Between January and June 2023, Bancamiga established itself as the leading institution in deposits with the highest growth in private banking market share, with 2.22%. Additionally, it reported for the first semester of the year, a level of return on equity of 148.33%, positioning itself as the most profitable financial entity in the country.
Ariel José Martínez, executive president of Bancamiga Banco Universal, said that Bancamiga is consolidating more and more strongly in the large stratum of the National Banking System with the results obtained in the first half of 2023.
Between December 2022 and June 2023, Bancamiga skyrocketed the acquisition of new clients, with a 25 % growth in its portfolio, it is reported in a statement from the financial institution.
Thus, Bancamiga Banco Universal has shown sustained growth given the constant adaptations to new banking trends and market needs, with innovation in its products and services.
Martínez, stated that at the close of June 30, 2023, Bancamiga had the best semester in its young history, all supported by a specific program of policies and strategies, with products and services that adapt to the demands of the customer and society. Venezuelan.
The executive president of Bancamiga affirmed that “these results have enabled all indicators of the banking business to soar.”
Public captures
In the area of deposits, it was the bank with the highest growth this semester, with a market share in total deposits that amounted to 7.04 %. This figure reflects a 1.30 % increase in the Venezuelan Banking System (SBV) and a relative increase of 123.52 % in the amount reflected in total deposits, which allows Bancamiga to be positioned as the large stratum institution nationwide with higher relative growth.
Regarding deposits in national currency, it was the bank that reflected the greatest increase in market share of private Venezuelan banking with 1.04 %, reaching 6.19 % and 3.47 % of Venezuelan private banking and SBV, respectively, obtaining 1,490.93 million bolivars, a variation of 205.85 % for the first semester; the largest recorded in this category.
In relation to foreign currency deposits, Martínez indicated that it was also the bank that grew the most in the entire banking system in market share with 2.44 % and a relative variation compared to the previous semester of 28.14 %.
This translates into the highest percentage growth of the large banking stratum. In the private sector, it has a market share of 17.78 % and 10.66 % in the system in general, which places it in second place in the SBV in “current accounts, free convertibility exchange system”.
“And if something goes hand in hand with the structural, absolute and relative growth of total deposits in national currency and foreign currency, it is the number of clients and accounts,” he said.
From December 31, 2022, to the end of the first half of this year, the bank skyrocketed the acquisition of new clients, with a 25 % increase in its client portfolio and 1.2 million open accounts. This is driven by the opening in the last 18 months of 16 new agencies to reach 45 business units nationwide.
Equity, assets and profitability
Bancamiga reported at the end of June 2023 a level of return on equity of 148.33 %, positioning itself as the most profitable financial entity in the country, which translates into a growth of 100.71 percentage points.
“And it is that, in this first half of 2023, equity reflected an increase of 136.47 % in relative terms, which made Bancamiga the first private bank in this area.”
The gross financial margin achieved an increase of 439.67 % when compared to the last semester of 2022, which was favored by the better income from the credit portfolio with an increase of 306 % in relation to the previous closing.
At the end of June, Bancamiga’s assets were ranked fifth in the private ranking in that category and consolidated in the large stratum of private banking with a market share of 3.54 %.
“Bancamiga reached first place in this area in terms of relative growth of the large stratum of Venezuelan banking with a variation of 99 %, higher than that of the system that presented a semi-annual rate of 72.52 %.”
Gross loan portfolio
Martinez, executive president of Bancamiga, pointed out that the gross loan portfolio reflected a percentage increase of 154.06 % at the end of June. This reflected the greater relative growth this year in the large stratum of Venezuelan banking.
He highlighted that delinquency remains at a low level of 0.33 %, compared to the average for private banks, which was 0.59 %. And with a credit intermediation index of 99.37 %.
For this second semester, Bancamiga expects to continue strengthening the strategic objectives, among which Financial Strength and Business Management stand out.
It is important to highlight the fact that the shares that make up the Share Capital of Bancamiga Banco Universal C.A. They are registered in the National Securities Registry, and they were registered both in the Caja Venezolana de Valores and in the Caracas Stock Exchange under the BAA listing, with plans to start trading on the billboard for this second semester hand in hand with the Bank’s Strategic Planning in 2023.
To continue consolidating the success of this first half of 2023, it is planned to launch new products and lead the bank in the number of points of sale, which by the end of the semester exceeded 130,000 POS.
“These brilliant results can only be achieved with the effort, commitment and dedication that our employees offer to Bancamiga and the country every day in order to underpin the bank’s growth and therefore build a better Venezuela together. Total gratitude to our clients for the trust and loyalty poured into this institution.”
With information from Bancamiga
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