World News: 14:00 GMT Tuesday 3rd December 2019. [Popular, Inc. via Businesswire via SPi World News]
Popular, Inc. (NASDAQ: BPOP) announced Banco Popular de Puerto Rico, its banking subsidiary, 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 Banker highlighted Banco de Puerto Rico’s continued growth as Puerto Rico and its banks grappled with the painful aftermath of Hurricane Maria. 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%.
As others reduced their exposure to the territory, the bank even managed to expand, completing the $2bn 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 Ignacio Alvarez, President and CEO of Popular, Inc. “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.”
The Banker, is a financial intelligence magazine, founded in 1926 and provides international bank ratings. Award judges which included a panel of editors were impressed by the strength of digital transformation efforts across the globe and move their institutions into a new era. They gave awards in 138 countries this year. This marks the 20th year of the rankings and awards.
Banco Popular de Puerto Rico has been recognized eight times as “Bank of the Year Puerto Rico.”
About Popular, Inc.
Popular, Inc. is the leading financial institution by both assets and deposits in Puerto Rico and ranks among the top 50 U.S. bank holding companies by assets. Founded in 1893, Banco Popular de Puerto Rico, Popular’s principal subsidiary, provides retail, mortgage and commercial banking services in Puerto Rico and the U.S. Virgin Islands. Popular also offers in Puerto Rico auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. In the mainland United States, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.
Business Wire: 14:00 GMT Tuesday 3rd December 2019
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