Lime and sand for FirstBank | Economy

First BanCorp, parent company of FirstBank, closed last quarter of last year with revenues of $ 36.4 million and an annual cumulative of $ 167.4 million, which translates into 76 cents per diluted share.

In the fourth quarter, the company reflected 16 cents per diluted share, which represents a decrease compared to the 21 cents they reflected in the third quarter of the same year when they generated $ 46.3 million.

The president of the corporation, Aurelio Alemán, pointed to THE VOICE that 2019 was a good year for the banking institution and that the results of the last quarter are influenced by a tax increase and the costs related to the acquisition of Banco Santander Puerto Rico for $ 1,100 million.

Although the institution is still waiting for the approval of the transaction, upon completion, FirstBank will have an approximate of $ 17.6 billion in assets, $ 12 billion in loan portfolio and $ 14.2 billion in deposits. Santander held assets of $ 6.2 billion, $ 3.1 billion in loans and $ 5 billion in deposits until last June.

“The contract was signed in October and there are legal expenses that are included in the numbers of the last quarter. It depends on the approval, but we estimate that at any time during the second quarter of this year we can make the transition, ”said Alemán.

Throughout the year, the financial report indicates a net income of $ 167.4 million. This represents an approximate 20% decrease compared to the $ 201.6 million recorded at the end of 2018. 2018 earnings were enhanced by a tax adjustment.

“Year over year, net interest income was 6% higher, loan origination grew 24% and we reached $ 4,300 million in loans originated. In addition, deposits grew 6% and bad loans fell 32%. We have progressed from one year to another and 2019 was better than 2018, ”he said.

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