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Santo Domingo.- The assets of the Popular bank and its group of financial companies topped RD$249.3 billion (US$6.2 billion), a 13% growth compared with the same year ago period.

Popular president Manuel Alejandro Grullon said the bank’s consolidated deposits grew to RD$206.1 billion, or 13% higher, with net earnings of RD$4.4 billion to December 31, 2011.

The Popular executive said the Group’s units, Banco Popular Dominicano, Inversiones Popular, AFP Popular and Popular Infocentro, BPD Bank, in New York, and Popular Bank Limited, in Panama, reached the 2011budget goals stated in its plan of business.

Grullon provided the information during the assembly held April 28 of the Popular group, the country’s biggest bank.

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COMMENTS
5 comment(s)
Written by: josean, 1 May 2012 12:53 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016


With those CRIMINAL USURY interest rates that stifle economic expansion, 13% seems a bit low.

Maybe they are cooking the books a little to pay less taxes!




Written by: lsantiago77, 1 May 2012 2:31 PM
From: United States
haha, josean u hit the nail on that, i came to post just what u posted, and i agree with you, 13 percent seems low, when your car loan is like 25percent apr, house loan is like 17 percent and increased every 4 months, 13 percent growth seems a bit low when they are raping the average citizen and taking their food away with deadly interest rates
Written by: Ricardolito, 1 May 2012 4:03 PM
From: Dominican Republic, calle A.Portes
I also totally agree that interest rates for housing and car purchases are way too high and the bank margins too high ..BUt with the bank sector being the major problem in Spain and causing pain to the entire country it is good we have a strong banking sector
Written by: tschotschua, 1 May 2012 4:08 PM
From: Germany, Koblenz, Rheinland-Pfalz
Good performance, that is a thing that El Burro can not assimilate, he want it all just for free (!)
Josean, you are advised ... Tell me exactly what you have and I tell you exactly what you can (!) HipoLoco (?)
Written by: zooma, 3 May 2012 10:37 AM
From: United States

It is better to have bank growth, even if the rates may stifle economic expansion; rather than a bank failure where everybody loses and there is no possibility of any economic expansion.

People have short memories, it was because some banks were "cooking the books" there were three major bank failures. Then President Mejia nearly brought the country extremely close to default on its foreign debt when he decided to use government money, 20% of the GDP, to bail out favored depositors who stood to lose from the failures.

If, and a big "IF" it had come to pass and just think about it suggests the government should have enforced tighter control of the banking industry during 2000 - 2004, the banks may not have failed and the 20% of the GDP spent to save the favored depositors could have been used to inaugurate the Metro as a PRD sponsored project.
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