Economy October 24, 2016 | 1:11 pm

To fest 75 years, State-owned bank’s assets top US$1.8B

Santo Domingo.- The assets of the State-ownedReservas bank rose to RD$833.4 billion (US$1.8 billion) before taxes, with earningsof RD$4.9 billion, administrator Simon Lizardo revealed Monday..

He said Reservas celebrates its 75thanniversary with a leading position within the national financial system. "Ithas achieved extraordinary growth in a macroeconomic context characterized bystrong growth and stability of the Dominican economy."

The official said Reservas’ assets accountfor 33% of the country’s total commercial banks market.

Speaking to reporters at Santo Domingo Cathedralafter a mass to mark 75 years since founded, Lizardo said a technology platform,continuous transformation and a business model to improve operations to providea great experience for customers of the State-owned bank.

He said gross loans to September were RD$264.7billion, or RD$14.1 billion ore that the same period year ago. "Thisincrease was determined by private sector financing, which increased by RD$17.4billion, an increase of 9% compared to September 2015. The financing for theprivate sector accounted for 78.6% of total gross loan portfolio in September2016."

Lizardo said public sector loans topped RD$56.7billion, accounting for 21% of the total. "Banreservas has madesignificant improvements in its loan portfolio, to the extent that the rate of arrearsstood at 1.7%.

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