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Popular Inc.'s mainland U.S. business is back in the black, at least for the time being, and the Hato Rey, Puerto Rico-based bank is moving ahead with its mainland U.S. rebranding strategy.
Popular reported first-quarter net income applicable to common stock of $9.2 million, or 1 cent per share, compared to a net loss applicable to common stock of $85.1 million, or 13 cents per share, in the year-ago quarter. The reportable segment of Banco Popular North America, the company's mainland U.S. banking subsidiary, reported net income of $22.3 million for the quarter ended March 31, compared with a net loss of $163.7 million in the fourth quarter of 2010.
During an April 25 conference call to discuss the results, Chairman, President and CEO Richard Carrión said Puerto Rico is in the "latter stages of the credit cycle," although he highlighted a few...