Popular Inc. (BPOP) reported a first-quarter net loss applicable to common stock of $121.24 million or $1.18 per share, compared to profit of $47.48 million or $0.46 per share last year.
Net interest income was $345.35 million, compared to $337.58 million last year. Net interest income after provision for loan losses was $121.49 million compared to $236.86 million last year. The provision for loan losses for the first quarter of 2013 amounted to $223.9 million, mainly related to the $148.8 million impact of the bulk loan sale.
On average, five analysts polled by Thomson Reuters expected the company to report profit of $0.61 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $452.65 million for the quarter.
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