Banco Banex
In terms of profitability, technology or expansion, Banco Banex is without doubt the outstanding bank in Costa Rica and a model for all banks across Central America.
Despite the often difficult economy, it remained the most profitable of its peers for the third year running in 2002. It posted a stunning 54.5% rise in net profit – more than double the gain for 2001 – and delivered an ROE of 22.76%.
Thanks to a moderate dividend policy, it is the best capitalised of the country’s banks. It has also ensured a high quality of assets by wisely focusing more on personal loans rather than corporate ones. Such fiscal responsibility on the bank’s part has been rewarded by an AA- credit rating from a Honduran rating agency.
Banco Banex has expanded dramatically in the past two years to become a leader in the local retail market. It also started a joint venture for pension funds – a key growth market.
“Banco Banex’s major achievements were its vision in times of economic uncertainty and its ability to remain a profitable benchmark in the Costa Rican banking system.,” remarked Federico Albert, the bank’s corporate general manager.
