BR earned profits by RD$ 3,145 MM

The administrator general of the Banco de Reservas, Vicente Bengoa Albizu, 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 Albizu stated that if not been tax newly created 1% on financial assets equivalent to RD$ 583.4 million, and that the law 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 2011 Bank conducted 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 improving" u000a"of 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, with RD$ 194,266 million, a growth of 14.9%.

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Strengthening of private credit
Vicente Bengoa 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.

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