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Cossec Reports Moderate Increase in Credit Unions’ Loans Portfolio

By on January 27, 2016

SAN JUAN – There has been a moderate increase in the loans portfolio of local savings & loans cooperatives, or credit unions, during fiscal year 2016 (ending June 30, 2016), the Puerto Rico Cooperatives Supervision & Insurance Corp. (Cossec by its Spanish acronym) announced Wednesday.

According to Cossec President Daniel Rodríguez Collazo, as of the third quarter (3Q) ended Sept. 30, 2015, the island’s savings & loans coops reflected a loans portfolio of $4.64 billion, a $57 million increase versus the same period in 2014.

When breaking down the portfolio by loan type, Rodríguez Collazo said consumer and personal loans amounted to $2.14 billion, or 46.02% of total loans in 3Q. Mortgage loans came in second with $1.32 billion, or 28.43% of total loans during said period.

Auto loans totaled $612 million, or 13.18% of total loans, while $202.8 million in commercial loans were generated as of Sept. 30, representing 4.37% of total loans.

Meanwhile, restructured loans amounted to $137.9 million, or 2.97% of total loans, and credit cards reached $105.9 million, or 2.28% of total loans in 3Q.

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