Caja de Ahorros reports 2004 loss of US$4.6mn
Bnamericas Published: Thursday, March 24, 2005
Panama's fifth largest domestic bank, mortgage lender Caja de Ahorros, reported a loss of US$4.6mn in 2004 because of rising bad loan provisions. The loss of US$4.6mn compares with profits of US$11mn for the previous year, the bank told sector regulator Superbancos. Net interest income rose 2% to US$36.2mn, while non-interest income from fees and trading increased 52% to US$23.4mn. Bad loan provisions jumped three fold to US$28.4mn. Assets increased 9% to US$1.1bn, while loans grew 33% to US$691mn. Deposits fell 4% to US$672mn. Caja de Ahorros was founded in 1935 as a savings bank, and today is one of the country's largest mortgage lenders.
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