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, its total assets were $5.1 billion (up 0.4% from December 31, 2021) and total deposits were $3.9 billion (down 0.4% from December 31, 2021).
The total net loans of Caja de Ahorros then totaled $3.8 billion (up 9.6% from December 31, 2021).
The Caja de Ahorros had a net income of $15.2 million for the nine months ended September 30, 2022, compared to a net income of $20.1 million for the same period in 2021.
The decrease in net income was due in part to an increase in overhead expenses and provisions for bad debts.
In accordance with the law governing Caja de Ahorros, the Republic of Panama is responsible for Caja de Ahorros’ liabilities.
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.
