QUITO, Ecuador--Combined profit for Ecuador's private banks fell
about 47% in February to $32.88 million from $61.62 million
registered one year earlier, the country's banking regulator said
Wednesday.
The data includes profits for 25 private banks operating in
Ecuador, plus state-run Banco del Pacifico.
Banco del Pichincha (PCH.GU), Banco del Pacifico Ecuador, Banco
de Guayaquil (BGYQY) and Banco Bolivariano SA topped the list, with
$6.55 million, $5.50 million, $4.49 million and $3.28 million in
profits, respectively, according to the report.
The four banks accounted for 60% of the reported combined income
and 61% of Ecuador's banking assets.
About 9% of the profits in February came from foreign banks
operating in Ecuador, which includes the U.S.-based Citigroup Inc.
(C), Dutch-German Procredit Bank and Panama's Promerica.
According to official data, assets in the banking system totaled
$27.55 billion in February, while liabilities were $24.75
billion.
Since taking office in 2007, President Rafael Correa has
tightened controls on private banks, setting interest rates and
increasing the services that banks must provide to clients for
free. Those, among others measures, have affected the sector's
growth and profitability, economists say.
Write to Mercedes Alvaro at mercedes.alvaro@dowjones.com
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