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Banesco USA announces $3.9B in assets for 1Q

Over the 12 months ending in the first quarter of 2024, the bank has granted $212.8 million in loans through the U.S. Treasury Department’s Emergency Capital Investment Program (ECIP) in Puerto Rico.

Banesco USA reported $3.9 billion in total assets for the first quarter of 2024, representing an annualized net growth of 15%. The bank achieved a net income of $7.8 million in the three-month period, along with 17% annualized loan growth and 22% annualized customer deposit growth over the first three months of the year.

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’re delighted to share the outstanding financial results of Banesco USA for the first quarter of 2024,” said Maritza Abadía, president of Banesco USA in Puerto Rico.

“Our thriving performance underscores our dedication to personalized customer service, cutting-edge treasury management services and unwavering certainty of execution,” she said. “These achievements reflect our steadfast commitment to our community, empowering us to deliver exceptional value and remain at the forefront of banking excellence.”

As part of Banesco’s growth strategy in Puerto Rico, Abadía mentioned the 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 12 months ending first quarter 2024, Banesco USA has granted $212.8 million in ECIP loans in Puerto Rico, she said.

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 hiring 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” García-Vélez, president 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,” he said. “We remain committed to delivering customized banking solutions and excellence in client service.”

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This story was written by our staff based on a press release.

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