Salvadoreño 2004 profits rise 9% on fee revenues

El Salvador's third largest bank Banco Salvadoreño said its 2004 profits rose 9% thanks to higher fee and trading revenues. Profits were US$16.2mn up from US$14.9mn the previous year, the bank told regulator SSF. Revenues from Salvadoreño's core lending business fell 2% to US$50.9mn, but were more than compensated for by revenues from fees and trading which increased 223% to US$3.9mn. Operating costs were unchanged at US$39.5mn. The bank's assets increased 8% to nearly US$1.8bn, while loans were up 9% to US$1.1bn. Deposits fell 2% to US$1.1bn. Banco Salvadoreño finished 2004 with a market share of 16% of the local banking industry's assets.