Central Bancompany Q3 net income rises 20% on higher net interest income
CBC•CBC•CBC•CBC•Central Bancompany reported preliminary third-quarter net income of $116.24 million, up 20% year over year, and net interest income of $218.86 million, up 10%. EPS was $0.48.
Central Bancompany’s preliminary third-quarter net income rose 20% year over year, while adjusted net income was $116.07 million. Both reported and adjusted EPS were $0.48. Net interest income increased 10% to $218.86 million, driven by loan and deposit growth and margin expansion.
The company said higher loan and securities yields, continued loan growth, a favorable earning-asset mix and lower interest-earning cash balances supported margin improvement. Wealth management revenue grew 16.7%, with assets under advice up 13.8%. Noninterest income increased, although mortgage banking revenue fell on lower origination volumes. Expense growth remained below revenue growth, the company said.
