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BPOP - Popular Inc.: Rate Sensitive Margin To Drag Down Earnings
Popular Inc.
Earnings per share of Popular Inc. (BPOP) plunged by 79% sequentially in the first quarter due to a hike in provision expense amid the COVID-19 pandemic. Earnings will likely recover from the first quarter's lows but remain below the 2019 level in the remainder of the year. A decline in net interest margin following the federal funds rate cuts in March will likely drive earnings down. Moreover, the above-normal provision expense in the first half of the year will pressurize earnings. Consequently, I'm expecting earnings per share to decline by 41% year-over-year to $4.04 in