New online tool provides access to P.R. banking statistics
Business consulting firm Vision-to-Action (V2A) announced Wednesday the launching of the largest and most comprehensive database of the banking industry in Puerto Rico.
The “Puerto Rico Banking Indicators Portal” provides access to statistics on the performance of Puerto Rico’s five largest banks and is now part of the Puerto Rico Statistics Institute’s database, marking the first time a private entity joins forces with the government to provide access to this type of information, company executives said.
The new tool, which contains information dating to 2010, provides a foundation to analyze the most important variables and ratios of Puerto Rico’s banks. In addition, the user has the ability to draw conclusions and observe patterns among the most significant industry variables in an immediate and detailed manner.
“Today more than ever we must join efforts and resources from the private sector in Puerto Rico to, as far as possible, increase the visibility and transparency of strategic industries for our economic growth and development,” said Roberto Jiménez, founding partner of V2A.
“With this commitment, through a rigorous analysis and from a deep industry knowledge, V2A is making available to senior executives, the international community, researchers, investors, journalists and any person or corporation interested in industry, the use of the innovative free tool to study our local banks,” said Jiménez.
The website has two principal missions, he said, which is to provide bank comparisons and time series data in line and bar graph formats. Data is available for Banco Popular, FirstBank, Oriental, Santander and Scotiabank.
As part of the launch, V2A asked the Statistics Institute to assess the quality of data presented in the portal, he said.
“We’re pleased that the quality of the statistics presented by the ‘Puerto Rico Banking Indicators Portal’ was pre-accredited by the Statistics Institute. So far, only about 60 statistical products in the inventory have been pre-accredited by the Institute,” said Statistics Institute Executive Director Mario Marazzi-Santiago.
“The “Puerto Rico Banking Indicators Portal” is the first private sector initiative that seeks the recognition that the Institute provides to statistical products that aspire to quality, whether from public or private sources, in accordance with our enabling Act,” he said. “Once again we showed that the private sector can contribute to solving problems facing our society.”
For now, V2A is populating its website using data the banks must submit to the Federal Deposit Insurance Corp. by set deadlines. The website, which now has the banking data available through the second quarter of this year, will be updated again in December.