Puerto Rico Banks: Highest Credit Card Charge-Offs

Definition and formula

The credit card net charge-off rate is credit card balances written off as uncollectible, less recoveries on balances written off earlier, as an annualized percent of average credit card loans.

Credit card net charge-off rate = (Credit card charge-offs - Credit card recoveries), annualized / Average credit card loans

The glossary entry for Credit Card Loans explains each term, the call report items behind it and a worked example.

Which banks are ranked

This list ranks the 3 banks headquartered in Puerto Rico that meet every rule below, using each bank's latest FFIEC call report (data as of September 30, 2026).

• Banks with at least $100M in total assets, so a ratio on a very small balance sheet cannot lead the list.
• Banks with at least $25M in credit card loans, so a rate on a few loans cannot lead the list.
• Lending institutions only: charters with loans under 5% of assets, mostly trust and custody banks, are not ranked.
• Charters the regulator has closed, merged or converted are excluded.
• Each bank charter ranks on its own; holding companies are not combined.

What moves the credit card net charge-off rate

Card charge-offs follow delinquency by about six months, because a card balance must be written off once it is 180 days past due. They run far above other loan types because the loans are unsecured, so several percent a year is normal for a large issuer. Issuers that serve borrowers with lower credit scores, and small banks that run a partner card program, can run well above that. Recoveries from collections and debt sales lower the net figure.