ADOPEM Bank loan portfolio grows by more than 15% in 2016

The Savings and Credit Bank ADOPEM, serving vulnerable entrepreneurs in the Dominican Republic, increased its loan portfolio in 2016 by more than 15% over the previous year. At year end, BBVA Microfinance Foundation had 225,858 outstanding loans and a customer base of more than 390,000 people.

The impact of Banco ADOPEM’s products and services has enabled them to consolidate their customers’ progress, with an average increase in their business utilities by 29% compared to 2015, and their assets by 27%. In fact, 13,475 customers who renewed their loans, categorized as poor in their initial records, overcame the poverty threshold in 2016.

The CEO of ADOPEM, Mercedes Canalda, indicated that, in December 2016, the bank’s total assets amounted to DR $7.295 billion, a difference of more than DR $1.451 billion compared to the same month in 2015.

Through the programs offered by the ADOPEM NGO Training Center, 30,000 people have received training and financial education to prevent overindebtedness.

Also, since last year, ADOPEM Bank has covered all provinces in the country, with 74 branch offices and 135 banking sub-agents and its Fitch Rating is AA-.