SD. The performance of the main financial indicators of 2010 which permitted Banco del Progreso to pave their pathway with dynamism and growth”, with net utilities registered ten times greater than the values of 2009.
In 2010, Progreso experienced a “constant growth in the most important segments of the banking business”, expressed Juan B. Vicini Lluberes, Chairman of the Board of Directors of the bank, at the General Shareholders Assembly.
By assessing the results obtained by the entity, Vicini Lluberes added, “we are proud to say that this institution is walking firmly on the pathway of dynamism and growth: which is clearly proven in the positive operational results of 2010, which allowed the bank to “reach a net benefit of RD$371M, more than 10 times the results of 2009”. Banco del Progreso managed to increase their total assets by RD$4,936M by surpassing the RD$24,289M in 2009, to obtaining RD$29,225M in 2010.
The Bank obtained a return on assets of 1.37%, which the entity managed to multiply times ten the previous year performance. “Likewise, the profitability of our assets obtained similar results; positioning at 17.78%”, versus the 1.75% registered in 2009.
Also, the Bank strengthened their Gross Financial Margin, which experienced an increase of 72% all the way to reaching RD$1.697M. Simultaneously it experienced an increase in their loan portfolio by 70% reaching RD$12,471M, while total deposits escalated from RD$23,558M, 12% above their previous year fiscal exercise.
Mark Silverman, President of Banco del Progreso, stated that “these numbers are the result of healthy management, given that once we expanded the business; we have maintained a good control of all operational risks”.
About Banco del Progreso:
Banco del Progreso is a company in the Financial Services portfolio of assets administered by VICINI.
The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.
Source: Diario Libre