BANKs OF THE YEAR awards
Banreservas solidifies role in the Dominican Republic
The Dominican Republic’s Banreservas continued to grow its brand and expand across all sectors of the economy, despite the Covid-19 pandemic.
With a 32-percent market share, Banreservas is the largest bank in the country. This, however, is not the reason it received the Bank of the Year award for the Dominican Republic.
Banreservas won because of its performance during the crisis. It increased its loan portfolio by 6.9 percent and saw non-performing loans fall to 1.3 percent, below the average of the banking system. Deposits were up 18 percent compared to a year ago. Net profits increased by 16 percent, which was four times higher the nearest competitor.
“Banreservas is committed to supporting productive sectors, which generate employment and contribute to the country’s progress,” said CEO Samuel Pereyra after the bank’s commemoration of its 79th anniversary in October.