With net profits up by more than 15%, assets growing by 17.5% and a return on equity of more than 23%, the bank still managed to grow Tier 1 capital by 24.3% and keep the cost-to-income ratio down to 46.28%.
Banco Bolivariano has led the market in remote and mobile banking, recently launching a service that allows its clients to customise and choose the information they wish to receive, including transaction activity, account information or payment reminders, via e-mail or mobile phone.
It also has a strong commitment to Ecuadorians living abroad and to their relatives at home. It channels 22% of remittances sent to Ecuador and continues to increase banking penetration among remittance beneficiaries. This customer segment represents considerable value: in 2008, one out of every three accounts opened nationwide were to recipients of family remittances.
The remittance business is just one reflection of the bank’s belief in the social importance of banking. “We believe in the value of a savings culture instilled at an early age, and to promote it we introduced savings accounts aimed at our younger clients,” says Miguel Babra, CEO at Banco Bolivariano. “These accounts for children and teenagers have special benefits and rates, and, more importantly, allow our young clients to familiarise themselves with banking products and services.”