Popular Posts 1Q Profit
SAN JUAN – Popular Inc. on Monday reported net income of $85 million for the quarter ended March 31, 2016, compared with net income of $137.4 million and an adjusted net income of $98.3 million for the quarter ended Dec. 31, 2015.
The Hato Rey, Puerto Rico-based bank said it had earnings of 81 cents per share.
The company that runs Banco Popular and other banks in the U.S. posted revenue of $464 million in the period.
Popular shares have climbed 6 percent since the beginning of the year. The stock has fallen 14 percent in the last 12 months.
“Despite the challenging conditions in Puerto Rico we delivered solid results for the quarter reflecting stability in our key revenue, expense and credit metrics. We are pleased that we have been able to maintain and strengthen our leadership position in Puerto Rico and remain encouraged by the continued growth of our U.S. franchise,” said the institution’s chairman and CEO, Richard L. Carrión.
Popular will hold a conference call to discuss the financial results Monday at 11 a.m. Eastern Daylight Time. The call will be broadcast live over the Internet and can be accessed through the investor relations section of the corporation’s website: www.popular.com.
Listeners are recommended to go to the website at least 15 minutes prior to the call to download and install any necessary audio software. The call may also be accessed through a dial-in telephone number 1-866-235-1201 or 1-412-902-4127.
A replay of the webcast will be archived in Popular’s website. A telephone replay will be available one hour after the end of the conference call through Wednesday, May 25, 2016. The replay dial in is 1-877-344-7529 or 1-412-317-0088. The replay passcode is 10083310.