Banco del Desarrollo expects 20% loan growth this year

Chilean bank Banco del Desarrollo expects to boost lending 20% this year to 1.7tn pesos (US$3.12bn) compared to 2004, an executive told BNamericas. In terms of profitability the bank also expects improvements this year to 15% from the 13.5% ROE recorded at the end of September, he said. During the first nine months Desarrollo saw profits up 11.1% to 14.3bn pesos compared to the same period 2004. Assets expanded 16% to 1.86tn pesos at the end of September while liabilities rose 17% to 1.71tn pesos. The bank's deposit base increased 29% to 846bn pesos. Banco del Desarrollo is a medium-sized bank in the Chilean financial system and is controlled by local investment company Sociedad de Inversiones Norte Sur. It ranks seventh in terms of loans.