Publish in Special Reports - Wednesday, June 17, 2015
Itau Unibanco saw Latin America's strongest real growth in bank profits last year. (Photo: Itau Unibanco)
Bank profits grow in Mexico, Chile, Colombia and Argentina
BY LATINVEX STAFF
Brazilian banks saw a steep decline in profits last year, while their counterparts in Mexico expanded strongly, according to a new Latinvex ranking of Latin America’s banks based on data from Economatica.
Itau Unibanco, Latin America’s and Brazil’s largest private bank, posted the strongest real growth in profits, while Telefonica Finanzas Mexico, the bank of Spain-based Telefonica in Mexico, saw the strongest percentage growth.
All in all, Brazil’s top banks posted an average decline of 199 percent to $20.5 billion, while Mexican banks saw their profits grow an average of 341 percent to $9.2 billion. Chilean bank profits grew even faster – by an average of 653 percent to $4 billion, while Colombian bank profits increased an average of 17 percent to $2.8 billion and Argentina bank profits grew an average of 58 percent to $2.2 billion.
Peruvian bank profits, however, saw an average decline of 36 percent to $1.8 billion.