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Popular, Inc. (BPOP) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $4.10 million, or $ 0.05 a share in the quarter, against a net profit of $137.43 million, or $1.32 a share in the last year period.
Revenue during the quarter dropped 26.39 percent to $313.86 million from $426.41 million in the previous year period. Net interest income for the quarter rose 0.82 percent over the prior year period to $355.40 million. Non-interest loss was $0.18 million for the quarter as against income of $132.44 million in the previous year period.
Popular, Inc. has made provision of $41.36 million for loan losses during the quarter, down 29.33 percent from $58.53 million in the same period last year.
Net interest margin contracted 40 basis points to 4.02 percent in the quarter from 4.42 percent in the last year period.
Mr. Richard L. Carrión, chairman of the board and chief executive officer, said: "Despite the impact of the adverse FDIC arbitrations, during 2016 we demonstrated the strength of our franchise by generating strong revenues and improving credit quality. We also continued to achieve strong loan growth in our U.S. business. As we announced today, we are pleased that the progress made during 2016 allowed us to increase our quarterly common stock dividend from $0.15 to $0.25 and establish a $75 million common stock repurchase program."
Liabilities outpace assets growth
Total assets stood at $38,661.61 million as on Dec. 31, 2016, up 8.09 percent compared with $35,769.53 million on Dec. 31, 2015. On the other hand, total liabilities stood at $33,463.65 million as on Dec. 31, 2016, up 9.13 percent from $30,664.21 million on Dec. 31, 2015.
Deposits stood at $30,496.22 million as on Dec. 31, 2016, up 12.08 percent compared with $27,209.72 million on Dec. 31, 2015.
Investments stood at $11,257.93 million as on Dec. 31, 2016, up 33.77 percent or $2,842.28 million from year-ago. Shareholders equity stood at $5,197.96 million as on Dec. 31, 2016, up 1.81 percent or $92.63 million from year-ago.
Return on average assets was negative at 0.04 percent in the quarter against a positive 1.53 percent in the last year period. Return on average equity was negative at 0.38 percent in the quarter against a positive 10.77 percent in the last year period.
Nonperforming assets moved down 8.11 percent or $68.37 million to $774.40 million on Dec. 31, 2016 from $842.77 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 2 percent in the quarter, down from 2.36 percent in the last year period.
Tier-1 leverage ratio stood at 10.91 percent for the quarter, down from 11.82 percent for the previous year quarter. Book value per share was $50.08 for the quarter, up 1.64 percent or $0.81 compared to $49.27 for the same period last year.
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