The portfolio of loans granted through credit cards grew by 18% between November 2012 and November 2013.
Up until November 2013, the balance of active cards reached a total of $1.207 billion, while in the same period of 2012 it was $1.021 billion, representing an increase of 18% , according to statistics from the Superintendency of Banks of Panama (SBP).
The portfolio of loans for the purchase of vehicles saw its highest growth in the month of August 2013, when it increased by 17% compared to the previous month.
Up until August personal loans totaled $4.728 billion, credit cards $1.137 billion and auto loans $901.5 million.
The consumer loan portfolio alone, as of August, covers 19% of the loan portfolio of the Local National Banking System (NBS) amounting to $36.344 billion.
Within its national expansion process, the banking entity opened 8 new branches.
CEO Jaime Moreno explained they based their decision in the expectative that Panama will continue growing as a center for international financial transactions.
“We had to change the institution to reflect the market’s current demand”, he told newspaper Panamá América.