HOUSTON, April 30, 2021 /PRNewswire/ — BBVA USA Bancshares, Inc., a Sunbelt-based bank holding company (BBVA USA), reported today net income of $385 million for the first quarter of 2021 compared to net income of $334 million in the fourth quarter of 2020 and net loss of $2.2 billion in the first quarter of 2020. Return on average assets and return on average tangible equity1 for the first quarter of 2021 were 1.49 percent and 16.57 percent, respectively.
“During the first quarter we delivered solid results while continuing to successfully navigate the challenges to our customers, communities and our employees brought about by the COVID-19 pandemic,” said Javier Rodríguez Soler, president and CEO of BBVA USA. “Momentum continued in the quarter highlighted by stable revenue and well-contained expenses. At the same time, we continue to maintain strong liquidity and capital positions. We are focused on continuing to meet the challenges ahead, and subject to regulatory approval and closing, successfully integrating our operations with PNC and the opportunities that this combination will bring to our customers, our communities and our employees.”
Total revenue for the first quarter was $968 million, down slightly from fourth quarter 2020 levels and up 7 percent from first quarter 2020 levels. Net interest income in the quarter totaled $664…
