Foreign currency pushes Nicaraguan bank deposits up 14.2%
Nicaragua's banking system ended the third quarter with 97.1bn córdobas (US$3.86bn) in deposits, up 14.2% from 85.0bn córdobas at end-3Q12.
"This growth was attributed to dynamic foreign currency deposits, which grew by 16.2%, highlighting savings and time deposits," a report issued by Nicaragua's central bank BCN said.
In the same period local currency deposits grew 8.9%.
Nicaragua's private sector banks ended Q3 with 84.2% of system-wide deposits, with the public sector holding the balance.
Nicaragua's total credit portfolio reached 76.6bn córdobas at the end of the third quarter, up 22.6% from 62.5bn córdobas at the same time last year. The slower pace of growth compared with 35.4% between 3Q11 and 3Q12 was part of the "normalization" following rapid growth, BCN said.
The commercial segment accounted for 26.3bn córdobas of loans at end-3Q13, followed by the individual segment with 12.9bn córdobas and the industrial segment with 11.0bn córdobas.
Nicaragua's system-wide delinquency ratio fell 0.4 percentage points in the 12 months ending 3Q13 to 1.5%, BCN said.
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