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Banesco USA Closes Out 2024 with Remarkable Financial Performance

San Juan, Puerto Rico (March 25, 2025) – Banesco USA, a member of a global network of banks with over $99 billion in assets and serving 7.3 million customers worldwide, announced today its 2024 year-end results, marking a year of strong financial performance, strategic growth, and enhanced value propositions to target clients.

Financial Highlights as of 2024 year-end:

  • Record Net Income: $43 million, representing a 90% increase compared to 2023 year-end.
  • Asset Growth: 4.4 billion, equivalent to an asset growth of 16% compared with 2023 year-end, driven by strong market performance and new client acquisitions.
  • Loan Growth: 15% with respect to 2023 year-end, reflecting strong demand across business, commercial and corporate banking client segments.
  • Strong Ratings: KBRA, a 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. The Outlook for all long-term ratings is Stable.

Operational Achievements: Throughout 2024, Banesco delivered on its strategic priorities, including:

1. Digital Transformation: Upgraded digital platforms and cash management solutions to enhance the client experience.
2. Customer-Centric Innovations: Completed a $2 million expansion of the banking center in Hato Rey to strengthen the customer service model for the Commercial, Corporate, and Act 60 client segments. In addition, Banesco invested in its talent in Puerto Rico to further expand the client relationship capabilities across key lines of business.
3. Community Support: Continued the deployment of the $250 million capital investment under 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 the ECIP funds, Banesco has originated over $2 billion of ECIP qualified and deep impact loans in South Florida and Puerto Rico.

Calixto García-Vélez, President and Chief Executive Officer of Banesco USA, stated, “2024 was a transformative year for our bank. We remained steadfast in our commitment to our clients, employees, and communities. Our record financial performance and strategic advancements position us strongly for sustainable growth in 2025 and beyond.”

In Puerto Rico, Banesco USA achieve strong business results with a loan and deposit growth of 25% and 20% respectively over the last 12 months ending on December 31, 2024.

Maritza Abadía, President of Banesco USA Puerto Rico, emphasized, “Our strong results at the local level reflect the dedication of our teams and the trust our clients place in us. By focusing on agile client service and leveraging the deep expertise of our local professionals, we’ve been able to deliver tailored solutions that meet the unique needs of our communities. This commitment is the cornerstone of our success and growth in the region.”

As Banesco USA enters 2025, the institution continues deploying the $250 million ECIP funds to support the growth of the island’s minority-owned businesses, small businesses and borrowers across the commercial, corporate and professional target client segments.

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About Banesco USA
Founded in 2006 and based in Miami, Banesco USA is an independent Florida state-chartered bank with $4.4 billion in assets as of December 31, 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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