Popular Inc. reported net income of $218.1 million for the quarter ended June 30, 2021, compared to net income of $262.6 million for the quarter ended March 31, 2021.
Ignacio Alvarez, the bank's president and CEO, said: “We had another strong quarter with net income of $218 million. These results reflect improving macro-economic conditions and credit quality as well as our diversified sources of revenue. Consumer spending in P.R. has increased and it is reflected in higher revenues from credit and debit card spending.
"Deposit balances grew by $5.9 billion and excluding forgiveness of PPP loans, we saw a small increase in our period end loans, led by strong auto loan originations in P.R. While we are extremely pleased with the results for the first half of the year, we remain attentive on how the evolving health situation (on the COVID pandemic) may impact the economic recovery."
For the second quarter of 2021, the corporation recorded net income of $218.1 million, compared to a net income of $262.6 million for the previous quarter.
The second quarter’s results include a release of the allowance for credit losses of $17.0 million driven by improving credit quality and the improved macroeconomic outlook.
Net Interest income was $487.8 million, an increase of $8.7 million compared to the previous quarter, mainly due to additional funds invested from the increase in deposits. The net interest margin decreased 16 basis points to 2.91%.
Total assets grew by $5.8 billion from the previous quarter, reflecting an increase in deposits across various sectors, principally from the Puerto Rico public sector.