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Bank reports loss for 2007.(PUERTO RICO)(Financial report)
0 Comments | Caribbean Update, February, 2008
Popular Inc., the parent of Banco Popular, Puerto Rico's largest bank, said it expected to report a net loss for the year, reports Reuters (Dec. 22, 2007). The company said it would have to reclassify 21 mortgage loans held in securitization trusts that do not qualify for sale accounting treatments, resulting in a charge estimated at US$20 million to US$90 million.
Due to the charge, the company said it would report a fourth-quarter loss of US$90 million to US$165 million before taxes.
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