Banco Popular de Puerto Rico has been named “Bank of the Year Puerto Rico” by “The Banker,” The Financial Times’ international banking magazine.
This marks the sixth consecutive year Banco Popular de Puerto Rico has received this prestigious recognition, the financial institution confirmed.
“The Banker” highlighted Banco de Puerto Rico’s continued growth as Puerto Rico and its banks grappled with the aftermath of Hurricane María.
Popular’s net profits for 2018 were more than double the previous year, as was the return on equity ratio. Assets and Tier 1 capital also grew, while non-performing loans remained stable and comfortably under 3%, the bank stated.
As others reduced their exposure to the territory, the bank expanded, completing the $2 billion acquisition of auto and auto-related commercial loans from Wells Fargo’s local auto finance business. The transaction expanded Popular’s auto loan portfolio as well as its origination team. Popular also brought in 30,000 new customers.
“The Banker” acknowledged Popular’s mobile banking services.
“The perseverance of our employees, their drive to become a better organization each day has enabled Popular to achieve consistent growth and realize shareholder value,” said Popular Inc. President Ignacio Álvarez.
“Leveraging our strong foundation, we are determined to grow our franchise in a sustainable and profitable manner, embrace technology to simplify our operations, enhance the customer experience and prepare for the future by strengthening our controls and ensuring we have the talent with the necessary skills to continue to thrive,” he said.
Banco Popular de Puerto Rico has been recognized eight times as “Bank of the Year Puerto Rico.”