As of June 2023, the accumulated profits of the first half of the banks of the International Banking Center (CBI) totaled US$1,437 million, a figure that represents an increase in profits of 51.2% in the same period of the previous year, according to figures from the Banking Activity Report (IBF).

According to the IBF, this result was driven by the evolution of the financial margin and commissions, derived from the continuous growth in the credit portfolio; the management in the quality of assets, and the control of expenses, as well as a reduction in provisions in response to the preventive estimate for credit risks.

The profitability of the asset responded significantly to the increase in the item of net interest income by 31.4%, in its components of income from portfolio interest and investments, and the line of other income by 6.1%, while the management of general expenses in the order of US$1,526.6 million increased by 4.5% year-on-year.

On the other hand, provision expenses decreased from US$310.3 million in 2022 to US$250.8 million in 2023, which represents a reduction of 19.2%.

Although this performance is based on the fact that the levels of coverage of provisions generated during the pandemic, in conjunction with some regulatory provisions, reflected being an adequate cushion in times of stress at that time, at the beginning of 2023 there are still risk factors identified and monitored in both the local and external component.

Meanwhile, the National Banking System (SBN) recorded net profits accumulated in June 2023 in the order of US$1,113.3 million, 50.5% more than the same period in 2022, and similar to what happened in the CBI, the higher credit activity and lower generation of provisions positively impacted the profits of the sector.

It is expected that the banks of the System will continue with expenses control and operational efficiency strategies. currently, the efficiency levels of the CBI are in the order of 47%.