Popular Q1 2021 Earnings Report
Key Takeaways
Popular, Inc. reported a strong start to 2021 with a net income of $262.6 million for the first quarter. The results were positively impacted by a benefit in the provision for credit losses of $82.2 million, driven by an improving macroeconomic environment and lower credit losses. The company experienced growth in top-line revenue, benefiting from PPP-related income and an increase in the value of mortgage servicing rights.
Net income was $262.6 million, compared to $176.3 million in the previous quarter.
Net interest income increased by $7.5 million to $479.1 million, driven by an increase in interest income and fees from PPP loans.
Total assets grew by $0.9 billion, mainly due to an increase in deposits across various sectors.
The corporation recognized income of $23.1 million related to loans issued under the SBA PPP program, compared to $11.5 million in the previous quarter.
Popular
Popular
Forward Guidance
This press release contains forward-looking statements about Popular’s business, financial condition, results of operations, plans, objectives and future performance. These statements are not guarantees of future performance, are based on management’s current expectations and, by their nature, involve risks, uncertainties, estimates and assumptions.