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Popular posts 2Q profit of $88.1 million

By on July 26, 2016

banco popular APHATO REY, Puerto Rico – Popular Inc. (BPOP) on Tuesday reported second-quarter profit of $88.1 million.

The Hato Rey, Puerto Rico-based bank said it had earnings of 85 cents per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 82 cents per share.

The a company that runs Banco Popular and other banks in Puerto Rico and the U.S. posted revenue of $471.1 million in the period.

Popular shares have risen nearly 10 percent since the beginning of the year. The stock has risen 6 percent in the last 12 months.

“We are pleased to report another solid quarter with strong net income, revenue and credit metrics. Also our U.S. operation delivered significant loan growth while maintaining strong credit quality. We are hopeful that recent legislative actions by the U.S. Congress will be a catalyst in revitalizing Puerto Rico’s economy,” Richard L. Carrión, chairman and CEO, said.

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