Popular and FirstBank close 2019 with earnings

Popular Inc. (Nasdaq: BPOP) closed 2019 with net benefits of $ 671.1 million, or about 8% more than the performance recorded a year earlier, according to the financial conglomerate.

Similarly, First Bancorp (NYSE: FBP) concluded 2019, with net revenues of $ 167.4 million, or approximately 15% less than in 2018, but with an agreement to buy Banco Santander’s assets in Puerto Rico, which would consolidate as the second financial institution of the island.

The annual management of the Banco Popular and FirstBank matrices resulted in about $ 6.88 and 76 cents, respectively, per diluted share.

The 2019 numbers, in turn, were made possible by the performance of both institutions in the fourth quarter of last year.

In the case of Popular, the institution – which recently launched a share buyback program – reported net income of $ 166.8 million versus $ 165.3 million in the fourth quarter of 2018.

Meanwhile, FirstBank closed the period from October to December last year, with benefits of $ 36.4 million versus $ 101.1 million in the last quarter of 2018. On that occasion, a tax adjustment explained the jump in the conglomerate’s net income.

In separate reports, Both Popular and FirstBank, showed improvements in key indicators to know the health of a banking institution such as the amount of reserves for possible losses on loans and net interest margin.

“2019 was an outstanding year in which we reached record levels in our basic income,” Ignacio Alvarez, Popular’s chief executive officer said in written statements.

“2019 was a year of great significance for our company and we are working diligently for the approval, closure and integration of the newly announced acquisition of Banco Santander Puerto Rico,” he said for his part and also in written statements, Aurelio Alemán, chief officer FirstBank executive.

Both bankers will offer more details about the results of their respective institutions, separately, at conferences with investors and analysts scheduled for this Tuesday.

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