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
Shares of French lender Societe Generale SA were gaining around 4 percent in the early morning trading in Paris after the company reported Wednesday higher profit in its first quarter, even as net banking income was weak. Looking ahead, Chief Executive Officer Frédéric Oudéa said, "With a sound balance sheet and robust solvency ratios, the Group is confident about its outlook for 2016,.. After serving up a sumptuous quarterly performance, McDonald's is out experimenting to further enhance its appeal to customers. The fast food chain is testing garlic fries at four restaurants in South Bay locations as part of an experiment with regional flavors and food on its menu. Media entertainment company CBS Corp. (CBS, CBS-A), Tuesday reported an increase in profit for the first quarter, driven largely by double-digit increase in revenues reflecting strong performance of television network segment. The New York-based company's first-quarter profit rose to $473 million...
comments powered by Disqus
RELATED NEWS
Trade FBP now with 
Follow RTT