OFG Bancorp's Q3 EPS rises on commercial loan growth

OFG Bancorp

Wed 12:39

Overview
Bank's Q3 core revenue up 1% yr/yr to $185.7 mln
Q3 diluted EPS rose 14.7% yr/yr to $1.33
Company repurchased $13.5 mln of common shares in Q3

Outlook
Company says digital banking initiatives are attracting new clients and deepening relationships

Result Drivers
COMMERCIAL LOAN GROWTH - Co said results were supported by continued momentum in commercial loan growth
CREDIT LOSS PROVISION - Higher provision for credit losses in Q3 mainly reflected increased loan volume and seasonal auto delinquency adjustment
EXPENSE MANAGEMENT - Q3 non-interest expense declined sequentially due to absence of prior quarter's operational charges

Company press release: ID:nBw2DRhJTa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Core Revenue
 
$185.7 mln
 
Q3 EPS
 
$1.33
 
Q3 CET1 Capital Ratio
 
14.10%
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for OFG Bancorp is $57.00, about 7.6% above its October 20 closing price of $52.95
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads
Oct 20 - Hancock Whitney Q3 adjusted EPS meets estimates driven by OFB Bancshares 
Oct 19 - Zions Bancorp Q3 EPS rises 20% on improved credit quality
Oct 20 - East West Bancorp Q3 revenue beats estimates on loan and deposit growth

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)