BPOPO - Popular Inc. (BPOP) Q4 2023 Earnings Call Transcript
2024-01-25 13:37:07 ET
Popular, Inc. (BPOP)
Q4 2023 Earnings Conference Call
January 25, 2024 10:00 ET
Company Participants
Paul Cardillo - Investor Relations Officer
Ignacio Alvarez - Chief Executive Officer
Javier Ferrer - Chief Operating Officer
Carlos Vazquez - Chief Financial Officer
Lidio Soriano - Chief Risk Officer
Jorge Jose García - Principal Accounting Officer, Senior Vice President & Comptroller
Conference Call Participants
Timur Braziler - Wells Fargo
Ben Gerlinger - Citi
Alex Twerdahl - Piper Sandler
Kelly Motta - KBW
Brody Preston - UBS
Thomas Leddy - RBC
Presentation
Operator
Hello and welcome to today’s Popular Inc. 4Q Earnings Call. My name is Jordan, and I’ll be coordinating your call today. [Operator Instructions] I’m now going to hand over to Paul Cardillo, the Investor Relations Officer at Popular, Paul, 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 full year and fourth 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 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. In 2023, we delivered solid results in a challenging environment. Our annual net income of $541 million compared to net income of $1.1 billion in 2022. Our adjusted 2023 – our 2023 adjusted net income was $587 million compared to adjusted net income of $808 million in 2002. The variance was mainly driven by a higher provision for loan losses and higher operating expenses. We grew our loan portfolio by $3 billion or 9.3% during the year....
Popular, Inc. (BPOP) Q4 2023 Earnings Call Transcript