Banreservas ratifies its commitment to tourism at Fitur

The banking institution, which last year had assets in excess of US$ 127,606.7 billion and net profits of US$ 24.5 billion, plans to formalize business alliances aimed at tourism investment in the DR.

MADRID, SPAIN. The general administrator of Banco de Reservas ratified the commitment of this institution to continue supporting tourism investment in the country, with business alliances that it plans to formalize at the International Tourism Fair -Fitur 2024-, which will be inaugurated this Wednesday in this capital.

Samuel Pereyra made the announcement in a meeting with Dominican journalists, to whom he gave details of the bank’s financial indicators at the end of 2023, which reached “levels never seen before in the institution”.

These achievements, he said, are the result of a strategy aimed at developing a plan with a clear vision of the future, adapted to the new realities and challenges to come.

He informed that the financial institution’s assets rose to one trillion $127,606.7 million, or $103,975.8 million more than in December 2022, for a growth of 10.2% with respect to December of that year.

“This is a milestone that no bank in our financial system has reached, and in our case, we achieved the highest indicators in its history, representing 38.4% of the entire multiple banking market,” he specified.

Profits and profitability

“The net profits obtained are a reflection of the efficiency shown by the Bank, which amounted to 24,500 million, increasing 2,474.2 million with respect to 2022, for a growth of 11.2%,” said Pereyra.

He specified that this absolute increase represents one of the highest achieved by a financial institution in our country. He also added that the return on assets stood at 2.3% and the return on equity at 32.3%, higher than that of 2022, which demonstrates the good management of Banreservas.

The Bank’s gross loan portfolio closed at 514.306 billion in 2023, 88.207 billion more than in the same period of 2022.

92.8% of the loan portfolio is private

“Loans channeled to the private sector totaled 477 billion 667 million to represent 92.8% of the total portfolio. The delinquency rate at the end of 2023 was an excellent 0.7%, showing a very satisfactory behavior”, said the bank’s general manager.

Pereyra explained that the coverage for possible risks of non-payment of non-performing loans amounted to 473.2%, more than 6 times the level required by the country’s regulations.

Likewise, the liquidity indicator, which relates available funds to total deposits, was 29.1% at the end of December 2023, while the Bank’s net worth totaled more than 87,318 million pesos during the same period.

“The institution’s equity strength is evidenced by a solvency index of 16.8%, as of December 2023, far exceeding the minimum of 10% established in the monetary and financial law,” said the banking executive.

Representative Offices Figures

One year after the inauguration of the first Representative Office in Madrid, followed by those in New York and Miami, between the three of them they have served more than 12,000 clients; 3,459 new clients have joined Banreservas. Meanwhile, 4,508 savings accounts have been opened; 7,903 requests for services and products have been processed, including: letters of certification, account activation and data updates.

Through these offices, 147 mortgage loan applications have also been processed and more than 40,000 telephone calls from Dominican compatriots and European citizens in search of information and financial advice have been answered, the Banreservas general manager ratified.

Pereyra during the meeting with journalists was accompanied by business executives who are part of the Bank’s delegation attending Fitur 2024.