Banking Center assets up 11.6%
The assets of the International Banking Center of Panama grew by 11.6% to $84.61 billion n the first half, of the year a growth of 11.6% over that reported in the same period in 2011.
This increase in assets is due to "a sustained expansion of credit" and "moderate growth" investments, said the Superintendent of Banks of Panama, Alberto Diamond.
By June the loan portfolio was $22.2 billion of which $8 Billion was in the the financial sector, around $5.2 billion to industry, $3,4 billion to trade , more than $2 billion in the services sector , $1.3 billion for agriculture and $1 billion to consumers.
Investment banking in the last year totaled about $15 billion a 7.5% increase over the previous period.
"The whole system is in good shape and has maintained its level of growth" and "not seen in the picture is a decline in employment or a rise in interest rates that could potentially have an impact on the condition of the loan portfolio," said Diamond.
The deposits of the banking center amounted to about $61 billion, more than 11% higher than last December.
Over 80% of foreign deposits are from South America, Central America and the Caribbean.
The Panamanian banking center, which operates 90 banks, began in 1970 with a law that encouraged the influx of financial companies and capital.
