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Profits of Venezuelan financial system up 110.11%

The loans portfolio climbed significantly hitting VEB 3.7 trillion or USD 5.72 billion at the official exchange rate of VEB 646.23 per US dollar

Deposits in the local banking system totaled VEB 5.9 trillion (USD 9.12 billion) in January-July 2016

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19 de agosto de 2016 23:59 PM

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Profits of Venezuelan financial system up 110.11%

Deposits in the Venezuelan financial system late in July grew VEB 2.8 trillion (USD 4.33 billion at the official exchange rate of VEB 646.23 per US dollar) (up 90%) as compared with the same month in 2015, according to a report of ICG consultancy firm.

The document reveals that deposits in the local banking system totaled VEB 5.9 trillion (USD 9.12 billion), a VEB 1.7 trillion hike (USD 2.63 billion) (up 40.2%) in the first seven months this year.

Investment rose 110.11% during the same term, resulting in a 6-point surge in credit intermediation, from 56.7% in July 2015 to 62.70% in the same month this year, the report reads.

The loan portfolio soared significantly, totaling VEB 3.7 trillion (USD 5.72 billion), which means a VEB 1.2 trillion increase (USD 1.85 billion) (up 49.87%) versus the end of December 2015, and VEB 1.9 trillion (USD 2.94 billion) (110.11%) of annualized variation.

Investments in securities grew VEB 14.6 billion (USD 22.59 million), a 1.67% surge.

“The profits of the financial system as of July 2016 hit VEB 18.6 billion (USD 28.78 million), a VEB 6.9 billion increase (USD 10.67 million) (up 59.44%) versus the same term in 2015, when they ended at VEB 11.7 billion (USD 18.10 million),” the document shows.

The banking system’s financial revenue climbed 117.57% with respect to July last year, standing at VEB 43.41 billion (USD 67.17 million).

As for the performance of loans, the agriculture portfolio represented 46% of loans, followed by credits for manufacturing activities with 22%. Micro-credits received 12% of loans while 8% of loans were allocated to the tourism sector, in accordance with the parameters set forth in legislation in force, the report elaborates.

Staff costs totaled VEB 13.74 billion (USD 21.26 million), up VEB 8.56 billion (USD 13.24 million) (up 165.36%) from July 2015.

Overheads and administrative costs stood at 53.55% of total costs of processing for VEB 21.52 billion (USD 33.3 million) in July 2016, a VEB 15.18 billion (USD 23.49 million) (up 239.23%) rise compared to the same term last year.

The ICG consultancy firm estimated delinquency at an average of 0.29% at the end of July this year, 0.02% more than in June. “Delinquency continues within its lowest historic records, which mirrors good quality of banking assets,” experts say. 

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