2023-07-28 13:08:03
The change in the monetary policy cycle and the strength of the Spanish economy feel very good to Abanca’s business. The Galician financial leader raised a 165% of your profit during the first half of the year. He won 277.5 million euros. Its president, Juan Carlos Escotet, was “very satisfied” with the acquisition of 66,000 new customersthe vast majority (63%) in the “geographical area of expansion”. Portugalwhich has “a relevant strategic value” for the group, contributed four out of ten new registrations.
The profitability ratio rose to 12.8%, which, according to Abanca, demonstrates “its ability to generate quality results on a recurring basis.” “The result has been based on the dynamism of the retail business and the solid financial profile of the entity”, she underlines. In fact, in the midst of a slowdown in savings allocated to bank deposits in Spain due to low remuneration, Abanca posted a year-on-year rise of 4.4% and increased its market share in retail deposits in Spain by 14 basis points this year . “There are 3,600 million euros more”detailed Francisco Botas, the CEO, of which 1,900 million entered in the last quarter.
Abanca admits that there is a clear trend towards early repayment of loans to avoid the sharp rise in interest rates, but even so, its business closed the first half of the year with a 7.9% increase in new formalizations and an advance “very remarkable in the mortgage sector”: 19%.
The NPL rate holds at 2.2% after another 3.7% reduction in the balance of problematic assets. Even in operations endorsed by the ICO during the pandemic, the doubtful “barely reach 3.5%”. Escotet was clear: the strength of employment allows “reinforcing the quality of the portfolios” and explains why “the defaults have not moved drastically.”
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