Ecuador Best Bank: Banco Pichincha

Ecuador Best Bank: Banco Pichincha

Bonds Structured Finance Ecuador Corporate & Sovereign Strategy

In an increasingly competitive marketplace, one of the chief aims of Ecuador¹s Banco Pichincha over the past year was to diversify its services, says Jorge Chiriboga, the bank¹s vice president for financial control. The bank¹s total assets grew by 13.6% from December 2011 to August 2012 to $7.67 billion, with consumer credit growing by 19.6% and commercial credit by 18.8%. But the bank¹s profitability was down, to give a return on equity of 13.8% from 15% and a return on assets of 1.3% from 2.1%. In fact, the profitability of the entire financial system declined, as changes to the regulatory environment hit balance sheets and forced banks to become more adaptable. ROE for the sector dr

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