Thursday, June 1, 2023

Motor Credit assets grow by 16.6%

Engine Credit, Savings and Credit Bank It grew 16.6% in its total assets in 2022, which translates into a closing of the fiscal period with a balance of RD$11,308 million, over the RD$9,455,260,930 of 2021, according to the performance report of the bank.

Benahuare Pichardo, executive president of the entity, commented that the growth in assets is mainly explained by the growth of its credit portfolio by 24%, reaching the sum of RD$9,125 million.

These data were shared in the report issued by the entity after holding its Annual Ordinary General Assembly of Shareholders, among which it is also worth noting that the deposit portfolio experienced a significant increase of 24% in line with the proposed objectives and supported by a constantly growing base of depositors.

“During 2023, we continue to make progress in our digital transformation plan, based mainly on communication, positioning, data and process automation, managing to increase the number of active users of our different platforms and digital channels,” added Pichardo.

The numbers reflect a level of growth higher than the average of the country’s financial system, contributing to the dynamism in the sale and acquisition of means of transportation -the main commercial activity of the financial entity-, which is decisive for the national economic activity.

Pichardo also emphasized that “our financial strength continues to consolidate, the bank’s equity base increased by 14%, standing at RD$2,736 million as of December 2022. This resulted in a solvency ratio of 18.56%, higher than the minimum limit required by regulators.

Regarding the delinquency levels of the credit portfolio, the report explains that at the end of 2022 it is reported at 1.49%, together with a coverage of provisions on the past-due portfolio of 233%.

Regarding the ranking presented by the Superintendence of Banks (SB), Motor Crédito highlights the February 2023 cut-off as the main Savings and Credit Bank (BAyC) of the national financial system, with the highest assets within its subsector, with 0.38% of market assets.

In this order, SB data positions Motor Crédito as the second Savings and Credit bank with the highest levels of digitalization of its services in the report “Digitalization Ranking of the Dominican Banking Sector 2022”, as of December 2022.

About Motor Credit

Motor Crédito, Banco de Ahorro y Crédito, with 50 years of service, offers financing alternatives for the acquisition of both new and used vehicles through the customer’s preferred dealer or dealer. It also provides financing for the purchase of heavy equipment, agriculture, construction and power plants.

It also has investment products that offer its clients a higher return on their savings, with the additional benefit that they allow access to advice from highly trained personnel and the best market conditions.


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