OFG gains on Q1 profit beat

OFG Bancorp

20/04/2023 17:22

** Shares of financial holding co OFG Bancorp  OFG.N  up
1.4% at $25.3
    ** Beats Q1 profit estimates on higher net interest income
    ** Reports Q1 profit of $0.96/share per share, compared with
analysts' estimate of $0.86/share, according to Refinitiv IBES
data
    ** Co's qtrly net interst income was $135.9 mln vs $105.2 in
Q1 2022
    ** Despite the gains from higher interest income, the lender
set aside $9.4 mln as a provision for credit losses, compared
with $1.6 mln provision in Q1 2022
    ** "Q1 continued to reflect high levels of liquidity and
capital, putting OFG in a strong position in today's banking
environment" - CEO 
    ** Stock has fallen 7.3% YTD

 (Reporting by Sri Hari N S in Bengaluru)
 ((SriHari.NS@thomsonreuters.com;))