Popular Inc. Q1 Profit From Cont. Ops. Rises - Quick Facts

(RTTNews) - Popular Inc. (BPOP) reported first-quarter income from continuing operations of $73.5 million, compared to $66.5 million, prior year. Earnings per share from continuing operations was $0.71, compared to $0.64. Net income per share was $0.72, compared to $0.83, last year. The company reported adjusted net income of $90.3 million for the quarter ended March 31, 2015.

On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.74 for the quarter. Analysts' estimates typically exclude special items.

Net interest income totaled $343.19 million, compared to $351.17 million, last year. Total non-interest income was $115.23 million, compared to $96.03 million. Analysts expected revenue of $381.71 million for the quarter.

Richard Carrión, CEO, said: "We are pleased to report that we started the year on solid footing, with strong results and stable credit metrics, notwithstanding the difficult macroeconomic environment in our principal market, Puerto Rico. We are especially encouraged by the trends we are seeing at Popular Community Bank, which experienced organic commercial loan growth of 6% in the quarter. The acquisition of approximately $2.3 billion of Doral Bank's assets further boosts our position, as it strengthens our Puerto Rico franchise and provides additional momentum to our U.S. operations."