Peer Analysis — Market Monitor

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Section 0

Archetype Comparison

Strategic classification of each entity based on rules-based inference engine

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BANRESERVAS

DOP 589.0B deposits · 4.68M accounts

\nRetail-Anchored\n⚠ CFP Alert\n

Confidence

0.81

1 red1 yellow

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BHD

DOP 162.5B deposits · 1.06M accounts

\nCarry / Duración\nRetail-Anchored\n

Confidence

0.74

1 yellow

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POPULAR

DOP 302.4B deposits · 1.22M accounts

\nFX-Tilted\nRetail-Anchored\n

Confidence

0.79

1 yellow

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SANTA CRUZ

DOP 0.36B deposits · 1,595 accounts

\nMonitoring Required\n

Confidence

0.40

1 yellow

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Section 1

Master KPI Comparison Table

All KPIs across four analytical blocks with alert thresholds

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KPI ID	KPI Name	BANRESERVAS	BHD	POPULAR	SANTA CRUZ	Alert
Block A — FX Position
FX_001	Net FX Position (PNME)	DOP 12.3B	DOP 5.1B	DOP 8.7B	DOP 0.02B	±15% equity
FX_002	PNME / Equity	8.2%	6.4%	9.1%	3.8%	>15% red
FX_003	FX Assets / Total Assets	18.5%	20.1%	32.4%	28.7%	—
FX_004	Investment Portfolio ME Conc.	22.1%	28.3%	38.6%	35.2%	>40% yellow
FX_005 ✦	Deposit Dolarization (TDC)	24.1%	24.1%	48.4% ⚠	40.2% ⚠	>40% yellow
FX_006 ✦	DOP/USD Time Deposit Spread	5.33pp ⚠	3.81pp	2.27pp	4.10pp	<2 / >6pp
Block B — Liquidity
LIQ_001	Available Liquidity (CLD)	32.1%	29.4%	27.8%	35.6%	<15% red
LIQ_002	RALP	1.42	1.38	1.31	1.55	<1.0 red
LIQ_003	Maturity Transformation (RTP)	0.85	0.92	0.88	0.78	>1.2 red
LIQ_STR ✦	Stress Test Coverage	1.28	1.15	1.22	1.45	<1.0 red
Block C — Investment Portfolio
INV_001	Investments / Total Assets	24.3%	31.5%	22.8%	28.1%	—
INV_002	YoY Portfolio Growth	+8.2%	+14.6%	+5.3%	+22.1%	>±25% red
INV_003	Portfolio Mix by Category	Diversified	MHV-heavy	Diversified	VR-heavy	—
INV_004	Sovereign vs Private Conc.	72% sov.	65% sov.	68% sov.	58% sov.	—
INV_005	Implicit Portfolio Yield	11.2%	12.8%	10.5%	11.9%	—
Block D — Deposit Funding
CAP_001 ✦	Instrument Mix	Sav 58.2%	Sav 45.3%	Sav 55.7%	CC 47.3%	—
CAP_002 ✦	Deposit Granularity (IGD)	DOP 126K	DOP 154K	DOP 247K	DOP 224K ⚠	Conc. risk
CAP_003 ✦	Granular Stability (IEFG)	~71%	~73%	~68%	low ⚠	<50% red
CAP_004 ✦	Public Sector Concentration	15.4% 🔴	~0% ✔	0% ✔	0% ✔	>15% red
CAP_005 ✦	Granular Funding Cost (CIFG)	9.40% DOP	7.91% DOP	6.36% DOP	7.00% DOP	—
CAP_006 ✦	Effective Available Balance	95.9%	93.6% ⚠	98.3%	99.4%	<95% yellow
CAP_007 ✦	Client Segment HHI	~0.19 ⚠	~0.18	0.10 ✔	~0.38 🔴	>0.30 red

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Block A

FX Position

Which entities carry the most FX risk in their deposit base and investment portfolio?

Deposit Dolarization (TDC) — FX_005

% of deposits denominated in foreign currency · Ranked descending

POPULAR48.4% ⚠

40%

55%

SANTA CRUZ40.2% ⚠

BHD24.1%

BANRESERVAS24.1%

POPULAR's 48.4% deposit dolarization is the highest in the peer group. If FX assets do not match this proportion, the entity carries structural FX liability risk. Verify against FX_002 (PNME/Equity ratio).

DOP/USD Time Deposit Spread — FX_006

Spread in percentage points · Lollipop chart

BANRESERVAS

6.0pp

5.33pp ⚠

SANTA CRUZ

4.10pp

BHD

3.81pp

POPULAR

2.0pp floor

2.27pp ✔

Spread convergence (< 2pp) signals potential shift toward USD liability growth. Spread above 6pp signals entity is under pressure to attract DOP depositors at above-market cost.

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Block B

Liquidity

Which entities have the deepest liquidity buffer, and how does the runoff profile differ?

Available Liquidity Ratio (CLD) — LIQ_001

Semi-circular gauges · Red <15% / Amber 15-25% / Green 25-40%

BANRESERVAS

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32.1%

BHD

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29.4%

POPULAR

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27.8%

SANTA CRUZ

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35.6%

Stress Test Coverage — LIQ_STR

30-day stress coverage ratio · Reference: 1.0x

SANTA CRUZ1.45x

1.0x

BANRESERVAS1.28x

POPULAR1.22x

BHD1.15x

Maturity Transformation (RTP) — LIQ_003

Ratio · Reference: 1.0 structural / 1.2 alert

BHD0.92

1.0

1.2

POPULAR0.88

BANRESERVAS0.85

SANTA CRUZ0.78

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Block C

Investment Portfolio

How does each entity allocate its portfolio by category, sovereign concentration, and implied return?

Portfolio Category Mix — INV_003

Stacked horizontal bars by accounting category (post-Circular 019/22)

VR ResultsVR EquityAmortized CostOther

BANRESERVAS

25%

30%

40%

BHD

15%

20%

58%

POPULAR

30%

28%

35%

SANTA CRUZ

42%

22%

28%

Sovereign vs Private Concentration — INV_004

% sovereign (BCRD + Gobierno Central) vs % private

SovereignPrivate

BANRESERVAS

72%

28%

POPULAR

68%

32%

BHD

65%

35%

SANTA CRUZ

58%

42%

Implicit Portfolio Yield vs Peer Avg — INV_005

Annualized yield · Peer avg dashed line

BHD

Peer avg 11.6%

12.8%

SANTA CRUZ

11.9%

BANRESERVAS

11.2%

POPULAR

10.5%

YoY Portfolio Growth — INV_002

Diverging bar chart · Center = 0% · Alert: ±25%

SANTA CRUZ+22.1%

BHD+14.6%

BANRESERVAS+8.2%

POPULAR+5.3%

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Block D

Deposit Funding

How stable, granular, and costly is each entity's deposit base? Where are the structural vulnerabilities?

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Instrument Mix Side-by-Side — CAP_001

100% stacked bars by instrument type · Source: Captaciones Dec 2025

SavingsTime DepositsCC Non-Rem.CC Rem.Other

BANRESERVAS

58.2%

32.9%

7.5%

BHD

45.3%

45.0%

5.1%

POPULAR

55.7%

23.9%

20.5%

SANTA CRUZ

47.3%

8.1%

44.5%

POPULAR is the only entity with Remunerated Checking Accounts as a strategic instrument (20.5%). This differentiates its funding cost structure.

SANTA CRUZ: 44.5% in non-remunerated checking is atypically high and concentrated in only 1,595 accounts. Single large withdrawal = material liquidity event.

BHD has the highest time deposit concentration (45.0%), implying contractual stability but highest renewal risk if DOP rates shift.

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Funding Cost by Instrument and Currency — CAP_005 (CIFG)

DOP vs USD time deposit rates and spread

DOP RateUSD RateSpread

BANRESERVAS

9.40%

DOP Time Dep.

4.07%

USD Time Dep.

5.33pp ⚠

BHD

7.91%

DOP Time Dep.

4.10%

USD Time Dep.

3.81pp

POPULAR

6.36%

DOP Time Dep.

4.09%

USD Time Dep.

2.27pp ✔

SANTA CRUZ

7.00%

DOP Time Dep.

2.90%

USD Time Dep.

4.10pp

USD rates across BANRESERVAS, BHD, and POPULAR converge at ~4.09%, consistent with an internationally priced market. SANTA CRUZ's 2.90% is 119bps below group average. DOP rates diverge significantly (6.36%–9.40%), reflecting different market positions and competitive pressures.

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Deposit Granularity — CAP_002 (IGD)

Account count · Avg balance · Stability ranking

BANRESERVAS

4.68M

accounts

Avg DOP 125,919

★★★★★

Most stable

POPULAR

1.22M

accounts

Avg DOP 246,917

★★★☆☆

BHD

1.06M

accounts

Avg DOP 154,008

★★★★☆

SANTA CRUZ

1,595

accounts

Avg DOP 223,512

★☆☆☆☆

Concentration risk

Public Sector Concentration — CAP_004 (CFP)

% deposits from state-owned entities

BANRESERVAS15.4% 🔴

10%

15%

BHD~0% ✔

POPULAR0% ✔

SANTA CRUZ0% ✔

⚠ Idiosyncratic Funding Risk — BANRESERVAS

15.4% of total deposits (DOP 90.5B) originate from state-owned entities:

EDENORTE / EDESUR / EDEESTE: DOP 79.9B
Municipal governments: DOP 7.5B
Central Government: DOP 3.3B

This funding responds to policy decisions, not commercial dynamics. Estimated runoff factor: 25% in stress scenarios — 5× higher than equivalent retail savings.

Normative anchor: Manual de Contabilidad Ene-2023, Clase 2, Grupo 21 / CAP_004 threshold: >10% yellow, >15% red.

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Account Availability — CAP_006

Active vs Restricted vs Inactive

ActiveRestrictedInactive

SANTA CRUZ 99.4%

99.4%

POPULAR 98.3%

98.3%

BANRESERVAS 95.9%

95.9%

3.4%

BHD 93.6% ⚠

93.6%

6.2%

BHD has the highest restricted balance ratio (6.2%), driven by DOP 7.9B in deposits pledged as loan collateral. Effective liquid balance for stress testing: DOP 152.1B, not the reported DOP 162.5B.

Client Segment Diversification — CAP_007 (HHI)

Herfindahl-Hirschman concentration index · Lower = better diversified

POPULAR~0.10 ✔

0.20

0.30

BHD~0.18

BANRESERVAS~0.19 ⚠

SANTA CRUZ~0.38 🔴

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Section 6

Divergence Radar

Executive summary — 8-axis normalized comparison across all analytical dimensions

Multi-Axis Radar — Normalized 0–100

Each axis: 100 = best in class among peer group

BANRESERVASBHDPOPULARSANTA CRUZ

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Notable Divergences — Dec 2025

Peer Group: BANRESERVAS · BHD · POPULAR · SANTA CRUZ

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Dimension	Outlier	Direction	Value	Peer Avg	KPI
Public Sector Funding	BANRESERVAS	↑ Significantly above	15.4%	~3.9%	CAP_004
Deposit Dolarization	POPULAR	↑ Above threshold	48.4%	34.2%	FX_005
DOP Funding Cost	BANRESERVAS	↑ Highest in group	9.40%	7.67%	CAP_005
DOP Funding Cost	POPULAR	↓ Lowest in group	6.36%	7.67%	CAP_005
Account Granularity	BANRESERVAS	↑ Most granular	4.68M	1.74M	CAP_002
Account Granularity	SANTA CRUZ	↓ Critical concentration	1,595	1.74M	CAP_002
Restricted Balance	BHD	↑ Highest in group	6.19%	2.77%	CAP_006
Portfolio Carry	BHD	↑ Time deposit anchor	45.0%	27.5%	CAP_001
Client Diversification	POPULAR	✔ Best in group	HHI ~0.10	~0.21	CAP_007
Client Concentration	SANTA CRUZ	🔴 High risk	HHI ~0.38	~0.21	CAP_007

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\nSources: Estado de Situación · Cartera de Inversiones · Captaciones del Público · Dec 2025 · SIMBAD
\nData as of December 2025 · Peer Analysis — Market Monitor · Quantech\n

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