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
Health IQ Insurance Services, a startup focused on providing life insurance for health-conscious individuals, said it has secured $34.6 million in Series C funding, led by Andreessen Horowitz. To date, the company has raised a total of $81 million in funding mostly from its existing investors. General Motors Co. is recalling nearly 49,000 trucks worldwide to fix a fuel tank issue that can increase the risk of a fire. The recall covers Chevrolet Silverado 3500 and GMC Sierra 3500 trucks from the 2011 through 2015 model years, all equipped with dual fuel tanks. Meredith Corp. is reportedly in talks for the acquisition of Time Inc, with a staunch support from billionaire brothers Charles and David Koch. Des Moines-based Meredith is the publisher of Family Circle and Better Homes and Gardens and aims to acquire the publisher of Time, People and Fortune Magazines.
comments powered by Disqus
Follow RTT