Global Bank closes H1 with profits of US$10mn

Panamanian bank Global Bank closed the first half of the year with net profits of US$10.1mn, a 38% increase over the same period one year ago, local daily Capital Financiero reported. Total bank capital increased 9%, from US$71mn on June 30, 2003 to US$78mn one year later. Bank assets came to US$750mn, a 14% growth over the same year-ago period. The profit increase is due to the bank concentrating on market niches where quality service, not necessarily price, is the basis for competition, bank president and CEO Jorge Vallarino said. Placements came to US$547mn at June 2004 - a 12% increase over the same last year period - of which 60% is credit for the personal banking segment.