International Bancshares Corporation (IBOC) has reported a 2.04 percent fall in profit for the year ended Dec. 31, 2016. The company has earned $133.93 million, or $2.02 a share in the year, compared with $136.73 million, or $2.05 a share for the last year.
Revenue during the year $486.63 million. Non-interest income for the year rose 4.47 percent over the last year to $161.70 million.
International Bancshares Corp has made provision of $19.86 million for loan losses during the year, down 18.63 percent from $24.40 million in the same period last year.
"I'm pleased with the Company’s earnings success for the quarter and year ended December 31, 2016. Management remains committed to achieving superior earnings despite the continued challenges facing the banking industry and the U.S. economy as a whole, including continuously increasing regulatory burdens, the continued impact of overseas markets on the U.S. and the negative impact on U.S. exports and cross border trade between the U.S. and Mexico arising from the strength of the dollar. The Company continues to maintain strong liquidity, focused expense control, sound credit underwriting standards and a healthy investment strategy. We continue to achieve earnings that exceed the majority of our peers based on Bank Holding Company Performance Reports compiled by the Federal Financial Institutions Examination Council, and are confident in the strength of our balance sheet and our strong capital position," said Dennis E. Nixon, President and CEO.
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