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2024-08-27 17:31 PRESS RELEASES Investor Relations Popular , Inc. Announces Second Quarter 2021 Financial Results Search Entire IR Site Press Releases Only Filings Only Popular , Inc. Announces Second Quarter 2021 Financial Results Company Release - 7/22/2021 ⚫ Net income of $ 218.1 million in Q2 2021 , compared to net income of $ 262.6 million in Q1 2021 . • Net interest margin of 2.91 % in Q2 2021 , compared to 3.07 % in Q1 2021 ; net interest margin on a taxable equivalent basis of 3.22 % in Q2 2021 , compared to 3.39 % in Q1 2021 . Credit Quality : ⚫ Non - performing loans held - in - portfolio ( " NPLs " ) decreased by $ 13.0 million from Q1 2021 ; NPLs to loans ratio at 2.4 % flat from Q1 2021 ; Net charge - offs ( " NCOS " ) was net recovery of $ 1.3 million , a favorable variance by $ 22.3 million from Q1 2021 ; NCOs at ( 0.02 ) % of average loans held - in - portfolio vs. 0.29 % in Q1 2021 ; ⚫ Allowance for credit losses ( " ACL " ) to loans held - in - portfolio at 2.70 % vs. 2.75 % in Q1 2021 ; and ACL to NPLs at 114.7 % flat from Q1 2021 . Common Equity Tier 1 ratio of 16.55 % , Common Equity per Share of $ 71.82 and Tangible Book Value per Share of $ 63.24 at June 30 , 2021 . SAN JUAN , Puerto Rico -- ( BUSINESS WIRE ) -- Popular , Inc. ( the " Corporation , " " Popular , " " we , " " us , " " our " ) ( NASDAQ : BPOP ) reported net income of $ 218.1 million for the quarter ended June 30 , 2021 , compared to net income of $ 262.6 million for the quarter ended March 31 , 2021 . Ignacio Alvarez , President and Chief Executive Officer , said : " We had another strong quarter with net income of $ 218 million . These results reflect improving macro - economic conditions and credit quality as well as our diversified sources of revenue . Consumer spending in P.R. has increased and it is reflected in higher revenues from credit and debit card spending . Deposit balances grew by $ 5.9 billion and excluding forgiveness of PPP loans , we saw a small increase in our period end loans , led by strong auto loan originations in P.R. During the quarter we also continued to return capital to our shareholders , increased our common stock dividend , while maintaining a CET1 ratio of 16.6 % at quarter end . While we are extremely pleased with the results for the first half of the year , we remain attentive on how the evolving health situation may impact the economic recovery . We also continued to support the communities we serve . During the quarter we released our annual Corporate Sustainability Report , which summarizes our program , takes into account widely accepted sustainability reporting standards and highlights our commitment , progress and achievements in our efforts to operate as a responsible , ethical and sustainable company . " Significant Events Financial Highlights For the second quarter of 2021 , the Corporation recorded net income of $ 218.1 million , compared to a net income of $ 262.6 million for the previous quarter . The second quarter's results include a release of the allowance for credit losses of $ 17.0 million driven by improving credit quality and the improved macroeconomic outlook . Net Interest income was $ 487.8 million , an increase of $ 8.7 million compared to the previous quarter , mainly due to additional funds invested from the increase in deposits . The net interest margin decreased 16 https://investor.popular.com/eng/press-releases/news-details/2021/Popular-Inc.-Announces-Second-Quarter-2021-Financial-Results/default.aspx 1/37