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Banesco USA announces continued growth in the Third Quarter of 2024

San Juan, Puerto Rico (December 4, 2024) – Banesco USA, a member of a global network of banks with over $103 billion in assets and serving 7.3 million customers worldwide, today announced robust earnings for the third quarter ended September 30, 2024. The bank reported a net income of $15 million for Q3 2024, a 185% increase compared to the same period last year, and an increase in total assets of $519 million, a 14% rise from the same period last year, bolstered by an increase in customer deposits and loan origination.

Over the last 12 months ending September 30, 2024, total deposits grew 27% and loans increased 13%, driven primarily by continued commercial lending expansion.

“The strong quarterly financial results we achieved are a direct reflection of our focused execution on our meticulously crafted business plan, which prioritized strategic growth and operational excellence. Our successful results can be attributed to several key factors. Firstly, our commitment to customer satisfaction fostered loyalty and repeat business. Secondly, robust demand for our core products, coupled with effective marketing strategies. Additionally, a strong focus on operational efficiency allowed us to streamline processes enhancing our customer responsiveness. Finally, strategic investments in technology and talent have empowered our teams to innovate and adapt quickly to market changes, positioning us for sustained success in the coming quarters,” explained Calixto (Cali) García-Vélez, President & CEO of Banesco USA.

During this most recent quarter, Banesco has continued to deploy capital from the U.S. Treasury Department’s Emergency Capital Investment Program (ECIP), supporting the growth of minority-owned businesses, small businesses, and borrowers located in underserved or minority communities. Since receiving ECIP funds in Q2 2022, Banesco has originated $750 million in qualified lending and $877 million in deep impact lending for $2.5 billion total ECIP qualified lending credit through Q3 2024.

In Puerto Rico, Banesco continues to identify key market opportunities and align its resources to provide best-in-class service to its customers. “We continue to expand our talent bench with seasoned commercial bankers to effectively serve our customer base. Our commitment to customer service has solidified our position in this market,” said Maritza Abadía, President of Banesco USA Puerto Rico.

Banesco in Puerto Rico reported loan and deposit growth of 26% and 97% respectively over the last 12 months ending on September 30, 2024.

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About Banesco USA
Founded in 2006 and based in Miami, Banesco USA is an independent Florida state-chartered bank with $4.24 billion in assets as of September 30, 2024, with six locations between South Florida and Puerto Rico, and a Loan/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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