Private banks delivered an additional $ 3,647 million in loans until last October

As of October this year, the gross loan portfolio was $ 32,506 million; that is, an annual increase of $ 3,647 million (13% more than in October 2020) and of $ 413 million in relation to the previous month (1.3% more than in September 2021).

In this way, according to Association of Private Banks of Ecuador (Asobanca), the private banking loan portfolio continues on the growth path, as has been its trend so far in 2021.

61% of the portfolio corresponds to operations destined to the country’s productive sectors (microcredit, companies, businesses) and 39% to consumption. This means that six out of every ten loans in the private banking portfolio correspond to the production sector.

Until May, the private banking loan portfolio grew 3.8%, 62% was allocated to the productive sector

In October, the microcredit portfolio was the one that grew the most with 25% annually (an additional $ 496.4 million compared to October 2020) and reached $ 2,484.4 million.

“That credit grows is good news for everyone, as it shows that financial institutions have been ready to accompany and support their clients in the achievement of their personal and business goals and plans, and thus to the reactivation of the economy of the country, “said Asobanca, through a statement.

Regarding deposits in private banks, these reached the sum of $ 39,369 million, which represents a growth of 10.3% compared to October 2020 and 0.7% compared to the previous month, that is, September of 2021.

This, according to the union, is a sign that Ecuadorian private banking maintains the trust of its clients, due to a prudent, technical and responsible management.

Time deposits (money invested in periods of between 1 day and more than 365 days) totaled $ 14,747 million and represent 37.5% of the total deposits in banks.

Savings deposits (immediately available money deposited in savings accounts) reached $ 10,515 million and represent 26.7% of total deposits.

Banking says it will deliver $ 12 billion in loans in six months

Meanwhile, monetary deposits (those that are in checking accounts) were located at $ 12,216 and are 31% of total deposits.

Meanwhile, in October the banks had a coverage of 298.1%, this means that the banks have provisions that are 2.9 times higher to cover that portfolio of loans in arrears. Meanwhile, the liquidity indicator stood at 28.15%, that is, 1.4 percentage points more than last month (September 2021). (I)