CFN Placed $203.3M in 2022, 94% as Tier 2 Banking

In 2022, the National Financial Corporation (CFN) placed $203.3 million, mostly in second tier disbursements, which represented $191.70 million; while those on the first floor were 11.6 million dollars. Meanwhile, through the National Guarantee Fund, $21.86 million has been guaranteed for a loan access amount of $46.54 million.

This was reported by Mónica García, general director of CFN, this Wednesday, May 17, in Guayaquil, during the accounting of the financial year 2022. The president of the board of directors of the entity, Jorge Andrade Avecillas, was not present at the event.

CFN has finalized a new loan of $300 million for loans to micro, small and medium enterprises

García pointed out that, within the payments of the second floor, 85 micro, small and medium enterprises (MSMEs) were the end users through banking entities that placed these funds. Regarding the evolution of the placement amount, the official stated that those on the first floor fell from $237.2 million in 2020 to $11.6 million last year; while those on the second floor rose from $29.9 million to $191.7 million over the same period.

This required financing operations with multilateral organizations. It was specified that 50 million dollars were received from the Development Bank of Latin America (CAF) that year, and 1.7 million dollars from the State Development Bank of the Federal Republic of Germany (KFW) out of 20 dollars. approved, which represents a financial execution of 8%; while $235 million of the approved $260 was received from the World Bank, with 90% execution.

For her part, Soraya Bajaña, deputy business manager of CFN, highlighted other achievements of the entity during the past year, such as the effective return of the portfolio amounting to $331.22 million and the forced return of $11.62 million.

In addition, Bajaña reminded that during 2022, financial relief measures were maintained by resolving obligations by improving the liquidity of the production sectors in the amount of 214.28 million dollars.

CFN will allocate an additional $10 million to purchase bonuses for retired teachers

During the event, Rebeca Rodríguez, CFN’s Deputy General Manager for Institutional Management, reported that the entity generated $4 million in savings during 2022 with a 12% optimization compared to 2021. These savings were focused on closing the entity’s branches, but he clarified that the Guayaquil and Quito offices have been reinforced.

On the other hand, regarding the entity’s financial situation, Rodríguez emphasized that at the end of 2022, CFN’s assets amounted to $3,213.4 million, representing a growth of 6% compared to the figures for 2021. What to do with liabilities : 1,965.9 million dollars, 2% more than last year; while the assets of the institution amounted to 1,247.4 million dollars, 14% more than in 2021.

Regarding the new tender that CFN has foreseen for this year for the sale of Banco del Pacífico, after the first one launched in 2022 was declared invalid, Director General Mónica García explained that despite the fact that CFN is a shareholder of Bank de Pacífico, it has private management and it is up to him to determine the sale and report through official channels, that is, after the CFN Board of Directors decides on the process of disinvestment of shares in Banco del Pacífico.