November 1, 2009
The positive trend is already noticeable. In the first quarter of this year profits grew 24% compared to the same period in 2008, he says, adding that return on assets increased to 1.6% in June 2009 from 1.4% in June 2008 and return on equity increased to 17.3% from 16.0% in the same period. GyT also has bragging rights when it comes to asset growth, as it beat the other major banks in the country. As of June 2009 the banks assets total $3.5 billion, up from $2.9 billion, a 21% increase from June 2008. Meanwhile, Banco Industrial, Guatemalas largest bank, saw its assets grow only 7% to $4.5 billion. Banrural, the third largest bank after GyT, saw assets rise 11% to $3
Despite the economic downturn, Guatemala’s GyT Continental could see profits jump by 25% by the end of this year compared to 2008, CEO Flavio Montenegro tells LatinFinance.