Banesco USA sees strong Q1 growth in Puerto Rico loans, deposits
Banesco USA reported strong financial results in Puerto Rico for the first quarter of 2025, citing growth in loans and deposits and continued lending to underserved communities.
Loan balances in Puerto Rico increased 25% over the 12-month period ending March 31, while deposits rose 45%. The bank attributed the growth to its commercial strategy and relationship-based service model.
“The growth we’re seeing in our local operations is a direct result of our focused commitment to the commercial segment,” said Maritza Abadía, president of Banesco USA in Puerto Rico. “By listening to the needs of local business owners and providing flexible, relationship-driven solutions, we’ve been able to earn their trust and support their success.”
In the first quarter, the bank originated $76 million in loans in Puerto Rico that qualified under the U.S. Treasury Department’s Emergency Capital Investment Program (ECIP), which supports minority-owned businesses, small businesses and borrowers in underserved areas.
This activity is part of Banesco’s broader strategy to support long-term growth in its service areas, with a focus on inclusion.
“Our team takes great pride in being a true financial partner to the businesses that drive our community forward,” Abadía added.
Companywide, Banesco USA ended the quarter with total assets of $4.75 billion, up $341 million or 7.7% from year-end 2024. The bank reported net income of nearly $13.2 million and saw 12% loan and 33% deposit growth over the same 12-month period.
“This strong start of the year is reflected by our commitment to providing exceptional service to our clients, the effectiveness of our long-term strategy, and the trust of our customers,” said Calixto García-Vélez, president of Banesco USA. “We’re more energized than ever to continue delivering value to our clients, communities and stakeholders.”
