Banco del Pacífico obtained the second highest profit in January 2022

Banco del Pacífico obtained the second highest profit in January 2022

After a drop in profitability in 2021, the financial institution regained its position at the beginning of this year, only below Banco Pichincha.

Banco del Pacífico went from closing 2021 in tenth place in profits with $5.7 million, that is, 1.48% of the total; to second place in January 2022 with a result of $7 million, which represents 14.64% of the profits of the entire financial system.

In first place is Banco Pichincha, with $12.75 million, which means 26.59% of the sector’s profits.

At the time, the manager of Banco Pacífico, Roberto González, explained that during the past year the financial results fell significantly because a millionaire delinquent portfolio had to be punished, which was granted with political and not technical criteria..

In addition, operating losses from previous years had to be recognized, which were hidden by other administrators.

González rejected the criticism about an alleged attempt to seek to reduce the value of the institution to sell it at “the price of a sick chicken.” The official said that the opposite is being sought because the only way to sell at the best possible price is to clean up accounts, reduce costs and payroll.

Assembly does not trust the management of Banco del Pacífico

This February 10, 2022, with 103 affirmative votes, the Plenary of the Legislature commissioned the Economic Regime Commission to carry out an exhaustive investigation of the current reality and all the economic and legal precedents of Banco del Pacífico; as well as its authentic financial perspectives and that, as soon as possible, deliver a complete and documented report to the National Assembly.

The motion, presented by the legislator Joel Abad, determines that the referred report will be subject to analysis in the Plenary, on which the best and most pertinent resolutions can be adopted, in order to exercise the constitutional obligation to monitor and exercise political control, as well as defend national and popular interests.

This resolution was adopted after the appearance of the president of the Board of Directors of the National Finance Corporation (CFN), Ivan Andrade Note, who stressed that Banco del Pacifico is a private, solid, strengthened and solvent entity.

«92.6% of the Bank’s capital corresponds to the deposits of Ecuadorians, it is a private bank, whose owner is the CFN. “We are strengthening this banking entity, through various mechanisms and for this we are managing it with prudence,” he added.

He explained that the sale process will only be with the participation of international bidders and Ecuadorian natural or legal persons will not be allowed to intervene as shareholders, directly or indirectly, in these companies.

The next step will be the update of the bank’s valuation, which will be completed this month, he added.

According to the president of CFN directory the bank closed 2021 with assets of $819 million, it maintains 15,747 customer service points, as it continues to be the bank that effectively serves all its customers, in all corners of the country.

Subsequently, the debate was developed in which nine assembly members participated. Among the main criteria exposed by the legislators were affirmations in the sense that this request for information does not respond to the interests of the depositors, but to eminently political motivations.

Likewise, they asked what is the urgency of selling a bank that is profitable for the country and that has the trust of more than two million customers.

In addition, they commented that if it is supposed to be a bank that is doing well, the closure of agencies and offices in different cities of the country generates concern in the client portfolio, who are forced to take their accounts to the “bank next door.”

At the same time, calls were made to develop a clear, transparent and, above all, technical sales process that guarantees the interests of depositors.

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