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First BanCorp Q2 Profit Rises

First BanCorp. (FBP) reported that its second-quarter net income attributable to common stockholders rose to $69.89 million or $0.33 per share, from $20.59 million, or $0.09 per share for the second quarter of 2020.

Financial results for the second quarter of 2021 included a net benefit of $26.2 million recorded to the provision for credit losses, primarily due to continuing improvements in macroeconomic forecasts.

Adjusted net income was $78.2 million, or $0.36 per share, for the second quarter of 2021. Analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income after provision for credit losses grew to $210.94 million from $96.20 million in the prior year.

Total non-interest income was $29.88 million up from $20.89 million last year.

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