Banks up profits on 308% hike in commissions

Ecuador's banking system registered after tax profits of US$96.5mn at the end of October, more than double the net income figure posted at end-October 2002 backed by a 308% jump in commission revenue, local daily Expreso reported. According to the latest statistics from the local banking regulator, commission and banking charges represented 5% at US$39mn of local banks' total revenue at end-October this year compared to US$9.7mn at the same time 2002. Based on a survey of ten private banks operating in the local financial system Expreso highlighted an average monthly administration charge of US$2.22 and US$3.10 on personal current accounts and corporate current accounts holding funds below US$1,000 and US$10,000, respectively. The survey also discovered that charges for money transfers from Ecuador to other parts of America averaged out at US$30 with the sum rising to an average US$50 with respect to other parts of the world. Ecuador suffered a devastating financial crisis at the end of the 1990s, which almost wiped out the entire financial system.