While the Peruvian economy grew between 5% and 6% between 2011 to 2013, Banco de Crédito del Perú benefited from the expansion of Peru’s middle class that led to strong growth in credit cards, loans to consumers and borrowing by small-and medium-sized enterprises.

Although the country’s growth has since slowed, Peru is still enjoying a solid economic expansion compared to many of its neighbors. The IMF forecasts Peru’s GDP will expand 3.6% this year, up from 3.26% growth in 2015.

Banco del Crédito is still seeing its net profit rise. In the first six months of 2016, net profit rose 2.2% over the same period in 2015. The bank also saw a 6.8% increase in deposits from mid-2015 to mid-2016.

But Banco de Crédito de Peru stood out among its peers for its push to become more efficient. From January to June of this year, the bank’s efficiency ratio hit 39.4%, slightly down from 40.2% in the second half of 2015.

Business confidence has soared since Peru’s new President Pedro Pablo Kuczynksi took office earlier this year, touting an economic agenda of accelerating infrastructure projects, increasing credit and cutting taxes to recalibrate the economy. That is good news for the country’s financial system in general – and Banco de Crédito de Peru in particular. LF

WINNER: Banco de Crédito de Peru