The Popular Association of Savings and Loans (APAP) achieved an extraordinary growth of 21.5% in its assets at the end of 2021, for a total of RD$118,781 million.
It did so in a context of rapid economic recovery after overcoming the effects of the pandemic.
As part of the assets, the gross credit portfolio grew by 17.4%, closing at RD$61,300 million, with a delinquency level improved to 1.4% and a past due portfolio coverage of more than 31 days of 286.8%. APAP marked another milestone by closing the fiscal year January-December 2021 with a solvency ratio of 53.8%, more than 5 times the minimum of 10% established by the Monetary and Financial Law.
“The health of these results has been ratified by the risk rating agencies Fitch Ratings and Feller Rate, which have assigned APAP an AA- rating with a stable outlook,” said Gustavo Ariza, executive president of the financial institution. The entity experienced strong commercial credit growth of 44.5%, as well as 25.0% in consumer loans and 17.6% in mortgage loans, positively impacting different areas of the Dominican economy.
Mortgage loans represented 55.9% of the portfolio, with which APAP ratifies its original vocation to promote housing, while consumer loans amounted to 27.7% and commercial loans were 16.4%.
Ariza indicated that APAP loans to SMEs, which make up the largest proportion of the country’s business fabric, grew by 15.3% and represented important support for their financial formalization and inclusion process.
“Two confidence factors, deposits and the issuance of subordinated debt, added up to RD$92,506 million, for a growth of 17.1% driven by an increase of 36.3% in financial certificates,” Ariza stressed.