Popular (NASDAQ:BPOP) posted lower net income in the second quarter compared with a year-ago period.
Earnings and Revenue The company announced EPS of 63 cents a share against the 41 cents a share estimate.
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The company's net income for the quarter was $65.7 million. According to the reported number, this is down 40.2% from last year's levels.
History Against Expectations The company has managed to top estimates the last two quarters. In the first quarter, it beat expectations with net income of 50 cents versus a mean estimate of net income of 30 cents per share.
Official Comment: Mr. Richard L. Carrin, Chairman of the Board and Chief Executive Officer, said: "Two consistently positive trends stand out in this quarter's results. First, our net interest margin and our revenue-generating capacity remain strong. Second, credit metrics keep improving. The decrease of $120 million in non-performing loans marks our largest quarterly decline in this credit cycle. Despite various headwinds we are continuing our progress."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.