Ecuadorian banks reached profits of more than USD205 million in 2020

Banco del Pichincha is the financial institution with the highest net income so far this year.

The Superintendency of Banks reported that financial entities in Ecuador obtained profits of more than USD 205 million so far in 2020. Despite the fact that the Ecuadorian economy was greatly affected by the health crisis, the 10 main banks in the country had a profit net higher than other companies.

The Government warned that the country had economic losses of more than USD 6.400 million in the first months of the pandemic and also announced that, at the end of the year, the contraction of GDP would be 8.9%. But, despite the fact that most banks reduced their profits compared to 2019, their profits increased markedly in the last four years.

It should be remembered that the productive sector was the most affected, with 63.8% of the total losses; followed by the social sector, with 20.2%; that of natural resources and infrastructure, with 15.6%; and the security one by 0.4%.

In the same way, as announced by President Moreno, more than a million people lost their jobs during the health crisis.

Ranking of the ten banks with the most profits so far in 2020

  • Pichincha: USD 44.5
  • Internacional: USD 28.2
  • Guayaquil: USD 25.8
  • Bolivariano: USD 25.2
  • Pacífico: USD 24.8
  • Diners: USD 20
  • Produbanco: USD 15
  • Austro: USD 8.6
  • General Rumiñahui: USD 6.6
  • Citibank: USD 5

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