Business

July 25, 2014

BankUnited reports lower second quarter profit, exits auto lending

Miami Lakes-based BankUnited (BKU) reported a 10 percent decline in second quarter earnings to $48.5 million or 46 cents per share, compared to $54 million or 52 cents per share for the same period of 2013.

Miami Lakes-based BankUnited (BKU) reported a 10 percent decline in second quarter earnings to $48.5 million or 46 cents per share, compared to $54 million or 52 cents per share for the same period of 2013.

New loans grew by $971 million during the second quarter of this year, excluding the impact of the sale of $303 million of indirect auto loans. The bank ended its indirect auto lending and sold its portfolio during the quarter. New loans made from the bank’s New York franchise exceeded those made in Florida during the quarter, the bank said.

Total deposits increased by $913 million during the second quarter, to $12.0 billion.

BankUnited ended the quarter with $17 billion in assets. The bank has 99 branches in 15 Florida counties and six branches in the New York metropolitan area.

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