TAILIEUCHUNG - The Determinants of Bank Interest Spread in Brazil

We started by noting Compartamos’s outsize return on equity above 50 percent in 2004. The return compares very favorably with Citigroup’s 2004 return on equity of 16 percent, for example. Table 3 shows that the median return on equity for nongovernmental microfinance organizations is 3 percent and, for microfinance banks, 10 percent. The figures are impressive, but well below returns for either Citigroup or Compartamos in 2004. The numbers are larger, though, when we condition on profitability (columns 4, 8, and 12; here the returns to equity are and ). The data show the. | ISSN 1518-3548 BANCO CENTRAL DO BRASIL The Determinants of Bank Interest Spread in Brazil Tarsila Segalla Afanasieff Priscilla Maria Villa Lhacer and Márcio I. Nakane August 2002 Working Paper Series ISSN 1518-3548 CGC 0001-05 Brasília n. 46 Aug 2002 P. 1-32 Working Paper Series Edited by Research Department Depep E-mail workingpaper@ Reproduction permitted only if source is stated as follows Working Paper Series n. 46 Authorized by Ilan Goldfajn Deputy Governor for Economic Policy . General Control of Subscription Banco Central do Brasil Demap Disud Subip SBS - Quadra 3 - Bloco B - Edificio-Sede - 2 subsolo 70074-900 Brasilia - DF - Brazil Phone 5561 414-1392 Fax 5561 414-3165 The views expressed in this work are those of the authors and do not reflect those of the Banco Central or its members. Although these Working Papers often represent preliminary work citation of source is required when used or reproduced. As opiniões expressas neste trabalho são exclusivamente do s autor es e não refletem a visão do Banco Central do Brasil. Ainda que este artigo represente trabalho preliminar citaỊão da fonte é requerida mesmo quando reproduzido parcialmente. Banco Central do Brasil Information Bureau Address Secre Surel Diate SBS - Quadra 3 - Bloco B Edificio-Sede - 2 subsolo 70074-900 Brasilia - DF - Brazil Phones 5561 414 . 2401 2402 2403 2404 2405 2406 DDG 0800 992345 Fax 5561 321-9453 Internet http E-mails .

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