The gross profit reached $77.8 million, in the first quarter of 2022, of Banco del Pacífico, which “will be sold in a few weeks”

Banco del Pacífico announced that its restructuring and recovery process continues at a good pace, noting that in the first four months of the year the entity’s gross profit, whose largest shareholder is the National Finance Corporation (CFN) , reached $77, 8 million.

According to Banco del Pacífico, it currently maintains the highest liquidity and solvency levels of the six largest banks in the country.

This, according to the Bank, represents an increase of more than 60% over the previous year and also above the pre-pandemic figures.

In 2021, the bank’s equity value closed at $820 million , according to what Roberto González, executive president of Banco del Pacífico, said last January.

Meanwhile, when disaggregating the information, it is established that the net profit last April reached $9.1 million and the accumulated profit for the first quarter was $34.1 million, after reserving $36.1 million for portfolio provisions. and generic; and $7.5 million for tax provisions.

The entity added that the combined effect of the operational restructuring of 2021 -due to less personnel and operations expenses-, just with the implementation of objectives focused on the profitable growth of its basic business margins, allows to obtain systematic savings higher than those $28 million, that is, $230,000 less daily in this first quarter of the year compared to 2021 and 2020.

“The bank has significantly improved its efficiency and profitability indicators, while maintaining the highest levels of liquidity and solvency of its peer group (six largest banks in the country),” Banco del Pacífico said in a statement.

These results accompany the Government’s intention to sell the entity. At the end of last April, the president of the CFN board of directors, Iván Andrade , indicated that the sale of Banco del Pacífico is projected to materialize during the fourth quarter of this year.

However, this Thursday the President of the Republic, Guillermo Lasso , revealed that the entity, which he described as the second largest commercial bank in the country, will be sold in a few weeks.

“I am no longer talking about years or months, but about a few weeks,” Lasso said during a speech in Israel, where he has been on an official visit since last Monday.

Until the end of April, the bank was in the process of updating its valuation by Bank of America , which planned to complete this work this month. (I)