Banesco USA achieves record-high Financial Results for the Second Quarter 2024

Banesco USA achieves record-high Financial Results for the Second Quarter 2024

San Juan, Puerto Rico (August 26, 2024) – Banesco USA, a member of a global network of banks with over $91 billion in assets and serving 7 million customers worldwide, reported a strong second quarter 2024 with $4.2 billion total assets, representing net growth of 17% when compared to the same period last year. The bank achieved a net income of $11 million in Q2, in addition to 18% loan growth and 27% customer deposit growth over the twelve months ending Q2 2024.

Other major accomplishments include: the $2 million expansion of its Puerto Rico office in Hato Rey, and $109MM in ECIP qualified loans for Q2, totaling $490MM in ECIP qualifying loans in Puerto Rico since the program inception.

“Our outstanding results from this quarter reflect our strategic focus and the dedication of our talented team. They also reflect our growth in important business segments such as Commercial & Industrial, and Professional & Investors. We continue to see significant growth opportunities ahead and remain focused on delivering first-class financial solutions to our customers. Our investments in innovation and customer experience are paying off, and we are well-positioned to sustain this momentum in the coming quarters,” said Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA.

Puerto Rico continues to be an important market for Banesco with great growth potential due to increased economic activity in various business segments, such as construction, commercial, industrial, and professional. In Puerto Rico, Banesco USA reported loan and deposit growth of 26% and 103% respectively in the second quarter of 2024 compared to the same period in 2023.

“We remain committed and focused on executing our business plans and continue expanding our capabilities to provide the best banking service to our customers. Recently, we announced a $2 million expansion of our office space that will enable us to tap into the local talent pool and strengthen our customer service capabilities for our clients in the Commercial, Corporate, Professionals, and Act 60 segments.

We are also working on customized lending and deposit products tailored to the unique needs of our market and developing specific value propositions that align perfectly with the financial goals and aspirations of the client segments we serve. This strategic focus reaffirms our position as a leading financial institution in premium customer service and product innovation and clearly the market is responding positively by clients liking our attractive value proposition. ,” explained Maritza Abadía, President of Banesco USA in Puerto Rico.

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About Banesco USA
Founded in 2006 and based in Miami, Banesco USA is an independent Florida state-chartered bank with $4.17 billion in assets as of June 30, 2024, 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.

The information provided by Banesco USA ("we," "us," or "our'') is for general informational purposes only and is not intended as legal, tax, investment, financial or other advice or a substitute for professional advice. The information is general in nature and does not address the circumstances of any particular individual or entity, and is not comprehensive or a complete statement of the matters discussed herein. All information contained herein is provided in good faith, however, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information provided herein. The information provided may contain information from third parties or other sources. We do not warrant, endorse, guarantee, or assume responsibility for the accuracy or reliability of any information offered by third parties. Under no circumstances shall we have any liability to you for any loss or damages of any kind incurred as a result of the use of or reliance on any information provided herein. Your use and reliance on any information provided herein is solely at your own risk.
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