Popular Inc. says it posted a steep loss in the third quarter due to exposure to bad loans.
The San Juan-based parent of Puerto Rican bank Banco Popular said Wednesday the net loss was US$668.5 million, or US$2.42 a share, down from net income of US$36 million, or 12 cents a share, in the same quarter last year.
The company says it will scale back its banking operations on the U.S. mainland in response to the economic downturn.
Company chairman Richard Carrion says the loss resulted from a decision announced two months ago to sell the assets and stop the operation of a U.S.-based segment, Popular Financial Holdings.
The loss from continuing operations was 79 cents a share.
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