Venezuela’s banking system continues to make headlines that, at a glance, seem like simple accounting exercises. But when you break down the numbers, concrete clues emerge about how money is moving through the country and, above all, where the liquidity is headed before it ends up in the USDT P2P market. Banco Activo’s figures at the end of September are a good example: the bank reported a loan portfolio of more than $25 million, up 39% year over year when measured in foreign currency, according to figures from Aristimuño Herrera & Asociados.
For PitbullChain, what matters is not the ranking, but what these figures say about the behavior of savers, businesses, and traders who buy and sell USDT for bolívares every day.
📊 A bank on the fast track, but with some caveats
Banco Activo’s loan portfolio closed September at 21,525.4 million bolívares, equivalent to around $25.1 million. The striking figure is the jump: a 574.2% increase in local currency compared with September 2025, but only 39% when measured in dollars. That gap is no minor detail. It reflects how much of the nominal growth in bolívares is due to exchange-rate effects and inflation, not necessarily a real increase in the volume of credit extended.
Month-over-month expansion was 13.4%, one of the highest in the system over that period. In addition, income from lending activity accounted for 62.8% of the institution’s financial income, up 8.6 percentage points from a year earlier, moving it from 13th to 10th place in that category.
📈 Financial intermediation at 51.7%: the bank lends what it takes in
The financial intermediation ratio stood at 51.7%, up 12.6 percentage points year over year and 3.8 points in September alone. Simply put, the institution is lending an increasingly large share of the money it receives. This signals an appetite for growth, but also pressure to generate returns in an environment where margins are protected through high lending rates.
Loan portfolio quality supports this picture: delinquency fell to 3.1%, down 0.9 points for the month, while coverage of nonperforming loans reached 132.7%. In other words, the institution has provisions exceeding its past-due risk exposure—a sign of prudence that the market should value.
🔎 $48.5 million in deposits—and one detail that says it all
Deposits totaled 41,629.1 million bolívares, around $48.5 million, up 410.4% in bolívares and just 6% in foreign currency. Here’s the most interesting detail for the analysis: demand deposits amounted to 41,208.9 million bolívares, while savings accounts barely reached 412.9 million.
In other words, practically all the money coming into the bank is held in immediately accessible accounts, not savings products. Venezuelans continue to use the bolívar as a means of payment, not as a store of value. To save, they prefer cash dollars, USDT, or assets outside the formal banking system.
💰 Profitability: a 72.6% ROE that needs to be viewed in dollars
Return on equity stood at 72.6%, up 2.6 points from the previous month, while ROA was 16.4%. Cumulative net income for the third quarter reached $8.2 million, up 36% in dollars and 605.7% in bolívares. Financial income totaled $18.6 million, 48% more than a year earlier.
Beware the classic trap: a high double-digit ROE in bolívares does not mean real profitability once depreciation is taken into account. That’s why at PitbullChain we insist on always looking at the figures in dollars. Growth there is solid, but much more moderate than the headline suggests.
Total assets reached $73.3 million and equity $16.1 million, up 34% in foreign currency and above the system average.
📖 Read the full article: https://pitbullchain.com/noticias/banco-activo-dispara-su-cartera-a-us-25-millones-lectura-p2p-del-dato-226902
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