Most of the savings are held by individuals and local licensed banks.
Thursday, August 18, 2011
Total deposits rose from about $28 billion in 2006 to more than $54 billion currently, according to the Panamanian Superintendency of Banks.
Of the total, 77% corresponds to savings by individuals, while 85% of them are deposited in banks with a national license.
This sharp rebound reflects the country’s strong economic performance where individuals and companies savings capacity has increased.
An article in Prensa.com reports: "The executive vice president of ABP, Mario de Diego, pointed out that the liquid assets in the central banks accounts have been reducing, now that fears of possible effects of the crisis have passed, becoming productive assets.
He added that the bank profits from this favorable external and internal scenario with positive growth prospects.
The ECLAC projects GDP growth of 8.5% this year in Panama, compared with 7.5% recorded last year, while the Indesa firm predicts growth of 9% this year. "
Growth in income and increased foreign investment explain part of the increase from the $49,730 million worth in deposits in August 2010 to $73,302 million in the same month this year.
The Superintendency of Banks of Panama (SBP) reported that deposits which grew the most in the period in question are internal deposits in the International Banking Center (IBC) with a balance of $44.6 million, followed by individual deposits, with $34.1 million and finally government deposits with $6.4 million.
New loans in August 2012 increased by 8%, while the total savings were $61.51 billion, 11.2% higher than the amount recorded in August 2011.
A statement by the Superintendency of Banks reads:
International Banking Center Activity Keeps Growing
The manifest and sustained economic growth in Panama, is having a positive effect on the country's banking sector, which has established itself as one of the main drivers of the economy.
Internal deposits in individual savings accounts in the banking systems amounted to $25 billion.
The confidence of Panamanian and foreign savers is reflected in the amount of deposited funds in the countries banks, which has grown considerably in the last few years.
Of all the money deposited in the system, internal funds have shown the greatest growth, which at the end of the third quarter was 11% more than in the same period in 2010.
In 2010, the consolidated assets of the banking system totaled $ 71,932 million, 11.4% higher than 2009.
The superintendent of banks, Alberto Diamond, said that net income reached $ 1,067 million in 2010, 16.1% higher than 2009.
"Diamond specified that deposits in the domestic banking system amounted to 44.195 million dollars in 2010, of which 44.3% are fixed term deposits, 18% savings and 15% cash deposits," adds Prensa.com.
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