**"BPOP's Strong Q1 Performance: Revenue Growth and Profit Surge Amid Market Resilience

Summary

The Bank of the People (BPOP) demonstrated strong revenue growth in the first quarter of 2025, driven by increased market demand, product innovation, and effective cost control. Compared to its peers, its performance is at a mid-to-high level in the industry, showing good market competitiveness. Despite the challenges in the overall market environment, the company's profitability and customer base have improved, laying a foundation for future performance growth.

Opportunities

1. With the improvement of the macroeconomic environment, consumer and corporate credit demand may continue to increase, bringing more revenue opportunities for the Bank of the People.

2. The Bank of the People can further expand its financial product line to meet different customer needs and enhance market competitiveness.

3. Progress in ESG may enhance the company's brand image, attracting more customers and investors.

4. Through effective risk control and management measures, the company has the opportunity to stand out in the competition and achieve higher profitability.

Risks

1. If the macroeconomic situation deteriorates or interest rates decline, it may affect credit demand and put pressure on the bank's revenue.

2. Intensified competition may lead to lower interest rates, weakening the bank's interest income.

3. The Bank of the People may face market adaptation issues when expanding new products and services, affecting its profitability.

4. Although the ESG rating has been upgraded, failure to continuously improve in social responsibility and sustainability may affect the company's image and customer trust.