Due to the possibility of a government default on some $2 billion in debt service due July 1, Puerto Rico credit unions confirmed they have enough financial capacity to face the situation, with $486 million in reserves to face possible investment losses.
Twenty eight proposals from local entrepreneurs were chosen the winners of the first edition of Popular Inc.’s “StartUp Popular” initiative, which seeks to promote entrepreneurship and the economic development of Puerto Rico, bank officials said Wednesday.
First BanCorp., the parent company for FirstBank Puerto Rico, reported Monday net income of $23.3 million for the first quarter of 2016, or $0.11 per diluted share, compared to $15 million, or $0.07 per diluted share, for the fourth quarter of 2015 and $25.6 million, or $0.12 per diluted share, for the first quarter of 2015.
Encouraged by the progress shown by its U.S. mainland operation and by the strength of its Puerto Rico franchise, Popular Inc. reported Monday net income of $85 million for the first quarter ended Mar. 31, 2016, compared to net income of $137.4 million and an adjusted net income of $98.3 million for the quarter ended Dec. 31, 2015.
Popular Community Bank, a subsidiary of Popular Inc., announced Wednesday the expansion of its high tech branches with the opening of the 285 Madison Avenue location in New York City.
EVERTEC Inc. announced Wednesday that as a result of its failure to timely file its annual report for fiscal year ended Dec. 31, 2015, it has been warned by the New York Stock Exchange that it is not in compliance with listing requirements.
First BanCorp. wrapped up what top executives called a “very busy year” with net income of $21.3 million, or $0.10 per diluted share for 2015, compared to $392.3 million, or $1.87 per diluted share, for the year ended Dec. 31, 2014.
The Puerto Rico Bankers Association has called upon the legislature for the prompt approval of the Puerto Rico Electrical Power Authority Revitalization Act, which will enable the public corporation to complete the necessary restructuring process.
Popular Inc. reported net income of $137.4 million and adjusted net income of $98.3 million for the quarter ended Dec. 31, 2015, compared to net income of $85.6 million and an adjusted net income of $93.4 million for the quarter ended Sept. 30, 2015.
Puerto Rico's largest bank is putting its money behind start-ups through an innovative program that is already generating some interest among entrepreneurs.
The decision announced Wednesday by the Federal Reserve System to increase interest rates by 25 basis points “does not represent a significant impact” on Puerto Rico’s economy or for bank customers.
Puerto Rico’s credit unions have shown “solid performance” over the past five years, with an 8 percent growth in assets and membership growth of nearly 10 percent.
Looking to encourage transformation and creativity during tough economic times, and in celebration of “Entrepreneurship Week,” Banco Popular announced Thursday the launch of the “Popular StartUp” program.
First BanCorp., parent company of FirstBank Puerto Rico, on Monday reported net income of $14.8 million for the third quarter of 2015, or $0.07 per diluted share, compared to a net loss of $34.1 million, or $0.16 per diluted share, for the second quarter of 2015 and net income of $23.2 million, or $0.11 per diluted share, for the third quarter of 2014.
Puerto Rico’s two largest banks — Banco Popular and Oriental — confirmed separately on Friday that they’re working to reduce their exposure to risk associated with the island’s government, which they have financed in different capacities over the years.
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