Business
Popular, Inc. Announces Second Quarter 2023 Financial Results
Net income of $151.2 million in Q2 2023, compared to net income of $159.0 million in Q1 2023. Net interest margin of 3.14% in Q2 2023, compared to 3.22% in
About this update from Popular, Inc.
[{"type":"text","content":"\n\nNet income of $151.2 million in Q2 2023, compared to net income of $159.0 million in Q1 2023.\n\n\n\nNet interest margin of 3.14% in Q2 2023, compared to 3.22% in Q1 2023; net interest margin on a taxable equivalent basis of 3.29% in Q2 2023, compared to 3.46% in Q1 2023.\n\n\n\nCredit Quality:\n\n\nNon-performing loans held-in-portfolio (“NPLs”) decreased by $26.9 million from Q1 2023; NPLs to loans ratio at 1.2% vs. 1.3% in Q1 2023;\n\n\n\nNet charge-offs (“NCOs”) decreased by $8.8 million from Q1 2023; annualized NCOs at 0.29% of average loans held-in-portfolio vs. 0.41% in Q1 2023;\n\n\n\nAllowance for credit losses (“ACL”) to loans held-in-portfolio at 2.12% vs. 2.13% in Q1 2023; and\n\n\n\nACL to NPLs at 181.6% vs. 167.1% in Q1 2023.\n\n\n\n\n\n\nLoans increased by $692.5 million and by $630.4 million in average quarterly balances, from Q1 2023.\n\n\n\nEnding deposit balances increased by $3.1 billion and average quarterly balances increased by $1.0 billion, from Q1 2023.\n\n\n\nTotal borrowings at Q2 2023 were $1.4 billion, flat compared to Q1 2023.\n\n\n\nCommon Equity Tier 1 ratio of 16.87%, Common Equity per Share of $63.00 and Tangible Book Value per Share of $51.37 at June 30, 2023.\n\n\n\n SAN JUAN, Puerto Rico--(BUSINESS WIRE)--\nPopular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $151.2 million for the quarter ended June 30, 2023, compared to net income of $159.0 million for the quarter ended March 31, 2023.\n\n\nIgnacio Alvarez, President and Chief Executive Officer, said: “Popular achieved another strong quarter, with net income of $151 million. We are particularly pleased by the growth in our loan portfolios, both in Puerto Rico and the United States, which allowed us to maintain our net interest income stable despite higher deposit costs. Our deposit base remained strong and well-diversified. Our results were further bolstered by positive credit quality trends and healthy non-interest income. We continued investing in areas such as people, regulatory compliance and technology, confident that they will contribute to our long-term success. We are encouraged by the resiliency of the U.S. economy and sustained economic activity in Puerto Rico. Our strong levels of capital and liquidity position us well to support such activity and serve the evolving needs of our...