Banesco reports growth in Puerto Rico, loans up 25%, deposits up 20%
The bank reported a net income of $43 million in 2024.
Banesco USA achieved significant business growth in Puerto Rico during 2024, with loans rising by 25% and deposits increasing by 20% for the 12-month period ending Dec. 31, bank executives said.
These results reflect the bank’s strategic expansion and growing popularity among local businesses, corporate clients and professionals, officials said during a media roundtable.
Banesco’s loan portfolio in Puerto Rico stands at about $700 million, focused on its niche of commercial and corporate loans, officials said. The bank’s deposits are at a similar level.
“Our strong results at the local level reflect the dedication of our teams and the trust our clients place in us,” said Maritza Abadía, president of Banesco USA Puerto Rico. “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.”
“In Puerto Rico, although we have challenges — as all markets do — there is a gap in local banking that requires personalized service and agility. And that’s a very good niche, and it’s the gap we’re filling,” Abadía said. “We’re backing professionals and business owners who are looking for a banking relationship with a banker who knows how to be agile and who can respond to their needs efficiently.”
Banesco USA’s overall 2024 net income reached $43 million, up 90% from the previous year. Total assets rose 16% to $4.4 billion, supported by “robust” market performance and new client growth. The overall loan portfolio increased by 15%, driven by demand in the commercial and corporate sectors.
The bank’s financial strength was affirmed by Kroll Bond Rating Agency, which reaffirmed its deposit and senior unsecured debt ratings at BBB with a stable outlook.
Banesco USA invested $2 million in improvements to its Hato Rey banking center and upgraded its digital platforms and cash management services to improve the customer experience.
It also continued to deploy $250 million in funding from the U.S. Treasury’s Emergency Capital Investment Program (ECIP). That funding supported more than $2 billion in loans across Puerto Rico and South Florida, targeting minority-owned businesses, small firms and underserved communities.
To support continued growth in the South Florida market, Banesco will open a new office in Broward County, said CEO Calixto García-Vélez.
Looking ahead, he emphasized the transformative nature of the past year, stating, “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, the bank plans to increase lending to the construction, service, retail, manufacturing and professional sectors, García-Vélez said.
“This money … and the capital we have is exclusively for that, so we aren’t going to change that mission; it’s our focus because we have to comply with the requirements of this program,” he emphasized.
