Popular reported second-quarter net income of $278 million, or $4.35 per share, up 15% from the prior quarter and 41% year over year. President and CEO Javier Ferrer announced he will retire at the end of August, with CFO Jorge García succeeding him as CEO, Chief Risk Officer Lidio Soriano becoming CFO, and Luis Sousa taking over as chief risk officer. Net interest income rose $23 million to $693 million, driven by loan growth and higher investment balances, while the company raised its full-year net interest income growth outlook to 8% to 9%. Popular also announced a new $1 billion share repurchase authorization and a planned 20% dividend increase to $0.90 per share beginning in the fourth quarter, and it raised its annual return on tangible common equity target to a range of 14% to 17%.
Popular IncStrong Q2 earnings beat, raised NII outlook, increased buyback and dividend, and higher ROCTE target.