Banreservas obtains benefits in 2011 by three thousand 145 million pesos

The administrator general of the Banco de Reservas, Vicente Bengoa, reported that the financial institution earned in 2011 profits before income tax upstream to RD$ 3,145 million, while assets grew by a 19.3% to RD$ 238,932 million.

Bengoa stated that if not been tax newly created 1% on the financial assets equivalent to RD$ 583.4 million; and the Act itself established that it should be included as an expense, as well as also other RD$ 242.3 million intended as extraordinary contribution to the Pension Plan, earnings would have been of RD$ 3,970.7 million.

"During the 2011 Bank reserves made a successful business management, which was favoured by the growth of the country, a situation which was reflected in the main financial variables of the institution," asserted.

Said that the increase in assets, with respect to December 2010, "is supported in the" u000a"improvement of the services, in the innovation of the technological platform of the Bank and the expansion of distribution channels of the various products to facilitate the operations of customers".

Indicated that another line that showed an excellent performance was that of deposits, which totaled RD$ 194,266 million, a growth of 14.9%. "deposits of the private sector accounted for the 74.2% of the total of abstractions", added Bengoa

The general manager of Banreservas explained that financing to the private sector totaled RD$ 86,811.8 million, or 73 per cent of gross loans.

Highlighted that during 2011, Banreservas improved the quality of the portfolio of loans and gave as an example the default indicator stood at 4.1%, down from 4.4% in relation to the 2010.

Together with the business activity, during the year just finished "the Bank" u000a"reservations remained strong backing to cultural, educational, sports activities and the preservation of the environment of our country, which reaffirms its institutional values and their social mission", commented Bengoa.

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