The Bonao Association Savings and Loans (Subscription) reported that the performance of its functions was positive during 2021, reflecting growth in its assets with 8% compared to the previous year.
The financial entity rendered a report on the past year during the celebration of its Ordinary general meeting of Depositors in which they indicated that the growth of assets went from 4,824 million pesos to 5,212 million pesos.
Executive Vice President of Subscription, Juan Vílchez, attributed the increase to the dynamics of his loan portfolio, driven by low-cost resources raised from the public. In addition, he indicated that the volume of the credit portfolio presents a balance of 2,977 million pesos, representing 57% of total assets.
At the end of December 2021, the entity shows a financial cost of 2.55%, with a credit portfolio coverage equal to 174.3%. Regarding fundraising, he highlighted that it is in an average balance of 4,113 million pesos.
VíIchez also highlighted that 2021 was an “excellent year for Subscriptionthanks to the good performance of the human team, the support of the Board of Directors and the trust of the clients”.
According to a press release, the risk indicators allowed the institution to achieve an A- rating, granted by the risk rating agency Feller Rate.
Pedro Sosa, Commissioner of Accounts of Subscriptionpresented the report on the administrative management of the Board of Directors and Management corresponding to fiscal year 2021, which was approved by the Assembly.
The assembly members approved the ratification of the members of the Council, the Accounts Commissioner and his alternate, Pedro Sosa and Juan Isidro García, as well as some changes to the General Statutes of the entity and the remuneration and compensation policy of the Board of Directors.
