Banco Industrial S.A.

We also believe the bank will continue to invest in digitalization and expanding its correspondent network, which will enable it to gradually increase the proportion of the retail segment in its total portfolio. Although we think this shift could more rapidly improve its profitability, we don't expect a quicker shift of the bank's portfolio mix in the next 12 months. Our positive outlook on Banco Industrial S.A. (Banco Industrial) for the next 12 months mirrors that on Guatemala (foreign currency: BB-/Positive/B), which constrains our rating on the bank. We expect the ratings on Banco Industrial to move in tandem with those on the sovereign during this timeframe. The positive outlook on the bank indicates an at least one-in-three chance of

...We expect Banco Industrial to continue consolidating its market share in Guatemala and keep steadily increasing its operating revenue in the next two years. We think Banco Industrial's broad recognition and presence in Guatemala will enable the bank to remain the largest player in terms of assets, loans, and deposits in the country. This will also support the bank's historical business stability, reflected in stable net interest margins and recurring growth in its operating revenue, despite adverse market and economic conditions in the region. We also believe the bank will continue to invest in digitalization and expanding its correspondent network, which will enable it to gradually increase the proportion of the retail segment in its total portfolio. Although we think this shift could more rapidly improve its profitability, we don't expect a quicker shift of the bank's portfolio mix in the next 12 months....

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