Add as a preferred source on GooglePopular Posts $266.3 Million in Q3 Profit as GAAP EPS Beats Estimate
Diluted GAAP earnings per share reached $4.21, 26 cents above the $3.95 analyst consensus. Popular also declared a 20% increase in its quarterly dividend, to $0.90 a share.
Popular, Inc. recorded third-quarter net income of $266.3 million, up from $211.3 million a year earlier, while diluted GAAP earnings per share exceeded analyst consensus by 26 cents.
The quarter ended Sept. 30. Diluted GAAP EPS was $4.21, compared with a $3.95 consensus. Net interest income reached $698.9 million, versus $646.5 million in the year-earlier quarter.
The provision for credit losses declined to $58.6 million from $75.1 million. Noninterest income grew to $175.7 million from $171.2 million, while operating expenses reached $505.6 million, compared with $495.3 million a year earlier.
“Business activity in Puerto Rico remains healthy, supported by a strong labor market,” said Jorge J. García, Popular’s president and CEO.
Popular bought back $179 million of common stock during the quarter. It also declared a 20% increase in its quarterly dividend, bringing the payment to $0.90 per share. Banco Popular de Puerto Rico is Popular’s principal subsidiary.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.