Caribbean Bank presented its annual financial statements showing at the end of its last fiscal year an increase in total assets of 25.34%, going from RD$29,536.2 million in 2020 to RD$37,021.3 million in 2021, which represents an increase of RD$7,485.1 million.
The executive president of the institution, Dennis Simó Álvarez, explained that the productive assets had a similar behavior, reflecting a growth of more than 29.59% in this line compared to the previous year, closing at 27,794 million pesos.
Read more: Banco Caribe is certified among the best companies to work for in Central America and the Caribbean
The banking executive, when addressing the shareholders during the entity’s Annual General Assembly, expressed satisfaction with the results obtained and highlighted that 2021 was one of the best years in the history of Banco Caribe, which reaffirms its management capacity and resilience, despite the challenges faced during the pandemic.
Regarding net investments, Simó Álvarez explained that the balances doubled with respect to the previous year, going from RD$6,321.9 million in 2020 to RD$12,805.3 million at the end of 2021.
While total deposits ended at RD$30,812.13 million, with a percentage increase of 24.69% compared to 2020.
He specified that financial income increased widely, going from RD$3,083.5 million in 2020 to RD$3,425.9 million at the end of 2021.
The gross financial margin exceeded RD$2,213 million for an increase of RD$457.3 million compared to the previous year.
He stated that the financial entity was strengthened in the main prudential indicators, including the solvency ratio that went from 13.65% to 14.27% at the end of 2021, and the provision on overdue portfolio exceeded 227% compared to 157.2% the previous year.
The delinquency rate, an indicator that allows us to evaluate the quality of the credit portfolio, stood at 2.75% for a decrease of 1.65 bps compared to the end of 2021, which responds to effective risk control throughout the operation.
He indicated that the return on assets, on equity and on shareholder investment closed at 1.2%, 23.4% and 26.7% respectively, with significant increases compared to 2020.
Other achievements of the last fiscal period
The executive president of Banco Caribe pointed out that “the board of directors is extremely pleased to culminate another year of operations that demonstrates the maturity, prudence and experience of a team highly committed to institutional results, strategic planning and upward trajectory of our management”.
Simó Álvarez added that along with a successful year in the main financial and management indicators, 2021 was also a very special year for Banco Caribe, being recognized as “A great place to work” and obtaining the “Gold” category. which is the highest distinction of the “Sello Igualando RD”.
He stated that both recognitions position the entity as a great employer and a space where employees feel proud to work.
In addition, he said that 2021 reflected the great work of the bank’s strategy, business and operational support units, as well as the efficient administrative, financial, compliance, risk, collection and audit management, added to the exceptional work carried out by the area of Treasury that allowed excellent levels of liquidity throughout the year.
He highlighted as an institutional achievement the growth and scope of the bank’s digital channels, responding to changes in customer transaction and consumption habits, as well as an accelerated digitization of the bank’s main internal processes, which translated into significant savings of time and financial and environmental resources.
Similarly, he mentioned the strengthening of commercial and strategic management with the inclusion of new business segments, such as 0Kms vehicles and mortgages.
The banking executive also highlighted the human dimension of Caribbean Volunteering and the projects carried out by more than 350 active volunteers in the fields of financial and children’s education, the environment and community development.
Simó Álvarez announced that the entity is taking firm steps towards sustainability with the development of several programs that impact the UN Sustainable Development Goals and the publication of its first Report of Good Sustainable Practices in the entity’s Annual Report.
The financial statements of Banco Caribe and the Corporate Governance Report corresponding to the period from January 1 to December 31, 2021, are available on its institutional page: www.bancocaribe.com.do
About Banco Caribe
It has been offering its multiple banking services to the financial market for 17 years, and its growth is based on focus and constant innovation, reinventing itself to offer new products and services, offering personalized treatment and a memorable experience to its customers.
