The executive president of Banco ADOPEM said that after the second year of receiving assistance from the bank, 24% of their customers rose out of poverty and 10% improved their poverty levels, access to health care, housing, formal education levels and other social well-being indicators.
Mercedes Canalda de Beras-Goico highlighted at ADOPEM Annual Ordinary General Assembly that ADOPEM closed 2014 with 56 branch offices located in different geographic areas of the country (19 in the metropolitan area and 37 in rural areas); it has three customer service mini-agencies, two service points and 40 banking sub-agents; in addition to 1,085 employees, of whom 493 are executives specializing in microfinance.
In her Management Report for 2014, the banking executive said that availabilities amounted to RD$351.4 M, of which 53.1% corresponded to deposits at the Central Bank to comply with the requirement of 8.1% for Legal Reserve.
Its assets are RD$1,346.5 M, up 21% over 2013.
The solvency rate in that month stood at around 16.91% (with interest rate risks), above that required by the prudential regulations, which is 10%
She indicated that total assets at the end of 2014 amounted to RD$5,331.5 M, RD$877.4 M higher than in December 2013, with better-than-predicted level of compliance in almost all categories.
Productive assets account for 90.01% of total assets, with good channeling of resources and a liquidity rate of 18.28% (includes availabilities + investments).
Investments in other banks are placed with a term of less than 180 days, and amount to RD $623.4 M.
The loan portfolio represents 79.6% of the total assets with an amount of RD $4,245.7 M, up 20.4% from the previous year.
In 2014 the Microfinance Information Exchange (MIX) granted Banco ADOPEM its Certificate of Transparency, with the highest score –five Diamonds– awarded by the international organization for its scope and impact, financial data and risk rating.
In addition, MicroRate, the private international rating agency, raised ADOPEM’s financial rating to Alpha Plus (α+) with a stable trend, the maximum rating on the current scale, and the bank now “currently represents the only financial institution that has reached this level”.
The international rating agency highlighted that this excellent financial position is the result of a well-run all-round management. In the opinion of the International Committee, this improvement was based on the increase in the score in its financial profile, from ALPHA (α) to Alpha plus (α +).
The credit institution raised its Social Rating to four and a half stars (4.5) with a Stable outlook, and its Social Result and Social Commitment are in the Excellent range.
Fitch Ratings, another international rating agency, reported that Banco ADOPEM had increased its long-term national risk rating to A+ (dom) with a stable outlook, up from its score of A (dom), and also confirmed the short-term national risk rating at F1 (dom).