Desarrollo Rural Q1 profits soar 60% on lending
Bnamericas Published: Thursday, May 19, 2005
Guatemalan bank Banco de Desarrollo Rural reported a 60% increase in first quarter profits thanks to a big increase in lending. Profits of 55.6mn quetzales (US$7.3mn) compared with 34.8mn quetzales for the year ago period, the bank told financial system regulator SIB. Net interest income grew 45% to 138mn quetzales, while net fee revenues fell 2% to 13.1mn quetzales. Assets increased 41% to 8.6bn quetzales, with performing loans up 73% to 3.7bn quetzales. Deposits increased 42% to 7.4bn quetzales. Desarrollo Rural is a full service retail and commercial bank with a focus on rural development. The bank finished the quarter with an 11% market share, putting it in third place behind larger rival GyT Continental.
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