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Financial Institutions Commissioner Releases Industry Figures
Most Commercial Banks Registering Hefty Growth
BY KEN OLIVER-MENDEZ
September 12, 2002
The latest consolidated report on the condition of banks operating in Puerto Rico shows that a majority of the islands commercial banks have been doing very well over the last year.
As a whole, assets held by local commercial banks have grown from $55.7 billion for second-quarter 2001 (2Q01) to $66.3 billion for 2Q02. The sector grew by more than $3 billion alone since the previous quarter (1Q02), when total assets stood at $63 billion.
Industry leader Banco Popular registered $20.2 billion in assets as of 2Q02, $3.2 billion higher than the $17 billion recorded for the same period last year.
FirstBank, meanwhile, consolidated its position as the islands second largest commercial bank, with $8.6 billion in assets, compared with $6.4 billion a year ago. Banco Santander, which previously held second place, reported assets of $7.5 billion.
In fourth placeand climbing fast since last yearis Westernbank, with $7 billion in assets. Just a year ago, Westernbank had $5.1 billion.
Banco Bilbao Vizcaya Argentaria (BBVA) came in fifth, with $5.1 billion in assets, while both Doral Bank and R-G Premier Bank are at $4.4 billion (Doral is ahead in assets by a little over $40 million).
According to the report, Citibanks assets stood at $3 billion, Orientals at $2.4 billion, and Scotiabanks at $1.4 billion.
Eurobank, among the smallest local commercial banks, overtook the Bank & Trust of Puerto Rico to capture the No. 10 position with $754 million, up from $529 million a year ago. The Bank & Trusts assets were $713 million, down from $722 million a year ago.
This Caribbean Business article appears courtesy of Casiano Communications.