Popular (BPOP) Posts Q2 EPS of $2.73

Popular (NASDAQ: BPOP) reported Q2 EPS of $2.73, which may not compare to the analyst estimate of $0.95.

• Net income of $279.8 million and adjusted net income of $121.3 million for the second quarter of 2018, compared to a net income of $91.3 million for Q1 2018
• Net interest margin of 3.81% in Q2 2018, compared to 3.89% in Q1 2018
• Credit Quality (excluding loans previously classified as covered loans in prior period):
  • Non-performing loans held-in-portfolio (“NPLs”) increased by $36.4 million from Q1 2018; NPLs to loans ratio at 2.6% vs. 2.5% in Q1 2018;
  • Net charge-offs (“NCOs”) increased by $5.1 million; NCOs at 0.95% of average loans held-in-portfolio vs. 0.90% in Q1 2018;
  • Provision expense of $60.1 million vs. $69.3 million in Q1 2018;
  • Allowance for loan losses of $643.0 million vs. $607.0 million in Q1 2018, including the reclassification in Q2 of $33.6 million from the covered portfolio;
  • Allowance for loan losses to loans held-in-portfolio at 2.61% vs. 2.52% in Q1 2018; and
  • Allowance for loan losses to NPLs flat at 100.0%.
• Common Equity Tier 1 ratio of 17.46%, Common Equity per Share of $51.22 and Tangible Book Value per Share of $44.78 at June 30, 2018

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

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