The state-owned Caja de Ahorros had 61 branches and 319 ATMs throughout Panama as of September 30, 2022, according to Panamanian government information.
Above all, Caja de Ahorros is a mortgage lender specializing in financing middle-income customers.
However, due to its liquidity position in recent years, Caja de Ahorros has begun to promote personal loans.
Caja de Ahorros
As of September 30, 2022, the Savings Bank’s total assets stood at $5.1 billion, an increase of 0.4% compared to December 31, 2021.
Total deposits stood at $3.9 billion, a 0.4% drop over the same period.
On the other hand, total net loans totaled $3.8 billion, up 9.6% from year-end 2021.
In the first nine months of 2022, the savings bank recorded net income of US$15.2 million, down from US$20.1 million in the same period of 2021.
The decrease was due, in part, to higher general expenses and higher provisions for uncollectible accounts.
In accordance with current legislation, the Republic of Panama is liable for the Savings Bank’s obligations.
Country Profile
Panama is a republic located at the narrowest point of the Central American isthmus, connecting the continents of North and South America.
The country has a coastline of approximately 1,868 miles on the Caribbean Sea and the Pacific Ocean, and is bordered on the east by Colombia and on the west by Costa Rica.
As of July 1, 2021, Panama had an estimated population of 4.3 million and a population density of 58.5 persons per square kilometer.
Panama’s estimated GDP per capita for 2021, expressed in chained volume measure, was approximately US$9,392.
According to the 2010 census, education indicators show that Panama’s literacy rate for people over the age of 10 is approximately 94.5 percent.
Estimates for 2019 show that 21.5 percent of the population is considered to be living in poverty, while 10.0 percent is considered to be living in extreme poverty.
Of the Panamanian population, 25.4% is under 15 years of age, 65.7% is between the ages of 15 and 64, and 8.9% is over the age of 65. Average life expectancy in Panama is 78.9 years. The infant mortality rate for 2020 was estimated at 11.2 per 1,000 births. Panama’s official language is Spanish.