Ecuador Banks' January Net Profit Rises 5% To $30.99 Million

Twenty-five private banks operating in Ecuador, plus the state-run Banco del Pacifico, have posted a combined $30.99 million net profit in January, up 5% from $29.43 million in the same month last year, the country's banking regulator said Thursday.

Banco del Pichincha CA (PCH.GU), Banco del Pacifico, Banco de Guayaquil and Produbanco topped the list, with $7.67 million, $5.26 million, $4.36 million and $2.58 million in earnings, respectively, according to the report.

The four banks accounted for 64% of the reported combined income and 63% of Ecuador's banking assets.

Another 6% of the reported income came from foreign banks--the U.S.'s Citigroup Inc. (C), Dutch-German Procredit and Panama's Promerica.

According to official data, assets in the banking system totaled $24.24 billion in January, while liabilities were $21.73 billion.

Sight deposits totaled $14.04 billion, term deposits $5.24 billion and investments $3.13 billion.

-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653; [e-mail]