At the end of January, the banks registered profits of $746,518 million, which represented a decrease of 31.7% compared to the result of a year ago when the positive figures amounted to $1.1 trillion.
According to the Superintendency of Finance, the results of credit institutions (which include banks, financial corporations, financing companies, and financial cooperatives) remain in positive territory, although they are experiencing downward pressure as a result of the higher expense of portfolio provisions. of consumption.
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The credit establishments reached profits of $862,000 million Given that interest income made it possible to relatively offset the higher expense in provisions (the banks reported accumulated profits of $746,518 million, the
financial corporations $112.900 million, financing companies losses of -$5.2 million and financial cooperatives $7.800 million).
In line with the supervisor’s expectations and in view of the increase in the expense of provisions in the consumer portfolio, during January several entities decided autonomously to make use of the decumulation mechanism of the Additional General Provisions (AGP) constituted within the framework of External Circular 026 of 2022.
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With the exception of Sedpes (Companies Specialized in Electronic Payments), profit increases were observed in all industries during January. The profits of the Special Official Institutions (IOEs) reached some $558.1 billion, followed by the insurance industry with $301.1 billion, the SAFPs with $207.6 billion, trust companies with $89.5 billion, infrastructure providers with $33.9 billion and securities intermediaries with $14.7 billion. millions. In contrast, the Sedpes recorded negative results of $1.9 billion.