Q3 Shows Latin American Banks as Top Gainers in U.S.

Two Chilean banks are among the top gainers on the American continent for the third quarter of 2008, according to recent study. The Brazilian study, which is reported by Chilean news source El Mercurio Online, shows two Chilean banks appear on a top ten list of American banks. The list, on which banks were ranked according to earnings, Santander Chile (SAN) and Banco de Chile (BCH) came in as number nine and ten respectively.

Santander Chile reported earnings for the third quarter at US$174.7 million, while Banco de Chile reported US$168.6 million.

The ranking for the latest quarter is dominated by Latin American banks, with five Brazilian, two Mexican and two Chilean banks in the top ten positions. The only U.S. bank among the top ten was Wells Fargo (WFC). However, Wells Fargo also topped the list with quarterly earnings at US$1.637 million.

The effects of the global financial crisis, which has hit U.S. banks the hardest, have allowed Latin American banks to compare more favorably, El Mercurio reports.