Banking industry in Latin America - statistics & facts

The banking industry in Latin America has experienced significant growth and transformation in recent years. The region has seen an increase in competition, consolidation, and technological innovation, leading to greater efficiency and profitability in the sector. The assets of the banking sector in the region grew steadily during the last decade, although there was a slight decrease in 2021. In Latin America, the banking sector is rather concentrated, as more than 70 percent of all bank assets were held by the three largest banks in 13 countries of the region in 2021. While the efficiency and profitability of the banking sector improved significantly in the region, there are still significant gaps between countries. According to recent data, the cost to income ratio in 2021 varied between 45 and 78 percent, and return on equity (ROE) stood between 4.8 and 23 percent, with some countries even experiencing higher returns on equity than the banking sector in Europe. Overall, the banking industry in Latin America is poised for continued growth and development, as technological advancements and regulatory reforms continue to shape the sector.

Leading countries in the region

Brazil is a leading country in the region, with its banking industry being one of the largest and most advanced in Latin America. In 2021, bank assets as a share of gross domestic product (GDP) were by far the largest in Brazil. In addition, in 2022, the five largest banks in Latin America were all based in Brazil. The country has a highly concentrated market dominated by a few major players, but it has also seen the emergence of new fintech companies and digital banking services in recent years. Other countries in the region have also made significant strides in the banking industry. Mexico, for example, has undergone a process of deregulation and increased competition, resulting in a more dynamic and diverse market, and the growing profitability of banking institutions. Colombia has also seen steady growth in recent years, driven by the expansion of credit and increased access to financial services.

Online and mobile banking

The adoption of online and mobile banking increased rapidly in Latin America in recent years. The number of fintech users in the region grew steadily and exceeded 415 million in 2022, representing a significant shift towards digital banking services. Brazil is a leading country in the region in terms of online and mobile banking, with digital banking penetration over 77 percent as of 2022, but the penetration rate in Chile and Argentina were also high. The country has a large and technologically advanced banking industry, with established players and new fintech companies offering innovative digital banking services. One of the key players in mobile banking in the region is Nubank, which was among the largest fintech companies worldwide in 2022. The number of customers of the Brazilian neobank grew sharply in recent years, exceeding 74 million in 2022.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Feb 29, 2024

Key insights

Deposit balance of banking sector in Latin America
1.89tr USD
Largest bank in Latin America by revenue
Itaú Unibanco
Number of neobanking users in Latin America
45.22m
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