Popular Inc. announced that for the fifth consecutive year, Banco Popular de Puerto Rico, its banking subsidiary, was recognized as a leading “Bank of the Year Americas” by The Banker, an international banking magazine published by Financial Times, Ltd.
The Banker named Banco Popular de Puerto Rico “Bank of the Year Puerto Rico,” acknowledging the bank’s continued expansion and customer base growth, racking up strong numbers in 2017.
The Banker notes that the bank saw a 17 percent increase in total deposits and added another 31,000 customers. Total assets reached $34.7 billion and market share in total deposits (net of brokered) and total loans increased to 52 percent and 43 percent, respectively.
Of note for The Banker, is that the bank had to work under emergency conditions for months in the wake of hurricanes that struck the island in September 2017.
The Banker also shared that Popular became one of the first banks in the West to use biometrics for authentication and was the first bank in Latin America to offer mobile payment and digital wallet service Samsung Pay.
“We’re thrilled to receive this recognition on the heels of disaster recovery,” Popular Inc. CEO Ignacio Álvarez said, noting Banco Popular celebrated its 125th year anniversary this year.
“At the heart of our success are our employees, whose steadfast commitment to Popular’s customers and communities have set us apart throughout our 125-year history,” he said.
Founded in 1926, The Banker, is a financial intelligence magazine, providing international bank ratings. According to The Banker, award judges were set the task of deciding which banks had performed the best against this backdrop. Banks that have delivered solid financial results while demonstrating prowess in developing new products, services and the employment of new technology were selected.
This marks the 19th year of the rankings and awards were made in 140 countries. The Banker states this year they received some of the strongest entries in the history of their awards.