Business
Popular, Inc. Announces Second Quarter 2024 Financial Results
Net income of $177.8 million in Q2 2024, compared to net income of $103.3 million in Q1 2024. Excluding the impact of certain transactions from the results
About this update from Popular, Inc.
[{"type":"text","content":"\n\nNet income of $177.8 million in Q2 2024, compared to net income of $103.3 million in Q1 2024.\n\n\n\nExcluding the impact of certain transactions from the results of operations for the first quarter of 2024 (FDIC Special Assessment and prior period tax withholdings), net income in Q2 2024 increased by $42.6 million when compared to adjusted net income of $135.2 million in Q1 2024.\n\n\n\nNet interest income amounted to $568.3 million, an increase of $17.6 million compared to Q1 2024.\n\n\n\nNet interest margin of 3.22% in Q2 2024, compared to 3.16% in Q1 2024; net interest margin on a taxable equivalent basis of 3.48% in Q2 2024, compared to 3.38% in Q1 2024.\n\n\n\nNon-interest income of $166.3 million, compared to $163.8 million in Q1 2024.\n\n\n\nOperating expenses amounted to $469.6 million, down by $13.5 million compared to Q1 2024. Excluding the impact of the transactions mentioned above from the first quarter of 2024, operating expenses increased by $7.2 million or 1.5%.\n\n\n\nCredit quality remains stable with improved credit metrics:\n\n\nNon-performing loans held-in-portfolio (“NPLs”) decreased by $12.3 million from Q1 2024; NPLs to loans ratio remained flat at 1.0%;\n\n\n\nNet charge-offs (“NCOs”) decreased by $8.6 million from Q1 2024; annualized NCOs at 0.61% of average loans held-in-portfolio vs. 0.71% in Q1 2024;\n\n\n\nAllowance for credit losses (“ACL”) to loans held-in-portfolio at 2.05% vs. 2.11% in Q1 2024; and\n\n\n\nACL to NPLs at 213.6% vs. 208.8% in Q1 2024.\n\n\n\n\n\n\nLoans ending balances, excluding loans held-for-sale, amounted to $35.6 billion, an increase of $472.9 million from Q1 2024.\n\n\nAverage quarterly loan balances increased by $332.2 million.\n\n\n\n\n\n\nEnding deposit balances amounted to $65.5 billion, an increase of $1.7 billion from Q1 2024.\n\n\nAverage quarterly deposit balances increased by $993.5 million.\n\n\n\n\n\n\nCommon Equity Tier 1 ratio of 16.48%, Common Equity per share of $73.94 and Tangible Book Value per share of $62.71 at June 30, 2024.\n\n\n\n SAN JUAN, Puerto Rico--(BUSINESS WIRE)--\nPopular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $177.8 million for the quarter ended June 30, 2024, compared to net income of $103.3 million for the quarter ended March 31, 2024. Net income in the first quarter of 2024 included a...