The top performing industry in the DR in 2000 was the banking industry. According to a news report in El Siglo, commercial banks made profits of RD$2,440 million in 2,000, which was 36.4% more than their earnings during the previous year. Bank profitability has been increasing year after year. Banks are one of the few industries in the DR that are not subject to competition from abroad. In an analysis of the banking industry, El Siglo says that depositors are showing a preference for US dollars. Savings in US dollars are more than US$861 million, or 50% more than in 1999. Savings in Dominican pesos increased only 8.1%. Local banks granted loans for RD$74,727 million, up 23.5%. Banks gave preference to foreign currency loans, consumer loans and credit card financing. Credits in foreign currency reached US$1,092.4 million, up 47.3% compared to 1999. Banks granted RD$8,149.7 million in consumer loans, up 45% compared to the previous year. Bank assets grew 25.2% in 2000, reaching RD$124,820 million. The five largest banks — Reservas, Popular, Baninter, Bancredito and Progreso — had assets of RD$96,644.1 million, or 77.4% of the total assets of banks operating in the DR.
