Tough times deliver solid performance. High rates boost loan margins, but tamed growth weighs on expansion.
With interest rates stubbornly high compared to those set by the US Federal Reserve and European Central Bank, Latin American economies saw GDP growth significantly below the global average of 3.2% in 2024. According to the latest International Monetary Fund estimates, the region’s economy grew by an average of 2.4% during the year.
Yet, despite the challenging macro backdrop, banking institutions across the region managed to capitalize on widened credit spreads. They continued digital-inclusion initiatives to achieve unprecedented profitability and expand customer reach.
On the negative side, projected losses due to nonperforming loans kept growing and are now at around $161 billion for 2025, primarily affecting the region’s major economies, according to S&P Global research.
Regional Winner
Roberto Sallouti, CEO, BTG Pactual
Best Bank in Latin America | BTG PACTUAL
Brazilian operations were once again the star of the show regarding growth, with the country’s banking sector posting a record net income of nearly $22 billion for the whole year. These numbers received a significant boost from a recordbreaking year for BTG Pactual, our best bank in the region for the second consecutive year.
Combining prudent loan-loss reserves, diversified business models, and favorable interest margins, the banking behemoth, based in São Paulo, amassed a record adjusted net profit of around $2.25 billion for the year, up 18% from 2023. Annual revenues reached nearly $4.6 billion, growing 16% compared to the previous year; while fourth-quarter revenues totaled $1.2 billion, up 19%.
The bank’s profit margins, which improved to 34%, were the main reason behind its banner year.
Continued expansion outside of its home country was one reason for the impressive year, with operations in Chile, Colombia, and Peru posting sustained growth. In Chile, the bank kept pushing its compounded average growth rate to 32%. BTG recently disclosed plans to expand its operation into Mexico.
Moreover, through strategic acquisitions such as M.Y. Safra Bank’s US operations, Sertrading, and, most recently, Julius Baer in Brazil, the bank pushed its assets under management by an impressive $45 billion during the year, reaching a record total of $345 billion.
Country, Territory and District Winners
Argentina | BANCO GALICIA
Amid a rebounding Argentine peso, subsiding inflation, and subdued GDP growth, Banco Galicia leveraged the acquisition of HSBC’s Argentina operation to post impressive numbers. Its net income reached nearly $1.5 billion, up 115% from 2023. Fourth-quarter 2024 performance was even stronger, with a massive 311% year-over-year (YoY) increase.
The bank further expanded its market share significantly in private sector loans, where it now holds roughly 13% of the addressable market, and in deposits, commanding approximately 13.8% of the market.
In neighboring Uruguay, the competitive market between Brazilian, Spanish, and local banks reached new heights amid a thriving economy that posted an estimated 3.2% growth for the year, well above the average for the past 10 years, buoyed by commodity exports to the US and a growing economic relationship with China.
Bolivia | BANCO MERCANTIL SANTA CRUZ
Amid a volatile year for Bolivia’s economy, Banco Mercantil Santa Cruz grew its customer base to more than a million clients, thus boosting total assets to nearly $6.3 billion. These numbers also raised the bank’s net profit to a commanding $43.3 million, with a solid ROE of 12.65%. After its impressive performance in 2024, Banco Mercantil now holds a market share of over 15.1% in deposits and 13.75% in gross portfolios in the Andean country.
Brazil | BTG PACTUAL
BTG Pactual also takes our award in its home country, Brazil, where the bank further increased its already-leading market share in areas such as corporate lending, business banking, and asset management.
Chile | BANCO DE CHILE
Amid a roughly 2.6% economic expansion in Chile, boosted mainly by solid exports—particularly in the copper and lithium businesses—and a recovery in domestic demand, Banco de Chile leveraged its leading position in the country to notch sustained profitability.
The bank achieved a return on average capital of 23.1%, significantly outperforming the local industry average of 15.8%. This boosted the giant’s net income to a hefty $1.2 billion for the year, representing the highest capitalization level among its peers.
Colombia | BANCO DE BOGOTA
Banco de Bogota, in neighboring Colombia, made the most of a challenging year for the broader economy and continued to expand its operations to achieve significant profitability. With the country growing at the slow rate of 1.7% for the year, the bank found that financial inclusion via digitalization is the perfect means to thrive.
By serving an impressive 2.5 million digital users per month, executing over 76 million transactions in the course of the year; and with its mobile apps driving 370,000 digital-product placements, the bank achieved a solid 9.3% ROE, growing its assets to roughly $35.2 billion.
Ecuador | PRODUBANCO
In Ecuador, the year was marked by increasing political demonstrations and a slowing economy that grew less than 1%. This was not enough to sour Produbanco’s long-term momentum.
Despite the challenging scenario, the bank reinforced its position as a leader in sustainable banking through significant environmental and social initiatives. In October, the bank received a $100 million investment from the International Finance Corporation to finance biodiversity conservation and restoration projects, climate-smart initiatives, and support for small and midsize enterprises owned by women.
Guyana | SCOTIABANK GUYANA
Scotiabank Guyana takes home our award in that country’s thriving economy. This is the first win for Guyana, which grew its GDP by a massive 43% in 2024—the fastest growing in the world. The bank achieved a 32% YoY increase in net profits, alongside a substantial 24% growth in assets.
Mexico | BANORTE
Mexico’s Banorte demonstrated resilience during a challenging economic period, strengthening its market position and delivering substantial results. With the country experiencing a GDP growth slowdown to a low 1.8% for the year, the bank leveraged its digital infrastructure and broad market presence to maintain momentum.
By serving over 28 million clients through its extensive network of 1,191 branches and 11,284 ATMs, Banorte achieved strong financial performance. Total revenue was $7.5 billion (up 8.5% from 2023) and net income was $3.3 billion (up 7.2% from the year prior).
With total assets reaching a massive $145 billion, Banorte maintained leadership positions in key segments for 2024, including mortgages (19.6% market share) and government loans (27.2% market share).
Paraguay | BANCO ITAU PARAGUAY
Itaú also takes the award in Paraguay, where Banco Itaú Paraguay took significant advantage of a thriving year for the country’s economy—with GDP jumping a massive 4% in 2024, according to the World Bank’s latest estimate—reinforcing the bank’s commitment to sustainable finance and technological innovation.
The bank made significant technological strides in implementing artificial intelligence (AI) and other cutting-edge technologies to enhance operational efficiency and customer experience, further growing its already-leading customer base.
Peru | BANCO DE CREDITO DEL PERU
Also in the Andean region, Banco de Credito del Peru (BCP), Peru’s largest bank with nearly 30% of the country’s market share, took advantage of a rebounding economy to grow on both the customer acquisition and the financial sides.
Observing increased competition in digital banking, BCP went to work, investing over $650 million in a partnership with Microsoft and Kyndryl to modernize the bank’s IT systems using hybrid cloud infrastructure.
On the financial side, fueled by wider interest margins and robust fee revenue, net interest income reached $925 million, up from $858 million a year earlier. In comparison, the bank’s net income climbed to $317 million from $247 million the previous year.
Uruguay | BANCO ITAU URUGUAY
In this environment, Banco Itaú Uruguay recorded a net profit of $155 million in the first half of 2024 alone, achieving an impressive return on equity (ROE) of 41.2%. This performance represents a significant improvement from the same period in the previous year, when ROE was 29.9%.
Venezuela | MERCANTIL BANCO UNIVERSAL
Venezuela’s economy expanded by 3%, thanks to cooling inflation and thriving oil exports, creating opportunities throughout the country. Against this favorable backdrop, Mercantil Banco Universal, winner of our award four years in a row, delivered another impressive performance.
With a robust 38.9% ROE, the bank’s total assets reached $1.2 billion (a massive 78% growth from 2023), while deposits reached $810 million—an impressive 79% YoY growth. These numbers further solidified the bank’s position as a leading financial institution, with market shares of 15.8% in loans and 14.9% in deposits.
Mercantil enhanced its digital ecosystem in 2024 through strategic technological investments. Its MIA AI-powered chatbot handled over 734,600 customer interactions, achieving a 79.7% satisfaction score, while the bank’s Tpago mobile payment platform processed 187 million transactions for 2.5 million users.
