Banco Nacional 2004 profits rise 33% to US$39mn

Costa Rica's largest bank, state-run Banco Nacional de Costa Rica, said its profits grew 33% in 2004 due to higher revenues from lending and fees. Profits of 18.3bn colones (US$39.1mn) were recorded compared with 13.8bn colones the year before, the bank told financial sector regulator Sugef. Net interest income rose 18% to 61.9bn colones, while net fee income increased 25% to 23.2bn colones. Helping the bottom line was the absence of extraordinary charges, compared to the 5.1bn colones the bank paid out in 2003. Banco Nacional's assets rose 46% to 1.4tn colones. Loans increased 27% to 528bn colones, while investments increased 65% to 580bn colones. Interest bearing liabilities rose 48% to 1tn colones, while non-interest bearing liabilities increased 44% to 290bn colones. Costa Rica's top five banks in terms of assets are Banco Nacional de Costa Rica, Banco de Costa Rica, Banco Popular y Desarrollo Comunal, Banco Interfin, and Banco Banex.