Loan portfolio went from RD$199 million in September 2020 to RD$9,516 million in June 2024 and eliminates RD$520.2 million of accumulated losses
The transformation of the Development and Export Bank (Bandex), established in the Law 122-21has allowed this intermediary entity to expand its financing portfolio, in addition to cleaning up its operations and financial self-sustainability.
During a meeting with opinion leaders, editors and journalists from different media outlets, the general manager of Bandex, John Mustafahighlighted that in the last three years his administration managed to eliminate RD$520.2 million in accumulated losses from previous administrations, offsetting the historical deficit that the financial institution was dragging.
“Our core concept is social profitability. Just as banks in the private sector seek financial and economic profitability and profits, what we are looking for is social impact,” said Mustafa.
He highlighted the growth in his loan portfolio, which went from RD$199 million in September 2020 to RD$9,516 million in June 2024. During this same period, the number of clients also experienced a significant increase, going from 4 clients to 166.
He said that within the projections for 2024, the bank will work to close with a net portfolio of RD$11,871 million.
In terms of profits, the entity has shown a sustained increase since 2020, a period in which it recorded profits of RD$11.7 million, while in 2021 it reported RD$41 million; in 2022, RD$68 mm; in 2023, RD$287 mm; and as of June 2024, RD$202 million in profits have been accumulated, which indicates a positive and significant change in the bank’s financial situation.
While accumulated disbursements amount to RD$11,418 million, benefiting clients throughout the country through the programs Avance Salud BANDEX, Infraestructura Social, BANDEX Transforma, Programa Exportaciones, Innova BANDEX, among other programs aimed at development projects.
“The success of Bandex’s transformation into a Development and Export Bank is evidenced by the RD$9,516 million that we have managed to channel to small and medium-sized companies, and which have contributed to the country’s economic reactivation and growth,” Mustafá emphasized.
In addition, the institution presents a 240% increase in its assets, going from RD$7,401 million in September 2020 to RD$25,133 in June 2024.
The bank has also increased its funding sources and deposits, doubling deposits in the institution, from RD$3,309 million in 2020 to RD$7,925 million by June 2024.
