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 Car­ri&oa­cute;n, 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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