First BanCorp reports Q2 EPS 47c, consensus 46c

Reports Q2 CET1 capital ratio 16.61%. Reports Q2 tangible book value per share $11.16. Reports Q2 net charge-offs .60%. Aurelio Aleman, president and CEO of First BanCorp (FBP), commented: “We are quite pleased with our second quarter results which underscored the strength of our franchise and our commitment to delivering consistent returns for shareholders while meeting the evolving needs of our customers. We posted another strong return on average assets of 1.69% driven by record net interest income, solid loan production, stable credit trends, and disciplined expense management. Both earnings per share and pre-tax pre-provision income grew by 9% when compared to the same period of the prior year and we sustained our top-quartile efficiency ratio of 50%.”