Panama: Banking Credit Boom Continues

Between January and November 2013, Panamanian banks gave out 14% more loans than in the same period of 2012.

Monday, February 3, 2014

Statistics from the Superintendency of Banks of Panama (SBP), reveal that during the first 11 months of 2013, the National Banking System (SBN by its initials in Spanish) gave out 14% more loans than in the same period of 2012, with its balance being $24.8154 billion.

" ... The increased balance corresponds to the trade sector, which includes services with $13.4889 billion, followed by personal consumption with $2.3706 billion, construction with $2.3329 billion, mortgages with $2.1092 billion and industry with $1.8226 million".

"The Panamanian banking private awarded $11.0249 billion in new loans, an amount that represents an increase of 9.8 % compared to the first eleven months of 2012."

The trade sector received the largest amount with $6.8594 billion, 5.2 % more than in 2012. "It was followed by personal consumption, with $1.3855 billion, construction, with $1.3165 billion and the mortgage segment with $1.1902 billion."

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Between January and November 2013 credit to the private sector increased by 14% compared to the same period in 2012.

Personal consumption and trade were the sectors that experienced the largest growth in the period under review, beating construction loans and mortgages. Overall, the banking system awarded $24,815,000 in loans to the private sector.

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