Business
Popular, Inc. Announces Second Quarter 2022 Financial Results
Net income of $211.4 million in Q2 2022, compared to net income of $211.7 million in Q1 2022. Net interest margin of 3.09% in Q2 2022, compared to 2.75% in
About this update from Popular, Inc.
[{"type":"text","content":"\n\nNet income of $211.4 million in Q2 2022, compared to net income of $211.7 million in Q1 2022.\n\n\nNet interest margin of 3.09% in Q2 2022, compared to 2.75% in Q1 2022; net interest margin on a taxable equivalent basis of 3.45% in Q2 2022, compared to 3.05% in Q1 2022.\n\n\nCredit Quality:\n\n\nNon-performing loans held-in-portfolio (“NPLs”) decreased by $42.0 million from Q1 2022; NPLs to loans ratio at 1.6% vs. 1.8% in Q1 2022;\n\n\nNet charge-offs (“NCOs”) increased by $2.3 million from Q1 2022; annualized NCOs at 0.08% of average loans held-in-portfolio vs. 0.05% in Q1 2022;\n\n\nAllowance for credit losses (“ACL”) to loans held-in-portfolio at 2.24% vs. 2.29% in Q1 2022; and\n\n\nACL to NPLs at 142.7% vs. 130.4% in Q1 2022.\n\n\n\n\nCommon Equity Tier 1 ratio of 16.39%, Common Equity per Share of $55.78 and Tangible Book Value per Share of $46.18 at June 30, 2022.\n\n\n SAN JUAN, Puerto Rico--(BUSINESS WIRE)--\nPopular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $211.4 million for the quarter ended June 30, 2022, compared to net income of $211.7 million for the quarter ended March 31, 2022.\n\nIgnacio Alvarez, President and Chief Executive Officer, said: “We are very pleased with our results for the second quarter. We earned $211.4 million in net income, with increases in both net interest income and non-interest income as compared to the first quarter. Our net interest income increased by $39.6 million to $533.9 million, driven by improved margin and growth in our loan and investment portfolios. Loan growth was broad based with balances increasing in all categories, except mortgage. The increase in our net interest margin reflects higher interest rates and the strength of our deposit franchise. Consumer spending remained resilient during the quarter and deposit balances continued to grow. Credit quality remained strong with net charge offs at near record lows, and we continued to reduce our non-performing loans. Our liquidity and capital positions remain strong which provide us the flexibility to continue to invest for growth in the future while we continue returning capital to our shareholders.\n\nWhile we are vigilant regarding the possible negative impacts of record inflation, higher interest rates and the war in Ukraine, we are still seeing growth in the U.S. and P....