Banco Promerica’s risk rating upgraded to “A” with a Stable Outlook

• Banco Promerica, the fastest-growing multiple bank over the past three years, has had its risk rating upgraded to “A” with a stable outlook.

Santo Domingo, November 2022. – Banco Promerica, the fastest-growing multiple bank over the past 3 years in terms of loan portfolio and assets, has had its risk rating upgraded from “DOA-” to “DOA” with a stable outlook by Pacific Credit Rating (PCR), a firm specialising in financial ratings with international coverage.

With this latest upgrade, Banco Promerica achieves its second risk rating improvement in the past two years, recognising the institution’s outstanding track record within the Dominican financial system.

The Risk Rating Committee decided to upgrade Banco Promerica’s rating due to its steady pace of revenue growth and the performance of its commercial, consumer and mortgage loan portfolios, as well as its excellent delinquency and past-due loan ratios, which were among the lowest of the multiple banks at the end of the third quarter of 2022.

The upgrade also took into account the track record and backing of Promerica Financial Corporation (Grupo Promerica), the parent company of Banco Promerica Dominican Republic.

Banco Promerica’s executive president, Carlos Julio Camilo, said the excellent development of the institution’s financial and strategic performance has allowed it to achieve very favourable asset quality, enabling sustainable growth across all its business lines. He also said they are proud of the results achieved, as they reflect the hard work and commitment of the more than 600 employees and executives dedicated to providing close, innovative and agile service.

“We will continue to drive organisational transformation, focusing on strengthening our processes and management model by integrating best practices and working methodologies, always keeping the customer at the centre of our efforts,” said Camilo.

Highlights of Banco Promerica’s results over the past 3 years include RD$46,610 million in total assets and RD$25,369 million in loans, representing average annual increases of 48% and 46% respectively over the period. As for its customer base, the institution has grown by +21% a year in active personal customers and by 87% in its business portfolio, as well as by 219% in the value of transactions made through its Digital Banking over the same period.

In terms of its value proposition, Banco Promerica stands out for its robust offering in Payment Methods and Credit Cards, being the only institution with 3 airline partnerships, the first to allow payments via mobile phones and smartwatches through its “Promerica Pay” wallet, and its “Club Promerica” platform, which brings together its wide range of promotions and discounts.

Along the same lines, the bank has set itself apart by strengthening its Digital Banking, which offers a range of transactional features and fully digital product opening, giving customers greater autonomy to obtain financial facilities and simplicity when making transactions, leveraging digital channels.

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About Banco Promerica

Headquartered in Santo Domingo, Banco Promerica is a multiple bank with 22 years of local presence, focusing on personal customers, small and medium-sized businesses, corporate and institutional clients, and the Payment Methods business. Banco Promerica is a member of Grupo Promerica (through the holding company Promerica Financial Corporation), made up of nine banks operating in Central America, Ecuador, the Cayman Islands and the Dominican Republic.

Through the financial services it offers, Grupo Promerica constantly contributes to financial inclusion and to the economic progress of the societies and communities it serves.

About Grupo Promerica

Grupo Promerica is one of the most important regional financial groups, with total assets of around US$18.6 billion and equity of around US$1.5 billion, more than 2.7 million customers and a customer service network of more than 750 branches and agencies and more than 1,170 of its own ATMs.

Through the financial services it offers, Grupo Promerica constantly contributes to financial inclusion and to the economic progress of the societies and communities it serves.

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