CORAL GABLES, Fla.--(BUSINESS WIRE)--Banesco USA announced today strong results for its First Quarter Earnings of $1.8 million and an ROE of 7.81%; an increase of 129% compared to first quarter results of 2017. For the last 12 months, total assets grew 9% with loans growing $79 million or 11% and deposits growing $96 million or 11%.
The net interest margin also increased in the last 12 months from 3.53% to 3.83% and is one of the best in the South Florida market. Net interest income also increased in the past year and was 14% higher than first quarter results of 2017. Furthermore, Banesco USA is well capitalized with Tier 1 Capital Ratio of 11.40%.
“We are excited to see very positive results from our strategy to grow presence in the South Florida and Puerto Rico markets. Our bank’s continued growth and expansion in the U.S. market is a true evidence of the hard work of every member of Banesco USA, and a vote of confidence from our clients.” said Banesco USA’s President and CEO Jorge Salas.
Founded 12 years ago and based in Coral Gables, Banesco USA assets were $1.071 billion as of March 31, 2018.
Banesco USA is completely independent of Banesco in other countries and its deposits are insured by the FDIC.
The bank has four branches in South Florida: Coral Gables, Doral, Hialeah and Weston; and one in San Juan, Puerto Rico.
Banesco USA has a 5-star rating from the Bauer Financial rating service. Visit www.BanescoUSA.com for more information about Banesco USA.