Banking profits fall 58% due to loan deferrals

The financial system’s profits fell by 58% in 2020 compared to the previous year. In 2020, the financial system’s profits were $140 million, compared to $333 million in 2019, a year-on-year increase of 17%. The leading cause of the reduction in profits is the deferral of bank loans decreed last year and the current administration’s grace period.

Source: Los Tiempos