Banking

Mercantil Commercebank reports lower net income for third quarter

Mercantil Commercebank announced net income of $4.5 million for the third quarter, down from $7.2 million for the same quarter last year.

Deposits at the Coral Gables-based bank stood at $6.4 billion, roughly the same as the second quarter of 2015 and up 2.7 percent year over year.

Mercantil said its focus remains on real estate markets in South Florida, Houston and New York. Real estate lending was up 7.7 percent from last quarter and up 32 percent for the year. “We are pleased with the growth in our real estate lending, made possible by competitive products and a fast response to client needs,” Millar Wilson, Mercantil’s vice-chairman and CEO, said in a statement.

The bank, which has a 5-star rating from Bauer Financial, is owned by Mercantil Servicios Financerios, Venezuela’s largest financial services company.

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