Bank of the Year Central America, Bank of the Year Costa Rica and Bank of the Year Guatemala: BAC Credomatic
October 31, 2019
Geographic diversity gave the Central American banking powerhouse an
BAC Credomatic’s deepening regional presence in six Central American countries helped to boost profits in 2018 by 27% to $405 million despite sluggish economies in the region.
The bank’s assets stood at $22.7 billion. Retail credits accounted for roughly 60% of its $16.2 billion loan book with the rest largely commercial loans.
Meanwhile, deposits rose more than 9% in 2018 to $15.7 billion.
The bank’s return on equity was 15.4% at the end of last year compared with a regional average of 12.6%. BAC Credomatic’s return on assets stood at 1.8% vs. 1.3% regionally.
The bank attributes much of its success to its diversified geographical presence.
BAC Guatemala grew profits to $101 million in 2018 from $69.6 million in 2017 despite the country’s political turmoil, beating out all of Guatemala’s other banks.
BAC Costa Rica grew its 2018 net income to $115 million from $77.2 million in 2017 to cement its position as the largest private bank in the country.
BAC Costa Rica’s generated some 25% of BAC’s earnings in all of Central America. The Costa Rican bank had $4.3 billion in loans and $4.5 billion in deposits. Assets climbed to $6.3 billion at the end of 2018 from $5.9 billion a year earlier.
On the digital front, BAC Credomatic rolled out a chatbot in 2018 that interacts with customers through artificial intelligence.
Its digital bank customers stood at more than a million at the end of 2018, up 26% from 2017. The bank also deployed a new mobile app, attracting almost 800,000 customers.