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BBVA Compass reports 17% growth in Q2 net income YOY

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BBVA Compass reports 17% growth in Q2 net income YOY

BBVA Compass Bancshares Inc. reported second-quarter net income attributable to the company of $183.8 million, up 17% from $157.0 million in the year-ago quarter.

Total revenue for the quarter grew 10% year over year to $913.5 million from $832.2 million.

Net interest income totaled $643.5 million, up 10% from $585.8 million in the second quarter of 2017.

Total loans at the end of the second quarter of 2018 were $63.34 billion, up 6% from $59.96 billion at the end of the second quarter of 2017.

Net interest margin was 3.30% in the second quarter, an increase of 3 basis points from the first quarter and 19 basis points from the year-ago quarter.

Total nonperforming assets stood at $732.2 million as of June 30, compared to $721.2 million at the end of the prior quarter and $856.0 million a year ago.

Provision for loan losses stood at $91.3 million for the second quarter, compared to $57.0 million for the first quarter and $45.3 million for the prior-year period.

Net charge-offs for the second quarter were $63.4 million, compared to $67.7 million in the first quarter and $62.4 million in the year-ago quarter.

Houston-based BBVA Compass is a subsidiary of Banco Bilbao Vizcaya Argentaria SA.