International Bancshares Corporation (IBC) reported its financial results for the third quarter and nine months ended September 30, 2024, reflecting notable changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
As of September 30, 2024, IBC's total assets increased by 5.5% to $15.89 billion from $15.07 billion at the end of 2023. Total deposits rose by 2.3% to $12.10 billion, while total liabilities increased to $13.14 billion, up from $12.62 billion. Shareholders' equity grew by 12.3% to $2.75 billion, primarily driven by retained earnings.
Interest income for the third quarter of 2024 was $222.66 million, a 9.1% increase from $204.18 million in Q3 2023. However, total interest expense surged by 48.5% to $54.72 million, leading to a slight increase in net interest income to $167.94 million, up 0.4% from $167.33 million in the prior year. For the nine months ended September 30, 2024, net interest income decreased by 0.4% to $495.78 million compared to $498.97 million in 2023.
Net income for the third quarter of 2024 was $99.77 million, down 3.4% from $103.26 million in the same period of 2023. For the nine months, net income decreased by 3.7% to $294.08 million from $305.39 million in 2023. The decline in net income was attributed to increased interest and non-interest expenses, driven by inflation and higher salary costs.
Total non-interest income for Q3 2024 was $43.84 million, a decrease of 3.4% from $45.39 million in Q3 2023, while for the nine months, it increased by 5.0% to $129.60 million. Non-interest expenses rose by 7.0% in Q3 and 6.4% for the nine months, reflecting ongoing operational cost pressures.
In terms of loan performance, total loans increased by 6.6% to $8.59 billion as of September 30, 2024, compared to $8.06 billion at the end of 2023. The company reported a decrease in the Allowance for Credit Losses (ACL) to $156.10 million, down from $157.07 million, with the ACL representing 1.82% of total loans.
Strategically, IBC has continued its stock repurchase program, authorizing an additional $150 million for the 12-month period starting March 15, 2024. As of November 4, 2024, the company had repurchased a total of 13.71 million shares at a cost of $415.26 million under all programs.
Overall, IBC's financial performance reflects a combination of growth in assets and loans, alongside challenges in profitability due to rising costs and interest expenses.
About INTERNATIONAL BANCSHARES CORP
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