Panama’s International Banking Center Assets Grow 4.2% in November
Panama City, Panama – January 22, 2024 – The assets of Panama’s International Banking Center (CBI) grew 4.2% year-over-year in November 2023, reaching $146.1 billion, according to data from the Superintendency of Banks of Panama.
The growth was driven by a 4.5% increase in the total loan portfolio, which reached $87.5 billion. This growth was largely due to the stock of loans extended in previous periods, as the performance of new loans has slowed significantly. In 2022, new loans grew by around 38%, but in the first 11 months of 2023, they grew by only 5%.
Deposits at the CBI also grew, up 5.2% year-over-year to $104.2 billion. This growth was largely due to the performance of external deposits, which grew 9.0%.
In conclusion, Panama’s CBI assets grew at a healthy pace in November 2023. The growth of the loan portfolio slowed, but it was still positive. Deposits also increased, driven by the performance of external deposits.
Analysts’ Take
Analysts said the growth of the CBI’s assets was a positive sign for the country’s economy. They said the growth of the loan portfolio suggests that businesses and consumers are continuing to borrow money to invest and spend.
However, they also noted that the slowdown in new loan growth could be a sign that economic growth is starting to slow. They said it will be important to monitor the performance of the CBI in the coming months to see if the slowdown is temporary or if it is a sign of a broader economic slowdown.