Progreso bank grows 8.9% to US$1.12B

Santo Domingo.- The Banco del Progreso bank on Tuesday announced  at 8.9% growth of assets at yearend 2016, bringing it to RD$54.0 billion (US$1.12 billion).

Progreso senior vice president for Finance and Comptroller, Andrés Bordas said the loan portfolio grew 19% year-on-year to RD$27.6 billion, with the business sector accounting for 54%, consumers 26.2%, while the rest destined for credit cards and mortgage loans.

He said although it doesn’t stand out in the bank’s results, they look to bolster their credit presence in the tourism sector.

In a press conference, Progreso executive vice president, Mark Silverman, said for the first time since 2005, the bank is reporting dividends to its shareholders, by cutting the accumulated losses in a fraud case in 2005, which landed then president Pedro Castillo in jail for 10 years.

“We want to be the best Dominican bank. Not the biggest, the best,” Silverman said.