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19 de abril de 2024
OPINIÓN
Economía: ¡Tenemos un ganador! domingo 24 de abril de 2016 10:00
Los bancos ganaron 23 mil millones de pesos en los tres primeros meses del nuevo gobierno. Un año atrás, en el mismo período, habían ganado un poco más de 12 mil millones. Un crecimiento interanual de la ganancia de casi el 100% entre un año y otro. Las altísimas tasas de las LEBAC, los negocios de dólares a futuro y la mega-devaluación explican este comportamiento.
Para comprender como funciona nuestro sistema bancario, debemos conocer que la operatoria financiera suele tener tres principales fuentes de ganancia:
Préstamos de dinero y constitución de depósitos: esta es la clásica actividad bancaria cuyo beneficio reside en la diferencia existente en las tasas de interés de préstamos y depósitos. Los bancos otorgan préstamos con tasas de interés más altas que las que pagan a los depositantes. Operación con títulos públicos: los bancos son los principales tenedores y administradores de títulos públicos de diversa nominación en la economía. El sector financiero en febrero de 2016 tenía en su poder valores públicos por 501 mil millones de pesos. Variaciones del tipo de cambio: una parte variable de los activos de los bancos está constituida por valores en moneda extranjera. La administración de esta tenencia y la evolución del tipo de cambio pueden generar importantes ganancias para el sector cada vez que hay modificaciones en la tasa de devaluación. Con esta tipificación de las fuentes de ganancias de los bancos podemos ver qué cambió en los últimos tres meses que permitió al sistema financiero duplicar su ganancia respecto de un año atrás.
La primera fuente de ingresos apuntada, vinculada a la actividad tradicional de los bancos, se incrementó entre un año y el siguiente un 22 por ciento. Este incremento se encuentra por debajo de los índices de inflación para el período, lo cual lo vuelve irrelevante en términos de rentabilidad.
La segunda fuente de ingresos, la operación con títulos públicos, se incrementó un 42 por ciento en el mismo período. Esta variación implicó un incremento de ingresos de 8 mil millones de pesos entre un año y otro. En este rubro se encuentran los grandes negocios habilitados por la gestión de Prat Gay en torno a la operatoria de LEBAC con altas tasas de interés.
La tercera fuente de ingresos, los negocios vinculados directamente a la devaluación, registró un crecimiento del 800%. Traducido en pesos, se trata de un incremento de 11 mil millones entre un año y el siguiente. En este rubro se combina la fuerte devaluación de diciembre y enero con las ganancias obtenidas por las entidades financieras por los contratos de dólar a futuro firmados en la segunda mitad de 2015.