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Sep 30, 2024
First BanCorp Q3 2024 Earnings Report
Net income of $73.7 million was reported, driven by a commitment to consistent performance and organic capital generation.
Key Takeaways
First BanCorp reported a net income of $73.7 million for Q3 2024, reflecting consistent performance and organic capital generation. The company posted a strong return on assets of 1.55%, maintained positive credit performance and stable deposit trends, and progressed on its capital deployment strategy.
Strong return on assets of 1.55% was achieved.
Positive credit performance was maintained.
Stable deposit trends were observed.
Good progress was made on the capital deployment strategy.
First BanCorp
First BanCorp
First BanCorp Revenue by Geographic Location
Forward Guidance
The company expects some net interest income expansion in 2025 due to bond book repricing opportunities.
Positive Outlook
- Expects some net interest income expansion in 2025 due to bond book repricing opportunities.
- Teams remain focused on expanding existing relationships.
- Teams remain focused on building loan pipelines.
- Teams remain focused on adopting new platforms to enable future growth.
- Strongest quarter of commercial loan originations this year.