Popular, Inc. (NASDAQ:BPOP) Q4 2024 Earnings Conference Call January 28, 2025 10:00 AM ET

Company Participants

Conference Call Participants

Operator

Hello, and welcome to the Popular Incorporated Fourth Quarter Earnings Call. My name is Elliot and I'll be your coordinator today. [Operator Instructions]

I'd now like to hand over to Paul Cardillo, Investor Relations Officer. Please go ahead.

Paul Cardillo

Good morning, and thank you for joining us. With us on the call today is our CEO, Ignacio Alvarez; our President and COO, Javier Ferrer; our CFO, Jorge Garcia; and our CRO, Lidio Soriano. They will review our results for the full year and fourth quarter and then answer your questions. Other members of our management team will also be available during the Q&A session.

Before we begin, I would like to remind you that on today's call, we may make forward-looking statements regarding Popular, such as projections of revenue, earnings, expenses, taxes and capital structure as well as statements regarding Popular's plans and objectives. These statements are based on management's current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements are set forth within today's earnings release and our SEC filings. You may find today's press release and our SEC filings on our webpage at popular.com.

I will now turn the call over to our CEO, Ignacio Alvarez.

Ignacio Alvarez

Good morning and thank you for joining the call. In 2024, we delivered results that reflect the strength of our franchise and the continued stability of the Puerto Rico economy. Our annual net income of $614 million compared to $541 million in 2023. On an adjusted basis, we achieved net income of $646 million, 10% higher than in 2023. The adjusted variance was mainly driven by higher net interest income, offset in part by a higher provision for credit