Big bank watch: net income as of Dec. 31, 2003.DEAR SHAREHOLDERS ... * Banco de Chile The Banco de Chile (Chile Bank), is the second biggest banking group of Chile, behind the Banco Santander Santiago followed by the BBVA Chile. Founded the 28 of October of 1893 by the fusion of the banks of Valparaiso (1855), National of Chile (1865) and Agriculturist (1869). In 2003, Chile's second-largest bank in terms of assets managed, earned US$218 million in 2003, or 150% more than it did in 2002. The bank credited lower operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , greater recoveries of non-performing loans and a 30% increase in fee income for the upswing. * Banco de Galicia y Buenos Aires Argentina's largest private bank reported a US$68 million dollar loss in 2003, which is an improvement from the $347 million lost during 2002. Decreased administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. and the country's improving economy helped soften the bank's financial woes. * BBVA Bancomer In March, Spain's number-two bank Banco Bilbao Vizcaya Argentaria (BBVA BBVA Banco Bilbao Vizcaya Argentaria (First Bank of Spain) ) paid US$4 billion for the shares it did not already own of Mexico's Bancomer. BBVA said the move should increase its market share to take advantage of Mexico's improving economy linked to a U.S. recovery. |
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