Central American Awards for Excellence 2012: By country
|Awards for Excellence 2012
Regional Awards for Excellence 2012: Latin America
All regions and countries
|Central American winners by country
Best bank: Banco de Costa Rica
In 2011 Costa Rica resumed its pre-crisis GDP growth rate of 4% and the outlook for the country is positive, albeit with exposure to falling commodity prices. Banco de Costa Rica took advantage of the benign economic environment to grow revenues by 13.9% and net income by 20.8% and now accounts for 16.2% of the country’s financial system. The bank’s return on equity began to recover, nudging up to 8.5% from 7.8% the year before.
Total assets grew by 9.52% and the bank now has a 20.3% market share. Total deposits grew by 7.2% (to a market share of 21.3%). The bank took advantage of returning business confidence to increase its loan portfolio by 19% without impairing loan quality: the non-performing loan ratio fell to 2% in 2011 from 2.4% the year before.
The bank’s retail and consumer segments also drove performance, with its credit card business growing by 18%, and the bank looks set to deliver on its objectives to grow both its market share of consumer and corporate banking in the coming year.