Popular Inc. (BPOP), a provider of commercial banking products, reported Thursday a narrower loss for the quarter, helped by lower taxes.
The Hato Rey, Puerto Rico-based company's fourth-quarter net loss was $213.23 million, narrower than $702.90 million for the same period last year. Net loss applicable to shareholders narrowed to $213.23 million from $717.99 million a year earlier. On a per share basis, net loss for the latest quarter was $0.33, narrower from $2.55 last year. Previous year quarter net loss includes a $75.19 million or $0.27 per share of loss from discontinued operations.
On average, five analysts polled by Thomson Reuters expected loss per share of $0.24 for the quarter. Analysts' estimate typically excludes one-time items.
Net interest income for the fourth quarter decreased to $269.32 million from $288.87 million a year ago. Net interest yield from continuing operations improved to 3.28% from 3.23% last year.
Total non-interest income totaled $175.9 million, compared with $141.5 million for the year-ago quarter.
Analysts expected revenues of $452.70 million for the fourth quarter.
Provision for loan losses came down to $352.77 million from $388.82 million last year. The company said that its allowance for loan losses increased to $1.3 billion as of December 31, an increase of $54 million from September 30, 2009.
Commenting on results, Richard Carrion, Chairman and Chief Executive Officer said, "Fourth quarter results reflected elevated pressures in mortgage-related assets and commercial loans in both the United States and Puerto Rico. The latter remains entangled in its longest recession coupled with a depressed construction market. This environment required us to continue increasing our high reserve levels during 2009."
Loans at the end of the quarter were $23.80 billion, down from $26.28 billion at the end of the same quarter last year. Deposits also came down to $25.92 billion at the end of the fourth quarter from $27.55 billion at the end of the same quarter a year-ago.
For the full year, net income attributable to commonstock was $97.38 million or $0.24 per share, compared with net loss of $1.28 billion or $4.55 per share last year. Net loss for the full year was $573.92 million, narrower than $1.24 billion a year-ago.
Net interest income for the full year came down to $1.10 billion from $1.28 billion for the full year 2008. Total non-interest income increased to $896.5 million from $830.0 million a year back.
BPOP is currently trading at $2.25, up $0.14 or 6.64% on the Nasdaq.
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