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FINANCE

Banco General earns $365.4 million in 2016

That is an 11.2 percent increase from the previous year.

Spanish version

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Banco General earnings increased in 2016. Banco General earnings increased in 2016.
Banco General earnings increased in 2016. Archivo

Banco General closed 2016 with net income of $365.4 million, an increase of $36.7 million or 11.2 percent compared to the previous year.

The increase was due to the growth of the bank's productive assets, the increase in commission income due to the bank's higher turnover and an improvement in operating efficiency, said Francisco Sierra, executive vice president of Finance.

If the variation in the value of investments is taken into account, the bank's comprehensive income amounts to $423.4 million.

Banco General significantly improves the results compared to the previous year, when in the banking system, overall, profits are slightly lower than in 2015. In this regard, Sierra explained that "the bank historically has generated a higher profitability than the system, as well as a greater stability in results."

Banco General's total assets amounted to $16.1 billion, an increase of 10.8 percent or $606 million compared to a year earlier.

Sierra explained that this result is a consequence of the healthy growth of the loan portfolio, the bank's main asset, as well as the improvement in the bank's local loan market share. Additionally, liquid assets increased $444.9 million.

The local loan portfolio increased by $850 million or 10 percent to $9.3 billion, due to the country's continued healthy economic growth.

The bank has 4,457 permanent employees, up from 4,273 in the previous year.

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