As previously reported, Morgan Stanley upgraded Popular to Equal Weight from Underweight with a $31 price target. The firm said its bear-case scenario of a default of Puerto Rico debt is playing out and Popular's capital position remains strong.

Reports Q1 tangible book value per share $60.06. Reports Q1 net charge-offs .71%. Reports Q1 CET1 capital ratio 16.36%. Ignacio Alvarez, president and CEO, said: "We are pleased to report solid earnings for the first quarter after considering the impact of an additional accrual for the FDIC special assessment and a tax related expense associated with prior period intercompany distributions. We continued to benefit from a stable deposit base, increased our net interest income by 3% and expanded our net interest margin by eight basis points. Credit remained stable, with trends similar to recent periods. The strength of our liquidity and capital ratios positions us well to continue pursuing sustainable business growth and delivering positive results. I want to thank our colleagues for their continued dedication and commitment to serve our customers and contribute to Popular's success."