Popular Q4 2020 Earnings Report
Key Takeaways
Popular, Inc. reported a net income of $176.3 million for Q4 2020, marking one of their best quarters ever, driven by higher net interest income and controlled expenses. Despite challenges from earthquakes and the pandemic, the company generated $507 million in net income for the year.
Net income for Q4 2020 was $176.3 million, up from $168.4 million in Q3 2020.
Net interest margin was 3.04% in Q4 2020.
Common Equity Tier 1 ratio was 16.26% at the end of 2020.
The Corporation recorded a total pre-tax charge of approximately $23.2 million related to the branch realignment.
Popular
Popular
Forward Guidance
This press release contains forward-looking statements that are subject to risks, uncertainties, estimates, and assumptions. Potential factors, some of which are beyond the Corporation’s control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements.
Positive Outlook
- Statements are based on management’s current expectations
- The Corporation assumes no obligation to update or revise any forward-looking statements or information which speak as of their respective dates
- Popular will hold a conference call to discuss its financial results today Thursday, January 28, 2021 at 10:00 a.m. Eastern Time.
- The call will be open to the public and broadcasted live over the Internet and can be accessed through the Investor Relations section of the Corporation’s website: www.popular.com.
- An electronic version of this press release can be found at the Corporation’s website: www.popular.com.
Challenges Ahead
- Statements are not guarantees of future performance
- Risks and uncertainties include without limitation the effect of competitive and economic factors, and our reaction to those factors, the adequacy of the allowance for loan losses, delinquency trends, market risk and the impact of interest rate changes, capital market conditions, capital adequacy and liquidity
- Risks and uncertainties include the effect of legal and regulatory proceedings (including as a result of any participation in and execution of government programs related to the COVID-19 pandemic), new accounting standards on the Corporation’s financial condition and results of operations, the scope and duration of the COVID-19 pandemic, actions taken by governmental authorities in response thereto, and the direct and indirect impact of the pandemic on Popular, our customers, service providers and third parties.
- More information on the risks and important factors that could affect the Corporation’s future results and financial condition is included in our Annual Report on Form 10-K for the year ended December 31, 2019, our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020, and in our Annual Report on Form 10-K for the year ended December 31, 2020 to be filed with the Securities and Exchange Commission.
- Our filings are available on the Corporation’s website (www.popular.com) and on the Securities and Exchange Commission website (www.sec.gov).