OFG Bancorp's Q3 2026 Earnings: A Strong Performance Across the Board
OFG Bancorp, a leading financial institution in Puerto Rico, has reported outstanding results for the third quarter of 2026. In a conference call held on October 21, 2026, CEO and Chairman of the Board of Directors, José Rafael Fernández, highlighted the company's excellent performance across various key areas.
"We are very pleased to report our results today," said Fernández. "We had an outstanding third quarter with excellent performance across the board." The company's earnings per share increased 15% year-over-year and on a 1% growth in total core revenues, driven by strong commercial loan growth, stable credit and core deposit balances, disciplined expense management, and strong profitability metrics.
OFG Bancorp's digital bank with a human touch strategy continues to gain traction, with customers embracing the company's innovative account products and value-added services. The Libre, Elite, and My Biz accounts are attracting new clients and helping bankers deepen existing relationships. Additionally, the company resumed stock repurchases, buying back $13.5 million of common shares, reflecting its continued focus on creating long-term shareholder value.
"Our Core Digital strategy is focused on delivering value through innovative account products tailored to the needs of our customers," explained Fernández. "This includes Libre for the mass market, Elite for the mass affluent, and My Biz for small businesses." The company's omni-channel platform enables seamless engagement with customers across digital channels, creating a convenient and efficient banking experience that drives digital adoption and generates efficiencies.
OFG Bancorp's AI-powered intelligent banking capabilities provide compelling value to customers, giving them the ability to manage their finances in an easy and intuitive way. The company's data-driven, real-time, personalized insights have delivered more than 1.5 million customized Smart Banking Insights monthly to customers with over 90% positive feedback.
"Our key digital performance indicators continue to show our strategy is delivering results," said Fernández. "We saw year-over-year growth of 5% in net new retail customers and commercial customers, 24% in active digital users, 2% in digital loan payments, and 11% in virtual teller use." These results demonstrate the company's commitment to staying ahead of the curve in digital banking and its ability to attract and retain customers.
Financially, OFG Bancorp performed strongly this quarter, with EPS at $1.33, an efficiency ratio of 52%, a return on average assets of 1.86%, and a return on average tangible common equity of 17%. The company's loans-to-deposits ratio stood at 85%, and the payout ratio was 26%.
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