Popular, Inc. reported strong financial results for the fourth quarter of 2024. Net income reached $177.8 million, marking an increase from $155.3 million in Q3. For the full year, net income totaled $614.2 million, compared to $541.3 million in 2023. Adjusted for special assessments and tax withholdings, 2024 net income was $646.1 million, surpassing the $586.6 million recorded in 2023.
Net interest income rose to $590.8 million in Q4, up $18.3 million from Q3, with a net interest margin of 3.35%, compared to 3.24% in Q3. Non-interest income remained stable at $164.7 million. Operating expenses were unchanged at $467.6 million. Credit quality remained robust, with non-performing loans decreasing by $10.6 million and the NPL ratio dropping to 0.95%. However, net charge-offs increased, with an annualized NCO ratio of 0.74% in Q4 and 0.68% for the full year, up from 0.44% in 2023.
The loan portfolio grew by $912.7 million to $37.1 billion, while deposits rose by $1.2 billion to $64.9 billion. The company also enhanced shareholder returns, repurchasing over 2.25 million shares for $217.3 million and increasing its quarterly dividend from $0.62 to $0.70 per share.
Key metrics, including a Common Equity Tier 1 ratio of 16.03% and tangible book value per share of $68.16, highlight the corporation's strong financial position despite a slight decline in tangible book value from Q3.
