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Popular Posts 20% Growth In Net Income

Residential mortgage and commercial loans help give bank strong finish


April 22, 2004
Copyright © 2004 CARIBBEAN BUSINESS. All Rights Reserved.

Popular Inc.’s net income for the first quarter of 2004 (1Q04) reached $118.5 million, an increase of 20% over 1Q03’s $99.1 million.

Popular’s improved net income for 1Q04 reflected higher net interest income by $31.6 million and noninterest income by $2.4 million, while the provision for loan losses decreased by $3.5 million.

"We are pleased to report a double digit percentage increase in our quarterly earnings. Strong growth in residential mortgages and commercial loans were the principal drivers of the 11% increase in net interest income," said Chief Financial Officer Jorge A. Junquera.

Popular’s total assets also rose thanks to loan activity.

On March 31, 2004, total assets amounted to $38.1 billion, compared with $33.7 billion on March 31, 2003. Mortgage loans accounted for the largest increase in the portfolio, rising $2.7 billion, or 34%, from 1Q03. Commercial and construction loans rose $650 million, or 8%, from 1Q03.

Basic and diluted earnings per common share (EPS) for the quarter were $0.87, up 18% from $0.74 in the 1Q03. Popular’s return on assets (ROA) and return on common equity (ROE) were 1.29% and 17.95%, respectively, compared with 1.21% and 17.39%, respectively, for the same period in 2003.

The corporation’s operating expenses were $279.7 million in 1Q04, which represents a 6% increase over the $263.6 million figure in 1Q03.

Deposits totaled $18.6 billion on March 31, 2004 compared with $17.6 billion on March 31, 2003, reflecting an increase of 5%. Since 1Q03, demand, savings, and time deposits rose $413 million, $267 million, and $285 million, respectively. Borrowed funds increased $3.1 billion, reaching $15.9 billion on March 31, 2004.

On March 31, 2004, stockholders’ equity was $2.9 billion, compared with $2.7 billion the same date last year.

The market value of the corporation’s common stock was $43.10 per common share on March 31, 2004, compared with $33.99 on March 31, 2003.

News of Popular’s increased earnings comes on the heels of its merger agreement with Quaker City Bancorp Inc. (CB March 25).

Popular Inc.

First-Quarter Earnings 2003 vs. 2004 (Up 20%)

2003 ----- $99.1 million

2004 ----- $118.5 million

Source: Popular Inc.

This Caribbean Business article appears courtesy of Casiano Communications.
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