This new proposal charts a growth path for entrepreneurs of all stages, whether they are startups, small and medium-sized businesses or large corporations, bank officials stated. #NewsismyBusiness
Puerto Rico’s economy is strong enough to mitigate the recent interest rate increases implemented by the Federal Reserve to fight inflation in the U.S. economy, First BanCorp. CEO Aurelio Alemán said. #NewsismyBusiness
“We are encouraged by the resiliency of the U.S. economy and sustained economic activity in Puerto Rico,” said Popular Inc. CEO Ignacio Álvarez. #NewsismyBusiness
First BanCorp. will release second quarter results later this week. #NewsismyBusiness
This is the bank’s 10th consecutive quarter that reflects growth. #NewsismyBusiness
The startup plans to introduce more innovative products within the next few months to further strengthen its offerings. #NewsismyBusiness
“The commercial loan options are as varied as they are promising, since they include spaces for rent, restaurants, and consumer services,” officials said. #NewsismyBusiness
In the report, Popular Inc. confirmed net interest income of $531.7 million in the most recent quarter, compared to $494.3 million for the same year-ago period. #NewsismyBusiness
Net interest income reached $200.9 million for the first quarter of 2023, compared to $185.6 million for the first quarter of 2022, and $205.5 million for the quarter ended Dec. 31, 2022. #NewsismyBusiness
“We’re seeing an ongoing improvement, and Puerto Rican clients, our customers, are very well-positioned from the standpoint of their liquidity, as well as businesses,” OFG CEO José Rafael Fernández said. #NewsismyBusiness
Changes aim to modernize the regulatory framework and boost compliance. #NewsismyBusiness
Credit union leaders celebrated the “largest injection of external capital in history.” #NewsismyBusiness
The insurance industry’s Gross Domestic Product (GDP) reached $1.45 billion in fiscal year 2021, representing 28% of the financial sector’s GDP.
“Banks in Puerto Rico are sufficiently well-capitalized and strategically diversified, so their customers’ deposits are completely safe," said OCIF Commissioner Natalia Zequeira.
Funding can be accessed through the Federal Home Loan Bank of New York.
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