NEW YORK (AP) -- Popular Inc., which operates Banco Popular and other banks in Puerto Rico and the United States, said Wednesday that its net income declined 41 percent in the second quarter as it made less money from loans and fees. But its performance still topped Wall Street's view.
Popular earned $64.8 million, or 63 cents per share, for the period ended June 30. That compares with $109.8 million, or $1.07 per share, a year ago.
Analysts surveyed by FactSet forecast earnings of 41 cents per share, on average.
Net interest income, or money earned from loans, fell 9 percent to $341.2 million from $374.5 million.
Non-interest income, which includes money earned from fees and other operations, slipped to $93.7 million from $124.2 million.
Net charge-offs, or loans written off as unpaid, dropped to $98 million from $108.1 million in the first quarter. This is the lowest level since the first quarter of 2008 and is the third straight quarter that the figure has declined.
The bank set aside $119.2 million for loan losses, down from a provision of $144.3 million last year.
Shares of Popular, based in San Juan, Puerto Rico, shed 54 cents, or 3.3 percent, to $15.76 in morning trading. The stock has traded between $10.80 and $26.30 over the last year.
