Income Up at IBC

International Bancshares Corporation has reported annual net income for 2007 of $121.3 million or $1.76 per share – basic compared to $117.0 million or $1.68 per share – basic, which represents a 3.7 percent increase in net income and a 4.8 percent increase in diluted earnings per share over the corresponding period in 2006.

Net income for the fourth quarter of 2007 was $35.4 million, or $.52 per share – basic compared to $31.8 million, or $.45 per share – basic, which represents an 11.3 percent increase in net income and a 15.6 percent increase in diluted earnings per share over the corresponding period in 2006.

Net income increased for the year ended December 31, 2007 as compared to the year ended December 31, 2006 despite a $13.1 million, after tax, impairment charge on certain investment securities.

Net income for 2007 and 2006 was negatively affected by the aggressive de novo branching activity of the company. The company has added 70 new branches in 2007 and 2006.



Was this article helpful?

Related Articles

Leave A Comment?