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Popular posts higher Q3 net income, net interest income YOY

Hato Rey, Puerto Rico-based Popular Inc. reported net income applicable to common stock of $164.4 million, or $1.70 per share, for the third quarter, compared to $139.7 million, or $1.38 per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the first quarter was $1.60.

Total provision for loan losses decreased to $36.5 million from $54.4 million a year ago.

Net interest income came in at $477.0 million, compared to $451.5 million in the prior-year period.

Net interest margin for the quarter was at 4.00%, compared to 4.11% for the previous quarter and 4.07% in the third quarter of 2018.

The company reported total loans of $27.06 billion at the end of the third quarter, up from $26.56 billion at the end of the year-ago quarter. Deposits totaled $44.17 billion as of Sept. 30, up from $42.06 billion as of June 30 and $39.65 billion as of Sept 30, 2018.

Net charge-offs for the quarter amounted to $67.8 million, up from $63.7 million in the year-ago quarter.