Puerto Rico's OFG Bancorp Q1 profit rises, helped by loan growth

OFG Bancorp

21/04/2026 12:38

Overview

Puerto Rico financial services provider's Q1 core revenue and EPS rose yr/yr

Company repurchased $44.5 mln of common shares and raised dividend by 17%

Sequential deposit decline driven by government deposit transfer, offset by retail and commercial growth

Outlook

Company says Puerto Rico economy is stable, supported by federal funds and private investment

OFG Bancorp expects operational focus to position it for solid financial performance

Company aims to further optimize funding mix and reduce reliance on wholesale funding

Result Drivers

LOAN GROWTH - Co said ongoing loan growth, especially in commercial loans, contributed to results

FUNDING MIX OPTIMIZATION - Co said increased use of retail and commercial products supported deposit expansion and allowed for reduced reliance on wholesale funding

COST MANAGEMENT - Co cited merit raises, incentive payments, and planned cost-savings as factors affecting non-interest expense

Company press release: ID:nBw5XM9pXa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Core Revenue
$185.8 mln
Q1 EPS
$1.26
Q1 CET1 Capital Ratio
13.75%


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "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 $43.00, about 1.1% above its April 20 closing price of $42.55

The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago

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.)