In the fourth quarter of 2013, business activity in South America has continued its trend of strong growth in both lending and, in particular, customer funds, closing the year with year-on-year growth rates higher than in previous quarters. This positive performance has taken place without any deterioration in the asset quality indicators.
In earnings of particular note are: the outstanding growth in more recurring revenue, the effect of growth and expansion plans in the region on expenses and a greater volume of loan-loss provisions due largely to the strength of business activity.