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.
Thursday, October 11, 2012
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.
Figures from a recent executive report by the Superintendent of Banks for August show that amount for new loan disbursements for that period, is located at $2.023 billion, an increase of 8.0%, U.S. $162 thousand more than in the month of August 2011.
These numbers are backed by sectors: trade (U.S. $1.318 billion), mortgage ($328 million), consumer ($289 million) and construction ($206 million), areas that have shown the highest cumulative growth for the period.
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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.
Economic recovery and resources from the Venezuelan Cooperation explain the rise in deposits.
The deposits in Nicaraguan national banks, especially those denominated in foreign currency, have shown significant increases in recent months.
Economists say the increase is due in part to improved economic conditions prevailing in the country, which have increased Nicaraguans savings and their confidence in the banking system.
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.