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Leading Puerto Rico bank returns to profitability
Popular, Inc, the leading banking institution by both assets and deposits in Puerto Rico, has reported net income of US$10.1 million for the quarter ended March 31, 2011. The bank made a net loss of US$227.1 million for the quarter ended December 31, 2010, and a net loss of US$85.1 million for the quarter ended March 31, 2010. Pre-tax income for the quarter ended March 31, 2011 amounted to US$157.4 million, compared with a pre-tax loss of US$238.9 million for quarter ended December 31, 2010 and a pre-tax loss of US$94.3 million for the quarter ended March 31, 2010.
Richard Carrión, chairman of the board and chief executive officer, stated, “While the results for the quarter were impacted by a number of significant items, they clearly reflect a return to operational profitability.
One quarter does not make a trend and we are very conscious of the fragility of the economic recovery. Nevertheless, these results, together with generally encouraging economic and credit metrics, make us feel optimistic.”
Founded in 1893, Popular, Inc, ranks 35th by assets among US banks. In the United States, Popular has established a community-banking franchise providing a broad range of financial services and products with branches in New York, New Jersey, Illinois, Florida and California.
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