State-owned bank boosts assets to US$7.7B on loans

Santo Domingo.- State-owned bank Banreservas raised its assets to RD$348.5 billion (US$7.7 billion) and net worth to RD$8.3 billion in March by reinvesting dividends from 2013 and 2014, general manager Enrique Ramírez revealed Wednesday.

He said the bank’s capital in 2013 was RD$3.5 billion at yearend 2014 and rose to RD$5.5 billion through reinvesting more than RD$2.0 billion in dividends from the previous year’s profits.

In a meeting with of media economic editors, the official noted the Banks Superintendence’s recent approval to reinvest RD$2.8 billion in dividends from its 2014 profits.

Ramirez said Banreservas’ goal is to increase its nest worth to RD$10.0 billion next year.

He said profits at the end of last year were RD$7.0 billion, or 39% higher than 2013

Assets of RD$348.5 billion

Ramirez said Banreservas’ loan portfolio grew 13.43 % by yearend 2014, taking total assets to RD$348.5 billion.

He added that the loans in arrears fell from 2.01% in 2013, to 1.05% in 2014.