PANAMANIAN BANKING SYSTEM GROWS NEARLY $4.4 BILLION DURING FIRST HALF OF 2016

Panama’s positive performance, including 7.2% increase in loan portfolio, comes amidst continued reforms to strengthen financial transparency‎ framework

The Panamanian Government announced today that assets of the National Banking System reached over $99.6 billion, with a 4.6% increase over the same period in 2015. The increase comes as President Varela’s administration continues to implement reforms to strengthen the country’s financial system and to increase transparency in the services sector.

Raul Moreira, director of Economic and Social Analysis of the Ministry of Economy and Finance of Panama highlighted that the growth is due to the increase in the loan portfolio that increased 7.2% during this period, while the securities market grew 6.3%.

Profit in the National Banking in Panama decreased 2.4% to approximately $615 million, due to increased regulations for doubtful accounts and to the adoption of international standards and the implementation of best practices for the banking system.

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Moreira also pointed out that in Panama banking equity totaled $10.5 billion, with an increase of 8.9% from last year, and that capital grew 13.6% during the first semester, due to the strengthening of the Panamanian banking sector. Deposits totaled almost $73.4 billion at the end of June, showing a 5.3% increase from the last period.