The following is a summary of the OFG Bancorp (OFG) Q1 2024 Earnings Call Transcript:
Financial Performance:
OFG Bancorp reported earnings per share increased by over 9% year-over-year to $1.05.
Total core revenues upped close to 6% to $174.2 million.
Non-interest expenses came in at $91.4 million.
CET1 ratio improved to 14.45% from 14.12% in the previous quarter.
The total assets count was $11.2 billion, 11% higher than a year ago despite a 2% contraction from last quarter.
Provision amounted to $15.1 million, and a 14% rise to $0.25 per share in the quarterly cash dividend was observed.
A new $50 million stock repurchase was authorized.
Business Progress:
Digital First approach continues to drive customer acquisition and engagement, with substantial portions of retail transactions, deposits, and loan payments being made through digital and self-service channels.
A 12% increase in customers enrolled in digital services.
The Oriental Servicing Portal featured new abilities for customers to manage their IRA accounts and funds, adding further functionality to the service.
OFG Bancorp had a full-year effective tax rate of 29%, benefiting from an upswing in preferential treatment under Puerto Rico's tax code.
OFG plans to continue investing in customer-friendly technology and improve customer experience.
Despite improved Net Interest Margin (NIM), OFG expects to maintain expenses in the range of $90 million to $92 million.
The bank expects strong performance in 2024, on the back of robust economic and corporate growth and an effective high-for-longer interest rate environment.
More details: OFG Bancorp IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.