SANTIAGO.-The Cibao Savings and Loan Association (ACAP) reported the expansion of its financial operations during 2023, with a 16.1% increase in total assets, climbing from RD$73,255 million to RD$85,020 million.
This increase was mainly due to the robust growth in the loan portfolio and the acquisition of investment securities, added to the trust and continuous commitment to the community, the financial institution highlighted at its Ordinary General Assembly.
The Association's net loan portfolio experienced a growth of 10.3%, reaching RD$50,369 million, a clear sign of effective management and a growing demand for credit from customers.
The financial institution's risk management was highlighted at the assembly, evidenced by a broad coverage of the non-performing loan portfolio of 186.7% and a delinquency rate of 1.69%, guaranteeing the quality and health of its loan portfolio in a changing economic environment.
In line with its founding mission, Asociación Cibao maintained its focus on housing finance, justified by a 7.2% increase in its mortgage loan portfolio, which reached RD$33.333 billion. This commitment underscores the institution's contribution to economic and social development through the housing sector.
The public's confidence was reflected in a 17.5% increase in total deposits, including subordinated debt, reaching a balance of RD$64.07 billion. This growth, along with a 9.5% increase in the entity's equity, reaffirms the institution's position as a strengthened and expanding financial institution, emphasized Rafael Genao, Chairman of the Board of Directors.
He also highlighted that equity represents 19.9% of its total assets, maintaining its leadership in this indicator, showing itself to be the most capitalized among the 10 largest entities in the national financial system in proportional terms.
“The 2023 results underscore the strength, diversification, and preference for Asociación Cibao’s financial products, especially in mortgage, commercial, and consumer loans. These achievements reflect not only our financial strength but also our ongoing commitment to our associates, clients, and investors,” Genao stated.
The focus for 2024 will be on facilitating access to financial resources for micro, small, and medium-sized enterprises (MSMEs), adapting to their specific needs. Likewise, this year it seeks to continue promoting its efforts in innovation, inclusion, sustainability, the creation of new service channels, the strengthening of digital platforms, and the reinforcement of its organizational structure.
