Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 4

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 4
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 costs in Puerto Rico public deposits and online deposits at Popular Bank. The increase in the provision was mainly due to continued loan growth during 2024 and higher losses reflected in the Puerto Rico consumer and leasing portfolios. The increase in operating expenses reflects the Corporation’s investment in its Transformation and people, as well as other areas essential for Popular’s long-term success. Popular’s capital levels remained robust during 2024 with a year-end Common Equity Tier 1 ratio of 16%. Tangible book value per share was $68.16 as of December 31, 2024, a 14% increase from 2023, primarily due to lower unrealized losses on investment securities and 2024 net income, offset in part by dividends and share repurchase activity. Popular’s shares closed 2024 at $94.06, a 15% increase when compared to year-end 2023. Popular’s stock outperformed the KBW Regional Banking Index (“KRX”), which increased by 10% in the same period, but underperformed against the Nasdaq Bank Index, which increased by 17% in 2024. 2024 Corporate Highlights 2024 was a strong year for Popular. The Corporation obtained positive earnings and loan growth, while maintaining stable credit quality. During 2024, Popular maintained strong capital levels and continued returning capital to shareholders. Furthermore, we made significant progress in the modernization of our customer channels and the enhancement of our customers’ experience as part of our Transformation. 2024 Achieved Milestones

| 4 | 2025 POPULAR, INC. PROXY STATEMENT |

TABLE OF CONTENTS

| Lending                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Popular increased its loan portfolio to $37.1 billion, $2 billion or 6% higher than 2023. During 2024, Banco Popular de Puerto Rico’s (“BPPR”) loan portfolio grew in most business segments, led by commercial loans, which reflects the continued strength of the Puerto Rico economy and our diversified product offering. Popular Bank achieved loan growth in commercial and construction loans. Furthermore, the credit quality of the Corporation remained stable throughout the year and the Corporation’s non-performing loan ratio decreased by 7 basis points. |

| Deposits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Popular had year-end deposits of $65 billion, an increase of $1.3 billion or 2%, mainly driven by higher public sector deposits in Puerto Rico and higher-cost time and savings deposits from Popular Bank’s