Financial Stocks in Focus= Banco Bilbao Vizcaya Argentaria SA (ADR) (NYSE:BBVA), SLM Corp (NASDAQ:SLM)

Banco Bilbao Vizcaya Argentaria SA (ADR) (BBVA) stated recently net income of $89 million for the fourth quarter of 2016 contrast to $92 million earned during the fourth quarter of 2015. Included in fourth quarter 2016 and 2015 results were goodwill impairment charges of $60 million and $17 million, respectively. Net income adjusted to exclude goodwill impairment was $149 million for the fourth quarter of 2016 and $109 million for the fourth quarter of 2015. Return on average assets and return on average tangible equity2 for the fourth quarter of 2016 were 0.40 percent and 4.51 percent, respectively.

Net income for the twelve months of 2016 was $372 million contrast to $507 million earned during the twelve months of 2015. Return on average assets and return on average tangible equity2 for the twelve months of 2016 were 0.41 percent and 4.82 percent, respectively.

“Despite the challenging economic environment in 2016, we are encouraged by the momentum of our results during the second half of the year, particularly with respect to revenue growth in the fourth quarter,” said Onur Genç, president and CEO of BBVA Compass. “As we navigate the evolving landscape in 2017, our focus is on targeted balance sheet growth, managing the spread on our earning assets and ensuring we are optimizing our capital base to facilitate us to enhance profitability. Digital transformation will be at the forefront of our efforts designed to increase digital sales while at the same time improving the client experience.”

Total revenue raised 5 percent from the prior year as both net interest income and noninterest income posted solid gains. Net interest income totaled $532 million in the quarter, a boost of 5 percent from prior year levels. The percent net interest margin in the fourth quarter of 2016 was 2.78 percent, up 22 basis points from a year ago and 5 basis points from third quarter 2016 levels. This improvement reflected the company’s focus on targeted loan growth and disciplined spread administration, in addition to the positive impact from the increase in interest rates. The company continues to maintain a balance sheet that is asset sensitive, and thus is well-positioned for further interest rate increases should they materialize.

Noninterest income for the quarter totaled $261 million, a boost of 5 percent contrast to $249 million recorded in the fourth quarter of 2015. Growth in mortgage banking income, money transfer income, and card and merchant processing more than offset softness in some of our market sensitive businesses. Expense growth was also well-contained in the quarter with noninterest expense totaling $554 million, down 1 percent contrast to the year ago quarter. For the full-year, total expenses raised 2 percent, reflecting the company’s focus on expense administration.

“Average total loans for the year were $61.5 billion, a boost of 2 percent,” Genç noted. “While year-over-year growth was muffled by planned loan sales, in 2016 we funded more than $14.5 billion in customer loans. At the same time, deposit generation remained strong and continued to fully fund our earning asset growth. Average deposits totaled $67.9 billion, a boost of $4.4 billion or 7 percent. Growth in this portfolio was led by an 8 percent increase in average noninterest bearing deposits which now represent 30.2 percent of total deposits.”

SLM Corp (SLM) has earned two Gold Awards in the 2017 AVA Digital Awards, an international competition that recognizes excellence in digital communication. Sallie Mae was recognized for its new mobile app for iPhone and Android devices in addition to its innovative Apple Watch app. The company also received an honorable mention for the new SallieMae.com, a one-stop digital destination full of tips, tools, and guidance on everything students and families need to make college happen.

With Sallie Mae’s mobile app, customers have anywhere, anytime access to information about their accounts, counting current balance, total amount due, interest rate, and payment history, together with the ability to make payments easily. The app’s simplified screens lead customers seamlessly through the process in a matter of seconds, and iPhone users can use Touch ID for even faster account access. In addition, customers who have an Apple Watch can now make payments from their wrists. Sallie Mae is the first major private student lender to offer this capability.

The mobile app, expansion into wearables, and the new SallieMae.com are part of the company’s continued commitment to enhancing customers’ overall experience. Over the past two years, Sallie Mae has modernized and upgraded technology and systems, invested in customer service training, and transferred all private student loan customer service activities to Sallie Mae employees based in the United States.

“We constantly listen to our customers and consistently hear they want choice, convenience, and flexibility in how they interact with us,” said Charlie Rocha, executive vice president and chief marketing officer, Sallie Mae. “Our new and improved website together with our mobile apps assist customers do just that and, frankly, we are just getting started. We will continue to explore new and innovative ways to assist students and families not only navigate their higher education financing options but also effectively manage their student loans.”

 

 

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