The Asociation The National de Ahorros y Préstamos (LN) achieved a higher performance than projected, obtaining profits of RD$745 million (before taxes), which represents 48% above the projected goal.
Meanwhile, total assets also achieved significant growth, reaching RD$36,498 million, an increase of 4.8% compared to the same period in 2020. The growth of liabilities also stands out with RD$1,094 million (3.65%).
According to the statement, another of the positive results to highlight is the evolution of the credit portfolio in 2021, which was RD$24,770 million, with a growth of RD$1,966 million (8.62%) and was composed of: mortgage (61 %), commercial credit and SMEs (22%) and consumption (17%).
While, at the end of the year, the default rate stood at 1.58%, showing an improvement over the result of 2020 where the default rate was 2.15%. This result is a reflection of the quality in the origination of credits and the adequate collection management of the entity.
These results were presented in the framework of their Annual Ordinary General Assembly of Associates 2022in which the entity released its audited financial statements, which highlight the resilience shown by the entity in a challenging period, and in which the commitment to innovation and digital transformation were key to offering the best options business to your customers.
For the Chairman of the Board of Directors, Francisco E. Melo Chalas, the ability to adapt and the stability shown by The National are part of the milestones of the year.
“At the end of 2021, we achieved remarkable results, considering the global economic crisis that COVID-19 brought with it. Thanks to prudent management, we strengthened ourselves internally to take on the challenge of continuing to accompany families and small and medium-sized companies in the stabilization of their economic situation and the achievement of their financial goals, providing favorable conditions in the granting of credits, through competitive rates”, Melo Chalas pointed out.
Melo Chalas also highlighted that the entity’s good financial profile, positive profitability levels and good performance in a highly competitive market, allowed it to obtain an increase in the long-term risk rating to ‘A-(dom)’ and the ratification of the short-term national rating at ‘F2 (dom)’ granted by the risk assessment firm Fitch Ratings.
For his part, Gustavo A. Zuluaga Alam, executive vice president, valued the contribution in terms of digital transformation during 2021, which will strengthen the actions of the entity within the framework of its 50th anniversary.
This year marks half a century of foundation, a period marked by renewal and in which digital transformation has contributed to the application of best internal control practices and the development of our digital channels. This is how we can proudly look to the past and to the future with optimism, aware that we have the tools to continue being the best support for Dominican families”, added Zuluaga Alam.
As part of the service digitalization strategy, initiatives were carried out that supported the growth of transactions and users in the APP The National Y The National online. These electronic channels have become the second transactional channel of the institution, increasing by 53% the operations carried out in 2020, for a total of 527,997 transactions for an amount of RD$7,061 million.
Similarly, at the end of the year there was a growth in registered customers of 52% compared to the previous year, these being 55,106 at the end of 2021.
Other figures to highlight
The balance of deposits amounted to RD$28,081 million, with a growth of 4.42% compared to the end of December 2020, while the balance of savings products was RD$12,039 million, which represented a growth of 14% compared to the end of December 2020. with the previous period. Given this, as a result of internal actions executed in a timely manner, the entity maintained adequate levels of solvency with 22.01% and liquidity 9.84%.
In a complementary manner, the Cards product registered an increase of 73% in the issuance of new plastics compared to the end of 2020, which translated into a 20% growth in billing versus the results obtained in 2020.
Outlook 2022
In the year 2022, The National It will continue the process automation route for the granting of all credits and will strengthen its offer of digital products and services. Given this, improvements will be implemented in order to strengthen the comprehensive management of risks and cyber and physical security, as well as work to strengthen the technological infrastructure that will support the execution of its strategic plan.
Meanwhile, with the aim of expanding the current national coverage, the entity has also defined an expansion plan towards the most developed geographical areas, with the opening of new branches and ATMs, which will be executed in the short and medium term. term.
