Banco del Progreso Credit Portfolio Increases by 19.5%

SANTO DOMINGO. The Chairman of the Banco del Progreso Board of Directors, Juan Vicini Lluberes, announced the increase registered in the entity portfolio by over 2 billion in its credit shares, hence attaining a percentage growth of 19.5%.

A press release issued by the banking entity, upon closing FY 2013, the Progreso assets portfolio totaled RD$42,137 million, translating to an increase of 7.6% versus FY 2012.

At the same time, total deposits increased by RD$2,264 million, for a total of RD$36,684 million. The credit portfolio grew by RD$15,955 million, hence equaling a registered growth of 19.5% versus last year.

The Financial Margin increased by RD$2,891 million, hence 27.4% increase, and promoting net benefit growth to 16.1% upon reaching the sum of RD$640.3million.

“This favorable result was achieved without affecting the quality o f our credit portfolio. Taking this variable into account and the fact that our solvency rate was preserved by 12.81%, above the 10% required by the monetary and financial authorities, Progreso did not only grow in 2013, but also strengthened its KFIs”.

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

Banco del Progreso Increased its Credit Portfolio

Santo Domingo

The Chairman of the Banco del Progreso Board of Directos, Juan B. Vicini Lluberes, announced that this financial entity increased by over 2 Billion its credit porfolio shares, hence registering an increase by 19.5%, according to information made public during their General Ordinary Assembly.

Upon closing FY2013, the Progreso assets totaled the sum of RD$42,137 billion, hence registering an increase of 7.6% with respects to FY 2012. At the same time, total deposits summed RD$2., 264 million for a total of RD$36,684 million. The credit portfolio increased to RD$15,955 million, which translated to a registered growth of 19.5% in comparison with the previous closing.

Through a press release, Vicini Lluberes indicated that the gross financial margin increased to RD$2,891 million, achieving an increase of 27.4% promoting growth in the net results by 16.1%.

This favorable result was attained without affecting the quality of the loan portfolio. Considering this variable and the fact that our credit rating was preserved by 12.81%, above the 10% required by the monetary and financial authorities, Progreso not only grew in 2013, but also strengthened its key financial indicators “. Vicini also noted that “in order to ensure continuity and sustainability of these results, in the month of September approved the 2014-2018 Strategic Plan of the Banco del Progreso, which clearly states the goals, guidelines and actions necessary for a sustained growth of this institution at all levels. “

Technology

In the services and quality support areas, the banking entity has invested greatly in restructuring its physical infrastructure with cutting edge technology and the incorporation of a series of new functionalities. Also, trained staff according to the highest quality standards, Vicini expressed. “The values which distinguish us, as are respect, integrity, passion, entrepreneurship, excellence and analysis, are the core principles we abide by to advance towards achieving our goals for sound growth, and a greater closeness with our clientele, whom are our strategic partners in building together a sustainable future.

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: Listin Diario

Time to Rescue the Ozama and Isabela Rivers

Time-to-rescue-the-Ozama-and-Isabela-rivers

Santo Domingo

IN 2013, Prof. Mohan Munasinghe, 2007 Nobel Peace Prize winner, hosted a conference in Santo Domingo on sustainable development, invited by Martí Petroleum Group and its NGO, the Tropigas Foundation.

Munasinghe states that he seized the opportunity President Danilo Medina honored him with by granting him an audience, in order to ask him what the country’s main environmental challenges are. “He answered quite swiftly by saying the pollution of the Ozama river”, said Munasinghe amid an interview with Listín Diario.

Out of everything they conversed, the issue respecting the Ozama river concerned Munasinghe, founder of the Munasinghe Institute for Development (MIND for its initials in English), vice chairman of the Intergovernmental Group of Climate Change of the United Nations, and renowned consultant to governments and organizations in sustainable projects.

So, precisely on the day of his departure from the country, while en route to the airport, Munasinghe shared his concern with the executives of MartiPG and the Hispaniola Ornithology Society, whom joined him at the time. He asked them what type of follow-up could be given to the issue, and thought that the most practical example he proposed during his conference, the cleaning of the Ozama river.

A national project:

The Coalición Rio is formed by Tropigas Foundation, Sans Soucí Holdings, the Mancommunity of Greater Santo Domingo, the Ministry of Environment, Domingo Contreras from the Atabey Centre and by specialized environmental biologist, professor William Gutiérrez, as well as by the Hispaniola Ornithology Society and MIND Institute.

About Sansouci: 

Sansouci is a company in the Real State & Tourism portfolio of assets managed 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: Listin Diario

Banco del Progreso Got “Positive” and BBB+ Ratings

Santo Domingo

International Risk Grading Firm Feller Rate ratified the solvency and long-term deposits of Banco del Progreso with BBB+. This report reveals that with respects to last year, Progreso improved its perspective from “Stable” to “Positive”, distinguishing also that the entity has generated greater control and has strengthened its risk and culture governance.

Corporate Governance:

The grading firm considered that “the grade assigned to Banco Dominicano del Progreso is sustained on the consolidation of its internal structures and corporate governance, as well as in the proper development and compliance of its strategic plan, which has resulted in an increase of its generation capacity”.

Also pointed out was the positive evolution of its solvency indicators, which have seen benefits as a result of the bank’s policy to capitalize at 100% its utilities, as well as the total capitalization of its subordinate debt.

“The report discloses that Banco del Progreso increased versus last year, its perspectives from Stable to Positive, pointing out the continuous strengthening of its entity and the improvement in its generation capacity.

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: Listin Diario