SAN JUAN, Puerto Rico--(BUSINESS WIRE)--
Popular, Inc. (
BPOP) announced Banco Popular de Puerto Rico, its banking subsidiary, has been named “Bank of the Year Puerto Rico” by The Banker, The Financial Times’ international banking magazine. This marks the sixth consecutive year Banco Popular de Puerto Rico has received this prestigious recognition.
The Banker highlighted Banco de Puerto Rico’s continued growth as Puerto Rico and its banks grappled with the painful aftermath of Hurricane Maria. Popular’s net profits for 2018 were more than double the previous year, as was the return on equity ratio. Assets and Tier 1 capital also grew, while non-performing loans remained stable and comfortably under 3%.
As others reduced their exposure to the territory, the bank even managed to expand, completing the $2bn acquisition of auto and auto-related commercial loans from Wells Fargo’s local auto finance business. The transaction expanded Popular’s auto loan portfolio as well as its origination team. Popular also brought in 30,000 new customers. The Banker acknowledged Popular’s mobile banking services.
We are the champions, my friends...