An increase of 2,915 % in net profit was recorded by Venezuelan banks from January to June of this year, thanks to innovation in the sector, the offer of new products and services, and an increase in the loan portfolio.

The amount reached by the sector was 7,694.8 million bolivars, which far exceeds the same period for 2022.

“Universal banking, which concentrates 96 % of the banking system’s assets, spent 18 weeks of the semester without being able to cover the legal reserve requirement, which implies a very severe liquidity restriction.”

With respect to operating income, in the first half of the year banking reached 48.29 % of total income, below 70.94 % in the same period of the previous year.

This was due to the “increase in financial income, which rose 2,422.9 % in the year, going from 464.9 million to 11,722.4 million bolivars accumulated between the first half of 2022 and the same period of 2023.”

M.Pino

Source: noticierovenevision

(Reference image source: Kanchanara, Unsplash)

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