Popular, Inc. (BPOP) has reported 9.35 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $92.94 million, or $0.89 a share in the quarter, compared with $85 million, or $0.81 a share for the same period last year.
Revenue during the quarter grew 4.31 percent to $437.27 million from $419.21 million in the previous year period. Net interest income for the quarter rose 2.75 percent over the prior year period to $362.10 million. Non-interest income for the quarter rose 3.80 percent over the last year period to $115.87 million.
Popular, Inc. has made provision of $40.70 million for loan losses during the quarter, down 9.23 percent from $44.84 million in the same period last year.
Net interest margin contracted 35 basis points to 4.08 percent in the quarter from 4.43 percent in the last year period.
Mr. Richard L. Carrión, chairman of the board and chief executive officer, said: "We are pleased to start 2017 generating strong revenues and stable credit quality, despite the challenges in our local market. We also completed a $75 million stock repurchase in the period and remain encouraged by our continued growth in the U.S."
Deposits stood at $32,212.58 million as on Mar. 31, 2017, up 17.02 percent compared with $27,526.59 million on Mar. 31, 2016.
Investments stood at $12,998.18 million as on Mar. 31, 2017, up 48.76 percent or $4,260.39 million from year-ago. Shareholders equity was at $5,190.21 million as on Mar. 31, 2017.
Return on average assets was stable at 0.95 percent in the quarter, when compared with the last year period. At the same time, return on average equity increased 55 basis points to 7.13 percent in the quarter from 6.58 percent in the last year period.
Nonperforming assets moved down 6.23 percent or $52.83 million to $795.32 million on Mar. 31, 2017 from $848.14 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 1.98 percent in the quarter, down from 2.35 percent in the last year period.
Tier-1 leverage ratio stood at 10.61 percent for the quarter, down from 11.46 percent for the previous year quarter.
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