The resulting strengths of the newly merged bank are evident. In 2007, together, they achieved the highest levels of net profits in the their combined history: $115.5m. Net income increased by more than 37% and return on average equity was 19.29%. Net interest income grew by almost 31%.
“Banco General is honoured to receive this award, which recognises our financial strength and our excellent results in 2007 and 2008,” says Raúl Alemán, executive vice-president and general manager at Banco General. “This year we have consolidated our institution after a successful merger with Banco Continental de Panama, and have continued our strategy of growing in a sustained but conservative manner.
“Our results reflect the strength of a diversified portfolio, healthy levels of liquidity, an infrastructure of more than 60 branches throughout the country and a technological framework of the highest quality. We will continue to offer innovative products and services that meet the specific needs of each of our clients in the consumer and corporate markets, and deliver them with the best customer care.”
