Growth of deposits and credit portfolio of the banking system This is what the Association of Private Banks of Ecuador (Assobanca) shows in its latest statement, in which it compares the figures for March 2022 with those of 2023.

According to data published by the General Directorate of Banksdeposits reached $44.475 million as of March this year. This means that $2.776 million more was registered in deposits than in March 2022. Here, deposits grew by 6.7% annually.

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Of the total acquisitions, $18.177 million is for time deposits and this means a growth of 16.5% compared to March 2022. While savings deposits reached 11,277 million dollars, and cash deposits reached 12,895 million dollars.

In other words, 66% of bank deposits, or the equivalent of nearly seven out of every ten dollars, corresponded to savings and time deposits. And the rest are cash deposits on current accounts.

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The loan portfolio reached $39,394 million in March 2023which represents a growth of 12.8%, which in dollars is an additional 4,483 million, compared to March 2022.

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“Banks play a fundamental role in the country because through the placement of loans, the growth of production activities in Ecuador is encouraged. For this reason, of the total loan portfolio as of March 2022, 60% ($23,516 million) was allocated to production loans (production, housing and microcredits), and 40% to consumer loans ($15,878 million), said Asobanca.

The report of the Supervisory Board of Banks reveals an increase in liquidity, an indicator that amounted to 27.5 percent in March 2023, which on an annual level means a growth of 2 percentage points. While solvency was 13%, i.e. 4 points above the legal obligation.