BBVA Compass profits increase despite expenses related to Harvey, Irma

BBVA Compass Bancshares has its headquarters near Houston's Galleria. It has 1,400 local employees. ﻿ BBVA Compass Bancshares has its headquarters near Houston's Galleria. It has 1,400 local employees. ﻿ Photo: Gary Fountain, Freelance Photo: Gary Fountain, Freelance Image 1 of / 1 Caption Close BBVA Compass profits increase despite expenses related to Harvey, Irma 1 / 1 Back to Gallery

BBVA Compass Bancshares reported an uptick in third-quarter net income even after setting aside $60 million for potential problem loans that could arise in areas impacted by Hurricanes Harvey and Irma.

The bank reported an 8 percent increase in net income to $130 million for the three-month period ending Sept. 30.

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Nonperforming loans totaled $711 million at the end of the third quarter, down from $820.7 million at the end of the second quarter and down from $1.2 billion on Sept. 30, 2016.

Nonperforming loans in the bank's energy portfolio dropped $37 million during the quarter.

"Our ability to deliver another solid quarter while navigating the devastating impact of not one but two hurricanes is a testament to the strength and resiliency of the team we've built at BBVA Compass," Onur Genç, president and CEO of BBVA Compass, said in a statement.

"While the safety and well-being of everyone impacted, including many of our own employees, was our top priority, we also recognized the need for our customers to have access to their banking accounts and the emphasis we've placed on building robust digital capabilities was certainly helpful during this time."