Private banks up profits by 15.5% in Jan-Feb on interest, investment income

- Wednesday, March 16, 2011

Private banks up profits by 15.5% in Jan-Feb on interest, investment income

Private sector banks in the Dominican Republic reported 2.24bn pesos (US$59.4mn) in earnings in the first two months of the year, up 15.5% on increased net interest and investment income, the latest figures from banking regulator Superbanco show.

Net interest income was up 9.77% to 8.72bn pesos compared with January-February 2010, while investment income increased by 31.9% to 1.44bn pesos. Overall, financial income increased to 10.7bn pesos in the first two months of the year, a 13.1% increase from the same period a year ago.

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 12.2% in the two months to 5.75bn pesos.

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The combined loan book of the 13 private sector banks rose 10.1% to 361bn pesos during the 12 months through February, and the financial system as a whole boosted lending 9.44% to 439bn pesos.

The financial system had 767bn pesos in assets and 91.4bn pesos in equity at the end of February, Superbanco data shows.