Banco Amazonas S.A.

What it is

Banco Amazonas is a private Ecuadorian bank that has been providing banking services since 1975. It takes deposits from the public and makes loans and investments — the classic commercial bank model, serving individuals and companies across Ecuador.

The bank ranks second by assets among Ecuador’s ten small private banks, with total assets of $399.10 million at December 2024. Its capital adequacy — the cushion it holds against losses — sits at 13.62%, comfortably above the legal minimum of 9%.

Who owns it

Banco Amazonas forms part of a prominent Ecuadorian financial and business group, and its management team has been in place for an extended period, giving the institution well-defined strategic continuity. The exact ownership percentages and the names of controlling shareholders are not disclosed in available public sources; external auditor BDO Ecuador S.A. serves as the bank’s statutory commissioner (comisario), providing independent oversight.

Who runs it

The bank’s chief executive is Econ. Andrés Baquerizo Barriga, who carries the title of Presidente Ejecutivo.

The board (Directorio) sets remuneration policy, appoints the external auditor, and elects its own members — a standard governance structure for an Ecuadorian listed bank. The name of the CFO or board chair is not disclosed in available sources.

The money, in plain words

Financial income — the interest and fees the bank earns — rose from $26.84 million in 2022 to $36.69 million in 2024, a gain of 36.7% over two years (our calculation), driven mainly by a larger loan book. The cost of that growth is real: interest paid to depositors also climbed, from $13.37 million in 2022 to $25.25 million in 2024, squeezing the spread between what the bank earns and what it pays out.

Net profit came in at $676,000 for 2024 — a net profit margin of 1.84% (our calculation), thin even by banking standards, and held positive largely by one-off recoveries from prior legal proceedings. The return on equity — how much owners earn on every dollar they have invested — was 1.99% in 2024, which is positive but well below the 8–12% a well-run mid-sized bank typically earns in Latin America.

Most funding comes from customer deposits, with time deposits making up 68.28% of the total — a relatively concentrated deposit base that lowers funding costs but requires careful liquidity management. The loan book stands at $232.05 million with a non-performing loan ratio of 3.82% and a provision coverage of 124.50% — meaning the bank has set aside $1.24 for every $1 of troubled debt, which meets regulatory requirements but leaves limited buffer.

What it is doing now

In October 2025, Banco Amazonas received a rating of AA+ from GlobalRatings for its first convertible bond issuance of up to $6 million, citing sustained asset growth and a solvency ratio well within excellent ranges. Through August 2025, financial income was growing at 22.35% year-on-year, pointing to another year of expanding business volume even if margins remain narrow.

What to watch

• Margin compression: The gross financial margin fell from $13.47 million in 2022 to $11.45 million in 2024 as deposit rates grew faster than lending rates — the key squeeze to monitor.
• Loan quality: Non-performing loans sit at 3.82%, slightly above the system average, and coverage has fallen from above 200% in earlier years to 124.50% — still adequate, but the trend is worth watching.
• Convertible bond conversion: The $6 million bond approved by the regulator in 2022 converts into equity on maturity; if exercised, it will dilute existing shareholders and boost the capital base simultaneously.
• One-off income dependency: Positive net profit has relied on extraordinary items such as a legal recovery against the Banco Central del Ecuador — a recurring profit without such windfalls has yet to materialize.

This is news, not investment advice.