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06-15-2009, 09:17 PM #1
Compartamos Bad Loans to Rise to Record on Recession
Compartamos Bad Loans to Rise to Record on Recession
By Veronica Espinosa
June 9 (Bloomberg) -- Banco Compartamos SA, Mexico’s second-best performing stock the past six months, expects past- due loans to rise to the highest in its 19-year history as the recession sparks layoffs and curbs migrant-worker remittances, Chief Executive Officer Carlos Labarthe said.
Non-performing loans at the Mexico City-based bank, which targets the nation’s poorest borrowers, will climb to about 2.5 percent of its portfolio by year-end from 1.9 percent in March, he said. The bank will open 20 branches this year, down from 60 in 2008, and will stop adding loan officers in cities to keep costs down, Labarthe said.
“Maintaining the quality of the portfolio is one of our biggest challenges,â€I support enforcement and see its lack as bad for the 3rd World as well. Remittances are now mostly spent on consumption not production assets. Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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