Panama: Banking Profits Down by 33.2%

In the first quarter of 2009, banks registered $201.1 million in profits, $99.8 million less than during the same period in 2008.

Friday, May 8, 2009

In February of this year, the profits of Panamanian banks were $26 million. However, while earnings rose to $86.2 million in March, they were 36.6% less than those obtained during the same month in 2008.

Additionally, according to an article in Prensa.com, “income from interest fell 7.3%, and the 'other income' line, which was relevant for the sector’s good performance last year, fell by 13% during the quarter."

More on this topic

Copa Holding Profits Down 49%

May 2010

Copa’s net income for the first quarter of 2010 was $36.7 million, 49% less than the same period of 2010.

Copa Holdings S.A., the parent of Panama-based Copa Airlines and Colombia-based Aero República, said its first-quarter net income fell 49 percent to $36.7 million, hit by currency charges and higher fuel costs. The results compared to a net profit of $71.6 million, in the same period a year earlier.

Costa Rica: State Owned Banks Earn 28% Less

January 2010

From January to November 2009, earnings at state banks reached $125 million, 28.4% less than the same period of 2008.

Banks blame the economic crisis, which caused a sharp contraction in credit.

"Data from the Banking Superintendence (Sugef), also points to other factors, like increased administrative expenses, and in some cases, less earnings for services", reported Prensalibre.cr.

Banking Profits Fall 21% in Panama

December 2009

For the third quarter of 2009, Panamanian banks reported profits for $675.8 million.

In the same period of 2008, banks racked up $860.1 million in profits.

"The drop is mainly because banks are receiving less interest on deposits (around 50% less)", reported Prensa.com.

El Salvador: Banking Profits Down 63.5%

November 2009

Salvadoran banks made a profit of $43.6 million in the first 9 months of the year, $75 million less than the same period 2008.

All the banks in the system fared worse than last year, with the exception of Banco Azteca and Citibank.

"Credit was down 9%, as there were less loans granted to the private sector", reported Elsalvador.com.

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