BPOP - Popular Inc. (BPOP) Q1 2024 Earnings Call Transcript
2024-04-23 16:39:10 ET
Popular, Inc. (BPOP)
Q1 2024 Earnings Conference Call
April 23, 2024 11:00 AM ET
Company Participants
Paul Cardillo - Senior Vice President and Investor Relations Officer
Ignacio Alvarez - President and Chief Executive Officer
Jorge Garcia - Executive Vice President and Chief Financial Officer
Lidio Soriano - Executive Vice President and Chief Risk Officer
Conference Call Participants
Gerard Cassidy - RBC Capital Markets
Timur Braziler - Wells Fargo
Brett Rabatin - Hovde Group
Ben Gerlinger - Citi
Jared Shaw - Barclays
Alex Twerdahl - Piper Sandler
Kelly Motta - KBW
Presentation
Operator
Hello all. And welcome to Popular Inc.’s First Quarter Earnings Call. My name is Lydia, and I’ll be operator today. [Operator Instructions] I’ll now hand over to your host, Paul Cardillo, Investor Relations Officer to begin. Please go ahead.
Paul Cardillo
Good morning and thank you for joining us. With us on the call today is our CEO, Ignacio Alvarez; our COO, Javier Ferrer; our CFO, Carlos Vazquez; and our CRO, Lidio Soriano. They will review our results for the first quarter and then answer your questions. Other members of our management team will also be available during the Q&A session.
Before we begin, I would like to remind you that on today’s call, we may make forward-looking statements regarding Popular, such as projections of revenue, earnings, expenses, taxes and capital structure as well as statements regarding Popular’s plans and objectives. These statements are based on management’s current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements are set forth within today’s earnings release and our SEC filings. You may find today’s press release and our SEC filings on our webpage at popular.com.
I will now turn the call over to our CEO, Ignacio Alvarez.
Ignacio Alvarez
Good morning, and thank you for joining the call. We are pleased to report a solid first quarter, net income totaled $103 million, which includes the impact of an additional accrual for the FDIC Special Assessment and a tax expense related to prior intercompany distribution. Excluding these items, net income would have been $135 million compared to adjusted net income of $140 million in the previous quarter. The results in the first quarter were driven by higher net interest income and a lower provision for credit losses offset in part by lower noninterest income and a slightly higher operating expense....
Popular, Inc. (BPOP) Q1 2024 Earnings Call Transcript