Puerto Rico’s credit unions remain stable during Q1 2019

According to figures published by COSSEC, local credit unions remain stable during the first quarter of 2019. Information posted by the regulator, shows a reasonable performance even though, the economy is sending mixed signs.

For instance, total assets for credit unions have reached $8.77 billion for the end of the first quarter of 2019, this means that as they have decreased by $81.74 million or 0.92% when compared to the first quarter of 2018.

However, assets have increased slightly when compared to the last quarter of 2018 when they totaled $8.72 billion, since then assets have increased by $55.65 million or 0.64%.

Deposits

Deposits reached $5.95 billion in the first quarter of 2019, $47.26 million or 0.79% less than the $5.99 billion registered during the same quarter of the previous year. However, deposits have increased by $62.9 million or 1.07% when compared to the last quarter of 2018 when they totaled $5.6 billion.

Overall deposits have behaved similarly to assets, decreasing slightly in the first quarter of 2019 when compared to the first quarter of 2018 and increasing when compared to the last quarter of 2018.

Capital

Total capital reached $2.71 billion for the first quarter of 2019, this means that total capital has decreased by $51.26 million or 1.85% as of the first quarter of 2018. Additionally, total capital has also decreased by $10.78 million within the first quarter of 2019 when compared to the fourth quarter of 2018 when total capital sat at $2.72 billion.

Loans

Meanwhile loans have grown by $251.51 million or 5.32% when compared to the first quarter of 2018 when they totaled $4.72 billion, at the closing of the first quarter of 2019 loans totaled $4.98 billion.

A significant amount of this increase was registered during the first quarter alone as total loans increased from $4.92 billion in the last quarter of 2018 all the way to their current total, this means that total loans increased by $60.14 million or 1.22% on the first quarter of 2018 alone.

The increase in total loans along with a delinquency rate of 3.71(Shown below), the lowest it has been since 2011 according to our database seems like good news for the credit union industry.

Additionally, all types of loans have increased when compared to the first quarter of 2018 and weighted interest for total loans this quarter was of 7.5%.

For more analysis or information about our economic platform, call at (787) 404-3496 or info@economiapr.com

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