BBVA Bancomer SA Institución de Banca Múltiple Grupo Financiero BBVA Bancomer booked net income of 9.80 billion Mexican pesos for the fourth quarter of 2017, up 39.6% from 7.02 billion pesos in the year-ago period.
The bank's net interest income jumped 11.0% year over year to 29.56 billion pesos, from 26.64 billion pesos. Total fees and commissions income was at 6.76 billion pesos in the quarter, slightly higher than the 6.56 billion pesos in the year-ago period.
Provisions for loan losses grew 6.5% yearly to 8.50 billion pesos, from 7.98 billion pesos. However, noninterest expense fell 10.1% to 15.46 billion pesos from 17.20 billion pesos a year earlier.
BBVA Bancomer's net interest margin stood at 6.0% in the final quarter of 2017, compared to 5.7% in the year-ago period. Return on equity was up to 22.4%, from 17.7%. Return on assets also ticked up to 2.0% from 1.5%.
The quarterly results contributed to full-year 2017 net income of 39.14 billion pesos, a 17.5% annual increase from the 33.31 billion pesos recorded as of December 2016.
The loan portfolio totaled 1.056 trillion pesos at the end of 2017, up 5.7% annually from 999.70 billion pesos. The nonperforming loans ratio stood at 2.1% in the year, down from 2.2% in 2016.
As of Feb. 1, US$1 was equivalent to 18.41 Mexican pesos.
