State banks see securities income more than double in January-August

- Wednesday, September 28, 2011

State banks see securities income more than double in January-August

Venezuela's state-owned banks saw their income from investments in securities more than double in the first eight months of the year, according to the latest figures from banking regulator Sudeban.

Securities income in January-August jumped 119% to 1.31bn bolívares (US$241mn).

In the same period, public sector banks saw their income from lending grow 36.7% to 1.23bn bolívares.

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Thanks to the strong increase in securities income, state banks recorded an average ROE of 33.7% in January-August, while the financial system's average was 35.42%, and 36% for private sector banks.