Costa Rican State Banking Profits Decrease

©image: Andrés Monroy-Hernández

According to the Superintendent of Financial Institutions (SUGEF), the opposite happened with private banks, which increased their profits by 12% over the same period.

Patricia Leitón reported statements by Guillermo Quesada, Bancrédito manager, in her article in Nacion.com: "The results for state banks were influenced by an increase in administrative costs, particularly due to increased spending on staff. In state banks, real spending on personnel rose by 4.7% during this period and it fell by 5.4% in private banks."

Source: Nacion.com

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