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The National Bank of Panama presents its accountability for 2018

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  • Fri, 02/01/2019 - 20:15
Banco nacional de Panama
  • @banconalpa

The National Bank of Panama (NBP), the main state financial institution of the country, presents this Friday its results report for 2018 and its financial projections for this year.

The rendering of accounts on the financial situation of the bank in the past year under the management of financial expert Rolando de León is the last of the five-year period of the government of Panamanian President Juan Carlos Varela, which will conclude on June 30.

The financial indicators of 2017 reflected "excellent results", indicates the previous report.

"As a team, we achieved a historical net profit, reaching a total of 160.4 million dollars, according to preliminary figures, which represented an increase of 35.6 million, compared with the 124.88 million dollars obtained in December of the year 2016", he said at that time.

In addition, regarding the balance of the consumer banking portfolio, the historical figure of 2,028.6 million dollars was reached.

In 2017 "the well-known risk rating agency Fitch Ratings increased the viability rating (VR) of Banco Nacional de Panamá in bbb -and pondered it in bbb, reflecting the consistency in the execution of its strategy, based on an efficient administration of its resources".

In addition, he reaffirmed the long-term IDR international ratings at BBB with a stable outlook.

The Bank was created in 1904 by law as an autonomous entity of the Panamanian State with its own assets subject to the oversight of the Executive Branch and the corresponding superintendence, with "the purpose of exercising, within the official sector, the banking business, seeking to obtain the necessary funds for the development of the country's economy".

The NBP is responsible for the direction and operation of the exchange and the clearing house of the entire national banking system.

Panama does not issue its own paper currency and, instead, the US dollar is used as legal tender, which is considered the functional currency of the Bank, but the Balboa is the monetary unit of the country, which is par to the dollar.

Source-EFE

 

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