FX.co ★ First BanCorp. Q1 Net Income Rises

First BanCorp., which functions as the bank holding company for FirstBank Puerto Rico, recently announced a net income of $73.5 million or $0.44 per diluted share for the first quarter of 2024. When compared to the same period in the previous year, they earned $70.7 million or $0.39 per diluted share. After adjustments, the earnings per share remained at $0.44, increasing from last year's $0.39. Forecasts from five analysts collated by Thomson Reuters had predicted the company to have a profit per share of $0.37 for this quarter, generally excluding unique factors.

In terms of net interest income, there was a slight reduction—from $200.9 million the previous year to $196.5 million this year. Conversely, total non-interest income experienced a slight increase—from $32.52 million the previous year to $33.98 million this year. On average, analysts had predicted the company would generate revenue of $205.78 million.