OFG Bancorp (OFG) Fourth Quarter 2024 Earnings Conference Call Transcript

OFG Bank (NYSE: OFG) 2024 Fourth Quarter Earnings Conference Call January 22, 2025, 10:00 a.m. ET

corporate participants

Jose Rafael Fernandez – Chairman and CEO
Maritza Arizmendi Diaz – Chief Financial Officer
Cesar Ortiz Marcano – Chief Risk Officer

conference call participants

Kelly Motta – KBW
Ynyra Bohan – Hovde Group
Timur Braziler – Wells Fargo

operator

Good morning. Thank you for joining OFG Bancorp’s conference call. My name is Madison and I will be your operator today. Our speakers are Jose Rafael Fernandez, CEO and Chairman of the Board; Maritza Arizmendi, Chief Financial Officer; and Cesar Ortiz, Chief Risk Officer.

Today’s speech is accompanied by a briefing. You can find the information on the OFG website homepage in the “Q4 2024” section. This conference call may contain certain forward-looking statements regarding management’s goals, plans and expectations. These statements are subject to the risks and uncertainties outlined in the Risk Factors section of OFG’s filings with the SEC. Actual results may differ materially from current expectations. We assume no obligation to update the information disclosed in this conference call due to subsequent developments.

All lines are muted to prevent background noise. Following the speakers’ remarks, there will be a question and answer session. Instructions will be given at that time.

I would now like to turn the call over to Mr. Fernandez.

Jose Rafael Fernandez

Good morning and thank you for joining us. We are pleased to report fourth quarter and 2024 results. It was another strong quarter and year.

From this quarter’s perspective, earnings per share increased by 11.2% year-on-year, and core total revenue grew by 3.6%. Our plans demonstrate continued operational growth, including our digital-first strategy. The market share of the banking industry has steadily increased. Increased digital adoption of our new and upgraded products, services and self-service tools