First BanCorp (FBP) stock surged 5.21% in the pre-market trading session on Thursday, following the release of its fourth-quarter earnings results that exceeded analysts' expectations.
The Puerto Rico-based bank reported an adjusted earnings per share of $0.46 for the quarter ended December 31, 2024, beating the consensus estimate of $0.40 compiled by FactSet. Furthermore, First BanCorp's total revenue for the quarter came in at $241.5 million, surpassing the FactSet estimate of $236.5 million.
The better-than-expected financial performance was driven by a combination of factors, including higher net interest income and robust non-interest revenue growth. Investors reacted positively to the strong earnings beat, bidding up the stock in anticipation of continued profitability and growth for First BanCorp.
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