Popular Inc. (NASDAQ: BPOP)� recently� announced its fourth-quarter financial results, posting� a net loss of 227.1 million for the fourth quarter compared with a net income of $494.1 million for the previous quarter and a net loss of $213.2 million reported for the same period in 2009.
For the full year 2010, the company�s net income came in at $137.4 million, compared with a net loss of $573.9 million reported for the same period in 2009.
During the fourth quarter of 2010, the company reclassified around $1 billion of loans held-in-portfolio to held-for-sale, which had a negative impact of $186 million on fourth-quarter earnings. The company expects majority of these loans to be sold in the first quarter of 2011.
Popular reported a decline of $720.3 million in the fourth-quarter non-interest income, compared with the third quarter of 2010.
Commenting on the fourth-quarter and full-year 2010 financial results, Richard L. Carrion, chairman and CEO of Popular, said that during 2010, the company was successful in strengthening its capital base and it leadership position in the Puerto Rico market. Carrion further said that the company also made significant progress in enhancing its asset quality. He further added that the important steps that the company took in 2010 position it to achieve operational profitability in 2011.
Puerto Rico-based Popular is a bank holding company.
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