Corporate Social Responsibility (CSR) is increasingly recognized as a crucial element for businesses aiming to positively impact society. This involves a sustained commitment to societal needs, impacting productivity, corporate policies, and values to contribute to community development (Chacón and Rugel, 2018). Strong CSR practices enhance reputation and stakeholder relations, influencing organizational behavior and public opinion (Estanyol, 2020; Mandhachitara and Poolthong, 2011; Muhammad et al., 2017). In Central America, CSR is viewed as a strategic tool to boost profits and maintain positive performance (López et al., 2011; Roper, Parker 2013; Moon, 2014; Sadeghi et al., 2016). The banking sector is a significant investor in CSR, with initiatives aimed at improving image, reputation, and ethics, addressing social demands (Balaguer, 2013; Cantero and Leyva, 2016). Bowen (1953) and Carroll (1999) highlight the businessman's responsibility to balance social and individual interests, emphasizing ethical standards and consistent actions. The lack of adequate CSR can negatively impact a corporation (Yeung, 2011; Picavet, 2020; Stangis and Smith, 2017). This study investigates CSR actions in the Latin American and Caribbean banking sector, specifically examining Bancolombia, Banco de Crédito e Inversiones, and Banco General, analyzing their annual reports to identify CSR dimensions. The study's justification stems from the expansion of the theoretical framework on CSR in banking, with these banks ranking highly in the Merco ranking, highlighting the strategic importance of CSR analysis within the banking business.

The literature defines CSR as encompassing economic, legal, ethical, and philanthropic expectations society has of businesses (Classon and Dahlström, 2006; Aguinis and Glavas, 2012; Keith, 1960). CSR in banking requires specialized expertise (Graafland, Van De Ven 2011), emphasizing ethics, employee capabilities, and transparency (Platonova et al., 2018). Porter and Kramer (2011) and Matten and Moon (2008) highlight the strategic approach to CSR for competitive advantage. CSR necessitates recognition of social and environmental risks from operations to prevent damage (Lin, 2021; Tamvada, 2020; Cordova-Buiza et al., 2021). The Sanchis and Rodríguez model distinguishes internal and external CSR dimensions. The internal dimension focuses on conscious investment, addressing stakeholder needs (partners, customers, shareholders, employees, suppliers), while the external dimension involves resource management for ESG criteria, promoting regional development (Sanchis, Rodríguez 2018). Previous studies have examined CSR levels in various banking sectors (Mita et al., 2018; Fukuyama and Tan, 2021; Idowu, 2014; Sarro et al., 2007; Ashraf et al., 2017; Vo et al., 2020; Gallego et al., 2021; Lentner et al., 2017), revealing varying levels of implementation and impact on financial performance and customer loyalty.

This qualitative study uses a non-experimental design with documentary analysis of annual reports from Bancolombia (Colombia), Banco de Crédito e Inversiones (Chile), and Banco General (Panama), selected due to their top rankings in the Merco CSR ranking (Ranking Merco Colombia, 2021; Ranking Merco Chile, 2021; Ranking Merco Panamá, 2021). The Merco ranking employs a multi-stakeholder methodology with six evaluations and over 20 information sources. The inclusion criterion was the top-ranked national bank in each country for 2021, excluding non-banking entities. The exclusion criterion included companies outside the banking sector and those not ranked first in 2021. Documentary analysis of annual reports (2021) formed the core technique using a review guide extracting necessary data. Statistical and descriptive analysis of data from official websites was performed. Data analysis involved data reduction, separating, identifying, classifying, and grouping data units. A comparative method highlighted CSR evolution in 2021, analyzing information from 'Technical file' and 'Results' sections of the Merco website, then utilizing data from integrated reports, sustainability reports, or CSR reports of the selected banks.

Analysis of Bancolombia, Banco de Crédito e Inversiones, and Banco General's 2021 reports reveals a focus on CSR with strategic engagement with stakeholders and community initiatives, promoting environmental impact. The banks' CSR activities are linked to sustainable development, encompassing philanthropy and ethical responsibility. Tables 2, 3, and 4 present the percentage of compliance with indicators across internal and external CSR dimensions. Bancolombia shows 21% for job quality and egalitarian factors, reflecting employee satisfaction, development, and workplace health. Banco General reports 26% for equitable wages. The external dimension, predominantly represented by responsible investment (25%), is emphasized, aligning with the promotion of social and environmental sustainability. This confirms findings from studies that demonstrate the link between ethical, regulatory, and economic factors with CSR, the significant role of transparency in CSR initiatives, and the positive community impact of service quality driven by philanthropy (Sarro et al., 2007; Ashraf et al., 2017; Mita et al., 2018; Idowu, 2014; Lentner et al., 2017; Gallego et al., 2021; Hong Vo et al., 2020; Scholtens 2009).

The findings indicate a strong commitment to CSR within the selected Latin American and Caribbean banks. The emphasis on employee well-being (equitable salaries, job quality) aligns with internal CSR dimensions, while responsible investment reflects the external dimension. The focus on sustainable development, encompassing social, economic, and environmental factors, matches the broader trends in CSR. The findings support previous research highlighting the positive relationship between CSR and financial performance, reputational benefits, and customer loyalty. The high percentage allocated to responsible investment suggests a proactive approach to addressing social and environmental issues beyond the immediate business operations. This proactive approach aligns with the growing recognition of the interconnectedness of business sustainability and social responsibility within the banking sector.

This research highlights the significance of employee well-being and responsible investment as key aspects of CSR in the Latin American and Caribbean banking sector. Equitable salaries, optimal working conditions, and fair workload distribution are crucial internal dimensions, while responsible investments that assess social, economic, and environmental impact dominate the external dimension. Future research could explore the financial performance and corporate reputation impacts of these CSR actions and expand the study to include a wider range of banks and countries in the region.

The study's limitations include the challenges in conducting interviews with company managers due to the impact of COVID-19 and scheduling constraints. The reliance on annual reports may limit the depth of information obtained. Future research could address these limitations through broader data collection methods and interviews with key stakeholders.