The factoring operations of Chilean banks have seen “explosive” growth in the first half of 2004.
The factoring volumes for banks reporting to Chile's financial system regulator Sbif jumped 186 per cent to 155bn pesos in the first six months of the year.
Total lending during the six-month period was up 8.81 per cent to 35.6tn pesos with consumer and foreign trade lending showing strong growth at 18.2 per cent and 15.3 per cent respectively.
The first half result was "very positive" because the banks showed strong performance on the operating side, said Ivan Rojas, research analyst at local financial group CB Capitales.
Both the banks' core business of financial intermediation and their level of fee generation looks strong and the second half is set to be another healthy period in terms of profits, he said.
Source: BNamericas.com
