The Bank Slate


OFG Bancorp profit rises on higher revenue, loan sales

OFG Bancorp in San Juan, Puerto Rico, reported slightly higher quarterly profit after a gain from selling nonperforming small business loans offset charges tied to a cost-cutting effort.

The $11.3 billion-asset company said in a press release that its fourth-quarter net income available to shareholders increased by 0.5% from a year earlier, to $46.6 million.

Total core revenues rose by 4.3% to $175.6 million.

OFG recorded a $6.3 million pretax gain after it sold nonperforming Puerto Rico small business loans. It also recorded $3.2 million in severance and lease cancellation costs tied to workforce early retirement and a “rightsizing” effort.

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