Banesco USA reports $11M in Q2 net income
The bank achieved 17% asset growth, 18% loan growth and 27% deposit growth.
Banesco USA reported strong second-quarter (Q2) 2024 results that included $4.2 billion total assets, representing net growth of 17% compared to the same period last year.
The bank achieved a net income of $11 million in Q2, in addition to 18% loan growth and 27% customer deposit growth over the 12 months ending June 30, 2024.
Other accomplishments include the $2 million expansion of its Puerto Rico office in Hato Rey and $109 million in qualified loans under the U.S. Department of the Treasury’s Emergency Capital Investment Program (ECIP) for Q2, totaling $490 million in ECIP qualifying loans in Puerto Rico since the program’s inception.
“Our outstanding results from this quarter reflect our strategic focus and the dedication of our talented team. They also reflect our growth in important business segments such as Commercial & Industrial, and Professional & Investors,” said Calixto “Cali” García-Vélez, president of Banesco USA.
“We continue to see significant growth opportunities ahead and remain focused on delivering first-class financial solutions to our customers. Our investments in innovation and customer experience are paying off, and we are well-positioned to sustain this momentum in the coming quarters,” he added.
Puerto Rico remains an important market for Banesco, with “great growth potential” due to increased economic activity in sectors such as construction, commercial, industrial and professional services.
In Puerto Rico, Banesco USA reported loan and deposit growth of 26% and 103%, respectively, in Q2 compared to the same period in 2023. As a private institution, the bank does not disclose specific numbers.
“We remain committed and focused on executing our business plans and continue expanding our capabilities to provide the best banking service to our customers,” said García-Vélez.
“Recently, we announced a $2 million expansion of our office space, which will enable us to tap into the local talent pool and strengthen our customer service capabilities for our clients in the commercial, corporate, professionals and Act 60 segments,” he added.
Maritza Abadía, president of Banesco USA in Puerto Rico, noted: “We’re also working on customized lending and deposit products tailored to the unique needs of our market and developing specific value propositions that align perfectly with the financial goals and aspirations of the client segments we serve.”
“This strategic focus reaffirms our position as a leading financial institution in premium customer service and product innovation, and clearly the market is responding positively by clients liking our attractive value proposition,” she said.
