The V2A banking report dashboard provides additional detail on the performance for banks in Puerto Rico in Q1 2024.

Discover the solid performance of Puerto Rico's Banking sector during 2023 in terms of profitability and asset quality. In this report, we analyze the changes in market shares since the acquisition of Banco Santander PR and Scotiabank PR by Firstbank and Oriental Bank.

The Puerto Rico banking industry reached a pre-tax ROE of 20.2% in the first half of 2022. Since 2018, local banks have outpaced their US peers in terms of profitability thanks to the continuous reduction of loan delinquency, their higher interest margin, and the effective management of operating expenses in an environment of low economic activity.

The Puerto Rico banking industry reached a pre-tax ROE of 22.6% in 2021, the highest since 2004. There is an unprecedented level of liquidity in the market, with deposits growing by 32% between 2019 and 2021.

The Puerto Rico banking industry reached a pre-tax ROE of 22.5% in the Jan-Sep 2021 period driven by three factors: 1) Higher leverage levels, 2) Higher operational efficiency, and 3) Lower provision expense.

Total banking assets increased by 12% in the first half of 2021 driven by higher private and public deposits. The lending business has remained stable in the past years with a very dynamic auto financing compensating for the decreasing mortgage, commercial, and consumer credit portfolios