Popular Inc. Q3 Profit Plummets, Misses Estimates

(RTTNews) - Popular Inc. (BPOP), the largest bank in Puerto Rico, Wednesday reported a plunge in its third-quarter net earnings, particularly hurt by a decline in non-interest income.

The company's net income dropped to $62.6 million or $0.60 per share from $229.1 million or $2.22 per share a year ago. Excluding certain items, the group earned $90.5 million for the quarter.

On average, 6 analysts polled by Thomson Reuters expected the company to report profit per share of $0.68 for the quarter. Analysts' estimates typically exclude special items.

The corporation had a net interest income of $326.4 million, which was down from $331.01 million in the year-ago period. Non-interest income dropped to $124.3 million from $286.7 million last year. Analysts had expected revenues of $352.44 million for the quarter.