OFG Bancorp 3Q23 diluted EPS rises to $0.95 from $0.87 a year earlier
OFG Bancorp reported results for the quarter ended September 30, 2023, in a press release furnished under Item 2.02 of a Form 8-K dated October 20, 2023. Diluted EPS was $0.95, up from $0.87 in 3Q22 and $0.93 in 2Q23, and total core revenues rose 10% year over year to $172.2 million, so headline profit and revenue both improved. Credit costs rose, with net charge-offs of $18.8 million and a provision for credit losses of $16.4 million, compared with $11.3 million and $7.1 million in 3Q22.
- Diluted EPS of $0.95 vs. $0.87 in 3Q22 and $0.93 in 2Q23
- Total core revenues of $172.2 million vs. $156.8 million in 3Q22
- Net charge-offs of $18.8 million vs. $11.3 million in 3Q22; provision for credit losses of $16.4 million vs. $7.1 million
- Net interest margin of 5.80% vs. 5.23% in 3Q22; CET1 ratio of 14.03%