October 31, 2019
Remittances and digital initiatives have combined to help the solid performer navigate the country’s turmoil
Political turmoil has gripped Honduras for much of the past year, but the country’s economy has proved resilient, helped in large part by a steady flow of remittances from Honduran migrants.
Banco Ficohsa has continued to build on its position as a leader in the Honduran banking system. As of March 2019, the bank grew its assets by 11.4% compared to the same period of 2018, making Ficohsa the country’s largest bank in terms of assets. The bank now accounts for approximately one fifth of the Honduran banking system.
Other data points highlight the bank’s solid performance. Ficohsa grew its loan portfolio by 12.6% and deposits by 2.3%, bolstering its position as one of the best-funded banks in the country.
The bank has also worked to build out its Tengo mobile app, which customers can use to perform financial transactions at gas stations, supermarkets, pharmacies and other locations.
In other key initiatives, Ficohsa has invested more than $1.3 million in cybersecurity to help strengthen clients’ data protection and prevent them from falling victim to phishing, hacking and other cyberattacks.