International Bancshares (IBOC) FY2021 results: revenue $594 million, up 10.2% on the year

International Bancshares Corp. (IBOC) reported revenue of $594 million for fiscal 2021, the year ended 31 December 2021, up 10.2% on the year before. Net income was $254 million, up 51.8%, and diluted earnings per share $4.00. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2022.

Revenue

$594 million

+10.2% on the year

FY2014FY2021

Operating margin

n/a

FY2014FY2021

Net income

$254 million

+51.8% on the year

FY2014FY2021

Diluted EPS

$4.00

+52.7% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	594	538	589	+10.2%
Interest expense	26.8	39.1	58.6	-31.4%
Pre-tax income	322	212	260	+52.2%
Income tax	68.4	44.4	54.9	+53.9%
Effective tax rate	21.2%	21.0%	21.1%
Net income	254	167	205	+51.8%
Net margin	42.8%	31.1%	34.8%
Diluted EPS	$4.00	$2.62	$3.12	+52.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	292	305	312	-4.4%
Capital expenditure	10.4	6.7	29.6	+54.5%
Free cash flow	281	298	282	-5.7%
Cash from investing	-916	-344	-318
Cash from financing	1,836	1,779	-53.5	+3.2%
Share-based compensation	0.5	0.7	1.0	-31.9%
Buybacks	0.7	48.9	17.8	-98.5%
Dividends paid	72.8	69.9	68.7	+4.2%
Dividend per share	$1.15	$1.10	$1.05	+4.5%
Diluted shares, weighted	63m	64m	66m	-0.6%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	2,308	2,178	2,118	+6.0%
Deposits	12,618	10,722	8,826	+17.7%
Debt	1,010	999	998	+1.1%
Other liabilities	109	130	171	-16.1%
Total liabilities and equity	16,046	14,029	12,113	+14.4%
Fixed assets	447	480	507	-6.8%
Goodwill	283	283	283	0.0%
Investments	4,223	3,090	n/a	+36.7%
Securities held for sale or to maturity	n/a	n/a	3,381
Loans	n/a	n/a	6,835
Cash and equivalents	3,209	1,997	257	+60.7%
Other assets	7,884	8,179	851	-3.6%
Total assets	16,046	14,029	12,113	+14.4%

10-K for the year ended 31 December 2021, filed 24 February 2022: the filing.