Banco Popular ups 2010 profits by 14.8%

- Friday, January 28, 2011

Banco Popular ups 2010 profits by 14.8%

The Dominican Republic's second largest bank, Banco Popular, boosted its net profits last year by 14.8% to 3.7bn pesos (US$99.5mn), the bank said in a press release.

Popular's loan book increased by 22% to 109tn pesos at end-2010, with corporate and SME lending as the main growth drivers.

Despite strong loan growth, the bank managed to reduce its non-performing loan ratio by 0.64 basis points last year to 1.80%.

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Total assets amounted to 179tn pesos at the end of 2010, up 15% on end-2009.

Popular saw its deposits grow last year by 15% to 153tn pesos.

Banco Popular offers a range of banking products and services to companies and individuals and is the main asset of Grupo Popular, which is a diversified financial services group.