Latin America’s biggest banks

Brazilian institutions dominate the ranks of Latin America's largest banks by shareholder equity. But this ranking compiled by Fitch IBCA is based on the latest full-year figures, 1998, and is converted into dollars at last year's exchange rate. It therefore provides a snapshot of the sector just before Brazil's January devaluation. Next year's list may include a stronger showing by Mexican and Argentine banks

The Latin America 100

Shareholder equity: the sum of issued common stock, capital surplus/premium, statutory reserve, legal reserve, revaluation reserve, contingency reserves, retained earnings, net profit for the year and minority interest. Own shares held and distributions payable are subtracted.

Total assets: as reported, net of contra accounts and of eliminations such as deduction of own shares held.

Net income: as reported: before appropriation.

Return on average equity: net income divided by average equity (or equity at year end where no comparative figures are available for the previous fiscal period).

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