A press release from the Superintendency of Banks of Panama reads:
The executive report of the Superintendent of Panama banks reveals that the net accumulation from January to August 2011 totaled $885 million, or $175 million more compared to the same period in the previous year. This result is mainly due to an increase to 11.7% in the lines of interest income and 38.6% belonging to other income.
During this period, domestic credit to the private sector amounted to $26.981 million. This represents 14.2% more on the balance accumulated through August 2010. Compared to December there was an increase of 10.9%.
This evolution is supported by a favorable trend in mortgage lines with a 7.9% increase, construction 7.0%, personal consumption 8.3%, trade 26.2%, livestock 12.7%, and industry 28.4%.
Regarding the composition of credit to the private sector, distribution by sector is reflected as follows: mortgages (27.0%), trade (29.3%), personal consumption (20.4%), construction (9.6%), industry (6.5%), financial firms (3.3%), livestock (2.4%) and others (1.5%).
It should be noted that the assets of the Banking Center recorded a total of $77.083 million, representing an increase of 13.2% ($9,000 million) compared to August 2010
New loan disbursements during the January-August 2011 period totalled $13.041 billion, an increase of 19.2% and U.S. $2.099 million more compared to the same period last year. This represents a true indicator of the ongoing expansion being experienced by the local economy and banking’s contribution to it.
Source: Superintendency of Banks of Panama
More on this topic
November 2011
As a consequence of the boom in the Panamanian economy, the domestic credit portfolio has accumulated 14.5% growth so far in 2011.
When an economy grows the way Panama is doing, private sector credit becomes a dynamic engine that propels it even more.
At the end of the third quarter, the private sector’s credit portfolio has grown by 15% compared to the same period in 2010.
September 2011
At the end of August, the Bank recorded $2,192 million in loans to the private sector, an increase of 13% compared to the same date in 2010.
Of the total, $716 million (33%) were corporate loans, among which are loans to the agricultural sector, amounting to $375 million (17% of total).
April 2012
In February credit for the construction sector reported a growth of 38.22%.
According to the Salvadoran Chamber for the Construction Industry (Casalco), the industry obtained between the months of January and February about $79 million in loans to build and buy homes, representing an increase of 38.22% compared to the same period in 2011.
October 2011
At the close of July, $11 billion worth of new loans were granted, 17% higher than in the same period last year.
Among the different sectors of the economy, mining, livestock and fisheries were those receiving the most new loans.
"The biggest increase registered, in terms of percentages, was in mining and quarrying, where $15.2 million in new loans was granted, up from $12.3 million compared to figures from the same period in 2010.
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