Ecuador's Banks Post 7% Rise In 1Q Profit To $94.7 Million
May 16 2012 - 1:15PM
Dow Jones News
Twenty-five private banks operating in Ecuador, plus the
state-run Banco del Pacifico, posted a combined $94.7 million net
profit in the first quarter, up 7% from $88.7 million in the same
period last year, the country's banking regulator said
Wednesday.
Banco del Pichincha CA (PCH.GU), Banco del Pacifico, Banco de
Guayaquil and Produbanco topped the list, with $23.8 million, $15.8
million, $13.3 million and $7.3 million in earnings, respectively,
according to the report from the superintendent of banks.
The four banks accounted for 64% of the combined income and 63%
of Ecuador's banking assets.
Another 6% of the income in the report came from foreign banks
-- the U.S.'s Citigroup Inc. (C), Dutch-German Procredit and
Panama's Promerica.
According to official data, assets in the banking system totaled
$25.4 billion during the first quarter, while liabilities were
$22.8 billion.
Sight deposits totaled $14.7 billion, term deposits $5.6 billion
and investments $3.5 billion.
-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653;
mercedes.alvaro@dowjones.com
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