Three of Puerto Rico’s main banks — Banco Santander Puerto Rico, Popular Inc. and FirstBank Puerto Rico — banks can absorb further asset quality stress resulting from Puerto Rico’s recession for at least two more years, Moody’s Investors Service said in a report released Thursday.
At a time when major construction projects in Puerto Rico are at a standstill, Popular Inc. is moving forward with its $30 million Urban Hub project in Hato Rey, where several pieces were installed over the weekend.
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.
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