BBVA Compass has once again partnered with the Houston Dynamo to host the second-annual “The Pitch” small business competition, as part of National Small Business Month.
Market analysts reacted positively to BBVA’s better than expected quarterly results. Their reports underscored the bank’s strong revenues, cost containment and capital generation. In terms of business areas, Mexico and Turkey’s strong performance stood out.
BBVA Compass Bancshares, Inc., a Sunbelt-based bank holding company (BBVA Compass), reported today net income of $121 million for the first quarter of 2017 compared to $89 million earned during the fourth quarter of 2016 and $39 million earned during the first quarter of 2016. Earnings in the quarter represented a 35 percent increase from the prior quarter and a 208 percent increase from year ago levels. Return on average assets and return on average tangible equity (1) for the first quarter of 2017 were 0.56 percent and 6.28 percent, respectively.
BBVA Group obtained a net attributable profit of €1.2 billion between January and March 2017, up 69% compared to the same period a year earlier (+79.2% in constant terms) and the highest of the past seven quarters. Net attributable profit grew across all business areas in y-o-y terms. The solid performance of income, moderation in operating expenses and a drop in impairment losses on financial assets are the main factors that underpinned this growth.
- Income: Recurring revenues and NTI results drove gross income up by double-digit y-o-y rates (+10.3%, +15% in constant terms). This, combined with cost containment efforts, helped to further improve the efficiency ratio below 50%
-Risks: The Group’s NPL ratio stood at 4.8% at the end of the quarter, compared to 4.9% in December; coverage increased slightly to 71%
-Capital: BBVA achieved a fully-loaded CET1 ratio of 11.01%, in line with the goal for 2017, gaining 11 basis points in the quarter
-Transformation: As of the end of March, BBVA’s digital customer base came to 19.3 million (+20% y-o-y). Of these, 13.5 million were mobile customers (+41%)
BBVA Compass was recognized by the Small Business Administration with two awards recently, highlighting more achievements for the bank in its commitment to entrepreneurship.
Following the urgent measures adopted by Franco’s government to expedite the reconstruction of the economy, the Ministry of Finance redoubled its efforts to strengthen its grip over the banking sector. On the last day of 1946, a new banking law was passed, outlining the new scenario in which institutions would be required to operate during the next decade.