According to the banks, their income fell 40%

Banks generated less profit and make adjustments due to the decrease of their revenues in 40.98% in the first four months of the year, according to figures from the Association of Private Banks, in its report Evolution of Ecuadorian Private Banking.

Revenues were $ 952 million, while expenses were $ 876 million, a reduction in revenue of 1.17% and a 4.95% increase in spending, compared to the same period of 2012.

As a result, the net income (minus the participation of workers and payment of taxes) was $76 million, it means $52 million less than in April of 2012, a decrease of 40.98%.

Cesar Robalino, president of the Association of Banks, said the banking growth is lower than in previous years by the diferent laws that have been applied to the sector.

He added that with the changes that have occurred in the sector, banks have had to be restructured and would be reflected in the closing of agencies and branches.