In 2013, the Paraguayan economy has shown strength in the productive sectors, as the good weather conditions have led to a substantial harvest that has generated good results in industries related to the sector. The recovery in meat exports following the foot-and-mouth crisis at the end of 2011 has been another factor explaining this positive performance. As a result, GDP grew year-on-year by 12.5%, compared with a rise of 5.3% the previous year.
BBVA Paraguay has implemented an ambitious business plan to boost the growth of banking activity. In addition, the process of restructuring the bank started years ago has finally concluded satisfactorily. This has improved the service provided to customers, which in turn has had a favorable impact on the bank’s activity in the country. Performing loans have increased by 26.8% since the close of 2012, customer funds by 22.0% and the net attributable profit by 57.5% in the last 12 months to €22m.
At the local level, the rating agency Feller-Rate has ratified the local rating of the bank at AA, modifying the outlook from sensitive to stable. At the international level, Standard & Poor’s has maintained the rating at BB–, with a stable outlook, in line with the sovereign rating. Moody’s has upgraded BBVA Paraguay from Ba3 to B1 with a stable outlook. These improvements reflect the good position of the bank in the market, and place it among the four main banks in the Paraguayan financial system, with favorable efficiency indicators as a result of the progress made in strengthening its internal processes.
Lastly, BBVA Paraguay is among the ten best companies to work for in the country, according to the “Great Place to Work® 2013” ranking, and is the bank that has obtained the best rating from its employees.
Other significant highlights in 2013 are:
- The individual customers business has continued to consolidate the integration of credit card customers acquired from Citigroup and the creation of the “BBVA Experience” product, a credit card that incorporates a points program for travelers. Another significant highlight in payment channels is the renewal of the affinity agreement with one of the main retail outlets in the country. With respect to segments, the launch of personal banking has provided mass-affluent customers with a specific range of products and services tailored to their needs.
- In the wholesale business the loyalty plan has been implemented through credit lines and a more comprehensive customer management.
- In addition, work has been carried out to improve the current range and structure of transactional services with the aim of increasing the loyalty of customers in all segments.
- Lastly, a new website for individual customers and mobile banking has been launched, representing a major landmark in improving the features provided by digital channels.
