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Compartamos Banco, a Mexican Microfinance Bank, Reports 33% Increases in Net Income and Total Loan Portfolio for 2009

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MICROCAPITAL BRIEF: Compartamos Banco, a Mexican Microfinance Bank, Reports 33% Increases in Net Income and Total Loan Portfolio for 2009

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Posted by Eric McKay in Category: Latin America at 12:25 am

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Compartamos Banco, a Mexican microfinance bank, reports that both its net income and its total loan portfolio increased by 33 percent in 2009. Fernando Alvarez Toca, the CEO of Compartamos Banco, reflected upon 2009 as “one of the most challenging years in Compartamos’ history” due to the global downturn.
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In an interview with the Wall Street Journal, Mr. Toca said that Compartamos Banco plans to continue to grow organically within Mexico, but it also has an internal team evaluating other microfinance institutions in Latin America as potential acquisition targets. Patricio Diez de Bonilla, Compartamos Banco’s director of treasury and financing, said that the bank hopes to expand its loan portfolio by MXN 1.8 billion (the equivalent of USD 140 million) in 2010 to 9.4 billion (the equivalent of USD 740 million).
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About Compartamos Banco
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Compartamos Banco is a microfinance bank based in Mexico. It was founded in 1990. It offers both group and individual loans in rural and urban areas. Compartamos Banco provides small loans to low-income Mexican individuals and business owners, such as craft manufacturers, food vendors and other small businesses. It also offers voluntary savings, insurance, and loans specifically for home improvement. The company made its initial public offering (IPO) in 2007 on the New York and Mexican stock exchanges in a transaction worth USD 467 million, and, as of December 31, 2009, has a total loan portfolio of MXN 7.6 billion (the equivalent of USD 591 million). For more information see the MicroCapital Profile on Compartamos Banco linked below.
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By Eric McKay, Research Assistant
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