In 2017, the International Banking Center recorded profits of $1.797 billion, 18% more than the $1.594 billion reported in 2016.
The Superintendency of Banks in Panama reported that "... The CBI 's profits increased by 17.9% in the month of December, supported by a reduction in expenditures and an increase in income from financial operations."
In 2016 entities in the banking system managed to increase their assets by 4% and their loan portfolios by 8% compared to 2015.
The annual report by the Superintendency of Banks in Panama includes the main results for the banking center and the banking system during 2016.
The report states that"...Credit to the private sector remains favorable in the retail banking segment and corporate credit in the interim construction segments.Trade credit has a lower growth rate due to reductions in the Colon Free Zone. "
The International Banking Center reported $118 billion in assets in 2015, $10 billion more than was recorded in 2014.
In 2015 the International Banking Center in Panama reported total assets in the order of $118,477 million, 9.2% more than the amount reached in 2014, when the figure reached $108,419 million, according to figures from the Superintendency of Banks in Panama.
Growth in income and increased foreign investment explain part of the increase from the $49,730 million worth in deposits in August 2010 to $73,302 million in the same month this year.
The Superintendency of Banks of Panama (SBP) reported that deposits which grew the most in the period in question are internal deposits in the International Banking Center (IBC) with a balance of $44.6 million, followed by individual deposits, with $34.1 million and finally government deposits with $6.4 million.
Analysis by Fitch Ratings projects that banks in the region will maintain strong balance sheets and have stable profitability in 2014.
Excerpted from Fitch Ratings:
Differential Growth and Opportunities: Low financial depth, in most systems, continues to provide significant opportunities for expansion of bank balance sheets; although this is limited by low average income levels.
In the first half of the year profits in the banking system amounted to $900 million, a variation of -6.2% compared to the profits generated in the same period in 2013.
The Superintendency of Banks of Panama reported that this reduction is due to the loss of up to 14% in other income. In the case of Panamanian banks, the situation is more favorable, as they increased their profits in comparison to the same period of 2013 by 10.5%.
For the last four years the loan portfolio of the Salvadoran financial system has been growing at an average rate of 3.5%, below the 11% growth average in the rest of the region.
A report produced by the rating agency Moody's notes that growth in El Salvador's financial sector has been stagnant since 2010, as the total loan portfolio has not achieved growth rates above 3.5% per year.
There had been speculation that Global Bank would be sold but shareholders indicate that profits are excellent and instead of selling they are looking to buy other assets.
This was confirmed by the senior vice president of finance of the organization, Jorge Enrique Vallarino. "Shareholders have asked us to pursue acquisition opportunities in Panama, I would say you could see Global Bank acquiring a smaller competitor, instead of selling its shares," he said.
Swiss bankers have detected interesting sectors in the country to whom they can provide services and financing.
"Proof of this is that it is not only the banks USB, BSI and Merrill Lynch whose representative offices form part of the International Banking Center (CBI), but also at least another three new ones will soon implement projects in Panama," reported Capital.com.pa.
The Venezuelan Grupo Financiero B.O.D. has officially opened its Allbank offices in Panama City, where it started operations on 23 July.
Capital.com reports that "The general license bank has been operating in Panama for three months from the Tower of the Americas, and provides all services, and has a team made up of 31 employees. Their CEO, Santos Alonso, is a certified public accountant with over 30 years experience in the area.
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.
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.
In June 2012 International Banking Center assets totaled $84.61 billion, a year-on-year variation of 11.7%, while the banking system’s assets were $69.06 billion (year-on-year change of 13.4%).
From a press release from the Superintendency of Banks of Panama (SBP):
In a meeting with representatives of local and international press and regional magazines, the Superintendency of Banks presented the International Banking Center results for the first half of 2012.
With a total of 90 banks totaling $90 billion in assets, Panama City is establishing itself as an international banking center.
Of the 90 banks currently operating in Panama, 48 of them have a general license, 28 have an international license and the remaining 14 are representative.
Of the total assets totaling $90 billion, 40% are foreign deposits.
The money provided by Panamanian banks has increased by 2.3% since December 2011 due to the dynamism of the economy and competition among financial agents.
Panamanian banks granted $616.68 million in loans in the first quarter of 2012, an increase of 2.3% since December 2011, according to data from the Superintendence of Banks in Panama.
The continuing dynamism of the Panamanian economy and competitiveness in the local credit market, in terms of rates and other conditions - are factors in this result, said Luz Maria Salamis, general manager of the Panamanian Credit Association (APC in Spanish).
The International Banking Center, closed 2011 with assets of $81,675 million, an increase of 13.7% compared to the same period last year.
A press release from the Superintendency of Banks in Panama states:
The CBI report was released during a presentation entitled "International Banking Center: Performance 201,", by Dr. Alberto R. Diamond, Superintendent of Banks.