Banco de Venezuela surpasses $1 billion in loans

Banco de Venezuela surpassed $1 billion in loan portfolio in August, after posting a 10.3% monthly increase and a 672.7% annual expansion in local currency, according to the Banca y Negocios portal. The loan portfolio stood at 804,635.8 million bolívares, equivalent to $1,012.1 million.

With this result, the bank accounted for 24.6% of the loan portfolio of the commercial and universal banking system, consolidating first place in the ranking. Year-on-year growth in foreign-currency loans reached 43%, making the institution the first in the country to exceed $1 billion in this category, according to data released by the consultancy Aristimuño Herrera y Asociados.

Meanwhile, the bank's deposit balance closed August at 1.6 trillion bolívares, equivalent to $2,123.1 million, driven by a 21% monthly increase and a 569.2% year-on-year expansion. The rise in deposits was led by savings accounts, which grew 778%, compared with a 556% increase in demand deposit accounts over the same period.

The institution's total assets stood at 4.5 trillion bolívares ($5,739.9 million), representing a market share of 42.4% and maintaining a lead of more than 30 percentage points over the system's second-largest institution. For its part, cumulative net income reached 389,579.1 million bolívares ($721.6 million), with a 48% year-on-year increase in dollar terms, above the banking sector average.