Banesco USA Announces Strong Results for the First Quarter 2024

Banesco USA Announces Strong Results for the First Quarter 2024

San Juan, Puerto Rico (May 28, 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 first quarter 2024 with $3.95 billion total assets, representing an annualized net growth of 15%. The bank achieved a net income of $7.8 million in Q1, in addition to 17% annualized loan growth and 22% annualized customer deposit growth over the first three months of the year.

Following consecutive quarters demonstrating robust financial performance, Banesco is poised to continue its growth trajectory fueled by its investments in the Commercial & Industrial (C&I), Business and Professional (B&P), International and Commercial Real Estate (CRE) lines of business. Recently, the bank announced the hiring of key talent in the B&P division, which aims to redefine the relationship banking experience by providing comprehensive banking solutions and services to the needs of entrepreneurs, businesses, and professionals in South Florida.

“We are laser-focused on executing our strategic growth plans in South Florida and Puerto Rico which include investing in our C&I, B&P, International and CRE lines of business by recruiting top talent, enhancing product and technology offerings, and expanding our footprint in the Palm Beach market,” said Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA. “In today’s competitive banking landscape, Banesco is reaping the benefits of being a community bank where decisions are made locally, there is certainty of execution, and our bankers are within direct reach. We remain committed to delivering customized banking solutions and excellence in client service.”

In Puerto Rico, Banesco USA reported loan and deposit growth of 46% and 180% respectively in the first quarter of 2024 compared to the same period in 2023.

“We are delighted to share the outstanding financial results of Banesco USA for the first quarter of 2024. Our thriving performance underscores our dedication to personalized customer service, cutting-edge treasury management services, and unwavering certainty of execution. These achievements reflect our steadfast commitment to our community, empowering us to deliver exceptional value and remain at the forefront of banking excellence”, expressed Maritza Abadía, President of Banesco USA in Puerto Rico.

As part of Banesco’s growth strategy in Puerto Rico, Abadía mentioned the excellent results the bank has achieved through the U.S. Treasury Department’s Emergency Capital Investment Program (ECIP) to support the growth of minority-owned businesses, small businesses, and borrowers in underserved or minority communities in South Florida and Puerto Rico. Over the last twelve months ending first quarter 2024, Banesco USA has granted $212.8 million in ECIP loans in Puerto Rico. 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 $3.95 billion in assets as of March 31, 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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