Bank of the Year Venezuela

Bank of the Year Venezuela

Corporate & Sovereign Strategy Bonds

Sharp declines in oil prices that increased balance of payments and fiscal pressures, prompted Fitch to downgrade Venezuela’s long-term issuer default rating to CCC from B in December last year. Yet stable results put Provincial, which wins Bank of the Year Venezuela for the second consecutive year, in the spotlight in a difficult operating environment, and gave it the edge over peers Banco Mercantil and Banesco Banco Universal. The bank booked an increase in profits of 22.68% in the 12 months to June 30. Its proportion of bad lending has fallen, with non-performing loans down to 0.39% of the portfolio this year, from 0.75% two years ago.“Provincial has been for years, as part of the he

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