Economic headwinds stunt growth. Profitability continues to grow despite a challenging economy.
Amid a slowdown in remittances and a weaker-than-expected gain in tourism, economic growth in Central America lost steam in 2024, dropping from an above-average 2.8% in 2023 to 2.5% in 2024, according to a recent UN Department of Economics and Social Affairs report.
A slowdown in economic activity and stricter US immigration controls raise doubts about growth in the year ahead.
Against a volatile backdrop, new client acquisition via digital channels and increased loan margins were the key strategies for the banking sector, which saw profitability growth despite the macro headwinds.
Regional Winner

Rodolfo Tabash, President and CEO, BAC
Best Bank in Central America | BAC CREDOMATIC
This combination of factors delivers BAC Credomatic the title of Best Bank in Central America. Despite the region’s moderate economic activity, BAC saw net income reach $705 million in 2024, an 18.7% increase from the previous year. The bank’s strong results were driven by robust loan portfolio growth of 12.7%, bringing total assets to around $38 billion.
BAC’s continued digital transformation initiatives were also key, with 62.4% of clients using digital channels and 79% of those clients conducting monetary transactions digitally.
Country, Territory and District Winners
Belize | BELIZE BANK
Belize Bank continued to lead the pack for most financial metrics in its home country. In 2024, the bank posted the highest return on average equity (ROAE) at 23.7%, the strongest return on average assets at 2.9%, and the highest ratio of capital to risk-weighted assets at 26.9%.
Costa Rica | BAC CREDOMATIC
BAC Credomatic also takes the award in its home country of Costa Rica, where it took advantage of the country’s above-average 4% GDP growth to boost total assets by 61% year over year (YoY) to reach over $15.8 million by September.
El Salvador | BANCO CUSCATLAN
Banco Cuscatlan’s continued investment in digital inclusion helped fuel it performance in El Salvador despite a slowing economy. The bank launched a completely revamped digital banking app, attracting over 35,000 new customers and facilitating the creation of more than 141,000 fully digital accounts.
Guatemala | BANCO INDUSTRIAL
The combination of above-average economic activity in Guatemala with unique market positioning was the secret behind Banco Industrial’s phenomenal year.
By leveraging its dominant 28.1% market share in total assets, the bank delivered stellar performance metrics with a 12.4% expansion in the loan portfolio and an industry-leading 19.7% ROAE. These results were buoyed by sustained digital investments, with the bank’s Zigi app helping to drive new client acquisition.
Honduras | BANCO FOCOHSA
In Honduras, digital inclusion likewise was the key driver of performance for Banco Ficohsa. Despite the overall slowdown in remittances from the US, the bank continued its solid uptrend in profitability, with assets increasing 8%, loans rising 15%, and deposits growing 9% into June 2024.
Nicaragua | BANCO LAFISE BANCENTRO
Nicaragua suffered an even more pronounced drop in economic activity, from a hefty 4.6% in 2023 to 3.6% in 2024, according to IMF data. But decreasing remittances, which also contributed to the drop, were not enough to prevent Banco LAFISE Bancentro from posting sustained growth. The multiyear winner leveraged its leading position in the country to post solid numbers as the bank’s loan portfolio reached over $1.1 billion, growing at an accelerated rate of 24% compared to 14.4% the previous year. Total assets grew by nearly 7.4% while customer deposits increased 13.4%.
Panama | MERCANTIL BANCO
n Panama, amid a slowing economy, Mercantil Banco outperformed its peers. Book value expanded approximately 2.8 times, from $87 million to $246 million.
On the loan side, the bank increased its portfolio by 13% to reach nearly $2.5 billion in 2024. Assets increased to $3.5 billion, representing 8% annual growth compared to the market’s 3% while deposits rose to roughly $2.85 million.