Slide expense million interest $XX Thank taxes compared in calculation interest to a income Net million income in-line million, We you, a in QX. QX. On Puerto $XXX in QX Rico. with was to net equivalent basis, of interest from income $XXX disallowed turn X. reported the to down due Ignacio. Please was taxable million, net higher million of $XXX $XXX
$XXX a Non-interest insurance $X decrease included QX, million, $X a claim which income was reimbursement. million million from
cash due $X the reimbursement, Service by on by to fees QX during and increased million, increased charges by the non-interest driven higher customer million, deposit accounts activity. customer accounts. income management Excluding quarter, commercial $X mainly
and increased card fees higher higher of debit primarily due driven to volume credit million, transactions. customer by $X by fees service other Additionally,
be two The guidance Going yielded forward, our due results. approximately income early is $XXX per quarterly non-interest to have to prior $XXX expect initiatives we quarter. partly from that to million transformation-related $XXX million million increase
SME card have contributed last And a we businesses. in Rico. credit pricing business we income. have First, introduced Rico enhanced second, initiatives fee segmentation year, the commercial management commercial Both Puerto for additional cash Puerto our in product
The higher in of million the provision QX, expenses first to Total $XX million losses increase from $XX was by to quarter. expenses the million quarter. of This were prior regulatory related increase million initiatives well an our $XXX primarily and software credit $X cybersecurity compared increased as that driven by million. operating compliance in and by professional fees technology $XX was as $XX million
During QX, million expenses transformation-related to million compared we quarter. incurred $X of last $X
expected We second $XX expenses in year. anticipate continue as in million the approximately transformation-related are to half accelerate of efforts these the XXXX to of
$X retail related card credit million, compensation were Higher expenses costs programs. $X by And replacement customer finally, card and due Other variances higher large lower to equity-based expenses. business processing expense million cost. expense to related credit to debit lower by transactional loyalty services mostly by $X million, promotion primarily personnel and
which historically of to X. costs then increases, in annual decrease second metric part the exhibited the effective remaining Personnel in on quarter, increase typically seasonal year, July impact the of due a are for the
quarterly historically billion. anticipate Our ramped to be We that and expect year will with trajectory expense experience of expenses has our continue the for XXXX up consistent approximately $X.XX as year progresses. the
will to of expenses. expected level We below this come strive in
was rate the tax effective quarter Our XX%. for
range we to is be range our now For rate last expect This XX% tax effective XX%. provided XX% and between the to the an webcast. during XX% somewhat full-year tighter than XXXX,
well Net deposits, decreased lower to taxable turn basis, equivalent X basis, Popular by On On NIM was margin growth deposit than as X.XX%, million, X.XX% Please interest due income first to higher versus million basis quarter. expense public interest basis as the equivalent Net it a Bank. at decrease Slide a was the is points on $XX balance XX was of in in interest driven of decrease cost points high-cost QX. to accounts deposits in in The sector X. tactical increase $XXX a QX. by $XXX million.
It This roughly And and balances categories. yields all offset increase deposits At the that billion to in sector deposits impact public by a $XX.X expect billion, impact level public must compared not as of on our the is QX. the deposits still increase $X XXXX, quarter, by partially consistent was such, be trends. $XX of billion by historical liquidity. be end Rico, profitability, in an while reiterate major of do to have these law of important deposits higher collateralized, may significant range across changes to in we were the QX XXX% of lending they Puerto The second public was $XX with in end billion. the loan to
$XXX in This million mix Excluding in Rico in banking sector. see unchanged Bank by excess moving quarter. Puerto public non-interest-bearing pursuing time of direct and deposits, through deposit we were and better the balances essentially by Popular high QX, gathered however, the quarter. did, by to on decreased commercial saving outside continue In these deposits funds shift the increases channel. offset online was as customer liquidity We a net clients worth some see yields deposits
our these inflows to have been we However, in in of customers broker-dealer, of capture we good able saw from $XXX a QX. million approximately deposit portion
growth million to commercial of Bank loans QX, early label That Our and all PB. our increased construction balances ending was $XX by and of a to portfolio private QX. driven net par credit card segments by transfer value million BPPR growth sale loan portfolio. compared a is at loan in at at held $XXX sold This in for
encouraged BPPR demand and by at are the credit PB. for We
of use credit We opportunities advantage yield to continue to extend take our liquidity. will the of existing prudent and improve and
neutral. relatively Our interest continues rate be to sensitivity
progresses, and incrementally and and As margin growth public this of trajectory. on expect commercial timing and deposit The investment loan we the portfolio upward the mix, deposits. pace year depend an resume of repricing to and our retail will strategy
timing the current above the cycle are now prior in betas Deposit cycle.
XX beta BPPR, XX costs a We basis to of total cycle. seen deposits. have increase increased this date an In compared points by XX% sector public points of basis in deposit by in cumulative to led total QX, deposit
led deposit basis versus the retail gathered increased online primarily increased our In costs costs in BPPR through channel. by XX deposit points. public basis points XX sector deposits PB, XX Excluding balances, basis by QX, by in points
XX%. In commercial deposit less Puerto retail cycle-to-date Rico, be our to than continue betas, combined and
The interest in with is expect Rico funding market source public sector the a continued of Given in sector the rates. cost Puerto in pricing increase rates, like. linked on agreement their we This the public with market of attractive increase short-term the spread deposits. an deposit results
different public basis the in quarter, fluctuations of by cost deposits The our risks mechanics calculation. expense second of balance compared estimate and to April interest XX of points. basis sector the increased points the In the XX
by points in We public deposits expect basis of XX to the cost increase QX. approximately
Please X. to Slide turn
treasury portfolio investment of comprised average agency risk. this an Including has our years. duration position, almost portfolio is carry X.X mortgage-backed Our of securities, approximately which entirely and credit cash minimal
unrealized a reduction million, balance $XXX million stood the of loss of QX. at in our the quarter, of end As the of second HTM $XX portfolio the from
portfolio that approximately of be We expect will capital through quarter throughout amortized per the life a XXXX. loss rate into at of this back remaining X%
Slide turn X. Please to
return tangible was on quarter. remain XX.X% the strong. Our equity levels in capital Regulatory
Our share Tier by $X.XX Tangible from QX. common points value per increased quarter end increase X XX ratio was at of equity $XX.XX, of QX in an share. book basis per XX.X%
response the regulatory the sector, the Given engage the economy and expect for to of a on do potential continued during events the not remainder to in uncertainty the in share rates, outlook repurchase XXXX. we banking
this dividend do later We increase plan, a however, to consider year.
as review will actions capital market conditions We evolve. future
Our return changed maintenance strong gravitate has regulatory to plus of time, level on capital long-term Over outlook capital our ratios. our regulatory our towards capital we the Sprint. peers anchors ratio expect not
turn that, Lidio. call I the over to With
