Puerto Rico

Banco Popular de Puerto Rico

Banco Popular de Puerto Rico (BPPR), Puerto Rico’s largest bank, wins the first award given for Puerto Rico. The judges chose it for its fine performance in 2002 and its commitment to improving the society of the US protectorate.

Despite the effects of the US economic slowdown last year, BPPR boosted pre-tax profit by a healthy 14.7% and achieved an ROE of about 23%, which was- better than most of its rivals. There were also moderate gains in the bank’s assets and Tier 1 capital.

Thanks to an innovative customer rewards programme, BPPR was able to build on its lead position in Puerto Rico’s retail market, where it operates 291 branches. The programme, which was rolled out at the beginning of 2002, has already attracted 150,000 clients, 7600 of whom are new. This, in turn, has prompted a 20% increase in savings accounts with the bank and a 14% rise in personal loans.

Beyond ensuring widespread access to banking services on the island, BPPR has traditionally helped to finance numerous social activities. These include projects aimed at improving education, the arts, sports community development and the living conditions of the underprivileged.