Banking - Panama

  • Panama
  • In 2024, the projected Net Interest Income in the Banking market of Panama is expected to reach US$1.98bn.
  • It is worth mentioning that Traditional Banks dominate this market, with a projected market volume of US$1.91bn in the same year.
  • Looking ahead, the Net Interest Income is expected to exhibit a Compound Annual Growth Rate (CAGR 2024-2029) of 4.61%, resulting in a market volume of US$2.48bn by 2029.
  • When comparing globally, it is noteworthy that China will generate the highest Net Interest Income, with an estimated value of US$4,332.0bn in 2024.
  • Panama's banking sector has experienced significant growth in recent years, fueled by its strategic location, favorable regulatory environment, and robust financial services industry.

Key regions: United States, China, Japan, Brazil, United Kingdom

 
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Analyst Opinion

Panama's Banking market has been experiencing significant growth and development in recent years, driven by various factors that are shaping the industry landscape in the country.

Customer preferences:
Panamanian customers in the Banking market are increasingly seeking digital solutions and convenient banking services. The shift towards online and mobile banking platforms is driven by the growing tech-savvy population and the need for efficient and accessible financial services. Customers are looking for personalized and user-friendly digital banking experiences that offer convenience and security.

Trends in the market:
One of the key trends in the Banking market in Panama is the increasing competition among both traditional banks and fintech companies. This competition is driving innovation in products and services, leading to the introduction of new digital banking solutions and partnerships between banks and technology firms. Additionally, there is a growing trend towards sustainable and socially responsible banking practices, with customers showing a preference for banks that prioritize environmental and social initiatives.

Local special circumstances:
Panama's strategic geographic location and status as a major financial hub in Latin America have contributed to the growth of its Banking market. The country's stable economy, favorable regulatory environment, and dollarized economy have attracted foreign investment and positioned Panama as a key player in the regional banking sector. Moreover, Panama's strong banking secrecy laws and tax incentives have made it an attractive destination for international banking operations.

Underlying macroeconomic factors:
The growth of Panama's Banking market is also influenced by macroeconomic factors such as GDP growth, inflation rates, and interest rates. The country's robust economic performance and steady GDP growth have supported the expansion of the banking sector, providing opportunities for increased lending and investment activities. Additionally, low inflation rates and stable interest rates have created a favorable environment for borrowing and saving, further driving the growth of the Banking market in Panama.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data provided by the IMF, World Bank and the annual reports of the top 1000 Banks by asset size. Next we use relevant key market indicators and data from country-specific associations such as GDP, deposit interest rates, lending interest rates or bank account penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast financial services for digital as well as traditional products and services.

Additional Notes:

The market is updated twice per year in case market dynamics change.

Overview

  • Net Interest Income
  • Analyst Opinion
  • Users
  • Deposits
  • Loans
  • Credit Card Interest Income
  • Mobile Banking
  • ATMs & Bank Branches
  • Methodology
  • Key Market Indicators
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