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Banking

Ecuador Best Bank: Banco del Pichincha

Bahamas I Bardados I Bermuda I Dominician Republic I Jamaica I Trinidad & Tobago I Costa Rica I El Salvador I Guatemala I Honduras I Nicaragua I Panama I Argentina I Bolivia I Brazil I Chile I Colombia I Ecuador I Mexico I Paraguay I Peru I Uruguay I Venezuela

Political volatility, popular unrest and a distinct lack of foreign investment in Ecuador in the past year have not stopped Ecuador’s largest bank, Banco del Pichincha, from developing its already highly successful business. The bank got off to a hot start to the year, with a 46% rise in first-quarter profits to $11 million and with a return on equity of 18.8%, beating expectations. Building on a 51% growth in earnings last year, the bank, which was founded in 1906, also reduced its past-due loan ratio to just over 4% at the end of March compared with more than 6% a year ago. It grew its loans by 40% to $1.4 billion. With a market share of 24%, Pichincha’s assets stood at $2.5 billion at the end of March. The Pichincha group, the country’s largest private financial group, has assets of $3.5

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