The deterioration of the economy and rising unemployment are the main reasons behind the difficulties faced by companies and individuals in Costa Rica in paying back their bank loans.
As of June of this year, banks in El Salvador granted $6,121 million in loans to companies, registering an increase of almost 6% compared to the first half of 2017.
Figures from the Superintendency of the Financial System (SSF) indicate that out of every $100 in credits approved in June by banks in El Salvador, $45 was used to financecompanies.
From January to June of this year net profits of banking entities totaled $116 million, registering an increase of 7% with respect to the same period last year.
According to figures from the National Commission of Banks and Insurance (CNBS), the increase in net income registered between the first half of 2017 and the same period this year was 7%, growing from $108 million to $116 million.
Entities in the International Banking Center generated profits of $670 million in the first four months of the year, 11% more than in the same period in 2017.
The April result for the Banking Center, which includes general and international license banks, shows growth of 10.6%.The increase in Net Income is the result of increases in non-recurring financial income, such as the purchase and sale of securities and transactions with derivative instruments, and on the other hand, a decrease in provision expenses, as a result of the entry into force of IFRS 9, which has allowed banks to make an adjustment against retained earnings, informed the Superintendency of Banks.
In order to try to stop the deceleration in the issue of loans in dollars, authorities in Costa Rica have decided to soften the rules required of banks who grant loans in this currency.
The National Council of Supervision of the Financial System (Conassif) has decided to temporarily reverse the stricter measures that banks must comply with when granting loans in foreign currency to those who generate income in Colones, with the aim of counteracting the deceleration that has been seen in the issue of bank loans.
Due to the crisis affecting Nicaragua, financial institutions have started to record increases in the number of clients that are in default of their loans.
Due to the situation in the country and with the objective of favoring the debtors, the Superintendency of Banks and Other Financial Institutions and the National Microfinance Commission recently approved some temporary rules so that financial entities can modify the original conditions of the loans.
Scotiabank has announced that on July 3 it had formally completed a merger with Citibank, meaning that its client base will increase from 110,000 to 282,000.
Banpro Grupo Promerica suspended operations of two branches in the department of Carazo.
The bank reported in a statement released yesterday, that due to lack of security for customers and employees, the branches in Diriamba and Jinotepe will remain closed.
The balance of bank loans granted by the national system up to March 2018 totaled $66.17 billion, 2% more than was reported in the same month last year.
The Central Bank of Costa Rica has increased to $27 million the minimum amount of capital required by banks to operate, and to $5 million the minimum amount for financial companies.
Yesterday the Central Bank agreement which establishes the changes was published in the official newspaper, La Gaceta, The minimum operating capital for private banks increased by 5.8%, rising from $25.6 million to $27.1 million.In the case of financial companies, the increase was from $5.1 million to $5.4 million.
Up to May 2018, credit granted by Guatemalan banks to the private sector totaled $25.725 billion, 4% more than was reported in the same month in 2017.
According to figures from Banco de Guatemala, credit to the private sector up to May 2018 grew by 4.1% compared to the same month in 2017, rising from $24.611 billion to $25.725 billion.This increase was below the 8% increase recorded between the same months of 2016 and 2017.
Due to the crisis in the country, Banpro Grupo Promerica has suspended operations at six branches in Managua and other areas of the country.
The closure of the six branches, as explained in a statement by the banking institution, will be maintained "... until the optimal and necessary security conditions are met."
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."
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