Banks comprising the International Banking Center (CBI) are off to a strong start in 2024, as evidenced by significant growth in both loans and deposits. according to the Banking Activity Report (IAB) issued by the Superintendency of Banks of Panama (SBP), the net loan portfolio of the International Banking Center saw a notable increase of 5.9% as of January, totaling USD 88.24 billion. This represents a USD 4.87 billion rise compared to the same period last year when it stood at USD 83.36 billion.
Likewise, deposits surged to USD 104.06 billion, marking a year-on-year increase of 5.8% from USD 98.37 billion recorded in the corresponding period of the previous year. Notably, foreign deposits experienced a remarkable growth of 10.1%.
This upward trend not only signifies heightened confidence among international investors but also underscores effective penetration into foreign markets.
Total assets of the CBI reached USD 146.21 billion, reflecting a year-on-year increase of USD 6.37 billion, or 4.6%. this growth is attributed to a strategy approach aimed at maximizing returns on productive assets, coupled with active and strategic resource management.
Meanwhile, the National Banking System (SBN) recorded USD 60.99 billion, reflecting a 4% growth compared to the same period last year, translating to a USD 2.35 billion increase. While this growth is positive, it indicates a slower pace of expansion in lending activity, potentially signaling less dynamic economic growth.
In the household credit segment, there was a notable performance, significantly contributing to the overall increase in the portfolio. Personal consumption credit saw an uptick of 5.5%, while mortgage credit showed a 3.6% increase year-on-year. Within the consumption component, car loans, credit cards, and personal loans increased by 5.7%, 9.3%, and 4.6%, respectively.
CBI banks have maintained satisfactory solvency indicators, positioning themselves favorably. The latest Capital Adequacy Ratio (CAR) stood at 15.45%, with an average liquidity of 57.95%.
Historically, the system has been characterized by robust liquidity buffers and a consistent flow of deposits, both structural and wholesale, crucial for its financing.
It is anticipated that CBI banks will continue implementing ongoing processes focusing on expense management and sustained improvements in operational efficiency.
For further information on the variables explaining this report, please visit our website at www.superbancos.gob.pa/ Statistics.
