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ECONOMIC INDICATORS DASHBOARD

Actualizado: 2 de agosto de 2021

 

La venta total de vivienda acumulada durante los meses de enero-junio del 2021 aumentó 82% anual con crecimientos de 25% y 89% en los segmentos de unidades de viviendas nuevas y usadas.

 

El Índice de Precios al consumidor registró un aumento anual de 2.7% en junio del 2021 en comparación con el mismo periodo para el 2020. Entre los componentes que reportaron alzas significativas fueron: combustible para motores (36.2%), combustible para la vivienda (10.9%), alojamiento fuera del hogar (15.2%), transportación privada (8.4%) y calzado (6.8%).

 

El empleo no agrícola se situó en 853,800 en junio de 2021, reflejando un aumento de 55,600 plazas relativo al mismo periodo durante el pasado año. Los sectores que continuaron mostrando una rápida recuperación fueron: recreación y alojamiento (+14,500 empleos), ventas al detal (+12,700 empleos), servicios administrativos (+6,400), manufactura (+5,100 empleos) y construcción (+3,400 empleos). Por su parte, la tasa de desempleo disminuyó de 8.2% en mayo a 8.1% en junio.

 

La actividad económica aumentó 7% anual en mayo de 2021 según muestra el índice de actividad económica publicado por el Banco de Desarrollo Económico. Este crecimiento se atribuyó principalmente al crecimiento en las ventas de cemento, en el empleo no agrícola y en la generación de energía eléctrica.

 

Las reclamaciones iniciales por desempleo aumentaron en un 31% (4,028) durante la semana que finalizó el 19 de junio de 2021 en comparación a las reclamaciones iniciales registradas en la semana anterior.

FINANCIAL STABILITY INDEX FOR BANKS IN PUERTO RICO 

Stability Index for Banks in Puerto Rico First Quarter 2021

Leslie Adames

Director of Economic Analysis and Policy

 

The index measures the financial health of the industry in reference to four criteria: liquidity (i.e., total loans / deposits or LtD), solvency (i.e., capital to total assets or E / A), asset quality (i.e., nonperforming loans or NPL / Total Loans) and profitability (i.e., return on assets or ROA). The index fluctuates between [0,1], with values approaching zero (0) indicating financial fragility and values close to one (1) strength.

 

The index continued improving as of the first quarter of 2021 according to the latest figure of the Puerto Rico’s Banking Industry Financial Stability Index produced quarterly by Estudios Técnicos, Inc. The index increased from 0.52 in the first quarter of 2020 to 0.55 in the fourth quarter of 2020 and then to 0.61 in the first quarter of 2021. 

 

The index increased for the third consecutive quarter driven by sequential improvements in the industry’s liquidity position. Total deposits for the 12 months ending in the first quarter of 2021 rose by $16.0 billion to $75.7 billion when compared to the same period last year. The total loan and lease portfolio increased by $3.6 billion driven primarily by the residential mortgage and commercial loans portfolio which represented 88% of the total annual increase in the industry’s portfolio balance. Stronger growth in deposits relative to loans and lease portfolio balance led to further improvements in the loan-to-deposit (LtD) ratio from 64.61% to 52.13% between 1Q’20 and 1Q’21. 

 

The industry’s profitability improved during the quarter with the return on assets (ROA) increasing for the fifth consecutive quarter from 0.49% in the first quarter of 2020 to 1.42% in the first quarter of 2021. The incremental profitability was driven primarily by the release of $283 million in provisions for loans and lease losses given that the industry continues facing pressure on interest margins despite reductions in the cost of funds. The industry’s net interest margin (NIM) declined from 4.31% in the first quarter of 2020 to 3.45% in the first quarter of 2021.

 

Nonperforming loans to total loans (NPLs) show a sequential improvement from 6.57% in the third quarter of 2020 to 5.47% in the first quarter of 2021. However, on an individual basis, some local banks experienced moderate deterioration in specific business lending segments such as in the commercial and industrial, credit card, and lease financing portfolios.

 

Finally, the solvency of the industry remains strong with the equity capital to total assets at 8.81% in the first quarter of 2021, although lower than 11.74% in the first quarter of 2020. The reduction in the industry’s equity has been influenced by the deduction of $452 million in other comprehensive income in the 1Q’21 (i.e., $855 million negative variations during the 12 months ending in 1Q’21). The industry’s common equity to tier 1 ratio improved sequentially from 15.81% in 4Q’21 to 15.94% in 1Q’21 with the ratio remaining well above the 6.5% minimum regulatory requirement to be considered well-capitalized.

 

FINANCIAL STABILITY INDEX FOR THE CREDIT UNION INDUSTRY IN PUERTO RICO: FIRST QUARTER 2020

Leslie Adames

Director of Economic Analysis and Policy

 

The index measures the financial health of the industry in reference to four criteria: liquidity (i.e., total loans / deposits or LtD), solvency (i.e., capital to total assets or E / A), asset quality (i.e., nonperforming loans or NPL / Total Loans) and profitability (i.e., return on assets or ROA). The index fluctuates between [0,1], with values ​​approaching zero (0) indicating financial fragility and values ​​close to one (1) strength.

 

The index declined slightly from 0.66 in the fourth quarter of 2020 to 0.64 in the first quarter of 2021. The index’s quarterly (i.e., QoQ) performance was driven by a reduction in the profitability and the solvency subindexes. The industry’s profitability remains under pressure as persistent low interest rate continues affecting the yield on loans and net interest margin (NIM). The industry’s NIM dropped from 3.78% in the fourth quarter of 2020 to 3.74% in the first quarter of 2021 reflecting a reduction in loans yields from 7.33% to 7.28% despite a lower cost of funds which declined from 0.57% to 0.49% during the period. On the expense side, the industry’s provisions relative to its total loan portfolio which declined from 2.53% in the second quarter of 2020 to 2.42% in the fourth quarter of 2020, increased slightly to 2.47% in the first quarter of 2021.

 

The moderate reduction in the equity-to-total assets ratio was influenced by various factors. The industry’s total capital (i.e., excluding credit unions’ member stocks) declined from $532 million in the fourth quarter of 2020 to $524 million in the first quarter of 2021 influenced by a quarterly deduction of $21 million related to the reserve valuation of investment, partially offset by increases of $7 million in additional reserves and of $2 million in capital obligations. Meanwhile, the quarterly increase in the industry’s total assets was driven by incremental variations of $40.1 million in cash, $76 million in loan balances, $86 million in saving and CD’s accounts held with other institutions, and $133 million in investments and negotiable securities.

 

The number of credit union membership increased by 9,529 to 1.085 million members in the first quarter of 2021 when compared to the previous quarter.