Panama's banking system could see billion-dollar profits
There may be a banking crisis in other parts of the world, but not in Panama. Net profits there for the National Banking System could easily surpass the billion-dollar marke this year, according to the risk rating agency Equilibrium.
Monday, July 14, 2008
The agency forecast is based on good results the banking system has enjoyed during the first quarter of 2008: asset growth of 16.8 percent to 28.213 billion dollars and profits of 300 million dollars, up from 172.8 million during the first quarter of 2007.
In 2008, banking generated $128.3 million in earnings, $19.7 million less than the $148 million generated in 2007.
Panama's banking system is growing rapidly with major increases recorded in credits, deposits and assets.
Up to November 2008 there was an increase of 19% compared to the same period in 2007, according to information from the Banking Superintendence.
In the first quarter of 2009, banks registered $201.1 million in profits, $99.8 million less than during the same period in 2008.
- Daily Update
- Government Purchases
- Classified Ads
- Indexes & Statistics
- Press Releases
- Events Calendar