First BanCorp Q4 Earnings Rise, Beat View

(RTTNews) - First BanCorp. (FBP) Wednesday reported higher earnings for the fourth quarter particularly reflecting lower income tax expenses. Earnings also beat the consensus estimates.

Quarterly profit increased to $79.5 million or $0.46 per share from $73.2 million or $0.40 per share of last year. This included lower income tax expenses of $5.3 million compared with $33.35 million during the corresponding period last year.

Excluding items, earnings were $83.43 million or $0.49 per compared with $73.2 million or $0.40 per share in the prior year.

On average, five analysts polled by Thomson Reuters had expected earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income decreased to $196.68 million from $205.57 million in the previous year, on higher interest expenses.

However, non-interest income rose to $33.60 million from $29.6 million for the same period last year.

On Tuesday, First BanCorp shares closed at $15.87, down 1.31% on the New York Stock Exchange.