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Popular Posts 20% Growth In Net Income
Residential mortgage and commercial loans help give bank strong finish
By LUIS A. RAMOS
April 22, 2004
Popular Inc.s net income for the first quarter of 2004 (1Q04) reached $118.5 million, an increase of 20% over 1Q03s $99.1 million.
Populars 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.
Populars 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. Populars 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 corporations 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 corporations common stock was $43.10 per common share on March 31, 2004, compared with $33.99 on March 31, 2003.
News of Populars increased earnings comes on the heels of its merger agreement with Quaker City Bancorp Inc. (CB March 25).
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.