Latin Finance - November/December 2009 - 46

2009 NPLs is the increase in returns on assets to 3.5% from 3.3% and in return on equity to 27.9% from 26.1% in the 12 months to June 2009. Bowen says he does not expect Scotia to make any acquisitions in Jamaica. Instead, the bank will focus on increasing market share by attracting more clients, especially on the private side, in both the commercial and retail areas. “By focusing on our customers while maintaining prudent risk management and expense control, we believe that Scotia is well positioned to both weather the uncertainties over the coming year and to take advantage of opportunities when the economy stabilizes,” Bowen says. Scotia’s global CEO Rick Waugh adds that the Caribbean units are a key component of the Canadian bank’s global operations. “It’s a very important contributor to our results,” Waugh tells LatinFinance. “It is very sustainable and gives us a good diversified source of revenue.” LF Best Bank – Oriental Financial Puerto Rico riental Financial Group may not be the largest player in Puerto Rico’s troubled banking sector, but by reducing exposure to consumer and mortgage loans, it emerges as the best of the worst. “Out of its $7 billion in assets, less than $2 billion is in loans and this amount has remained flat in the second quarter of 2009 compared with the second quarter of 2008,” says Amanda Larson, an equities analyst with Raymond James. Commercial loans, which make up 17.0% of total loans, grew 17.0%, but consumer loans, making up about 2.0% of the total, are down 17.6%. Mortgages, which make up 81.0% of the total, are down 5.0%, Larson explains. Oriental is Puerto Rico’s Reducing Risk O fourth largest bank in terms of assets. This has helped keep non-performing loans (NPL) in check. According to Oriental’s financial statements, NPLs have stayed pretty stable, dropping to 0.7% in the second quarter of 2009 from just under 0.8% the year before. No other Puerto Rico bank was able to post such a low level of NPLs. Banco Popular, the island’s largest bank, saw NPLs jump to 8.0% in June from 4.7% the previous year. In the same period, FirstBank, the second largest bank, saw NPLs increase to 6.5% from 2.7%, and Doral Financial, the third largest bank, saw NPLs increase to 9.1% from 7.0%. Joe Gladue, equity analyst at B. Riley, believes that as the local economy recovers, the bank might adjust its balance sheet, increasing exposure to loans. Puerto Rico has been in a recession for about four years. According to the Puerto Rico Planning Board, the island’s GDP has contracted by an average of 0.2% annually since 2000. In 2010, it expects GDP to grow only 0.7%. 46 LatinFinance November/December 2009

Latin Finance - November/December 2009

Table of Contents for the Digital Edition of Latin Finance - November/December 2009

Latin Finance - November/December 2009
Contents
Latam-China Flows
Petrobras Interview
Best Boutiques
Banks of the Year 2009
Itau Unibanco Interview
Mexico: How to Capitalize on Crisis
Colombia: Local Shop Repels Foreign Pretenders
Chile: Pefecting the Art of Retail
El Salvador: A Foreign-owned Bank Dominates
Infrastructure & Energy Awards
Private Equity Fundraising
Latin Finance - November/December 2009 - Latin Finance - November/December 2009
Latin Finance - November/December 2009 - Cover2
Latin Finance - November/December 2009 - Contents
Latin Finance - November/December 2009 - 2
Latin Finance - November/December 2009 - 3
Latin Finance - November/December 2009 - 4
Latin Finance - November/December 2009 - 5
Latin Finance - November/December 2009 - 6
Latin Finance - November/December 2009 - 7
Latin Finance - November/December 2009 - 8
Latin Finance - November/December 2009 - 9
Latin Finance - November/December 2009 - 10
Latin Finance - November/December 2009 - 11
Latin Finance - November/December 2009 - 12
Latin Finance - November/December 2009 - 13
Latin Finance - November/December 2009 - 14
Latin Finance - November/December 2009 - 15
Latin Finance - November/December 2009 - 16
Latin Finance - November/December 2009 - 17
Latin Finance - November/December 2009 - Latam-China Flows
Latin Finance - November/December 2009 - 19
Latin Finance - November/December 2009 - 20
Latin Finance - November/December 2009 - 21
Latin Finance - November/December 2009 - 22
Latin Finance - November/December 2009 - 23
Latin Finance - November/December 2009 - Petrobras Interview
Latin Finance - November/December 2009 - 25
Latin Finance - November/December 2009 - 26
Latin Finance - November/December 2009 - 27
Latin Finance - November/December 2009 - Best Boutiques
Latin Finance - November/December 2009 - 29
Latin Finance - November/December 2009 - 30
Latin Finance - November/December 2009 - 31
Latin Finance - November/December 2009 - Banks of the Year 2009
Latin Finance - November/December 2009 - 33
Latin Finance - November/December 2009 - 34
Latin Finance - November/December 2009 - Mexico: How to Capitalize on Crisis
Latin Finance - November/December 2009 - 36
Latin Finance - November/December 2009 - 37
Latin Finance - November/December 2009 - 38
Latin Finance - November/December 2009 - Colombia: Local Shop Repels Foreign Pretenders
Latin Finance - November/December 2009 - Chile: Pefecting the Art of Retail
Latin Finance - November/December 2009 - 41
Latin Finance - November/December 2009 - 42
Latin Finance - November/December 2009 - El Salvador: A Foreign-owned Bank Dominates
Latin Finance - November/December 2009 - 44
Latin Finance - November/December 2009 - 45
Latin Finance - November/December 2009 - 46
Latin Finance - November/December 2009 - 47
Latin Finance - November/December 2009 - 48
Latin Finance - November/December 2009 - 49
Latin Finance - November/December 2009 - Infrastructure & Energy Awards
Latin Finance - November/December 2009 - 51
Latin Finance - November/December 2009 - 52
Latin Finance - November/December 2009 - 53
Latin Finance - November/December 2009 - 54
Latin Finance - November/December 2009 - Private Equity Fundraising
Latin Finance - November/December 2009 - 56
Latin Finance - November/December 2009 - Cover3
Latin Finance - November/December 2009 - Cover4
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