Popular, Inc. (NASDAQ:BPOP) reversed to a profit in the second quarter, beating Wall Street estimates. Popular, Inc. is a publicly owned bank holding company, which offers retail and commercial banking services through its main banking subsidiary, Banco Popular de Puerto Rico.
Popular Earnings Cheat Sheet for the Second Quarter
Results: Swung to a profit of $110.7 million (11 cents per diluted share) in the quarter. Popular, Inc. had a net loss of $44.5 million or a loss 29 cents per share in the year earlier quarter.
Revenue: Noninterest income was $124.2 million last quarter.
Actual vs. Wall St. Expectations: BPOP beat the mean analyst estimate of 5 cents per share.
Quoting Management: Mr. Richard L. Carrion, Chairman of the Board and Chief Executive Officer, stated, “We are producing strong and consistent levels of revenues despite credit conditions not improving as quickly as we would like. There are some encouraging signs in the Puerto Rico economy but we remain cautious.”
Competitors to Watch: Doral Financial Corp. (NYSE:DRL), Oriental Financial Group Inc. (NYSE:OFG), First BanCorp. (NYSE:FBP), Eurobancshares Inc. (EUBK), Citigroup (NYSE:C), W Holding Company, Inc. (WHI), Bank of America Corp. (NYSE:BAC), SunTrust Banks, Inc. (NYSE:STI), Wells Fargo & Company (NYSE:WFC), and The Bank of Nova Scotia (NYSE:BNS).
(Source: Xignite Financials)