BANCO POPULAR HOLDS SHAREHOLDERS ASSEMBLY: Announces new expansion projects after excellent results achieved in 2002
The Banco Popular Dominicano held its annual ordinary general shareholders assembly on Saturday, March 15th, in that financial institution’s headquarters in the Torre Popular.
In the report to the assembly, the financial institution’s president, Mr. Manuel A. Grullón, emphasized that the excellent results of fiscal year 2002 show growth in its principal financial and business indicators, which exceed the budgeted objectives and consolidate the Popular’s leadership in the national banking system.
He stated that these achievements were possible despite a slowdown in the national economy, basically as a result of the difficulties originating in the foreign sector, such as the reduction of the flow of tourism and of direct foreign investment, resulting from a decrease of the international economy, and particularly that of the United States, which is our main trading partner.
The president of the Popular said that in national terms, last year’s financial results confirm the leadership of the country’s first private bank, which was selected as the bank most admired by Dominicans, according to the results of a survey performed at the end of the year by the Dominican magazine “Mercado.”
He added that this recognition of the Popular’s work extends abroad as well, where the prestigious independent financial evaluation agency of Moody’s raised the Banco Popular Dominicano’s ranking. In addition, the well-known magazine “Latin Finance” chose this banking institution as the Bank of the Year for 2002 in the Dominican Republic, while the also prestigious magazine “Latin Trade” again included the Popular in the select list of the 100 largest and best banks in Latin America.
As part of an ongoing process of expansion of services to clients and the public, Mr. Grullón announced the upcoming opening of 20 new offices during the year 2003. With the opening of the new facilities, the Popular by the end of the present year will have a total of 178 offices and a vast network of electronic distribution channels for its banking services.
Principal financial indicators
Offering details to the shareholders on the extraordinary financial success of the Popular, Mr. Grullón’s report pointed out the fact that the Total Assets of the Banco Popular amounted to RD$46.694 billions during the year 2002, which represents an increase of RD$5.918 billion compared to the RD$40.776 billion obtaining at closing of December 2001.
The evolution of Total Assets was pushed by the growth of the net Loan Portfolio, which rose to RD$32.822 billions as of December 31, 2002, exceeding by RD$3.447 billions the balance reached in the previous year, when it came to RD$29.375 billions.
Total Deposits increased to RD$35.817 billions at closing of the fiscal year 2002, exceeding by RD$4.237 billions the balance reached in the year 2001, when they came to RD$31.580 billions.
Likewise, total Net Worth rose to RD$5.216 billions, for an absolute growth of RD$1.080 billions in net worth funds, compared to the closing of fiscal year 2001.
Mr. Manuel A. Grullón concluded his report to the shareholders by indicating that the Popular during 2002 recorded net gains of RD$1.300 billion, for an increase of RD$324 millions, compared to the previous fiscal year.
Santo Domingo, D.R.
March 17, 2003
