Popular (BPOP) Tops Q1 EPS by 13c

Popular (NASDAQ: BPOP) reported Q1 EPS of $0.89, $0.13 better than the analyst estimate of $0.76. Revenue for the quarter came in at $393 million versus the consensus estimate of $388.8 million.

• Net income of $91.3 million for the first quarter of 2018, compared to a net loss of $102.2 million and an adjusted net income of $66.2 million for Q4 2017
• Net interest margin of 3.89% in Q1 2018, compared to 3.90% in Q4 2017
• Credit Quality (excluding “covered” loans):
  • Non-performing loans held-in-portfolio (“NPLs”) increased by $55.8 million from Q4 2017; NPLs to loans ratio at 2.5% vs. 2.3% in Q4 2017;
  • Net charge-offs (“NCOs”) decreased by $41.1 million; NCOs at 0.90% of average loans held-in-portfolio vs. 1.61% in Q4 2017;
  • Provision expense of $69.3 million vs. $70.0 million in Q4 2017;
  • Allowance for loan losses of $607.0 million vs. $590.2 million in Q4 2017; allowance for loan losses to loans held-in-portfolio at 2.52% vs. 2.43% in Q4 2017; and
  • Allowance for loan losses to NPLs at 100.0% vs. 107.1% in Q4 2017.
• Common Equity Tier 1 ratio of 16.83%, Common Equity per Share of $49.07 and Tangible Book Value per Share of $42.61 at March 31, 2018

For earnings history and earnings-related data on Popular (BPOP) click here.

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