Guatemalan Banking Profits Grow by 15%
Guatemalan Banks earned $61 million in February, 15% more than the $53 million earned during the same month in 2008.
Wednesday, April 1, 2009
According to the general manager of Banco de los Trabajadores, Ronald Garcia, the increase in profits was due to prudence and a reduction in financial service costs: "The opening of non-traditional channels such as electronic made services less expensive," the official told the newspaper La Prensa Libre of Guatemala.
According to data from the Superintendence of Banks, the banking sector earned the equivalent of 16.3% of its shareholder equity in profits.
Despite the slowdown of the economy, banks reported on October 30 that they had an increase of 23% in comparison to October 2007.
In 2008, banking generated $128.3 million in earnings, $19.7 million less than the $148 million generated in 2007.
Up to November 2008 there was an increase of 19% compared to the same period in 2007, according to information from the Banking Superintendence.
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