Puerto Rican bank Popular Inc's Q2 net income rises to $210.4 mln

Overview

• Popular Q2 net income rises to $210.4 mln from $177.5 mln in Q1

• EPS increases to $3.09 in Q2

• Co previously this month announced $500 mln stock repurchase program and dividend increase

Result Drivers

• NET INTEREST INCOME - Increase driven by higher average deposits and loan growth across commercial, mortgage, and auto portfolios

• NON-INTEREST INCOME - Rise due to market-driven adjustments and increased service fees, including credit card and insurance fees

• CREDIT QUALITY IMPROVEMENT - Reduction in non-performing loans and net charge-offs, supported by favorable changes in economic assumptions

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Popular Inc is $125.50, about 8.2% above its July 22 closing price of $115.22

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release: ID:nBw11xkmqa