"Our sustained revenue growth, particularly in commercial lending, underscores our strategic positioning in the regional banking landscape," said Executive Chairman of the Board.
— Executive Chairman of the Board
03Detailed Report
IBOC
International Bancshares Corporation
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 11, 2026
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Executive Summary
In Q1 2024, International Bancshares Corporation (IBOC) reported a revenue of $254.33 million, reflecting a year-over-year growth of 23.73%, though this marked a slight decline of 1.00% quarter-over-quarter. Net income stood at $97.33 million with a net income margin of 38.27%. Although facing a dip in operating income of 18.31% year-over-year, the year-over-year revenue growth highlights strong demand for IBOC's services amidst a competitive regional banking landscape. Management expressed optimism during the earnings call about the bank's loan growth prospects and its strategic initiatives to enhance market reach, indicating that operational adjustments are in place to improve profit margins moving forward.
Key Performance Indicators
Revenue
Increasing
254.33M
QoQ: -1.00% | YoY: 23.73%
Gross Profit
Increasing
254.33M
1.00% margin
QoQ: -1.00% | YoY: 23.73%
Operating Income
Decreasing
97.33M
QoQ: -27.22% | YoY: -18.31%
Net Income
Decreasing
97.33M
QoQ: -8.50% | YoY: -4.24%
EPS
Decreasing
1.57
QoQ: -8.19% | YoY: -4.27%
Revenue Trend
Margin Analysis
Financial Highlights
### Revenue Performance
- Revenue: $254.33 million, up 23.73% YoY, but down 1.00% QoQ.
- Gross Profit: $254.33 million, maintaining a 100% gross profit ratio.
### Profitability Metrics
- Operating Income: $97.33 million (-18.31% YoY, -27.22% QoQ)
- Net Income: $97.33 million, net income margin at 38.27% (-4.24% YoY, -8.50% QoQ).
- EPS: $1.57, down 4.27% YoY, and 8.19% QoQ.
### Balance Sheet Health
- Total Assets: $15.36 billion
- Total Equity: $2.48 billion, equity to total assets ratio remains solid at 16.15%.
- Total Liabilities: $12.88 billion, with a significant cash position of $908.95 million (increased by $257.90 million during Q1).
### Cash Flow
- Net Cash from Operating Activities: $135.40 million
- Free Cash Flow: $128.85 million, supporting sustainability in dividends paid ($41.03 million).
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
254.33M
23.73%
-1.00%
Gross Profit
254.33M
23.73%
-1.00%
Operating Income
97.33M
-18.31%
-27.22%
Net Income
97.33M
-4.24%
-8.50%
EPS
1.57
-4.27%
-8.19%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Excellent
38.30%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
38.30%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Weak
0.63%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
3.92%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.18
Current ratio below safe levels, potential liquidity risk
Debt to Equity
Conservative
0.28
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Value
8.91x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
1.40x
Price-to-book ratio reasonable for profitable companies
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