Banco Pichincha’s net income doubled in 2021, from $50 million to $102 million

2021 was one of the best years in terms of portfolio growth for pichincha bank, arriving to $1.5 billion (1 billion is equivalent to 1,000 million) which means an increase of 21%, while public deposits rose to $0.9 billion (9%).

so reported Santiago Bayas, general manager of the institution, during a session of the Ordinary General Meeting of Shareholders of Banco Pichincha, on March 10, in which the achievements made last year as a result of the Bank’s transformation process, which began in 2019, were disclosed.

“After two years it is shown that it is possible to simplify processes, adapt to new technologies and thus grow rapidly; In this area, the massive adoption of Mobile Banking, the expansion of the DeUna digital wallet, digitization for credit origination and the digital opening of savings accounts stand out,” said Bayas.

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It was also reported that the bank’s net income doubled in 2021, going from $50 million to $102 million. The Board resolved to deliver 34% of the profits to the shareholders and allocate the remaining 66% to a special reserve to capitalize the bank.

Bayas highlighted that the market share in the bank’s portfolio rose by 1.5% compared to banks and 0.7% compared to banks plus cooperatives, reaching 25.9% and 18.6%, respectively, within the financial system. Ecuadorian private On this occasion, the General Meeting proposed a reform of the bylaws, among which the strengthening of the functions of the Board of Directors stands out, fostering greater involvement in the bank’s activity, as well as the strengthening of the executive function of the General Management, and the increase in authorized capital from $1,200,000,000 to $1,800,000,000.

It also appointed its main directors: Antonio Acosta was re-elected as president, along with the other main members of the Board, which is made up of Carlos Suárez, Andrés Pérez, Rodrigo Sánchez, Diana Torres, Juan Carlos Cisneros and Mónica Villagómez.

“Every day we are the best bank, and better Ecuadorians,” he stressed. Fidel Egas, president of the Pichincha Financial Group, who thanked the directors, officers and employees of the entity. (I)