Banco Nacional Profits Grew 32% Last Year

Banco Nacional, Costa Rica’s largest commercial bank, finished last year with profits of $90 million, 32% more than its profits earned in 2005, according to General Manager William Hayden.

The state-run bank’s assets last year grew 21% to $4.6 billion, while its liabilities and net worth also increased 18% to $4.2 billion, Hayden explained.

The bank’s line of credit has been fundamental to its growth strategy, he said.

Last year, it gave most of its loans to the housing sector (34%) and commercial sector (17%).

Banco Nacional, which is 92 years old and has 1.3 million clients in Costa Rica, is the number one bank in Central America in terms of profits and assets.