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Banesco USA Reports Strong Q3 Results

November 19, 2018

MIAMI--(BUSINESS WIRE)--Nov 19, 2018--Banesco USA announced today continued strong results for the nine months ending September 30, 2018, with record breaking figures of $7.5 million in net income, and an increase of 138 percent year over year. Additionally, the bank reported an increase in total assets of 21 percent to $1.25 billion, compared to $1.03 billion on September 30, 2017. During the 12-month period, total gross loans grew by $158 million, or 20 percent, and deposits grew by $126 million, or 14 percent, it reported.

“These figures mark another milestone as we continue to achieve solid results from our local market activities in Florida and Puerto Rico,” said Banesco USA’s President and CEO, Jorge Salas.

Over the past year, Banesco USA has garnered momentum through a series of fintech partnerships, aimed at establishing it as the local frontrunner, innovative bank. Banesco USA recently partnered with Q2, a leading provider of digital banking solutions, to create a streamlined online and mobile platform for its customers. The bank is also slated open a new business center in Aventura Park Square in Q1 2019.

“We believe our commitment to delivering digital innovation with a personal, human touch is taking hold in the marketplace and will continue to be a hallmark of our brand for years to come,” added Salas. In addition to the bank’s focus on technological innovation and growth, Banesco USA places an emphasis on providing customers personal service they can rely on.

About Banesco USA

Founded in 2005 and based in Coral Gables, Banesco USA is an independent Florida state-chartered bank ( https://banescousa.com/OFR-Cert-of-Good-Standing.pdf ) with $1.22 billion in assets as of June 30, 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. It plans to open a branch in Aventura, FL in first quarter of 2019. Banesco USA has a 5-star rating from the Bauer Financial rating service and a BB- Fitch Rating. Visit www.BanescoUSA.com for information.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181119005495/en/

CONTACT: Elise Rodriguez

Pinta for Banesco USA

305.615.1111 x 204

erodriguez@pintausa.com

KEYWORD: UNITED STATES NORTH AMERICA FLORIDA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: Banesco USA

Copyright Business Wire 2018.

PUB: 11/19/2018 10:23 AM/DISC: 11/19/2018 10:23 AM

http://www.businesswire.com/news/home/20181119005495/en

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