The following is a summary of the Popular, Inc. (BPOP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Popular, Inc. reported net income of $103 million for the first quarter. Adjusted for items, net income was $135 million, marginally lower than the last quarter.

• Loan and deposit balances increased by $54 million and approximately $191 million, respectively, driven by auto and mortgage growth and higher retail demand deposits.

• Net interest margin increased to 3.16% mainly due to a higher interest rate environment and increased average loan balances.

• Noninterest income stood at $164 million.

Business Progress:

• The customer base in Puerto Rico grew substantially with over 2 million unique customers now being served, indicating strong customer retention and acquisition.

• Consumer spending remained high with credit and debit card sales growing by 2%.

• The bank announced the continuation of its company-wide transformation efforts designed to adapt to rapidly changing customer needs and stimulate community progress.

• An encouraging outlook was provided for commercial and construction loan growth due to interest from clients, and stable economic conditions.

• A plan to invest more in cloud infrastructure was unveiled to support forthcoming growth.

• There are planned stricter credit policies, which might lead to a decline in personal and credit card loans.

• -The bank declared that there would be higher retention of mortgage loans in the portfolio to counter high-interest rates.

• The company aims to improve operational efficiency with around 35-40 transformation projects underway.

• The bank expects a potential reduction in deposits from government customers due to regular payouts and the ending of pandemic relief measures.

More details: Popular IR

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