Modified loan portfolio fell to 2.7% in November

To 2.7% as of November 2022, the modified loan portfolio was reduced, which represents a significant decrease in this segment, compared to the 47.6% registered in July 2020, revealed the latest Banking Activity (IAB) report of the year, published by the Superintendence of Banks of Panama (SBP).

This percentage is an indication that the pressures on the quality of the assets are contained, highlights the IAB.

The modified portfolio, as of November 2022, reached a total of USD 1,603 million, which represents a greater reduction compared to the previous month and a month-on-month decrease of 38.8% (USD 1,016.9 million).

As explained in the report, the riskier components of this portfolio, that is, the modified non-performing and modified unrecoverable classifications, together amount to USD 441 million.

It is worth remembering that, in compliance with recent regulations, banks will have until December 31 to migrate the modified credits to the portfolio with normal collection treatment (Agreement 4-2013).

On the other hand, it was known that, as of November 2022, the local gross credit portfolio of the national banking system (SBN) registered a growth that totaled a balance of USD 58,924 million, with a dynamism, to twelve months, of 6.4% (USD 3,531 million), related to the higher qualified demand for the loan.

Regarding the deposits of the International Banking Center (CBI), as of November 2022, they totaled USD 98,848.8 million and registered an increase of USD 1,713.8 million (1.8%). On the other hand, external deposits registered an increase of USD 1,836 million, reaching a balance of USD 36,115 million. The report highlights that foreign deposits are the ones that have maintained the dynamism of deposits in the financial system this year and reflect the public’s confidence in the CBI, says the SBP. Most of the funds come from Colombia and Peru, followed by Venezuela, the Dominican Republic, Costa Rica and Ecuador.

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