By Mercedes Alvaro
QUITO--Combined net profit for 26 Ecuadorean banks fell about
26% for the January-to-September period to $198.5 million, from a
year earlier, the country's banking regulator said Wednesday.
The data include profits for 25 private banks operating in
Ecuador, plus state-run Banco del Pacifico.
Since taking office in 2007, President Rafael Correa has
tightened controls on private banks, setting interest rates and
increasing the services that banks must provide to clients free,
which according to economist have affected the sector's growth and
profitability.
Banco del Pichincha (PCH.GU), Banco del Pacifico and Banco de
Guayaquil (BGYQY) topped the list, with $41.7 million, $29.9
million and $28.5 million in profits, respectively, according to
the report.
The three banks accounted for 50% of the reported combined
income and 53% of Ecuador's banking assets.
About 7% of the profits came from foreign banks operating in
Ecuador, which includes the U.S.-based Citigroup Inc. (C),
Dutch-German Procredit Bank and Panama's Promerica.
According to official data, assets in the banking system totaled
$28.6 billion for the January-to-September period, while
liabilities were $25.7 billion.
Sight deposits totaled $16.4 billion, term deposits $6.4 billion
and investments $4.1 billion.
Write to Mercedes Alvaro at mercedes.alvaro@wsj.com
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