Bank posted net income of $24 million, a 59% hike
Banesco USA reported another quarter of strong financial performance, driven by the continued expansion of its commercial banking platform across the United States and the successful launch of its BanescoSelect offering in Puerto Rico.
The bank, part of the Banesco International and Abanca brands, which together manage more than $116 billion in assets and serve 7.5 million customers worldwide, said the results reflect steady execution of its long‑term growth strategy.
For the quarter ending June 30, Banesco USA posted net income of $24 million, a 59 percent increase compared to the same period last year. Total assets reached $6 billion, up 15 percent year over year, while deposits and loans grew 21 percent and 8 percent, respectively, over the twelve‑month period.
President and CEO Calixto “Cali” García‑Vélez said the bank’s performance underscores the strength of its relationship‑driven model and its focus on high‑growth markets. He noted that Banesco continues to attract clients seeking personalized financial guidance and innovative products. “The exceptional results achieved this quarter reflect the dedication of our team and the trust our clients place in us every day,” García‑Vélez said.
A major contributor to quarterly growth was the continued deployment of capital from the U.S. Treasury Department’s Emergency Capital Investment Program (ECIP). Banesco originated $344 million in ECIP loans during the quarter and has generated $3 billion in qualified ECIP lending since receiving the funds in June 2022. The bank said the program continues to support deep community impact across its markets.
Banesco’s expanding SBA business line also delivered strong momentum, attracting new clients nationwide and diversifying revenue streams. García‑Vélez said the strategy is outperforming expectations as small businesses seek capital and advisory support to invest and hire. “Small businesses remain the backbone of the American economy, and we are proud to provide the capital, expertise, and personalized service they need to grow,” he said.
In Puerto Rico, Banesco celebrated the early success of BanescoSelect, a premium banking service aimed at affluent individuals and families seeking tailored financial solutions and enhanced digital capabilities. Maritza Abadía, President of Banesco USA in Puerto Rico, said demand has exceeded initial projections. “Our premium banking proposition reflects the evolving financial needs of successful professionals, entrepreneurs, and families who value personalized advice, convenience, and comprehensive financial solutions under one trusted institution,” she said.
As of June 30, Banesco’s Puerto Rico operations reached loan levels above $825 million and deposits exceeding $1 billion, marking a significant milestone for the bank’s local franchise.
