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San Juan, Puerto Rico (February 20, 2024) – Banesco USA reported a strong fourth quarter 2023 with $3.8 billion total assets, representing a year-end net growth of 27%. The bank also reflected net income of $25.3 million in 2023, which was bolstered by 23% loan growth and 24% customer deposit growth over the past year.
The bank’s solid loan growth was driven largely by its commercial banking clients throughout the business communities it serves in South Florida and Puerto Rico.
“Over the past year, Banesco made a significant investment in implementing cutting-edge technology and acquiring banking talent to expand our products and services and geographic reach,” said Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA. “As we embark in 2024, we are excited to announce the opening of new locations in key markets, the continued growth of divisions such as Business & Professional (B&P), Residential Mortgages and Commercial & Industrial (C&I) , and the launching of Banesco Select in the domestic market to cater to high-net-worth clients in South Florida and Puerto Rico– all with the goal of delivering excellence in client service and furthering the steady growth Banesco has experienced over the past 12 months.”
In Puerto Rico, Banesco USA reported during 2023 a loan increase of 30% compared to 2022, and a deposit growth of 93%. Maritza Abadía, Executive Vice-President and Puerto Rico Country Manager expressed that “our commitment to understand and serve our customers has propelled our growth. Our focus has always been to provide the best customer service and financial products according to the needs of the local market.” Banesco USA, a member of a global network of banks with over $90 million in assets and serving 7 million customers worldwide, continues to demonstrate its dedication to meeting the evolving needs of its clientele.
Despite rising interest rates and some market volatility, the bank achieved, as expected, steady loan and deposit growth in the fourth quarter to successfully close out the full year of 2023. Focused on continuing to lend across all business lines, Banesco’s growth pace is reflective of the business and investment activity of South Florida, a global business destination, and also of the economic development activities in Puerto Rico which shows consistent and healthy progress.
Recently, Kroll Bond Rating Agency (KBRA), a global full-service credit rating agency, affirmed the deposit and senior unsecured debt ratings of BBB, the subordinated debt rating of BBB-, and the short-term deposit and debt ratings of K3 for Banesco USA. The Outlook for all long-term ratings is Stable. “These ratings are supported by a positive view of the Banesco’s solid management team, which has continuously strengthened its risk management practices. Additionally, Banesco has reported rather stable credit metrics in recent years, demonstrative of the bank’s comprehensive credit policies and deep knowledge of its loan portfolio”.
Looking ahead, Banesco remains committed to achieving its strategic objectives and aims to continue delivering innovative financial solutions. These will include further enhancing client segments value propositions, revamping core customer processes, and the expansion of digital self-service features. These initiatives emphasize the bank’s dedication to innovation, customer satisfaction, and community engagement.
For more information on the bank’s products and services, please visit BanescoUSA.com.
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About Banesco USA
Founded in 2006 and based in Miami, Banesco USA is an independent Florida state-chartered bank with $3.81 billion in assets as of December 31, 2023, with six locations between South Florida and Puerto Rico, and a Loan Production and Deposit Production Office in Palm Beach County. Banesco USA is proud to serve the commercial real estate sector, small and middle-market businesses, as well as professionals who work in the community. The bank serves both domestic and international clients as well as operating companies with a suite of products and services delivered with personalized attention to support their financial journeys. For more information, please visit banescousa.com.