Oriental Financial Posts 4Q Profit
SAN JUAN – OFG Bancorp (OFG) on Tuesday reported fourth-quarter net income of $15.6 million, after reporting a loss in the same period a year earlier.
The San Juan-based bank said it had earnings of 27 cents per share.
The financial holding company posted revenue of $104.7 million in the period. Its adjusted revenue was $92.2 million.
For the year, the company reported net income of $59.2 million, or $1.03 per share, swinging to a profit in the period. Revenue was reported as $366.2 million.
OFG shares have declined 1 percent since the beginning of the year. The stock has more than doubled in the last 12 months.
“OFG Bancorp generated another quarter of consistent, stellar performance in the fourth quarter and throughout 2016 despite the challenging operating environment,” José Rafael Fernández, president, CEO and vice chairman, said in the published results.
“We accomplished this by growing interest income from originated loans and non-interest income, while reducing both interest and non-interest expenses. […]
“In 2016, we introduced the Oriental Biz mobile app, adding mobile check capture for small business customers, and cardless cash, for making retail ATM withdrawals even faster.
“Our proactive credit monitoring systems have significantly improved asset quality, reducing the early and total delinquency rates, allowance for loan and lease losses, and the non-performing loan rate.”
A webcast replay of the conference call to discuss OFG’s results is accessible via a webcast on OFG’s Investor Relations website,www.ofgbancorp.com.
The Associated Press contributed to this report.