- OFG Bancorp (OFG, Financial) reported Q1 2025 diluted EPS of $1.00, down from $1.09 in Q4 2024 and $1.05 in Q1 2024.
- Customer deposits saw a notable increase of $308.4 million, reaching $9.76 billion by the end of Q1 2025.
- OFG launched new digital services, including an Omnichannel app, Smart Banking insights, and Apple Pay integration.
OFG Bancorp (OFG), the parent company of Oriental Bank, announced its financial results for the first quarter ending March 31, 2025. The company's earnings per share (EPS) were reported at $1.00, which reflects a decline from $1.09 in the previous quarter and $1.05 in the same quarter the previous year.
Total core revenues for the quarter came in at $178.3 million, marking a slight decrease from $181.9 million in Q4 2024, but an increase compared to $174.2 million in Q1 2024. The company experienced growth in customer and deposit volumes, with customer deposits rising by $308.4 million to a total of $9.76 billion.
Under its Digital First strategy, OFG Bancorp made significant advancements by launching an Omnichannel online and mobile application, providing Smart Banking insights, and integrating Apple Pay to facilitate seamless credit and debit transactions. These initiatives are part of OFG's investment in technology aimed at enhancing customer experience.
On the shareholder return front, OFG Bancorp repurchased $23.4 million worth of common shares and increased its common dividend by 20%. The company's robust earnings and strong capital position, with a Common Equity Tier 1 (CET1) ratio of 14.3%, support these initiatives.
OFG's loans held for investment grew by 0.8% from the previous quarter, reaching $7.85 billion, and showed a year-over-year increase of 4.15%. Additionally, cash and cash equivalents at the end of the period were $710.6 million, compared to $591.1 million in the preceding quarter.
The company remains vigilant of global economic and geopolitical uncertainties but is confident in its solid balance sheet to navigate any potential challenges. OFG Bancorp continues to leverage its investment in technology and human capital to foster strong customer relationships across Puerto Rico and beyond.
