Business
Popular, Inc. Announces Second Quarter 2020 Financial Results
Net income of $127.6 million in Q2 2020, compared to net income of $34.3 million in Q1 2020. Net interest margin of 3.25% in Q2 2020, compared to 3.94% in Q1
About this update from Popular, Inc.
[{"type":"text","content":"\n\nNet income of $127.6 million in Q2 2020, compared to net income of $34.3 million in Q1 2020.\n\n\n\n\nNet interest margin of 3.25% in Q2 2020, compared to 3.94% in Q1 2020; Net interest margin on a taxable equivalent basis of 3.56% in Q2 2020, compared to 4.34% in Q1 2020.\n\n\nCredit Quality:\n\n\nNon-performing loans held-in-portfolio (“NPLs”) decreased by $8.5 million from Q1 2020; NPLs to loans ratio at 2.6% vs. 2.8% in Q1 2020;\n\n\nNet charge-offs (“NCOs”) increased by $2.4 million from Q1 2020; NCOs at 0.92% of average loans held-in-portfolio vs. 0.91% in Q1 2020;\n\n\nAllowance for credit losses (“ACL”) to loans held-in-portfolio at 3.16% vs. 3.32% in Q1 2020; and\n\n\nACL to NPLs at 120.8% vs. 119.7% in Q1 2020.\n\n\n\n\n\n\nCommon Equity Tier 1 ratio of 15.70%, Common Equity per Share of $68.40 and Tangible Book Value per Share of $60.13 at June 30, 2020.\n\n\n SAN JUAN, Puerto Rico--(BUSINESS WIRE)--\nPopular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $127.6 million for the quarter ended June 30, 2020, compared to net income of $34.3 million for the quarter ended March 31, 2020.\n\n\nIgnacio Alvarez, President and Chief Executive Officer, said: “We reported net income of $127.6 million for the quarter, notwithstanding the challenging economic environment resulting from the coronavirus pandemic and the historically low interest rate scenario. After 126 years in the banking business, we know success requires that we act quickly and decisively, putting people first. I want to express my gratitude to our employees for their commitment to serve our customers and their creativity and ability to adapt to a rapidly changing situation. We continue to support the communities we serve during these difficult times by providing payment deferrals to more than 120,000 customers and have also provided assistance to health care professionals and non-profit organizations as they battle the pandemic. I would also like to thank our customers for their continued trust and for adapting to this new reality. They have accelerated their adoption of digital channels, helping us reach an important milestone – more than one million active users in our digital banking platform.\n\n\nWe are aware that there remains much uncertainty as to the future of the economy. Economic performance will cont...