Q COSTA RICA BUSINESS – After closing 2016 with a 37% drop in profits, financial companies expect to achieve better results diversifying their services in an increasingly competitive market.

The total profits generated by financial companies in 2016 barely exceeded US$$2.4 million, a decrease of 37% compared to earnings in 2015.

This year companies in the sector projected better results, some on them betting on the PyMES (Small and Medium Enterprises – SME) segment, some focusing on generating new business in the construction sector and others expanding their offering of services.

Elfinancierocr.com reports that “…According to the sector, expectations for this year are positive. Some expected their loan portfolio to grow between 10% and 15% in 2017. Desyfin, for example, will focus on financing SMEs, especially in the sectors of construction, services, free zones, tourism and trade. It also wants to extend the lease for vehicles and to continue with the idea of becoming a bank in order to attract other types of customers.”

Cafsa’s corporate manager, Christian Soto said that they expect this year “… that the loan portfolio will grow by 10% and we want to increase our market share by at least 10% this year.”
Source Centralamericandata.com