OFG Bancorp Reports Q4 Profit, Revenue Above View; Stock Up 3% In Pre-market

OFG Bancorp

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(RTTNews) - OFG Bancorp (OFG) Wednesday reported higher earnings as well as revenue for the fourth quarter, above the Street expectations. The company's shares were trading more than 3 percent up in pre-market.

Earnings were $1.09 per share for the fourth quarter, up from $0.98 per share in the same quarter a year ago.

Core revenues increased to $181.9 million from $175.6 million last year.

Analysts on average, expected earnings of $0.96 per share on revenue of $176.15 million for the quarter. Analysts' estimates typically exclude special items.

Total Interest Income grew to $190.2 million from $176.2 million in the previous year.

Provision for credit losses was $30.2 million, up from $19.7 million a year ago.

OFG Bancorp stock had closed at $44.74, up 1.13 percent on Tuesday. It has traded in the range of $33.19 - $47.66 in the last 1 year.