OFG Bancorp Q4 Net Profit Climbs, Beats Estimates; Revenue Improves

(RTTNews) - OFG Bancorp (OFG), a retail banking company, on Wednesday reported a rise in net earnings for the fourth-quarter, above analysts' estimates.

For the three-month period, the lender posted a net income per share of $0.98, higher than $0.97 per share, recorded for the same period last year.

On average, four analysts polled by Thomson Reuters had expected the bank to earn $0.93 per share, for the quarter. Analysts' estimates typically exclude special items.

Total interest income climbed to $176.2 million from $145.7 million in 2022.

Total provision for credit losses stood at $19.7 million, higher than last year's $8.8 million.

Total noninterest expense stood at $94.1 million, compared with $91.6 million a year ago.

Total core revenues for the period were $175.6 million, up from $168.3 million in 2022.