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Banesco USA reports $25.3M, $3.8B in assets for 4Q

Banesco USA reported a strong fourth quarter 2023, with total assets reaching $3.8 billion, representing a year-end net growth of 27%. The bank also posted net income of $25.3 million for the year, bolstered by a 23% increase in loans and a 24% rise in customer deposits over the year.

The loan growth was driven largely by its commercial banking clients throughout the business communities it serves in South Florida and Puerto Rico.

“Over the past year, Banesco made a significant investment in implementing cutting-edge technology and acquiring banking talent to expand our products and services and geographic reach,” said Calixto García-Vélez, CEO of Banesco USA.

“As we embark in 2024, we are excited to announce the opening of new locations in key markets, the continued growth of divisions such as Business & Professional, Residential Mortgages and Commercial & Industrial, and the launching of Banesco Select in the domestic market to cater to high-net-worth clients in South Florida and Puerto Rico — all with the goal of delivering excellence in client service and furthering the steady growth Banesco has experienced over the past 12 months,” he said.

In Puerto Rico, Banesco USA saw a 30% increase in loans and a 93% surge in deposits in 2023 compared to 2022.

“Our commitment to understand and serve our customers has propelled our growth. Our focus has always been to provide the best customer service and financial products according to the needs of the local market,” said Maritza Abadía, Puerto Rico country manager for Banesco.

Despite rising interest rates and some market volatility, the bank achieved expected loan and deposit growth in the fourth quarter, concluding 2023 successfully.

Focused on continuing to lend across all business lines, Banesco’s growth pace reflects the business and investment activity of South Florida, a global business destination, and the economic development in Puerto Rico, which shows consistent and healthy progress, officials noted.

Looking forward, Banesco officials stated the institution “remains committed to achieving its strategic objectives and aims to continue delivering innovative financial solutions. These will include further enhancing client segment value propositions, revamping core customer processes and the expansion of digital self-service features. These initiatives emphasize the bank’s dedication to innovation, customer satisfaction and community engagement.”

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

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