Costa Rican Commercial banks closed 2012 with net income of $360 million, which is a 30% increase in nominal terms compared to 2011.
Those who reported the highest earnings were public banks, meanwhile private banks reported the highest growth last year in 2012, closing with $111 million, 32% higher than 2011. (This amount does not including the banks results from the banks Citibank, General, Bansol and Improsa).
In 2009, banks in the country had net earnings of $190,32 million, 34% less than in 2008.
Data from banking superintendent SUGEF shows that state-owned banks fared worse than privately-owned ones. The first suffered from a 37% reduction in earnings, while the latter 28%.
"Almost all the banks earned less. The only one earning more was Citi", reported Elfinancierocr.com.
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.
In the first quarter of 2009 state bank profits fell by 25% when compared to the same period in 2008.
According to the Superintendent of Financial Institutions (SUGEF), the opposite happened with private banks, which increased their profits by 12% over the same period.
Patricia Leitón reported statements by Guillermo Quesada, Bancrédito manager, in her article in Nacion.com: "The results for state banks were influenced by an increase in administrative costs, particularly due to increased spending on staff. In state banks, real spending on personnel rose by 4.7% during this period and it fell by 5.4% in private banks."