Banesco USA reports $15M in net income in Q3
The bank’s Puerto Rico operations reported significant growth.
Banesco USA, a member of a global banking network with more than $103 billion in assets and 7.3 million customers worldwide, has announced robust financial results for the third quarter ended Sept. 30.
The bank reported a net income of $15 million, marking a 185% increase compared to the third quarter (Q3) of 2023. Total assets rose by $519 million, a 14% increase from the prior year, driven by growth in customer deposits and loan origination.
Over the past 12 months ending Sept. 30, deposits grew by 27%, while loans increased by 13%, fueled primarily by expansion in commercial lending.
“The strong quarterly financial results we achieved are a direct reflection of our focused execution on our meticulously crafted business plan, which prioritized strategic growth and operational excellence,” said Calixto “Cali” García-Vélez, CEO of Banesco USA.
García-Vélez attributed the bank’s success to several key factors: “Firstly, our commitment to customer satisfaction fostered loyalty and repeat business. Secondly, robust demand for our core products, coupled with effective marketing strategies.
“Additionally, a strong focus on operational efficiency allowed us to streamline processes enhancing our customer responsiveness. Finally, strategic investments in technology and talent have empowered our teams to innovate and adapt quickly to market changes, positioning us for sustained success in the coming quarters.”
During the quarter, Banesco continued deploying funds from the U.S. Treasury Department’s Emergency Capital Investment Program (ECIP) to support minority-owned businesses, small enterprises and underserved communities.
Since receiving ECIP funding in Q2 2022, the bank has originated $750 million in qualified lending, $877 million in deep-impact lending and $2.5 billion in total ECIP-qualified credit through Q3 2024.
“We continue to expand our talent bench with seasoned commercial bankers to effectively serve our customer base. Our commitment to customer service has solidified our position in this market,” said Maritza Abadía, president of Banesco USA Puerto Rico.
Banesco’s Puerto Rico operations reported significant growth, with loans increasing by 26% and deposits rising by 97% over the 12 months ending on Sept. 30.
