First BanCorp's stock surged 5.72% in pre-market trading on Thursday, following the release of its fourth-quarter financial results. The Puerto Rico-based bank reported better-than-expected earnings and revenue for the period.
First BanCorp posted an adjusted earnings per share of $0.46 for the quarter ended December 31, 2024, surpassing analysts' consensus estimate of $0.41. The company's total revenue for the quarter came in at $241.5 million, beating the forecasted $236.5 million.
The strong quarterly performance was driven by higher net interest income and robust growth in non-interest revenue. Investors cheered the earnings beat, bidding up First BanCorp's shares in anticipation of continued profitability and growth.
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