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Santander’s Net Income Jumps 394%… Doral Obtains Net Income Of $103.6 Million In 1Q04


April 29, 2004
Copyright © 2004 CARIBBEAN BUSINESS. All Rights Reserved.

Santander’s Net Income Jumps 394%

Financial Institution Makes A $20.1 Million Leap From 1Q03


Santander Bancorp Reported Net Income Of $25.2 Million For The First Quarter Of 2004 (1Q04), A 394% Jump Over The $5.1 Million Net Income In 1Q03.

The Company Said The Consolidated Balance Sheet & Income Statement Data For 1Q04 Had Been Restated To Reflect Santander Bancorp’s Acquisition Of Santander Securities Corp. On Dec. 30, 2003.

For 1Q04, Net Interest Income Amounted To $58.7 Million, An Increase Of 22.3% From $48 Million In 1Q03. The Provision For Loan Losses Reflected A Decrease Of $3.3 Million Or 27.5% From $12.1 Million In 1Q03.

Other Income, Excluding The Gain On The Sale Of A Building, Amounted To $33.9 Million In 1Q04, 17.9% Higher Than 1Q03’s $28.7 Million. This Was Related To An Increase Of $4 Million In Gain On Sale Securities And Growth In Fee Income From Santander’s Broker-Dealer, Asset Management, And Insurance Operations.

Return On Common Equity And Return On Assets Were 21.01% And 1.40%, Respectively, In 1Q04, Compared With 3.02% And 0.32% In The Year-Ago Quarter.

Total Assets In 1Q04 Were $7.4 Billion. There Was A $226 Million Increase In Net Loans, Including Loans Held For Sale, And A $9.4 Million Decrease In Premises And Equipment Because Of The Sale Of A Building With A Book Value Of Approximately $7.7 Million. Deposits Increased $6.5 Million, While Total Borrowings Fell $22.5 Million.

Mortgage Loan Production Continued To Grow In 1Q04, Resulting In An Increase Of $225.1 Million Or 19.2% Over 1Q03.

As Of March 31, 2004, The Company Had More Than $11.2 Billion In Customer Financial Assets Under Control, Representing A $564 Million Increase Over Balances As Of Dec. 31, 2003.

In 1Q04, The Company’s Price Per Share Of Common Stock Went From $24.35 To $27.50, An Increase Of 13% Or A $134 Million Jump In Aggregate Shareholder Value. In 1Q04, Santander Bancorp Declared A Cash Dividend To Shareholders Of 11 Cents Per Common Share, Resulting In An Annualized Dividend Yield Of 1.60%.

First-Quarter Earnings

2003 Vs. 2004 (Up 394%)

2003: $5.1 Million

2004: $25.2 Million

Source: Santander Bancorp


Doral Obtains Net Income Of $103.6 Million In 1Q04

Achievement Marks Institution’s 25th Consecutive Quarter Of Record Earnings


Doral Financial Corp., The Largest Residential Mortgage Lender In Puerto Rico, Reported Net Income For The First Quarter Of 2004 (1Q04) Of $103.6 Million, Up 48% From $70 Million In 1Q03.

Net Interest Income For 1Q04 Amounted To $59.1 Million, 43% Higher Than 1Q03’s $41.3 Million. Doral’s Volume Of Loan Production In 1Q04 Was $1.8 Billion, Compared With $1.5 Billion In The Year-Ago Quarter, For An Increase Of 20%. The Increase Was Principally The Result Of The Continued High Demand For New Housing In Puerto Rico, Thanks In Part To The Government-Sponsored Loans For Affordable Housing.

"We Are Very Pleased With The Excellent Results For The First Quarter Of 2004, In Which The Company Surpassed $100 Million In Quarterly Net Income For The First Time In Its History," Said Chairman & CEO Salomon Levis. "We Now Expect That Loan Production For The Remainder Of 2004 Will Be Higher Than Initially Projected, With More Than $7.5 Billion In Loans, Well In Excess Of The Record $6.5 Billion In 2003."

For 1Q04, Consolidated Earnings Per Diluted Share Were $0.86, Compared With $0.60 For 1Q03, Representing A Gain Of 43%. As Of March 31, 2004, Doral Had Achieved A Return On Assets Of 3.93%, Compared With 3.24% On That Date Last Year. Return On Common Equity Went From 31.40% To 35.56%.

Doral Bank, Puerto Rico Finished 1Q04 With $8 Billion In Assets And $2.9 Billion In Deposits, An Increase Of 45% And 29%, Respectively, From 1Q03. As Of March 31, 2004, Doral Bank, New York Had Assets Of $506.1 Million And Deposits Of $332.4 Million, 18% And 26% Higher, Respectively, Than On That Date Last Year.

In 1Q04, Net Income From Doral’s Banking Segment Surpassed That From The Mortgage Segment.

First-Quarter Earnings

2003 Vs. 2004 (Up 48%)

2003: $70.0 Million

2004: $103.6 Million

Source: Doral Financial Corp.

This Caribbean Business article appears courtesy of Casiano Communications.
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