The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Banks buoyant in surging Dominican Republic

Consolidation and new entrants attracted to the country’s winning GDP streak.

dominican-republic-beach-ocean-780.gif



The rapid growth of the Dominican Republic economy in recent years has led to strong credit growth, changing market dynamics, and is attracting new entrants.

The IMF predicts a 5% increase in GDP this year, slightly down from 2018’s 7.0%, but still leading the region.

If next year’s forecast of a further 5% materializes – and with a presidential election, there is risk of volatility – it would see a record-setting 17 years of consecutive positive growth.

The growth in the economy is corresponding to record results for the banks. In 2018, state-owned Banreservas – the country’s largest bank, with a 32% market share in terms of assets – made $142.3 million in net profit, its best result.

Roberto_Jimenez-Banreservas-160x186.png

Roberto Jiménez,
Banreservas

Speaking at the Felaban conference in Miami in November, Roberto Jiménez, the bank’s senior director of specialized business, told Euromoney that Banreservas had already generated more net income in the first 10 months of 2019.




Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to Euromoney.com and Asiamoney.com analysis and receive expertly-curated updates direct to your inbox.

 

Already a user?

Login now

 

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree