Local banks report higher net income.(PUERTO RICO)

0 Comments | Caribbean Update, September, 2005

LOCAL BANKS REPORT HIGHER NET INCOME. Interest-rate pressure, legislative upheavalconcerning taxes, and individual situations at several of the local banking institutions added up to a challenging second quarter for the industry. However, Popular Inc., First BanCorp, and W Holding, the three largest banks on the island, all delivered positive marks for the second quarter ended June 30, reports Caribbean Business (Aug.

4, 2005). Popular Inc. reported US$132.4 million in net income for the second quarter, up 4% from 2004. First BanCorp., the second-largest Puerto Rico financial holding company after Popular Inc., reported net income of US$57.1 million, up 42.95% from 2004. W Holding Co. reported net income of US$45.8 million for the second quarter, up 11.56% from 2004.