Ecuador's Top Banks Doubled Their Profits in Two Years — Noboa Asks Why the Media Only Talks About Crisis

President Daniel Noboa turned his attention to Ecuador's banking sector this week, posting profit data on X that shows the country's largest financial institutions have roughly doubled their earnings in two years.

His message was pointed: "Es irónico que, en un país donde los medios dicen que solo hay crisis, sus mayores anunciantes estén teniendo el mejor año económico de sus vidas. Algo no cuadra" — It's ironic that in a country where the media says there's only crisis, their biggest advertisers are having their best economic year ever. Something doesn't add up.

The Numbers

Noboa published profit comparisons for Ecuador's major banks, April 2024 vs. April 2026:

| Bank | April 2024 | April 2026 | Change | |------|-----------|-----------|--------| | Banco Pichincha | $42.48M | $87.76M | +107% | | Banco del Pacífico | $46.11M | $84.34M | +83% | | Banco Guayaquil | $33.68M | $53.64M | +59% | | Produbanco | — | $35.64M | — | | Banco Bolivariano | — | $22.52M | — | | Banco Internacional | — | $21.08M | — |

The top three banks alone are reporting combined profits exceeding $225 million through April — a pace that would put the sector on track for record annual earnings.

Context

Noboa framed the data as evidence that Ecuador's economic fundamentals are stronger than media coverage suggests. The implicit argument: if the country's banking sector is thriving — and banks are, by definition, a barometer of economic activity — then the "crisis" narrative is at minimum incomplete.

He didn't propose specific policy responses. The post appeared designed to shift public perception rather than signal regulatory action.

What This Means for Expats

Banking customers: Record bank profits don't automatically translate into better services or lower fees for consumers. Ecuador's banking sector operates with relatively limited competition, and interest rate caps are set by the Central Bank. If you're banking locally, don't expect the profit windfall to reach your savings rate.

Mortgage and lending: Strong bank balance sheets generally mean more lending capacity. If you're considering an Ecuador mortgage or business loan, the banking sector's financial health is a positive signal — lenders have capital to deploy.

The bigger picture: This data intersects with yesterday's story about Ecuador's $1 billion bond sale being 7x oversubscribed. Together, they suggest that institutional indicators — sovereign credit, banking profitability, international investor appetite — are moving in a positive direction, even as street-level concerns about security and cost of living persist. The disconnect between macro indicators and lived experience is real, and it's not unique to Ecuador.

For dollar-based expats: Ecuador's dollarized economy means bank stability directly affects your deposits. The FDIC-equivalent coverage in Ecuador (COSEDE) covers up to $32,000 per institution. With banks reporting these profit levels, systemic risk is low — but diversification across institutions remains prudent.

Source: El Universo