The Chairman of the Board of Directors of the popular Bank Dominican, Marino Espinal, reported that the entity’s total assets ended 2021 at RD$606,918 million, registering a growth of 9% over the previous year.
The gross loan portfolio resulted in a balance of RD$378.202 million, experiencing an increase of RD$30.382 million, equivalent to 9% more. This growth was achieved while maintaining the quality of the portfolio, which concluded with a past due portfolio ratio of 0.70% over the gross portfolio and provision coverage of 436%.
Total deposits received ended last year with a balance of RD$474.793 million, registering an increase of RD$38.123 million, for a growth of 9%. Meanwhile, the net financial margin in 2021 stood at RD$30,462 million, according to a press release.
These achievements were obtained by maintaining a solvency level of 16.71%, which exceeds the minimum limit of 10% required by current regulations, presenting a capital surplus of RD$28,904 million that would allow the entity to grow by approximately RD$289,000 million in assets. .
Espinal highlighted to shareholders that Popular has the healthiest portfolio indicators in Dominican banking.
Gross profits for the year amounted to RD$17,381 million which, after discounting the amount corresponding to Income Tax for RD$3,796 million, resulted in net profits of RD$13,585 million, showing an increase of RD$4,018 million.
The entity held its annual ordinary extraordinary general meeting of shareholders, where the shareholders approved the issuance of a green bond as a public offering debt, for an amount of RD$2,500 million, whose funds will be used to continue supporting the Dominican Republic in its transition towards a low-carbon economy, financing new renewable energy projects, electromobility and eco-efficiency, mainly.
Likewise, the assembly members approved increasing the bank’s authorized capital stock by RD$5,000 million, now standing at RD$50,000 million.
The new council appointed Manuel Grullón Hernández as vice president of that body and Alex Pimentel as alternate secretary of the same.
Annual Ordinary Assembly
The assembly members ratified Marino Espinal as president and Adriano Bordas and Pedro Brache Álvarez as members, forming Group II, for a period of three years. In addition, Rafael del Toro was appointed as a new member of the Board of Directors for a period of one year, and Cynthia Vega was ratified as a member.
The assembly learned of the change in their functions of the directors Alejandro Santelises, Manuel Jiménez and Enrique Illueca, who will carry out new functions for the organization.
Specifically, Santelises and Jiménez will chair the Board of Directors of a new financial brokerage entity of Grupo Popular, as chairman and vice-chairman of said board, respectively, continuing as members of the Board of Directors of the parent company, Grupo Popular. .
Additionally, Illueca will form part of the board of directors of Popular Bank Ltd, a banking subsidiary of Grupo Popular based in the Republic of Panama.
The shareholders appointed KPMG Dominicana as an external auditing firm, approved the bank’s annual objectives and learned about the budget for the current year 2022.
