Private banks up profits by 15.8% in Jan, on net interest, investment income

- Tuesday, February 15, 2011

Private banks up profits by 15.8% in Jan, on net interest, investment income

Private sector banks in the Dominican Republic reported 1.11bn pesos (US$29.5mn) in profits in January, up 15.8% compared with the same month in 2010, on increased net income and investment income, the latest figures from banking regulator Superbanco show.

Net interest income was up 10.5% to 4.37bn pesos in January, while investment income increased by 35.2% to 752mn pesos. Overall, financial income increased to 5.29bn pesos in the first month of the year, an 11.6% increase from the same month 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 13.5% to 1.38bn pesos.

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The combined loan book of the 13 private sector banks rose 9.43% to 353bn pesos at end-January, and the financial system as a whole boosted lending 9.17% to 432bn pesos.

The financial system had 769bn pesos in assets and 89.9bn pesos in equity at the end of January, Superbanco data shows.