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Financial Institutions Commissioner Releases Industry Figures

Most Commercial Banks Registering Hefty Growth


September 12, 2002
Copyright © 2002 CARIBBEAN BUSINESS. All Rights Reserved.

The latest consolidated report on the condition of banks operating in Puerto Rico shows that a majority of the island’s 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 island’s 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 place–and climbing fast since last year–is 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, Citibank’s assets stood at $3 billion, Oriental’s at $2.4 billion, and Scotiabank’s 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 & Trust’s assets were $713 million, down from $722 million a year ago.

This Caribbean Business article appears courtesy of Casiano Communications.
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