Loans and leases for commercial domestic banks reached $32,637.5 million in 2021, their lowest point in the last decade. Loans and leases for commercial domestic banks have been declining on a yearly basis for most of the past decade, this pattern continued during 2021. Loans and leases decreased by $1,827.4 million or 5.3% in 2021 when compared to 2020. However, when compared to 2019 the decrease in loans and leases was not so steep. When compared to 2019 loans and leases decreased by $933.6 million or 2.8%.
Total deposits increased for the 6th year in a row to reach $81,399 million in 2021, they highest number of deposits in the past decade. When compared to the previous year deposits increased by $11,894.7 or 17.1%. When compared to 2019 deposits increased by $26,968.4 million or 49.5%.
Assets also increased for the 6th year in a row to reach $90,035 million in 2021. When compared to the previous year total assets increased by $10,460.7 million or 13.1%. When compared to 2019 assets increased by $25,203.6 million or 38.9%. It is also worth noting that like deposits, 2021 was a 10-year peak for the value of assets for commercial domestic banks in the island.
Commercial banks’ capacity for financing has increased significantly, however they are lending less today that at any other point within the last decade. This should serve as an indicator of the economic uncertainty that the island faces as it recovers from the COVID-19 pandemic.
