* Sees marginal decline in net interest income
* Offers depositary shares to raise $900 mln
* Shares down as much as 8 pct in extended trade
April 12 Popular Inc (BPOP.O), the parent of
Banco Popular, reported a seventh-straight quarterly loss as it
works around its credit problems to navigate the economic
Shares of the company fell 8 percent to $2.80 in extended
trading, after closing at $3.05 Monday on Nasdaq.
In a preliminary report, the company said net loss for the
first quarter was $85 million, compared with $52.5 million in
the year-ago period.
For the first quarter, Puerto Rico's largest bank sees net
interest income of about $269 million, compared with $272.5
million last year.
Provision for loan losses is expected to be about $240
million, compared with $372.5 million in the year-ago period.
Separately, the bank said it has commenced a public
offering of depositary shares, each representing an interest in
a share of its series D preferred stock, to raise $900 million.
The company said it intends to use net proceeds for general
corporate purposes, including positioning Popular to
participate in FDIC-assisted deals.
(Reporting by Abhinav Sharma in Bangalore; Editing by Ratul