The profits of Banco de Costa Rica (BCR) amounted to ¢ 37,354 million at the end of 2017, 30% less than in 2016. The figure for earnings before estimates, contributions, and taxes was ¢73,509 million, also lower than the ¢85,535 million from the previous year.
This was announced on Wednesday by the bank through a press release. The entity blamed the market for this result.
For 2017, the Bank had a growth in its loan portfolio of 4.5%, also less than the 6% from year earlier. Regarding its funding, the Bank grew in deposits with the public (checking, savings, and CDP accounts) by 12%, a percentage higher than the growth of the National Banking System (11%).
This growth was more focused on term funding, which corresponds to market behavior (such as the increase in the rates of this type of funding.
The National Bank also recorded a reduction in its profits for the end of 2017: it went from ¢ 53,018 million in 2016 to ¢ 41,319 million last year. This figure, however, places the bank first in the country. The entity also noted that it recorded a year-on-year growth of 8.67% in loans and an increase in deposits of 17.74%.