Ecuador's Banks Jan-July Net Profit -4% on Year to $216 Million

QUITO--Twenty-five private banks operating in Ecuador, plus the state-run Banco del Pacifico, have posted a combined $216 million net profit in the first seven months of 2012, down 4% compared with the same period last year, the country's banking regulator said.

Banco del Pichincha C.A. (PCH.GU), Banco del Pacifico (PCF.YY), Banco de Guayaquil S.A. (BGYQY) and Produbanco topped the list, with $56 million, $34 million, $28 million and $21 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 (PCB.YY) and Panama's Promerica.

According to official data, assets in the banking system totaled $25.7 billion for the January-July period, while liabilities were $23 billion.

Sight deposits totaled $14.6 billion, term deposits $5.7 billion and investments $3.4 billion.

Write to Mercedes Alvaro at [e-mail]

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