The following is a summary of the OFG Bancorp (OFG) Q2 2024 Earnings Call Transcript:
Financial Performance:
OFG Bancorp reported exceptional Q2 2024 results, with revenue reaching $179.4 million, a 5% increase from the previous period.
Earnings per share increased by over 16% year-over-year to $1.08.
Net interest margin was strong at 5.51%.
Total assets grew 12% year-over-year to $11.3 billion.
Net interest income grew based on an increase in volume of interest-earning assets.
Return on average assets was 1.82%, and return on average tangible common equity was 18.24%.
Business Progress:
OFG continued to drive growth through its successful Digital First strategy, seeing a high percentage of customer transactions processed through digital channels.
Introduced the Elite deposit account and enhanced the Oriental Biz platform, expanding services for retail and small business customers.
Opportunities:
The positive economic growth in Puerto Expects increased investment in technology and personnel to enhance digital offerings and competitive standing.
Risks:
Acknowledged ongoing economic uncertainties including interest rate changes and potential mainland recession.
More details: OFG Bancorp IR
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