First BanCorp, parent of FirstBank Puerto Rico reported a net loss of $14.8 million for the fourth quarter of 2011, compared to a net loss of $24 million for the third quarter of 2011 and a net loss of $251.4 million for the same year-ago period in 2010.
Oriental Financial Group Inc. reported a loss of $13.1 million during the fourth quarter of 2001, sharply contrasting the positive results for the same year-ago quarter, when it recorded $3.9 million in income. The result for the quarter ended Dec. 31, 2011 also reflected a drop from the $15.6 million in the books for the prior quarter ended Sept. 30.
Refinancing a property is usually an expensive proposition that entails costly appraisals as well as fees that can add up to thousands of dollars, which often hold home owners back from reworking their loans to take advantage of dropping interest rates.
If you are one those people who are used to swiping a locally-issued ATM card issued to pay for purchases at stateside retailers, just as you would with cash, you may want to check with your bank whether that option is still available to you.
Popular Inc. reported net income of $3 million for the quarter ended Dec. 31, 2011, compared with net income of $27.5 million for the quarter ended Sept. 30, 2011, and a net loss of $227.1 million for the quarter ended Dec. 31, 2010.
Banco Popular’s “Echar Pa’lante” institutional campaign, launched five months ago, is entering a new phase this year that calls for developing a long-term blueprint to foster entrepreneurship and education to help drive Puerto Rico’s individual and collective growth.
Doral Financial Corporation, the parent company of Doral Bank, reported net income of $11.7 million for the fourth quarter ended Dec. 31, 2011, compared to a net loss of $30.2 million for the quarter ended Sept. 30, 2011 and a net loss of $36.1 million for the quarter ended Dec. 31, 2010.
Believing there is “uncertainty surrounding Cooperativa de Seguros de Vida de Puerto Rico’s ability to generate consistent and sustainable positive earnings from its core lines of business,” respected insurance industry monitor A.M. Best Co. has revised the company’s outlook to stable from positive and affirmed the financial strength rating of B- (Fair) and issuer credit rating of “bb-.”
Following a year taken up mostly by efforts to stabilize operations, the banking sector is ready to regain full financial footing and begin growing loan portfolios in 2012. All that activity should yield a much-needed positive effect on the economy, several high-ranking bankers told News is my Business.
First BanCorp, the bank holding company for FirstBank Puerto Rico, announced late Wednesday that it will delist its preferred stock from the New York Stock Exchange, effective before the market opens Jan. 17.
QBE Insurance Group announced Wednesday it has agreed to acquire Optima Insurance Group, an underwriting group in Puerto Rico that posted an estimated $100 million in gross written premium in 2011. The financial terms of the deal were not revealed.
The continued deterioration of European credit has reached Puerto Rico’s insurance market, with the recent decision by reputed insurance industry rating agency, A.M. Best to place the ratings of MAPFRE PRAICO Group and its members under review with negative implications.
After suffering several years of substantial losses locally and stateside, Banco Popular has “solidified its capital base” and is “now poised to build upon its dominant position in Puerto Rico while returning its mainland operations to profitability,” investment banking firm B. Riley said in a report released Wednesday.
Gov. Luis Fortuño appointed former BBVA executive and banking industry veteran Rafael Blanco to head the Office of the Financial Institutions Commissioner, effective Jan. 1. Blanco will succeed current OCIF chief Alfredo Padilla, who will retire after nine years at the agency.
Three high-ranking executives — President Julio Juliá, Mark Rishell and Javier Magriná — have left Medical Card Systems Inc., the company’s board of directors announced Tuesday.
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