Jorge Garcia
Executive VP & CFO at Popular
Ending customer deposit balances at BPPR, excluding Puerto Rico public deposits, increased by approximately 600,000,000 while average balances decreased by approximately $100,000,000 At PV, ending balances decreased by approximately $190,000,000 and average balances decreased by approximately 30,000,000 dollars At the end of the Q4, Puerto Rico public deposits were $19,500,000,000 an increase of approximately $750,000,000 when compared to Q3. Average balances for public deposits were lower by 125,000,000 dollars Going forward, we expect public deposits to continue to be in the range of $18,000,000,000 to $20,000,000,000 Our net interest margin expanded by 11 basis points on a GAAP basis and 15 basis points on a tax equivalent basis, driven by lower deposit costs and higher loan balances. Non interest income was $165,000,000 flat versus Q3. In December, we completed the sale of the daily car rental business from our Popular Auto subsidiary. This business was not a material contributor to net income as the fee income it generated was mostly offset by depreciation expenses.