- CBI deposits grew by 4.5% in July 2023.
Panama’s savers maintain their confidence in the Panamanian banking system. Proof of this is that results of the International Banking Center (CBI) deposit portfolio recorded a total of USD 101.65 billion, representing a 4.5% increase or USD 4.35 billion more compared to July 2022, according to the Banking Activity Report (IAB) issued by the Superintendency of Banks of Panama (SBP) as of July 2023.
The foregoing is attributed to the growth in term deposits, primarily held by individuals, with high renewal rates. This, in turn, improves the funding and liquidity profiles of banking entities.
The recovery of CBI operations is demonstrated by the sustained growth of the credit portfolio, which reached USD 85.67 billion, marking a 6.3% increase or USD 5.045 billion more than that of July 2022 when it amounted to USD 80.63 billion.
On the other hand, the National Banking System recorded growth in the gross domestic credit portfolio, which amounted to USD 59.79 billion, representing a 5.2% increase compared to the data reported at the end of July 2022, or a year-on-year growth of USD 2.94 billion. This growth was attributed to the annual increase in credits to companies and entrepreneurs (3.0%), consumer credit (3.0%), mortgage credit (5.2%), and financial services activities (8.8%).
CBI assets totaled USD 143.37 billion, representing a USD 6.82 billion growth compared to July 2022, or a year-on-year growth of 5%. Bank assets accelerated their expansion rate due to increases in the net credit portfolio (6.3%) and securities portfolio (4.7%).
These results support the notion that CBI operations continue to demonstrate adequate financial soundness and performance indicators. The latest solvency and legal liquidity data recorded 15.55% and 58.2%, respectively, which means that the banking industry has maintained indices higher than the legally required levels (30% and 8%).
For further information on this report, please visit our website at https://www.superbancos.gob.pa/Statistics.
