Popular Inc. announced Tuesday its banking subsidiary, Banco Popular de Puerto Rico, received the prestigious “Bank of the Year Puerto Rico for 2014” award from The Banker, an international banking magazine published by The Financial Times. The Banker is read in 180 countries and was founded in 1926.
The “Bank of the Year” awards, now in its 15th year, recognizes the top financial institutions in the world. Winners were announced at an event at The Intercontinental Hotel, Park Lane, London on Nov. 27.
The awards are the industry’s most widely used index of global banking, and are internationally recognized as the definitive guide to the soundness, strength and profitability of banks, according to The Banker. Banks are assessed by Tier 1 capital, with secondary rankings by assets, capital/asset ratio, real profit growth, profit on average capital, and return on assets.
“We are honored to be recognized by The Banker for the significant strides Banco Popular has made in generating strong revenue growth and securing operational efficiencies in challenging economic times,” said Popular Inc. CEO Richard Carrión.
“The core values that have guided the bank for [more than] 120 years helped us chart a course on which we aspire to continue. We are proud to share this award with our employees, customers, shareholders and the communities we are privileged to serve,” he said.
The award from The Banker is based on several key accomplishments. In 2013, the price of the stock of Popular Inc. rose 38 percent, the commercial loan portfolio increased by 3 percent, the bank repaid $935 million in outstanding TARP funds, and U.S. operations consolidated into two key regions, New York/New Jersey and South Florida.
Also considered in the award, were the thousands of hours that Popular employees devoted to community service in 2013, and the nearly $2 million donated to nonprofit organizations, 80 percent of which were in education, and 20 percent focused on economic development.
Banco Popular de Puerto Rico is the leading financial institutions in the following categories: credit cards with 52 percent of the market, 40 percent in lending, 32 percent in mortgage, 38 percent in commercial and construction lending, 31 percent in personal loans, and 37 percent in overall lending.
The company is also recognized for its online banking platform, “Mi Banco Online” and mobile app, “Mi Banco Mobile.”