The Costa Rican lending industry closed the first half of 2025 with moderate expansion and a slight quarterly slowdown after a period of strong year-on-year growth. According to the newly released report Competition in Commercial and Consumer Lending in Costa Rica —prepared using official data from SUGESE and the financial statements of the institutions competing in the sector— the country’s total loan portfolio across all types of financing reached USD 54.6 billion as of June 2025. This figure represents a 7.1% increase compared with June 2024, but a slight 0.5% decline versus the first quarter of 2025, suggesting a temporary cooling after consecutive periods of expansion.
Overall Market Structure
The analysis reveals a highly concentrated market. Banco Nacional remains the country’s largest lender with a 20.0% market share, followed by Banco BAC San José at 15.4% and Banco de Costa Rica at 13.9%. Banco Popular holds 12.7%, while Davivienda and Scotiabank each control 5.2%. Other relevant players include Caja de ANDE (4.8%), Banco Promerica (3.7%), Grupo Mutual (2.5%), and Coocenae (2.4%). Together, the top ten lenders account for 85.8% of the total portfolio, underscoring the limited room left for smaller institutions.
Consumer Lending: Banco Popular and BAC Lead
In the consumer segment, the competitive picture shifts. Banco Popular emerges as the market leader with 18.8% of the consumer credit portfolio, narrowly ahead of Banco BAC San José (17.7%). Caja de ANDE follows with 12.5%, while Banco Nacional —the overall market leader— is fourth with 10.8%. Cooperative Coopenae, though much smaller overall, holds a meaningful 5.9% share in consumer lending. Combined, the five largest players command 65.6% of this segment, suggesting a somewhat more open but still concentrated competitive field.
Segment Variability and Niche Leadership
The rankings change notably when analyzing other types of financing. For example, in loans tied to financial, insurance, and real estate activities, Banco de Costa Rica leads with 20.9%, closely followed by Banco Nacional (19.1%) and Banco Popular (11.1%). In credit for commerce, Banco BAC San José takes the top spot at 21.2%, just ahead of Banco Nacional (20.8%). In energy sector financing, however, Banco Nacional is overwhelmingly dominant with 46.8%, and Banco Popular follows with 36.6%, while other players have marginal presence.
This pattern illustrates that leadership positions depend heavily on the specific loan type. The report analyzed more than 20 distinct credit categories, finding sharp variations in competitive dynamics between sectors such as construction, agriculture, trade, and energy.
Outlook and Strategic Considerations
While the slight quarterly decline in total lending volumes suggests a pause in growth momentum, the annual expansion remains robust. For banks and other financial institutions, maintaining or improving their market position requires specialized strategies by segment. Some lenders have built dominance in niches such as consumer credit or energy financing, while others maintain broad but less specialized portfolios.
Industry professionals tracking Costa Rica’s financial system can access the detailed rankings and segment-by-segment data in the Competition in Commercial and Consumer Lending in Costa Rica report, which consolidates SUGESE information and official financial statements up to June 2025.