OFG Bancorp falls on missing Q3 profit expectations

OFG Bancorp

16/10/2024 15:07

** Shares of lender OFG Bancorp  OFG.N  fall as much as 6.7%
in early trading; last down 5.6% at $42.37
    ** OFG posts Q3 profit of $1/shr, missing analysts' average
expectation of $1.02/shr as per LSEG data
    ** Provision for credit losses jump to $21.4 mln from $16.4
mln a year earlier
    ** Piper Sandler says OFG commentary during the brokerage's
visit to co's HQ sought to drive an expectation of stable to
improving metrics on the consumer credit side, but Q3 results
were a bit mixed
    ** As of last close, OFG shares up 19.7% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))