,135 331
Vega impact 4 -
Total of credit risk 156,618 12,529
Credit Risk:
Group I Mexican government - -
Group II Foreign governments and central banks with
investment grade 41 3
Group III Banks and Mexican financial entities 91,560 7,325
Group IV Mexican development banks and entities with
private and government shares 15,121 1,210
Group V Mexican states governments 20,577 1,646
Group VI Consumer loans 141,812 11,345
Group VII Business and commercial loans 229,817 18,385
Group VIII Unhedged portion of past due loans 2,663 213
Group IX Other type of loans 68,272 5,462
Grupo X 682 55
Securitization with level risk 1 - - .
Total credit risk 570,540 45,643
Total market and credit risk 727,158 58,172
Operational risk 103,225 8,258
Total risk: market, credit and operational $ 830,383 66,429
====== =====
(Continued)
85

and subsidiaries
(Millions of pesos)
Risk
Weighted Capital
December 31, 2014: Asset Requirement
Market risk:
Transactions in pesos at nominal rates $ 68,236 5,458
Transactions in pesos at premium rates 6,290 503
Transactions in pesos at rates, net of inflationary effects or
denominated in UDI 5,417 433
Transactions in pesos with rate of return referred to general
minimum wage 32,008 2,561
Positions in UDI or with return referred to the Consumer
Price Index 20 2
Positions in pesos with rate of return referred to general
minimum wage increase 282 23
Foreign currency transactions at nominal interest rates 44,952 3,596
Foreign currency positions in or referred to foreign exchange
rate of return 14,255 1,140
Equity positions or referred of prices of single or group
shares of return 6,132 491
Total of credit risk 177,592 14,207
Credit Risk:
Group I Mexican government - -
Group II Foreign governments and central banks with
investment grade - -
Group III Banks and Mexican financial entities 46,164 3,693
Group IV Mexican development banks and entities with
private and government shares 12,947 1,036
Group V Mexican states governments 15,492 1,239
Group VI Consumer loans 131,683 10,535
Group VII Business and commercial loans 183,116 14,649
Group VIII Unhedged portion of past due loans 2,995 240
Group IX Other type of loans 79,654 6,372
Group X 10 1
Securitization with level risk 1 905 72
Total credit risk 472,966 37,837
Total market and credit risk 650,558 52,044
Operational risk 97,336 7,787
Total risk: market, credit and operational $ 747,894 59,831
====== =====
(Continued)
86

and subsidiaries
(Millions of pesos)
December 31: 2015 2014
Equity ratios:
Equity to assets at credit risk:
Common equity 20.32% 24.52%

Supplementary equity 0.00% 0.00%
Total net equity 20.32% 24.52%
===== =====
Equity to assets at market and credit risk:

===== =====
Equity to assets at market, credit and operational risk:

===== ======
Capital adequacy is evaluated based on projections of the equity ratios and the business plans. Two
scenarios were performed: the base and adverse, from the estimate of balance sheet and statement of
income are determined assets at risk, net capital and capitalization index. Based on these results, the
Risk Management function analyzes the impact on the various operating limits established in relation
to net capital, the limit of net capital is 13%, avoiding any possible capital shortfalls, and takes any
necessary measures to ensure that the capital is maintained at an adequate and sufficient level.
At December 31, 2015, net capital was $115,933 compared to $115,949 as of December 31, 2014.
The change is due years results from operations and reserves.
Estimates projections in capital in the amendments for the Provisions, were effective for the adoption
of Basel III in January 2013, at the end of the fourth quarter 2015 the equity ratio was above the value
established by the regulation.
(Continued)
87
y subsidiarias
(Millions of pesos)
At December 31, 2015, the Bank obtained the following ratings from the following rating agencies:
Fitch Ratings Moodys S&P
Short- Long- Short- Long-term Long- Short- Long-
term term term funding term term term SACP*
National AAA(mex) Aaa mx mxA- mxAAA

Rating F1+(mex) Stable MX-1 - Stable 1+ Stable -
Pesos A A3 BBB+
F1 Stable P-2 A3 Stable A-2 Stable a-
Foreign A A3 BBB+
Currency F1 Stable P-2 A3 Stable A-2 Stable -
* BCA: Baseline Credit Assessment. BFSR: Bank financial strength rating. SACP: Stand-alone credit profile
(23) Related party transactions-
In the normal course of business the Bank carries out transactions with related Citigroup, Inc. entities
and with corporations, in which Banks officers are board members; and their stockholders or officers
are members of the Banks Board of Directors.
In accordance with Banks policies, all credit transactions with related parties, which amounted to
$14,354 and $17,627 ($68,086 and $70,295 that were eliminated because these transactions
correspond to consolidated subsidiaries) at December 31, 2015 and 2014, respectively, were
authorized by the Board of Directors in accordance with the Mexican Credit Institutions Law and
were carried out at market value.
At December 2015 and 2014, the transactions with related parties that exceed 1% of the basic capital
of the Bank are as follows:
2015 2014
(1)
Loans $ 74,694 75,881
Cash and cash equivalents 8,689 13,091
Deposit funding 5,507 6,983
Resale/repurchase agreements - 675
Investments - 156
Deposits - 37
Derivatives $ 8,829 13
===== =====
(1)
At December 31, 2015 and 2014, includes loans with subsidiaries of Banamex or Grupo Financiero Banamex amounting
to $67,459 and $69,343 respectively.
For the years ended on December 31, 2015 and 2014, there were not changes to the original
contractual conditions regarding balances with related parties, and it was not necessary to build
allowance for losses related with those transactions, except for the general allowance for loan losses
built in accordance to the methodology issued by the Banking Commission.
(Continued)
88

and subsidiaries
(Millions of pesos)
At December 31, 2015 and 2014, the total benefits granted to key management officers or key
directors of the Bank, including base wage, bonuses, vacation premium, performance bonus and
ESPS, amounted to $664 and $388, respectively.
As mentioned in note 1, the Bank carried out the sale of its division business to a subsidiary of
Citigroup Inc. The bank and its subsidiary also sold its shares in DIPEASA to a subsidiary of
Citigroup Inc.
(24) Memorandum accounts-
(a) Loan commitments-
At December 31, 2015, the Bank had commitments to grant loans (letters of credit) of $17,222
($14,561 at December 31, 2014), and credit lines for $294,123 ($301,122 at December 31,
2014).
At December 31, 2015 and 2014, the allowances for loan losses relating to issued letters of
credit amounted to $297 and $191, respectively, and are included in the allowance for loan
losses.
(b) Assets in trust or under mandate--

Trust activity at December 31, 2015 and 2014, recorded in memorandum accounts, is
summarized as follows:
2015 2014
Type of trust:
Administrative $ 724,652 751,212
Guarantee 178,492 177,079
Investment 313,086 279,137
1,216,230 1,207,428
Mandates 316,048 467,542
$ 1,532,278 1,674,970
======= =======
Trust activity revenue for the year ended December 31, 2015 and 2014 amounted to $360 for
both years.
(c) Assets held in custody or under management-
This caption represents securities and other assets held in custody or under management. At
December 31, 2015 and 2014, this account is summarized on the following page.
(Continued)
89

and subsidiaries
(Millions of pesos)
2015 2014
Securities held in custody $ 6,138,753 6,223,066

Securities under guarantee 691,414 518,094
Securities under management 558,855 750,594
$ 7,389,022 7,491,754
======= =======
Securities held in custody issued by the Bank for the years ended December 31, 2015 and 2014,
amounted to $128,983 for both years.
Accrued commission fees related to these activities for the years ended on December 31, 2015
and 2014, amounted to $567 and $523, respectively.
The types of securities are mainly government securities, corporate bonds, securities issued by
foreign entities, net equity securities, among others.
For the years ended December 31, 2015 and 2014, dividends received by $3,803,620 and
$156,398, respectively, correspond to net equity securities held in custody or under
management.
(d) Investments on behalf of third parties-

Customers funds, managed for investment purposes in different instruments of the Mexican
financial system, recorded in memorandum accounts and at December 31, 2015 and 2014, are
summarized as follows:
2015 2014
Investment funds:
Managed by Grupo Financiero Banamex $ 34,805 32,829
Government securities 96,692 171,923
Equities and other 242,124 72,603
$ 373,621 277,355
====== ======
The amount of any funds invested in the Banks own instruments, is included in the balance
sheet.
(Continued)
90

and subsidiaries
(Millions of pesos)
(25) Additional information on operations and segments-

(a) Financial margin-
For the years ended December 31, 2015 and 2014, the financial margin is comprised as
follows:
Interest income:
An analysis of interest income for the years ended December 31, 2015 and 2014, is as follows:
2015 2014
Cash and cash equivalents $ 1,035 1,240
Investment securities (1) 4,918 3,611
Resale/repurchase agreements 9,916 12,269
Loan portfolio 65,426 63,623
From margin accounts 51 41
Other 34 64
$ 81,380 80,848
===== =====
(1)
At December 31, 2015 and 2014, includes interest on trading securities and available-for-sale securities of
$3,618 and $2,383; and held-to-maturity securities of $1,210 and $1,131 respectively. It also includes dividends
received in cash of $90 and $97, in 2015 and 2014, respectively.
Foreign currency interests are included within interest income for $1,408 and $1,117 for the
years ended December 31, 2015 and 2014, respectively.
An analysis of the loan portfolio interest income by type of loan for the years ended December
31, 2015 and 2014 is as follows:
2015 2014
Current Past due Current Past due
Business and commercial $ 10,677 63 11,064 61
Financial institutions 809 - 551 -
Government entities 1,934 - 1,892 -
Consumer 41,591 231 39,757 441
Residential mortgages 10,108 13 9,850 7
65,119 307 63,114 509
$ 65,426 63,623
===== =====
(Continued)
91

and subsidiaries
(Millions of pesos)
Loan origination fees for the years ended December 31, 2015 and 2014, recorded in interest
income of loan portfolio, are as follows:
2015 2014
Business and commercial $ 815 804
Government entities 1 4
Consumer 342 285
Residential mortgage 40 48
$ 1,198 1,141
==== ====
The loan origination fees amortization period is from 24 to 360 months.
Interest expense:
Interest expense for the years ended December 31, 2015 and 2014, is as follows:
2015 2014
Demand deposits $ 1,218 995
Time deposits 1,883 1,750
Bank and other loans 818 920
Repurchase/resale agreements and securities
borrowed (note 18) 8,171 9,949
Other (1) 1,243 1,429
$ 13,333 15,043
===== =====
Foreign currency interests are included within interest expense for 2 million dollars for the year
ended December 31, 2015 and 2014.
(1)
Includes loan origination cost and expenses for the years ended December 31, 2015 and 2014, of $653 and $762,
respectively. The amortization periods of loan origination cost and expenses are from 24 to 360 months.
(b) Commissions and fees income-

For the years ended December 31, 2015 and 2014, commissions and fees income are on the
following page.
(Continued)
92

and subsidiaries
(Millions of pesos)
2015 2014
Loan transactions $ 15,152 13,226

Securities purchase/sale 698 743
Account management 2,618 2,637
Funds transfer 1,838 1,742
Assets held in custody or under management and other 567 523
Electronic banking services 1,023 959
Other 5,361 5,441
$ 27,257 25,271
===== =====
(c) Financial intermediation income-

An analysis of financial intermediation income for the years ended December 31, 2015 and
2014 is as follows:
2015 2014
Valuation result:
Investment securities $ 74 1,033
Collaterals sold 7 (35)
Trading derivatives transactions 2,496 (3,371)
Ineffectiveness of fair value hedges (347) (177)
Ineffectiveness of cash flows hedges (16) -
Result from purchases/sales:

Investments securities, net 103 486
Trading derivatives transactions (1,525) 3,811
Hedge derivatives transactions (1,069) (610)
Results from FX purchase/sale 908 1,534
$ 631 2,671
==== ====
(d) Other operating income (expenses)-
For the years ended December 31, 2015 and 2014, other operating income (expenses) is
analyzed as shown on the following page.
(Continued)
93

and subsidiaries
(Millions of pesos)
2015 2014
Other operating income:

Services provided to affiliated companies $ 2,176 2,018
Sale of acquiring business 3,409 -
Cancellation of provisions 1,373 5,911
Loan portfolio recoveries (see note 10(d)) 2,765 3,193
Valuation of benefits receivable on securitization
transactions 186 459
Income from sale of foreclosed assets
(see note 12) 228 171
Gain on sale of premises, furniture and equipment 129 1
For loans ceded 743 39
Income from recoveries of loan portfolio acquired - 228
Sundry creditors cancellations (see note 20) 154 101
Recoveries of prior years expenses and written-off
loans 131 151
Income from sub-lease arrangements 152 443
Other 1,012 998
Total 12,458 13,713
Other operating expenses:

Operational and nonoperational write-offs 2,562 6,803
Creation of sundry provisions and other expenses: 246
Sundry debtors 564 468
Expenses of Citigroup, Inc.
for services rendered 3,329 2,525
Legal and tax contingencies 1,345 788
IT, ESPS and other taxes paid in amended tax
returns 66 147
Donations 176 177
For loans ceded 3 54
Loss of valuation of benefits receivable on
securitization transactions 6 260
Legal severance indemnity and other employee
benefits - 312
Other 434 811
Total 8,731 12,345
$ 3,727 1,368
===== =====
(Continued)
94

and subsidiaries
(Millions of pesos)
(e) Financial ratios-
Following are the main financial ratios as of December 31, 2015 and 2014 :
2015 2014
Past due loan portfolio/total loan portfolio 1.6% 2.2%

Allowance for loan losses/past due loan portfolio 263% 225.6%
Operating efficiency (administrative and
promotional expenses/average total assets) 4.5% 4.4%
ROE (net income/average stockholders equity) 8.1% 5.6%
ROA (net income/average total assets) 1.0% 0.7%
Liquidity (liquid assets/liquid liabilities) * 73.3% 77.3%
Financial margin after allowance for loan
losses/average performing assets ** 4.1% 3.9%
* Liquid asset - Cash and cash equivalents, trading and available-for-sale investment securities.
Liquid liabilities Demand deposits, bank and other loans due on demand and in the short-term.
** Average performing assets Cash and cash equivalents, investment securities, securities and derivative
transactions and current loan portfolio.
(f) Information by business segment (unaudited)-
Financial information by business segment is based on the Banks internal structure, with
different risks and rewards, which are evaluated on a regular basis in order to allocate resources
and evaluate their performance, and is prepared using the generally accepted accounting
principles adopted by Citigroup, Inc. (US GAAP).
Financial information by business segment for the years ended December 31, 2015 and 2014 is
as follows:
2015 2014
Income:
Consumer bank $ 73,089 68,157
Corporate and investment banking 6,795 8,987
Wealth management 2,697 2,710
$ 82,581 79,854
===== =====
(Continued)
95

and subsidiaries
(Millions of pesos)
2015 2014
Expenses:
$ 49,228 43,938
===== ======
Net income:
Wealth management 841 771
$ 11,224 11,232
===== ======
Total assets:
Consumer bank $ 702,540 621,083
$ 997,578 901,055
====== =======
(26) Deferred charges, prepaid expenses and intangibles-

At December 31, 2015 and 2014 under Deferred charges, prepaid expenses and intangibles, is
comprised as follows:
2015 2014
Intangibles Software (net) $ 5,409 1,930
Other prepayments 2,031 4,294
Costs and expenses associated with loans 565 496
Advances or provisional tax payments 1,533 275
Prepaid expenses (rents) 118 77
$ 9,656 7,072
==== ====
The amount recognized in income for the years ended December 31, 2015 and 2014 of amortization of
deferred charges and prepaid expenses was $1,112 and $889, respectively.
(Continued)
96

and subsidiaries
(Millions of pesos)
(27) Commitments and contingent liabilities-
(a) Leasing arrangements-
Certain premises and operating equipment are leased under contracts that provide for periodic
adjustments to the rent amounts based on changes in economic conditions. Total expense for
the years ended December 31, 2015 and 2014, was $2,838 and $2,635, respectively.
(b) Litigations-
The Bank and its subsidiaries are involved in a number of lawsuits and claims arising from the
normal course of business. It is not expected that the final outcome of these matters will have a
significant adverse effect on the Banks financial position and results of operations; provisions
have been recorded for probable losses.
(28) Risk management (unaudited)-
The purpose of the comprehensive risk management function is to identify and measure risks, monitor
the impact that these risks may have on operations and control their effects on income and
shareholders value by applying the best mitigating strategies available, and also to incorporate a risk
culture in daily transactions.
The ultimate purpose of Banamex is to serve it clients and community, and to generate shareholder
value by maintaining the organizations stability and creditworthiness. Sound financial management
increases the profitability of performing assets, helps maintain appropriate liquidity levels and
provides control over exposure to losses.
In compliance with the guidelines issued by the Banking Commission and the Central Bank,
Banamex continues to implement a series of initiatives designed to strengthen the comprehensive risk
management function and thus identify, measure, monitor, transfer and control the credit, liquidity,
market and other risk exposures and other risks arising from day-to-day transactions, including
compliance with regulatory requirements and other legal matters. From amendments in the
Provisions, Risk Profile and Liquidity Funding Plan were added to the Risk Management, those were
approved in the meeting of the Banks Board of Directors of October and December 2015.
(Continued)
97

and subsidiaries
(Millions of pesos)
The Board of Directors is responsible for establishing the risk management policies as well as the
overall risk level to which Banamex is exposed. At least once a year, the Board of Directors approves
related policies and procedures, the risk profile, liquidity funding plan, the risk tolerance based on the
structure of limits for the various types of risks, which, depending on the nature and the impact on the
financial statements, are analyzed and proposed by the Risk Committee. The control structure
includes limits and risk indicators such as: value at risk, margin at risk, expected credit losses,
potential variance in expected losses, as well as indicators of potential losses under normal and
stressed conditions. The Board of Directors delegates to the Risk Committee the responsibility to
supervise the implementation of procedures designed to measure, manage, monitor and control the
risks in accordance with the existing legal requirements, the established policies and the framework of
the approved global limits.
The Risk Committee is chaired by an independent Board member and is made up of the General
Director, the head of the Comprehensive Risk Management Unit (UAIR), other Board members,
Corporate Directors, and the Director of Internal Audit. This Committee meets at least once a month
and its function is to monitor the risks to which Banamex is exposed as well as to supervise that
operations are conducted in accordance with the established objectives, policies and procedures for
risk management as approved by the Board of Directors.
To support the activities of the Risk Committee and Board of Directors, Banamex has established the
UAIR with responsibility for Banamex and its subsidiaries and which reports to the Risk Committee.
The functions performed by this Unit are shown as follows:
Identify and measure financial risks, ensuring that those risks are managed comprehensively, in
conformity with the policies and procedures authorized by the Board of Directors and in
compliance with applicable regulations.
Propose to Banks governance the valuation and measurement methodologies and their
application once approved by the Risk Committee in order to comply with the functions to
identify, measure and monitor the various types of risks and relevant limits, considering limits
by business unit, line of business and on a consolidated basis.
(Continued)
98

y subsidiarias
(Millions of pesos)
Prepare on a quarterly basis information for the Board of Directors, the Risk Committee, the
heads of lines of business and the Chief Executive Officer covering:
Exposure by type of risk that impacts Banamexs results.
Compliance with and deviations, if any, from the risk exposure limits and risk indicators
approved by the Board of Directors.
Risk measurement reports are generated as follows:
Daily: - Analysis of sensitivity to changes in risk factors related to positions

in the trading and available-for-sale securities portfolios, including
compliance with authorized limits. Additionally, estimates are
prepared of the value at risk (VaR) which impacts the financial
intermediation results and the exposure to other market risks,
including interest rate risk which affects the financial margin and
liquidity indicators.
- Estimates of the exposure to issuer and counterparty risk, as well as
the utilization of the corresponding credit lines.
Monthly: - Estimates of expected losses and allowances for loan losses.

- Regulatory Capital calculation in conformity with the applicable
regulations.
- Estimation of Liquidity Indicators and limits supervision, under
normal and stressed conditions.
- Limit Compliance Reports and corrective actions, if any, for the
respective Committees.
- Evaluation of the results obtained, considering the market risk
exposure results from trading, margin and credit against indicators of
corrective action.
- Report of the potential losses under stressed conditions, also known
as Stress testing.
(Continued)
99

and subsidiaries
(Millions of pesos)
Quarterly: - Reports on operational, technology and legal risks, as well as the

quarterly report to the Board of Directors.
- Disclosure reports with respect to capital adequacy; market risk;
liquidity, credit and operational risks; as well as the evolution of the
investment and loan portfolios.
Bi-annual: - Report on the evolution and analysis of the objectives and strategies
with respect to Derivatives.
- Risk Profile Review Program, Objectives, procedures and controls.
Annual: - Submission of proposed limits to the appropriate governance levels

for approval.
- Proposed changes to objectives, methods and procedures for approval
by the Risk Committee as part of the annual review of the Risk Policy
Manual.
- Review of the models and assumptions used in the methodologies
applied. Back testing of the risk measures used, including VaR and
expected losses compared to actual profits and losses.
- Submit drafts for Committee approval: Risk Profile consistent with
business strategy; Liquidity Funding Plan, On-going Business Plan.
(a) Market risks that affect financial intermediation (trading) results-
The purpose of the market risk management function is to identify, measure, monitor and
control risks arising from fluctuations in interest and exchange rates and market price
fluctuations and other risk factors that are present in the money, foreign exchange, capital and
derivatives markets, in which Banamex maintains its own positions. Market risk measurement
and control are based on the following parameters:
a) Identification of the positions and their related Market Risk Factors.

b) Sensitivity analyses of the positions and the economic impact to each risk factor.
c) Gathering and validation of the risk factors, estimates of their volatility and correlations.
d) Daily estimates of VaR based on (a) and (c).
e) Development of stress tests to estimate potential losses under extreme conditions.
(Continued)
100

y subsidiarias
Notas a los Estados Financieros Consolidados
(Millones de pesos)
f) Validation of the accuracy and assumptions of the method of VaR by contrast test results
VaR (d) against income / (loss), which is known for "Back testing.
g) Annual Validation of the valuation models.
Banamex updates risk factor databases daily, and calculates the historical volatilities of
government and bank interest rates in pesos, bond premiums, real UDI rate, foreign interest
rates, dollar interest rates in Mxico, foreign exchange rates, share prices, and the volatilities
implicit in the underlying of non-linear derivatives.
The Corporate VaR estimate as an overall measure of market risk has a confidence level of
99% using the Delta-Normal or Parametric method, which is equivalent to 2.33 times the
standard deviation of the daily changes in the risk factors. The process of estimating the
maximum equi-probable volatility between the estimate of: a) an exponential method of
weighted moving averages or exponential smoothing (EWMA for its acronym in English) and
b) the upper value observed during the last 3 years considered in the historical series of risk
factors. The volatility estimates are equi-probable, that is, the same weight is assigned to all
data, based on the experience of the most recent three years. The temporal horizon of VaR is
one day.
The VaR estimate, in money, is interpreted as the maximum loss to a certain determined
horizon, one day as estimated, and at a level of trust established.
VaR estimates are prepared for the portfolio of instruments, measured in conformity with FRS,
which affect the trading results, as well as derivatives incorporated in the previous positions.
In addition Banamex calculated a VaR to the volatility estimated by the Corporate

methodology, as a local control and management measure, an equi-probable volatility
calculation is performed using the latest six and eighteen months historical data.
Market risk measurement and control is based on the following methodologies:
1. Calculation of Value at Risk (VaR) at 99%, with a one day temporal horizon.
2. Back testing.
3. Stress testing.
Value at Risk (VaR):
The VaR calculation is analyzed and reported in accordance with the internal policies approved
by the Board of Directors, in conformity with the guidelines and principles established by the
Banking Commission and the Central Bank.
(Continued)
101

and subsidiaries
(Millions of pesos)
At December 31, 2015 and 2014, VaR amounts of Banamex are as follows:
Period ended Average of the year

2015 2014 2015 2014
Interest rates $ 201 225 154 158

Foreign exchange 115 60 123 90
Equities 11 9 11 23
=== === === ===
Total (1) $ 215 229 193 202

=== === === ===
(1) Calculated on independent portfolios, including the effect of diversification among them (correlation effect
among risk factors); not necessarily the sum of the three previous lines.
2015 2014
Banamexs net capital $ 115,942 115,949

====== ======
VaR/net capital 0.19% 0.20%

====== ======
Risk is measured by estimating the sensitivities to one interest rate basis point and 1% for
exposure to exchange rates, equities and derivatives; that affect the positions. VaR is calculated
using the Parametric Model based on variance-covariance sensitivities (DV01), using a 1-day
holding period and a 99% confidence level.
Backtesting:
For the purpose of measuring the efficiency of the daily VaR estimation, back testing is
performed at least once a year. This type of test is used to track and evaluate the underlying
assumptions used in the VaR calculation, and make subsequent corrections if so warranted. A
one year history or 252 observations are used.
(Continued)
102

and subsidiaries
(Millions of pesos)
Stress testing:
Two standard or parametric stress tests are performed daily on the trading portfolio:
Medium scenario
Catastrophic scenario
The methodology consists in re-computing the daily VaR calculation by a certain number of
times the standard deviation of risk factors. Stress testing of the worst scenario is performed on
a monthly basis, using the historic simulation methodology and the data of the last 10 years,
which by design contains the implicit correlations among the risk factors and the worst scenario
resulting from a break in the correlations. Based on the results of the stress testing, the
potential impact of historic and catastrophic scenarios and their impact on the portfolio profits
and losses are estimated.
The approved Model for the Assessment of Consolidated Risk integrates the following
component risk metrics for monthly horizon: credit assessed based on the expected loss from
each of the loan portfolios, investments for the issuing risk and counterparties; the market risks
takes into consideration the VaR to 1 standard deviation, the matrix of co-relations between the
foregoing indicators. For the tension scenario, the foregoing metrics are applied, albeit with the
following amendments: credit based on annual horizon, market at 99.97%, and quarterly
horizon, and the matrix of the extreme scenario is taken into consideration. The stress forecast
was integrated based on shock scenarios where the volatilities and co-relations taken into
consideration are applied to current and estimated positions.
Valuation models:
To measure and control market risk, valuation models are used for primary financial
instruments, derivative financial instruments and estimates for positions subject to foreign
exchange and interest rate risks.
The valuation methods used to mark-to-market are:
a) available prices and

b) model.
In both cases, the risk factors incorporated are those provided by the independent price vendor.
The valuation models are validated annually by an internal expert independent from the group
which developed them.
(Continued)
103

and subsidiaries
(Millions of pesos)
The valuation methods used for over-the-counter derivatives are those commonly accepted both
in literature and by financial markets: the Fisher formula for exchange rate and interest rate
linear derivatives; and for options, the log-normality assumptions implicit in the methodology
proposed by Black & Sholes, as subsequently refined by various authors.
Valuation models for over-the-counter derivative transactions are reviewed at least annually or
according to requests to integrate new products prior to their introduction. In both cases, tests
evaluate, in addition to the valuation algorithm, their implementation in operating systems and
the potential impact on the financial intermediation results.
Risk exposure of derivative financial instruments
Market risk
The market risk exposure of derivative positions is analyzed from the sensitivity of the risk
factors affecting the value or market price. The Risk Manual, in its chapter 1.2 Risk
Measurement Methods in Financial Intermediation Result, outlines the methodological
specifications and assumptions of the valuation and the estimation of sensitivities to the
derivative products.
The sensitivity was estimated from current exposure and risk disrupting the factor according to
the following:
Interest rate sensitivity (Delta) interest rate: Not optional in the case of derivatives
disturbs the discount rate to 1 basis point (0.001). For options this sensitivity corresponds
to the Rho and the disruption is 1 basis point (0.001).
Price sensitivity (Delta): exchange rate (FX), and stock indices or baskets. The disruption
to this factor of relative risk is equal to 1% of the actual exposure.
Sensitivity to the volatility of the underlying risk factor (Vega): This metric estimates the
price sensitivity of an option due to the change in the volatility of the underlying. The
disturbance in this case is absolute of 100 basis points.
(Continued)
104

and subsidiaries
(Millions of pesos)
The practical advantage of the sensitivities estimation, as the primary measure of risk exposure
lies in the facility of tracking the impact of the profit or loss in the portfolio according to the
movements of the market factor that influence their valuation. At the end of the fourth quarter
of 2015, risk factor sensitivity of the financial derivative positions is shown in the following
table:
Foreign
Interest rates Pesos
currency
4T 2014 25.0 2.6
1T 2015 24.5 2.4
2T 2015 7.9 2.4
3T 2015 25.6 0.0
4T 2015 13.7 (4.3)
Vega by risk factor Rates Shares

4T 2014 0.2 0.0
1T 2015 (9.5) 0.0
2T 2015 (9.8) 0.0
3T 2015 (5.7) (0.1)
4T 2015 (2.9) (0.1)
Delta by risk factor FX Shares

4T 2014 2.6 1.4
1T 2015 8.0 (0.3)
2T 2015 8.2 1.3
3T 2015 15.6 (0.6)
4T 2015 15.3 (0.8)
(Continued)
105

and subsidiaries
(Millions of pesos)
Counterparty risk
The derivative products operated by the institution and its net exposure at the end of December
2015, by product type is as shown below, highlighting that the greatest exposure of
counterparty risk, intermediation contracts transactions, and currency rates better known as
swaps. Banamex information is shown in the following table:
2015
Fair value:
Futures and forward contracts $ 2,722
Swaps 29,049
Options 1,752
=====
The credit risk exposure (net) deducting margin accounts, by counterparty classified into three
segments: Government, Financial Institutions and Business and commercial, evaluated by the
market value or current replacement cost, and potential value of the remaining life of
transactions at December 30, 2015 and 2014 is concentrated in the following companies:
2015
Counterparty MTM PSE-Margen Total
Government $ 3,448 7,570 11,019
Financial institutions 3,293 5,325 8,619
Business and commercial 7,760 3,473 11,232
$ 14,501 16,369 30,872
===== ===== =====
2014
Counterparty MTM PSE-Margen Total
Government $ 2,797 4,246 7,043
Financial institutions 9,753 2,248 12,001
Business and commercial 6,471 5,053 11,524
$ 19,021 11,547 30,568
===== ===== =====
Note: PSE is equal to the sum of MTM or the replacement value plus potential exposure to maturity of operations.
(Continued)
106

and subsidiaries
(Millions of pesos)
Market risks which affect the financial margin-
As opposed to the positions which affect the financial intermediation results through changes in
prices and mark-to-market valuations, the positions that impact the financial margin are
evaluated based on the interest earned/accrued by the assets/liabilities on the balance sheet.
Margin Exposition to the interest rate:
The estimation of sensitivity by risk factor is the primary measure of risk measurement range.
The interpretation of the estimated sensitivities is the change in the margin of a position or
portfolio, at a rate established in the market factor that determines the generation of accrued
interest. For interest rates, estimation of change is known as IRE for its acronym in English:
"interest rate exposure", and indicates the change in margin for a given movement in the
interest rate.
In its simplest form, assuming a static balance, the IRE of an instantaneous parallel shift in the
interest rate curve is obtained by multiplying the gap accumulated over time 't' by the
movement in the curve (adjusted by size the corresponding time gap) to reach the IRE each
time gap.
For the IRE 12 months (this is the most common time window, even if it could be determined
another horizon), the amounts of all gaps are added to the mentioned period (the 12 months
inclusive) without any discount factor.
As the IRE is by definition a measure of exposure and no risk, increases curves determined for
each currency are used. To portfolios margin, the IRE 12 months can be obtained with any
unitary movement in interest rates, although the usual rate is 100 basis points.
Sensitivity IRE
4T 2014 0.351%
1T 2015 0.353%
2T 2015 0.337%
3T 2015 0.329%
4T 2015 0.327%
(Continued)
107
and subsidiaries
(Millions of pesos)
(b) Liquidity risk-
Liquidity risk is the potential loss resulting from the impossibility of renewing or contracting
other liabilities in normal conditions; premature or forced sale of assets at unusual discounts to
meet obligations; or when a position cannot be sold on a timely basis, acquired or covered by
establishing an equivalent opposite position. In its calculations, the Bank considers the flows in
pesos, dollars and UDI of the institution.
The tool used for monitoring approved by the corporate governance the liquidity position is the
reason for low voltage flows (LVF), at different horizons survival (30 days y 12 months). In
line with the recent recommendations of the Basel Committee, this indicator compares the
proportion of high-quality liquid assets against net cash flows expected under conditions of
stress in financial markets, for different horizons of survival. Contingent share in these flows
are included for additional liquidity.
The level Liquidity Coverage Ratio (LCR), is the flag set in the mailshot jointly issued by the
Bank of Mexico and the Commission in December 2014 and amended in the same month the
following year. This indicator is calculated as the ratio of high-quality liquid assets divided by
net cash flows expected under normal conditions. For the year 2015, LCR levels are presented
in the following table:
Mar-15 Jun-15 Sep-15 Dec-15

Total Liquid Assets Computable $ 170,830 158,693 143,870 146,179
Total Net Cash Outflows $ 79,416 88,073 92,976 113,459
Liquidity Coverage Ratio (LCR) % 215.11 180.18 154.74 128.84
For the portfolio in foreign currency, the criteria in the guideline 3/2012 issued by the Central
Bank are used, which establishes the Standards for investment and assumption of liabilities in
foreign currencies and is intended to promote stable and long-term funding and to ensure that
financial institutions maintain adequate investments in liquid and high-quality assets. As of
December 2015, there were sufficient liquid assets to face the minimum required by the
Circular.
(Continued)
108
and subsidiaries
(Millions of pesos)
Liability transactions:
Banamexs management has a process to homogenize all the grouping criteria for the
employees deposits in order to ensure the diversification of risk in asset transactions of loans.
In addition, the Risk Committee analyzes on a monthly basis all the significant funding sources
(FFS-Spanish abbreviation), classified as: banks, corporate, financial institutions, government
and individuals. Management has the following objectives: i) ensure that no economic group
exceeds the ultimate deposit funding limit which is equivalent to the Banks basic capital and
ii) ensure that the percentage of the 5 most important FFS is less or equivalent to 35% of the
total funding. The percentages of the FFS at the end of December 2015 are shown below:
Percentage respect the total funding Dec-2015
FFS includes repurchase Agreements 13.65%

FFS without repurchase Agreements 9.71%
Internal Model of Deposits

In terms of stability of deposits, Banamex has developed a model for managing the financial
margin from the cost of funds and the rates generated by the assets. As of June 2014, the
Banking Commission, at the request of Banamex, authorized it for the use of internal model for
deposits to estimate the requirements Capitalization Market Risk in a peso rate. This
authorization was renewed in June 2015.
(c) Issuer and counterparty risk-
Issuer risk is the potential loss from default by a borrower or counterparty on debt securities
transactions.
The business units also the risk units associated to the business units are the responsible of
monitoring the credit exposure limits of the trading and available-for-sale securities, and issues
a daily issuer risk report. The unit of loan management (CRMS Credit Risk Management
Services) provides support.
The limits of issuer risk exposure for trading and available-for-sale securities are established at
par value by issuer, currency and tenor.
(Continued)
109
and subsidiaries
(Millions of pesos)
Counterparty risk, or exposure, is the potential loss arising from default by a borrower or
counterparty on Banamexs securities and derivatives transactions.
The estimation of counterparty consumption limits has two components: market value of the
existing operations and their potential value according to product type, as well as the remaining
life of the transaction. For measurement purposes, Banamex has aligned its metrics to Basel III
and best international practices. In this regard, there are risk metrics that take into account both
market and credit risks.
Business units, and units of risk associated with business units are responsible for monitoring
counterparty risk limits exposure. The Credit Risk Management Services (CRMS) gives them
support, issuing daily consumption report counterparty lines. For the Risk Committee
consumption trends of counterparty credit lines is presented.
Particularly, stress tests with the following characteristics are performed: incremental exposure
with respect to market value and volatility, a stress default probability based on potential
impairment and a severity of loss under adverse circumstances.
The Risk Infrastructure function reports on a quarterly basis to the Board of Directors and on a
monthly basis to the Risk Committee with respect to the adherence to the limits of issuer and
counterparty risk exposure.
(d) Credit risks which affect cost of credit and the financial margin-
Credit risk is the potential loss resulting from default by a borrower or counterparty on the
transactions carried out by Banamex.
The Bank has a process for granting, acquiring, transferring, controlling, managing, recovering,
restructuring and renewing granting and credit risk classification based on the corresponding
internal manuals for managing the level and composition of credit risk.
Policies and procedures are in place for maintaining a sound, diversified, prudent and risk-
controlled portfolio, including establishing credit risk exposure indicators and identification of
distressed loans and their possible variances, taking into consideration the nature and credit
quality of the various portfolios. The limits and indicators are submitted annually to the Board
of Directors for authorization, and their behavior is monitored and reported to the Risk
Committee on a monthly basis.
(Continued)
110

y subsidiarias
(Millions of pesos)
Policies and procedures for acquiring portfolio have been implemented, among which are the
valuation of portfolio review of legal and accounting aspects as well as the verification of the
quality of the records. As part of loan recovery process, the institution carries out assignments
or sale of a certain group of loans, including processes for carrying out the sale include
portfolio valuation, the invitation to lending branches and investors and the establishment of
minimum price for auction.
There is a process for granting restructures in support of delinquent customers, are given a new
payment plan for a new account, which loses the benefits of the original product and in return
gets better conditions, e.g. in interest rate.
Procedures and policies established for the renewal of loans, among which are the
establishment of conditions of seniority and level of repayment of credit, and the credit
customer experience review inside and outside Banamex.
Origination and control:
Relationship managers or loan officers, whether in the corporate or business and commercial
(medium and small business) areas, prepare and structure the various proposals that evaluate
such aspects as legal capacity, moral solvency, financial situation and economic environment.
Based on this data an initial risk rating is determined using a 10-point scale in conformity with
the corporate and business credit manuals. The proposals are submitted to the authorized credit
officers or credit committees for analysis and approval, thus ensuring an appropriate
segregation between the loan origination function and the authorization of transactions.
There are two basic resolution levels for corporate loans: the Board of Directors and approval
limits granted to credit officers. The Board of Directors delegates authority to the credit
officers, and certain important transactions are authorized by the Board itself. Each officers
approval level is assigned depending on his/her experience, skills and responsibility level. The
approval level required for each line of credit is defined in an authorization matrix that
correlates the loan amount and the initial risk rating determined in the creditworthiness study.
For business loans three resolution levels are in place: the Board of Directors, Credit
Committee and approval limits granted to credit officers.
In the area of consumer business, the issuing is given through origination models, which
contain information on both the loan application and external customer references, credit
bureaus, other relationship with Banamex, bases fraud etc. Additionally, there is an area of
certification.
(Continued)
111

and subsidiaries
(Millions of pesos)
Behavioral models are mainly used for administration and control of the accounts once they
were already granted: increases or decreases the credit line authorization overdrafts, promotion
of new products (cross-saleing), strategies rate and commission collection strategies.
Ratings or "scores" of behavior are inputs for the calculation of credit risk. The "scores" predict
the behavior of borrowers in the next six months, so the risk methodologies are adapted for
annual risk calculations.
Credit risk evaluation and monitoring:
The business areas continually evaluate the financial situation of each customer, conducting an
in-depth review and analysis of the inherent risk in each loan at least once a year through a
creditworthiness study. In this way, changes that occur in the risk profile of each customer are
identified, based on the overall credit risk.
Such evaluation is conducted separately from the monthly loan rating and provisioning process
performed in conformity with the rules of the Banking Commission and the various regulatory
requirements.
As described, the Banamexs internal policies also require the mandatory application of the
proprietary methodology approved by the Banking Commission for commercial loan portfolio
risk rating and determination of the allowances for loan losses.
The Risk Infrastructure function, independent of the business areas, summarizes the results of
the business area risk ratings to determine the necessary institutional allowance as well as the
required capital for credit positions.
For the control of the credit risk, the portfolios are classified as follows:
Commercial loans
Residential mortgage loans
Consumer loans
(Continued)
112
and subsidiaries
(Millions of pesos)
Commercial loans:
In June 2013, the Banking Commission issued new rules for determining the commercial loan
allowance for loan losses: Methodologies classify entities according to their measured of sales
in millions of UDI (V) Size: a) V <14, b) 14 V <54, c) 54 V <216 d) 216 V. These
methodologies incorporate variables or "drivers" of noncompliance that are obtained from a
Credit Information Institution, such that quarterly, the probability of default parameters are
updated taking the behavior of entities within the system and the institution. Furthermore, the
severity of loss is calculated with the specifications of the circular, which are themselves equal
of the Basel II rules.
In addition, Banamex has an internal rating methodology, which used to approval and
monitoring loans.
Furthermore, the internal methodology is key to measuring and monitoring of credit risk, under
different metric and horizons:
Calculation of expected annual losses.

Calculation of expected losses with a certain degree of confidence.
Stress testing.
Risk-adjusted portfolio valuation model.
Calculation of economic capital.
Credit risk losses in derivative products.
Calculation of concentration by Industry and Geography and Economic area.
Risk-returns efficiency metrics.
The main methodology used to measure and control the credit risk to which the commercial
loans are exposed is based on a model of expected losses over a one-year horizon. Based on
this model, the expected annual commercial loan losses are calculated monthly and reported to
the Corporate Risk Committee.
(Continued)
113
and subsidiaries
(Millions of pesos)
Banamex has limits to control concentration, both regulatory, in relation to the Banamexs
basic capital; as well as internal, including size limits are accredited by segment level. The
concentration by industry, geographical area and economic group is monitored by metrics such
as the Herfindahl index, and measured by methods such as Credit Risk + (Credit Suisse).
The percentages of concentration of commercial loans are presented below:
Residential mortgage loans:
Calculation of the allowance for residential mortgage loans portfolio based on the Provisions is
made, which stipulate that the rating of the portfolio is carried out according to the historical
performance of the loan.
(Continued)
114

and subsidiaries
(Millions of pesos)
For residential mortgage loans, Banamex has implemented the methodology in an automated
way. The Provisions state that the allowance must be calculated using the values for the last
day of each month. The probability of default is a function of the following factors: i) amount
due, ii) payments made, iii) days past due, iv) the ration between vis--vis the value of the
guarantee, and v) currency or denomination of the loan, vi) integration of the file to determine
to be probability of default, while the severity of the loss consider some factors such as: i)
refion, ii) payment, iii) the ratio between the vis--vis the value of the guarantee (LTV). The
total amount to be recognized for each loan is the result of multiply the probability of default
for the seventy of the loss and the default exposive.
For the purposes of following up of this risk, an internal methodology is in place that is based
on a calculation of the expected loss. For such estimate the probability of default and the
severity of the loss are calculated with the historical information of the residential mortgages
portfolios of at least the past 5 years, except for those portfolios that were created in a shorter
period.
In order to calculate the probability of default of the residential mortgage portfolio, historical
information at the cluster level (groups of accounts with similar characteristics) is used.
These groups are conformed according to: a) past due months, b) the aging of the account and
c) the ratio between the loans vis--vis the value of the guarantee (LTV). The severity of the
loss is assessed by taking into consideration the amount of the net recoveries of the recovery
costs and applying to it an adjustment in order to obtain the parameter under stress conditions.
The Collateral Valuation function has developed a property valuation system that includes the
following process:
1.- A sample by type of housing is taken bi-annually.

2.- Actual data from such sample are used as system inputs.
3.- Updating of the system calculation parameters.
4.- The system brings the total population up-to-date.
(Continued)
115

and subsidiaries
(Millions of pesos)
The following methodologies are used for measuring and controlling credit risk of the
mortgage portfolio:
Calculation of annual expected losses.

Calculation of losses at a certain confidence level.
Stress tests.
Calculation of allowance and capital based on the Provisions.
Consumer loans:
The allowance for credit card and consumer loans is calculated based on the respective
Banking Commissions Provisions which stipulate that the portfolio ratings be based on the
portfolios past experience.
In the case of non-revolving portfolio, Banamex has implemented such methodology in

automated process. The Provisions establish that the allowance for credit losses shall be
calculated by use of the figures that correspond to the last day of each month, regardless of
whether their method of payment is weekly, bi-weekly or monthly. Likewise, other factors,
such as: i) amount due, ii) payments made, iii) default days, iv) total term, v) remaining term,
vi) original amount of the loan, vii) original value of the goods, viii) loan balance, and ix) type
of loan, are taken into consideration for the determination of the probability of default, while
the severity of the loss is a sole parameter established by the Provisions. The total amount of
the allowance to be created for each loan is the result of multiplying the probability of default
by the severity of the loss and the exposure to default.
In the case of revolving portfolio, Banamex has implemented that methodology in an

automated way. The Provisions state that allowance must be calculated using the figures for the
last day of each month for balances and the billing period for payments. Furthermore, factors
such as: i) accumulative defaults, ii) historical defaults, iii) payout percentage, iv) usage
percentage, v) account age, viii) credit balance, ix) credit line and x) balance at court of date;
while the severity of loss is a single parameter set to the Provisions. The total amount of the
booking form for each loan is the result of multiplying the likelihood of default by the severity
of loss and exposure to default for active accounts; for inactive accounts, the reserve is 2.68%
of the credit line. Note that the results associated with the above methodologies are reviewed
by the Banamex accounting area.
(Continued)
116
and subsidiaries
(Millions of pesos)
The methodology that is utilized for the measurement and control of credit risk in consumer loan
portfolios is the Banamexs internal methodology, which is based on the calculation of the expected
loss. For such assessment the probability of default and the severity of the loss are calculated based on
the historical information of the consumer loan portfolios for at least the last 5 years, except for those
portfolios that were created in a shorter period.
In order to calculate the probability of default of the consumer loan portfolio, historical information at
the cluster level (groups of accounts with similar characteristics) is used, such characteristics are: a)
due past months, b) the aging of loan portfolio, c) the behavior score and d) the level of utilization of
the credit lines (when applicable). The severity of the loss is estimated by taking into account the
amount of the net recoveries of the recovery costs and costs and applying to it an adjustment in order
to obtain the parameter under stress conditions.
At a transaction level, the following models are used:
Origination models - The loan origination models contain information on both the customers loan
application and external and credit bureau references, other relationships with Banamex, fraud
information, etc.
Behavior Scores - These models are used mainly for ongoing management once loans have been
granted: lines of credit increases or decreases, overdraft authorization, new product (cross saleing)
promotions, rate and commission strategies, and collection strategies.
Behavior scores are used as inputs for the credit risk calculation. These scores predict a
borrowers behavior over the next six months; accordingly, the risk methodologies are adapted for
annual risk calculations.
Quantitative measures - The average amounts of the loan portfolio during the fourth quarter of
2015, as well as the corresponding estimate of expected loss, are as follows:
Cartera vigente $ 510,181
Cartera vencida 4,270
Reservas 13,491
Prdida esperada 11,999
======
Expected loss refers to the model PD * LGD * EAD. The expected loss considers parameters PD
and LGD of Internal Model unlike Allowance based on regulatory model parameters (issued by
the Banking Commission).
It is worth noting that the expected loss of each portfolio is calculated on a regular basis pursuant
to the international Basel II standards, using a one-year horizon.
Methodologies used for measuring and controlling the credit risk of the consumer portfolio are
listed in the next page.
(Continued)
117
y subsidiarias
Notas a los Estados Financieros Consolidados
(Millones de pesos)
Calculation of annual expected losses.

Calculation of losses at a certain confidence level.
Stress tests.
Calculation of reserves and capital based on the Provisions.
The evolution of the quarterly average positions: Credit, Liquidity, Positions Securities and
Derivatives transactions. As well as operational risk losses are presented below:
Average securities by type of risk exposure
Market 2015
Investment securities $ 116,503
Trading securities 25,442
Debt securities 25,106
Shares 336
Available-for-sale securities 62,223
Debt securities 62,221
Shares 3
Held-to-maturity securities 28,838
Securities transactions 236,718
Derivatives 32,171
$ 385,391
======
Loans
Current loan portfolio $ 510,153
Past due loan portfolio 4,270
Allowance for loan losses (13,298)
$ 501,125
======
Liquidity
T. Deposits/Loans 111.1%
Stables deposits/Loans 79.7%
SFS P5/Total funding 5.9%
SFS/Total funding 9.0%
======
Operational (last 12 months)
Total operational losses $ 98
==
(Continued)
118
and subsidiaries
(Millions of pesos)
Average securities by credit
risk 4th quarter 2015
2015
Exposure Expected item Non expected loss
Counterparty risk $ 10,294 22 733
====== ===== =====
Issuer risk $ 368,794 240 14,257
====== ===== =====
1 $ - - -
2 561 - 11
3 49,563 15 1,422
4 135,076 111 5,950
5 137,567 1,156 14,686
6 13,230 365 1,903
7 3,499 311 693
9 685 298 -
10 794 363 -
Loan risk current loan portfolio

(Internal Methodology) $ 340,975 2,619 24,665
Past due loan portfolio 237 71 11

Total $ 341,212 2,690 24,676
====== ===== =====
Small and medium business:
Current loan portfolio $ 27,703 548 1,995
Past due loan portfolio 371 193 -
Total $ 28,074 741 1,995
====== ===== =====
Consumer loans:
Current loan portfolio $ 87,510 5,996 10,385
Past due loan portfolio 2,679 2,037 203
Total $ 90,189 8,033 10,588
====== ===== =====
Residential mortgage loans:
Current loan portfolio $ 78,275 718 4,777
Past due loan portfolio 926 204 96
Total $ 79,201 922 4,873
====== ===== =====
Credit loans:
Current loan portfolio $ 534,463 9,879 41,822
Past due loan portfolio 4,212 2,505 310
Total $ 538,675 12,384 42,132
====== ===== =====
(Continued)
119

and subsidiaries
(Millions of pesos)
The commercial loans includes the letters of credits average balance for the last three months
for $16,805 accrued interest and interest collected in advanced for $872; both amounted to
$17,678 out of the balance sheet.
The recoveries recorded in the fourth quarter of 2015 were $ 681. On the other hand, the
amount of credit lines recorded in memorandum accounts are presented below:
4th quarter 2015
Amount of lines in memorandum accounts
Consumer $ 18,871
Commercial $ 77,143
Total $ 96,014
At December 31, 2015, the credit quality of investments securities classified according to the
category of issuer and rating by rating agency, are as follow:
Issuer Aaa.MX Aa.Mx Ba1.Mx B1.Mx C.Mex Total

Federal Government 71.15% - - - - 71.15%
Foreign Governments 0.06% - - - - 0.06%
Commercial Banks and F. E. 0.02% - - - - 0.02%
Development Banks 28.11% 0.07% - - - 28.18%
States and municipalities 0.0% 0.01% 0.14% - - -
Corporations 0.32% 0.10% 0.14% - 0.01% 0.57%
Total 99.66% 0.19% 0.28% - 0.01% 100.0%
The distressed loans portfolio of commercial loans at the end of the fourth quarter of 2015 was
$1,802.
Current distressed loans portfolio Past due distressed loans portfolio

Balance Allowance Balance Allowance
Consumer $ - - 2,101 1,457

Residencial mortage
loan - - 962 322
Business 1,463 659 339 153
Financial Institutions - - - -
Government entities - - - -
Total $ 1,463 659 3,401 1,932

==== === ==== ====
(Continued)
120

and subsidiaries
(Millions of pesos)
Below is a breakdown of the portfolio by currency:
The balance of past due loans portfolio is categorized into the following groups according to the
date on which the credits were classified as overdue.
(Continued)
121

and subsidiaries
(Millions of pesos)
Allowance for loan losses (Commercial)

Degree of Risk Portfolio Allowance Range
A-1 110,235 652 [ 0.0% , 0.9% ]
A-2 62,089 714 ( 0.9% , 1.5% ]
B-1 23,473 401 ( 1.5% , 2.0% ]
B-2 8,968 201 ( 2.0% , 2.5% ]
B-3 7,035 241 ( 2.5% , 5.0% ]
C-1 2,225 150 ( 5.0% , 10.0% ]
C-2 2,454 501 ( 10.0% , 15.5% ]
D 2,422 959 ( 15.5% , 45.0% ]
E 47 38 ( 45.5% , )
Total 222,805 3,857 1.7%
Allowance for loan losses (Financial Institutions)

A-1 106,606 538 [ 0.0% , 0.9% ]
A-2 2,213 31 ( 0.9% , 1.5% ]
B-1 2,772 46 ( 1.5% , 2.0% ]
B-2 7,608 179 ( 2.0% , 2.5% ]
B-3 3,754 152 ( 2.5% , 5.0% ]
C-1 7,158 452 ( 5.0% , 10.0% ]
C-2 753 99 ( 10.0% , 15.5% ]
D 0 0 ( 15.5% , 45.0% ]
E 0 0 ( 45.5% , )
Total 132,361 1,496 1.1%
Allowance for loan losses (Commercial Credit Government Entities)

A-1 37,680 174 [ 0.0% , 0.9% ]
A-2 702 9 ( 0.9% , 1.5% ]
B-1 3,772 64 ( 1.5% , 2.0% ]
B-2 738 17 ( 2.0% , 2.5% ]
B-3 2,844 78 ( 2.5% , 5.0% ]
C-1 42 3 ( 5.0% , 10.0% ]
C-2 0 0 ( 10.0% , 15.5% ]
D 0 0 ( 15.5% , 45.0% ]
E 0 0 ( 45.5% , )
Total 46,123 344 0.75%
(Continued)
122

and subsidiaries
(Millions of pesos)
Allowance for other revolving loan

A-1 129 4 [ 0.0% , 0.9% ]

A-2 266 12 ( 0.9% , 1.5% ]
B-1 77 39 ( 1.5% , 2.0% ]
B-2 18 2 ( 2.0% , 2.5% ]
B-3 12 1 ( 2.5% , 5.0% ]
C-1 19 3 ( 5.0% , 10.0% ]
C-2 23 6 ( 10.0% , 15.5% ]
D 37 28 ( 15.5% , 45.0% ]
E 5 7 ( 45.5% , )
Total 586 101 17.3%
Allowance No Revolving Consumer Loan

A-1 8,312 52 [ 0.0% , 0.9% ]

A-2 11,523 305 ( 0.9% , 1.5% ]
B-1 9,315 333 ( 1.5% , 2.0% ]
B-2 26,434 1,183 ( 2.0% , 2.5% ]
B-3 13,847 742 ( 2.5% , 5.0% ]
C-1 3,988 272 ( 5.0% , 10.0% ]
C-2 4,289 466 ( 10.0% , 15.5% ]
D 2,350 527 ( 15.5% , 45.0% ]
E 4,052 2,359 ( 45.5% , )
Total 84,112 6,238 7.4%
Mortgage
A-1 65,034 96 [ 0.0% , 0.9% ]
A-2 3,893 23 ( 0.9% , 1.5% ]
B-1 1,109 9 ( 1.5% , 2.0% ]
B-2 1,122 14 ( 2.0% , 2.5% ]
B-3 729 13 ( 2.5% , 5.0% ]
C-1 1,938 62 ( 5.0% , 10.0% ]
C-2 1,268 93 ( 10.0% , 15.5% ]
D 3,311 752 ( 15.5% , 45.0% ]
E 760 376 ( 45.5% , )
Total 79,165 1,437 1.8%
(Continued)
123

and subsidiaries
(Millions of pesos)
Allowance Credit
chance Charge off Cost
Consumer $ 89 1,938 2,027
Residential Mortgage loan 59 427 486
Commercial 1,596 1,231 2,827
Total $ 1,743 3,596 5,340
In pursuance of paragraph I of Article 87 of the CUB, an estimate of the impact it has on

revenue of Banamex for possible losses Operational derived from the possible materialisation
of risks, to the fourth quarter of 2015.
Banco Nacional de Mxico has established mechanisms to detect and report deviations from
the objectives, guidelines and policies for Risk Management. These include internal audit
processes, mechanisms of self-assessment and independent of those that discretion take risk
areas.
According to the regulation of the Banking Commission, Banamex used to determine capital
requirements for credit risk of corporate credit information from the following rating agencies:
Fitch, Standard & Poors, Moody's and HR Ratings.
In the following table, a comparison of the last quarter of exposures to credit risk, credit
reserves reported and those arising from gross exposures, excluding the effects of hedging
techniques of credit risk, broken down by major types presented loan portfolio.
(Continued)
124

and subsidiaries
(Millions of pesos)
In compliance with the guidelines established by the Banking Commission, the

geographical distribution of credit exposures broken down by major states, by economic
sector and remaining maturity is presented below:
(Continued)
125

and subsidiaries
(Millions of pesos)
In turn, the current portfolio, troubled and past due, the amount of reserves for loan losses
for the main economic sectors of business credit and the change in reserves and write-offs
during the fourth quarter of 2015.
(Continued)
126

and subsidiaries
(Millions of pesos)
(Continued)
127

and subsidiaries
(Millions of pesos)
Moreover, it has imposed the fourth quarter of 2015 of nonperforming loans and past due,
broken down by significant federal entities including the amounts of loss reserves for loan
losses related to each geographical area.
(Continued)
128

and subsidiaries
(Millions of pesos)
In the table on the next page presents the reconciliation of changes shown in reserves for loan
losses to trouble loans.
(Continued)
129
and subsidiaries
(Millions of pesos)
Under the rules of Annexes 24 and 25 of the Circular of banks, Banamex considers financial
and mortgage guarantees to estimate the severity of the loss used in the standard model of
estimates allowance for loan losses reported in the balance sheet of the institution.
The following table shows the distribution of financial and mortgage guarantees mentioned
above, and the amount of total exposure is covered by real financial guarantees, nonfinancial
real and personal guarantees presented admissible.
For determining the capital requirement for operational risk exposure, Banamex uses the Basic
Indicator Approach.
(e) Operational, legal and technological risk-
Operational Risk:
Operational risk management is governed by the Operational Risk Management Policy (the
Policy), which also includes legal and technology risks.
Operational risk is the risk of suffering losses as a result of breakdowns in, or inadequate,
internal processes, human behavior, systems, or from external events. It includes reputational
and franchise risks associated with inappropriate business practices, as well as the risk of non-
compliance with applicable laws and regulations, regulatory requirements and corporate
policies.
(Continued)
130

and subsidiaries
(Millions of pesos)
The main aspects of this policy are:
Classification of losses:
Losses arising from operational risks can be categorized as follows:
Losses resulting from fraud, theft or unauthorized activities.

Events related to employment practices or labor environment.
Events related to customers, products and business practices.
Loss of, or damage to, assets resulting from external events such as natural disasters, acts
of terrorism or war, or other accidents.
Errors and failures in transaction processing, counterparty and supplier administrative
processes, or operating systems failures.
Risk mitigation:
Operational risk is inherent to Banamex business and as in the case of other types of risk, is
managed through a process designed to mitigate the risk. Banamex count with a system for
registering events that have led operational losses. The main processes designed to mitigate
operational risk are contained in the Policy. The objective of this Policy is to evaluate if the
system of internal control is adequate and functioning effectively, ensuring that:
Transactions are properly recorded.

Transactions are properly approved.
The Banamexs assets are properly protected.
Compliance with the laws and regulations applicable to the business activities in
which Banamex is engaged.
Ethical standards and sound business practice are followed.
Resources and infrastructure are adequate for the conduct of the business.
The Policy includes the following processes:
Documentation of the internal control system.
Identification and classification of significant risks.
Documentation of the significant risks and key controls by business entity or
functional area.
Evaluation and classification of key controls associated with each significant risk.
Assigning a risk rating to the residual risk of each significant risk.
Assigning a rating to each business entity or functional area, which reflects the
effectiveness of their key controls.
Reporting the results of the self-assessment process.
(Continued)
131

and subsidiaries
(Millions of pesos)
The processes of the MCA are subject to periodic quality control reviews to test their
effectiveness and are also subject to review by Internal Audit.
Other operational risk processes:
Analyses are made of operational losses and their causes, and corrective actions are developed
to mitigate the risks. Periodic reports are submitted to senior management of operational
losses, their causes and the status of corrective actions.
Legal risk:
Legal risk is mainly the potential loss resulting from noncompliance with the applicable laws
and regulations, issuance of adverse administrative and judicial resolutions as well as the
imposition of sanctions in relation to the operations conducted by Banamex.
The area responsible for managing legal risk is the Legal Department, which has its policies,
systems, controls and information and is governed by the Legal Policy of Risk Management
(the Legal Risk Policy going forward).
The Legal Risk Policy establishes controls and procedures through which:
Prior to the performance of any legal act, its legal validity and adequate implementation
are analyzed, observing both local and foreign regulations.
They estimate the amount of potential losses arising from adverse judicial or
administrative decisions, including sanctions, through the monthly review of legal
contingencies and maintaining a database of the reason for these losses.
At the close of the financial statements, the allowance for legal contingencies has been
recorded in terms of the Legal Risk Policy.
The total amount of allowance for legal contingencies is reflected in the financial
statements.
Directors and employees are informed about the legal administrative regulations that
apply to the operations.
Legal internal audits are performed on an annual basis on material legal risks.
(Continued)
132

and subsidiaries
(Millions of pesos)
Technology risk:
Technology risk is defined as potential loss resulting from damage, interruption, alteration or
failure due to the use of or dependency on hardware, software, systems, applications, networks
and any other information distribution channel in providing bank services to Banamex's
customers.
The management of the technology risk is responsibility of the Area of Operations and
Technology, which has policies, systems, controls and information for:
a) Assessing the vulnerability of hardware, software, systems, applications, security,
recovery of information and networks, in view of processing or operating errors,
procedure failures, inadequate capacities and deficiencies of controls in place, etc.
b) Assessing the circumstances that in terms of technology risks may affect routine
operations, which are subject to ongoing surveillance so as to verify the performance of
the Comprehensive Risk Management process.
(29) Subsequent events-
On February 19, 2016, the Bank issues bank deposit certificates with a par value of $ 100 pesos,
which are discussed below:
Number
Ticker Symbol Due date Rate of titles Amount
Banamex 7422 August 5, 2016 TIIE 26,000,000 $ 2,600

Banamex 7422 October 28, 2016 TIIE+.03 14,250,000 1,425
Banamex 7424 January 30, 2017 TIIE+.04 10,500,000 1,050
$ 5,075
====
(30) Recently issued financial reporting standards-
On November 9, 2015, the Banking Commission announced through the Official Gazette, the
amending resolution for the general provisions applicable to credit institutions specifically as regards
adjustments to the criteria accounting for credit institutions (Annex 33) and modification to the
reporting forms applicable to such financial institutions. This Resolution shall enter into force on
January 1, 2016. Among the main changes describe in the next page.
(Continued)
133

and subsidiaries
(Millions of pesos)
A-2 Application of particular standards-
Regarding the classification of overdraft in checking account of customers who do not have a
credit line shall be considered as overdue debts. In addition is required a simultaneous estimation
of an allowance of uncollectable for the full amount of the overdraft.
B-1 Cash and cash equivalents-
The concepts restricted cash or items with negative balance are presented in the caption "Other
payables.
B-6 Cash and cash equivalents-
Includes new definitions of concepts and rules for recognition of credits acquired the Institute of
National Housing Fund for Workers (INFONAVIT) and the Institute of Housing Fund of the
Institute for Social Security and Services for State Workers (FOVISSSTE). Recognition and
valuation rules for restructurings are also detailed.
C-3 Related parties-
Various definitions were added and modified to meet with the ones established in the Financial
Reporting Standards (FRS) issued by Mexican Board of Financial Reporting Standards (CINIF by
its name in Spanish).
On December 16, 2015 the Banking Commission issued through the Official Gazette the amending
resolution for the Provisions which contains the accounting criteria for financial institutions
specifically as it regards the adjustment of the general methodology for rating the loan portfolio for
consumer operations credit card and other revolving loans, in order to more accurately calculate the
reserves that credit institutions should be taking into account the potential risks associated with
payment behavior and level of indebtedness of their borrowers, which is according to the expected
loss model that is the basis of the methodology for rating the loan portfolio. This resolution shall enter
into force on April 1, 2016.
(Continued)
134

and subsidiaries
(Millions of pesos)
On December 31, 2015, the Banking Commission announced through the Official Gazette, the
specific methodology for the classification and calculation of the corresponding preventive estimates
originated and administered by INFONAVIT mortgage portfolio and the FOVISSTE whose
receivables they have been partially transferred and for the portfolio aimed at remodeling or home
improvement caused by the institutions themselves and who have a guarantee given by an institution
development bank or a public trust established by the Federal Government for economic
development, since they are loans with special features that allow its distinction from the rest of the
mortgage loans referred for treatment of qualification and calculation. This resolution enters into
force on January 1, 2016.
Also, on this same date, disclosed some details on internal audit reports and obtaining credit
information for better implementation of the standard for determining credit risk in factoring
operations.
In addition CINIF has issued the FRS and Improvements listed below:
FRS C-9 Provisions, Contingencies and Commitments- FRS C-9 is effective for years beginning
on or after January 1, 2018; early adoption is allowed as of January 1, 2016 provided that it takes
place concurrently with the initial adoption of FRS C-19 Financial instruments payable. FRS C-9
supersedes Bulletin C-9 Liabilities, Provisions, Contingent Assets and Liabilities and
Commitments. The first-time adoption of this FRS does not produce accounting changes in the
financial statements. Some of the main points covered by this FRS are the following:
Its scope is reduced by moving the subject concerning the accounting treatment of financial
liabilities to FRS C-19 Financial instruments payable.
The definition of liability is changed by eliminating the qualifier virtually unavoidable and
including the word probable.
The terminology employed throughout the standard is updated to standardize its presentation to
the rest of the FRS.
FRS D-3 Employee benefits- FRS D-3 is effective for years beginning on or after January 1, 2016
with retrospective effects and early adoption is allowed as of January 1, 2015. FRS D-3 supersedes
the provisions in FRS D-3. Main changes include the following:
Direct benefits The classification of direct short-term benefits was modified and the
recognition of deferred Employee Statutory Profit Sharing (ESPS) was ratified.
Termination benefits The bases were modified for identifying when payments for the
termination of a work relationship actually meet post-employment benefits or when they are
termination benefits.
(Continued)
135

and subsidiaries
(Millions of pesos)
Post-employment benefits Among others, the following were modified: the accounting
recognition of multi-employer plans; government plans and plans of entities under common
control; the recognition of the net defined benefit liability (asset); the bases for determining the
actuarial hypothesis in the discount rate; the recognition of the Service Cost of Past Periods
(SCPP) and of the Early Settlement of Obligations (ESO).
Remeasurements In recognizing post-employment benefits, the corridor approach is

eliminated in the treatment of the plans profits and losses (PPL); therefore, they are recognized
as accrued and recognized directly in Other Comprehensive Income (ORI), requiring their
recycling to the periods net profit or loss under certain conditions.
Plan Asset Ceiling (PA) Identifies a plan asset ceiling and specifies which entity contributed
funds do not qualify as such.
Recognition in profit or loss of PM, SR and gains or losses from Early Settlement of
Obligations (ESO) In post-employment benefits, the totality of the Service Cost of Past
Periods (SCPP) of Plan Modifications (PM), Staff Reductions (SR) and the gains or losses from
Early Settlement of Obligations (ESO) are immediately recognized in profit or loss.
Discount rate Establishes that the discount rate of Defined Benefit Obligations (DBO) is
based on investment grade corporate bond rates (deep market) and, in their absence, on
government bond rates.
Termination benefits Requires an analysis as to whether separation payments qualify as

termination benefits or are actually post-employment benefits and notes that if the benefit is
non-cumulative with no preexisting granting conditions, it is a termination benefit and,
therefore, it should be recognized when the event occurs. However, if preexisting conditions
are present, either contractually, by law or payment practices, it is deemed a cumulative benefit
and should be recognized as a post-employment benefit.
The effect of "remeasurements" and "recognition results MP, RP and LAO" and the effect on the
OBD above amounts to $16,602, same as under the FRS D-3 must be recorded as a charge in the ORI
of $18,841 and an increase to retained earnings of $2,239. This estimate was determined using a rate
commensurate with the stipulations of the FRS above, corporate bond flows to discount to present
value. Under the official letter issued by the Banking Commission, the Group has elected to defer
recognition of these effects in the next five years at a rate of 20% per year being the first record from
the year ended December 31, 2016. In addition, in accordance with the provisions of the Banking
Commission, through trade, they shall refrain from making adjustments comparative derivatives of
this progressive application, considered impractical retrospective recognition of these adjustments.
(Continued)
136

and subsidiaries
(Millions of pesos)
2016 FRS Improvements
In December 2015, CINIF issued the document referred to as 2016 FRS Improvements, which
contains precise modifications to some FRS. The modifications that bring about accounting changes
are listed below:
FRS B-7 Business Acquisitions - Clarifies that are not part of the scope of this standard
acquisitions of entities under common control, regardless of how they have determined the amount of
the consideration. This improvement is effective for fiscal years beginning from January 1, 2016 and
accounting changes arising should be recognized in retrospect.
FRS C-7 Investments in associates, joint ventures and other investments - Establishes that the
investments or contributions in kind to be recognized based on their fair value. This improvement is
effective for fiscal years beginning from January 1, 2016 and accounting changes arising should be
recognized in retrospect.
Management believes that the accounting criteria, new FRS and FRS improvements not generate
significant impact on the financial statements of the Group except the FRS D-3 previously mentioned.

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Banco Nacional de Mxico, S. A.

Consolidated Financial Statements

December 31, 2015 and 2014

(With Independent Auditors Report Thereon)

(Translation from Spanish Language Original)

The Board of Directors and Stockholders

KPMG CARDENAS DOSAL, S. C.

C. P. C. Ricardo Delfn Quinzaos

February 25, 2016.

Av. Isabel la Catlica No. 44, Mxico D. F.

Consolidated Balance Sheets

December 31, 2015 and 2014

Assets 2015 2014 Liabilities and Stockholders' Equity 2015 2014

329,637 342,415 Bank and other loans

33,758 30,184 Creditors on repurchase/resale agreements (note 18) 186,435 156,829

Consumer loans 170,338 165,458 30,102 28,922

Benefits receivable on securitization 37,964 37,964

Subsequent events (note 29)

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Av. Isabel la Catlica No. 44, Mxico D. F.

Consolidated Balance Sheets, continued

December 31, 2015 and 2014

Memorandum accounts (notes 8, 10(d), 19 and 24): 2015 2014

Contingent assets and liabilities $ 39 -

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Av. Isabel la Catlica No. 44, Mxico D. F.

Consolidated Statements of Income

Years ended December 31, 2015 and 2014

Interest income (note 25(a)) $ 81,380 80,848

Financial margin 68,047 65,805

Provision for loan losses (note 10(e)) (24,926) (28,940)

Financial margin after provision for loan losses 43,121 36,865

Commissions and fees income (note 25(b)) 27,257 25,271

Total operating income 18,294 13,749

Equity in the results of operations of associated entities (note 14) 19 24

Income before taxes 18,313 13,773

Current taxes (note 21) (7,166) (5,977)

Net income 12,062 8,095

Non-controlling interest (68) (65)

Net income including controlling interest $ 11,994 8,030

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Av. Isabel la Catlica No. 44, Mxico D. F.

Paid-in capital Earned capital

Changes resulting from stockholdersresolutions:

Appropriation of prior year's net income of subsidiaries - - (1,075) 1,075 - - - - -

Total changes resulting from stockholdersresolutions: - - 12,109 1,075 - - (13,315) - (131)

Changes related to the recognition of comprehensive income (note 22(b)):

Valuation of available-for-sale securities, net of deferred taxes and deferred

Prior years effects, subsidiaries and other - - - (9) - - - - (9)

Total changes related to the recognition of comprehensive

Changes resulting from stockholdersresolutions:

Agreements reached unanimosly outside the Assembly

Prior year's efects, subsidiaries and other - - 1 - - - - - 1

Agreements reached unanimously outside the Assembly

Total changes related to stockholder decisions - - 640 - - - (8,030) - (7,390)

Changes related to the recognition of comprehensive income (note 22(b)):

Valuation of available-for-sale securities, net of deferred taxes and deferred

Total changes related to stockholder decisions - - - - (1,158) 334 11,994 - 11,170

The accompanying notes

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Av. Isabel la Catlica No. 44, Mxico D. F.

Consolidated Statements of Cash Flows

December 31, 2015 and 2014