Banco Múltiple Caribe Internacional maintained its “A- with stable outlook” rating, ratified by the international risk rating agency Feller Rate, according to its latest half-yearly report this year.
Dennis Simó Álvarez, CEO of Banco Caribe, highlighted that the rating agency’s report mentions among the financial institution’s strengths its solid brand positioning, its leadership in used vehicle financing within the Dominican multiple banking sector, its adequate risk management structure and good control of the quality indicators of its portfolio.
The international rating agency also explained that its report considered the historical results obtained by the financial institution during fiscal year 2023, the diversification of its business portfolio, the growth and quality of its assets, and the use of ESG factors in its sustainability strategy.
The report highlighted Banco Caribe’s significant market share in the automotive segment, where it is the leader with a 38.1% share, ranking first in used vehicle financing among multiple banks. It also highlights the growth of the commercial portfolio, which now represents 34.7% of the gross portfolio.
In terms of growth and asset quality, the entity recorded a 25.7% increase in net loans at the end of fiscal year 2023 compared to the same period of the previous year, with growth in all business segments. As of June 30, 2024, the gross portfolio grew by 9.5% compared to 2023, driven mainly by the consumer segment.
Finally, the banking executive pointed out that the institution continues to advance in its process of digital transformation and innovation, aligned with its strategic planning, to offer more personalized products and services adapted to the needs of customers.
About Banco Caribe
For 19 years, Banco Caribe has offered multiple banking services to the financial market, maintaining growth based on focus and constant innovation. The entity continually reinvents itself to offer new products and services with personalized treatment and a memorable experience that exceeds the expectations of its customers.
