Cuscatlan earnings down 5.3% in 2003

El Salvador's second largest bank, Banco Cuscatlan, saw its 2003 profits fall 5.34% to US$19.5mn, compared to US$20.6mn the year before, according to statistics from the SSF banking regulator. Net revenues from financial intermediation were virtually flat at US$79.2mn. Other net operating revenues soared 145% to US$7.1mn, while non-operating revenues fell 1.4% to US$14mn. Assets grew 14.1% to US$2.43bn at year-end, equivalent to a market share of about 23.9%. Its closest competitors are Banco Agricola (29%), Banco Salvadoreno (16.1%), Banco de Comercio (11.6%), and Scotiabank (3.95%). Performing loans were up 1.46% at US$1.39bn, while the non-performing loans of total loans ratio was virtually flat at 2.45%. The ratio for the banking sector was 2.7% as of December 2003. Deposits declined 2.1% to US$1.51bn at year-end, of which US$812mn were demand deposits, US$675mn time deposits, and US$21.2mn restricted or inactive. Cuscatlan's equity stood at US$293mn, up 21.6% compared to end-2002. Cuscatlan is controlled by Corporacion UBC Internacional and the World Bank's International Finance Corporation is one of the group's minority shareholders.