Latin Finance - November/December 2011 - 55

2011

Next year should provide financing opportunities for expanding Costa Rica’s infrastructure, education and digital services, he says. LF

El Salvador
Best Bank – Banco Agricola

A Strong Lead
ith tiny El Salvador’s dollarized economy tied closely to the United States, banks struggled with the downturn along with the broader economy. The trend may be reversing in spite of another complicated year amid continued global economic turmoil. Bancolombia’s Salvadoran a liate, Banco Agrícola, maintains a strong lead in El Salvador’s banking sector with 30.6% of the market’s loans and 27.9% of its deposits, keeping it ahead of international rivals HSBC, Citi and

W

Scotiabank. And while global economic challenges are still weighing on the Salvadoran economy, Agricola appears to be turning the page on the global crisis. Deposits in 2010 increased 4.8% versus a year earlier even as Agricola’s loans portfolio slumped 3%. Net income through the first half of 2011 grew a strong 55.4% and the bank continued its trend of posting the strongest profits in the system, with a ROE of 24.5% and a ROA of 3.4%, both increases on the year earlier, according to the system’s regulator, Abansa. The banks total assets continued a downward trend, however, falling to $3.54 billion through end-June 2011 from $3.67 billion a year earlier. Assets in 2009 topped $3.83 billion. These results compared to Citi’s ROE of 6.6% and ROA of 0.9%, both of which marked a return to positive territory through June 2011 compared to last year. HSBC was steady at 5.5% and 0.7%, in the respective categories, while Scotiabank grew on the previous year’s modest gains

to 7.4% and 0.8% in the period. Agricola credits its performance to a number of factors including greater market e ciencies that diminished financial and operational costs, restructuring its source of funds without deterioration in its indices of liquidity. The bank also highlights maintaining a healthy level of assets after weathering the complex economic environment, and emerging stronger. “The strong links between the Salvadoran and U.S. economies has permitted a robust recovery of exports and a minimal growth in family remittances,” the bank tells LatinFinance. Last year, Agricola concentrated on increasing its banking service and broadening their availability to clients throughout the country. It re-launched a credit card for clients who receive their salaries through the bank. The bank also launched a games Website to teach children the value of saving and increased focus on providing financial products to clients.

November/December 2011

LATINFINANCE 55



Latin Finance - November/December 2011

Table of Contents for the Digital Edition of Latin Finance - November/December 2011

Latin Finance - November/December 2011
Contents
Contagion Risk
Mexican Credit
China Investment
Loan Markets
Mexico Banks
Sub-Sovereign Debt
Banks of the Year 2011
Argentina Investor Report
Reversal of Fortunes
Latin Finance - November/December 2011 - Latin Finance - November/December 2011
Latin Finance - November/December 2011 - Cover2
Latin Finance - November/December 2011 - Contents
Latin Finance - November/December 2011 - 2
Latin Finance - November/December 2011 - 3
Latin Finance - November/December 2011 - 4
Latin Finance - November/December 2011 - 5
Latin Finance - November/December 2011 - 6
Latin Finance - November/December 2011 - 7
Latin Finance - November/December 2011 - 8
Latin Finance - November/December 2011 - 9
Latin Finance - November/December 2011 - 10
Latin Finance - November/December 2011 - 11
Latin Finance - November/December 2011 - Contagion Risk
Latin Finance - November/December 2011 - 13
Latin Finance - November/December 2011 - 14
Latin Finance - November/December 2011 - 15
Latin Finance - November/December 2011 - 16
Latin Finance - November/December 2011 - 17
Latin Finance - November/December 2011 - 18
Latin Finance - November/December 2011 - 19
Latin Finance - November/December 2011 - 20
Latin Finance - November/December 2011 - 21
Latin Finance - November/December 2011 - Mexican Credit
Latin Finance - November/December 2011 - 23
Latin Finance - November/December 2011 - 24
Latin Finance - November/December 2011 - 25
Latin Finance - November/December 2011 - China Investment
Latin Finance - November/December 2011 - 27
Latin Finance - November/December 2011 - 28
Latin Finance - November/December 2011 - 29
Latin Finance - November/December 2011 - Loan Markets
Latin Finance - November/December 2011 - 31
Latin Finance - November/December 2011 - 32
Latin Finance - November/December 2011 - 33
Latin Finance - November/December 2011 - Mexico Banks
Latin Finance - November/December 2011 - 35
Latin Finance - November/December 2011 - Sub-Sovereign Debt
Latin Finance - November/December 2011 - 37
Latin Finance - November/December 2011 - Banks of the Year 2011
Latin Finance - November/December 2011 - 39
Latin Finance - November/December 2011 - 40
Latin Finance - November/December 2011 - 41
Latin Finance - November/December 2011 - 42
Latin Finance - November/December 2011 - 43
Latin Finance - November/December 2011 - 44
Latin Finance - November/December 2011 - 45
Latin Finance - November/December 2011 - 46
Latin Finance - November/December 2011 - 47
Latin Finance - November/December 2011 - 48
Latin Finance - November/December 2011 - 49
Latin Finance - November/December 2011 - 50
Latin Finance - November/December 2011 - 51
Latin Finance - November/December 2011 - 52
Latin Finance - November/December 2011 - 53
Latin Finance - November/December 2011 - 54
Latin Finance - November/December 2011 - 55
Latin Finance - November/December 2011 - 56
Latin Finance - November/December 2011 - 57
Latin Finance - November/December 2011 - 58
Latin Finance - November/December 2011 - 59
Latin Finance - November/December 2011 - 60
Latin Finance - November/December 2011 - Argentina Investor Report
Latin Finance - November/December 2011 - 62
Latin Finance - November/December 2011 - 63
Latin Finance - November/December 2011 - Reversal of Fortunes
Latin Finance - November/December 2011 - Cover3
Latin Finance - November/December 2011 - Cover4
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