logo
Share SHARE
FONT-SIZE Plus   Neg

First BanCorp Q1 Loss Narrows

First BanCorp (FBP), the bank holding company for FirstBank Puerto Rico, posted first-quarter net loss attributable to common stockholders of $13.2 million or $0.06 per share, narrower than $35.4 million or $1.66 per share in the previous year period.

On average, three analysts polled by Thomson Reuters expected the company to report a loss of $0.06 per share. Analysts' estimates typically exclude special items.

Net interest income for the quarter dropped to $101.87 million from $106.28 million in the year-ago quarter, while total non-interest income for the quarter plunged to $8.48 million, compared to $40.49 million in the comparable quarter last year.

Separately, First BanCorp announced that FirstBank has signed a definitive agreement with FIA Card Services, N.A. to acquire the FirstBank-branded credit card portfolio of about $400 million. The portfolio consists of approximately 150,000 active credit card relationships.

The company stated that the closing of the transaction is subject to the conditions set forth in the definitive agreement. FirstBank expects the transaction to close during the second quarter of 2012.

Upon closing of the transaction, customers will experience minimal impact since FIA Card Services, N.A. will continue to service the accounts under an interim servicing agreement into 2013, the bank said.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
French car maker Renault SA reported Friday higher profit in its fiscal 2015, with strong growth in automotive profit and revenues. The company announced higher dividend. Looking ahead, for fiscal 2016, Renault expects to increase group revenues at constant exchange rates and improve group operating margin. Shares of Rolls-Royce Holdings Plc were gaining around 13 percent in the morning trading in London after the engine maker reported more-than doubled profit in its fiscal year 2015, with lower one-time items. Underlying earnings were hurt by weakness in Marine markets. Further, the company halved its dividends, and still expects lower revenues next year. German steel giant ThyssenKrupp AG reported a loss in its first quarter, compared to last year's profit as sales and orders were hurt by sharp deterioration in materials businesses. The company said its overall performance in the first quarter was within its full-year forecast corridor. Looking ahead, the company continues to expect higher net income and flat sales for fiscal 2016.
comments powered by Disqus
RELATED NEWS
Trade FBP now with 
Follow RTT