Popular Inc. (BPOP: Quote) reported that its second-quarter net income applicable to common stock decreased to $64.81 million or $0.63 per share from $109.75 million or $1.07 per share last year.
Net interest income decreased to $341.20 million from $374.54 million last year. Total non interest income was $93.72 million compared to $124.16 million prior year.
Analysts polled by Thomson Reuters expected the company to report profit of $0.41 per share on revenue of $446.90 million for the quarter. Analysts' estimates typically exclude special items.
Net interest margin was 4.33% for second quarter of 2012. The results for the second quarter of 2012 reflected a tax benefit of $72.9 million related to the tax treatment of the loans acquired in the Westernbank FDIC-assisted transaction.
Richard Carrión, Chief Executive Officer, said: "Two consistently positive trends stand out in this quarter's results. First, our net interest margin and our revenue-generating capacity remain strong. Second, credit metrics keep improving. The decrease of $120 million in non-performing loans marks our largest quarterly decline in this credit cycle. Despite various headwinds we are continuing our progress."
Popular Inc. now expects to earn between $210 million and $225 million for 2012. This is a higher nominal range than the $185 million to $200 million range previously disclosed. However, after excluding the three unusual events of the quarter the range is $10 million less than previously disclosed.
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by RTT Staff Writer
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