Bancamiga registered the highest equity growth in the Venezuelan financial system over the last year, a result that allowed it to gain a position in the ranking and consolidate its place among the 10 largest banks in that category at the end of May, occupying seventh position, according to figures from the consulting firm Aristimuño Herrera & Asociados.

The bank’s equity reached 57.317 billion bolivars, equivalent to US$104.3 million, representing year-on-year increases of 1,038.7 % and 98.7 %, respectively. This performance propelled it to seventh place in the ranking, up from eighth a year earlier. With this result, Bancamiga achieved a market share of 3.6 % in this category.

This strengthening of its equity was accompanied by a sustained improvement in profitability indicators. Return on equity (ROE) reached 49.6 %, a year-on-year increase of 38.7 percentage points (above the average), allowing it to climb six positions compared to its ranking in May 2025.

Meanwhile, return on assets (ROA) reached 10.8 %, an increase of 9.3 percentage points compared to May 2025. Year-on-year, Bancamiga climbed eight places in this category.

The institution also accumulated a net profit of 9.791 billion bolivars (US$23.2 million), the sixth highest among Venezuelan banks, after climbing seven positions from its ranking in May of last year. In bolivars, the accumulated profit showed an annualized growth of 6,187.3 %, and in dollars it was 1,002 %, both higher than the system average.

This progress was supported by total accumulated financial income of 36.431 billion bolivars, equivalent to US$86.4 million, with increases of 770.7 % and 53 %, respectively.

The loan portfolio remained among the six largest in the banking sector

Bancamiga’s gross loan portfolio closed May with a balance of 96.888 billion bolivars (US$176.4 million), an amount that allowed it to maintain its sixth position in the banking ranking and a market share of 4.69 %.

In bolivars, the portfolio registered year-on-year growth of 588.9 % and 21 % in dollars, remaining one of the main drivers of revenue generation for the institution. In fact, the loan business represented 65.1 % of total revenue at the end of May.

Financial intermediation reached 45.88 %, while the delinquency rate stood at 2.66 %, with a coverage ratio of 152.92 % for non-performing loans, reflecting an adequate capacity to support loans with defaults.

Deposits grew by nearly 750 % in dollars

Figures from Aristimuño Herrera & Asociados indicate that Bancamiga ended May with public deposits of 211.197 billion bolivars (US$384.4 million), maintaining its sixth-place ranking and a market share of 4.96 %.

In foreign currency, deposits increased by 48.2 % compared to the same month of the previous year, and by 749.6 % in bolivars during the same period. The deposit structure continued to be concentrated in checking accounts, which represented 98.6 % of the total, while savings accounts accounted for 0.14 %.

In May, Bancamiga opened a new branch at the Tamanaco Shopping Center (CCCT), expanding its customer service points. The new space will allow users and businesses to open accounts in bolivars and foreign currency, acquire point-of-sale terminals, apply for Mastercard debit cards, and receive credit advice.

This space represents a step forward in the company’s role as a close partner for individuals and businesses, reaffirming its commitment to offering accessible and innovative financial solutions as it approaches its 20th anniversary.

Assets grew 64 % in dollar terms

At the end of May, Bancamiga Banco Universal reported total assets of 321.519 billion bolivars, equivalent to US$585.3 million, representing year-on-year increases of 830.2 % and 62.3 %, respectively, both above the average for other banks.

This performance allowed the institution to advance to seventh place in the asset ranking from eighth position a year earlier, with a market share of 3.93 %.

With information from Banca y Negocios, consulting firm Aristimuño Herrera & Asociados, and Bancamiga Banco Universal

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Current payment systems are almost entirely digitized. The use of paper money is declining worldwide, as is the use of paper checks. But this payment method remains valid.

Among the reasons justifying the current use of paper checks is the simple fact that the recipient may not be registered with digital banking. In that case, payment would be made in cash or with a paper check that can be cashed at a bank branch.

On the other hand, some accounting systems require physical proof of transactions for budgetary purposes, although this requirement is becoming less frequent.

The reasons justifying the elimination of paper checks before online systems include faster transactions, greater transparency, enhanced security and privacy, and reduced administrative costs.

M.Pino

With information from specialized financial media

(Reference image source: Money Knack on Unsplash)

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Silvergate Capital, an entity focused on Bitcoin and blockchain companies and owner of Silvergate Bank, recorded losses of 948.6 million dollars (877 million euros) in 2022, compared to attributable net profit of 75.5 million dollars (70 million euros) of the previous year, affected by the crisis in the cryptographic sector, which triggered a strong outflow of deposits from the entity.

Thus, in the last quarter of the year, Silvergate suffered losses of 1,049 million dollars (970 million euros), in contrast to the gains of 18.3 million dollars (17 million euros) recorded between October and December 2021.

In the fourth quarter, the entity had deposits amounting to 6,296 million dollars (5,821 million euros), a drop of 56 % compared to the 14,290 million dollars (13,211 million euros) a year earlier.

In fact, only in the last three months of 2022, Silvergate deposits fell by 52 % compared to the 13,238 million dollars (12,239 million euros) recorded in September of last year.

“During the fourth quarter of 2022, the digital asset industry underwent a transformative change, with significant over-leveraging in the industry leading to several high-profile bankruptcies,” explained the entity, which attributed to this dynamic a crisis of confidence throughout the ecosystem.

“The company saw significant deposit outflows during the quarter and took several actions to maintain cash liquidity,” including wholesale financing and the sale of debt securities in order to maintain its liquid balance sheet.

“While we are taking decisive steps to navigate the current environment, our mission has not changed. We believe in the digital asset industry (…) to that end, we are committed to maintaining a highly liquid balance sheet with a strong position of capital,” said Alan Lane, CEO of Silvergate.

At the beginning of January, Silvergate announced that it will carry out a workforce adjustment that will affect 40 % of its employees, which will mean the departure of some 200 people, in order to adapt to the situation in the cryptocurrency sector.

Silvergate shares, which began trading in 2019, closed this Tuesday at $13.33, after having closed 2022 at a price of $17.40, far from the more than $239 at which it was listed at end of November 2021.

Source: dpa

(Reference image source: dpa / Eduardo Parra, Europa Press)

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A survey conducted by The State of Consumer Banking & Payments to 2,200 people determined the increase in the investment of Americans in cryptocurrencies as one of the preferred investment alternatives compared to traditional media.

The study highlights that 24 % of United States citizens held cryptocurrencies in 2021 and only 23 % held certificates of deposit. In addition, it points out that there are more citizens who claimed to have cryptos than those who claim to have certificates of deposit. That is, savings accounts that keep a fixed amount of money for a specific period.

The 31 % of those surveyed expressed having investments in the traditional stock market, while “14 % had a robo-advisor investment account, which are automated portfolio platforms that make investments in consideration of the investor’s personal circumstances.”

Global investment in cryptocurrencies grows

The study also made reference to the global scope, highlighting that Latin American countries are the ones with the highest rates of ownership of cryptocurrencies. But that some European countries such as Germany, Spain and the United Kingdom have significantly increased investments in this type of currency in the last six months. The opposite happens in Asia. In China and Japan, the adoption of cryptocurrencies decreased between the months of August and December 2021.

Investors consider that investing in cryptocurrencies is more profitable than in traditional instruments or keeping money in the bank. They are aware of the volatility of cryptos. However, they offer greater opportunities to earn more money and quickly.

M. Rodríguez

Source: diariobitcoin.com

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The economist Ronald Balza explained during a radio interview that the national executive should allow the Venezuelan financial system to have various products that facilitate financial intermediation.

According to Balza, the government should allow citizens within the financial system “to be able to make more than deposits, that they can allow mobilization between banks at the national level and abroad, and that they can also access loans in dollars to make your investment”.

For the economist, dollarization is not closely related to the elimination of the bolivar, and neither does this process imply the total elimination of the Venezuelan currency. “Dollarization is not eliminating the bolivar, but I do not agree to prohibit banks from using other currencies for transactions within Venezuela.”

The problem does not lie in the use of the national currency, but in the need to use all the currencies that can circulate in the country.

Multi-currency system requires regulation

Balza is emphatic in pointing out that to start a multi-currency system it is necessary to establish a “prudential regularization” such as that used by any country in the world, with which it seeks to protect itself from risks that may impact the economy, such as

To start a multi-currency system in Venezuela, a prudential regularization is required, according to the expert, which is used anywhere in the world to avoid “risks in the economy, such as bankruptcy of lenders and losses to depositors.”

The idea is not to prevent dollarization, but “to design a system so that all the currencies needed for each transaction can be used in Venezuela,” he stressed.

According to what Balza explained, the bolivar is currently used for the acquisition of goods and the payment of services, not to acquire foreign currency.

M. Rodríguez

Fuente: noticiasaldiayalahora.co

La entrada National executive could establish a multi-currency system apareció primero en Bitfinance.

Venezuelan inflation has been decelerating compared to previous years. It is estimated that by the end of 2021 it will close at levels close to 1,400 or 1,500 %. This was stated by the CEO of the consulting firm Aristimuño Herrera & Asociados, César Aristimuño, who believes that next year could be much better as long as an appropriate legal framework is granted to the dollarization process that the country is experiencing, which has no reverse because it is society itself that has imposed it.

“We are observing that the rise in prices of products in dollars is moving much less than what they are rising in bolivars, and that will become more and more regular to the extent that stability is granted to the dollar as a unit of account, as a means of payment, as a store of value, with all the functions that money actually fulfills,” said the economist.

According to his analysis, if the dollar begins to behave in a “more transparent manner”, the transactions, contracts and agreements that are made with this currency will precipitate. There should be clearer rules “that companies can bill in dollars without problems, that there is no uncertainty of knowing whether or not it is legal. We are sure that, if that happens, inflation next year will register a very accelerated fall.”

The representative of the consulting firm highlighted: bank deposits in foreign currency already represent 61 % of deposits and that will continue to rise. We foresee that at by the end of the year it could be between 75 or 85 % of the total deposits” of the national financial system.

He additionally pointed out the existence of a working capital in the national economic market that ranges from 3,000 to 5,000 million dollars, which represents a fairly considerable figure and is favorably impacting the environment because it gives it greater stability.

Digital Bolívar

The economist Aristimuño considers that the digitization of the currency is a worldwide movement, as a consequence of technological development. Hence, the means of digital payments such as credit and debit cards, transfers or mobile payments will increase every day, at the same time as physical money, bills and coins, will disappear from the global economy.

That is why the news about the digital bolívar does not surprise anyone. “That is a process that is going to deepen,” he pointed out. Although in the country financial entities continue to issue cash for some time, the inhabitants will use it less every day.

M. Rodríguez

Source: bancaynegocios.com

La entrada Venezuelan inflation could close between 1,400 and 1,500 % by December apareció primero en Bitfinance.