Bank profits contract by 60% YoY in October

At the end of October, bank profits closed at $ 1.09 billion, a decrease of 59.3% compared to those of the same month of 2019 when these were $ 2.6 billion. Credit institutions, which apart from banks also include financial corporations, financing companies and financial cooperatives together earned $ 1.5 billion, a 52.7% drop compared to 2019. The financial system registered a positive balance of $6.9 billion, a 70.2% decrease compared to the first 10 months of 2019.

Source: Portafolio