San Jose [TCRN] – Pre- crisis real estate and construction projects are still taking their toll on banks as delinquency rates are a couple points higher than last year this time.
The National Bank (BNCR) was just slightly than normal at 3.16%, while Banco de Costa Rica was at 2.32% in May.
A spokes person for BNCR blamed several large infrastructure projects that went into default. As well, there numerous real estate projects that still have not sold since the crisis in 2008 and 2009.
The BNCR predicted that year end delinquency rates could be at the 3% mark.
Private banks are faring better averaging just over 1.2%
The Costa Rica News
San Jose Costa Rica
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