Private banks see profits jump 29.9% in 2010, on lower deposit funding costs

Monday, January 17, 2011

Private sector banks in the Dominican Republic reported 12.5bn pesos (US$335mn) in profits in 2010, up 29.9% compared with 2009, on continued lower deposit funding costs, the latest figures from banking regulator Superbanco show.

Deposit funding costs dropped 30.3% to 15bn pesos in 2010.

Overall, the country's financial system - which includes private sector banks, savings and loan institutions, lending corporations and state-run mortgage bank Banco Nacional de la Vivienda - saw earnings up 28.3% to 15.3bn pesos.

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The combined loan book of the 13 private sector banks rose 9.94% to 354bn pesos during the year to end-December, and the financial system as a whole boosted lending 9.45% to 432bn pesos.

The financial system had 777bn pesos in assets and 88.7bn pesos in equity at the end of December, Superbanco data shows.