The Development and Export Bank (Bandex), SA celebrated his assembly annual ordinary, where the strategic achievements and financial results of the fiscal year 2024 were presented during the assemblythey were announced Utilities net that reached 313,073,020 million pesos reflecting an important advance in the recovery financial of the entity.
Of this figure, 112.4 million pesos They allocated to absorb the last remnant of the accumulated losses of previous efforts.
In addition, they declared themselves Dividends for a total of RD $ 200.6 million in favor of the State Dominican, the only shareholder of the entity.
These Dividends will be capitalized as a contribution of the Ministry of Tax authoritiesin accordance with the provisions of article 8 of Law No. 122-21, resulting in the issuance of 200,671 new shares valued at 1,000 pesos each.
It is important to note that this is the first time that Bandex distributes Dividends Since January 1998, when their shareholders received 10% of the benefits obtained in 1997.
This fact symbolizes a significant milestone towards the recovery and autonomy financial of the entitywhile reaffirming its commitment to the development economic of the country and its crucial role in the financing of export projects and development productive.
Bandex It is one entity of intermediation financial Public, constituted as a mixed capital corporation, and is the legal continuator of the National Housing Bank (BNV), the National Bank for the Promotion of Housing and Production, and the National Bank of Exports.
The recovery of 2024
On July 4 of last year the institution reported that in an extraordinary session of the Board of Directors in which President Luis Abinader participated, the Development and Export Bank (Bandex) reported that he managed to eliminate 520.2 million pesos.
With the elimination of this deficit, it was then indicated, accumulated losses of previous efforts were exceeded, thus compensating the historical deficit that dragged the entity financial
Juan Mustafa, manager of the Bandexexpressed in a statement, on the aforementioned date, that the administration of the institution had managed to recover the losses accumulated by previous efforts thanks to the Utilities generated, which reached 610 million pesos in the last four years.
The government began the renewal process of the Bandex In 2020, with the transformation to Development Bank and extended its range of action to various sectors productive including the exporter.
The lines of financing They include among others the technology sector, renewable energy, private health infrastructure, medical equipment, mechanization of agricultural production and the construction, transport, water infrastructure, export of goods and services, tourism and the development of small and medium enterprises, as well as the second floor bank.
One was deployed strategy of growth Institutional that included the design of specialized credit programs, alliances with multilateral entities, hiring of experience in the banking sector, strengthening of the corporate governance framework, diversification of sources of funding, and investment in technological infrastructure to correct the 17 years of delay presented by the institution, and the restructuring of the processes, among others.
