34% of the companies registered with the DGII are clients of the bank.
SANTO DOMINGO. - In the context of National Private Enterprise Day, Banco Popular Dominicano reported that it leads the ranking of national banks as the main financier of the industrial sector, with 36.5% of the total portfolio, according to the report “National Banking and Industry 2024”, presented by the Superintendency of Banks (SB) in April.
This firm position corresponds to the strengthening of its financial ties with Dominican industries, evidenced by increases of 26.7% in its commercial portfolio and 67.1% in disbursements at the close of 2023, the financial entity highlights in a press release.
The industrial sectors most represented in Banco Popular's portfolio include food and beverage production, chemicals and oil refining, non-metallic minerals, furniture and mattresses, textile fibers, tobacco, printing and recordings, machinery and equipment, among others.
34% of companies are Popular customers
Banco Popular also reported that 34% of the companies registered as taxpayers with the Dominican Republic's Internal Revenue Service (DGII) and other business activity registries maintain a commercial relationship with the bank. This figure includes larger SMEs, companies, and corporations, out of a total of 13,076 registered entities.
Specifically, these business units generate 684,361 direct jobs, representing 31.5% of all existing formal jobs in the country, according to statistics from the Continuous Labor Market Survey.
“These figures highlight the economic impact of companies and industries that maintain commercial relationships with Banco Popular, and how this relationship mobilizes human, economic and technological resources and boosts the growth of living standards in the Dominican Republic,” said Christopher Paniagua, CEO of Banco Popular Dominicano.
Business digital transformation
One of the most significant indicators is the high rate of digitalization among the companies and industries that have ties with Banco Popular. In line with the financial institution's objective of promoting innovation through digital tools, 92% of these private companies that are clients of Banco Popular are enrolled in its online banking platform.
These data demonstrate Banco Popular's efforts to support companies in their digital transformation and reaffirm its commitment to the development and sustainability of the Dominican business sector, providing it with financial solutions that boost its growth and competitiveness.
