BBVA Continental: the Bank Making Waves in Peru
- 08:00 am
BBVA Continental has picked up the 2017 award for 'Best Private Bank - Peru' in World Finance magazine's yearly line-up, which recognises those in the industry that are outperforming the rest and making astute business decisions in preparation for future trends.
BBVA continental is the second largest bank in Peru, but is number one when it comes to the cost of risk, coverage ratio and non-performing loan ratio. It is currently seeing outstanding growth, with a year-on-year increase in performing loans of 2 percent and a 6.1 percent year-on-year increase in deposits. It has also invested heavily in a transformative digital strategy, thereby laying the foundations for further expansion in the future.
A remarkable shift in the way that people carry out transactions illustrates the success of its transition towards digital platforms. In 2008, internet banking comprised just 18 percent of its transactions, but the latest results show that this has now jumped to 26 percent. Moreover, branch transactions have been dramatically overtaken by mobile banking, which now makes up 46 percent of total transactions. New online features and improvements in the user interface have been important developments in setting BBVA Continental apart from its competitors.
Strong economic foundations in Peru are supporting the growth of the bank, with macroeconomic data revealing that Peru is one of the most stable and fast-expanding economies in the region. Strong shareholders are also playing a role in guiding the banks' long-term growth, notably including Breca, which is one of the largest business conglomerates in Peru.
For over a decade, the World Finance award line-up has been recognising key players in the financial industry. Decisions are made by a judging panel of financial and business experts, who are supported by an in-house research team to scour the industry and select those companies that are making waves in the sector.