Cuscatlán 2004 profits rise 12% on non-operational item

El Salvador's second largest bank Banco Cuscatlán said profits grew 12% in 2004 because of lower non-operational costs. Profits were US$24.5mn up from US$21.8mn the previous year, the company said in documents posted on its website. Cuscatlán's bottom line was helped by lower non-operational expenses, which fell 75% to US$3.5mn. Net interest income fell 2% to US$96.3mn, while fee and trading revenues increased 27% to US$30.7mn. Cuscatlán's assets fell 3% to US$2.3bn as the bank reduced its cash position. Net loans were relatively unchanged at US$1.4bn. Deposits fell 2% to US$1.5bn. In El Salvador, Cuscatlán ranks second with nearly a quarter of the banking system's assets. Panama-based financial holding company Corporación UBC Internacional (UBCI) controls banks operating under the Cuscatlán brand in El Salvador, Panama, Honduras and Guatemala.