OFG Bancorp Q2 2021 Earnings Report

OFG Bancorp generated outstanding results driven by larger scale, digital focus, and Puerto Rico's economic recovery.

Key Takeaways

OFG Bancorp reported strong second quarter results, driven by economic recovery in Puerto Rico and increased digital utilization. New loan origination increased by 27.7% from the previous quarter, with gains in commercial and auto lending. Asset quality improved, resulting in a net benefit for credit losses. Results were enhanced by reduced cost of funds and deployment of excess capital.

Earnings per share diluted was $0.78 compared to $0.56 in 1Q21 and $0.39 in 2Q20.

Total core revenues were $133.3 million compared to $127.7 million in 1Q21 and $128.2 million in 2Q20.

Net interest margin was 4.22% compared to 4.26% in 1Q21 and 4.78% in 2Q20.

New Loan Origination totaled $673.6 million compared to $527.6 million in 1Q21 and $506.0 million in 2Q20.