Stocks
ETFs
Options
Commodities
Crypto
Currency
Pro Newsletters
Research Tools
Daily Feeds
Calendars
Economic Indicators
Class Actions
Calculators
Education
About Us
Working with TipRanks
Follow Us
Popular Inc (BPOP)
NASDAQ:BPOP
Holding BPOP?
Track your performance easily
Earnings Data
Report Date
Jan 23, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$2.06Last Year’s EPS
$1.94Same Quarter Last Year
Moderate Buy
Based on 6 Analysts Ratings
---
Earnings Call Summary
Earnings Call Date:Oct 23, 2024
|% Change Since: -7.63%
|Next Earnings Date:Jan 23, 2025
Earnings Call Sentiment|Neutral
The earnings call presented a mixed outlook. While there were positive indicators such as loan growth, stable credit quality, and positive economic trends in Puerto Rico, significant challenges included a decrease in net income, lower than expected net interest income, and issues with deposit balances. The revised ROTCE target also highlights ongoing challenges.Company Guidance
In the third quarter of 2024, Popular, Inc. reported a net income of $155 million, down $23 million from the previous quarter due to a higher provision for credit losses linked to loan growth at BPPR. Net interest income rose by $4 million despite a $1.8 billion decline in deposit levels, affecting asset balance and mix. Retail deposit balances remained 30% above pre-pandemic levels. Loan growth was robust with a $603 million increase, mainly in the commercial segment. The net interest margin expanded by 2 basis points to 3.24%. Operating expenses dropped by $2 million to $467 million. The bank repurchased 600,000 shares for $59 million, and the tangible book value per share grew by 10% to $69.04. Popular's CET1 ratio was 16.4%, and the company anticipates continued loan growth and NII improvement, despite revising the 2025 ROTCE target to at least 12%, down from 14%.Net Interest Margin Expansion
Net interest margin expanded by 2 basis points to 3.24%, mainly driven by higher average loan balances and the repricing of loans and reinvestment of securities in a higher interest rate environment.
Strong Loan Growth
Loan balances increased by $603 million or nearly 2%, with PPR's loan portfolio growing by $583 million primarily in the commercial segment and Popular Bank seeing a $21 million increase driven by commercial loans.
Stable Credit Quality
Credit quality metrics remained stable during the third quarter, with the provision for credit losses increasing partly due to loan growth and stable metrics in mortgage and commercial portfolios.
Increase in Tangible Book Value
Tangible book value per share increased by 10% to $69.04, driven by lower unrealized losses in the investment portfolio.
Positive Economic Indicators in Puerto Rico
Business activity in Puerto Rico remained solid, with favorable trends in employment, consumer spending, and a strong tourism and hospitality sector.
---
BPOP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
---
BPOP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 23, 2024 | $99.23 | $89.10 | -10.21% |
| Jul 24, 2024 | $101.58 | $98.04 | -3.48% |
| Apr 23, 2024 | $83.51 | $86.09 | +3.09% |
| Jan 25, 2024 | $81.19 | $83.46 | +2.80% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
---
FAQ
When does Popular Inc (BPOP) report earnings?
Popular Inc (BPOP) is schdueled to report earning on Jan 23, 2025, TBA Not Confirmed.
What is Popular Inc (BPOP) earnings time?
Popular Inc (BPOP) earnings time is at Jan 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BPOP EPS forecast?
BPOP EPS forecast for the fiscal quarter 2024 (Q4) is $2.06.
---