Banco Guayaquil S.A.

What it is

Banco Guayaquil is a universal bank based in Guayaquil, Ecuador, that started life on 20 December 1923 as the Sociedad Anónima Banco Italiano, was renamed Banco de Guayaquil in 1941, and took its current brand in June 2014. It is the second-largest bank in Ecuador, behind Banco Pichincha.

Its product range runs from savings and current accounts, credit and debit cards, and mortgages to export financing and securities brokerage, all delivered through a nationwide branch and ATM network. In 2008 it launched “Banco del Barrio,” a programme that turned local micro-entrepreneurs in urban neighbourhoods and rural towns into informal banking agents.

Who owns it

The bank is a subsidiary of Corporación MultiBG S.A., the holding company that sits above it. Corporación MultiBG holds approximately 80.86% of Banco Guayaquil’s share capital, according to the Superintendencia de Compañías with figures through December 2022.

Before Ecuador’s 2021 presidential election, former president Guillermo Lasso placed his assets — including 40% of Corporación MultiBG’s shares — into a domestic trust called GLM Management Trust; the other main shareholders of MultiBG are two of Lasso’s siblings. Guillermo Lasso Alcívar, son of the former president, currently serves as President Executive of Corporación MultiBG.

Who runs it

The bank is led day-to-day by Guillermo Enrique Lasso Alcívar as Presidente Ejecutivo (CEO), and the board is chaired by Angelo Caputi Oyague as Presidente del Directorio. Caputi, who now chairs the board, spent 33 years inside the institution, holding roles including Deputy Finance Manager and Executive Vice-President of Finance.

Lasso Alcívar previously served as Executive Vice-President and General Manager from October 2007; he holds an MBA from IDE Business School and studied economics and business administration at Penn State University. The bank’s Chief Accountant (Contadora) is Alicia Touzard, whose signature appears on the audited 2024 financial statements.

The money, in plain words

Total financial income grew from $886 million in 2023 to $1.035 billion in 2024 — a rise of roughly 17% — driven mainly by interest on consumer loans and higher service-fee income as the customer base expanded. Net profit dipped slightly to $120 million in 2024 from a record $122 million in 2023, squeezed by higher funding costs and larger loan-loss provisions.

From every dollar of income the bank kept about 11.6 cents as profit — a net margin of 11.6% — and earned roughly 14.6 cents on every dollar of owners’ equity, a return on equity (ROE) of ~14.6% (both our calculations). Two independent credit-rating agencies awarded the bank their top grade — “AAA” — based on September 2024 data, citing its “very strong situation and outstanding profitability track record.” Its bad-loan rate hovered around 2%, among the lowest in the national banking system.

The balance sheet is large and well-funded: the bank held a 13.2% share of Ecuador’s total loan market and a 12.73% share of deposits by end-2025. Customer deposits of $6.53 billion fund 75% of total assets of $8.73 billion — a conservative, depositor-led structure.

What it is doing now

After the 2024 dip, net profit rebounded sharply in 2025, reaching $153 million — the highest figure in the bank’s recent history — supported by a wider lending margin, lower operating costs, and stronger recoveries on previously impaired assets. Loan growth of 18.4% in 2025 lifted market share to 13.2% from 12.5% the prior year.

The bank raised $300 million in medium-term international credit lines in the last year, deepening its access to wholesale funding at a time when Ecuador’s domestic capital markets remain thin. The bank also reports that its mobile app is the highest-rated banking app in the country, reflecting an ongoing push to move customers to lower-cost digital channels.

What to watch

• Ecuador’s security and fiscal environment. The bank faces a heavier tax and regulatory burden that compresses margins and limits internal capital generation — a headwind it shared with the entire sector in 2024.
• Consumer-credit quality. The bank has meaningful exposure to consumer and micro-credit borrowers — segments where unstable incomes raise default risk in a downturn — and tightened its credit-scoring models in 2024 specifically for credit-card and consumer portfolios.
• Ownership transparency. Corporación MultiBG holds roughly 79–81% of the bank’s shares; the ultimate beneficial ownership flows through a web of domestic trusts, which limits the float available to outside investors and keeps governance scrutiny elevated.
• Dividend policy. For FY 2023, shareholders approved a cash dividend of $54.77 million. Whether the record 2025 profit translates into a larger payout will be closely watched at the next annual general meeting.

This is news, not investment advice.