Mortgages and personal loans were largely responsible for the increase in domestic credit to the private sector, registered between March 2017 and the same month of 2018.
The most recent figures from the Superintendency of Banks reported that in the third month of the year the private sector's credit portfolio totaled $51.668 billion, which is equivalent to an increase of 6.2% compared to the $48.665 billion reported up to March 2017.
Entities in the International Banking Center in Panama generated profits of $529 million in the first quarter of the year, 10% more than in the same period in 2017.
The Superintendency of Banks reported that "...The March result of the International Banking Center (CBI), which includes general and international license banks, shows profit growth of 9.5%.The increase in Net Income is the product of increases in non-recurring financial income, such as the purchase and sale of securities and transactions with derivative instruments."
The banking authorities of Panama have authorized Banco Santander to initiate a voluntary liquidation process.
Despite, that the resolution by the Superintendency of Banks in which the voluntary liquidation of the entity is authorized, dated from December 22, 2017, it was not until this Monday, May 28, 2018, when it was published in the Official State newspaper, La Gaceta and the measure acquired legal force.
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For this year, growth in banking credit to the private sector is projected at between 6% and 9%, but the year-on-year increase registered up to March was only 4%.
Figures from Banco de Guatemala show that during the year 2017 credit to the private sector grew at a monthly average of 5.17%, and the lowest increases were reported in November and December when the amount increased compared to the same months of 2016 by 4.9% and 3.8% respectively.
Authorities stated that the start of operations of the Honduran bank Atlántida is scheduled for early May.
Following presentation of the annual report by the Superintendency of Banks and Other Financial Institutions (Siboif), the head of the institution took the opportunity to state that the bank which already is operating in the Honduran financial system will start operations in the coming weeks.
Banco de Antigua has announced the acquisition of the microcredit portfolio of the G & T Continental entity, which will continue to focus on consumer and corporate areas.
G & T Continental Bank reported that the operation is due to a restructuring process to meet the new technological trends in the financial market.
The bill put forward by the Varela administration proposes regulating the operation of crowdfunding platforms, and creates the concept of Family Offices of Patrimonial Administration.
From a statement issued by the Ministry of Finance:
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."
If the reforms to the Banking Law that are being discussed in the Congress are approved, cooperatives will have to start reporting information in their loan portfolios.
Legal initiative number 5157which is pending final approval, proposes, among other changes, including in the Credit Registration Information System (SIRC by its initials in Spanish) information from financial institutions that are not yet sending reports.
For six-month term savings in colones, the Central Bank in Costa Rica is offering a return of 8.10%, a rate that is higher than that available at commercial banks.
In order to attract money from savers in colones in six months terms, the rates currently offered by financial institutions are 8.10% in the case of the Central Bank (Banco Central), 6.85% at Banco Nacional, 6.75% at Banco de Costa Rica and 6.40% in Promérica.
The financial group G & T Continental has obtained a general license to expand the services it provides in Panama, where it plans to strengthen its corporate and private banking area.
The financial institution started operations in Panama in July 2008 under the name of Banco Financia, S.A. (BMF) and in 2009 changed its name to Banco G & T Continental (Panamá) S.A.
In 2017, profits of Banco de Costa Rica fell by 30% compared to 2016, and those of the Banco Nacional fell by 22% in the same period.
The reduction in profits was due to a decrease in the margin of financial intermediation, due to an increase in interest rates in both dollars and colones, as explained by the authorities of the entities to Nacion.com.
Fitch Ratings forecasts that the performance of the banking system will remain stable in 2018, despite the expected slowdown in credit growth.
From a statement issued by Fitch Ratings:
Fitch Ratings-San Salvador-23 January 2018: Fitch Ratings has maintained its stable outlook for Nicaragua's banking system, considering that its financial performance is expected to remain adequate in 2018 despite the anticipated slowdown in credit growth. Banking system performance has proven to be consistent, benefiting from the positive trend of the local economy. On average, Nicaragua's real GDP growth was 5.2% between 2012 and 2016 while credit growth was 21.5%. However, since 2016 there has been a slight slowdown in the economy and in the main credit segments (commercial and consumer loans). Fitch expects the country's economic growth in 2018 to reach 4.5%. This would imply a lower dynamism for the banking sector, with credit growth expected below 15%.
Colombian company with more than 30 years in the market develops technological solutions that allow to manage in an integrated and timely way investment portfolios. Solutions to manage investment portfolios, investment...
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