Interfin net income rises 16% on loans, investments

Costa Rica's fourth largest bank Banco Interfin reported net income of 3.5bn colones (US$7.6mn) in the first nine months of 2004, a 16% increase compared to the same period a year ago, according to financial sector regulator Sugef. Interfin's bottom line benefited from a substantial increase in interest bearing assets, namely loans and investments. The financial margin increased 18% to 8.7bn colones, while net fee and service income fell 8% to 2.1bn colones. Administrative costs increased 13% to 7.6bn colones, while net operating income widened 11% to 4.1bn colones. Interfin's asset base grew 34% to 333bn colones. Loans increased 40% to 246bn colones, while financial investments were up 24% at 35.6bn colones. Interest bearing liabilities increased 38% to 279bn colones, while non-interest bearing liabilities were up 25% at 32bn colones. The bank's equity increased 5% to 22.1bn colones. Past due loans over 90 days as a percentage of direct loans was about 1% as of September 30, 2004, while return on equity stood at 21.4%. Costa Rica's five largest banks in terms of assets are state-run Banco Nacional de Costa Rica, Banco de Costa Rica, Banco Popular y Desarrollo Comunal with private sector Banco Interfin and Banco Banex taking fourth and fifth place.