Banks Report Slight Increase in Profits

Because of the slowdown in the issuance of loans, in 2018 the profits of banks in Costa Rica grew just 3% over what was recorded in 2017.

Tuesday, January 22, 2019

Figures from the Central Bank of Costa Rica show the deceleration reported in loans granted during the first nine months of last year, detailing that up to December 2017 the credit portfolio to the private sector registered an 8% year-on-year increase, while the indicator concerned up to September 2018 dropped to 5%.

Regarding the distribution of profits generated by financial institutions during 2018, data from the General Superintendence of Financial Institutions indicate that 73% of the total was concentrated by BAC Credomatic, Banco de Costa Rica (BCR), Banco Nacional de Costa Rica (BNCR) and Banco Popular.

Elfinancierocr.com reviews that "... Although state banking continues to dominate in size, above many small private competitors, 2018 was an atypical year for this group. Earnings were lower than the previous year, something that happened for the second consecutive period. A lot of this has to do with lower credit growth and default behavior."

The article adds that "... The slowdown in loans was largely because of the contraction and lower dynamism registered by the state banks, in credits in dollars and colones, respectively."

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