At the closing of the first quarter Banesco totalized Bs. 15.11 billion in public managed resources
It highlights the leadership of the financial institution in the management of the resources of the Housing Mutual Fund (29.1% of market participation), trusts (19.54% of the resource total), paid-in capital (Bs. 428 billion), among other indicators.
Puerto Ordaz, Bolívar State.- At the closing of the first quarter of 2005, Banesco Banco Universal has a volume of resources managed by third parties (LPH, ceded investments, trust funds and raising funds of the public) for Bs. 15.11 billions, the equivalent of 17.2 % of the market, which places it as the first bank of the country. The information was given during a meeting between the board of directors of the financial institution and clients from Bolívar State.
Juan Carlos Escotet, president of Banesco, pointed out that the ample trajectory of the bank in the mortgage business has made Banesco worthy of the preference of the savers of the Housing Mutual Fund. In that sense, he pointed out that more than 10 thousand companies chose to make their contributions through Banesco during the year 2004, which benefited some 4 thousand families thanks to the credits given under that modality in the last semester of last year.
The first quarter of 2005 represented the consolidation of Banesco as the leader bank in management of resources of the Housing Mutual Fund and as the most important and highest acceptance brand in the national mortgage market, with a portfolio at the closing of March of Bs. 750 billion (29.1 % market share).
The strengthening of the credit demand by all of the economic sectors during last year has become a fundamental pillar for the strategic planning of the institution. That, along with a higher knowledge of their clients and a team of highly specialized professionals, allowed the development of a more diversified and higher quality portfolio.
Its agricultural portfolio stands out as one of the most profitable ones and with the highest reciprocity with the bank. During 2004, 752 credits were liquidated and right now, that portfolio has an amount of Bs. 281 billion, after a growth of almost 100% in the last 12 months.
“The trust in the development of the microenterprise has also been widely reflected in its credit portfolio, ending the first quarter of this year in a level close to 100 billion bolívares, which places Banesco Banco Universal among the first four banks of the country in loan granting, for the farming sector as well as the microcredit sector”, said Escotet.
The progressive and sustained growth of Banesco in the financial system has been supported by a growing expertise in products and services different to the traditional ones, developing specific areas according to the needs of the clients. The fiduciary business has become one of the market leader products of the portfolio of the bank, after climbing positions in the market to become the first one of the country. Banesco concentrates the 19.54% (Bs. 4.66 billion) of the assets of the trusts managed by the commercial and universal Venezuelan banking.
The successful performance of Banesco Banco Universal is reflected in the achievement and keeping of outstanding or leadership positions, as well as a continuous improvement of the quality of service, through the most advanced technology, and example of that is the development of the electronic channels. Thus, Banesco is distinguished as the flagship bank in important technology related projects. Through the page www.banesco.com, half a million clients make an average of 4,5000,000 monthly operations; more than 21,000 points of sale allow the users to do their purchases faster and more effectively and its country wide network of ATMs (651), among others, have made it the first bank in the transaction business.
Escotet said that, by the end of March 2005, the financial statements of the Banesco recorded total assets of Bs. 8.81 billions, which places it as the third universal bank of the country in that area with a market share of 13,73%. By relating this amount with the institution patrimony (Bs. 964 billion) you get an index of capital adequacy of 11.73%, higher than the one demanded by the valid regulation.
The strengthening of the bank’s capital, the highest paid capital in the national financial system (Bs. 428 billion), is accompanied by the maintenance of adequate management indicators, like the portfolio coverage level (4.08%), the quality of its loans, just 1.2% of inmobilised assets and a low transformation expense ratio with respect to the total asset, which apart from representing an excelent backing of the operations, allow to see the high efficiency standards with which it manages itself day by day.