Business
Popular, Inc. Announces Fourth Quarter 2019 Financial Results
Net income of $166.8 million in Q4 2019, compared to net income of $165.3 million in Q3 2019. Net income of $671.1 million for the year 2019, compared to net
About this update from Popular, Inc.
[{"type":"text","content":"\n\nNet income of $166.8 million in Q4 2019, compared to net income of $165.3 million in Q3 2019.\n\n\nNet income of $671.1 million for the year 2019, compared to net income and adjusted net income for the year 2018 of $618.2 million and $487.3 million, respectively.\n\n\nNet interest margin of 3.83% in Q4 2019, compared to 4.00% in Q3 2019.\n\n\nCredit Quality:\n\n\nNon-performing loans held-in-portfolio (“NPLs”) decreased by $30.0 million from Q3 2019; NPLs to loans ratio at 1.9% vs. 2.1% in Q3 2019;\n\n\nNet charge-offs (“NCOs”) increased by $14.0 million from Q3 2019; NCOs at 1.21% of average loans held-in-portfolio vs. 1.01% in Q3 2019;\n\n\nAllowance for loan losses to loans held-in-portfolio at 1.74% vs. 1.90% in Q3 2019; and\n\n\nAllowance for loan losses to NPLs at 90.5% vs. 91.9% in Q3 2019.\n\n\n\n\nCommon Equity Tier 1 ratio of 17.78%, Common Equity per Share of $62.42 and Tangible Book Value per Share of $55.10 at December 31, 2019.\n\n\n SAN JUAN, Puerto Rico--(BUSINESS WIRE)--\nPopular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $166.8 million for the quarter ended December 31, 2019, compared to net income of $165.3 million for the quarter ended September 30, 2019.\n\n\nIgnacio Alvarez, President and Chief Executive Officer, said: “2019 was an outstanding year during which we achieved record core earnings. During the year, we increased EPS and TBV by 14% and 17%, respectively, and grew our customer base in Puerto Rico by 45,000, reflecting the strength of our franchise.\n\n\nWhile we exhibited strong performance throughout the year, the results for the fourth quarter reflected the cumulative impact of the three recent interest rate cuts. The reduction in rates negatively impacted our net interest income and margin for the quarter. However, the fundamentals of our business remained solid with fee income demonstrating continued strength and achieving loan growth in both Puerto Rico and the U.S. We continue to pursue opportunities for expense management and operational efficiencies as we implement additional investments in our people, technology and businesses to position the institution for strong and sustainable long-term results.\n\n\nWe are proud of our accomplishments during 2019 and optimistic about our prospects for 2020. Yet, we are deeply saddened by the seism...