January-December 2013



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.