OFG Bancorp (OFG, Financial) reported impressive first-quarter financial results, surpassing revenue expectations with a total of $178.3 million, exceeding the consensus estimate of $175.16 million. This solid performance highlights the company’s strong start to the fiscal year.
The firm's tangible book value per share was reported at $26.66. OFG Bancorp also maintained a robust Common Equity Tier 1 (CET1) capital ratio at 14.27%, reflecting its sound financial stability.
The company experienced notable growth in its customer base and deposits, as well as improved consumer credit. As part of its "Digital First" strategy, OFG Bancorp became the pioneering bank in Puerto Rico to launch an Omnichannel online and mobile app, enhancing customer experience. Additionally, the bank introduced Smart Banking insights and integrated Apple Pay services, allowing for seamless and efficient financial transactions.
The company’s strategic investments in technology are aimed at fostering innovation, while continued investment in personnel has strengthened customer relations across its extensive network in Puerto Rico.
