OFG Bancorp reports Q4 EPS 98c, consensus 93c

Reports Q4 revenue $175.6M, consensus $141.62M. Total Interest Income of $176.2M compared to $165.7 M in 3Q23 and $145.7 M in 4Q22. Compared to 3Q23, 4Q23 primarily reflected higher average balances and yields on loans and investment securities. Jose Rafael Fernandez, Chief Executive Officer, said: “2023 was an outstanding year. We are proud of our accomplishments and thank the entire team for making it possible. We ended 2023 with record levels of loans, customer deposits, assets, and stockholders’ equity. Year-end commercial loan balances exceeded $3 billion and tangible common equity was more than $1 billion, both for the first time. Our ‘Digital First Strategy’ continues to empower our retail customers to complete 93% of routine transactions through self-service channels. While consumer credit has begun to normalize post-pandemic, consumer liquidity and employment as well as commercial clients and the economy continue to be strong in Puerto Rico.”