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Posted by Maria Arias on March 27, 2018
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International Banking Center achieves $ 1,797 million in profits in 2017

The banks that are part of the International Banking Center (CBI) reached a profit of $ 1,797 million in 2017, an increase of 17.9% in relation to that registered at the end of the previous year, the Superintendency of Banks of Panama (SBP) announced.

Ricardo G. Fernández, the superintendent of Banks, mentioned that liquidity remains at an average of 60.3%, which is double what is legally required.

During the presentation of the “Banking Performance 2017, Medium-Term Perspectives” the superintendent said that the system reveals a very stable funding base with deposits from private individuals of 5.3% and an increase in internal credit to the private sector of 6.9%.

It was also mentioned in the presentation that the regulations approved in recent years have been oriented along two main axes, on the one hand, to continue updating and strengthening the regulatory framework for the prevention of money laundering and financing of terrorism and, on the other, to continue strengthening the roadmap to raise the regulation according to the recommendations of Basel III which is the internationally accepted banking standard.

It was reported that work will be carried out with a view to strengthening the understanding of terrorist financing risks and the capacity of the regulatory entities to supervise them.