McALLEN — BBVA Compass surged in the second quarter of 2018, and the Rio Grande Valley branches contributed to that.
The bank’s net income was up 17 percent from this time last year, with quarterly net income totals at $184 million. Total revenue was up record levels as well, the bank reported.
BBVA Compass Texas Border CEO Jon Rebello said the Valley contributed to that spike.
“Our market rank in the Rio Grande Valley is one of the top in the region,” he said in an email. “We are ranked No. 1 in the Upper Rio Grande Valley in deposit market share and No. 3 in the Lower Rio Grande Valley.”
Net income for the first six months of 2018 totaled $393 million, an increase of 41 percent from the $278 million earned during the first six months of 2017.
“Capitalizing on the positive momentum we have built throughout our organization enabled us to deliver another strong quarter and achieve a new quarterly record in operating income,” said Onur Genç, BBVA President and CEO. “Revenue growth was strong and balanced as both net interest income and non interest income posted double-digit gains.”
Total revenue for the second quarter was $914 million, which was an increase of 10 percent from this same quarter in 2017. With more than eight branches in the Upper Valley, Rebello said those are important.
“We’re highly involved in this area’s economic prosperity and the community’s well-being,” Rebello said. “We are always looking for ways to create opportunities for this area.”