Reports indicate assets reached RD$161 billion at the close of 2023
SANTO DOMINGO- The mortgage portfolio of the Popular Association of Savings and Loans (APAP) grew by 15.5% during the past year 2023, an entity that placed itself as the fourth largest in the financial system in terms of asset size, reaching 161,763 million pesos, for a growth of 34,719 million pesos, equivalent to 27.3% in relation to the previous period.
In a meeting with media executives, APAP's CEO, Gustavo Ariza, indicated that the loan portfolio showed significant growth in its different segments, closing the period with 93,074 million pesos, for a growth of 21.6%.
In that context, he explained that the commercial portfolio increased by 54.2%, followed by the SME portfolio with 52.1%, credit cards with 24%, mortgages with 15.5% and consumer loans with 17.3%.
"The loan portfolio represented 57% of the entity's total assets and contributed 49% of the accumulated growth during this period, demonstrating the diversification and strength of our portfolio," Ariza stated, noting that the coverage of overdue loans older than 90 days was 264.7%.
"APAP's remarkable financial performance in 2023 is a testament to the positive impact of our transformation process and our commitment to excellence, agility, and efficiency in an increasingly digital environment," the APAP executive emphasized.
He added that total deposits increased by 28.8% to a total of 106,619 million pesos, equivalent to an increase of 23,840 million pesos, positioning APAP in sixth place by size of deposits in the financial system.
He highlighted, in this context, that the entity placed 61,945 digital products and services, for a growth of 49% in financial products acquired through the entity's digital channels, compared to the previous year.
He said that the gross financial margin reached 9.982 billion pesos, representing a 10.3% increase. APAP's net income was 3.079 billion pesos.
APAP's solvency ratio was 25.8%, Ariza explained, while the efficiency ratio was 60.1%, "placing us among the five financial institutions with the best efficiency ratio in the system.".
"We have focused our efforts on developing APAP's internal capabilities to continue driving innovation and leading the transformation towards an increasingly diversified and strengthened entity," Ariza emphasized.
