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International Bancshares' Q2 profit rises YOY

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International Bancshares' Q2 profit rises YOY

Laredo, Texas-based International Bancshares Corp. on Aug. 7 posted a 36.7% year-over-year increase in second-quarter profit. Net income climbed to $40.6 million, or 61 cents per share, from net income of $29.7 million, or 45 cents per share, a year ago.

Second-quarter net income was aided by a continued decrease in the provision for probable loan losses charged to expense of $4.1 million, compared to the same period in 2016. The company also saw a tax refund of $4.9 million, courtesy of an amended tax return for the 2012 tax year, but took a $3.7 million after-tax charge in connection with the termination of part of its long-term repurchase agreements.